# Denarius Metals (NEO:DMET)

> 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.

## 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 in the U.S. under 'DNRSF'. Denarius is currently constructing its 100%-owned Zancudo Project in Colombia, which is a high-grade gold-silver deposit, and holds a 21.8% interest in Rio Narcea Recursos, S.L. in Spain, which includes the Aguablanca nickel-copper mine. The company emphasizes long-term ESG strategies in its operations.

## Key facts

- **Cash position:** ~$17.9M
- **Shares outstanding:** 202359191
- **Fully diluted shares:** 335304433
- **Warrants:** 75,000,000
- **Options:** 14342500
- **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 – Overview\n\nLocation: Cauca Belt, Municipality of Titiribí, Department of Antioquia, Colombia\nMetals: Gold, Silver\nMine Type: Underground\nOwnership: 100% owned by Denarius Metals\nTechnical Report: Technical Report and Preliminary Economic Assessment, May 14, 2026\n\nThe Zancudo Project is a gold and silver deposit located in the Municipality of Titiribí, Department of Antioquia, Republic of Colombia, approximately 30 kilometers southwest of the city of Medellin. The Zancudo Project covers a total area of 1,054 hectares and is surrounded by several large producers. The Zancudo Project has access to labour, the Colombian national power grid and ample water resources.\n\nZancudo Metals has commenced gold and silver production during an “early production” phase at its 100%-owned Zancudo Project, with its first shipment of high-grade ore delivered to Trafigura in June 2025 under a long-term offtake agreement. In October 2025, the Company received approval of the Industrial Facility Permit for the Zancudo Project from Corantioquia, the local environmental authority in Colombia. With this approval, Denarius Metals now holds all required permits and has commenced construction of its 1,000-tonnes-per-day flotation processing plant, which is expected to begin producing high-grade gold-silver concentrates by the third quarter of 2026.\n\nThe Zancudo Project includes the historic producing Independencia Mine and has a rich history dating back over 250 years. Gold was first discovered in the district in 1746. Mining has been carried out at Zancudo since 1793 in 58 mines. Historically, the most important company was the Sociedad de Zancudo that operated for a century from 1848 to 1948, with the most important mining period being from 1863 to 1927. The mine closed in 1945. Estimated total production from the Zancudo District from 1793 to 2006 ranges between 1.4 and 2 million ounces AuEq.\n\nGran Colombia Gold (also referred to as GCM Mining and a predecessor to Aris Mining Corporation) acquired the Zancudo Project in 2010 and later optioned it to IAMGOLD Corporation in 2017. IAMGOLD carried out an exploration program until 2022 as part of their earn-in under an option agreement.\n\nDenarius Metals acquired Zancudo Metals and the rights to the Zancudo Project from Gran Colombia Gold in 2021. After IAMGOLD advised the Company in 2022 that they would not complete their earn-in under the option agreement due to factors unrelated to the project, Zancudo Metals retained a 100% interest in the Zancudo Project and charted the course to develop the project.\n\nIn 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.\n\nIn 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.\n\nOn March 30, 2026, Denarius Metals announced the results of a PEA for its the Zancudo Project. The PEA, based on the updated MRE for the Zancudo Project, envisions an 11-year mine life over which the Company expects to generate revenue of $2.0 billion from the sale of approximately 466,000 payable ounces of gold and 2.2 million payable ounces of silver at a LOM average AISC NG of $2,477 per ounce of gold. With long-term metals prices of $4,000 per ounce for gold and $50 per ounce for silver, the LOM gross profit totals $723 million resulting in a LOM after-tax free cash flow totaling $452 million. The PEA is preliminary in nature and it includes Inferred Resources that are considered too speculative to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the estimates presented in the PEA will be realized. The PEA is supported by a NI 43-101 independent technical report dated May 14, 2026.\n\nZancudo Metals has partnered with an experienced local contract miner who will be responsible for mine development and mineral extraction at the Zancudo Project, taking advantage of the extensive historical underground mine workings in the Independencia Mine. Zancudo Metals has refurbished the former plant site and installed a new crushing plant. Construction has commenced on a new 1,000 tonnes per day processing plant that will produce high-grade gold-silver concentrates. The new processing plant is expected to be operational by the end of the third quarter of 2026. The Zancudo Project, which is about 190 km from the Port of Buenaventura, is also being connected to a major highway to Medellin by a 4 km bypass road that is currently under construction.\n\nThe Zancudo Project is expected to provide economic revival to the Municipality of Titiribí and surrounding area. Zancudo Metals is working closely with the local community to incorporate its ESG programs as part of the development of this project."]
- **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, Joined the Board in November 2021, Managing Director of Andina Media De Inversiones, S.A.S.), Mateo Restrepo Villegas (President, Zancudo Metals (Colombia) and Director, Joined the Board in January 2024, extensive experience in mining and infrastructure.), Patricia Herrera Paba (Director, Joined the Board in June 2024, has a background in financial and research consulting in natural gas and energy.)

_Verified data last updated: 2026-05-15_

## Recent filings

- 2026-05-14 — press_release — [dmet:aql_2026-05-14_17-07-38.pdf](https://chat.orbiton.app/dmet/preview/51204?documentId=51204)
- 2026-05-14 — press_release — [dmet:aql_2026-05-14_16-23-41.pdf](https://chat.orbiton.app/dmet/preview/51205?documentId=51205)
- 2026-05-14 — press_release — [dmet:aql_2026-05-14_16-23-09.pdf](https://chat.orbiton.app/dmet/preview/51206?documentId=51206)
- 2026-05-14 — technical_report — [dmet:aql_2026-05-14_16-22-07.pdf](https://chat.orbiton.app/dmet/preview/51207?documentId=51207)
- 2026-05-14 — financials — [dmet:aql_2026-05-14_16-18-28.pdf](https://chat.orbiton.app/dmet/preview/51208?documentId=51208)
- 2026-05-14 — mda — [dmet:aql_2026-05-14_16-15-21.pdf](https://chat.orbiton.app/dmet/preview/51209?documentId=51209)
- 2026-05-14 — financials — [dmet:aql_2026-05-14_16-11-43.pdf](https://chat.orbiton.app/dmet/preview/51210?documentId=51210)
- 2026-05-13 — other — [dmet:aql_2026-05-13_12-24-15.pdf](https://chat.orbiton.app/dmet/preview/51211?documentId=51211)

## Investor FAQ

### [Latest news?](https://chat.orbiton.app/dmet/faq/latest-news)

On May 14, 2026, Denarius Metals released a technical report and a preliminary economic assessment (PEA) for the Zancudo Project, which envisions an 11-year mine life and projects significant revenue generation. The PEA indicates a potential gross profit of $723 million and an after-tax free cash flow of $452 million based on long-term metals prices.

### [Upcoming catalysts?](https://chat.orbiton.app/dmet/faq/upcoming-catalysts)

Denarius Metals is expected to begin producing high-grade gold-silver concentrates from its new 1,000-tonnes-per-day processing plant by the end of the third quarter of 2026. Additionally, the company is focused on advancing its Zancudo Project and may provide further updates on production and exploration results.

## Live AI chat

- https://chat.orbiton.app/dmet/chat
- Investor website: https://denariusmetals.com/