DENARIUS METALS FILES TORAL PROJECT TECHNICAL REPORT ON SEDAR+

Toral’s resource estimate is entirely inferred, with no measured or indicated resources declared.

Rhea-AI Summary

Denarius Metals (DNRSF) has filed a technical report supporting the mineral resource estimate for its wholly owned Toral Project in Spain. Prepared by Resource Development Associates under Canadian mineral disclosure standard NI 43-101, the report has an effective date of July 24, 2026 and supports disclosures made on September 9, 2026.

The estimate comprises 14,760 thousand metric tonnes, all classified as inferred, with no measured or indicated resources. Grades are 4.00% zinc, 2.77% lead and 20.37 grams of silver per tonne, or 6.58% zinc equivalent. Contained metal totals 590.4 thousand tonnes of zinc, 408.9 thousand tonnes of lead and 9,666.5 thousand ounces of silver, before recovery losses. Resources are reported above a US$61-per-tonne net smelter return cut-off, a threshold based on estimated proceeds after processing-related deductions. The mineralized structure remains open to the southeast and at depth.

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• Moderate pointToral’s reported resource comprises 14,760 thousand metric tonnes at 6.58% zinc equivalent.
• Minor pointContained metal totals 590.4 thousand tonnes zinc, 408.9 thousand tonnes lead and 9,666.5 thousand ounces silver, before recovery losses.
• Minor pointThe NI 43-101 technical report supporting Toral’s resource estimate has been filed.
• Minor pointMineralization remains open to the southeast and at depth, leaving its extent undefined.

Negative

• Moderate pointToral’s resources are all inferred; no measured or indicated resources are declared.

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TORONTO, Oct. 23, 2026 /PRNewswire/ -- Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today the filing of a National Instrument 43-101 – Standards of Disclosure for Mineral Projects compliant technical report in support of the Mineral Resource estimate for its 100%-owned Toral Project. The technical report, entitled "Technical Report on the Toral Zn-Pb-Ag Project, Leon Province, Castilla y Leon, Spain" with an effective date of July 24, 2026, was prepared by Resource Development Associates and supports the disclosures made by the Company in its news release dated September 9, 2026. The technical report can be found on the Company's website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

The Mineral Resource estimate for the Toral Project, with an effective date of July 24, 2026, is as follows:

Category	Tonnage	Grades				Contained Metal
	(kt)	Zn (%)	Pb (%)	Ag (g/t)	ZnEq (%)	Zn (kt)	Pb (kt)	Ag (koz)
Inferred	14,760	4.00	2.77	20.37	6.58	590.4	408.9	9,666.5

Notes:

1. Mineral Resources are reported in accordance with the CIM Definition Standards (2014) and NI 43-101.
2. The independent Qualified Person for the 2026 MRE is Scott E. Wilson, CPG, SME-RM, of RDA. Effective date is July 24, 2026.
3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the 2026 MRE will be converted into Mineral Reserve.
4. All Mineral Resources are classified as Inferred. No Measured or Indicated Mineral Resources are declared. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration (closer-spaced infill drilling).
5. Resources are reported above an NSR cut-off of US$61/t, which is approximately equivalent to 3.05% ZnEq on a pure-zinc basis. The cut-off is based on Reasonable Prospects for Eventual Economic Extraction (RPEEE) using underground mining and Option A processing (on-site crushing, XRT ore sorting at ~45% mass rejection, grinding and dual-circuit flotation).
6. Operating cost basis used for the cut-off: mining US$36.30/t + processing US$18.33/t (effective after sorting) + G&A US$6.28/t = US$60.91/t, rounded to US$61/t for reporting.
7. ZnEq% = Zn% + (Pb% × 0.7482) + (Ag g/t × 0.0248).
8. NSR (US$/t ROM) = (Zn%/100 × 0.81 × 2,900 × 0.85) + (Pb%/100 × 0.87 × 2,020 × 0.95) + (Ag g/t × 0.49 × (37/31.1035) × 0.95).
9. Assumptions: long-term prices Zn US$2,900/t, Pb US$2,020/t, Ag US$37/oz; overall recoveries (flotation + XRT) Pb 87%, Zn 81%, Ag 49% (WAI 2022 carbonate testwork); payabilities Zn 85%, Pb 95%, Ag 95% (industry-typical pending commercial terms). It is the QP's opinion that Zn, Pb and Ag have reasonable prospects of being recovered and sold.
10. Contained metal is in situ. No metallurgical recovery is applied to contained-metal figures. Metal values, if quoted, are illustrative only and are not NSR or revenue.
11. Bulk density (mineralized): 2.73 + 0.022 × (Pb% + Zn%). Waste assigned 2.70 g/cm³.
12. Numbers are rounded. Totals may not add due to rounding. All tonnes are metric.
13. The mineralized structure remains open along strike to the southeast and at depth.

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 a 1,000 tonnes per day processing plant that is expected to start producing high-grade gold-silver concentrates by the first quarter of 2027. 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.

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. 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 resource estimate does Denarius Metals’ Toral technical report support?

The report supports an inferred resource estimate of 14,760 thousand metric tonnes at 6.58% zinc equivalent, effective July 24, 2026. Individual grades are 4.00% zinc, 2.77% lead and 20.37 grams of silver per tonne.

What metal prices and recovery assumptions underpin Denarius Metals’ Toral resource estimate?

The estimate uses long-term prices of US$2,900 per tonne for zinc, US$2,020 per tonne for lead and US$37 per ounce for silver. Assumed overall recoveries are 81% for zinc, 87% for lead and 49% for silver. Payabilities are 85% for zinc and 95% for both lead and silver, pending commercial terms.

What mining and processing assumptions support Denarius Metals’ Toral resource cut-off?

The cut-off assumes underground mining and processing through on-site crushing, X-ray transmission ore sorting, grinding and dual-circuit flotation. The operating-cost basis comprises US$36.30 per tonne for mining, US$18.33 per tonne for processing after sorting and US$6.28 per tonne for general and administrative expenses.