RPA Aguia Metais Andrade NI 43 101 Report FINAL May 2 2019

AGUIA RESOURCES LIMITED
TECHNICAL REPORT ON THE ANDRADE

DEPOSIT, STATE OF RIO GRANDE DO
SUL, BRAZIL
NI 43-101 Report
Qualified Person:
John Makin, MAIG
May 2, 2019
RPA 55 University Ave. Suite 501 I Toronto, ON, Canada M5J 2H7 I T + 1 (416) 947 0907 www.rpacan.com
Report Control Form
Document Title Technical Report on the Andrade Deposit, State of Rio

Grande do Sul, Brazil
Client Name & Address Aquia Resources Limited

Rua Antônio de Albuquerque, 156 15°
Andar CEP: 30.112-010 – Belo Horizonte – MG
Brazil
Document Reference Status & FINAL

Project #3093 Issue No. Version
Issue Date May 2, 2019
Lead Author John Makin (Signed)
Peer Reviewer Chester M. Moore (Signed)
Project Manager Approval David Ross (Signed)
Project Director Approval Luke Evans (Signed)
Report Distribution Name No. of Copies

Client
RPA Filing 1 (project box)
Roscoe Postle Associates Inc.

55 University Avenue, Suite 501
Toronto, ON M5J 2H7
Canada
Tel: +1 416 947 0907
Fax: +1 416 947 0395
mining@rpacan.com
www.rpacan.com
TABLE OF CONTENTS
PAGE
1 SUMMARY ........................................................................................................................ 1-1

Executive Summary ......................................................................................................... 1-1
Technical Summary ......................................................................................................... 1-4
2 INTRODUCTION ............................................................................................................... 2-1
3 RELIANCE ON OTHER EXPERTS ................................................................................... 3-1
4 PROPERTY DESCRIPTION AND LOCATION ................................................................. 4-1
Location ........................................................................................................................... 4-1
Land Tenure .................................................................................................................... 4-1
5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY ................................................................................................................. 5-1
Accessibility ..................................................................................................................... 5-1
Local Resources and Infrastructure ................................................................................. 5-1
Climate ............................................................................................................................ 5-1
Physiography ................................................................................................................... 5-2
6 HISTORY........................................................................................................................... 6-1
Exploration and Mining History of the Andrade Deposit .................................................. 6-1
Prior ownership ................................................................................................................ 6-3
Past production ................................................................................................................ 6-3
7 GEOLOGICAL SETTING AND MINERALIZATION ........................................................... 7-1
Regional Geology ............................................................................................................ 7-1
Local Geology .................................................................................................................. 7-2
Mineralization .................................................................................................................. 7-8
8 DEPOSIT TYPES .............................................................................................................. 8-1
9 EXPLORATION ................................................................................................................. 9-1
10 DRILLING ...................................................................................................................... 10-1
11 SAMPLE PREPARATION, ANALYSES AND SECURITY ............................................ 11-1
Sampling Procedures .................................................................................................... 11-1
Sample Preparation and Analysis ................................................................................. 11-1
Density Sampling Method And Approach ...................................................................... 11-2
Security .......................................................................................................................... 11-3
Quality Control And Quality Assurance Measures......................................................... 11-3
12 DATA VERIFICATION ................................................................................................... 12-1
13 MINERAL PROCESSING AND METALLURGICAL TESTING ..................................... 13-1
Sample Selection ........................................................................................................... 13-1
Work Index .................................................................................................................... 13-1
Flotation Program .......................................................................................................... 13-2
Aguia Resources Limited – Andrade Deposit, Project #3093

Technical Report NI 43-101 – May 2, 2019 Page i
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14 MINERAL RESOURCE ESTIMATE .............................................................................. 14-1

Summary ....................................................................................................................... 14-1
Mineral Resource Database .......................................................................................... 14-2
Geological Interpretation and 3D Solids ........................................................................ 14-2
Mineral Resource Assays .............................................................................................. 14-4
Capping Levels .............................................................................................................. 14-4
Compositing ................................................................................................................... 14-6
Trend Analysis ............................................................................................................... 14-6
Variography ................................................................................................................... 14-7
Density Data .................................................................................................................. 14-9
Block Models ................................................................................................................. 14-9
Search Strategy And Grade Interpolation Parameters ................................................ 14-10
Block Model Validation ................................................................................................ 14-11
Classification ............................................................................................................... 14-15
Cut-Off Grade And Whittle Parameters ....................................................................... 14-15
Mineral Resource Reporting ........................................................................................ 14-17
15 MINERAL RESERVE ESTIMATE ................................................................................. 15-1
16 MINING METHODS ....................................................................................................... 16-1
17 RECOVERY METHODS ............................................................................................... 17-1
18 PROJECT INFRASTRUCTURE .................................................................................... 18-1
19 MARKET STUDIES AND CONTRACTS ....................................................................... 19-1
20 ENVIRONMENTAL STUDIES, PERMITTING, AND SOCIAL OR COMMUNITY IMPACT
............................................................................................................................................ 20-1
21 CAPITAL AND OPERATING COSTS ........................................................................... 21-1
22 ECONOMIC ANALYSIS ................................................................................................ 22-1
23 ADJACENT PROPERTIES ........................................................................................... 22-1
23 OTHER RELEVANT DATA AND INFORMATION ......................................................... 23-1
24 INTERPRETATION AND CONCLUSIONS ................................................................... 24-1
25 RECOMMENDATIONS ................................................................................................. 25-1
26 REFERENCES .............................................................................................................. 26-1
27 DATE AND SIGNATURE PAGE ................................................................................... 27-1
28 CERTIFICATE OF QUALIFIED PERSON ..................................................................... 28-1

Technical Report NI 43-101 – May 2, 2019 Page ii
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LIST OF TABLES
PAGE
Table 1-1 Mineral Resource Estimate as of March 13, 2019 ............................................. 1-1
Table 1-2 Proposed Exploration Budget 2019 .................................................................... 1-3
Table 4-1 Exploration Concessions ON the Project .......................................................... 4-1
Table 6-1 Historical Drilling at Andrade and Primavera ...................................................... 6-1
Table 11-1 Certified Reference Materials ......................................................................... 11-4
Table 14-1 Mineral Resource Estimate as of March 13, 2019 ......................................... 14-1
Table 14-2 Andrade Resource Assay Statistics ............................................................... 14-4
Table 14-3 Composite Statistics of Andrade Mineralized Domains .................................. 14-6
Table 14-4 Modelled Variogram Parameters for Andrade. ............................................... 14-8
Table 14-5 Density Summary Table ................................................................................. 14-9
Table 14-6 Block Model Properties ................................................................................ 14-10
Table 14-7 Search Ellipse Parameters Used for Grade Interpolation............................. 14-11
Table 14-8 Cu/Ag Average Values Comparison Between Assays, Composites and Blocks
.......................................................................................................................................... 14-13
Table 14-9 Input Cost Assumptions Under Requirement of Reasonable Prospects for
Economic Extraction ......................................................................................................... 14-17
Table 14-10 Open Pit and Underground Resources at Various Cut-Off Values ............ 14-18
Table 26-1 Proposed Exploration Budget 2019 ................................................................ 25-1
LIST OF FIGURES
PAGE
Figure 4-1 Location of the Andrade Deposit ....................................................................... 4-3
Figure 4-2 Map of Claims ................................................................................................... 4-4
Figure 6-1 View of Adit and Shaft at the Andrade Deposit ................................................. 6-2
Figure 7-1 Stratigraphic Column of the Andrade Region .................................................... 7-3
Figure 7-2 Geological Map of the Andrade Deposit ........................................................... 7-4
Figure 7-3 Mineralization Styles at Andrade ....................................................................... 7-9
Figure 10-1 Plan of Drill Hole Collar Locations at the Andrade Deposit ........................... 10-3
Figure 10-2 Representative Cross Section of Drilling Through the Andrade Deposit ...... 10-4
Figure 14-1 Low and High Grade Wireframes at the Andrade Deposit ............................ 14-3
Figure 14-2 Log Probability Plot for Ag in the Low Grade Domain ................................... 14-5
Figure 14-3 Variogram Maps for Strike Direction (N-S) With 20° Plunge to South ........... 14-7
Figure 14-4 Variograms of 1 m Cu % Composite ............................................................. 14-8
Figure 14-5 Variograms of 1 m Ag g/t Cap Composite ..................................................... 14-8
Figure 14-6 Typical Vertical Section for Andrade Deposit .............................................. 14-12
Figure 14-7 Low Grade Swath Plot for Copper .............................................................. 14-14
Figure 14-8 Low Grade Swath Plot for Silver ................................................................. 14-14
Figure 14-9 3D View of Whittle Shell and Blocks Above Cut-off Grade ......................... 14-16

Technical Report NI 43-101 – May 2, 2019 Page iii
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1 SUMMARY
EXECUTIVE SUMMARY
Roscoe Postle Associates Inc. (RPA) was retained by Aguia Resources Limited (Aguia) to
prepare an independent Technical Report on the Andrade copper deposit (the Project), located
in the State of Rio Grande do Sul, Brazil. The purpose of this report is to support the first-time
disclosure of a Mineral Resource estimate for the Andrade deposit. This Technical Report
conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-
101). RPA visited the Project from January 22 to 24, 2019.
Aguia is a mining and exploration company, which is dual listed on the Australian Stock
Exchange (ASX) and the TSX Venture Exchange
On February 27, 2019, Aguia announced that it had entered into an option agreement with
Referencial Geologia Ltda. (Referencial) to acquire the Andrade deposit. Upon the exercise
of the agreement, Aguia will become the sole titleholder of the Project.
Table 1-1 summarizes an initial Mineral Resource estimate for the Project prepared by RPA
with an effective date of March 13, 2019. The Mineral Resource estimate has been prepared
in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition
Standards for Mineral Resources and Mineral Reserves (CIM (2014) definitions). The estimate
also conforms to the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC (2012) Code).
TABLE 1-1 MINERAL RESOURCE ESTIMATE AS OF MARCH 13, 2019

Aguia Resources Limited – Andrade Deposit
Cu Grade Ag Grade Cu Ag
Tonnes (kt)
(%) (g/t) (klb) (koz)
Oxide Open Pit 1,337 0.43 2.54 12,778 109
Sulphide Open Pit 8,796 0.51 2.15 98,525 607

Underground 675 1.42 8.06 21,185 175
Total Inferred Mineral Resources 10,807 0.56 2.56 132,488 891
Notes:
1. CIM (2014) definitions were followed for Mineral Resources. Mineral Resources also conform to JORC
(2012) Code.

Technical Report NI 43-101 – May 2, 2019 Page 1-1
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2. Open pit resources are stated within a resource pit shell, above a cut-off grade of 0.2% Cu.
3. Underground resources are reported above a cut-off grade of 1.0% Cu.
4. Cut-off grades were calculated using a copper price of US$3.50/lb and a silver price of US$20/oz.
5. Average bulk densities of 2.68 t/m3 for high grade domains and 2.60 t/m3 for low grade and waste domains
were applied.
6. Resources are reported on a 100% basis. No mining loss or mining dilution factors have been applied to
the reported figures.
7. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
8. Totals may not sum due to rounding.
RPA is not aware of any environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could materially affect the Mineral Resource
estimate.
CONCLUSIONS
The Andrade deposit consists of a larger envelope of low grade copper-silver mineralization
with higher grade panels that appear structurally controlled by sub-vertical, northwest trending
fault structures.
Mineralization is hosted by the metavolcanic rocks of the Vacacaí Metamorphic Complex and
forms below the contact with the overlying Santa Bárbara Conglomerate. Mineralization
occurs both as disseminated sulphides and on the selvages of carbonate stringer veins. The
principal minerals of economic interest are bornite, chalcocite, and lesser chalcopyrite.
Drilling by the previous owner (Referencial) has been sufficient to define an Inferred Mineral
Resource of 10.8 Mt at average grades of 0.56 % Cu and 2.56 ppm Ag. RPA is of the opinion
that the drilling methods, sample collection protocols, assay procedures, quality control
programs, historical data validation, security, and geological interpretation at Andrade are
adequate for the declaration of an Inferred Mineral Resource.
RPA considers the Andrade deposit to be open along strike to the north, south, and at depth.
The immediate surrounds of the deposit have good exploration potential. Within the deposit,
the high grade lenses show the potential for future economic extraction; additional drilling is
required for their further expansion and delineation. This has the potential to upgrade and
expand the existing resource estimates in both open pit and underground mining scenarios.
The Primavera target, located four kilometres south of the Andrade deposit, shows the most
promise for further exploration, with encouraging results from historical exploration activities
and a similar mineralization style to Andrade.

