IRW-PRESS: Aguia Resources Ltd: Aguia Resources Limited: Infill-Bohrprogramm auf Tres Estradas
kiefert weiterhin sehr ermutigende Ergebnisse

INFILL-BOHRPROGRAMM AUF TRES ESTRADAS LIEFERT WEITERHIN SEHR ERMUTIGENDE ERGEBNISSE

Wichtige Ergebnisse:

- Bohrungen demonstrieren weiterhin die homogene Art und Kontinuität der Vererzung sowohl
lateral als auch zur Tiefe.

- Infill-Bohrkampagne auf 14.000 Bohrmeter erweitert - letzte 1.300m werden bis Ende April
niedergebracht.

- In der Tiefe sind viele Abschnitte mächtiger als im früheren Ressourcenmodell
erwartet wurde.
o TED-16-091 durchteufte 90,10m mit 3,49% P2O5 ab 150,00m Tiefe.
o TED-16-094 durchteufte 61,84m mit 4,30% P2O5 ab 218,00m Tiefe.
o TED-16-098 durchteufte 26,73m mit 3,95% P2O5 ab 86,00m Tiefe.
o TED-16-104 durchteufte 64,40m mit 4,27% P2O5 ab 237,00m Tiefe.

- Weitere Entdeckungen einer hochgradigen oberflächennahen oxidierten Vererzung:
o TER-17-202 durchteufte 30,00m mit 13,67% P2O5 ab Oberfläche einschließlich 8,00m mit
18,85% P2O5.
o TER-17-203 durchteufte 24,00m mit 16,02% P2O5 ab Oberfläche einschließlich 10,00m
mit 20,03% P2O5.

- Erste Ergebnisse der Arbeiten in Pilotanlage der Eriez Flotation Division werden in Kürze
erwartet.

- Vergleichsstudie für bankfähige Machbarkeitsstudie nähert sich dem
Abschluss.

- Bankfähige Machbarkeitsstudie macht gute Fortschritte, Vergleichsstudie und erweitertes
Bohrprogramm werden laut Erwartungen das Wert-Angebot weiter erhöhen.

Das brasilianische Unternehmen mit Fokus auf die Entwicklung von Phosphatlagerstätten Aguia
Resources Limited (ASX: AGR) (Aguia oder das Unternehmen -
http://www.commodity-tv.net/c/mid,36622,VRIC_2017/?v=297284 ) berichtet den Aktionären
über den neuesten Stand des Infill-Bohrprogramms auf ihrem Vorzeige-Phosphatprojekt Tres
Estradas im Süden Brasiliens. Das Programm liefert weiterhin sehr ermutigende Ergebnisse, die
die Homogenität und Kontinuität der Lagerstätte demonstrieren. Vier
Kernbohrgeräte sind weiterhin vor Ort im Einsatz. Das Rückspülbohrprogramm wurde
jetzt abgeschlossen.

Bis dato wurden Bohrungen mit einer Gesamtlänge von 12.680m niedergebracht, davon entfallen
8.465m auf Kernbohrungen und 4.215m auf Rückspülbohrungen. Nach Identifizierung einer
neuen Vererzungszone entlang der Südgrenze der Lagerstätte entschied sich das Management
zur Erweiterung des Bohrprogramms um 1.500 bis 2.000m (siehe Pressemitteilung vom 16. Februar 2017).
Die Infill-Bohrungen entlang dieser Zone werden fortgesetzt und als Ergebnis der sehr positiven
Ergebnisse wird das Programm jetzt insgesamt ungefähr 14.000 Bohrmeter umfassen, eine Zunahme
um ungefähr 40% gegenüber dem ursprünglichen Plan. Der Abschluss der Bohrarbeiten
wird bis Ende April erwartet. Die Ergebnisse werden in eine aktualisierte JORC konformen
Ressourcenschätzung für Tres Estradas aufgenommen, die nach Fertigstellung
veröffentlicht wird. Die Identifizierung der neuen Karbonatit-Zone besitzt das Potenzial
für eine beachtliche Erhöhung der Gesamtressource auf Tres Estradas und rechtfertigt die
Erweiterung der Bohrarbeiten. 

Die Zielsetzung des Programms ist die Umwandlung der geschlussfolgerten Ressource in die
Ressourcenkategorien erkundet und angezeigt. Dies wurde bis jetzt erzielt, da die Infill-Bohrungen
weiterhin Gehalte und Mächtigkeiten liefern, die mitunter besser sind als im
ursprünglichen Modell für Tres Estradas, wie Abbildungen 2 und 3 unten demonstrieren. Zum
Beispiel, Bohrung TED-16-091 durchteufte 90,1m Karbonatit, was um 50,1m bzw. 125% über den
Erwartungen lag, und Bohrung TED-16-094 durchteufte 61,8m Karbonatit, was um 29,8m bzw. 93%
über den den Erwartungen lag.

Die oxidierte Vererzung an der Oberfläche lieferte hohe Gehalte wie zum Beispiel in
TER-17-202. Diese Bohrung durchteufte 30,00m mit 13,67% P2O5 ab Oberfläche einschließlich
8,00m mit 18,85% P2O5 und Bohrung TER-17-203 durchteufte 24,00m mit 16,02% P2O5 ab Oberfläche
einschließlich 10,00m mit 20,03% P2O5 (siehe Tabelle 1 unten  - Assay Results of the Drilling
Campaign, Analysenergebnisse der Bohrkampagne).

Millcreek Mining Group, die Firma, welche die bankfähige Machbarkeitsstudie (Bankable
Feasibility Study, BFS) betreut, führte vor Kurzem eine Projektbesichtigung als Teil ihrer
Überprüfung des Ressourcenmodells durch und Aguia ist der Ansicht, dass die Berichte
über diese Projektbesichtigung positiv waren und die Arbeiten des Unternehmens alle
Qualitätskontrollmaßnahmen erfüllten und übertrafen.

Der technische Leiter Fernando Tallarico äußerte sich dazu: Wir könnten mit den
Ergebnissen nicht zufriedener sein, diese Lagerstätte erfüllt weiterhin unsere
Erwartungen, wie es das erweiterte Bohrprogramm demonstriert. Wir bestätigen nicht nur unser
ursprüngliches Ressourcenmodell, sondern identifizieren auch Aspekte der Lagerstätte, die
unserer Ansicht nach das Potenzial zur Ressourcenerweiterung auf Tres Estradas besitzen. Die Folge
ist eine Reduzierung des erwarteten Abraumverhältnisses, was eventuell die Abbaukosten
verbessern würde angesichts der größeren Mächtigkeit der Lagerstätte und
dass die neue Zone innerhalb der früheren Grenzen der Tagebaugrube an die Oberfläche
tritt.

Justin Reid, Managing Director von Aguia, fügte hinzu: Der Umfang und der Wert von Tres
Estradas nimmt mit jedem weiteren Bohrmeter zu und die Ergebnisse sind einfach herausragend. Unser
technisches Team hat während der letzten paar Monate hart gearbeitet, um diese Ergebnisse
vorzulegen, und ich beglückwünsche es für dieses Ergebnis.

Da die Infill-Bohrungen jetzt abgeschlossen werden konzentrieren wir uns jetzt auf die
Intensivierung des metallurgischen Programms in der Pilotanlage in Zusammenarbeit mit Eriez, den
Abschluss der Vergleichsstudien, die laut Erwartungen wesentlich verbesserte Projektkosten
demonstrieren werden, und avancieren die BFS bis zum Abschluss. Die Genehmigungsverfahren verlaufen
planmäßig. Wir haben signifikante Fortschritte auf unserer Entdeckung Eastern Limb
gemacht und und kommen voran mit unseren Plänen für eine Notierungszulassung an der TSX
Venture Exchange als Teil unserer laufenden Strategie der globalen Marktausdehnung. 


