Denarius Metals Corp. (TSX-V: DSLV) (OTCQX: DNRSF) announced that it has acquired 100% of the issued and outstanding shares of Emerene Corporation S.A. a Panamanian company which owns several phosphorite mining rights in Boyacá, Colombia.

The Company’s acquisition of Emerene has been completed pursuant to a share purchase agreement dated July 5, 2023 among Emerene, Diagonal Overseas Corporation and the Company. The Transaction is an arm’s length transaction and subject to the final approval of the TSX Venture Exchange.

Pursuant to the Transaction, the Company has issued a total of 2,700,000 common shares of the Company at a deemed price of $0.55 per share for total consideration of approximately US$1.1 million. The Share Consideration is subject to a four-month hold period under applicable securities laws.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, “Management and the Board have a long history of positively impacting our projects through our sustainability initiatives. The acquisition of the phosphate concessions is in keeping with the Company’s long-term sustainability initiatives and is expected to provide a source of cash flow to the Company when in production. In addition to the programs we are developing and implementing to incorporate the community of Titiribi and surrounding area in our Zancudo Project, the development of a phosphate mining operation in Colombia will support the growth in locally sourced fertilizer for use in the Colombian agriculture industry. The Company’s next steps include the completion of some further technical studies and to seek a partner who will carry out the mining activities, keeping the investment by Denarius Metals to start up operations to a minimum.”

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company’s 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.