Denarius Metals Announces Approval of Environmental Impact Study for Its Zancudo Project in Colombia; Preparing to Commence Mining Operations; Announces Management Update

Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) announced today that it has received approval of its Environmental Impact Study for the Zancudo Project from Corantioquia, the local environmental authority in Colombia. With the approval of the EIS, the Company is now able to commence mining operations at its Zancudo Project.

Serafino Iacono, Executive Chairman of Denarius Metals, commented, “We are excited to reach this very important milestone for our Company. With the EIS approval in hand, we are about to become a mining company with first production expected by the end of this quarter. Our onsite 1,000 tonnes per day processing plant is expected to be ready to commence operations in the second quarter this year. In the meantime, we have arranged to sell material mined at Zancudo to Soma Gold Corp. (TSX-V: SOMA) to begin generating production and cash flow. Soma Gold owns the El Limon Mill, located to the north of Aris Mining’s Segovia Operations in the Department of Antioquia, which has capacity of 225 tpd and is permitted for up to 400 tpd. The Company and Soma Gold are working together to restart the El Limon Mill, which has been on care and maintenance since 2020. Processing of Zancudo’s material at the El Limon Mill to generate high-grade gold-silver concentrates is expected to commence by the end of February. We will provide a more comprehensive outline of the ramp up activities at Zancudo and the results of the 2024 drilling program in due course.”

The EIS applies to concession 5521, which includes the historic producing Independencia Mine, for which the Company received approval from the Secretary of Mines of Antioquia in December 2023 of its Mining Technical Work Plan (Programa de Trabajo y Obras or “PTO”). The EIS also applies to the area covered by a Plan of Exploration and Exploitation (Plan Único de Exploración y Explotación or “PUEE”) approved in December 2023 by the Secretary of Mines of Antioquia that integrates two other concessions and an exploration license that, along with concession 5521, comprise the Company’s Zancudo Project.

Management Update

Denarius Metals also announced that effective immediately, Federico Restrepo-Solano, previously Chief Operating Officer, has assumed the role of Chief Executive Officer and Serafino Iacono remains as Executive Chairman. Messrs. Iacono and Restrepo-Solano will both maintain their positions on the Company’s Board of Directors. Patricia Herrera Paba, a director since June 2024, has been appointed to the Compensation, Corporate Governance and Nominating Committee to replace Mr. Restrepo-Solano. The Company’s CCGNC now comprises Francisco Sole (Chair), Ms. Herrera Paba and Paul Sparkes, all independent directors of the Company. The Company will not be replacing the Chief Operating Officer role.

Mr. Iacono, commented, “We are entering into an exciting growth phase in 2025 with Zancudo and Aguablanca expected to come into operation this year. We believe that the time has come to strengthen our leadership during this growth phase and to improve our corporate governance by separating the Chairman and CEO roles. Mr. Restrepo-Solano has very capably led our efforts in the permitting and development stage of these two near-term producing projects and will continue to provide dedicated focus to the day-to-day execution of our business plans while I focus on the strategy, corporate development, financing and investor relations areas of our Company.”

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. Denarius Metals is commencing production from its Zancudo Project in Colombia in the first quarter of 2025 and expects to commence operations in the next 12 months at the Aguablanca Project in Spain.

In Spain, Denarius Metals owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L., which owns a 5,000 tonnes per day processing plant and has the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura, Spain, approximately 88 km northwest of the Lomero Project. Denarius Metals also owns a 100% interest in the Toral Project, a high-grade zinc-lead-silver deposit located in the Leon Province, Northern Spain.

In Colombia, Denarius Metals is commencing operations at its 100%-owned Zancudo Project, a high-grade gold-silver deposit, which includes the historic producing Independencia mine, located in the Cauca Belt, about 30 km SW of Medellin.