Für weitere Informationen kontaktieren Sie bitte: 

Justin Reid, Managing Director 
E-Mail: jreid@aguiaresources.com.au  
Tel.: +1 416-216-5446 

Catherine Stretch, Chief Commercial Officer 
E-Mail: cstretch@aguiaresources.com.au  
Tel.: +1 416-309-2695 

Jan-Per Hole, Vice President Corporate Development Australia 
E-Mail: jph@aguiaresources.com.au  
Tel.: +61 (0) 414 899 732 

In Europa:
Swiss Resource Capital AG
Jochen Staiger
info@resource-capital.ch  
www.resource-capital.ch    

Herausgegeben durch  Ben Jarvis, Six Degrees Investor Relations: +61 413 150 448

Folgen Sie Aguia auf Twitter: @ Aguia_Resources 


Über Aguia:
Aguia Resources Limited (Aguia) ist ein an der ASX notiertes Unternehmen, dessen Primärfokus
die Exploration und Entwicklung von Phosphatprojekten in Brasilien ist. Aguia besitzt ein
bewährtes und sehr erfahrenes Team im Land mit Sitz in Belo Horizonte, Brasilien, mit
Firmenbüros in Sydney, Australien. Aguias Schlüsselprojekte liegen in Rio Grande do Sul,
ein erstklassiges Agrargebiet, das zu 100 % von Phosphatimporten abhängig ist. Die
Phosphatlagerstätten Rio Grande besitzen eine hohe Qualität und haben kostengünstige
Produktionscharakteristiken. Ihre Lage ist ideal durch die Nähe zu Straßen-, Eisenbahn-
und Hafeninfrastruktur. Aguias erfahrenes Managementteam hat eine nachgewiesene Erfolgsgeschichte,
hochwertige Bergbauprojekte in Brasilen zur Produktion zu bringen.

Die Information in dieser Pressemitteilung, die sich auf Explorationsziele, die Exploration,
Ergebnisse, Mineralressourcen oder Erzvorräte bezieht, basiert auf Informationen, die von Dr.
Fernando Tallarico zusammengestellt wurde. Dr. Tallarico ist ein Mitglied der Association of
Professional Geoscientists of Ontario. Er ist ein Vollzeitbeschäftigter der Unternehmens. Dr.
Tallarico verfügt über ausreichende Erfahrung in Bezug auf den hier behandelten
Vererzungs- und Lagerstättentyp und die Tätigkeiten, die ihn jeweils als sachkundige
Person im Sinne des Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves in der Fassung von 2012 ausweist. Dr. Tallarico ist damit einverstanden, dass die auf
seinen Informationen basierenden Angaben in einer der Form und dem Zusammenhang angemessenen Weise
in den Bericht aufgenommen werden.

Die Ausgangssprache (in der Regel Englisch), in der der Originaltext veröffentlicht wird,
ist die offizielle, autorisierte und rechtsgültige Version. Diese Übersetzung wird zur
besseren Verständigung mitgeliefert. Die deutschsprachige Fassung kann gekürzt oder
zusammengefasst sein. Es wird keine Verantwortung oder Haftung: für den Inhalt, für die
Richtigkeit, der Angemessenheit oder der Genauigkeit dieser Übersetzung übernommen. Aus
Sicht des Übersetzers stellt die Meldung keine Kauf- oder Verkaufsempfehlung dar! Bitte
beachten Sie die englische Originalmeldung auf www.sedar.com, www.sec.gov, www.asx.com.au/ oder auf
der Firmenwebsite!

http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.001.jpeg


Figure 1:  Geological map of the Três Estradas carbonatite draped over aerial photograph,
highlighting the status of the ongoing drilling program.
http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.002.png


Figure 2:  Drilling section 950NE of the Três Estradas Deposit, showing the recently
discovered new mineralisation zone as outlined in red in the inset picture.

http://www.irw-press.at/prcom/images/messages/2017/39285/22032017_DE_Drilling_Update_DPG.003.png

Figure 3:  Drilling section 750NE of the Três Estradas Deposit, showing the thickening of
the carbonatite at depth relative to the previous resource model highlighted in dashed red.

Table 1 - Assay Results of the Drilling Campaign
(*Holes identifications initiated with TED are diamond holes and those initiated with TER are
reverse circulation holes)

Hole_IDFrom  To (m)LengthP2O5% CaO%  MgO%  Fe2O3%SiO2% Al2O3%
        (m)         (m)

TED-16-150.00240.1090.10 3.49  29.80 9.22  10.72 12.03 2.29
091

TED-16-45.87 83.35 37.48 4.15  38.03 7.09  7.22  8.37  1.54
092

135.50162.5027.00 4.31  33.82 10.62 6.21  7.99  0.76
TED-16-1.40  5.00  3.60  5.12  7.66  4.76  16.98 44.15 7.52
093

57.75 99.00 41.25 3.53  33.91 8.35  7.76  12.60 2.01
TED-16-218.00279.8461.84 4.30  36.40 7.31  8.10  9.76  1.73
094

TED-16-1.55  3.45  1.90  7.31  11.80 7.75  15.70 35.55 9.36
095

173.00277.11104.113.50  31.76 8.76  7.80  12.21 2.65
TED-16-38.30 42.00 3.70  4.48  28.57 8.67  9.40  13.61 1.80
096

104.85147.0042.15 3.10  26.99 7.90  10.64 22.15 3.25
168.00255.0087.00 3.11  34.07 6.90  8.99  13.76 2.39
TED-16-64.18 82.16 17.98 4.02  35.06 8.59  6.72  7.82  1.19
097

TED-16-86.00 112.7326.73 3.95  35.31 7.72  7.51  10.32 2.09
098

TED-16-50.00 55.00 5.00  3.00  19.16 8.45  15.72 29.60 5.32
099

72.00 133.0061.00 4.03  36.60 6.85  8.27  9.83  1.68
TED-16-33.00 73.00 40.00 3.41  31.13 7.46  7.74  17.66 3.76
100

91.00 125.0034.00 3.95  20.23 8.95  11.36 31.00 6.62
      Includ8.00  5.46  19.86 8.58  12.72 31.04 6.89
      ing

169.25184.4015.15 4.15  30.40 13.40 7.25  11.33 1.07
TED-16-138.00158.4020.40 4.40  33.42 10.54 6.10  9.42  1.38
101

177.00222.0045.00 3.33  35.55 7.06  7.49  11.33 2.15
232.00242.3010.30 3.79  23.80 12.27 10.42 17.07 3.30
252.00253.871.87  3.29  31.37 12.70 7.13  6.99  1.38
TED-16-142.00166.8024.80 3.54  20.76 9.59  13.24 36.14 5.54
102

170.48225.1054.62 3.29  35.46 7.07  7.51  12.26 2.37
TED-16-0.00  17.78 17.78 3.93  13.37 7.71  12.93 40.53 5.64
103

17.78 66.85 49.07 3.74  29.68 14.38 8.80  6.31  0.38
267.90296.0028.10 3.20  38.77 6.35  5.95  8.58  1.61
TED-16-5.70  35.00 29.30 3.25  16.68 8.75  13.00 39.26 6.22
104

