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12 July 2022

ASX Market Announcements

Level 6, Exchange Centre

20 Bridge Street

Sydney NSW 2000

AGUIA INTERCEPTS MORE HIGH-GRADE COPPER MINERALISATION

AT THE ANDRADE PROJECT

Sydney, Australia, - Aguia Resources Limited ABN 94 128 256 888 (ASX: AGR) ('Aguia' or the 'Company') confirms strong assay results from the first phase of the 2,000 metre diamond drilling program at the Andrade copper project in the Rio Grande Copper Belt in southernmost Brazil.

As previously announced, the initial 2,000 metres of drilling forms the first phase of the infill drilling program planned across four phases (see Figures 1 and 2).1 To date, the Company has completed 14 drill holes totaling 1,300 metres.

The drilling program is concentrating on the shallow and high-grade ore body portions of the deposit. Previous holes in this portion returned significant high-grade mineralisation including intercepts of 28.77

metres grading 1.83% copperfrom 63.63 metres with a higher-grade zone of 19.39 metres grading 2.55%

copper. The latest assay results include the following intercepts:

  • Hole AND-22-009 returned 11m @ 0.73% Cu & 4.3 g/t Ag (from 60.93m) including 4m @ 1.36% Cu & 5.28 g/t Ag (from 64m) and 19m @ 0.40% Cu & 2.39 g/t Ag (from 90m).
  • Hole AND-22-010 did not return significant assays.
  • Hole AND-22-011 returned 38m @ 0.65% Cu & 2.74 g/t Ag (from 44m) including 15m @ 1.10% Cu & 4.55 g/t (from 48m).
  • Hole AND-22-013 returned 11m @ 0.22% Cu & 1.94 g/t Ag (from 14m) and 6m @ 0.20% Cu & 3.53 g/t Ag (from 37m).
  • Hole AND-22-014 returned 11m @ 0.50% Cu & 11.26 g/t Ag (from surface).
  • Hole AND-22-015 returned 9m @ 0.57% Cu & 13.37 g/t Ag (from surface).
  • Hole AND-22-016 returned 11m @ 0.72% Cu (from surface) including 2m @ 1.42% Cu (from 3m).
  • Hole AND-22-017returned 17.85m @ 1.19% Cu & 3.84 g/t Ag (from 33.15m).

Management Commentary

Managing Director Dr. Fernando Tallarico said: "We are pleased with the results of the program that continue to validate our model. This new data will contribute to the compilation of a revised Resource Model and has the potential to improve the existing category to Measured and Indicated. In parallel, we continue to investigate innovative approaches to the processing of the copper ore of Andrade. Ultimately, our goal is to design a copper processing unit that is carbon neutral and that utilizes the most modern and environmentally sound practices."

Aguia Resources Limited | ABN 94 128 256 888

Level 12, 680 George Street, Sydney NSW 2000 | Telephone 02 8280 7355 Facsimile 02 9287 0350

www.aguiaresources.com.au

For personal use only

Background

On 28 February 2019, Aguia signed an option agreement to acquire the Primavera Project claims (including the Andrade copper occurrence) from Referencial Geologia.

On 19 March 2019, the first JORC compliant Mineral Resource Statement for the Andrade Copper Deposit was released. The Mineral Resource Statement was based on the results of

38 historical diamond drill holes drilled by Referencial Geologia between 2009 and 2010 that were compiled and integrated into the database. Additionally, an extensive geological and geophysical database was developed for the Project as a result of extensive exploration campaigns that

included a surface mapping program, the reprocessing of an historical airborne geophysical data package, stream sediment sampling, ground geophysical survey (Induced Polarization and Magnetometry), a petrographic study, and mapping and resampling of 18 historical trenches. The Project's drilling database includes detailed logging and geochemistry from 48 diamond drill holes totaling 8,985.89 metres, 23 historical trenches that were re-sampled totaling 1,645.61 metres, and 10,074 assay records.

In 2020, two diamond drill holes were performed by Aguia and the drilling confirmed the north and south high-grade copper zone within the existing Andrade Mineral Resource area. On 9 March 2021, the scoping study for the project was released, including a resource update with an Indicated Resource of 18.03Mt at 0.41% Cu and 1.87g/t Ag, and an Inferred Resource of 3.98Mt at 0.53% Cu and 2.06 g/t Ag2. An infill drilling campaign is in progress, with the goal to improve the resource category of the Andrade Deposit to Measured & Indicated, which is mandatory to advance the engineering studies and economic model for the project

The Company continues to intersect high-grade copper zones and confirm the high-grade copper zone within the existing Andrade Mineral Resource area.