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RECOMMENDATIONS
Historical drilling at the Andrade deposit has outlined a significant Inferred Mineral Resource.
This resource merits further investigation to extend the limits of the resource and to upgrade
the Mineral Resource classification to Indicated.
Aguia has proposed a 2019 exploration budget of C$2.2 million as outlined in Table 1-2.
TABLE 1-2 PROPOSED EXPLORATION BUDGET 2019

Item C$
Downhole Electromagnetic Survey 300,000
Infill and Expansion Drilling (10,000 m) Andrade 1,500,000
Mapping and Soil Sampling 100,000
Ground Induced Polarization 300,000
Total 2,200,000
RPA concurs with Aguia’s planned work program and agrees that:
• Downhole electromagnetic (EM) surveys in the existing and open holes should be used
to better delineate the trend and extents of the known high grade lenses.
• Infill and expansion drilling has the potential to upgrade and increase the Mineral
Resources at Andrade.
• Mapping, soil sampling, and ground induced polarization (IP) surveys should be used
to better target the along strike extension of the Andrade deposit and potentially link
the Andrade deposit to the Primavera target, which is four kilometres south of Andrade.
In addition to the work program proposed above, Aguia also plans to carry out further
exploration work, including drilling, at the neighbouring Primavera target. If results from this
work are positive, the Primavera target may be included in future resource estimates at the
Project.
RPA makes further recommendations as follows:
GEOLOGY
• Further investigation is required to better understand the impact of the northwest
trending, cross cutting structures, particularly on the high grade lenses.
• Minor inconsistencies between the lithology in drill holes and surface mapping should
be investigated and resolved.

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• Further consideration should be given to the structural and chemical controls on the
mineralization.
• Historical (pre-2009) drill holes with high grade intercepts should be duplicated as part
of the infill drilling program.
SURVEY
• Minor inconsistencies between the supplied topography and the collar locations should
be resolved.
MINERAL RESOURCES
• Density samples should be sent for analysis at an independent, accredited laboratory
to resolve the 5% difference noted between measurements taken by Aguia and by the
previous owner.
• Oxidized material should be modelled based on drill hole logs rather than using set
distance from the topographic surface.
• Variograms parameters should be calculated and modelled on a domain basis where

the dataset allows.
TECHNICAL SUMMARY
PROPERTY DESCRIPTION AND LOCATION
The Andrade deposit is located in the central southern region of the state of Rio Grande do
Sul, Brazil, near the town of Caçapava do Sul, approximately 230 km from the state capital,
Porto Alegre. The Project area is easily accessible via federal highways and local roads and
is well served with critical infrastructure in the region. The property is located at approximately
latitude 30°31'32.5"S, longitude 53°31'53.5"W. The tenement package covering the Andrade
deposit and the neighbouring Primavera target is predominantly a rectangular area and is
approximately 15 km from north to south and four kilometres wide.
LAND TENURE
The Project consists of six exploration permits totalling 5,158.7 ha. On February 27, 2019,
Aguia announced that it had entered into an option agreement with Referencial to acquire the
Project. A royalty of 1% Net Smelter Return (NSR) on the property is payable to Referencial.
The royalty can be bought out from Referencial for a payment of C$2,000,000.

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EXISTING INFRASTRUCTURE
Currently, there is no infrastructure at the Project site aside from a network of dirt roads and
trails.
HISTORY
The first accounts of the Andrade deposit date back to 1864 and cursory exploration work is
known to have been carried out in 1883. In the early 1900s, a shaft was sunk and an adit was
driven into the Andrade deposit, however, no significant production resulted from these early
development works. The Brazilian government mines department (DPNM) conducted small
trenching and drilling programs in 1942 and 1959. In 1973, Companhia Rio-Grandese de
Mineração (CRM) conducted 1,300 m of drilling at the deposit. In 1985, Companhia Brasileiro
de Cobre (CBC) drilled eight holes.
Referencial, a subsidiary of Mining Ventures Brazil Ltda, held the permits covering the Andrade
deposit as part of an extensive land package surrounding the north and west of the Caçapava
Granite. Referencial carried out an extensive infill drilling program in 2009 and 2010. In 2019,
Aguia entered into an option agreement to acquire the Project from Referencial.
GEOLOGY AND MINERALIZATION

The Project area is located within the São Gabriel Domain, composed of Pre-Cambrian
metamorphic rocks of the Cambaí Complex, Vacacaí Metamorphic Complex, Brasilian
Granitoids, and volcanic and sedimentary rocks of the Neoproterozoic-Ordovician.
The local geology of the Andrade deposit area is dominated by four main packages; the
metavolcanic-sedimentary Vacacaí Complex, the Caçapava Do Sul Granite Complex, and the
sedimentary Bom Jardin and Santa Bárbara formations. The Andrade deposit is hosted in the
Vacacaí Complex at the western flank of the Caçapava Granite.
The deposit is an intrusion related copper mineralized system. At the west flank of the Andrade
deposit, the meta-andesites and meta-dacites are enriched in copper as indicated by surface
occurrences of malachite, chalcocite, chrysocolla, and chalcopyrite which are disseminated
concordant with the foliation and infilling fractures. The occurrences are associated with a
shear zone named in the literature as the Andrade Fault. At depth, the mineralization has a
mineral sulphide paragenesis composed of bornite > chalcocite > chalcopyrite > pyrite, with

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smaller concentrations of native copper. The sulphides occur disseminated, intergrown in the
matrix, usually granular, and sometimes with coated texture (e.g., pyrite enveloped by
chalcocite, bornite enveloped by chalcocite, chalcopyrite enveloped by bornite) and in
stockwork veins and zones brecciated by hydrothermalism (e.g., carbonate-chlorite-quartz
zones and metavolcanic zones brecciated with druses).
EXPLORATION STATUS
Aside from three drill holes used to confirm previous work, Aguia has not carried out any
exploration at the Project. The Mineral Resource estimate is based on 38 surface diamond
drill holes with a total length of 8,406.34 m and re-sampling of 19 historical trenches (1,088.46
m), all completed by Referencial in 2009 and 2010.
MINERAL RESOURCES
The current Mineral Resource estimate for Andrade includes open pit and underground
resources. The resources are constrained by three-dimensional (3D) mineralized wireframes.
The estimate is supported by a Geovia GEMS 6.8 block model sized 5 m by 5 m by 5 m.
Copper and silver were estimated into the block model using ordinary kriging using one metre
composites within the mineralized domains. A cut-off grade of 0.2% Cu was used for open pit
and 1.0% Cu, for underground resources. A resource shell was used to constrain the open pit
resources to meet the CIM (2014) requirement of “reasonable prospects for eventual economic
extraction”. The underground resources are reported below the resource shell at a higher cut-
off grade, from mineralized areas with contiguous blocks above the underground cut-off grade.
As of March 13, 2019, the combined open pit and underground Mineral Resources for the
Andrade deposit are estimated to total 10.8 Mt grading 0.56% Cu and 2.56 g/t Ag containing
132,488 klb of copper and 891 koz of silver. All resources are classified as Inferred.

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2 INTRODUCTION
Roscoe Postle Associates Inc. (RPA) was retained by Aguia Resources Limited (Aguia) to
prepare an independent Technical Report on the Andrade copper deposit (the Project), located
in the State of Rio Grande do Sul, Brazil. The Project has also been referred to as the
Primavera Project. The purpose of this report is to support the first-time disclosure of a Mineral
Resource estimate for the Andrade deposit. This Technical Report conforms to NationaI
Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
Aguia is an operating mining and exploration company, which is dual listed on the Australian
Stock Exchange (ASX) and the TSX Venture Exchange and as a result, reporting must comply
to the guidelines of both the Australasian Joint Ore Reserve Committee (JORC) Code and NI
43-101.
In addition to the Project, Aguia holds more than 80,000 ha of exploration tenements in the
greater region including the Big Ranch and Carlota targets. No exploration work that is
considered to be relevant to this report has yet been carried out on these areas.
SOURCES OF INFORMATION
This report was prepared by John Makin, MAIG, RPA Senior Geologist, with assistance from
Thiago B. Bonas, PQR., CBRR, Resource Geologist for Aguia, and other technical staff of
Aguia. Mr. Makin is a Qualified Person (QP) in accordance with NI 43-101.
Site visits were carried out by Mr. Makin, on January 22 to 24, 2019. Mr. Makin is responsible
for all sections of this report and is independent of Aguia for the purposes of NI 43-101.
Discussions were held with personnel from Aguia:

• Mr. Thiago B. Bonas, Resource Geologist,
• Mr. Jose Jacob Fanton, Project Manager,
• Mr. Roberto Pinheiro, Exploration Geologist,
• Mr. Lucas Galinari, Exploration Geologist, and
• Mr. Rafael Diniz, Exploration Geologist.

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Relevant technical reports, and historical and recent exploration results from drill programs
carried out by Aguia, Referencial Geologia Ltda. (Referencial), and other prior owners were
provided to RPA by Aguia and formed the basis for this report. The documentation reviewed,
and other sources of information, are listed at the end of this report in Section 27.
LIST OF ABBREVIATIONS
Units of measurement used in this report conform to the metric system. All currency in this
report is Canadian dollars (C$) unless otherwise noted.
µ micron kVA kilovolt-amperes

µg microgram kW kilowatt
a annum kWh kilowatt-hour
A ampere L litre
bbl barrels lb pound
Btu British thermal units L/s litres per second
°C degree Celsius m metre
C$ Canadian dollars M mega (million); molar
cal calorie m2 square metre
cfm cubic feet per minute m3 cubic metre
cm centimetre MASL metres above sea level
cm2 square centimetre m3/h cubic metres per hour
d day mi mile
dia diameter min minute
dmt dry metric tonne µm micrometre
dwt dead-weight ton mm millimetre
°F degree Fahrenheit mph miles per hour
ft foot MVA megavolt-amperes
ft2 square foot MW megawatt
ft3 cubic foot MWh megawatt-hour
ft/s foot per second oz Troy ounce (31.1035g)
g gram oz/st, opt ounce per short ton
G giga (billion) ppb part per billion
Gal Imperial gallon ppm part per million
g/L gram per litre psia pound per square inch absolute
Gpm Imperial gallons per minute psig pound per square inch gauge
g/t gram per tonne RL relative elevation
gr/ft3 grain per cubic foot s second
gr/m3 grain per cubic metre st short ton
ha hectare stpa short ton per year
hp horsepower stpd short ton per day
hr hour t metric tonne
Hz hertz tpa metric tonne per year
in. inch tpd metric tonne per day
in2 square inch US$ United States dollar
J joule USg United States gallon
k kilo (thousand) USgpm US gallon per minute
kcal kilocalorie V volt
kg kilogram W watt
km kilometre wmt wet metric tonne
km2 square kilometre wt% weight percent
km/h kilometre per hour yd3 cubic yard
kPa kilopascal yr year

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3 RELIANCE ON OTHER EXPERTS

This report has been prepared by RPA for Aguia. The information, conclusions, opinions, and
estimates contained herein are based on:
• Information available to RPA at the time of preparation of this report, and
• Assumptions, conditions, and qualifications as set forth in this report.
For the purpose of this report, RPA has relied on ownership information provided by Aguia.
The client has relied on an opinion by William Freire Advogados Associados dated March 6,
2019, entitled Opinion 14/2019, this opinion is relied on in Section 4 and the summary of this
report. RPA has been provided with this document but has not independently researched
property title or mineral rights for the Andrade deposit.
RPA has relied on Aguia for guidance on applicable taxes, royalties, and other government
levies or interests, applicable to revenue or income from the Andrade deposit.
Except for the purposes legislated under provincial securities laws, any use of this report by
any third party is at that party’s sole risk.

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4 PROPERTY DESCRIPTION AND LOCATION

LOCATION
The Andrade deposit is located in the central southern region of the state of Rio Grande do
Sul, Brazil. The Project is near the town of Caçapava do Sul, approximately 230 km from the
state capital, Porto Alegre (Figure 4-1). The Project area is easily accessible via federal
highways and local roads and is well served with critical infrastructure in the region. The
property is located at approximately latitude 30°31'32.5"S, longitude 53°31'53.5"W. The
tenement package covering the Andrade deposit and the neighbouring Primavera Target is a
mostly rectangular area and is approximately 15 km from north to south and four kilometres
wide.
LAND TENURE
The Andrade deposit and its immediate surroundings are covered by six exploration permits
totalling 5,158.7 ha as summarized in Table 4-1. The property map is shown in Figure 4-2.
On February 27, 2019, Aguia announced that it had entered into an option agreement with
Referencial to acquire the Project. Upon the exercise of the agreement, Aguia will become
the sole titleholder of the Andrade deposit.
TABLE 4-1 EXPLORATION CONCESSIONS ON THE PROJECT

Claim Number Area (ha)

811.092/2017 1,015.46
810.187/2018 730.26
810.636/2007 1,046.54
810.808/2008 279.03
810.345/2009 115.91
810.647/2008 1,971.49
Total 5,158.7
Brazilian mining law is regulated by various state and federal bodies. The law in respect of
licensing is regulated by the National Department of Mineral Production (DNPM).