237.00301.4064.40 4.27  33.69 7.53  8.38  13.13 2.61
TED-16-129.64195.6265.98 4.26  34.42 8.09  9.15  9.19  1.54
105

      Includ3.83  7.85  27.70 10.01 18.10 9.76  1.04
      ing

TED-17-144.91202.0057.09 3.75  30.40 9.36  7.55  15.60 2.92
106

TED-17-67.35 81.00 13.65 3.80  32.41 9.59  8.17  19.13 1.78
107

87.00 135.5348.53 3.85  33.94 8.31  9.15  8.73  1.49
TED-17-44.00 47.00 3.00  3.00  34.02 5.21  10.20 16.05 2.49
108

109.43284.60175.173.37  35.71 7.16  7.18  12.05 2.09
      Includ27.91 4.25  37.91 7.75  7.04  7.74  1.35
      ing

      Includ7.50  4.20  35.49 7.54  8.31  10.91 1.97
      ing

TER-16-1.00  42.00 41.00 3.18  39.79 4.99  5.76  11.75 1.60
170

52.00 64.00 12.00 3.04  41.29 4.87  5.91  8.83  1.46
TER-16-Not mineralized
175

TER-16-Not mineralized
176


Hole_IDFrom  To (m)LengthP2O5% CaO%  MgO%  Fe2O3%SiO2% Al2O3%
        (m)         (m)

TER-16-0.00  15.00 15.00 9.94  11.04 2.74  36.72 17.59 4.54
177

15.00 97.00 82.00 4.61  37.65 5.38  10.02 8.09  1.52
TER-16-1.00  16.00 15.00 5.73  9.29  10.76 15.53 35.62 9.07
178

16.00 20.00 4.00  5.09  28.02 9.37  10.09 19.00 3.07
40.00 60.00 20.00 4.03  30.74 9.09  11.39 11.75 2.33
TER-16-1.00  29.00 28.00 12.77 17.54 3.28  25.57 25.27 4.81
179

29.00 58.00 29.00 4.56  35.62 6.54  10.75 8.11  1.39
TER-16-0.00  28.00 28.00 12.65 16.78 2.81  26.04 27.67 4.56
180

28.00 41.00 13.00 6.19  35.00 5.96  11.93 10.32 1.72
TER-16-1.00  23.00 22.00 14.98 20.90 1.54  23.89 25.34 3.25
181

23.00 35.00 12.00 3.91  30.68 6.69  10.28 18.58 3.48
TER-16-0.00  17.00 17.00 12.13 18.73 3.05  20.67 28.81 4.52
182

17.00 30.00 13.00 5.20  43.56 3.74  6.42  7.76  1.32
TER-16-0.00  13.00 13.00 11.47 22.16 2.93  15.11 28.88 4.48
183

14.00 26.00 12.00 3.10  42.20 4.50  6.10  8.10  1.46
TER-16-11.00 14.00 3.00  3.11  18.37 8.32  15.87 32.87 4.81
184

16.00 17.00 1.00  3.97  24.00 7.83  10.90 25.30 5.88
TER-16-3.00  12.00 9.00  4.07  22.36 8.48  13.90 25.20 3.99
185

12.00 24.00 12.00 3.35  25.18 9.17  11.90 18.84 3.49
TER-16-0.00  2.00  2.00  4.06  8.07  4.88  18.15 39.80 11.05
186

TER-16-1.00  4.00  3.00  3.71  9.42  7.82  15.50 41.97 8.14
187

16.00 17.00 1.00  3.27  19.30 8.12  16.20 31.50 4.40
19.00 20.00 1.00  3.13  18.10 8.68  12.60 35.40 6.13
TER-16-0.00  20.00 20.00 3.15  39.13 4.89  7.72  11.21 1.84
188

20.00 60.00 40.00 3.33  37.47 5.78  6.89  11.07 2.11
TER-16-1.00  11.00 10.00 8.49  11.90 6.74  21.09 27.48 6.30
189

11.00 47.00 36.00 3.73  33.94 7.39  8.42  12.47 2.47
TER-16-0.00  6.00  6.00  3.02  12.17 7.26  16.37 41.97 7.93
190

TER-16-0.00  1.00  1.00  3.29  9.48  4.93  17.90 41.60 6.95
191

17.00 18.00 1.00  3.00  17.50 9.47  19.40 35.20 4.93
TER-16-0.00  3.00  3.00  3.61  24.57 6.24  13.16 22.43 5.65
192

TER-16-Not mineralized
193

TER-16-0.00  9.00  9.00  3.29  21.63 4.64  9.48  30.22 7.82
194

TER-16-1.00  2.00  1.00  4.14  13.10 6.11  19.00 38.10 7.61
195

14.00 20.00 6.00  3.24  27.29 7.03  10.12 21.96 5.51
29.00 31.00 2.00  3.24  33.00 8.66  8.54  13.85 2.19
33.00 35.00 2.00  3.17  42.70 5.47  5.39  6.65  1.15
36.00 37.00 1.00  3.63  44.40 5.25  4.22  5.81  0.94
39.00 40.00 1.00  3.01  45.00 4.81  4.75  4.65  0.75
TER-16-4.00  6.00  2.00  3.04  10.05 6.07  16.65 42.40 9.53
196

21.00 30.00 9.00  3.88  39.33 5.74  7.09  9.63  1.79
TER-17-0.00  9.00  9.00  8.02  11.15 3.81  17.63 38.89 7.64
197

      Includ2.00  11.28 15.10 1.40  18.10 37.15 6.00
      ing

12.00 13.00 1.00  5.58  7.82  2.09  11.80 44.80 14.50
TER-17-67.00 80.00 13.00 3.33  38.99 3.77  5.50  14.14 1.31
198

TER-17-4.00  7.00  3.00  3.41  20.97 6.29  10.96 32.23 5.04
199

12.00 25.00 13.00 3.27  27.43 9.09  10.67 19.06 3.45

Hole_IDFrom  To (m)LengthP2O5% CaO%  MgO%  Fe2O3%SiO2% Al2O3%
        (m)         (m)

