Aguia Resources Covers Colombian Costs for First Time on Record 37oz Gold Month
Key Takeaways
- Aguia produced a record 36.75 troy ounces of gold in September from 105 tonnes of ore, up from about 32 ounces the prior month.
- Colombian corporate and operating costs were covered for the first time, though the announcement does not claim profitability or positive cash flow.
- Run-of-mine head grade averaged 10.88 g/t Au, generating AUD$218,000 gross revenue at US$4,135 per troy ounce.
- Colombian Mint processes the ore at Quintana, paying Aguia 90% of the gold less USD65 per tonne.
- Production is planned to double from about 100 to 200 tonnes per month before Q1 2027, but no Mineral Resource Estimate exists yet on any Colombian project.
Record gold production at Santa Barbara lifts Aguia’s September output to ~37 ounces
Aguia Resources (ASX: AGR) has announced record monthly gold production of ~37 ounces (36.75 troy ounces) from its Santa Barbara gold project in Colombia in September 2026. That compares with ~32 ounces the prior month. The September production came from 105 tonnes of ore mined.
The announcement also states that Aguia’s Colombian corporate and operating costs have been met for the first time. The source does not describe this as profitability or positive cash flow.
Gross revenue was AUD$218,000, based on a gold price of US$4,135 per troy ounce. For you as an investor, that tells you a small-scale operation is now covering its own Colombian costs, which matters before any move to a larger scale.
Timothy Hosking, Managing Director and CEO
“…Today’s results have enabled us, for the first time, to cover our operating and overhead costs in Colombia.”
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High grades and third-party processing drive the result
Grade is the story here. Higher grade means more gold in every tonne of rock, so even small volumes can generate meaningful revenue.
Grade and recoveries
Mining produced 105 dry tonnes of run-of-mine material at an average head grade of 10.88 g/t Au in September. Run-of-mine grade remains above 10 g/t Au, with a recent batch being assessed at 12.75 g/t Au.
The near-tripling of head grades at Santa Barbara earlier in the campaign set the foundation for September’s result, with run-of-mine material now consistently sitting above the 10 g/t Au mark.
The processing plant recovered 1,143.07 grams of gold, together with 2,124 grams of payable silver.
| Metric | September 2026 | Detail |
|---|---|---|
| Ore mined | 105 tonnes | Dry tonnes of run-of-mine material |
| Average head grade | 10.88 g/t Au | Run-of-mine grade remains above 10 g/t Au |
| Gold recovered | 1,143.07 grams | 36.75 troy ounces |
| Payable silver | 2,124 grams | Recovered alongside the gold |
| Gross revenue | AUD$218,000 | At US$4,135 per troy ounce |
Colombian Mint processing arrangement
All 105 tonnes were sent to the Quintana Processing Plant in Remedios, Antioquia. The plant is owned by Colombian Mint, part of the Sun Valley Investment group.
Under the agreement, the company receives 90% of the gold produced, less processing costs of USD65 per tonne. The company says the engagement will continue and that it is assessing avenues to better capitalise on third-party processing expertise.
What is a scalable high-grade operation?
A grade measured in grams per tonne (g/t) shows how much gold sits in each tonne of rock. A small underground mine with high grades can cover its costs on modest volumes, which is what September suggests.
Scaling up is a different test. A Mineral Resource Estimate is a formal calculation of how much mineralised material a project holds, and it helps define how large an operation could become.
The announcement states there are no Mineral Resource Estimates on any of Aguia’s Colombian projects. Mr Hosking said the team is focused on ore extraction volumes and recommencing exploration activities to define a Mineral Resource Estimate.
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Ramp-up plans and what comes next
The company outlined several steps to support its short-term plan:
- Additional mining equipment has been acquired, including extraction fans to improve post-blast ventilation.
- Development continues on three shafts below the main levels of Veins #1 and #2.
- Production is planned to ramp up from ~100 tonnes per month to 200 tonnes per month before Q1 2027. The announcement also refers to more than 200 tonnes per month by the end of 2026.
- Exploration is set to recommence to define a Mineral Resource Estimate.
The company also reduced its mine workforce by 15% in September to lower operating costs.
On the Brazilian phosphate assets, Mr Hosking said the company expects to update shareholders in the next week. Sales are materialising from stockpiled material and operations are continuing, though no figures were disclosed.
The takeaway is that the story is moving from proof of grade to proof of scale. September showed what small volumes can do, and the next tests are whether the ramp-up and exploration plans deliver.
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