OPTIMISED PRELIMINARY ECONOMIC ASSESSMENT OF THE TRÊS ESTRADAS PHOSPHATE PROJECT UNLOCKS SIGNIFICANT NEW VALUE

NPV of USD 400 million (AUD 535 million) at a 7.5% discount rate
Post-tax IRR of 43% and a pre-tax IRR of 50.4%
Production rate of 466,000 tonnes per year of phosphate concentrate (‘phosrock’) and 1.6 million tonnes per year of calcite
Initial Capital Expenditure of USD 118 million
Updated Três Estradas pit-constrained resource of 74.7 million tonnes grading 4.13% P₂O
Open pit operation with a life of mine of 14 years
Total of 59 million tonnes mined at a strip ratio of 3.1:1 (waste to phosphate)
Phosphate concentrate grading 30 to 31% P₂O₅
OPEX of USD 98/tonne of phosphate concentrate or USD 65/tonne pro-rated on Phosphate/Calcite revenues basis
Calcite concentrate grading 48.55 % CaO with superior reactivity with a PRNT of 97%
Assessment of phosphate demand in the region, potential for securing off take contracts and debt funding, past success of management financing mining projects through to production, and the support of strategic shareholders indicates securing the necessary funding to build the project is probable and realistic

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Aguia’s Optimised PEA Unlocks Significant New Value