#Canada #Toronto #Denarius Metals #Zancudo Project #Aguablanca Project

Denarius Metals Updates its Capital Structure

On March 9, 2026, Denarius Metals Corp. announced an important update regarding its capital structure, largely influenced by the recent exercise of warrants. The company has successfully raised around CA$16.7 million from the exercise of approximately 27.7 million warrants, with exercise prices between CA$0.60 and CA$0.66 per share. As of March 6, the total number of common shares issued totaled 189,356,286, leading to a market capitalization of about CA$206 million.

Serafino Iacono, the Executive Chairman of Denarius Metals, expressed satisfaction with these developments, noting that this capital influx strengthens the company's balance sheet amid ongoing efforts to expand operations in Colombia and Spain. He emphasized that 2026 is poised to be a transformative year for the company, particularly as they progress from early production phases to commercial concentrate production at the Zancudo Project in Colombia by the end of Q3 2026.

Currently, Denarius is in the early stages of production at the Zancudo Project, and initial improvements in daily mining rates have been encouraging. Notably, the volume of crushed material being shipped to Trafigura, a major trading company, is increasing. In February alone, the company shipped 581 tonnes of material, up from 362 tonnes in January, with metal grades averaging approximately 10 g/t gold and 200 g/t silver in recent months.

Additionally, Denarius is moving forward with the installation of a new mill at the Independencia Mine, which will enhance their crushing capacity to accommodate the increased production as they finalize construction of a new concentrate processing facility. Meanwhile, in Spain, Denarius is making significant progress in financing the joint venture for restarting operations at the Aguablanca Project, with commencement of these activities expected in the second quarter of 2026.

Securities and Investments

As of March 6, 2026, Denarius has several securities in circulation:

• - Common Shares: 189,356,286.
• - Stock Options: 14,432,500, with exercise prices ranging from CA$0.52 to CA$6.50, expiring between 2026 and 2031.
• - Warrants: 75 million at CA$8.00, expiring on March 17, 2026. Various other unlisted warrants at different exercise prices range from CA$0.60 to CA$0.85, expiring from April 2026 to February 2028.

Furthermore, the total fully diluted share count is approximately 344,738,074 shares.

Future Prospects and Projects

Denarius Metals engages in the acquisition and development of precious metals across high-grade mining districts in Colombia and Spain. In Colombia, the company is focused on its 100% owned Zancudo Project. This project is expected to handle 1,000 tonnes per day of processing capacity, with high-grade gold-silver concentrates anticipated to commence in the third quarter of this year. Notably, Zancudo includes the highly regarded Independencia mine and is situated in the mineral-rich Cauca Belt near Medellin.

In Spain, Denarius is actively working on three projects targeting essential minerals. Of note is the Aguablanca Project, where they hold a 22% interest and serve as the operator. Recognized by the EU as a Strategic Project, Aguablanca encompasses a processing plant capable of handling 5,000 tonnes per day and is pivotal in the revival of the historic nickel-copper mine.

Denarius Metals also owns the Lomero Project, featuring a polymetallic deposit in the Iberian Pyrite Belt, and the Toral Project, recognized for its high-grade zinc-lead-silver resources in Northern Spain.

For further updates and detailed information on Denarius Metals Corp., interested parties can visit their official website or view their profile on SEDAR+.

Cautionary Note

The company reminds stakeholders that this update contains forward-looking statements that involve risks and uncertainties, and actual results may differ significantly. Investors are encouraged to heed the outlined risk factors in the company’s Annual Information Form.