TER-17-0.00  21.00 21.00 6.36  12.53 5.89  14.11 36.48 9.54
200

      Includ4.00  11.92 16.88 5.88  17.40 27.88 5.82
      ing

31.00 50.00 19.00 3.75  20.66 8.08  10.55 29.62 8.04
TER-17-1.00  21.00 20.00 15.41 20.67 2.20  22.33 24.82 4.17
201

      Includ10.00 20.29 27.35 1.86  24.03 14.98 2.00
      ing

21.00 29.00 8.00  6.32  32.98 3.97  20.45 7.56  0.98
TER-17-1.00  31.00 30.00 13.67 18.89 4.54  19.98 25.99 4.28
202

      Includ8.00  18.85 25.30 2.00  23.69 14.90 2.31
      ing

TER-17-1.00  25.00 24.00 16.02 22.29 1.13  25.60 21.22 3.01
203

      Includ10.00 20.03 26.05 1.23  27.28 14.04 2.15
      ing

25.00 40.00 15.00 5.61  33.78 6.99  12.04 9.06  1.49
TER-17-1.00  14.00 13.00 3.09  11.36 9.08  20.36 36.90 6.77
204

14.00 15.00 1.00  3.30  14.20 8.25  21.20 33.70 5.50
TER-17-25.00 65.00 40.00 3.68  30.74 9.20  8.64  14.98 2.83
205

      Includ1.00  6.27  26.90 10.90 8.03  19.20 2.21
      ing

      Includ4.00  6.29  25.47 10.90 10.34 21.00 2.85
      ing

TER-17-2.00  10.00 8.00  4.78  13.75 8.77  16.34 38.10 7.72
206

      Includ1.00  9.56  19.50 8.68  13.30 35.50 6.74
      ing

66.00 80.00 14.00 4.08  29.01 13.63 9.24  9.25  0.89
TER-17-0.00  10.00 10.00 7.82  13.50 7.28  16.33 35.31 5.52
207

      Includ6.00  9.73  15.36 7.96  18.18 31.15 4.25
      ing

10.00 25.00 15.00 4.02  25.62 9.97  9.37  19.52 4.67
TER-17-28.00 37.00 9.00  4.57  30.64 10.04 8.19  11.56 2.19
208

TER-17-41.00 45.00 4.00  3.00  19.18 8.54  15.58 26.65 6.09
209

53.00 55.00 2.00  4.06  16.80 9.06  16.85 32.50 6.80
TER-17-0.00  10.00 10.00 8.12  14.97 7.68  23.39 30.56 3.95
210

11.00 29.00 18.00 3.22  27.35 14.16 8.41  13.12 0.99
TER-17-1.00  5.00  4.00  7.93  14.55 10.04 17.32 35.87 4.18
211

5.00  40.00 35.00 4.26  30.64 9.40  9.36  14.22 2.05
TER-17-2.00  3.00  1.00  3.06  7.67  8.10  13.80 46.80 8.77
212

9.00  13.00 4.00  3.66  13.83 9.66  16.55 38.20 7.34
52.00 54.00 2.00  3.04  16.30 8.96  17.40 34.25 5.72
TER-17-2.00  7.00  5.00  4.39  15.62 9.85  12.96 42.44 6.18
213

7.00  60.00 53.00 4.38  19.20 9.35  12.04 37.62 6.83
TER-17-0.00  7.00  7.00  3.12  7.91  4.83  11.42 46.47 13.68
214

12.00 14.00 6.00  3.27  23.00 11.20 10.26 21.55 4.90
26.00 38.00 12.00 3.16  17.46 10.53 13.34 27.57 6.85
58.00 100.0042.00 3.14  26.54 12.00 7.87  20.37 2.23
TER-17-0.00  7.00  7.00  7.70  19.30 9.21  12.10 35.00 8.47
215

7.00  60.00 53.00 4.16  18.67 9.73  11.94 37.81 7.21
TER-17-44.00 51.00 7.00  3.94  20.06 10.38 13.07 27.33 5.48
216

91.00 101.0010.00 3.00  22.73 10.20 11.94 21.70 4.81
106.00120.0014.00 3.16  19.81 11.00 10.42 24.33 6.63
TER-17-18.00 35.00 17.00 3.31  18.35 9.50  13.42 34.50 6.68
217

TER-17-3.00  12.00 9.00  3.36  10.61 8.62  14.78 45.30 7.58
218

      Includ4.00  4.79  10.12 9.77  15.92 36.95 9.30
      ing

12.00 40.00 28.00 3.68  17.83 8.91  14.66 34.21 7.31
Hole_IDFrom  To (m)LengthP2O5% CaO%  MgO%  Fe2O3%SiO2% Al2O3%
        (m)         (m)

TER-17-1.00  13.00 12.00 7.69  12.17 9.25  17.32 3.25  7.69
219

13.00 35.00 22.00 3.64  27.94 7.46  9.52  21.08 5.56
TER-17-1.00  16.00 15.00 3.38  12.96 9.07  14.11 37.63 8.51
220

17.00 19.00 2.00  3.60  21.60 8.98  8.94  24.60 8.49
23.00 25.00 2.00  3.84  38.85 4.94  6.35  11.44 2.76
TER-17-1.00  5.00  4.00  3.70  13.34 9.11  17.10 31.45 6.48
221

5.00  6.00  1.00  3.20  39.40 3.91  6.54  11.90 1.76
TER-17-1.00  6.00  5.00  8.51  13.32 2.48  18.24 35.76 9.20
222

6.00  25.00 19.00 4.50  38.67 5.42  6.09  10.38 1.71
TER-17-0.00  8.00  8.00  7.12  13.21 6.60  15.94 35.70 8.08
223

8.00  34.00 26.00 3.02  32.76 7.23  7.81  16.21 4.36
37.00 40.00 3.00  3.31  35.67 7.20  6.91  13.51 3.50
TER-17-4.00  9.00  5.00  3.83  5.98  6.51  14.96 43.68 9.91
224

TER-17-0.00  16.00 16.00 7.98  13.11 4.66  17.58 39.47 4.28
225

      Includ5.00  10.39 14.72 4.76  18.76 37.22 3.65
      ing

16.00 80.00 64.00 4.20  31.41 10.17 8.92  11.18 1.64
TER-17-0.00  12.00 12.00 10.33 16.58 7.78  16.92 29.94 4.70
226

      Includ6.00  14.43 20.52 7.40  17.65 22.57 3.72
      ing

12.00 80.00 68.00 3.89  29.42 11.61 8.41  14.45 1.69
TER-17-45.00 80.00 35.00 3.63  30.63 11.30 7.98  14.56 1.27
227

      Includ4.00  5.94  34.05 9.36  6.99  13.24 1.08
      ing

      Includ4.00  6.33  30.97 13.45 7.60  11.22 0.50
      ing

TER-17-0.00  23.00 23.00 11.96 22.21 1.79  16.13 28.11 3.91
228

      Includ18.00 13.39 18.95 1.83  18.12 30.42 4.28
      ing

23.00 80.00 57.00 5.03  36.01 6.89  7.88  10.86 1.61
TER-17-28.00 80.00 52.00 3.28  30.86 8.12  8.56  16.31 3.66
230

TER-17-0.00  3.00  3.00  3.60  26.65 5.01  11.30 24.47 5.31
231

3.00  25.00 22.00 3.59  40.25 5.33  6.73  9.91  1.56
TER-17-Not mineralized
233

TER-17-0.00  8.00  8.00  5.89  16.41 4.97  15.04 34.60 5.61
232

8.00  100.0092.00 3.76  36.04 7.07  7.55  10.74 1.71
TER-17-1.00  8.00  7.00  7.26  21.44 3.75  17.49 25.78 5.68
234

8.00  12.00 4.00  3.99  31.25 7.78  10.40 13.37 2.31



Table 2 - Collar Details

Hole_IUTM_UTM_NElevatiLengthStatusDatum  AzimuDip
D     E        on      (m)   of          th
                (m)          coord
                            inate

