DENARIUS METALS ANNOUNCES FORMATION OF FIRST TWO COMPANIES, PROGROWTH NOMINEE TO BOARD AND PROPOSED INITIAL EQUITY INVESTMENT PURSUANT TO SAUDI STRATEGIC COLLABORATION
Rhea-AI Summary
Denarius Metals (OTCQX: DNRSF) announced formation of two Saudi joint‑venture companies — Al Sahra Minerals and Najd Minerals — under a strategic collaboration with ProGrowth to develop mining concessions, downstream processing and gold refining in Saudi Arabia. Denarius will hold 75% equity in each JV and ProGrowth proposes an initial private placement to acquire up to 10% of Denarius, with a ProGrowth nominee proposed for the Denarius board and shareholder vote scheduled for June 3, 2026.
The JVs target metallurgical processing, roaster and CIL capacity, licensing partnerships, and concession development aligned with Saudi Vision 2030.
Positive
- Denarius to hold 75% equity in each JV company
- Formation of two Saudi JVs: Al Sahra Minerals and Najd Minerals
- Partnership includes technology/licensing partners Italpreziosi and Italimpianti
- ProGrowth nominates director candidate to Denarius board
Negative
- Proposed private placement could dilute existing shareholders by up to 10%
- Execution risk for building processing/refining infrastructure in KSA
News Market Reaction – DNRSF
In the May 8 session, DNRSF declined 5.54%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Serafino Iacono, Executive Chairman of Denarius Metals, commented "Earlier this week, I had the privilege of representing Denarius Metals, along with Federico Restrepo-Solano, our CEO, and Santiago Suarez-Florez, our Vice President, Corporate Development, at an official signing ceremony at the Ministry of Industry and Mineral Resources of
I am also pleased to announce that Omar Alramah has accepted a nomination for election to the Board of Directors of Denarius Metals at the forthcoming Annual General and Special Meeting (the "AGSM") of Shareholders to be held on June 3, 2026. In addition, ProGrowth has advised the Company that it would like to make an initial investment of up to a
Al Sahra Minerals is a Saudi-based company focused on the development of downstream mineral processing infrastructure and advanced metallurgical solutions, including a roaster facility, a carbon-in-leach plant and a gold refinery. The company, supported by its technology and licensing partners, Italpreziosi SpA and Italimpianti Ofra SpA, is positioned to support the KSA's strategic shift toward value-added mining by transforming raw mineral resources into refined, market-ready products.
Najd Minerals is a Saudi-based company focused on the identification, acquisition and development of mining concessions, as well as mining and mineral extraction activities within the KSA and the GCC, targeting gold, nickel and other strategic minerals.
Pursuant to the Partnership, Denarius Metals will have a
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
In
In
Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including its strategic collaboration with ProGrowth, funding opportunities in the KSA, nomination of a ProGrowth representative to the Board of Denarius Metals and the proposed equity investment by ProGrowth. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated March 31, 2026 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/denarius-metals-announces-formation-of-first-two-companies-progrowth-nominee-to-board-and-proposed-initial-equity-investment-pursuant-to-saudi-strategic-collaboration-302766284.html
SOURCE Denarius Metals Corp.