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Surface rights are distinct from mining rights under Brazilian law and must be acquired
separately. Aguia has agreements in place with the landowners of currently active licenses
pertaining to all current exploration activities.
As per Brazilian law, royalties must be paid to the Brazilian government in respect of mineral
production. If the holder of the mining license does not own the surface rights a royalty must
be paid to the landowner, being 50% of what is due the Brazilian government.
A royalty of 1% Net Smelter Return (NSR) on the property is payable to Referencial. The
royalty can be bought out from Referencial for a payment of C$2,000,000.
RPA is not aware of any environmental liabilities on the Project. Aquia has all required permits
to conduct the proposed work on the property. RPA is not aware of any other significant factors
and risks that may affect access, title, or the right or ability to perform the proposed work
program on the property.

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Quillabamba GROSSO
sco
ragu
eni
nci
Cusco Salvador
Rio B
Rio A
Fra
Vitoria da
GOIAS Conquista
Sao
Lago Cuiaba Brasilia Ilheus
Rio
Titacaca
La PazBOLIVIA N
Rondonopolis DISTRITO
Arequipa Caceres Goiania FEDERAL
Cochabamba MINAS
Matarani Ilo aiba GERAIS
Santa Cruz Rio P
aran
Tacna Oruro Corumba
Arica Sucre Puerto Suarez Belo
Campo Santa Fe Uberlandia ESPIRITO
Rio Grande Horizonte
Grande do Sul SANTO
ay
Potosi
Rio Paragu
20°
MATO
20° Iquique
GROSSO Panorama SAO
Vitoria
DO SUL PAULO
Ponta RIO DE
Pedro Juan Caballero Sao
Pora Paulo JANEIRO
Rio de Janeiro
SOUTH
PARAGUAY PARANA
Antofagasta Ciudad Santos ATLANTIC
Asuncion del Este Curitiba OCEAN
SOUTH
Salta
ANDRADE
Foz do Iguacu DEPOSIT
na
San Miguel Sao Francisco do Sul

ra
PACIFIC SANTA
Pa
de Tucuman Rio
CATARINA Florianopolis
OCEAN Resistencia
rana
RIO GRANDE
DO SUL
CHILE ARGENTINA Porto Alegre
Rio Pa
0 200 400 Kilometres

Santa
Maria
200 400 Miles
30° Santa Fe
0
30°
Cordoba URUGUAY
Rio Grande
Mendoza Rosario
Valparaiso
Colonia
Figure 4-1
Santiago Buenos Aires
La Plata Montevideo
Aguia Resources Limited
Concepcion
Mar del Plata
Bahia Bianca Andrade Deposit
70° 60° 50° Brazil
40° 30°
The islands of Trinidade, Martin Vaz,
Arquipelago de Fernando de Noronha,
Trinidade and Martin Vaz are administered by
Espirito Santo; Arquipelago de Fernando de Location of the Andrade Deposit
Atol das Rocas, and Penedos de Sao Noronha by Pernambuco.
Pedro a Sao Paulo are not shown.
May 2019
4-3
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N
Looking Northeast
Caçapava do Sul
200
m
Legend:
Aguia Claims
Claims Acquired from Referencial
Andrade Deposit
Primavera Target
Figure 4-2
Andrade Deposit
0 1 2 3 4 5 Brazil
Kilometres Map of Claims
May 2019 Source: RPA, 2019.
4-4
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5 ACCESSIBILITY, CLIMATE, LOCAL

RESOURCES, INFRASTRUCTURE AND
PHYSIOGRAPHY
ACCESSIBILITY
The Andrade deposit is located five kilometres west of Caçapava do Sul, located in the
Pampas region of the state of Rio Grande do Sul. The area is well connected by federal
highways and local roads to the state capital, Porto Alegre, 230 km east-northeast. Porto
Alegre hosts an international airport and is home to well regarded universities schools and
hospitals. The deep-water port of Rio Grande is located 210 km southeast of Caçapava do
Sul is accessible via the federal highway system.
LOCAL RESOURCES AND INFRASTRUCTURE

There is no current infrastructure at the Project site other than a network of dirt roads and trails.
The local townships of Caçapava do Sul and Lavras do Sul provide services such as banks,
schools, hospitals, hotels, and mainline electricity. The area has a long history of engagement
with extractive industries, with quarrying and crushing of limestone for agricultural uses being
one of the major employers in the region. The now exhausted Camaquã Mines, located
approximately 60 km to the south of the Project, were once the largest producers of copper in
Brazil.
CLIMATE
The climate of the region is classified as Köppen type Cfa, humid sub-tropical. The area
receives annual rainfall of 1,350 mm to 1,650 mm with little seasonal variation in monthly totals.
The average annual temperature is 18°C, varying from an average of 24°C in January, with
average maximum temperatures of around 30°C, to an average of 12°C in July, with average
minimum temperatures of 8°C. In winter, frosts are not uncommon and thick fogs can occur
at higher elevations.

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PHYSIOGRAPHY
The geomorphology of the area is dominated by flat topped plateau formed by the Caçapava
Granite with steep sided ridges formed from the intruded volcanic package as detailed in later
section of this report. The deposit area is drained by a small creek to the Arroio dos Lanceiros
onwards to the Atlantic Ocean via the Arroio Santa Barbara, Rio Vaçacai and Rio Jacui.
The vegetation of the area is that of the Uruguayan Savannah, dominated by grasslands with
shrubs and small trees. Dense clusters of trees hug the steeper slopes and watercourses of
the area.

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6 HISTORY
EXPLORATION AND MINING HISTORY OF THE ANDRADE
DEPOSIT
The first accounts of the Andrade deposit date back to 1864 and cursory exploration work is
known to have been carried out in 1883. In the early 1900s, an 18 m deep shaft was sunk and
a 23 m long adit was driven into the Andrade deposit. No significant production resulted from
these early development works (Figure 6-1). The various incarnations of the Brazilian
government mines department (known as the DPM, the DFPM, and the DNPM) have
conducted small trenching and drilling programs in 1942 and 1959. In 1973, Companhia Rio-
Grandese de Mineração (CRM) conducted an additional 1,300 m of drilling at the deposit. In
1985, the Companhia Brasileiro de Cobre (CBC) drilled eight holes. The collar positions,
surveys, and assayed grades of these early exploration activities at the Andrade deposit could
not be verified by either Referencial or Aguia and, as a result, have not been included in the
resource database for this Mineral Resource estimate. A summary of the historical drilling
programs is shown in Table 6-1.
TABLE 6-1 HISTORICAL DRILLING AT ANDRADE AND PRIMAVERA

Year Operator/Company No. of holes Metres

1959 DNPM 26 1,475
1973 CRM 13 1,322
1983 CBC 5 251
1984 CBC 3 231
Total 48 3,279

A B
6-2
Figure 6-1
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Andrade Deposit
Brazil
View of A) Adit and
B) Shaft at the Andrade Deposit
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PRIOR OWNERSHIP
Referencial, a subsidiary of Mining Ventures Brazil Ltda, held the permits covering the Andrade
deposit as part of an extensive land package surrounding the north and west of the Caçapava
Granite. Referencial carried out an extensive infill drilling program in 2009 and 2010 which
forms the basis of this Mineral Resource estimate. This drilling program is further detailed in
Section 10, Drilling.
Aguia has held a large package of exploration permits in the region of Caçapava do Sul since
2015, having pegged exploration permits with the DNPM surrounding the Andrade deposits.
On February 27, 2019, Aguia entered into an option agreement to acquire the remaining
permits covering the Andrade deposit.
PAST PRODUCTION
There has been no significant production from the Andrade deposit. No record of historical
production is available.

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7 GEOLOGICAL SETTING AND

MINERALIZATION
REGIONAL GEOLOGY
The Project area is located in the central-southeast section of the State of Rio Grande do Sul,
within the limits of the Paraná and Costeira provinces, in the portion also named Rio Grande
do Sul Shield (Carvalho, 1932).
The Rio Grande do Sul Shield (ESRGS) can be subdivided into four domains: Taquarembó
Domain, São Gabriel Domain, Encruzilhada do Sul Domain, and Pelotas Domain.
The Project area is located within the São Gabriel Domain, composed the Vacacaí
Metamorphic Complex, Brasilian Granitoids, and volcanic and sedimentary rocks of the
Neoproterozoic-Ordovician, as well as sedimentary coverage of the Paraná Basin.
The Vacacaí Metamorphic Complex (705±2 Ma) contains the units hosting the mineralization.
They are supracrustal rocks consisting of acid to basic metavolcanic, metavolcanoclastic, chert
and ferriferous formations, in addition to meta-arenites, metapelites, silicon calcium,
amphibolites, magnesian schists, and serpentinites (Splendor, 2006). These rocks have
metamorphosed under greenschist facies and amphibolite conditions (Remus et al., 1999;
Hartmann e Remus, 2000).
The Caçapava Granite (562±8 Ma) is a calcalkaline peraluminous granite of the Brasilian
Granitoids unit. It has been metamorphosed to greenschist facies and presents parallel
foliation to the schistosity of the rocks of the Vacacaí Metamorphic Complex (Splendor, 2006).
The rocks of the Neoproterozoic-Ordovician are subdivided into four allogroups: Maricá, Santa
Bárbara, Bom Jardim, and Guaritas (Paim et al., 1995). The Maricá Allogroup consists of the
base of the “Camaquã Basin,” and comprises continental, transitional and shallow-water
platform marine deposits, in a transgressive trend (Leites et al., 1990). The Bom Jardim
Allogroup is an alluvial fan facies in elongated river basins (Oliveira, 1992), intercalated with
basic and intermediate volcanic rocks with shoshonitic affinity to the Hilário Formation (Lima
and Nardi, 1998). The Santa Bárbara Allogroup, at its base, comprises the Acampamento

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Velho Formation, formed by volcanic and pyroclastic rocks with acid composition, aged 545.1
± 12.7 Ma (Almeida et al., 1996). Its upper portion consists of the Santa Bárbara Formation
(Robertson, 1966), in which continental deposits with lacustrine, fluvial, and alluvial origin
occur. The Guaritas Allogroup (equivalent to the Guaritas Formation) indicates aeolian activity,
with associations of alluvial, fluvial, and lacustrine facies. Close to the base of this unit, the
basic and intermediate alkaline volcanic rocks of the Rodeio Velho Member occur, with an age
of circa 470 Ma (Hartmann et al., 1998).
The sedimentary strata of the Paraná Basin correspond to the Rio Bonito and Palermo
formations. The Rio Bonito Formation, of Eopermian age (Daemon and Quadros, 1970), is
formed mainly of sandstones, siltstones, shales, and, subsidiarily, layers of coal and limestone
(Schneider et al., 1974). The Palermo Formation is described as a sequence of yellow-grey
siltstones, with intense bioturbation and rare lenses of fine to conglomeratic sandstones and
carbonate layers (White, 1908).
Figure 7-1 shows the stratigraphic column of the Caçapava region.
LOCAL GEOLOGY
The local geology of the Andrade deposit area is dominated by four main packages, namely;
the Vacacaí Complex, hosting the mineralization, the Caçapava Do Sul Granite Complex, and
the Bom Jardin and Santa Barbara formations. Most units have been subjected to
metamorphism and to late stage brittle deformation.
Figure 7-2 shows the geology map of the Andrade deposit area.

