Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) announced that it has filed its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis for the three months ended March 31, 2025. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Denarius Metals also announced today that it has received important news in Spain that the application for the Water Concession for the Aguablanca Project has been approved for a 20-year period. This follows the news in March 2025 that the European Commission published a decision recognizing the Aguablanca Project in a list of 47 critical raw material projects located across 13 EU Member States as “Strategic Projects“, a significant milestone in the implementation of the Critical Raw Materials Act. With the Water Concession in hand, the Aguablanca Project now has all the permits required to commence the de-watering of the underground mine to re-start operations. In its role as operator of the Aguablanca Project, the Company is currently finalizing arrangements for project financing directly through Rio Narcea Recursos, S.L. (“RNR”), owner of the Aguablanca Project, to fund the capital expenditures associated with the plant refurbishment and de-watering activities, site administration costs and initial working capital. It is estimated that the de-watering program will take 6 to 9 months to complete after which contract mining operations will be able to commence. Refurbishment of Aguablanca’s processing plant will be carried out simultaneously with the de-watering program. Aguablanca is shaping up to become the Company’s second mine coming into operation within the next 12 months.

Denarius Metals commenced mining operations in April 2025 at its Zancudo Project in Colombia. During the early production phase, expected to run into the fourth quarter this year when its 1,000 tonnes per day processing plant goes into operation, mined material is being crushed onsite and then shipped to a local port for sale to Trafigura Pte. Ltd. First production is expected in the second quarter of 2025.

In February 2025, Denarius Metals leveraged its offtake contract with Trafigura to secure the financing required to fully fund the completion of construction at its Zancudo Project through a prepayment facility pursuant to which the Company received $2.5 million from Trafigura in the first quarter of 2025 and will receive up to an additional $6.5 million in two further advances as the Company reaches certain milestones in 2025 related to the construction activities at its Zancudo Project.

The Company reported the final results in April 2025 from the drilling campaign carried out in the latter part of 2024 on the second target at the Zancudo Project, Las Brisas. This phase of the drilling campaign comprised a total of 2,435 meters completed in 13 drill holes. The results reinforce that systematic, more tightly spaced, infill drilling has produced very positive results similar to those previously achieved at the Los Albertos Target as announced in September 2024. In addition, the discovery of a new mineralized manto vein close to the Manto Antiguo vein introduces a new player in the future exploration plan for the Las Brisas Target. These results confirm the results from previous drilling campaigns and have better delineated a high-grade ore shoot, which is still open along strike, within the main Manto Antiguo vein that significantly de-risks the future production at the Zancudo underground operation. The Company is preparing an updated Mineral Resource estimate incorporating the 2024 drilling program results to be completed in the third quarter this year. As the Company continues to ramp up the production rate at Zancudo, mine development will be supported with an ongoing exploration program aimed at the continued expansion of the high-grade resources at the Zancudo Project.

To bolster its liquidity to fund ongoing corporate, operating and investing activities at its projects in Spain, the Company completed a non-brokered private placement of common shares and warrants in March 2025 raising additional net cash proceeds of approximately $3.4 million and settling related party bridge loans amounting to approximately $1.1 million. As at March 31, 2025, the Company’s cash position stood at $3.1 million, up from $1.1 million at the end of 2024.

The Company signed a binding Letter of Intent on May 7, 2025 with Quimbaya Gold Inc. establishing a 50/50 joint venture aimed at formalizing existing small-scale mining operations located within Quimbaya’s Tahami Project which is located in the Segovia Gold District of Antioquia, Colombia. Both parties are working diligently to finalize a definitive agreement for the joint venture as soon as possible, subject to customary regulatory and corporate approvals.

The Company reported a net loss of $4.2 million ($0.04 per share) in the first quarter of 2025, down from the net loss of $11.1 million ($0.18 per share) reported in the first quarter of 2024. Compared to the first quarter last year, the net loss in the first quarter of 2025 included a much lower non-cash loss related to the change in fair value of its Convertible Debentures. The first quarter 2024 net loss also included $1.5 million of expenses related to the acquisition of its equity interest in RNR, including non-cash accretion expense associated with its acquisition obligation and one-time due diligence costs.

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 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 has commenced mining 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 southwest of Medellin. Denarius Metals recently signed a binding letter of intent with Quimbaya Gold Inc. related to development of its Tahami Project which is located in the Segovia Gold District of Antioquia, Colombia.

In Spain, Denarius Metals has interests in three projects focused on in-demand critical minerals. The Company owns a 21% interest in Rio Narcea Recursos, S.L. and is the operator of its Aguablanca Project, which has recently 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.