DENARIUS METALS ANNOUNCES FURTHER RAMP UP IN ITS THIRD QUARTER AND FIRST NINE MONTHS 2026 PRODUCTION RESULTS FROM ITS ZANCUDO PROJECT IN COLOMBIA

Monserrat construction and commissioning are expected to finish in the first quarter of 2027, enabling a shift to concentrate sales.

Rhea-AI Summary

Denarius Metals (DNRSF) reported third-quarter 2026 Zancudo revenue of US$8.1 million as mining and shipments continued to ramp up in Colombia. Revenue rose 65% from the second quarter, while tonnes mined and delivered to Trafigura increased 72% to 6,727. Payable metals totaled 1,744 ounces of gold and 14,175 ounces of silver. Gold grade increased to 11.6 grams per tonne from 10.9; silver grade declined to 188.9 grams per tonne from 210.1.

First-nine-month revenue reached US$16.5 million, compared with US$1.7 million for the full 2025 fiscal year. Earthworks at the 1,000-tonne-per-day Monserrat plant are complete, and structural steel and concrete work has begun. The company expects construction and commissioning to finish in the first quarter of 2027, enabling commercial concentrate production for Trafigura. Current early-production sales receive lower metal payability rates than future concentrate shipments.

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0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose 65% quarter over quarter to US$8.1 million.
• Moderate pointThird-quarter tonnes mined and delivered rose 72% quarter over quarter to 6,727.
• Moderate pointFirst-nine-month revenue reached US$16.5 million, versus US$1.7 million for the full 2025 fiscal year.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Denarius expects 1,000-tonne-per-day Monserrat construction and commissioning to finish in the first quarter of 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Concentrate shipments will receive 86%–90% gold and 35%–45% silver payability, depending on concentrate grades.

9 minor points

• Minor pointThird-quarter contained gold increased to 2,508 ounces from 1,362 ounces in the second quarter.
• Minor pointThird-quarter contained silver increased to 40,856 ounces from 26,389 ounces in the second quarter.
• Minor pointThird-quarter payable gold increased to 1,744 ounces from 923 ounces in the second quarter.
• Minor pointThird-quarter payable silver increased to 14,175 ounces from 9,304 ounces in the second quarter.
• Minor pointThird-quarter gold grade increased to 11.6 grams per tonne from 10.9 in the second quarter.
• Minor pointFirst-nine-month tonnes mined and delivered totaled 12,971.
• Minor pointFirst-nine-month contained metals totaled 4,733 gold ounces and 87,482 silver ounces.
• Minor pointFirst-nine-month payable metals totaled 3,260 gold ounces and 31,318 silver ounces.
• Minor pointMonserrat plant earthworks are complete; structural steel and concrete work has begun.

Negative

• Moderate pointEarly-production payability is limited to 30%–70% for gold and 20%–40% for silver, depending on material grades.
• Minor pointThird-quarter silver grade declined to 188.9 grams per tonne from 210.1 in the second quarter.

News Explained

In the current early-production phase, Trafigura’s payability rates are 30% to 70% for gold and 20% to 40% for silver; for when concentrate shipments begin, the company lists rates of 86% to 90% and 35% to 45%, respectively, depending on grades.

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• 6,727 tonnes delivered to Trafigura in the third quarter of 2026, up 72% over the second quarter, reflecting the continued ramp up of mining at the Zancudo Project.
• US$8.1 million of total revenue in the third quarter of 2026, up 65% over the second quarter, from the sale of 1,744 ounces of gold and 14,175 ounces of silver.
• Total revenue for the first nine months of 2026 of US$16.5 million, up from US$1.7 million for the 2025 fiscal year.

TORONTO, Oct. 26, 2026 /PRNewswire/ -- Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today the details of the production results achieved in the third quarter and first nine months of 2026 at its Zancudo Project in Colombia as set out in the table below.

