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Denarius Metals

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Denarius Metals is a Canadian junior company focused on the acquisition, exploration, development, and operation of polymetallic mining projects in high-grade districts in Spain and Colombia.

Investor website: https://denariusmetals.com/

About

Denarius Metals is a Canadian junior company focused on the acquisition, exploration, development, and operation of polymetallic mining projects in high-grade districts in Spain and Colombia. The company is listed on Cboe Canada under the symbol 'DMET' and on the OTCQX Best Market in the U.S. under 'DNRSF'. It is currently developing the Zancudo Project in Colombia and holds a significant interest in Rio Narcea Recursos in Spain, which includes the Aguablanca nickel-copper mine.

Verified company data

Cash position
~$17.9M
Shares outstanding
207,621,865
Fully diluted shares
347637279
Mineral resource
In 2022, and then updated in 2023, Denarius Metals quantified an initial Mineral Resource estimate (“MRE”) for the Zancudo Project, based on the results from a total of 40,100 meters of historical diamond drilling in 149 holes, including 33 underground holes drilled in the Independencia Mine, that was carried out by Gran Colombia Gold and IAMGOLD over the period from 2011 through 2021. The initial MRE for the Zancudo Project comprised 4.1 million tonnes in the Inferred Resources category grading 6.5 g/t gold and 107 g/t silver totaling 860,000 ounces of gold and 14.1 million ounces of silver. At a gold equivalent grade of 8.1 g/t, the initial MRE represents a total of 1,060,000 gold equivalent ounces. In 2024, Denarius Metals carried out a total of 7,225 m of in-fill drilling in 45 holes at the Zancudo Project. On November 3, 2025, Denarius Metals announced it has completed an updated MRE for the Zancudo Project effective October 31, 2025 that incorporates the results from the 2024 drilling campaign. The updated MRE includes the conversion of 979,000 tonnes from Inferred Resources to Indicated Resources grading 6.9 g/t gold and 84 g/t silver totaling 217,000 ounces of gold and 2.7 million ounces of silver, reflecting the positive impact of the tighter spacing in the 2024 drilling program at 50×50 m drill centers to de-risk the near-term underground production at the Zancudo Project. In addition, the updated MRE includes a 13% increase in tonnage resulting in total Inferred Resources of 4.6 million tonnes grading 5.6 g/t gold and 84 g/t silver totaling 832,000 ounces of gold and 12.5 million ounces of silver. The updated MRE is supported by a NI 43-101 independent report which was published and filed on the Company’s website and SEDAR+ profile on December 18, 2025.
Projects
["Zancudo Project, Technical Report, May 14, 2026 The following table summarizes the current Mineral Resource Estimate for the Zancudo Project effective as at October 31, 2025: Category Cutoff AuEq (6) (g/t)...","Toral Project – Gallery [October 9, 2024] [Read more: Toral Project – Gallery]","Aguablanca Project – Gallery [February 28, 2024] [Read more: Aguablanca Project – Gallery]","Lomero Project – Gallery [February 28, 2024] [Read more: Lomero Project – Gallery]","Zancudo Project – Gallery [February 15, 2024] [Read more: Zancudo Project – Gallery]","Toral Project – Resource [January 11, 2024] Mineral Resource Estimate Toral Resource Tables Average Grade Class Tonnes (Mt) ZnEq (PbAg)(%) (7) Zn (%) Pb (%) Ag (g/t) Indicated 7 8.9 5.0 3.7 29 Inferred 13 6.5 4.1… [Read more: Toral Project – Resource]","Aguablanca Project – Resource [January 11, 2024] Mineral Resource Estimate Aguablanca Project – Technical Report and Preliminary Feasibility Study, March 24, 2024 Following the initial acquisition of an equity interest in Aguablanca, Denarius Metals engaged Resource Development… [Read more: Aguablanca Project – Resource]","Lomero Project – Resource [January 11, 2024] Mineral Resource estimate SRK NI 43-101 Technical Report Mineral Resource Estimate, November 2, 2023 SRK CIM Compliant Mineral Resource Statement effective July 31, 2023 for the Lomero Project, Spain, reported… [Read more: Lomero Project – Resource]","Zancudo Project – Overview [January 5, 2024] Overview Location Cauca Belt, Municipality of Titiribí, Department of Antioquia, Colombia Metals Gold, Silver Mine Type Underground Ownership 100% owned by Denarius Metals Technical Report Technical Report and Preliminary Economic… [Read more: Zancudo Project – Overview]","Toral Project – Overview [January 5, 2024] Overview Location Region of El Bierzo, Castilla y León, Province of León, Spain Metals Lead, Zinc, Silver Mine Type Underground Ownership 100% owned by Denarius Metals Location The Toral Project… [Read more: Toral Project – Overview]","Aguablanca Project – Overview [January 5, 2024] Overview Location Monesterio, Extremadura, Southern Spain Metals Nickel, Copper, Cobalt, Platinum, Palladium, Gold Mine Type Underground (Formerly Open-Pit) Ownership 21.8% owned through Alto Minerals S.L.U. Technical Report Technical Report and… [Read more: Aguablanca Project – Overview]","Lomero Project – Overview [January 5, 2024] Overview Location Iberian Pyrite Belt, Huelva Province of Andalucia, Southern Spain Metals Copper, Zinc, Lead, Gold, Silver Mine Type Underground Ownership 100% owned by Denarius Metals Technical Report SRK NI… [Read more: Lomero Project – Overview]"]
Leadership
Serafino Iacono (Executive Chairman, Joined the Board in November 2020, has over thirty years of experience in capital markets and public companies, raised more than $5 billion for natural resource projects.), Federico Restrepo-Solano (CEO and Director, Joined the Board in October 2022, appointed CEO in January 2025, has over 25 years of experience in the oil and mining sector.), Paul Sparkes (Lead Independent Director and Audit Committee Chair, Joined the Board in October 2020, has over 25 years of experience in media, finance, and capital markets.), Francisco Sole (Director and CCGNC Chair, Joined the Board in November 2021, Managing Director of Andina Media De Inversiones, S.A.S.), Patricia Herrera Paba (Director, Joined the Board in June 2024, has a background in financial and research consulting in natural gas and energy.), Omar Abdulaziz Alramah (Director, Elected to the Board in June 2026, CEO and Chairman of ProGrowth, has experience in engineering technology.), Margarita Cabello Blanco (Director, Elected to the Board in June 2026, former Attorney General of Colombia and Minister of Justice.)

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