-
7-3
Figure 7-1
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Andrade Deposit
Brazil
Stratigraphic Column
May 2019 Source: SRK, 2010.
Figure 7-2

N
Andrade Deposit
Brazil
Geological Map
of the Andrade Deposit
-
7-4
0 100 200 300 400 500

Metres
Legend:
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Caçapava Granite
Santa Barbara Conglomerate
Intermediate Metavolcanic Vaçacai Complex
Mafic Metavolcanic Vaçacai Complex
Drill Holes
Trenches
May 2019 Source: Modified from Aguia, 2019.
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ANDRADE DEPOSIT
The Andrade deposit is located at the western flank of the Caçapava Granite.
The local geological mapping reveals the presence of three large geologic domains from east
to west: 1) granitoids of the Caçapava do Sul Granitic Suite, which is in tectonic contact with
the 2) Basic Metavolcano-Sedimentary Unit (Amphibolites) of the Vacacaí Metamorphic
Complex, which grades into the intermediate to acid metavolcano-sedimentary package
(feldspar chlorite schists and quartz chlorite schists), which in turn, is in both tectonic and
erosive contact with the 3) conglomeratic sediments of the Santa Bárbara Formation.
METAVOLCANICS
The metavolcanic package is represented by amphibolites, feldspar chlorite schists, feldspar
quartz chlorite schists, tectonic breccia, and hydrothermal breccia. Petrographic studies were
performed in these rocks in order to confirm the protolith of these metamorphics, and it was
verified that the amphibolites originate from basic volcanic rocks, thus constituting meta-
basalts. On the other hand, the feldspar chlorite schists and the feldspar chlorite quartz schists
present relict textures of intermediate/acid volcanic rocks, such as meta-andesites and meta-
dacites, respectively. The tectonic breccia and the hydrothermal breccia are inserted into the
meta-andesites and meta-dacites package.
The meta-basalts are in tectonic contact with the Caçapava Granite, in the entire eastern
extension of the mapped area. In the field, these rocks are greenish dark grey-coloured,
magnetic, fine grained, banded and foliated, usually with intercalation of millimetric quartz and
feldspar bands with hornblende, plagioclase, quartz, and sometimes epidote bands. The
sulphides found are pyrite and chalcopyrite (<1% average), both disseminated parallel to the
foliation and infilling late fractures (stockwork) with quartz and feldspar. The results of the
petrographic work confirmed that these rocks were metamorphosed in the amphibolite facies,
displaying pyroxene pseudomorphic hornblende phenocrysts and plagioclase phenocrysts,
sometimes sericitized and saussuritized, both relict from a porphyritic texture of the original
volcanic rock, i.e., the basalt.
The meta-basalts are highly deformed and recrystallized, and are sheared, mylonitized, and
hydrothermally altered (silicification). Large quartz and potassic feldspar boudins occur (W =

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0.5 m to 3.0 m), with indication of sinistral movement, concordant with the foliation of this
package.
The meta-andesites are arranged in abrupt contact with the meta-basalts. These rocks are
greenish grey to dark grey-coloured, are not magnetic, have a strong foliation, being intensely
sheared and sometimes tectonically brecciated. They present a porphyritic texture, being
composed of pinkish plagioclase phenocrysts immersed in a chloritized matrix. In the
petrographic study, it was verified that the meta-andesites are intensely hydrothermally
altered, with a preponderance of chloritization, sericitization, epidotization, and sometimes
carbonatization.
In these rocks, the presence of quartz boudins in various sizes (centimetre to metre) is
common.
Within the meta-andesite packages, chlorite sericite schists occur. These are, light green-
coloured, magnetic, foliated and crenulated, and are thought to be the result of the
hydrothermal alteration (chloritization, sericitization, iron and copper enrichment) of the meta-
andesites. In addition, local occurrences of hydrothermal breccias, a rock with whitish colour,
strongly silicified, brecciated, with magnetite, micas and boxworks, were found on the west
flank of the Andrade Hill.
The meta-dacites are intercalated with the meta-andesites and appear frequently at the
extreme western portion of the mapped area. They are of greenish grey colour, generally not
magnetic, fine grained, and sometimes sheared and sometimes mylonitized and
hydrothermally altered. These rocks are formed by quartz, chlorite, sericite and plagioclase,
and sometimes centimetre thick lenticular bands containing potassic feldspar, euhedral
magnetite, and quartz occur. The sulphides (pyrite>>chalcopyrite) occur both disseminated
and in fractures. The petrography results indicate that the meta-dacites preserve plagioclase
and quartz relics from the original porphyritic texture, and the acting hydrothermal alteration
was biotitization, chloritization, sericitization, carbonatization, and epidotization.
GRANITOIDS
The granitoids (Caçapava do Sul Granitic Suite) existing in the Andrade deposit area are
plutonic bodies intruding the units of the metavolcanic package. They correspond to the
Caçapava Granite and to the aplite dikes found in the entire eastern portion of the area. The

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contacts in this area have a distinct character within the host rocks and are characterized both
by the emission of aplite dikes, concordant with the meta-basalts foliation, and by the
mylonitization which is parallel to the main foliation of the meta-basalts, suggesting that these
granites correspond to sin-transcurrent bodies.
The Caçapava Granite varies from tonalite to syenogranite, presents itself mylonitized, with
sinistral brittle-ductile shearing with mylonitic foliation direction N20°E and 50°-70°NW dip.
The tonalitic varieties were observed along the contact with the meta-basalts, as layers with
thicknesses of ten centimetres to three metres, intercalated and concordant with the granite
and the meta-basalts shear plane. It is dark grey in colour, with light magnetism, porphyritic
texture with plagioclase phenocrysts in a fine matrix formed by biotite and quartz. Petrographic
studies have revealed that this rock is partially recrystalized and metamorphosed in the high
greenschist to low amphibolite facies. It was named a meta-tonalite porphyry due to its
mineralogical composition.
The other variety is a pinkish-coloured granite, mylonitized at the contact zone, with its grain
size varying from fine to coarse. When isotropic, it presents either a phaneritic or a porphyritic
texture and is composed of quartz, potassic feldspar, plagioclase, and biotite.
The aplite apophyses are small lenticular intrusions and are lodged in the vicinity of the contact
with the Caçapava Granite, mainly in the meta-basalts, belonging to the metavolcanic
package. The aplite is foliated in the same direction, is very fine grained, and is composed
mainly of quartz feldspar and some biotite.
SEDIMENTS
Sediments of the Santa Bárbara Formation occupy the entire west extension of the mapped
area and can be divided into two mappable units: the Santa Bárbara Conglomerate and the
Coxilha Conglomerate.
The Santa Bárbara Conglomerate is characterized by a clast supported, polymictic

conglomerate, composed of blocks to boulders of metavolcanic rocks, quartz, and granitoids.
Intercalated with this package, there are layers of conglomeratic sandstone, with stretched
lenticular geometry and low angle cross-stratification.

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The Coxilha Conglomerate is superposed unconformably on the Santa Bárbara Conglomerate.

It is characterized as clast supported, and is composed essentially of blocks to large boulders
of foliated tonalitic granite (+-90%), quartz, and rare small pebbles of metavolcanics.
MINERALIZATION
ANDRADE
At the west flank of the Andrade deposit, the meta-andesites and meta-dacites are enriched
in copper as indicated by surface occurrences of malachite, chalcocite, chrysocolla, and
chalcopyrite which are disseminated concordantly with the foliation and infilling fractures. The
occurrences are associated with a shear zone observed in the field and named in the literature
as the Andrade Fault. At depth, the mineralization has a mineral sulphide paragenesis
composed of bornite > chalcocite > chalcopyrite > pyrite, with smaller concentrations of native
copper. The sulphides occur disseminated, intergrown in the matrix, usually granular, and
sometimes with coated texture (e.g., pyrite enveloped by chalcocite, bornite enveloped by
chalcocite, chalcopyrite enveloped by bornite) and in stockwork veins and in zones brecciated
by hydrothermalism (carbonate-chlorite-quartz zones and metavolcanic zones brecciated with
druses). The Andrade copper mineralization is hydrothermal and structurally controlled.
Based on geochronologic and isotopic data, Remus (1999) classifies the copper mineralization
hosted in the schists of the Vacacaí Metamorphic Complex (which belong to the Passo Feio
Formation) as epigenetic hydrothermal, generated 562 Ma ago during the intrusion of the
Caçapava do Sul Granite. Remus (1999) also indicates that the source of the copper
mineralization has a magmatic-sedimentary origin.
Figure 7-3 shows mineralization styles at Andrade.

A B
C D
7-9
Figure 7-3
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The diameter of these samples are 47 mm Andrade Deposit

Brazil
Mineralization Styles at Andrade
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The metamorphic structures in these volcanic rocks present a preferential mylonitic foliation
direction Sn=N15°-20°E and a second foliation Sn+1= N40°E, diving 40°-70°NW, with a
sinistral preferential movement observed on field in the quartz boudins, which are found mainly
in the meta-andesites. This volcanic package presents northwest trending structures which
dislocate the host rock package and mineralization, as well as north-northeast structures with
a brittle regime sinistral dislocation, which may have resulted in the tectonic breccias found in
the meta-andesite.
PRIMAVERA
The Primavera target is located four kilometers south of the Andrade deposit. It occupies the
same stratigraphic and structural position as the Andrade deposit and is likely along the strike
extension of the Andrade deposit. Significant historical work has been conducted on this
target. Referencial drilled 1,894 m of core over 11 holes in 2010 and re-sampled a further 701
m of surface trenching. In addition, a further 16 shallow (< 60 m) drill holes were completed
by the DNPM and other historical owners. These samples show significant intercepts with
elevated Cu-Ag grades similar to Andrade.
This historical work at Primavera requires re-investigation to determine the litho-structural

controls on mineralization and formulate an appropriate deposit model. Very little exploration
has been conducted on the ground between the Primavera target and the Andrade deposit
and this area should be considered highly prospective for further copper-silver mineralization.
Exploration work is recommended at Primavera.

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8 DEPOSIT TYPES
The most appropriate mineralization model for the Primavera project is that of an intrusion
related copper mineralized system. Magmatic-sedimentary derived fluids have exploited a pre-
existing shear system and precipitated sulphide minerals as hydrothermal breccias, and
disseminations in the host rock and on the selvedges of carbonate veinlets.

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9 EXPLORATION
Previous exploration activities in the region carried out by Referencial include surface mapping
program and the reprocessing of a historical airborne geophysics data package. Additionally,
a stream sampling program was conducted in the drainages around the north and western
edges of the Caçapava Granite. Following the surface mapping, Referencial conducted a
campaign of ground based geophysical survey (Induced Polarization (IP) and Magnetic). All
exploration data obtained by Referencial has been provided to Aguia.
As part of the surface mapping program, Referencial cleaned, mapped, and resampled 18
historical trenches at the Andrade deposit. These samples were collected as one metre long
chip channel samples along the walls of the trench. Trench sample locations are clearly
marked by metal sample tags pinned to the rock of the trench. Aguia technical staff have re-
sampled the same intervals and have found that their results show close agreement with the
re-sampling program conducted by Referencial in 2009 and 2010. The 894 samples collected
from the trenching work at Andrade showed mean grades of 0.288% Cu and 3.18 g/t Ag with
maximum grades of 0.4% Cu and 60.8 g/t Ag.
These trench samples are included in the resource database as drill holes and the start of the
sample line is shown as a collar point in Figure 10-1. The influence of the trench samples for
the purpose of estimating Mineral Resources was restricted to the oxidized zone of the deposit.

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10 DRILLING
Referencial conducted drilling programs over the Andrade deposit in 2009 and 2010. In 2009,
drilling contractor Geoserv Pesquisas Geológicas S.A. drilled 13 holes with a total length of
2,004.5 m and in 2010, Boart Longyear drilled 25 holes totalling 6,401.85 m at the Andrade
deposit.
All holes were collared and drilled in HQ core size to advance through the regolith. Upon
contact with fresh rock, drill holes were continued using NQ size equipment.
Figure 10-1 shows the locations of drill hole collars at the Andrade deposit. A representative
cross-section of drilling through the Andrade deposit is shown in Figure 10-2.
Drill hole collars were initially marked out using a handheld global positioning system (GPS)
unit and final drill hole collar locations were surveyed with a differential GPS unit, utilizing both
fixed and mobile base stations. Downhole measurements of azimuth and dip deviation were
taken at three metre intervals using a Reflex Maxibor survey tool.
Drill core was placed into wooden core boxes and drilling induced fractures were marked on
the core, core boxes were then sealed and transported to the core logging facility for logging
and sampling by Referencial staff.
Drill holes were logged by the technical staff of Referencial using a minimum logging interval
of 0.5 m. Cores were logged for lithology, structure, alteration, weathering state, and
geotechnical parameters (rock quality designation (RQD), joint surface, joint angles, etc.).
Descriptions were logged directly into a Microsoft Excel database. The logging database was
backed up daily onto a separate server.
As part of the due-diligence process, Aguia drilled two twin holes (AND19001 and AND19003)
and one further hole to confirm the results of the Referencial drilling programs. The result of
these holes closely agreed with the results from the previous drilling program. All drill hole
collars were located and the collar positions were confirmed using a handheld GPS unit. All
drill core from the 2009 and 2010 drilling campaigns has been preserved and maintained in a
secure storage facility. Representative holes from these campaigns have been re-logged by

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Aguia technical staff to confirm the existing logs and to ensure consistency of logging across
the two owners.
Aguia followed the same procedures as Referencial except data were logged on paper prior
to being entered into a digital database. Holes drilled by Aguia were used to guide the
wireframe model but did not inform the estimate as assay results were not available at the time
of the estimate.
RPA is of the opinion that the drilling, logging, and recording procedures are consistent with
industry standards. RPA recommends that drill holes be logged directly into the database to
minimize the risk of any transcription error.

