DENARIUS METALS FILES 2025 ANNUAL FILINGS ON SEDAR+
Rhea-AI Summary
Denarius Metals (OTCQX: DNRSF) filed audited financials, MD&A and AIF for year ended Dec 31, 2025 and reported start of commercial activity at Zancudo.
2025 revenue was $1.7M from 333 oz gold and 5,749 oz silver; gross profit was $0.6M. Updated MRE shows 217k oz Au indicated and 832k oz Au inferred. 2025 net loss was $31.2M. Cash was $6.9M at year‑end with additional CA$20.9M raised in early 2026.
AI-generated analysis. Not financial advice.
Positive
- Commenced mining operations at Zancudo in 2025 generating initial revenue
- Updated MRE: 217,000 oz Au indicated and 832,000 oz Au inferred
- PEA projects $452M after‑tax LOM free cash flow and $723M LOM gross profit
- Raised CA$20.9M via warrant and option exercises in Q1 2026
Negative
- Full‑year net loss $31.2M for 2025, up from $9.9M in 2024
- Convertible debentures fair value rose to $55.6M, increasing non‑cash losses
- Early production payability rates reduced realized metal receipts (30–70% gold)
News Market Reaction – DNRSF
On the day this news was published, DNRSF declined 2.70%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Denarius Metals has joined the list of global gold producers in 2025 with the commencement of mining operations at its Zancudo Project in
The first shipment to Trafigura was completed in June 2025 and through the end of December 2025, the Company delivered a total of 2,092 tonnes. With grades averaging 7.9 g/t gold and 222.7 g/t silver, these shipments contained approximately 532 ounces of gold and 14,977 ounces of silver resulting in the Company receiving payment for approximately 333 ounces of gold and 5,749 ounces of silver. During the current early production phase, Trafigura's payability rates range from
With an average realized gold price NG of
The Zancudo Project is expected to achieve commercial production of high-grade Au-Ag concentrates by the end of September 2026. Site preparations for the new processing plant have made good progress to date. Civil works will commence in the second quarter of 2026 followed by installation of the plant equipment and construction of the dry-stack tailings storage facility over the summer months. Commissioning is expected to take place in the third quarter this year. The Company has recently engaged a local civil engineering and industrial construction services firm with extensive experience in extractive industries projects (the "Plant Contractor") to build and then operate the new processing plant on a contract basis. The Plant Contractor has agreed to finance their fees for the plant installation services, valued at
The Company announced an updated Mineral Resource estimate ("MRE") effective as of October 31, 2025 for the Zancudo Project, incorporating the results from the 7,225 m of infill drilling campaign carried out in 2024. The updated MRE includes 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. The updated MRE also includes a
On March 30, 2026, the Company announced the results of a Preliminary Economic Assessment ("PEA") for its Zancudo Project. The PEA, based on the updated MRE for the Zancudo Project, envisions an 11-year mine life over which the Company expects to generate net revenue of
In
In 2025, the Company completed two LIFE Offerings and two private placements, raising total net proceeds of
The Company also took a step in June 2025 to improve its liquidity while it ramps up production at its Zancudo Project through a consent solicitation process that enables the Company to issue shares rather than using cash to settle the monthly interest payments and the quarterly gold premiums on its Convertible Debentures during the period from June 2025 through May 2026. To date, the Company has issued a total of 5,823,295 shares at an average price of CA
The Company reported a net loss of
Selected Financial Information
Fourth Quarter | Year | ||||
2025 | 2024 | 2025 | 2024 | 2023 | |
Operating data | |||||
Gold sold (ounces) | 207 | - | 333 | - | - |
Average realized gold price ($/oz sold) (1) | $ 4,358 | $ - | $ 4,008 | $ - | $ - |
Total cash cost ($/oz sold) (1) | $ 2,266 | $ - | $ 2,352 | $ - | $ - |
Financial data ( | |||||
Revenue | $ 1,151 | $ - | $ 1,656 | $ - | $ - |
Gross profit | 431 | - | 552 | - | - |
Loss from operations | (2,666) | (1,236) | (6,755) | (5,489) | (4,241) |
Net (loss) income | (10,231) | 2,129 | (31,152) | (9,925) | (14,436) |
Per share – basic and diluted | (0.07) | 0.02 | (0.27) | (0.14) | (0.27) |
Exploration and capital expenditures | 2,091 | 2,332 | 7,358 | 11,797 | 15,015 |
December 31, | ||||
2025 | 2024 | 2023 | ||
Balance sheet ( | ||||
Cash and cash equivalents (1) | $ 6,899 | $ 1,130 | $ 7,628 | |
Total assets | 112,623 | 81,053 | 89,443 | |
Convertible Debentures (at fair value) (2) | 55,559 | 29,486 | 22,653 | |
(1) | Subsequent to December 31, 2025, the Company received cash proceeds of approximately CA |
(2) | As at December 31, 2025, 2024 and 2023, the total principal amount of Convertible Debentures issued and outstanding amounted to CA |
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
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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 Zancudo production and construction activities, receipt of future advances from Trafigura, approval of certain share issuances by Cboe CA, exploration programs, re-start of operations and timing to commence production at the Aguablanca Project, mineral resource updates and preliminary economic assessments, and future financing plans. 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.