Aguia Resources Limited has updated its Share Purchase Plan by reducing the subscription price from 4.0 cents to 3.6 cents per share and extending the closing date to 27 June 2025 at 5:00 pm AEST. This move aims to provide Eligible Shareholders with a greater discount relative to recent market prices and to ensure that those unable to access the documentation in time have another opportunity to participate. The revised terms also include adjustments to investment amounts, key dates for results announcement, share issuance, and the quotation of shares, reinforcing the company’s commitment to shareholder engagement. In parallel with the SPP changes, the company released details on its Santa Barbara gold project. Two diamond drill holes have been completed as part of a 25-hole program, with one hole intersecting a 0.7-meter mineralised quartz vein at approximately 107.4 meters downhole – about 40 meters below the current adit level. Although assay results are still pending, the visual indications of mineralisation with pyrite, sphalerite, and galena have supported the geological model and led to an updated Exploration Target. This initial drilling phase, which is supported by a detailed structural interpretation and technical data (including drill hole lengths and estimated true widths), sets the stage for further exploration in a property known to host over 7km of mineralised veins. In addition, Aguia Resources Limited has secured a promising offer for bank finance for its Tres Estradas Phosphate Project in Brazil. The Southern Development Bank has offered a loan of up to A$4 million, subject to formal documentation, with a 20-year term and a three-year grace period. Financing under these terms is seen as a strong endorsement by government-related institutions. The funds will cover the capital required to upgrade the leased processing plant—from an initial 100,000 tonnes per annum capacity, with plans to eventually increase production to at least 300,000 tonnes per annum—at a fraction of the cost of building a new facility. From a bullish perspective, the revised SPP pricing provides a deeper discount to shareholders, potentially boosting investor interest, while encouraging preliminary drill results and a positive geological model could herald a significant discovery in the gold project. The bank financing offer for the phosphate project, backed by government support, further underscores the strength and diversity of Aguia Resources Limited’s asset portfolio. However, from a bearish standpoint, the absence of assay results from the initial drill holes introduces uncertainty regarding the actual grade and extent of the mineralisation, and the complexities inherent in ramping up production or securing subsequent financing always carry execution risks. Investors are advised to balance these factors as part of their overall assessment of the company’s growth prospects.