	2025	2026
	Year	1st  Quarter	2nd  Quarter	3rd  Quarter	First Nine Months
Tonnes mined and delivered	2,092	2,337	3,907	6,727	12,971
Contained metals
Gold grade (g/t)	7.9	11.5	10.9	11.6	11.3
Gold (ounces)	532	863	1,362	2,508	4,733
Silver grade (g/t)	222.7	269.3	210.1	188.9	209.8
Silver (ounces)	14,977	20,237	26,389	40,856	87,482
Payable metals (1)
Gold (ounces)	333	593	923	1,744	3,260
Silver (ounces)	5,749	7,839	9,304	14,175	31,318
Total revenue (millions)	US$1.7	US$3.5	US$4.9	US$8.1	US$16.5

(1)

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. Trafigura's payability rates in the early production phase reflect the additional costs they 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.

Serafino Iacono, Executive Chairman of Denarius Metals, commented, "Our daily average mining rates continue to increase during the early production phase at our Zancudo Project. This has allowed us to increase our shipments to 6,727 tonnes in the third quarter of 2026 representing a 72% increase compared with the second quarter and almost three times what we shipped in the first quarter this year. Head grades remained solid in the third quarter of 2026, averaging 11.6 g/t for gold and 188.9 g/t for silver, resulting in total revenue for the third quarter of 2026 of US$8.1 million. This brings our total revenue for the first nine months of 2026 to $16.5 million, up from US$1.7 million reported for our 2025 fiscal year. With the earthworks phase now complete, we have commenced with structural steel and concrete works at the Monserrat plant site. Based on our latest schedule, we expect to complete plant construction activities and commissioning in the first quarter of 2027, at which point we can shift into the commercial production of high-grade gold-silver concentrates for sale to Trafigura under our long-term offtake contract."

Denarius Metals commenced mining operations at its Zancudo Project in the second quarter of 2025. The current "early production" phase encompasses artisanal mining being carried out by the Company's contract miner in accessible areas of the Zancudo Project as mine development advances to open new fronts that are being developed for long-term conventional, semi-mechanized mining operations. While construction of the Company's new 1,000 tonnes per day Monserrat processing plant is being completed, the mined material during this early production period is being shipped to a local port for sale to Trafigura pursuant to a long-term offtake contract. When the Monserrat plant goes into operation, gold-silver concentrates production will then be sold to Trafigura.

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 is producing gold and silver in an "early production" phase at its 100%-owned Zancudo Project while it completes construction of a 1,000 tonnes per day processing plant to produce gold-silver concentrates. The Zancudo Project is a high-grade gold-silver deposit, which includes the historic producing Independencia mine, and is 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 21.8% 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.

Denarius Metals entered into a strategic collaboration in early 2026 as JV partners with ProGrowth Ltd. Company, a Saudi-based diversified group of companies with long-standing experience across construction and infrastructure, oil & gas, petrochemicals, mining, trading and technology-enabled services in the Kingdom of Saudi Arabia ("KSA"). This strategic collaboration will focus on a mandate to establish arrangements in the KSA for the processing, smelting and commercialization of material sourced from the Company's projects and to identify, acquire, develop and operate gold and nickel mining concessions within the KSA.

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 the timing for the completion of plant construction and the commissioning of plant operations at its Zancudo Project and the commencement of future concentrates production. 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.

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SOURCE Denarius Metals Corp.

FAQ

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What were Denarius Metals' third-quarter 2026 Zancudo production and revenue results?

Zancudo delivered 6,727 tonnes to Trafigura and generated US$8.1 million in third-quarter 2026 revenue. These increased 72% and 65%, respectively, from the second quarter. Payable metals were 1,744 ounces of gold and 14,175 ounces of silver.

When does Denarius Metals expect the Monserrat processing plant to be commissioned?

Denarius Metals expects Monserrat construction and commissioning to finish in the first quarter of 2027. Earthworks are complete, and structural steel and concrete work has begun. The plant has planned capacity of 1,000 tonnes per day and will produce gold-silver concentrates for sale to Trafigura.

How will Trafigura's metal payability rates change when Denarius Metals starts shipping concentrates?

Payability will increase to 86% to 90% for gold and 35% to 45% for silver when concentrate shipments begin, depending on concentrate grades. Current early-production rates range from 30% to 70% for gold and 20% to 40% for silver, reflecting Trafigura's additional costs to bring the material to a saleable condition.