Name of the Project
Três Estradas phosphate project.

Location
Rio Grande do Sul, southern Brazil.

Project Owner/s
ASX-listed Aguia Resources owns 100% of the Três Estradas phosphate project.

Project Description
Três Estradas is a near-term phosphate project designed to supply locally produced natural phosphate fertiliser to Brazil's southern agribusiness sector. The project is based on mining saprolite material for the production of Pampafos, Aguia's natural phosphate fertiliser.

Aguia's April 2026 investor presentation reports a measured, indicated and inferred mineral resource of 105.06-million tonnes, containing about 4.22-million tonnes of phosphorus pentoxide (P₂O₅). This includes measured and indicated resources of 83.21-million tonnes at 4.11% P₂O₅, containing about 3.42-million tonnes of P₂O₅.

The Phase 1 saprolite operation is planned as an 18-year operation. Aguia plans to introduce Pampafos, with a 12% P₂O₅grade, in 2026, followed by Lavratto, with 6% P₂O₅ and 2.5% sulphur, in 2027.

The project is being advanced through a staged development plan. Phase 1A provides for initial production of 150 000 t/y, starting at about 4 000 t a month and increasing to 12 000 t a month by the first quarter of 2027. Phase 1B will expand the existing leased processing plant to 300 000 t/y by the end of 2027. Phase 1C envisages a new greenfield plant at the Três Estradas mine site, increasing saprolite production to 600 000 t/y by the end of 2028.

A longer-term Phase 2 development, targeted for 2032, contemplates the commercialisation of the larger rock phosphate resource through a DANF or single superphosphate plant.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated net present value, at a 10% discount rate, of A$110.8-million and an internal rate of return of 54.7%, with a payback period of 2.6 years.

Capital Expenditure
The staged development plan is intended to reduce upfront capital by using existing and leased infrastructure. Aguia expects the expansion of the leased processing plant to 300 000 t/y to require less than A$5-million, while the planned greenfield processing plant at the Três Estradas mine site is estimated at A$15-million to A$18-million.

The company also has an about A$1.6-million financing facility from the Southern Regional Development Bank for refurbishment of the DB processing plant and the opening of the Três Estradas phosphate mine.

Planned Start/End Date
Production is now targeted to start in mid-2026, subject to receipt of the operating licence. Phase 1A is expected to ramp up to 12 000 t a month by the first quarter of 2027, with the leased plant expansion to 300 000 t/y planned by the end of 2027 and the Phase 1C greenfield plant targeted for completion by the end of 2028.

The longer-term Phase 2 DANF or single superphosphate plant is targeted for 2032.

Latest Developments
Aguia reported on May 11, 2026, that Brazil's Fundação Estadual de Proteção Ambiental Henrique Luís Roessler (FEPAM) environmental agency had requested minor changes to the installation licence before final review. Aguia said it had addressed the requests and was awaiting the final decision on the operating licence needed for mining at Três Estradas and processing at the DB plant to start.

The company submitted its responses to FEPAM on May 4, 2026, and said approval was anticipated within about three weeks. Aguia also reported that the main plant work was nearing completion, with plant readiness and operational testing scheduled for May 15, 2026.

Aguia has nonbinding memoranda of understanding for the first 40 000 t of Pampafos and continues to receive inquiries from potential customers in Rio Grande do Sul, where imported phosphate supply has been constrained.

Key Contracts, Suppliers and Consultants
GE21 Consultoria (bankable feasibility study and reserve estimate); Millcreek Mining Group (mineral resource classification); Golder Associates (environmental documentation); and Southern Regional Development Bank (financing for DB plant refurbishment and mine opening).

Contact Details for Project Information
Aguia Resources, tel +61 419 960 560 or email info@aguiaresources.com.au.