TED-16767165769364    246.20GPS   SAD-69 150.0-60.
-091  58  66                       Z21S  0    00

TED-16767265771352    170.15GPS   SAD-69 150.0-65.
-092  06  87                       Z21S  0    00

TED-16767465772351    106.10GPS   SAD-69 150.0-60.
-093  20  89                       Z21S  0    00

TED-16767165770360    306.90GPS   SAD-69 150.0-60.
-094  34  12                       Z21S  0    00

TED-16767065768362    292.30GPS   SAD-69 150.0-60.
-095  37  80                       Z21S  0    00

TED-16767465773357    272.85GPS   SAD-69 150.0-60.
-096  18  22                       Z21S  0    00

TED-16767165771355    105.90GPS   SAD-69 150.0-60.
-097  62  75                       Z21S  0    00

TED-16767065770352    117.95GPS   SAD-69 150.0-70.
-098  85  97                       Z21S  0    00

TED-16767365771349    145.75GPS   SAD-69 150.0-60.
-099  70  22                       Z21S  0    00

TED-16766865769353    194.15GPS   SAD-69 150.0-60.
-100  96  35                       Z21S  0    00

TED-16767065771340    267.75GPS   SAD-69 150.0-50.
-101  09  30                       Z21S  0    00

TED-16767265771349    242.55GPS   SAD-69 150.0-60.
-102  88  47                       Z21S  0    00

TED-16767165771357    307.50GPS   SAD-69 150.0-58.
-103  83  27                       Z21S  0    00

TED-16767165770354    319.35GPS   SAD-69 150.0-60.
-104  13  49                       Z21S  0    00

TED-16767265770359    203.10GPS   SAD-69 150.0-60.
-105  75  70                       Z21S  0    00

TED-17767065768362    210.80GPS   SAD-69 330.0-60.
-106  03  40                       Z21S  0    00

TED-17767265769362    145.15GPS   SAD-69 150.0-60.
-107  64  88                       Z21S  0    00

TED-17766965770345    284.60GPS   SAD-69 150.0-60.
-108  97  48                       Z21S  0    00

TER-16766265763327    70.00 GPS   SAD-69 0.00 -90.
-170  67  01                       Z21S       00

TER-16767565769353    30.00 GPS   SAD-69 0.00 -90.
-175  48  94                       Z21S       00

TER-16767465770359    28.00 GPS   SAD-69 0.00 -90.
-176  32  06                       Z21S       00

TER-16767465770261    100.00GPS   SAD-69 0.00 -90.
-177  44  94                       Z21S       00

TER-16767465771357    60.00 GPS   SAD-69 0.00 -90.
-178  20  17                       Z21S       00

TER-16767465770366    66.00 GPS   SAD-69 0.00 -90.
-179  89  97                       Z21S       00

TER-16767565771366    45.00 GPS   SAD-69 0.00 -90.
-180  25  34                       Z21S       00

TER-16767665772362    38.00 GPS   SAD-69 0.00 -90.
-181  36  42                       Z21S       00

TER-16767665772360    30.00 GPS   SAD-69 0.00 -90.
-182  22  77                       Z21S       00

TER-16767665773356    27.00 GPS   SAD-69 0.00 -90.
-183  93  44                       Z21S       00

TER-16767665773352    23.00 GPS   SAD-69 0.00 -90.
-184  73  79                       Z21S       00

TER-16767665773351    25.00 GPS   SAD-69 0.00 -90.
-185  64  94                       Z21S       00

TER-16767665773351    20.00 GPS   SAD-69 0.00 -90.
-186  29  55                       Z21S       00

TER-16767765774353    25.00 GPS   SAD-69 0.00 -90.
-187  10  15                       Z21S       00

TER-16767765773355    60.00 GPS   SAD-69 0.00 -90.
-188  33  74                       Z21S       00

TER-16767765774352    53.00 GPS   SAD-69 0.00 -90.
-189  51  44                       Z21S       00

TER-16767865774352    30.00 GPS   SAD-69 0.00 -90.
-190  01  57                       Z21S       00

TER-16767865774350    25.00 GPS   SAD-69 0.00 -90.
-191  44  82                       Z21S       00

TER-16768065775325    20.00 GPS   SAD-69 0.00 -90.
-192  82  71                       Z21S       00

TER-16768165775329    20.00 GPS   SAD-69 0.00 -90.
-193  24  98                       Z21S       00

TER-16767965775328    20.00 GPS   SAD-69 0.00 -90.
-194  99  15                       Z21S       00

TER-16767665773326    40.00 GPS   SAD-69 0.00 -90.
-195  00  08                       Z21S       00

TER-16767465772326    25.00 GPS   SAD-69 0.00 -90.
-196  50  65                       Z21S       00

TER-17767465769352    48.00 GPS   SAD-69 0.00 -90.
-197  89  16                       Z21S       00

TER-17767365770346    80.00 GPS   SAD-69 0.00 -90.
-198  59  44                       Z21S       00

TER-17767365771342    25.00 GPS   SAD-69 0.00 -90.
-199  25  81                       Z21S       00

Hole_IUTM_UTM_NElevatiLengthStatusDatum  AzimuDip
D     E        on      (m)   of          th
                (m)          coord
                            inate

TER-17767465768358    50.00 GPS   SAD-69 0.00 -90.
-200  34  92                       Z21S       00

TER-17767365769360    29.00 GPS   SAD-69 0.00 -90.
-201  40  66                       Z21S       00

TER-17767465769359    40.00 GPS   SAD-69 0.00 -90.
-202  13  29                       Z21S       00

TER-17767365769357    40.00 GPS   SAD-69 0.00 -90.
-203  76  94                       Z21S       00

TER-17767265770358    22.00 GPS   SAD-69 0.00 -90.
-204  00  97                       Z21S       00

TER-17767065769350    37.00 GPS   SAD-69 0.00 -90.
-205  26  99                       Z21S       00

TER-17767065769353    80.00 GPS   SAD-69 0.00 -90.
-206  40  74                       Z21S       00

TER-17767065770352    25.00 GPS   SAD-69 0.00 -90.
-207  58  45                       Z21S       00

TER-17767365770356    37.00 GPS   SAD-69 0.00 -90.
-208  61  20                       Z21S       00

TER-17767165770363    55.00 GPS   SAD-69 0.00 -90.
-209  71  48                       Z21S       00

TER-17767165770357    30.00 GPS   SAD-69 0.00 -90.
-210  48  88                       Z21S       00

TER-17767165770352    40.00 GPS   SAD-69 0.00 -90.
-211  01  70                       Z21S       00

TER-17766965768355    100.00GPS   SAD-69 0.00 -90.
-212  29  69                       Z21S       00

TER-17766965768355    60.00 GPS   SAD-69 0.00 -90.
-213  19  85                       Z21S       00

TER-17766965769349    100.00GPS   SAD-69 0.00 -90.
-214  54  24                       Z21S       00

TER-17766865768355    60.00 GPS   SAD-69 0.00 -90.
-215  80  53                       Z21S       00

TER-17766865768353    120.00GPS   SAD-69 0.00 -90.
-216  33  33                       Z21S       00

TER-17766865767354    35.00 GPS   SAD-69 0.00 -90.
-217  01  90                       Z21S       00

TER-17766765767345    40.00 GPS   SAD-69 0.00 -90.
-218  34  05                       Z21S       00

TER-17766665766340    35.00 GPS   SAD-69 0.00 -90.
-219  20  02                       Z21S       00

TER-17766565765340    25.00 GPS   SAD-69 0.00 -90.
-220  46  31                       Z21S       00

TER-17766565765338    30.00 GPS   SAD-69 0.00 -90.
-221  33  54                       Z21S       00

TER-17766565765338    25.00 GPS   SAD-69 0.00 -90.
-222  09  05                       Z21S       00

TER-17766465764330    40.00 GPS   SAD-69 0.00 -90.
-223  62  77                       Z21S       00

TER-17766465764328    35.00 GPS   SAD-69 0.00 -90.
-224  29  15                       Z21S       00

TER-17766865765361    80.00 GPS   SAD-69 0.00 -90.
-225  26  02                       Z21S       00

TER-17766965765363    80.00 GPS   SAD-69 0.00 -90.
-226  07  75                       Z21S       00

TER-17766865765363    80.00 GPS   SAD-69 0.00 -90.
-227  88  39                       Z21S       00

TER-17766865765363    80.00 GPS   SAD-69 0.00 -90.
-228  65  30                       Z21S       00

TER-17766765764354    80.00 GPS   SAD-69 0.00 -90.
-230  51  23                       Z21S       00

TER-17766665763352    25.00 GPS   SAD-69 0.00 -90.
-231  94  73                       Z21S       00

TER-17766765764355    100.00GPS   SAD-69 0.00 -90.
-232  29  15                       Z21S       00

TER-17767565773354    25.00 GPS   SAD-69 0.00 -90.
-233  87  28                       Z21S       00

TER-17768065775318    18.00 GPS   SAD-69 0.00 -90.
-234  47  50                       Z21S       00


JORC Code, Table 1 
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)


CriteriJORC Code explanation       Commentary
a

Samplin· Nature and quality of     · Work is being carried out
g       sampling                    using RC and diamond
 techni (                           drilling, with samples
ques   eg cut channels, random      being analysed by
        chips, or specific          laboratory analyses
        specialised industry        suitable for the
        standard measurement tools  carbonatite mineralisation
        appropriate to the          being
        minerals under              targeted
        investigation, such as
        down hole gamma sondes, or · Drill hole locations are
        handheld XRF instruments,   detailed in a table in the
                                    text of this release, and
       etc). These examples should  shown graphically on a
        not be taken as limiting    plan
        the broad meaning of
        sampling.