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N
Looking Northeast
Legend:
Drill Holes
Trenches
200
m
Figure 10-1

Andrade Deposit
Brazil
0 100 200 300 400 500
Plan of Drill Hole Collar
Metres
Locations at the Andrade Deposit
10-3
West Looking North East
Topography Surface
Trench
10-4
0 20 40 60 80 100
Drill Holes Metres
Figure 10-2
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Legend:
Andrade Deposit
Mineralized Body High Grade
Brazil
Vaçacai Metavolcanic Complex
Representative Cross Section of
Santa Barbara Conglomerate
Drilling Through the Andrade Deposit
Mineralized Body Low Grade
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11 SAMPLE PREPARATION, ANALYSES AND

SECURITY
SAMPLING PROCEDURES
Once each drill hole was logged, the core was marked for density measurements and sampling
after which wet and dry photographs were taken of all cores.
The sampling intervals were marked by the geologist who logged the hole. Sample lengths
were targeted to be one metre but were altered to observe lithological boundaries. Samples
lengths were a minimum of 0.5 m and a maximum of 1.5 m.
Following the photographs and density measurements, the core was split in half and along
sample interval lines by trained technicians. The core was split using a diamond core saw.
The position of the cutting line was drawn to make a high angle to the dominant planar structure
within the core and then split in half along the marked up cutting line.
The left side of the core was retained in storage for reference while the right side was used for
sampling.
SAMPLE PREPARATION AND ANALYSIS

SAMPLE PREPARATION
Sample preparation was undertaken by ALS Chemex (Vespasiano-MG) preparation laboratory
in Belo Horizonte, Brazil, using methods PREP-31and PREP-31b (rock and drill samples). The
sample was dried if required and crushed to 70% less than 2 mm, 250 g, and 1 kg, respectively.
The samples were then split using a riffle splitter and pulverized to at least 85% passing less
than 75 μm.
SAMPLE ANALYSIS
All samples were dispatched from the ALS Chemex preparation laboratory to the primary
assay laboratory, ALS Chemex in Lima, Peru, for analysis employing selected techniques.
ME-ICP61, which uses inductively coupled plasma atomic emission spectroscopy (ICP-AES),

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for 33 elements was used for the 2009 drilling samples, ME-ICP61a was used for the 2010
campaign samples. For gold analysis, Au-AA26 was used.
Routine assays were conducted using a four acid ‘near total’ digestion with ICP-AES finish
(ME-ICP61 process) to provide analysis for 33 elements (Ag, Al, As, Ba, Be, Bi, Ca, Cd, Co,
Cr, Cu, Fe, Ga, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti, Tl, U, V, W, Zn).
All copper and cobalt determinations were re-assayed by four acid (HF-HNO3-HClO4)
digestion, HCl leach and ICP finish to provide an improved level of accuracy on these values
(method) ME-OG62.
As a standard procedure, Referencial carried out routine quality assurance (QA) and quality
control (QC) analysis on all assay results, including the systematic insertion of certified
reference materials (CRMs), blanks, and field duplicates.
In total, 7,613 samples were submitted to ALS Chemex, including 235 duplicates, 130 blind
duplicates, 138 blanks, and 428 CRM samples.
The SGS Geosol Laboratórios Ltda., Belo Horizonte, Brazil, (SGS) was used as the umpire
laboratory. In total, 810 samples were sent to the SGS laboratory, including 22 blanks and 65
CRM samples. For ICP40B method was used for the analysis of copper.
All the laboratories used in sample preparation and analysis are independent of Aguia.
In RPA’s opinion, the sample preparation and analysis procedures at Andrade are adequate
for use in the estimation of Mineral Resources.
DENSITY SAMPLING METHOD AND APPROACH

After the completion of the geological and geotechnical logging, the intervals from which the
density samples were to be collected were selected. The intervals were recorded in the
Density Plan spreadsheet by the responsible geologist and subsequently used by the
technician in charge of the density measurements.

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Density measurements were taken from core of each drill hole surrounding and within the
resource area. The samples for density measurements were selected at 20 m intervals from
surface and shifted where required to avoid lithological boundaries. A section of core 15 cm
to 20 cm long was selected at 20 m spacing for density measurements. It was ensured that
these core selections were representative of their lithological interval. In total, 648 density
measurements were made using the Archimedes method.
While the procedures for measuring the densities appear to be appropriate; when reviewing
the results, RPA and Aguia technical staff noted that the measured densities appeared to be
lower than expected for the rock type. Aguia technical staff carried out their own density
measurements and found that measured rock densities were approximately 5% higher than
that obtained by Referencial. These samples have been sent to an independent laboratory for
verification, and once confirmed will be incorporated into future model iterations.
SECURITY
Referencial maintained the integrity and security of the core from the drill rig until arrival at the
preparation laboratory according to the following internal control procedures.
All drill sites are cordoned off and only authorized personnel are allowed access. Once each
core box at the rig is full, a lid is placed on the core box and nailed down. The core is
transported to the secure core shed each evening.
The core sheds are kept locked when not active, and during active periods access was
restricted to authorised Referencial staff. All logging and sampling activities are carried out
within the restricted core sheds. The second storage core shed is kept locked and alarmed
when not active.
Based on discussions with Aguia staff and observations made during the site visit, RPA is
satisfied that sample security procedures for Andrade are in line with industry standards.
QUALITY CONTROL AND QUALITY ASSURANCE MEASURES

Referencial followed a strict protocol for the insertion of QC samples. In any assayed batch,
15% of the samples were reference samples such as CRMs (standards), duplicates, and

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blanks. In a batch of 40 samples, 34 samples would be core samples and six samples would
be reference samples (two duplicates, three standards and one blank).
STANDARDS (CRM)
For the 2009 drilling campaign, the reference standards used were not certified for copper. In
order to validate the assay results, a set of 102 duplicates samples were submitted along with
30 certified standards and compared to the original sample results. The duplicates showed
excellent correlation with original analyses.
For the 2010 drilling campaign, copper and blank CRMs from African Mineral Standards, as
well as a gold CRM from Geostats Pty Ltd., Australia were used. The standards used are
shown in Table 11-1.
TABLE 11-1 CERTIFIED REFERENCE MATERIALS

Standard Certified Value Standard Deviation

AMIS088 (Cu %) 0.32 0.0222
AMIS119 (Cu %) 0.63 0.054
AMIS071 (Cu %) 0.88 0.063
AMIS072 (Cu %) 1.64 0.095
G398-4 (Au ppm) 0.66 0.05
All CRMs were pre-packaged in 50 g sachets and were selected to reflect the range of
expected copper grades of the Andrade deposit.
The small number of anomalous results from standards were investigated and can be
attributed to minor human errors such as mislabelling standards or inserting a blank sample in
place of a standard. All remaining CRM analyses fell within two standard deviations of the
certified value.
RPA is of the opinion that the current system of CRM insertion and analysis is appropriate to
support a Mineral Resource estimate.
DUPLICATES
A total of 390 duplicate samples were selected for analysis. These duplicate samples showed
very high correlation between results, especially at the critical grade range near the resource

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cut-off grade. Some of the highest-grade duplicates showed poorer correlation between
samples, which is most likely due to the presence of small, high grade veinlets that are not
evenly dispersed through the core.
RPA is of the opinion that the duplicate results are acceptable to support the Mineral Resource
estimate.
BLANKS
The results for 98 blank samples were provided to RPA. A total of 25% of these results showed
elevated values (greater than 20 ppm Cu), however, the maximum value returned was only 66
ppm Cu. These results indicate that there may be some low level contamination occurring at
the laboratory.
RPA believes that the magnitude of any potential contamination is low enough (less than
0.01% Cu) that it does not compromise the integrity of the Mineral Resource estimate.
CHECK ASSAY PROGRAM

SGS was selected as the umpire laboratory. A total of 10% of the samples (723 samples) from
the 35 drill holes used for the resource estimate were reanalysed, including seven pairs of
duplicates.
Initial results of the check assay program at SGS appear to show a high bias for copper at ALS
Chemex, however, the results of the CRMs included in the program indicate that a low bias
exists at the SGS laboratory. A comparison of the CRM results from either laboratory shows
that ALS Chemex achieves better results in terms of both precision and accuracy.
In RPA’s opinion, the QA/QC program as designed and implemented by Aquia is adequate
and the assay results within the database are suitable for use in a Mineral Resource estimate.

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12 DATA VERIFICATION
RPA carried out a program of validating the assay tables within the drill hole database by
comparing a selection of drill hole assay results to their original assay certificates as supplied
by ALS Chemex. RPA found no evidence of malicious data manipulation or accidental error
(transcription errors, etc.) within the resource database. RPA also carried out checks for
overlapping sample intervals and duplicate records. RPA checked each drill hole collar against
the provided topographic surface and carried out a visual inspection of the drill hole trace
projections to ensure that the downhole survey information was credible.
A previous independent consultant (SRK, 2010) submitted ten quarter core samples to a
further laboratory for independent verification. RPA reviewed the results of this program and
considers that the minor variation in the results between the original and verification samples
is acceptable for the style of mineralization and a quarter core sample.
Mr. Makin visited the site from the January 22 to 24, 2019 and viewed drill hole collar positions
from the 2009 to 2010 drill programs, viewed drill core, checked the drill core against the drill
logs, located the historical workings, viewed the active drilling program in progress, witnessed
the outcropping deposit in cleaned trenches, and visited the core storage facility.
RPA found no issues that could have a material impact on the Mineral Resource estimate at
the Andrade deposit. In RPA’s opinion, the data is adequate for the purposes of the Mineral
Resource estimate.

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13 MINERAL PROCESSING AND

METALLURGICAL TESTING
An initial characterization study of the oxidized and sulphide ores was conducted by the
Federal University of Rio Grande do Sul (UFRGS), in which trials of grinding, grain size,
flotation for sulphides and leaching for oxides were conducted.
SAMPLE SELECTION
Two sulphide samples, representative of different aspects of the sulphide mineralization, were
obtained from diamond drill core. The first sample, EM-001 (0.62% Cu), was selected as
representative of mainly disseminated mineralization predominant in the deposit. The second
sample, EM-002 (0.49% Cu), was selected as representative of mainly vein/replacement style
mineralization seen to exist within the main body. A third sample, EM-003 (0.47% Cu), was
collected from trenches to represent oxidized material containing mainly malachite and
chrysocolla.
WORK INDEX
A sample from the predominant lithology was assayed to determine the Work Index (Bond
Index) in Coppetec Foundation Laboratory at Federal University of Rio de Janeiro.
A standard test procedure was conducted and resulted in a Wib = 13.5 kWh/t which
characterizes the mineralization as having a moderately high grinding resistance.
This value is important to size ball mills for the comminution of this mineralization and to
estimate electrical energy consumption on processing plant design.
This test was performed for a grinding product of 80% under 78 µm, but the later flotation tests
showed an advantage in a coarser grind (80% passing 106 µm), which may result in lower
consumption of energy than that indicated by the work index test.

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FLOTATION PROGRAM
A sequence of tests was developed to observe the characteristics of the mineralization
samples in a familiar flotation copper concentration process.
MILLING TIME
It was necessary to determine the milling time required to achieve the desired grinding size for
flotation. The comminution fineness was estimated from copper mineral sizes observed during
petrographic analysis. Finer grinding was also tested without any improvement on flotation
recovery.
FLOTATION TEST
A series of batch flotation tests were run with variable dosages of standard collector and
frothing agents. A traditional less selective collector was also tested but no significant
improvement was observed.
The flotation test protocol was performed for both sulphide mineralization samples and the
best test conditions were repeated with the oxidized mineralization sample.
The sulphide samples exposed to rougher flotation stage resulted in to significantly higher
recoveries of over 95% in the majority of tests for copper in both samples.
The concentrate grades in the tests range from 3.8% Cu to 8.5% Cu, which is characteristic of
a rougher flotation stage. A higher grade will be obtained after the cleaning stages that should
be developed in an advanced stage of metallurgical studies. As the sulphides that are present
in the mineralization are mainly chalcocite and bornite, concentrates can be expected with
more than 30% Cu.
It is foreseen that a conventional route, with crushing, milling, and flotation will be appropriate
to process the sulphide mineralization with good recovery.
Flotation tests were also undertaken on oxide copper mineralization previously conditioned
with sodium sulphide (Na2S 9H2O) but the results were not encouraging.

