Denarius Metals Announces Updated Mineral Resource Estimate for Its Zancudo Project in Colombia, Upgrading 23% to Indicated Resources; Preparing to Commence Next 15,000 Meters of Drilling at Zancudo

Rhea-AI Summary

Denarius Metals (OTCQX: DNRSF) reported an updated Mineral Resource Estimate for the Zancudo Project effective Oct 31, 2025, converting 979 kt to Indicated at 6.9 g/t Au and 84 g/t Ag (217 koz Au, 2.7 Moz Ag) and reporting 4.636 Mt Inferred at 5.58 g/t Au and 84 g/t Ag (832 koz Au, 12.5 Moz Ag). The update reflects 47,329 m of drilling and a 2024 in-fill program that converted ~23% of gold-equivalent resources to Indicated and increased inferred tonnage by 13%. Zancudo is permitted to begin concentrate production next year and construction of a 1,000 tpd flotation plant is underway. Denarius plans a 15,000 m drill campaign starting by year-end 2025 to further convert and expand resources.

Positive

• Indicated conversion: 979 kt at 6.9 g/t Au (217 koz Au)
• Inferred tonnage up 13% to 4.636 Mt
• Drill database: 47,329 m in 194 holes
• Permitted production and 1,000 tpd plant construction underway
• 23% of AuEq converted from Inferred to Indicated

Negative

• Inferred Au grade down ~14% from 6.53 g/t to 5.58 g/t
• AuEq ounces declined from 1,060 koz (2023) to 982 koz (2025)
• Resource not reserve: no demonstrated economic viability in MRE

Toronto, Ontario--(Newsfile Corp. - November 3, 2025) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today that it has completed an updated Mineral Resource estimate ("MRE") for its 100%-owned Zancudo Project in Colombia, prepared by Resource Development Associates Inc. ("RDA") in accordance with the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 ("NI 43-101"), with an effective date of October 31, 2025.

Highlights of the Updated Mineral Resource Estimate

• The conversion of 979,000 tonnes to Indicated Resources grading 6.9 g/t gold and 84 g/t silver totaling 217,000 ounces of gold and 2.7 million ounces of silver, reflecting the positive impact of the 2024 in-fill drilling campaign, which was designed with tighter spacing at 50x50 m drill centers to de-risk the near-term underground production at the Zancudo Project.

• A 13% increase in tonnage resulted in total Inferred Resources of 4.6 million tonnes grading 5.6 g/t gold and 84 g/t silver totaling 832,000 ounces of gold and 12.5 million ounces of silver.

• Mineralization at the Zancudo Project occurs in stacked mantos and steeply dipping veins that have been exploited over a strike length of 2,500 m. The average vein width is 0.35 m with a maximum width of 3.0 m. The known vertical extent of mineralization is 400 m.

• The database for the updated MRE includes a total of 47,329 m of diamond drilling in 194 holes, including 7,225 m in 45 holes completed in the Company's 2024 drilling campaign.

• The Zancudo deposit remains open for further expansion in all directions.

Serafino Iacono, Executive Chairman of Denarius Metals, commented, "Following our successful in-fill drilling campaign at our Zancudo Project in 2024, and in light of the more robust metals price environment, we are currently in the process of preparing an updated preliminary economic assessment ("PEA") for our Zancudo Project. We are pleased to announce that, as part of the PEA process, we have completed a detailed review of the geological model for the Zancudo Project, incorporating the expected positive impact of our 2024 in-fill drilling campaign and updated metal prices. This has resulted in a significant increase in the tonnage in our updated MRE and has converted approximately 23% of the gold-equivalent resources from the Inferred to the Indicated category".

The Zancudo Project is now fully permitted to begin producing concentrates next year and construction of our new 1,000 tonnes per day ("tpd") flotation processing plant is underway. The Zancudo deposit remains open along strike and at depth and we are committed to continuing our exploration program. Preparations are underway for our next drilling campaign comprising a total of 15,000 m of diamond drilling that will target high-grade structures, some of them currently in operation during our early production phase at Zancudo or planned to begin to be mined by mechanized mining in the coming months. This program will build on the successful results achieved in our 2024 in-fill drilling campaign to underscore the potential and prospectivity of delineating new zones and expanding existing ones near planned mining infrastructures. This comprehensive drill program is designed to deliver important data for further resource modelling, mine planning and optimization of production stope design to guide our mine development programs as we ramp up mining activities to feed our new 1,000 tpd processing plant. We look forward to providing further updates through the course of the drilling campaign."

Mineral Resource Estimate Effective October 31, 2025

The following table summarizes the updated MRE for the Zancudo Project effective as at October 31, 2025 and the previous MRE effective as at October 24, 2023:

Effective Date/ Category	Cutoff AuEq (g/t)	Tonnes (kt)	Grade			Material Content
			Au (g/t)	Ag (g/t)	AuEq (g/t)	Au (koz)	Ag (koz)	AuEq (6) (koz)
October 31, 2025 (3,4,5)
Indicated	3.25	979	6.90	84	7.9	217	2,657	249
Inferred	3.25	4,636	5.58	84	6.6	832	12,508	982
October 24, 2023 (7)
Inferred	4.00	4,100	6.53	107	8.1	860	14,090	1,060

  
Notes:

1) Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Gold and silver assays were capped where appropriate.

2) Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an "independent Qualified Person" as such term is defined by NI 43-101.

3) Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material within a block model estimate. Mineralization is geologically constrained in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining width appropriate for underground mining.

4) Commonly used grade estimations techniques of Inverse Distance Cubed and Ordinary Kriging were used on a vein by vein basis, based upon sample support and vein geometry.

