Aguia said official hearings on the environmental impact assessment for the project were "anticipated to occur in the next three to four months", after which the company expected to be "granted the preliminary licence".

Assuming that all goes to plan - and the EIA is the final regulatory requirement ahead of development - Aguia needs to find about US$84 million to build and start operating a project that will initially generate US$28 million per annum in earnings (on an EBITDA basis).

Key metrics from the feasibility work included an NPV of US$300 million (using a 5% discount rate), and an IRR, post-tax, of 18%.

Regarding financing, Aguia last year entered into a non-binding MoU with a New York-based, private equity firm called Nebari US that would work with the ASX and TSX-V listed company "to provide the optimal debt financing structure for up to 100% of capex required to construct Tres Estradas".

Aguia raised C$10.8 million (US$8.3 million) in mid-2017 as part of its listing on Toronto's Venture Exchange, with the new shares priced at C$0.40 - with the offering including one option (exercisable at C$0.65) for every two shares bought.