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LEACHING TEST
A sequence of tests was prepared to observe acid leaching action on copper oxides from
sample EM-003. The tests were performed by agitation of the mineralization in beaker flasks,
with sulphuric acid (H2SO4) solution in four different strengths (10 g/L, 20 g/L, 30 g/L, and 40
g/L). Samples of the pregnant solution were taken in sequence in order to observe the copper
extraction speed and acid consumption in time. The remaining solid sample was assayed for
residual copper.
During these tests, it was observed that less than 70% of total copper was dissolved in 30
minutes and that the sulphuric acid consumption of over 10 g/t of copper can be considered
high for mining industry standards. The results are adequate for this stage of research but
more definitive tests should be considered depending on the significance of oxide copper
mineralization bodies.
RPA is not aware of any deleterious elements that may have a significant effect on potential
economic extraction. The recovery of silver is not considered in the existing metallurgical
testwork and warrants investigation in future studies.

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14 MINERAL RESOURCE ESTIMATE

SUMMARY
The current Mineral Resource estimate for the Andrade deposit includes open pit and
underground resources. The estimate is supported by a Geovia GEMS 6.8 block model with
blocks sized 5 m by 5 m by 5 m. The Mineral Resources are constrained by three dimensional
(3D) mineralized wireframes. A resource shell was used to define the open pit resources. The
underground resources are reported below the resource shell at a higher cut-off grade, from
mineralized areas with contiguous blocks above the underground cut-off grade.
The combined open pit and underground Mineral Resource estimate for the Andrade deposit
is summarized in Table 14-1. No Mineral Reserves have been estimated for the Project.
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral
Resources and Mineral Reserves (CIM (2014) definitions) were used for Mineral Resource
classification. The estimate also conforms to the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC (2012) Code).
TABLE 14-1 MINERAL RESOURCE ESTIMATE AS OF MARCH 13, 2019

Tonnes Cu Grade Ag Grade Cu Ag

(kt) (%) (g/t) (klb) (koz)
Oxide Open Pit 1,337 0.43 2.54 12,778 109
Sulphide Open Pit 8,796 0.51 2.15 98,525 607

Underground 675 1.42 8.06 21,185 175
Total Inferred Mineral Resources 10,807 0.56 2.56 132,488 891
Notes:
1. CIM (2014) definitions were followed for Mineral Resources. Mineral Resources also conform to JORC
(2012) Code.
1. Open pit resources are stated within a preliminary pit shell, above a cut-off grade of 0.2% Cu.
2. Underground resources are reported above a cut-off grade of 1.0% Cu.
3. Cut-off grades were calculated using a copper price of US$3.50/lb and a silver price of US$20/oz.
4. Average bulk densities of 2.68 t/m3 for high grade domains and 2.60 t/m3 for low grade and waste domains
were applied.
5. Resources are reported on a 100% basis. No mining loss or mining dilution factors have been applied to
the reported figures.
6. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
7. Totals may not sum due to rounding.

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The Mineral Resource estimate has an effective date of March 13, 2019. RPA estimates
combined underground and open pit Inferred Mineral Resources total 10.8 Mt grading 0.56%
Cu and 2.56 g/t Ag containing 132,488 klb of copper and 891 koz of silver.
RPA is not aware of any known environmental, permitting, legal, title, taxation, socio-economic,
marketing, political, or other relevant factors that could materially affect the Mineral Resource
estimate.
MINERAL RESOURCE DATABASE

The Andrade drill hole database comprises 38 surface diamond drill holes with a total length
of 8,406.34 m and 19 historical trenches re-sampled by Referencial in 2009 and 2010 which
total 1,088.46 m. There are 8,000 assay records. This includes historical drilling performed in
2009 and 2010 and historical re-sampled trenches.
Three diamond core holes drilled by Aguia in 2019 (770 m) were not used in this estimate as
analytical results were not available at the estimation date. As a result, these holes were only
used to guide the interpretation of wireframes. These holes are documented in a previous
press release dated February 27, 2019.
GEOLOGICAL INTERPRETATION AND 3D SOLIDS

The resources for the Andrade fresh rock are based on two sets of wireframes. The low grade
fresh rock was wireframed at a nominal cut-off grade of 0.20% Cu, while in the area defined
as high grade was modelled at 1.00% Cu cut-off grade. The maximum length of internal dilution
within a mineralized interval was four metres. An oxide zone that exists in first eight metres
below the topography surface has been individualized by an oxidized surface defined by the
drill hole descriptions that was superimposed in the low grade fresh rock solid.
The wireframes were built using 3D polylines, snapped to the drill hole intervals on cross-
sections spaced 100 m apart. The polylines were then joined using tie lines in order to create
3D solids. The mineralized wireframes outcrop at the topographic surface and extend
southwest approximately 1,400 m along strike, dipping approximately 60° to the west, and to
depths of up to 400 m below surface. Figure 14-1 illustrates the extents of the mineralized
wireframes and identifies the low and high-grade zones.

-
14-3
Legend:
Low Grade Zone
0 100 200 300 400 500
High Grade Zone
Metres
Drill Holes
Figure 14-1
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Andrade Deposit
Brazil
Low and High Grade Wireframes
at the Andrade Deposit
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The high grade population presents a shallowly (approximately 20°) south plunging feature.
This feature was modelled at a 1.00% Cu wireframe cut-off grade defining five plunging bodies,
apparently dislocated by later northwest faults. These high grade bodies require further drilling
for definition as the zones remain open along plunge.
MINERAL RESOURCE ASSAYS

The Andrade drill hole database includes all the oxide trench sampling and fresh rock drill
holes. The resource assays represent the samples captured inside the mineralization
wireframes. There are two mineralized wireframes, low grade (LG) and high grade (HG), and
a surface that separates oxide (OXI) and fresh rock interface. The Andrade resource assays
average 1.0 m in length and extend from 6,619,400N to 6,620,900N. Table 14-2 presents the
assay descriptive statistics by mineralized lens. No length weighting was applied.
TABLE 14-2 ANDRADE RESOURCE ASSAY STATISTICS

Copper (%)
Coefficient
DOMAIN Count Standard
Mean Median Minimum Maximum of Variation
Deviation
OXI 562 0.43 0.29 0.444 0.05 4.01 1.035
LG 1,273 0.36 0.28 0.283 0.00 2.65 0.792
HG 76 1.89 1.51 1.460 0.13 6.69 0.773
Silver (g/t)
Coefficient
Deviation
OXI 562 4.13 2.00 5.500 0.25 60.80 1.331
LG 1,273 2.07 1.00 6.094 0.25 183.00 2.950
HG 76 8.29 4.00 11.324 0.25 57.00 1.366
CAPPING LEVELS
Aguia composited all assay intervals to a length of one metre. Both raw and composited data
was examined for high grade outlier samples using descriptive statistics, log-probability plots
(Figure 14-2), and by assessing the change in the mean grade and coefficient of variation with
alternative capping values. A cut-off grade of 20 g/t Ag was selected as the high-grade limit
for oxide and low grade domains, a total of 14 samples were capped. Capping was not
considered necessary for the copper estimate.

20 ppm
14-5
Figure 14-2
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Andrade Deposit
Brazil
Log Probability Plot for Ag
in the Low Grade Domain
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COMPOSITING
The assays within the mineralized domains were composited to one metre lengths, starting at
the up-hole wireframe boundary and resetting at each new wireframe. Composites shorter
than 0.5 m were discarded.
The Andrade composites average 1.0 m in length. Approximately 1.3% of the composites
have lengths that are less than one metre. The Andrade composite statistics are shown in
Table 14-3.
TABLE 14-3 COMPOSITE STATISTICS OF ANDRADE MINERALIZED DOMAINS

Copper (%)
Coefficient
Deviation
OXI 562 0.43 0.29 0.411 0.05 3.40 0.962
LG 1263 0.36 0.28 0.256 0.00 2.36 0.720
HG 79 1.88 1.56 1.319 0.13 6.69 0.703
Capped Silver (g/t)

Coefficient
Deviation
OXI 562 3.97 2.05 4.495 0.25 21.00 1.132
LG 1263 1.86 1.00 2.758 0.25 21.00 1.480
HG 79 8.00 4.00 10.308 0.25 57.00 1.287
TREND ANALYSIS
Aguia used the wireframe models to confirm if the overall strike and plunge direction of the
mineralization fits with the variance continuity of the assay composites. A group of variogram
maps were performed to confirm if the main directions defined by the 3D model also
represented the direction of lowest variability. This was found to approximate the direction of
lowest variability, as shown in Figure 14-3. The variogram maps suggest that a slight
adjustment of 10° to 15° to the northeast could be included in future model iterations.

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FIGURE 14-3 VARIOGRAM MAPS FOR STRIKE DIRECTION (N-S) WITH 20°
PLUNGE TO SOUTH
VARIOGRAPHY
While high quality downhole variograms were produced, many of the directional semi-
variograms were of lower quality and required fitting from the model produced from all the
available data. Based on this an omni-directional variography analysis was undertaken on
one-metre composites for Cu and Ag-CAP for all domains combined.
The modelled nugget was defined from the downhole semi-variograms and the two spherical
models came from the omni-directional variograms. These two modelled structures likely
represent the low and high grade samples that were combined in the experiments. There was
insufficient data to model a separate high grade zone. The semi-variograms are provided in
Figures 14-4 and 14-5. Table 14-4 presents the Gems ADA numeric pattern for the modelled
semi-variograms.
RPA considers that Aguia’s parameters, orientation, and fitted variogram models are
appropriate and reasonable given the available data and geological interpretation and suggest
the use of variable direction variograms for future resource estimates.

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FIGURE 14-4 VARIOGRAMS OF 1 M CU % COMPOSITE
Cu% down hole Cu% Omni-directional
FIGURE 14-5 VARIOGRAMS OF 1 M AG G/T CAP COMPOSITE
Ag g/t down hole Ag g/t Omni-directional
TABLE 14-4 MODELLED VARIOGRAM PARAMETERS FOR ANDRADE.

Cu% Azimuth Dip Orientation Nugget C1 Range 1 C2 Sill Range 2

OMNI 0 20° Strike 0.15 0.65 5m 0.20 30 m
Ag ppm Azimuth Dip Orientation Nugget C1 Range 1 C2 Sill Range 2
OMNI 0 20° Strike 0.05 0.3 8m 0.65 60 m

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DENSITY DATA
Density was measured by Referencial on uncoated core samples using a standard weight in
water/weight in air methodology, reporting values on a dry basis. The total density database
contains 696 measurements that includes mineralization and waste samples.
Density was applied to the block model as average values for high grade (2.68 t/m3), low grade,
and waste domains (2.60 t/m3).
RPA and Aguia personnel identified that the values obtained by Referencial appear to be low
for rock and mineralization of this type. An initial cross-check program returned density values
an average of 5% higher than the Referencial program. Once density measurements have
been confirmed by an independent laboratory, the modelled density can be updated. RPA is
of the opinion that any effect of this on the Mineral Resource is minor and likely to be
conservative.
The current values for density do not account for the oxidation state or weathering profile. RPA
recommends that further density measurements should be taken from the weathered/oxidized
zones to provide a better estimate of the near surface tonnes. In the future, density should be
estimated into the model rather than using assigned domain averages. Table 14-5 presents
the density readings for samples signed in each modelled domain.
TABLE 14-5 DENSITY SUMMARY TABLE

Domain No. of Samples Mean SG

High Grade 11 2.68
Low Grade 108 2.60
BLOCK MODELS
The resource estimate is supported by a fully diluted block model constructed in Geovia GEMS
6.8.2.2. The extent of the block model covers all modelled domains and waste rocks. Table
14-6 presents the block model setup. The information carried in the block model includes:
• Rock type for mineralized and waste material.

• The mineralization and waste density.

