AGUIA RESOURCES LIMITED — Board/Management Information 2019

Oct 15, 2019

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16 October 2019

AGUIA RESOURCES LIMITED

ASX Market Announcements Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000

EXECUTIVE MANAGEMENT CHANGES

APPOINTMENT OF DR FERNANDO TALLARICO AS MANAGING DIRECTOR

APPOINTMENT OF COMPANY SECRETARY

Sydney, Australia, - Aguia Resources Limited ABN 94 128 256 888 (ASX:AGR) ( Aguia or the Company ) is pleased to announce the appointment of long-standing Technical Director Dr Fernando Tallarico as the Managing Director of Aguia Resources Limited.

Dr Tallarico (B.Sc. Geology, M.Sc., Ph.D. and P.Geo.) is a resident of Brazil and a geologist with over 30 years international experience, who has been responsible for grass roots discoveries for Vale, Falconbridge/Noranda and BHP in Brazil. Dr Tallarico has been the leader of the Aguia Brazilian management team since the inception of the Company and, over the years, has been instrumental in assembling the Aguia phosphate and copper portfolio.

Dr Tallarico has previously served on the Board of Aguia in his role as Technical Director and his return to the board is a natural fit for the Company as it fully supports the strategy of having all executive management, operations and administration based in Brazil.

Aguia would also like to advise Ms. Sarah Prince from Company Matters in Sydney has been appointed Company Secretary and as the person responsible for communication with ASX in accordance with ASX Listing Rule 12.6 effective immediately, replacing Michael Duligal. Ms. Prince is a solicitor, and she has assisted listed companies either as their company secretary or as an independent adviser to boards and management, including advising companies in the mining industry. Prior to joining Company Matters, Sarah supported the Board Advisory Services arm of KPMG. Sarah is a member of The Governance Institute of Australia.

Quote by Managing Director – Mr Fernando Tallarico

“I am extremely pleased to be appointed to the role of Managing Director and I accept with pleasure the challenge of continuing to grow the Company. As we approach to the permitting of Três Estradas, we are prepared to continue to advance our flagship fertilizer project towards production. On the copper front we will continue to agressively explore our multiple targets in the Rio Grande Belt.”

Quote by Chairman – Ms. Christina McGrath

“We are extremely pleased Fernando has accepted the role of Managing Director. Fernando is the longest serving member of the Aguia management team and is responsible for assembling the portfolio so it makes complete sense that he should lead the Company into the future. Aguia

Aguia Resources Limited ABN 94 128 256 888 Level 5, 126 Phillip St, Sydney NSW 2000 Telephone 02 9299 9690 Facsimile 02 9251 7455 www.aguiaresources.com.au

Aguia Resources Limited

immediately benefits from having all our activities being based in Brazil as we endeavour to ensure all our capital is deployed into developing our phosphate assets and discovering copper deposits.”

Material Terms of Managing Director Contract

Position	Managing Director
Remuneration	CDN$30,000 per month
Options	4,000,000 to be awarded according to various vesting conditions and tobe approved by shareholders at the next Annual General Meeting
Term	No end date
Termination	6 months’ notice by the Company or 3 months’ notice by the ManagingDirector

For more information in relation to Aguia Resources, please contact Christina McGrath, Chair at cmcgrath@aguiaresources.com.au or visit's Aguia's website at www.aguiaresources.com.au.

About Aguia:

Aguia Resources Limited, (“Aguia”) is an ASX listed company whose primary focus is on the exploration and development of mineral resource projects in Brazil. Aguia has an established and highly experienced in-country team based in Rio Grande State, Southern Brazil. Aguia’s key projects are located in Rio Grande do Sul, a prime farming area which is 100% dependent on phosphate imports. The Rio Grande phosphate deposits exhibit high quality and low-cost production characteristics, and are ideally located with proximity to road, rail, and port infrastructure. Aguia’s experienced management team has a proven track record of advancing high quality mining assets to production in Brazil.

Cautionary Statement on Forward Looking Information

This press release contains "forward-looking information" within the meaning of applicable Australian securities legislation. Forward-looking information includes, without limitation, statements regarding the results of the Mineral Resource Statement, the mineral resource estimates, production targets, the anticipated timetable, permitting, forecast financial information, bankable feasibility study and ability to finance the project, and the prospectivity and potential of the Trȇs Estradas Phosphate Project and Rio Grande Copper claims.

Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". The material factors and assumptions underlying the forward-looking information of the Mineral Resource Statement results have been outlined above and will be detailed in the associated technical report.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available on the ASX website at www.asx.com.au and on the Company's website at www.aguiaresouces.com.au. These risks should be considered carefully.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Persons reading this news release are cautioned that such statements are only predictions and there can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intent or obligation to update or revise any forward-looking statements whether as

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Executive Management Changes

Aguia Resources Limited

a result of new information, estimates, options, future events, results or otherwise and does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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