  1. https://aguiaresources.com.au/asx-announcements/infill-drilling-program-commences-at-andrade-copper-project/
  2. https://aguiaresources.com.au/asx-announcements/andrade-copper-updated-resource-estimate-scoping-study/

Figure 1 - Andrade drilling plan map.

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Figure 2 - Resource model with the areas to be drilled in each phase of the 2022 drilling program.

AUTHORISED FOR ISSUE TO ASX BY FERNANDO TALLARICO, MANAGING

DIRECTOR OF AGUIA RESOURCES LIMITED

For further information, please contact:

Aguia Resources Limited - Investor Relations

ABN: 94 128 256 888

Level 12, 680 George Street, Sydney NSW 2000 Australia

  1. investor.relations@aguiaresources.com.au
  1. +61 (0) 419 960 560
  1. www.aguiaresources.com.au

For enquiries, please contact Ben Jarvis (Six Degrees Investor Relations) atben.jarvis@sdir.com.auor +61 (0) 413 150 448

About Aguia:

Aguia Resources Limited, ("Aguia") is an ASX listed multi-commodity company (AGR:ASX) with preproduction phosphate and metallic copper projects located in Rio Grande do Sul, the southernmost state of Brazil. Aguia has an established and highly experienced in-country team based in Porto Alegre, the capital of Rio Grande do Sul. Aguia is committed to advancing its existing projects into production whilst continuing to pursue other opportunities within the sector.

JORC Code Competent Person Statements:

The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr. Fernando Tallarico, who is a member of the Association of Professional Geoscientists of Ontario. Dr. Tallarico is a full-time employee of the company. Dr. Tallarico has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr. Tallarico consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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For personal use only

Caution regarding forward-looking information:

This press release contains "forward looking information" within the meaning of applicable Australian securities legislation. Forward looking information includes, without limitation, statements regarding the next steps for the project, timetable for development, production forecast, mineral resource estimate, exploration program, permit approvals, timetable and budget, property prospectivity, and the future financial or operating performance of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including, but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; other risks of the mining industry and the risks described in the Company's public disclosure. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities law.

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25th May 2022

DRILLHOLE ASSAY INTERCEPT UPDATE

ANDRADE COPPER PROJECT - AGUIA RESOURCES LTD.

JORC Code, 2012 Edition - Table 1 report template

only

Section 1 Sampling techniques and data

(criteria in this group apply to all succeeding groups)

Criteria

JORC Code Explanation

Commentary

Sampling

• Nature and quality of sampling (eg

• In the Andrade Project area procedures for diamond drilling samples were compliant with mineral

use

techniques

cut channels, random chips, or

industry standards.

specific specialised industry

• Samples were sent to laboratories that are commercial fee-for-service testing facilities and are

standard measurement tools

independent of Aguia.

appropriate to the minerals under

• The Andrade deposit was defined using diamond core drilling, and surface trench sampling.

investigation, such as down hole

•

Drilling comprised 38 diamond core drill holes performed by Referencial from 2009 / 2010

gamma sondes, or handheld XRF

campaign (8,406.34 m), five core drill holes completed by Aguia from 2019 / 2020 (579.55 m)

instruments, etc). These examples

and fourteen core drill holes completed by Aguia in 2022 (1,302m).

should not be taken as limiting the

broad meaning of sampling.

personalr

• Include reference to measures

•

Aguia has followed standard practices in their geochemical surveys and diamond drilling

taken to ensure sample

programs. They have followed a set of standard procedures in collecting cuttings and core

representivity and the appropriate

samples, logging and data acquisition for the project. Their procedures are well documented and

calibration of any measurement

meet generally recognized industry standards and practices.

tools or systems used.

• All core logging is completed by Aguia geologists and directly entered into a comprehensive

Aspects of the determination of

database program. Aguia's geologists are responsible for identifying and marking core intervals

mineralisation that are Material to

for sampling. Sample intervals range in length from 0.31m to 1.50m with 90% of all core samples

the Public Report. In cases where

falling within the range of 0.8m to 1.1m and honour the geological contacts. Digital and hard

'industry standard' work has been

copies of all sampling and shipment documentation are stored in the project office at Caçapava

done this would be relatively simple

do Sul. Documentation includes geological logs, core photographs, core recovery records,

(eg 'reverse circulation drilling was

portable XRF readings and down-hole surveys.

used to obtain 1 m samples from

which 3 kg was pulverised to

produce a 30 g charge for fire

assay'). In other cases more

explanation may be required, such

1

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Aguia Resources Limited published this content on 11 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2022 22:43:01 UTC.