Highlights
- Early results from Aguia’s drilling program are confirming the extension of Três Estradas South mineralization to the south west at surface and at depth. Recall, Três Estradas South forms the south west strike extension of the previously announced Três Estradas in-pit resource (30.5 million MT @4.3% P2O5).
- On January 9, Aguia announced a rights issue for up to A$1.02 million. Use of proceeds is primarily continued drilling and also an initial review of a TSX-V listing.
- Phosphate rock prices have been holding up while agricultural commodity prices have been softening after the Q4 14 rally. Despite the recent drop in oil price, we expect the phosphate rock price to remain relatively strong due to the supply-related issues with oil (rather than economic/financial).
- Junior phosphate and potash explorers and developers outperformed over the past month. After phosphate stock prices dropped ~36% in 2014, prices were up ~11% m/m in mid January 2015.
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