Highlights

  • Aguia Resources received approval to issue invoices for Pampafos phosphate sales in Brazil.
  • The approval allows the company to progress sales agreements and delivery scheduling.
  • Plant commissioning commenced on 22 May 2026 at a processing rate of 24 tonnes per hour.
  • Mining and haulage activities started following the grant of the FEPAM Operating Licence.
  • Aguia is building stockpiles targeting a blended grade of 12% P₂O₅.
  • Pampafos pricing was set at AUD 222 per tonne on a cash basis.

Aguia Resources Limited (ASX:AGR) has moved forward with the commercial rollout of its Pampafos phosphate project after receiving approval from Brazil’s Ministry of Agriculture to issue invoices for phosphate sales. The approval marks another operational milestone for the company as it prepares to begin Marketing activities, advance sales agreements and schedule future deliveries for the Pampafos product in Southern Brazil.

Shares of Aguia Resources were trading at AUD 0.019 during the afternoon session on 26 May 2026, down 5.00% for the day and approximately 52.50% lower over the past year.

The latest update outlined progress across licensing, mining operations, commissioning activities and commercial planning as the company advances toward broader market entry for Pampafos. Aguia stated that the Ministry of Agriculture approval was granted on 25 May 2026, enabling the company to issue Nota Fiscal invoices under future sales contracts.

Management described the approval as a significant step in transitioning Pampafos toward commercial activity and supporting the next stage of operational development.

Company Overview

Aguia Resources Limited is an ASX-listed mining and resource development company with exposure to phosphate and gold projects in South America.

The company’s phosphate operations are located in Rio Grande do Sul, Brazil, where it is progressing the Pampafos fertiliser project. Aguia also maintains gold exploration projects in Colombia.

Aguia’s strategy includes developing regional fertiliser Supply opportunities while advancing operational infrastructure and commercial partnerships within Brazil’s agricultural sector.

Commercial Approval Opens Path for Sales Activity

The newly granted licence allows Aguia to formally commence marketing and sales initiatives for Pampafos within Brazil’s fertiliser market.

According to the company, the approval supports the rollout of a commercial sales campaign designed to accelerate free Cash Flow into mid-2026. Aguia indicated that the commercial team is preparing a pre-order campaign featuring discounts of up to 15% for payments made on or before 8 July 2026, with product delivery targeted during the second half of calendar year 2026.

The company confirmed that Pampafos pricing has been set at AUD 222 per tonne on a cash basis for the 12% P₂O₅ phosphate product.

Managing Director and Chief Executive Officer Timothy Hosking stated that the commercialisation approval represented another milestone for the Pampafos project, allowing the company to commence customer engagement activities and prepare for scheduled deliveries later in the year.

The company also noted that the project could contribute to strengthening local fertiliser supply chains in Brazil by reducing reliance on imported phosphate products. Aguia believes Pampafos may support regional supply security for farmers in Southern Brazil amid ongoing disruptions affecting global fertiliser markets.

Mining and Haulage Operations Commence

Alongside the licensing update, Aguia provided details on operational activities underway at the Pampafos project.

Following the grant of the FEPAM Operating Licence on 14 May 2026, mining and haulage operations officially commenced on 18 May 2026. The company outlined the operational sequence currently being implemented at the site, beginning with topsoil removal and waste stockpile preparation before progressing to ore extraction and transport.

The mining face is being surveyed and divided into grade-controlled blocks, with selected ore sections mined and transported to storage facilities. Aguia stated that material is being blended to achieve an average target grade of 12% P₂O₅ before being transported to the processing plant for drying, grinding and bagging.

The company reported that approximately 445 tonnes of material are currently stored at the Lavras do Sul storage yard. This Facility is expected to play an important role in homogenising ore prior to transportation and processing.

Aguia also confirmed that the first ore delivery arrived at the processing plant on 25 May 2026.

Plant Commissioning Activities Underway

The company advised that commissioning activities at the processing plant commenced on Friday, 22 May 2026.

According to Aguia, the plant is currently operating at a commissioning rate of 24 tonnes per hour as part of the ramp-up process. The first truck deliveries to the Caçapava Processing Plant are expected from 1 June 2026 as operations continue progressing.

The commissioning phase represents another operational milestone for Pampafos as the company works toward establishing commercial-scale processing capability.

Commissioning activities are typically designed to test plant systems, assess operational performance and prepare facilities for ongoing production activities. Aguia’s latest update suggests the company is continuing to transition the Pampafos project from development into operational execution.

Fertiliser Market Conditions Remain a Key Focus

A notable aspect of the update related to current phosphate fertiliser market conditions in Brazil and the broader international supply environment.

Aguia stated that access to several phosphate supply sources through the Port of Rio Grande has been constrained since January 2026. The company added that global supply conditions have also been affected by geopolitical pressures, including disruptions associated with the Strait of Hormuz.

According to market intelligence referenced by the company, imported phosphate fertiliser prices at Brazil’s Port of Rio Grande have remained elevated amid ongoing supply shortages.

The company outlined current imported fertiliser price ranges at the Rio Grande Port as follows:

  • MAP (52% P₂O₅): US$995–1,011 per tonne
    • TSP (36%–46% P₂O₅): US$663–828 per tonne
    • SSP (19% P₂O₅): US$426–433 per tonne

Aguia also compared nutrient-adjusted phosphate pricing based on AUD per point of P₂O₅. According to the company:

  • Pampafos: AUD 18.73 per unit
    • MAP: AUD 26.79–27.22 per unit
    • TSP: AUD 24.80–26.21 per unit
    • SSP: AUD 31.39–31.91 per unit

Based on these comparisons, Aguia indicated that Pampafos could provide estimated cost savings of approximately 30% relative to MAP products, 20% to 30% relative to TSP products and around 40% compared with SSP products in Brazil.

The company believes these pricing dynamics may support Pampafos positioning within the regional fertiliser market as supply conditions continue evolving.

Focus Remains on Expanding Pampafos Market Presence

The latest announcement suggests Aguia’s near-term focus remains centred on advancing commercial readiness, establishing customer relationships and progressing operational execution at Pampafos.

The company’s strategy appears focused on leveraging regional phosphate supply opportunities while continuing commissioning and logistics activities ahead of broader deliveries later in 2026.

Aguia stated that the current sales campaign structure is intended to support cash flow generation into July 2026 while also building early market engagement for the product.

The company continues to operate as a multi-Commodity Business with phosphate projects in Brazil and gold Assets in Colombia. Aguia has established operational teams in Lavras do Sul and Caçapava do Sul in Brazil, alongside activities in Medellin, Colombia.