Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) announced the details of the production results achieved in 2025 during the early production phase at its Zancudo Project in Colombia.

Serafino Iacono, Executive Chairman of Denarius Metals, commented, “2025 marked the beginning of operations at Colombia’s newest gold mine, our 100%-owned Zancudo Project located in the Cauca Belt approximately 30 km southwest of Medellin. From our first shipment of 64 tonnes of crushed material in June, we increased our shipments to 814 tonnes in the third quarter and 1,215 tonnes in the fourth quarter. Head grades averaged 8 g/t for gold and 224.8 g/t for silver resulting in total revenue for 2025 of approximately US$1.7 million. As development opens up new fronts in 2026 and we transition to producing high-grade gold-silver concentrates in the second half of 2026, we expect this to be a transformational year for Denarius Metals.”

Denarius Metals commenced mining operations at its Zancudo Project in the second quarter of 2025. The current “early production” phase encompasses artisanal mining in accessible areas of the Zancudo Project and is expected to run through the first half of 2026 as mine development progresses to open new fronts that are being developed for long-term conventional, semi-mechanized mining operations. In parallel, construction of the Company’s new 1,000 tonnes per day (“tpd”) processing plant is advancing with commissioning expected to be completed in the third quarter of this year. During this early production phase, mined material is being crushed onsite and then shipped to a local port for sale to Trafigura Pte. Ltd. (“Trafigura”) under the Company’s long-term offtake agreement.

The first shipment from Zancudo was completed in June 2025 and through the end of December 2025, the Company delivered a total of 2,093 tonnes of crushed material to Trafigura. With grades averaging 8 g/t gold and 224.8 g/t silver, these shipments contained approximately 538 ounces of gold and 15,129 ounces of silver. During the current early production phase, Trafigura’s payability rates range from 30% to 70% for gold and 20% to 40% for silver, depending on the grades of the material. For these shipments through the end of December 2025, the Company received payment for 340 ounces of gold and 5,770 ounces of silver. Trafigura’s payability rates in the early production phase reflect the additional costs they will have to incur to bring the material to a saleable condition. When the Company begins shipping concentrates to Trafigura, payability rates will increase to 86% to 90% for gold and 35% to 45% for silver, depending on the grades in the concentrates.

Update on Exercises of Warrants and Stock Options

Denarius Metals also provided an update today on its capital structure. Since late December 2025, the Company has issued a total of 1,640,255 common shares resulting from the exercises of warrants expiring March 2, 2026 and April 4, 2026 at an exercise price of CA$0.60 per share and 418,000 common shares from the exercises of warrants expiring June 20, 2030 at an exercise price of CA$0.66 per share. The Company has a total of 37,732,046 warrants issued and outstanding that expire on March 2, 2026 and April 4, 2026 and expects additional proceeds to be received from further exercises completed prior to the expiration dates. In addition, a total of 300,000 stock options at an exercise price of CA$0.52 per share were exercised at the end of December 2025 by a departing manager. The Company received total gross proceeds of approximately CA$1.4 million from the exercises of these warrants and stock options. As of the market close on January 19, 2026, the Company had a total of 153,786,093 common shares issued and outstanding with a market capitalization of approximately CA$107.7 million.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain. Denarius Metals is listed on Cboe Canada where it trades under the symbol “DMET”. The Company also trades on the OTCQX Market in the United States under the symbol “DNRSF”.

In Colombia, Denarius Metals commenced mining operations in the second quarter of 2025 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 southwest of Medellin.

In Spain, Denarius Metals has interests in three projects focused on in-demand critical minerals. The Company owns a 22.1% interest in Rio Narcea Recursos, S.L. and is the operator of its Aguablanca Project, which has been recognized by the EU as a Strategic Project. The Aguablanca Project comprises a turnkey 5,000 tonnes per day processing plant and the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura. Denarius Metals also owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, approximately 88 km southwest of the Aguablanca Project, and a 100% interest in the Toral Project, a high-grade zinc-lead-silver deposit located in the Leon Province, Northern Spain.