Aguia Resources Limited has two well-advanced mining projects in southernmost Brazil: metallic green copper and organic phosphate. Both projects are 100% owned. Aguia is very pleased to announcedthat it's 2022 infill drilling campaign was successful.

The geological modelling of the Green Copper Project1 led to a sizable Measured & Indicated Mineral Resources of 22.6 Mt at 0.43% Copper (Cu) and 2.11 g/t Silver (Ag) and Inferred Mineral Resources totalizing 3.0Mt at 0.43% Cu and 1.85 g/t Ag. (Detailed Technical information follows below) The Updated Resource Statement is a significant milestone in Aguia's copper story because it: · Means that no further high-cost drilling is required; · Provides additional certainty in relation to the copper resource; · Permits to proceed to the next stage the Pre-Feasibility Study (PFS), which will provide increasing economic confidence in the project; and · Allows the start of the Environmental Impact Assessment (EIA) which leads to permitting. In short, Aguia has an economically viable copper project, which was demonstrated in the Scoping Study announced to the market on 9 March 2021.

The exploration phase for this current project call Andrade is over, but it is just the beginning of Aguia's copper potential. Aguia has another 10 satellite targets close by, along with 1,500 sq km of copper tenements in the Rio Grande Copper Belt, where studies show unique geological similarities that suggest it once joined the famed African Kalahari Copper Belt that hosts many copper deposits and has been mined for decades. Managing Director Dr Fernando Tallarico said: "We are extremely happy with the results of 2022 infill drilling program.

Moving forward, the company will review the current resource model, using different cut-off grades, to determine the optimum reserve pit. The grade-tonnage sensitivity illustrates possible choices. The Resource Statement update was conducted by independent consulting firm GE21 Consultoria Mineral Ltda (`GE21') in Brazil.

It was based on the results of an infill drilling campaign carried out by Aguia in 2022, comprising 25 core holes totaling 2646 metres drilled. The main objective of this drilling campaign was to convert the previously reported Indicated & Inferred Resources (9 of March 2021 announcement) to the Measured & Indicated Resource category. The drilling campaign was successful in converting the previous 22 Mt Indicated & Inferred Resources to Measured & Indicated Mineral Resources of 22.6 Mt at 043% Copper and 2.11 g/t Ag and Inferred Mineral Resources totalizing 3.0Mt at 0.43% Cu and 1.85 g/t Ag.

This updated Measured and Indicated Resource offers a range of cutoffs that can potentially be applied to the upcoming resource modelling. In February 2019, Aguia signed an option agreement to purchase the copper claims which form current claims from a private Brazilian company, Referencial Geologia. In March 2019, Aguia issued a JORC-compliant Copper Resource Statement.

The Statement was based on the results of 38 diamond drill holes previously drilled by Referencial Geologia between 2009 and 2010. The results were subsequently compiled into Aguia's database. Aguia then undertook extensive exploration campaigns that included: · A surface mapping program; · The reprocessing of a historical airborne geophysical data package; · Reprocessing of historical stream sediment sampling; · Reprocessing of a historical ground geophysical survey (Induced Polarisation and Magnetometry); · A new technological characterization of the ore samples; · A new metallurgical program including flotation and acid-leaching test work; and · The mapping and re-sampling of 18 historical trenches.

Copper Project's drilling database by the end of 2019 included: · Detailed logging and geochemistry from 48 diamond drill holes totaling 8,986 metres; · 23 historical trenches that were re-sampled totaling 1,646 metres; and 10,074 assay records. In early 2020 two diamond drill holes confirmed the north and south high-grade copper zone within the existing mineral resource area. As a result of these 2 drill holes a Scoping Study was released in March 2021, which included a resource update with an Indicated Resource of 18.03 Mt at 0.41% Cu and1.87g/t Ag and an Inferred Resource of 3.98 Mt at 0.53% Cu and 2.06g/t Ag.

As a result a 3D Model was created to inform the next drilling phase. This entire infill drilling program comprised 25 drill holes totaling 2,646 metres and was undertaken in 2022. The goal was to take Aguia's Copper Resource to a Measured and Indicated with the certainty required to move the project to a Pre-Feasibility Study and to begin the Environmental Permitting Process.

This was achieved. No further drilling is necessary as the company now have achieved the resource category that allows advancing with more refined engineering and economic modelling, after which the company can proceed with the permitting of Aguia's metallic copper mine. GE21, an independent Brazilian consulting firm, conducted the mineral resource estimate.

GE21 using new drill hole data, a new geological interpretation, and a new geostatistical approach, re- estimated the resource, updating the Mineral Resource classification based on variographic study and a new diamond drilling campaign. The block model supported the resource estimate. And the information carried in the block model includes: · Rock type for mineralized and waste material.

The mineralisation and waste density. Interpolated copper (%) and silver (ppm) via Ordinary Kriging. Interpolated copper (%) and silver (ppm) via Nearest Neighbor Method (NN Check).

Mineral Resource Classification. Oxidation Model. The resource estimate for the Andrade deposit was reported considering open pit and underground mineral resources at a cut-off grade of 0.17% Cu.

No mineral reserves have been estimated for the Project at this time.