5) The cutoff grade of 3.25 g/t AuEq in the current MRE considered the following factors:

1. Metal selling prices of gold at US$2,400/oz and silver at US$28/oz;
2. Recoveries of Au 85% and Ag 87%;
3. Royalties of 6.7%; and
4. Costs including mining US$105.00/t, processing US$42.00/t, general and administrative (G&A) and off-site realization (TCRC) US$21.00/t.

6) Gold Equivalent is calculated with the formula AuEq = (Au *Au Recovery (85%) * AuPrice + Ag *Ag Recovery (87%) * AgPrice)) / (Au Recovery (85%) *Au Price).

7) Refer to the NI 43-101 Technical Report dated December 14, 2023 with an effective date of October 24, 2023 filed on SEDAR+ and the Company's website for additional information. The cutoff grade of 4.00 g/t AuEq reflected metal selling prices of gold at US$1,850/oz and silver at US$23/oz.

Qualified Person

The resource evaluation work was completed by Mr. Scott E. Wilson, CPG, President of RDA. Mr. Wilson is an independent consulting geologist specializing in Mineral Reserve and Resource calculation reporting, mining project analysis and due diligence evaluations. Mr. Wilson conducted a personal inspection of the Zancudo Project on July 29, 2024. Mr. Wilson has over 36 years of experience in the mining industry and is a Registered Member (#4025107RM) of Society for Mining, Metallurgy and Exploration, Inc. Mr. Wilson and RDA are independent of the Company under NI 43-101.

Mr. Wilson has reviewed, verified and approved the technical information summarized in this news release, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect the reliability or confidence in the information discussed herein.

Quality Assurance and Quality Control

All sampling was conducted under the supervision of the Company's geologists and a strict chain of custody was implemented and monitored. Quality Assurance and Quality Control measures were implemented and adhered to during the sample preparation and analysis of the drilling program. Measures included appropriate insertion of certified reference standards, blanks and the evaluation of Field duplicates, coarse duplicates and pulp duplicates. These methods are utilized to check the accuracy of sample preparation and the reliability of laboratory results. Samples were prepared by ALS Minerals, Medellin, Colombia. Assays were determined at the ALS Global laboratories in El Callao, Peru. ALS Global is certified to ISO: 9001:2015 Standards.

The updated MRE will be supported by a NI 43-101 independent report which will be published and filed on the Company's website and SEDAR+ profile within 45 days.

Next Steps - Highlights of 2026 Drilling Campaign

Denarius Metals also announced today that it is preparing to commence the next stage of its exploration program at Zancudo Project comprising a total of 15,000 m of diamond drilling. The drilling program is expected to commence by the end of the year and run through 2026. This next phase of drilling will focus on four primary objectives, as follows:

• Brisas target - 5,700 m of surface in-fill drilling designed to better delineate and extend the Santa Catalina ore shoot at the Brisas target. The Santa Catalina ore shoot extends from the Independencia Mine to the sector where one of the main stacked mantos, Manto Antiguo, merges into the Santa Catalina structure. The drilling program will be carried out from eight purpose-built surface drill platforms and comprises a total of 29 drill holes with drilling intercepts spaced at 50-meter centers to convert the current Inferred Resources to the Indicated category.

• El Castano target - 2,000 m of surface in-fill drilling designed to upgrade the Inferred Resources associated with the Manto Antiguo structure north and west of the El Castaño Mine to the Indicated category. The drilling program will be carried out from three purpose-built surface drill platforms and comprises a total of 12 drill holes with drilling intercepts spaced at 50-meter centers to convert the current Inferred Resources to the Indicated category.

• Independencia Mine - 4,200 m of underground step-out multi-target drilling designed to extend a set of narrow, sub-parallel, steeply dipping, high-grade gold veins up to 60 m below the current mining level.

• Brownfield drilling - 3,200 m of surface extension drilling aimed at extending the ore-shoot associated with the Manto Antiguo structure to the southwest at the Brisas target, and testing the Mani target, which is interpreted as an upthrown block of an unknown high-grade gold structure intersected in a past drilling campaign.

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 and fully permitted 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 21% 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..

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 the Zancudo Project, including the Mineral Resource estimate, the completion of a planned PEA and the extent, timing and commencement of the planned drilling campaign, in addition to its anticipated business plans or strategies. 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, 2025 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.

Cautionary Statement on Mineral Resources

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, socio-political, marketing, or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an indicated or measured mineral resource category.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272896

FAQ

What did Denarius Metals (DNRSF) announce on November 3, 2025 about Zancudo resources?

Denarius announced an updated MRE effective Oct 31, 2025 converting 979 kt to Indicated at 6.9 g/t Au (217 koz Au) and reporting 4.636 Mt Inferred at 5.58 g/t Au (832 koz Au).

How much drilling supports the Zancudo 2025 MRE for DNRSF?

The MRE database includes 47,329 m of diamond drilling in 194 holes, including 7,225 m from the 2024 in-fill program.

What operational progress did Denarius (DNRSF) report for Zancudo in 2025?

Zancudo is fully permitted to produce concentrates and construction of a 1,000 tpd flotation plant is underway.

What is Denarius's 2026 drilling plan at Zancudo (DNRSF)?

A 15,000 m diamond drilling campaign starting by year-end 2025 and running through 2026 targeting Brisas, El Castano, Independencia and brownfield extensions.

How much of the resource was upgraded to Indicated in Denarius's 2025 MRE?

Approximately 23% of the gold-equivalent resources were converted from Inferred to Indicated.

Why did reported grades change between the 2023 and 2025 MRE for DNRSF?

The 2025 MRE used a lower cutoff of 3.25 g/t AuEq and updated metal-price/recovery assumptions, resulting in changes to reported grades versus the 2023 MRE.