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• Interpolated copper, silver, and copper equivalent grades via Ordinary Kriging.
• Interpolated copper, silver and copper equivalent grades via Inverse Distance Power-
2 (ID2).
• Classification.
• Number of composites and drill holes used for interpolation.
• Pass number.
TABLE 14-6 BLOCK MODEL PROPERTIES

Attribute
Minimum East (UTM SAD-69 Z22S) 256,650
Minimum North (UTM SAD-69 Z22S) 6,619,150
Maximum Elevation (UTM SAD-69 Z22S) 425
Number of Row 370
Number of Column 190
Number of Level 125
Row size (m) 5
Column size (m) 5
Level size (m) 5
Rotation (deg. GEMS convention) 0
Full diluted 5 m by 5 m by 5 m blocks were flagged with the rock codes of the modelled solids
on a centroid basis. The volume of flagged blocks was then compared to the mineralized
wireframe for validation and the volumes were found to be within 2% between the wireframe
model and the flagged blocks.
SEARCH STRATEGY AND GRADE INTERPOLATION

PARAMETERS
Copper and silver were estimated into the block model using ordinary kriging of one metre
composites within the mineralized domains. For all elements, two estimation passes were
used with progressively relaxed search ellipsoids and data requirements. Block estimation
required a minimum of four and a maximum of 12 samples in the first pass and a minimum of
two and maximum of 12 samples in the second search pass. The estimation ellipse ranges
and orientations are based on the variogram model for copper.

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An ID2 model, using the same search ellipses, was run, as an internal check to the ordinary
kriging performance. Search parameters used are presented in Table 14-7.
TABLE 14-7 SEARCH ELLIPSE PARAMETERS USED FOR GRADE

INTERPOLATION.
Aguia Resources Limited – Andrade Copper Deposit
Search Ellipse
Composites SVx SVy SVz GEMS Rotation (ADA)
ALL Estimatio Principal Principal Intermediate Estimation Search

Min. Max. (m) (m) (m)
n Pass Azimuth Dip Azimuth Method type
DOMAINS
1 m Comp. 1 4 12 150 100 100
0° 20° 0° OK / ID2 Ellipsoid
Cu / Ag 2 2 12 300 200 200
BLOCK MODEL VALIDATION

RPA used various methods to audit and validate the block model, including:
1. Visual inspection and comparison of block grades with composite and assay grades.
2. Statistical comparison of resource assay and block grade distributions.
3. Inspection of swath plots with composites and block grades elevations and northings.
RPA compared the block grades with the composite grades on sections and plans and found
that the block grades were a good approximation of the composite grades in most areas of the
deposit. Occasional minor grade smearing and banding occur locally when changes in
wireframe dip or strike restrict the access to composites. As the Project advances and closer
spaced definition drilling becomes available, additional refinements would be possible to both
the mineralized wireframe domains and the interpolation procedure. Figure 14-6 presents a
typical vertical cross section for the Andrade deposit.

Looking North
Trench
Topography Surface
Resource Shell
14-12
0 20 40 60 80 100
Metres
Legend:
Cu % Figure 14-6
< 0.2 Drill Holes
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0.2 - 0.4 Aguia Resources Limited
0.4 - 1.0
> 1.0
Andrade Deposit
Brazil
Typical Vertical Section
for Andrade Deposit
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Table 14-8 presents the copper and silver averages, by domain, of capped assays,
composites, and interpolated blocks. The comparison between composites and interpolated
block values shows a slight decrease of average grades for both copper and silver. The
comparison includes all the interpolated blocks prior to classification.
TABLE 14-8 CU/AG AVERAGE VALUES COMPARISON BETWEEN ASSAYS,

COMPOSITES AND BLOCKS
Average Cu %
Blocks Blocks
DOMAIN Assays Composites
OK ID2
OXI 0.43 0.43 0.41 0.40
LG 0.36 0.36 0.35 0.34
HG 1.89 1.88 1.74 1.78
Average Ag g/t
Composites Blocks Blocks
DOMAIN Assays
Cap OK ID2
OXI 4.13 3.97 2.57 2.54
LG 2.07 1.86 2.07 2.03
HG 8.29 8.00 7.86 7.61
RPA examined swath plots of the distribution of copper and silver composite and block grades
interpolated using ordinary kriging and ID2 by northing, easting, and elevation. RPA did not
identify any problems with the distribution of interpolated grades. Figures 14-7 and 14-8
present an example for copper and silver swath plots by northing in the low grade domain.

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FIGURE 14-7 LOW GRADE SWATH PLOT FOR COPPER (NORTHING)
FIGURE 14-8 LOW GRADE SWATH PLOT FOR SILVER (NORTHING)

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RPA considers that the Andrade block model is valid, reasonable, and appropriate for
supporting the Mineral Resource estimate.
CLASSIFICATION
Definitions for resource categories used in this report are consistent with those defined by CIM
(2014) and referenced by NI 43-101. In the CIM classification, a Mineral Resource is defined
as “a concentration or occurrence of solid material of economic interest in or on the Earth’s
crust in such form, grade or quality and quantity that there are reasonable prospects for
eventual economic extraction”. Mineral Resources are classified into Measured, Indicated, and
Inferred categories. A Mineral Reserve is defined as the “economically mineable part of a
Measured or Indicated Mineral Resource demonstrated by at least a Preliminary Feasibility
Study”. Mineral Reserves are classified into Proven and Probable categories. No Mineral
Reserves have been estimated for the Property.
For Andrade deposit, all estimated blocks, above the cut-off grade, are reported as Inferred
Mineral Resources. The wide spaced nature of the drilling (100 m x 100 m) precludes the
declaration of any material as an Indicated or Measured Mineral Resource.
RPA believes that all relevant factors have been considered for the preparation of this Mineral
Resource estimate.
CUT-OFF GRADE AND WHITTLE PARAMETERS

RPA used the Inferred Resource blocks and the input assumptions in Table 14-9 to generate
an open pit shell (Figure 14-9) in Whittle to provide a constraint for the open pit resource that
complies with the CIM (2014) resource definition requirement for “reasonable prospects for
eventual economic extraction”.

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Looking Northeast
Resource Shell
200
m
Legend:
Cu % Figure 14-9
0 - 0.2
0.2 - 0.4 Aguia Resources Limited
0.4 - 0.6
0.6 - 0.8
Andrade Deposit
Brazil
0.8 - 1.0
1.0 - 1.5 3D View of Whittle Shell
> 1.5 and Blocks above Cut-off Grade
14-16
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A basic operating scenario was designed based on a one million tonne per annum processing
capacity and a ten year mine life. This scenario was used to establish basic input cost
assumptions that could be used to calculate cut-off grades. These cost assumptions are based
on the experience of RPA and Aguia considering operations of similar size within the larger
region. The operation is envisaged to utilize both open pit and underground mining methods.
TABLE 14-9 INPUT COST ASSUMPTIONS UNDER REQUIREMENT OF

REASONABLE PROSPECTS FOR ECONOMIC EXTRACTION
Open Pit Underground Unit

Mining 4 30 $/t
Process 12 15 $/t
G&A 1 3.75 $/t
Cu Sales 0.1 $/lb
Ag Sales 0.5 $/oz
Recovery (applied to both Sulphide and Oxide)

Cu 88 %
Ag 40 %
Commodity Prices
Cu 3.5 $/lb
Ag 20 $/oz
MINERAL RESOURCE REPORTING

RPA estimated Mineral Resources for the Andrade deposit and reported open pit resources at
a cut-off grade of 0.2% Cu and underground resources at a cut-off grade of 1.0% Cu. The
resources are reported at various cut-off values, grouped by mining method, in Table 14-10.

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TABLE 14-10 OPEN PIT AND UNDERGROUND RESOURCES AT VARIOUS

CUT-OFF VALUES
Cut-off Cu Grade Ag Grade

Tonnes (kt) Cu (klb) Ag (koz)
Grade (%Cu) (%) (g/t)
OP 0.2 10,133 0.50% 2.20 111,304 716
0.4 3,947 0.79% 2.90 69,136 368
0.6 1,369 1.40% 4.96 42,138 218
0.8 791 1.93% 7.28 33,704 185
1.0 724 2.03% 7.62 32,423 177
1.5 643 2.11% 8.02 29,897 166
UG 1.0 675 1.42% 8.06 21,185 175

1.5 156 1.69% 7.61 5,798 38

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15 MINERAL RESERVE ESTIMATE

There are no Mineral Reserves on the Andrade deposit.

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16 MINING METHODS
This section is not applicable.

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17 RECOVERY METHODS

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18 PROJECT INFRASTRUCTURE

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19 MARKET STUDIES AND CONTRACTS


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20 ENVIRONMENTAL STUDIES, PERMITTING,

AND SOCIAL OR COMMUNITY IMPACT

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21 CAPITAL AND OPERATING COSTS


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22 ECONOMIC ANALYSIS

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23 ADJACENT PROPERTIES
There are no relevant adjacent properties to the Project.

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23 OTHER RELEVANT DATA AND

INFORMATION
No additional information or explanation is necessary to make this Technical Report
understandable and not misleading.

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24 INTERPRETATION AND CONCLUSIONS

The Andrade deposit consists of a larger envelope of low grade copper-silver mineralization
with higher grade panels that appear structurally controlled by sub-vertical, northwest trending
fault structures.
Mineralization is hosted by the metavolcanic rocks of the Vacacaí Metamorphic Complex and
forms below the contact with the overlying Santa Bárbara Conglomerate. Mineralization
occurs both as disseminated sulphides and on the selvages of carbonate stringer veins. The
principal minerals of economic interest are bornite, chalcocite, and lesser chalcopyrite.
Drilling by the previous owner (Referencial) has been sufficient to define an Inferred Mineral
Resource of 10.8 Mt at average grades of 0.56 % Cu and 2.56 ppm Ag. RPA is of the opinion
that the drilling methods, sample collection protocols, assay procedures, quality control
programs, historical data validation, security, and geological interpretation at Andrade are
adequate for the declaration of an Inferred Mineral Resource.
RPA considers the Andrade deposit to be open along strike to the north, south, and at depth.
The immediate surrounds of the deposit have good exploration potential. Within the deposit,
the high grade lenses show the potential for future economic extraction; additional drilling is
required for their further expansion and delineation. This has the potential to upgrade and
expand the existing resource estimates in both open pit and underground mining scenarios.
The Primavera target, located four kilometres south of the Andrade deposit, shows the most
promise for further exploration, with encouraging results from historical exploration activities
and a similar mineralization style to Andrade.

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25 RECOMMENDATIONS
Historical drilling at the Andrade deposit has outlined a significant Inferred Mineral Resource.
This resource merits further investigation to extend the limits of the resource and infill drilling
to upgrade the Mineral Resource classification to Indicated.
Aguia has proposed a 2019 exploration budget of C$2.2 million as outlined in Table 26-1.
TABLE 26-1 PROPOSED EXPLORATION BUDGET 2019

Aguia Resources Limited – Andrade Copper Project
Item C$
Downhole Electromagnetic Survey 300,000
Infill and Expansion Drilling (10,000 m) Andrade 1,500,000
Mapping and Soil Sampling 100,000
Ground Induced Polarization 300,000
Total 2,200,000
RPA concurs with Aguia’s planned work program and agrees that:
• Downhole EM surveys in the existing and open holes should be used to better delineate
the trend and extents of the known high grade lenses.
• Infill and expansion drilling has the potential materially upgrade and increase the
Mineral Resources at Andrade.
• Mapping, soil sampling, and ground IP surveys should be used to better target the
along strike expansion of the Andrade deposit and potentially link the Andrade deposit
to the Primavera target, which is four kilometres south of Andrade.
In addition to the work program proposed above, Aguia also plans to carry out further
exploration work, including drilling, at the neighbouring Primavera target. If results from this
work are positive, the Primavera target may be included in future resource estimates at the
Project.
RPA makes further recommendations as follows:
GEOLOGY
• Further investigation is required to better understand the impact of the northwest
trending, cross cutting structures, particularly on the high grade lenses.

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• Minor inconsistencies between the lithology in drill holes and surface mapping should
be investigated and resolved.
• Further consideration should be given to the structural and chemical controls on the
mineralization.
• Historical (pre-2009) drill holes with high grade intercepts should be duplicated as part
of the infill drilling program.
SURVEY
• Minor inconsistencies between the supplied topography and the collar locations should
be resolved.
MINERAL RESOURCES
• Density samples should be sent for analysis at an independent, accredited laboratory
to resolve the 5% difference noted between measurements taken by Aguia and by the
previous owner.
• Oxidized material should be modelled based on drill hole logs rather than using set
distance from the topographic surface
• Variograms parameters should be calculated and modelled on a domain basis where

the dataset allows.

