Denarius Silver Stock Price, News & Analysis

Denarius Metals Corp (OTCQX: DNRSF) is a Canadian junior mining company focused on the acquisition, exploration, development and eventual operation of precious metals and polymetallic projects in high-grade districts in Colombia and Spain. The company’s common shares also trade on Cboe Canada under the symbol DMET.

According to company disclosures, Denarius Metals targets high-grade deposits that host commodities such as gold, silver, nickel, copper, zinc and lead. Its strategy centers on advancing projects along the mining value chain from exploration through development and into production, with an emphasis on districts that have a history of mining activity and existing infrastructure.

Operations in Colombia – Zancudo Gold-Silver Project

In Colombia, Denarius Metals has commenced mining operations at its 100%-owned Zancudo Project, described as a high-grade gold-silver deposit that includes the historic producing Independencia mine. The project is located in the Cauca Belt, about 30 km southwest of Medellin. The company reports that it began mining operations in the second quarter of 2025.

During an early production phase at Zancudo, mined material is crushed onsite and shipped to a local port for sale to Trafigura Pte. Ltd. under a prepayment and offtake arrangement. This phase is intended to generate operating cash flow while the company advances construction of a new processing plant. Denarius Metals has received an industrial facility permit from the local environmental authority in Colombia, which allows construction of a 1,000 tonnes per day processing plant designed to produce high-grade gold-silver concentrates for sale to Trafigura.

The company has reported an updated Mineral Resource estimate for Zancudo prepared in accordance with Canadian NI 43-101 standards. The Zancudo deposit is described as consisting of stacked mantos and steeply dipping veins that have been exploited over a strike length of 2,500 m, with a known vertical extent of 400 m. The database for the updated estimate incorporates tens of thousands of meters of diamond drilling, including infill drilling campaigns aimed at converting resources from the Inferred to the Indicated category and supporting near-term underground production planning.

Spanish Portfolio – Critical Minerals and Polymetallic Projects

In Spain, Denarius Metals holds interests in three projects focused on what it describes as in-demand critical minerals and polymetallic deposits. These projects are located in established mining regions and include both historic mines and exploration-stage properties.

The company owns a 21% interest in Rio Narcea Recursos, S.L. and acts as operator of the Aguablanca Project in Monesterio, Extremadura. Aguablanca has been recognized by the European Union as a Strategic Project. It comprises a turnkey 5,000 tonnes per day processing plant and the rights to exploit the historic producing Aguablanca nickel-copper mine. Denarius Metals has indicated that all permits required to commence activities to restart mining operations at Aguablanca are in place, and it has engaged METSO Spain S.A. to carry out a refurbishment program at the processing plant.

The company also owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the copper-rich Iberian Pyrite Belt, approximately 88 km southwest of the Aguablanca Project. Denarius Metals reports that the Lomero area hosts polymetallic mineralization and that it is pursuing systematic exploration activities and drilling campaigns. The company’s exploration footprint in the Iberian Pyrite Belt has been expanded through the granting of the Cruzadillo Investigation Permit near the Lomero Project, covering approximately 60 hectares and increasing its permitted exploration area in the belt to about 665 hectares.

In addition, Denarius Metals holds a 100% interest in the Toral Project, described as a high-grade zinc-lead-silver deposit located in the Leon Province in northern Spain. Together, Aguablanca, Lomero and Toral form a portfolio of Spanish projects that expose the company to nickel, copper, zinc, lead and silver, alongside its gold and silver exposure in Colombia.

Financing and Capital Structure Highlights

Denarius Metals has disclosed the use of convertible unsecured debentures as part of its financing strategy. The company has two series of convertible unsecured debentures, referred to as the 2023 Debentures (due October 19, 2029) and the 2024 Debentures (due May 30, 2030). It has implemented a consent solicitation process that enables settlement of monthly interest payments on these debentures in common shares rather than cash for a defined period, subject to Cboe Canada acceptance. The company has reported monthly tables summarizing the principal amounts outstanding, interest due and number of shares to be issued in settlement of interest for each series.

In addition to the debentures, Denarius Metals has arranged a prepayment facility with Trafigura related to the Zancudo Project. Under this arrangement, the company has received advances to fund construction activities at Zancudo and may receive additional funding up to a stated maximum. The facility is tied to the sale of material and future concentrates to Trafigura. The company has also completed private placements to support liquidity, project development and exploration activities in both Colombia and Spain.

Exploration and Resource Development

Exploration and resource development are central to Denarius Metals’ business model. At Zancudo, the company has carried out extensive diamond drilling, including an infill campaign with drill centers spaced at approximately 50 x 50 m to de-risk near-term underground production. The updated Mineral Resource estimate for Zancudo reflects both the conversion of a portion of resources to the Indicated category and an increase in Inferred resource tonnage.

The company has indicated that mineralization at Zancudo remains open for further expansion in all directions. It has outlined plans for additional drilling campaigns, including surface and underground drilling targeting specific structures such as the Santa Catalina ore shoot, Manto Antiguo and other high-grade veins and mantos. These programs are intended to refine resource models, support mine planning and optimize production stope design as mining activities ramp up.

In Spain, Denarius Metals is advancing exploration at the Lomero Project and the newly permitted Cruzadillo area within the Iberian Pyrite Belt. The Cruzadillo Investigation Permit covers an area that hosts geophysical anomalies associated with gossan outcrops and evidence of historical mining workings. Historical records referenced by the company describe past mining of ore lenses and exploration shafts in the Cruzadillo area, which the company views as supportive of additional polymetallic discovery potential. Denarius Metals is designing drilling campaigns to test targets within this expanded land package.

Regulatory and Technical Reporting

Denarius Metals reports its technical information in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects. For the Zancudo Project, the company has filed an NI 43-101 compliant technical report supporting its updated Mineral Resource estimate. This report, prepared by an independent qualified person, details the geological model, sampling procedures, quality assurance and quality control protocols, and the estimation methodologies used, such as inverse distance cubed and ordinary kriging on a vein-by-vein basis.

The company emphasizes that mineral resources are not mineral reserves and do not have demonstrated economic viability, and that resource estimates may be affected by factors such as environmental, permitting, legal, title, socio-political or marketing considerations. It also notes the inherent uncertainty associated with Inferred mineral resources and the need for further exploration to potentially upgrade such resources.

Stock Listings and Geographic Focus

Denarius Metals’ common shares trade on Cboe Canada under the symbol DMET and on the OTCQX Market in the United States under the symbol DNRSF. The company describes itself as Canadian, with core operational focus in Colombia and Spain. Its Colombian activities are concentrated in the Cauca Belt southwest of Medellin, while its Spanish projects are located in Extremadura, the Iberian Pyrite Belt in Andalusia and the Leon Province in northern Spain.

Investment Considerations

According to its public disclosures, Denarius Metals is positioned as a junior mining company with exposure to both precious metals and critical base metals through a mix of early production, development and exploration-stage assets. Investors evaluating DNRSF may consider factors such as the progress of construction and commissioning of the Zancudo processing plant, the performance of early production and offtake arrangements, the advancement of the Aguablanca restart and plant refurbishment, and exploration results from Lomero, Cruzadillo and Toral. As with all junior mining companies, outcomes depend on technical, financial, regulatory and market conditions, and the company includes cautionary statements on forward-looking information and mineral resources in its releases.