· Include reference to      · Hole locations are picked
 measures taken to ensure    up using hand-held GPS.
 sample                      Sampling is carried out
                             using comprehensive
representivity and the       
 appropriate calibration of Aguia protocols and QAQC
 any measurement tools or    procedures as per industry
 systems                     best
 used.                       practice

· Aspects of the            · Mineralisation is
 determination of            generally
 mineralisation that are     visual
 Material to the Public
 Report. In cases where     · RC samples are collected
 industry standard work    and assayed at 1m
 has been done this would    intervals, with a
 be relatively simple        representative 2kg sample
 (                           of all intervals being
eg reverse circulation      collected for XRF assay at
 drilling was used to        the
 obtain 1 m samples from     laboratory.
 which 3 kg was pulverised
 to produce a 30 g charge   · Half core diamond drill
 for fire assay). In other  samples in mineralized
 cases more explanation may  material are generally
 be required, such as where  collected at 1m intervals
 there is coarse gold that   and sent to the laboratory
 has inherent sampling       for assay; however lengths
 problems. Unusual           will vary to generally
 commodities or              between 0.5 and 1.5m to
 mineralisation types        honour geological
 (                           boundaries where required.
eg submarine nodules) may    
 warrant disclosure of
 detailed                   · In all cases drilling
 information.                samples are sent to SGS
                             laboratories in Belo
                             Horizonte and analysed
                             using method XRF79C_10 -
                             Lithium tetra borate
                             fusion. Elements assayed
                             for include
                             SiO
                            2, Al2O3, Fe2O3, CaO, MgO,
                             TiO
                            2, P2O5, Na2O, K2O, MnO and
                             LOI, which is considered
                             suitable for the type of
                             mineralisation

Drillin· Drill type (eg core,      · Reverse Circulation -
g       reverse circulation,        Drilling utilized a face
 techni open-hole hammer, rotary    sampling Hard Formation
ques    air blast, auger, Bangka,   Bit with Tungsten buttons
        sonic,                      and a diameter of 5 œ
                                    inches. No downhole
       etc) and details (eg core    surveys were completed.
        diameter, triple or          
        standard tube, depth of
        diamond tails,             · Core Drilling - Drilling
        face-sampling bit or other  utilized HQ equipment for
        type, whether core is       weathered material and NQ
        oriented and if so, by      for fresh rock. Downhole
        what method,                surveys are performed on
                                    3-metre intervals using a
       etc).                        
                                   Maxibore down-hole tool. No
                                    core orientation has been
                                    carried
                                    out.

Drill  · Method of recording and   · RC - recoveries are
 sample assessing core and chip     monitored by samples
 recove sample recoveries and       weight. The minimum
ry      results                     recovery is
        assessed.                   85%.

                                   · Core Drilling - Recovery
                                    by sample and by drill run
                                    was recorded; core
                                    recovery generally exceeds
                                    97%

· Measures taken to         · Diamond Drilling - Due to
 maximise sample recovery    the coherent nature of the
 and ensure representative   fresh rock and homogenous
 nature of the               nature of the
 samples.                    mineralisation sample
                             recovery is not an issue.
                              In the
                             
                            saprolite recovery is
                             maximised using short
                             drill runs and best
                             drilling
                             practices.

                            · RC - Dry samples are
                             collected through a
                             cyclone and riffle
                             splitter ensuring
                             homogenisation and
                             representative sampling.
                             Wet samples are dried, and
                             then homogenised and
                             sampled by
                             hand.

· Whether a relationship    · Mineralisation is
 exists between sample       homogenous throughout the
 recovery and grade and      mineralized intervals,
 whether sample bias may     with no relationship
 have occurred due to        between sample recovery
 preferential loss/gain of   and grade on any type of
 fine/coarse                 drilling.
 material.

Logging· Whether core and chip     · RC - logging is to a
        samples have been           detail considered suitable
        geologically and            for inclusion in resource
                                    estimations
       geotechnically logged to a
        level of detail to support · Diamond - logging is
        appropriate Mineral         considered suitable for
        Resource estimation,        inclusion in resource
        mining studies and          estimations, metallurgical
        metallurgical               studies and preliminary
        studies.                    mining studies. The lack
                                    of orientated core and
                                    geotechnical logging prior
                                    to cutting precludes the
                                    use in detailed mining
                                    studies

· Whether logging is        · RC logging includes
 qualitative or              lithology and
 quantitative in nature.     weathering
 Core (or costean, channel,
                            · Diamond logging includes
etc) photography.            rock type,
                             alteration
                            , structure and qualitative
                             magnetism. No core
                             orientation has been
                             carried out, with
                             structural measurements
                             being limited to alpha
                             angles only. All core is
                             photographed dry before
                             being
                             cut

· The total length and      · 100% of the relevant
 percentage of the relevant  intersections of all
 intersections               drilling are
 logged                      logged

Sub-sam· If core, whether cut or   · Solid core is sawn in
pling   sawn and whether quarter,   half, with half being sent
 techni half or all core            for assay and half being
ques    taken.                      retained for reference.
 and                                Friable core is split down
 sample                             the
 prepar                             
ation                              center  line using a
                                    spatula or similar tool,
                                    with half being retained
                                    and half sent for
                                    assay.

· If non-core, whether      · RC- One metre samples are
 riffled, tube sampled,      collected from the
 rotary split,               cyclone, with moist
                             samples being split using
etc and whether sampled wet  a plastic liner and metal
 or                          cross-blade device, and
 dry.                        dry samples being split
                             through a riffle splitter.
                             Saturated samples are
                             dried before
                             homogenization. Two
                             representative samples of
                             between 500g and 2kg are
                             collected, with one for
                             assay and a second for
                             reference.

                            · For all sampling and
                             drilling, samples are
                             dried and crushed, and
                             then milled to 75% passing
                             80 mesh using LM mills at
                             the
                             laboratory.

· For all sample types, the · The sample preparation
 nature, quality and         techniques are industry
 appropriateness of the      standard and are
 sample preparation          considered appropriate for
 technique.                  the mineralisation being
                             investigated

· Quality control           · Industry standard
 procedures adopted for all  procedures are employed,
 sub-sampling stages to      including ensuring
 maximise                    non-core samples are
                             adequately homogenized
representivity of samples.   before assay and archive
                             samples are
                             collected

· Measures taken to ensure  · No field duplicate
 that the sampling is        samples or second half
 representative of the in    sampling was done. The
 situ material collected,    target mineralization is
 including for instance      largely
 results for field           homogeneous.
 duplicate/second-half
 sampling.

· Whether sample sizes are  · Sample sizes are
 appropriate to the grain    considered appropriate to
 size of the material being  the grain size of the
 sampled.                    material being
                             assayed

Quality· The nature, quality and   · The XRF method used is
 of     appropriateness of the      industry standard and
 assay  assaying and laboratory     considered appropriate for
 data   procedures used and         the analysis of
 and    whether the technique is    apatite-hosted phosphate
 labora considered partial or       mineralisation.
tory    total.                      
 tests
                                   · Sample preparation and
                                    analysis was completed at
                                    SGSs Belo Horizonte
                                    laboratory in Brazil using
                                    standard crushing and
                                    pulverization
                                    techniques.