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26 REFERENCES
Almeida, M. E.; Gottlieb, O. R.; Regodeso, J. and Teixeira, M. A. (1974), Chemistry of Brazilian
Leguminosae .18. New peltogynoids from three Peltogyne species. Phytochem., 13, 1225-
1228.
Almeida, D. P. M.; Zerfass, H. & Basei, M. A. S. 1996. Mineralogia, geoquímica e novas idades
para o vulcanismo ácido da Bacia do Camaquã. In: Congresso Brasileiro de Geologia, 39.,
Salvador, 1996, Anais..., SBG, v. 2, p. 19-21.
Carvalho P.F. de. 1932. Reconhecimento Geológico do Rio Grande do Sul, Rio de Janeiro,
Boletim do Instituto Geológico de Mineração Brasileira, 66: l -72.
Chemale Jr., F; Wildner, W.; Lima, E. F. & Van Schmus, W. R. 1999. Isotopic studies of
Brasiliano retro-arc magmatism in southern Brazil. In: Simpósio sobre vulcanismo e
ambientes associados, 1., 1999, Gramado, Boletim..., Porto Alegre, UFRGS, p. 57.
Daemon R.F. & Quadros L.P. 1970. Bioestratigrafia do Neopaleozóico da Bacia do Paraná.
In: SBG, Congr. Bras. Geol., 24, Anais, p.359-412.
Hartmann L. A. e Remus M. V. D., 2000. Origem e evolução das rochas ultramáficas do Rio
Grande do Sul desde o Arqueano até o Cambriano. In: Holz M e De Ros L. F. Geologia do
Rio Grande do Sul. Ed. CIGO/UFRGS, p. 53-78.
Hartmann, L.A., A.P. Lopes, Y. Wang, D. Liu and M.A.Z. Vasconcellos, 2003. Oceanic plateau
accretion at 705 Ma in the southern Brazilian shield. Short papers 4th South American
Symposium on Isotope Geology 1:178, Salvador, Brazil.
Leite, J.A.D., N.J. McNaughton, L.A. Hartmann, F. Chemale Jr. and M.V.D. Remus, 1995.
SHRIMP U/Pb zircon dating applied to the determination of tectonic events: the example
of the Caçapava do Sul Batholith, Pedreira Inducal, Caçapava do Sul, Brazil. In: V
Simpósio Nacional de Estudos Tectônicos, Gramado, 389-390.
Hartmann, L. A.; Silva, L. C.; Remus, M. V. D.; Leite, J. A. D. & Phillip, R. P. 1998. Evolução
geotectônica do sul do Brasil e Uruguai entre 3.3 Ga e 470 Ma, In: Congresso Uruguayo
de Geologia, 2., Punta del Este, 1998. Actas..., p. 277-284.
Lavina, E.L. & Lopes, R.C. A transgressão marinha do Permiano Inferior e a evolução
paleogeográfica do Supergrupo Tubarão no Estado do Rio Grande do Sul. Paula Coutiana,
Porto Alegre, nº 1, p. 51-103, 1986.
Leite, J. A. D.; Hartmann, L.A.; McNaughton, H. J. & Chemale Jr., F. 1998. SHRIMP U/Pb
zircon geochronology of Neoproterozoic juvenile and crustal-reworked terranes in
Southernmost Brazil. International Geology Review, 40:680-705.
Leites, S. R.; Lopes, R. C.; Wildner, W.; Porcher, C. A. & Sander, A. 1990. Divisão
litofaciológica da Bacia do Camaquã na folha Passo do Salsinho, Caçapava do Sul, RS, e
sua interpretação paleoambiental. In: Congresso Brasileiro de Geologia. 36, Natal, 1990.
Boletim..., p. 300-312

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Lima, E. F. & Nardi, L. V. S. 1998. O vulcanismo shoshonítico e alcalino da Bacia do Camaquã:

Estado do Rio Grande do Sul –Brasil, In: Congresso Uruguayi de Geologia, 2., Punta del
Este, 1998. Actas..., p. 263-268.
Lopes, R. C.; Lavina, E. L.; Signorelli, N. Fácies sedimentares e evolução paleoambiental do

Supergrupo Tubarão na Borda Leste da Bacia do Paraná. Uma seção regional nos
Estados do Rio Grande do Sul e Santa Catarina. In: Congresso Brasileiro de Geologia, 34,
Goiânia, 1986. Anais... Goiânia : SBG , 1986. v.1, p.206-218.
Machado N., Koppe J.C., Hartmann L.A. 1990. A late Proterozoic U-Pb age for the Bossoroca
Belt, Rio Grande do Sul, Brasil. Journal of South American Earth Sciences, 3: 87-90.
Nardi, L. V. S. Bitencourt M. F. 1989. Geologia, petrologia e geoquimica do Complexo

Granitico de Caçapava do Sul, RS.. Revista Brasileira de Geociencias, v. 19, p. 153-169.
Oliveira, J. M. M. T. 1992. Formação Arroio dos Nobres: depósitos marinhos ou continentais?

Uma discussão. In: Workshop Sobre as Bacias Brasilianas, 1., São Leopoldo, 1992.
Boletim..., UNISINOS. pp. 106-112.
Paim, P. S. G., Chemale Jr., F. & Lopes, R. C. 2000. A Bacia do Camaquã. In: M. Holz, M. &
L. F. De Ros, L. F. (eds.) Geologia do Rio Grande do Sul. CIGO/UFRGS, Porto Alegre,
p.231-274.
Paim, P. S. G.; Chemale Jr., F. & Lopes, R. C. 1995. Aloestratigrafia, sistemas deposicionais
e evolução paleogeográfica da Bacia do Camaquã – Vendiano superior/Ordoviciano
inferior do RS. In: Simpósio Sul-brasileiro de Geologia, 4., Porto Alegre, 1995. Atas...,
SBG, p. 39-50.
Remus, M. V. D.; Hartmann, L. A.; McNaughton, N. J.; Groves, D. I., Reischl, J. L.; Dorneles,
N. T. (1999) The Camaquã Cu(Au, Ag) and Santa Maria Pb-Zn (Cu, Ag) mines of Rio
Grande do Sul, southern Brazil – is their mineralization syngenetic, diagenetic or magmatic
hydrothermal? In: M. G. da Silva e A. Misi (Ed.) Base Metal Deposits of Brazil, p. 54-63.
Remus M.V.D., Hartmann L.A., McNaughton N.J., Groves D.I., Reischl J.L. 2000. Distal
magmatic-hydrpthermal origin for the Camaqua Cu (Au-Ag) and Santa Maria Pb, Zn (Cu-
Ag) Deposits, southern Brazil. Gond. Res., 3: (in press).
Robertson J.F. 1966. Revision of stratigraphy and nomenclature of rock units in Caçapava-
Lavras Region. Notas e Estudos, 1(2):41-54.
Sartori, P. L. P. ; Kawashira, K. . Petrografia e Geocronologia do Batólito Granítico de

Caçapava do Sul, Rs. In: IIº Simpósio Brasileiro de Geologia, 1985, Florianópolis. Anais,
1985. v. 1. p. 102-115
Schneider R.L., Muhlmann H., Tommasi E., Medeiros R.A., Daemon R.A., Nogueira A.A. 1974.
Revisão estratigráfica da Bacia do Paraná. In: SBG, Congr. Bras. Geo., 28, Porto Alegre,
Anais, v.1, p.41-65.
Splendor, F. 2006. Geoquímica das granadas e assembléias de minerais pesados no estudo

de proveniência dos sedimentos quaternários da porção sul da Bacia de Pelotas, RS. 223
p. Dissertação(Mestrado em Geociências)-Instituto de Geociências, Universidade Federal
do Rio Grande do Sul, Porto Alegre.

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White, I.C. (1908) Relatório final da Comissão de Estudos das Minas de Carvão de Pedra do
Brasil. Rio de Janeiro : DNPM , 1988. Parte I, p.1-300 ; Parte II, p. 301-617. (ed. Fac-
similar).

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27 DATE AND SIGNATURE PAGE

This report titled “Technical Report on the Andrade Deposit, State of Rio Grande do Sul, Brazil”
and dated May 2, 2019 was prepared and signed by the following author:
(Signed & Sealed) John Makin
Dated at Toronto, ON
May 2, 2019 John Makin, MAIG
Senior Geologist

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28 CERTIFICATE OF QUALIFIED PERSON

JOHN MAKIN
I, John Makin, MAIG, as an author of this report entitled “Technical Report on the Andrade
Deposit, State of Rio Grande do Sul, Brazil” prepared for Aquia Resources Limited and dated
May 2, 2019, do hereby certify that:
1. I am Senior Geologist with Roscoe Postle Associates Inc. of Suite 501, 55 University Ave
Toronto, ON M5J 2H7.
2. I am a graduate of the University of Melbourne, Australia, in 2010 with a B.Sc.(Hons.) in

Geology.
3. I am a Member of the Australasian Institute of Geoscientists (MAIG 7313). I have worked

as a geologist for a total of eight years since my graduation. My relevant experience for
the purpose of the Technical Report is:
• Geologist responsible for resource estimation, resource definition drilling, ore control
and reconciliation and the preparation of NI43-101 technical reports for an open pit and
underground gold mine in Sweden;
• Resource and Production Geologist for an antimony and gold mine in Australia;
• Resource estimation and consulting to base and precious metal mine operators in
South and Central America;
• Experienced user of Surpac, Leapfrog, and other database and geological modelling
software.
4. I have read the definition of "qualified person" set out in National Instrument 43-101 (NI 43-
101) and certify that by reason of my education, affiliation with a professional association
(as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be
a "qualified person" for the purposes of NI 43-101.
5. I visited the Andrade deposit on January 22 to 24, 2019.
6. I am responsible for all sections of the Technical Report.
7. I am independent of the Issuer applying the test set out in Section 1.5 of NI 43-101.
8. I have had no prior involvement with the property that is the subject of the Technical Report.
9. I have read NI 43-101, and the Technical Report has been prepared in compliance with NI
43-101 and Form 43-101F1.

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10. At the effective date of the Technical Report, to the best of my knowledge, information, and
belief, the Technical Report contains all scientific and technical information that is required
to be disclosed to make the Technical Report not misleading.
Dated this 2nd day of May, 2019
(Signed & Sealed) John Makin
John Makin, MAIG


RPA Aguia Metais Andrade NI 43 101 Report FINAL May 2 2019

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AGUIA RESOURCES LIMITED

TECHNICAL REPORT ON THE ANDRADE

Document Title Technical Report on the Andrade Deposit, State of Rio

Client Name & Address Aquia Resources Limited

Document Reference Status & FINAL

Issue Date May 2, 2019

Lead Author John Makin (Signed)

Peer Reviewer Chester M. Moore (Signed)

Project Manager Approval David Ross (Signed)

Project Director Approval Luke Evans (Signed)

Report Distribution Name No. of Copies

RPA Filing 1 (project box)

Roscoe Postle Associates Inc.

1 SUMMARY ........................................................................................................................ 1-1

Aguia Resources Limited – Andrade Deposit, Project #3093

14 MINERAL RESOURCE ESTIMATE .............................................................................. 14-1

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

TABLE 1-1 MINERAL RESOURCE ESTIMATE AS OF MARCH 13, 2019

Sulphide Open Pit 8,796 0.51 2.15 98,525 607

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

TABLE 1-2 PROPOSED EXPLORATION BUDGET 2019

RPA makes further recommendations as follows:

Aguia Resources Limited – Andrade Deposit, Project #3093

• Variograms parameters should be calculated and modelled on a domain basis where

Aguia Resources Limited – Andrade Deposit, Project #3093

GEOLOGY AND MINERALIZATION

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

Discussions were held with personnel from Aguia:

Aguia Resources Limited – Andrade Deposit, Project #3093

µ micron kVA kilovolt-amperes

Aguia Resources Limited – Andrade Deposit, Project #3093

3 RELIANCE ON OTHER EXPERTS

Aguia Resources Limited – Andrade Deposit, Project #3093

4 PROPERTY DESCRIPTION AND LOCATION

TABLE 4-1 EXPLORATION CONCESSIONS ON THE PROJECT

Claim Number Area (ha)

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

Marta Maracaibo Caracas TOBAGO

Cruzeiro do Sul Humaita PIAUI

Rio Branco Velho Juazeiro ALAGOAS

10° Assis Brasil Guajara-Mirim

Inapari RONDONIA SERGIPE

San Miguel Sao Francisco do Sul

0 200 400 Kilometres

Aguia Resources Limited

5 ACCESSIBILITY, CLIMATE, LOCAL

LOCAL RESOURCES AND INFRASTRUCTURE

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

TABLE 6-1 HISTORICAL DRILLING AT ANDRADE AND PRIMAVERA

Year Operator/Company No. of holes Metres

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited – Andrade Deposit, Project #3093

7 GEOLOGICAL SETTING AND

Aguia Resources Limited – Andrade Deposit, Project #3093

Figure 7-1 shows the stratigraphic column of the Caçapava region.

Aguia Resources Limited – Andrade Deposit, Project #3093

Aguia Resources Limited

Aguia Resources Limited