                                   · The prepared pulps are
                                    analysed by a lithium
                                    borate fusion XRF
                                    spectroscopy for major
                                    oxide elements (P2O5,
                                    Al2O3,
                                    
                                   CaO, Fe2O3, K2O, MgO, MnO2,
                                    SiO2,
                                    TiO2
                                   , Na2O and LOI (Method code
                                    XRF79C and
                                    PHY01E).

                                   · In specific cases, samples
                                    were also analysed for a
                                    suite of 31 elements using
                                    an aqua
                                    
                                   regia digestion and
                                    inductively coupled plasma
                                    - mass spectrometry
                                    (Method code
                                    ME-MS81).

                                   · The preparation and
                                    analytical procedures are
                                    appropriate for the type
                                    of mineralization sampled
                                    and are reliable to
                                    deliver the total content
                                    of the analysed
                                    compounds.

· make and model, reading   · Where utilised, hand held
 times, calibrations         XRF is
 factors applied and their   
 derivation,                an Delta Analyser CS-4000
 etc.                        by
                             
                             Innov-X Systems
· For geophysical tools,    · There is a calibration
 spectrometers, handheld     plate supplied by
 XRF instruments,            INOVV-X-Systems for the
                             calibration of the
etc, the parameters used in  Portable X Ray
 determining the analysis    Fluorescence
 including                   equipment.
 instrument

· Nature of quality control · Aguia has prepared two
 procedures adopted          certified phosphate
 (                           reference materials
eg standards, blanks,        (standards) from material
 duplicates, external        collected from the
 laboratory checks) and      
 whether acceptable levels  Tres Estradas deposit -
 of accuracy                 these comprise a mid and
 (                           high grade standard and
ie lack of bias) and         are considered appropriate
 precision have been         to the mineralisation
 established.                being
                             drilled

                            · This is in addition to
                             fine and coarse blank
                             standards prepared from
                             barren quartz
                             veins.

                            · One each of the above
                             company supplied standards
                             is included in each batch
                             of 48 samples, in addition
                             to a pulp duplicate.
                             

                            · One batch of 48 samples
                             is sent monthly for umpire
                             laboratory
                             testing.

                            · Umpire testing is
                             performed at
                             
                            At ALS Chemex in Lima,
                             Peru, where they are
                             
                            analyzed for a suiten of
                             elements using method code
                             XRF12pt/XRF24)

                            · Additionally, Aguia relies
                             on the analytical quality
                             control measured
                             implemented by the ISO
                             accredited laboratory
                             used.

Verific· The verification of       · The AGR procedures
ation   significant intersections   consists an internal
 of     by either independent or    double check and, when
 sampli alternative company         required an independent
ng and  personnel.                  verification during the
 assayi                             independent audit
ng                                  process.

· The use of twinned holes. · Given this is the initial
                             programme at TE South no
                             twin holes have been
                             drilled

· Documentation of primary  · Data is manually entered
 data, data entry            onto logging sheets on
 procedures, data            site by
 verification, data storage  
 (physical and electronic)  Aguia geologists. This data
 protocols.                  is then entered into a
                             digital database
                             consisting of Excel
                             workbooks. Assay data from
                             the laboratory is merged
                             into the downhole sample
                             sheets. All original
                             logging sheets and digital
                             data are stored. Digital
                             data is regularly backed
                             up.

                            · Data is yet to be
                             externally audited;
                             external audits of
                             previous drilling has
                             confirmed the veracity of
                             work carried
                             out

· Discuss any adjustment to · There is no adjustment to
 assay                       assay
 data.                       data

Locatio· Accuracy and quality of   · All borehole collars were
n of    surveys used to locate      surveyed according to the
 data   drill holes (collar and     local UTM coordinate
 points down-hole surveys),         system (South American
        trenches, mine workings     Datum 1969 - SAD69, Zone
        and other locations used    21S), using differential
        in Mineral Resource         GPS equipment before
        estimation.                 drilling started, and once
                                    drilling had been
                                    completed.

· Specification of the grid · SAD 1969 UTM system, Zons 
 system                     21S
 used.

· Quality and adequacy of   · A topographic survey of
 topographic                 the project area was
 control.                    completed using
                             differential GPS
                             technology.

                            · The survey consisting of
                             lines spaced 25 metres
                             apart, and control lines
                             spaced 100 metres
                             apart.

                            · The topographic survey
                             generated contour lines at
                             1-metre intervals in the
                             meta-carbonatite area.
                             Contour lines at 5-metre
                             intervals were obtained
                             for the remaining area
                             using shuttle radar
                             topography mission (SRTM)
                             and
                             
                            orthorectified Geoeye images
                             with 0.5 metre
                             resolution.

Data   · Data spacing for          · RC Drilling - RC holes,
 spacin reporting of Exploration    all vertical, at
g and   Results.                    
 distri                            Tres Estrada South are
bution                              being drilled on 50m
                                    spaced lines, with spacing
                                    along drill lines
                                    determined by carbonatite
                                    outcrop

                                   · Diamond Drilling -
                                    Diamond holes (inclined)
                                    at
                                    
                                   Tres Estradas are being
                                    drilled on 100m spaced
                                    lines, with spacing along
                                    drill lines determined by
                                    carbonatite outcrop
                                    

· Whether the data spacing  · The data spacing and
 and distribution is         distribution is considered
 sufficient to establish     suitable for the style of
 the degree of geological    mineralisation being
 and grade continuity        tested, and will be
 appropriate for the         suitable for use in
 Mineral Resource and Ore    Mineral Resource and
 Reserve estimation          Reserve
 procedure(s) and            estimations
 classifications
 applied.

· Whether sample            · For the purposes of
 compositing has been        reporting of results no
 applied.                    sample compositing has
                             been
                             applied

Orienta· Whether the orientation   · The bulk nature of the
tion    of sampling achieves        mineralisation indicates
 of     unbiased sampling of        that sampling bias will
 data   possible structures and     not be introduced by
 in     the extent to which this    changing drilling
 relati is known, considering the   direction
on to   deposit                     
 geolog type.
ical
 struct
ure

· If the relationship       · Given the bulk and
 between the drilling        homogenous nature of the
 orientation and the         mineralisation it is
 orientation of key          considered that there is
 mineralised structures is   no sampling
 considered to have          bias
 introduced a sampling
 bias, this should be
 assessed and reported if
 material.

Sample · The measures taken to     · Chain of custody is
 securi ensure sample               managed by
ty      security.                   
                                   Aguia. Samples are stored
                                    on site. Assay samples are
                                    sent by freight express to
                                    the relevant laboratories.
                                    

Audits · The results of any audits · Tres Estradas - Audit by
 or     or reviews of sampling      SRK Consulting in early
 review techniques and              2013
s       data.                       
                                   and late 2014 indicated
                                    that techniques utilised
                                    by
                                    
                                   Aguia were in line with
                                    generally accepted
                                    industry best practices.
                                    The same audit found no
                                    issues with the data.
                                    

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

CriteriaJORC Code explanation      Commentary
Mineral · Type, reference          · Tres Estradas
 tenemen name/number, location and Permit 810.090/91,
t and    ownership including        irrevocable right to 100%
 land    agreements or material     under an exercised option
 tenure  issues with third parties  agreement with
 status  such as joint ventures,    
         partnerships, overriding  Companhia Brasiliera de Cob
         royalties, native title   re
         interests, historical      (CBC).
         sites, wilderness or
         national park and         On July 1, 2011, CBC and Ag
         environmental             uia
         settings.                  Metais Ltda., a
                                    subsidiary of
        · The security of the       
         tenure held at the time   Aguia in Brazil, executed
         of reporting along with    an option agreement
         any known impediments to   providing the irrevocable
         obtaining a licence to     purchase option of these
         operate in the             mineral rights by
         area.                      
                                   Aguia Metais (or its
                                    affiliate or
                                    subsidiaries). On May 30,
                                    2012
                                    
                                   Aguia Metais exercised the
                                    purchase option
                                    concerning these mineral
                                    rights by means of its
                                    affiliate
                                    
                                   Aguia Fertilizantes S/A (Ag
                                   uia
                                    Fertilizantes). On July
                                    10, 2012, CBC and
                                    
                                   Aguia Fertilizantes execute
                                   d an irrevocable agreement
                                    providing the assignment
                                    of these mineral rights
                                    to
                                    
                                   Aguia Fertilizantes. On
                                    July 20, 2012 CBC filed a
                                    request before the DNPM
                                    applying for the transfer
                                    of these mineral rights
                                    to
                                    
                                   Aguia Fertilizantes.

                                   The 2nd two-year term
                                    expired on August 16,
                                    2012, with the Final
                                    Exploration Report now
                                    under review by the
                                    Government, approval of
                                    which will allow the
                                    Company a further year
                                    (from the date of
                                    approval) to submit an
                                    Economic Exploitation
                                    Plan.





                                   · Tres Estradas South
                                   Permit 810.325/12,
                                    irrevocable right to 100%
                                    under an exercised option
                                    agreement with
                                    
                                   Companhia Brasiliera de Cob
                                   re
                                   .
                                   Granted April 29, 2013,
                                    initial 3 year term
                                    expiry April 29, 2016.
                                    The partial report with
                                    time
                                    ext
                                   ension request was filed
                                    on February 23,
                                    2016
                                   .
Explorat· Acknowledgment and       · Tres Estradas and Tres
ion      appraisal of exploration   Estrada
 done    by other                   South
 by      parties.
 other                             Discoveries of phosphate
 parties                            rich rocks at TE were
                                    made by a joint
                                    exploration programme
                                    between
                                    
                                   Companhia Brasileiraa do Co
                                   bre
                                    and Santa Elina in
                                    2007/2008 during a gold
                                    exploration programme.
                                    This involved an
                                    integrated geochemical/
                                    geological/geophysical
                                    and drilling programme.
                                    The gold results were
                                    disappointing, causing
                                    Santa Elina to withdraw
                                    from the JV, however +6%
                                    phosphate values were
                                    noted in assaying of
                                    soils and drill
                                    core.

Geology · Deposit type, geological · Tres Estradas and Tres
         setting and style of       Estradas
         mineralisation.            South

                                   The mineralisation is a
                                    carbonatite hosted
                                    phosphate deposit, with
                                    apatite as the phosphate
                                    bearing mineral. The
                                    NE-SW trending
                                    carbonatite is probably
                                    Mid-Proterozoic in age,
                                    and has been affected by
                                    Neo-Proterozoic shearing
                                    and metamorphism. It is
                                    hosted in the Santa Maria
                                    Chico Granulite Complex,
                                    within the
                                    
                                   Taquarembo Domain of the
                                    Achaean to Proterozoic
                                    
                                   Sul-rio-grandense Shield.

Drill   · A summary of all         · Drillhole information is
 hole    information material to    listed in the appropriate
 Informa the understanding of the   tables in this document,
tion     exploration results        and presented in maps and
         including a tabulation of  sections
         the following information
         for all Material drill
         holes:

        o easting and northing of
         the drill hole
         collar

        o elevation or RL (Reduced
         Level - elevation above
         sea level in metres) of
         the drill hole
         collar

        o dip and azimuth of the
         hole

        o down hole length and
         interception
         depth

        o hole length.
        · If the exclusion of this
         information is justified
         on the basis that the
         information is not
         Material and this
         exclusion does not
         detract from the
         understanding of the
         report, the Competent
         Person should clearly
         explain why this is the
         case.

Data    · In reporting Exploration · Drill intersections are
 aggrega Results, weighting         length weighted. A
tion     averaging techniques,      nominal 3%
 methods maximum and/or minimum     P
         grade truncations         2O5 lower cutoff is used,
         (                          and there is no upper cut
        eg cutting of high grades)  applied to
         and cut-off grades are     intersections.
         usually Material and
         should be
         stated.

· Where aggregate          · Not applicable
 intercepts incorporate
 short lengths of high
 grade results and longer
 lengths of low grade
 results, the procedure
 used for such aggregation
 should be stated and some
 typical examples of such
 aggregations should be
 shown in
 detail.

· The assumptions used for · Not applicable
 any reporting of metal
 equivalent values should
 be clearly
 stated.

Relation· These relationships are  · RC drilling is targetting
ship     particularly important in  the flat lying upper
 between the reporting of           oxide mineralisation -
 mineral Exploration                these holes may be
isation  Results.                   terminated in
 widths                             mineralisation once fresh
 and                                rock has been
 interce                            intersected
pt
 lengths                           · Diamond drilling is targe
                                   tted
                                    to intersect the full
                                    width of the interpreted
                                    steeply dipping
                                    carbonatite bodies
                                    

· If the geometry of the   · RC drilling is generally
 mineralisation with        perpendicular to the
 respect to the drill hole  flat-lying oxide blanket,
 angle is known, its        and oxide intersection
 nature should be           widths will reflect the
 reported.                  true thickness of the
                            oxide
                            layer.

                           · Diamond holes are
                            drilled at an acute angle
                            to the steeply to
                            vertically dipping
                            carbonatite bodies, hence
                            downhole widths will be
                            greater than true widths.
                            For
                            
                           drillholes drilled at
                            -60°, true mineralisation
                            widths will generally be
                            in the order of 40-60% of
                            downhole intersection
                            lengths - this is shown
                            in more detail on
                            included cross
                            sections.

· If it is not known and   · Down hole lengths are
 only the down hole         reported
 lengths are reported,
 there should be a clear   · Relationships between
 statement to this effect   true lengths and true
 (                          thickness are shown in
eg down hole length, true  cross
 width not                  sections
 known).

Diagrams· Appropriate maps and     · Refer to maps and
         sections (with scales)     sections in
         and tabulations of         release
         intercepts should be
         included for any
         significant discovery
         being reported These
         should include, but not
         be limited to a plan view
         of drill hole collar
         locations and appropriate
         sectional
         views.

Balanced· Where comprehensive      · Results from all drillhol
 reporti reporting of all          es
ng       Exploration Results is     have been reported
         not practicable,
         representative reporting
         of both low and high
         grades and/or widths
         should be practiced to
         avoid misleading
         reporting of Exploration
         Results.

Other   · Other exploration data,  · Geological mapping and
 substan if meaningful and          interpretation is used as
tive     material, should be        a base for included
 explora reported including (but    drill
tion     not limited to):           hole plans and sections
 data    geological observations;
         geophysical survey
         results; geochemical
         survey results; bulk
         samples - size and method
         of treatment;
         metallurgical test
         results; bulk density,
         groundwater, geotechnical
         and rock characteristics;
         potential deleterious or
         contaminating
         substances.

Further · The nature and scale of  · As presented in the text
 work    planned further work       of this
         (                          report
        eg tests for lateral
         extensions or depth
         extensions or large-scale
         step-out
         drilling).

· Diagrams clearly         · As presented in the text
 highlighting the areas of  of this
 possible extensions,       report
 including the main
 geological
 interpretations and
 future drilling areas,
 provided this information
 is not commercially
 sensitive.

Section 3 Estimation and Reporting of Mineral Resources
Not applicable to this release - this does not include mineral resource estimations
Section 4: Estimation and Reporting of Ore Reserves
Not applicable to this release
Section 5: Estimation and Reporting of Diamonds and Other Gemstones
Not applicable to this release


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