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

Executive Summary

• Denarius Metals completed an updated NI 43‑101 mineral resource estimate for its 100% owned Zancudo Project in Colombia, increasing indicated resources to 979 kt (217 koz Au, 2.7 Moz Ag) and inferred resources to 4.6 Mt (832 koz Au, 12.5 Moz Ag).
• The update reflects a 13 % tonnage increase driven by the 2024 infill drilling campaign (7,225 m in 45 holes) and results in ~23 % of gold‑equivalent resources being upgraded from inferred to indicated.
• Zancudo is fully permitted for production, with construction underway on a 1,000 tpd flotation plant; the company plans a 15,000 m drilling program in 2026 to further expand and upgrade resources.

Key Details

• Resource Highlights (effective Oct 31 2025):
• Indicated: 979 kt @ 6.9 g/t Au & 84 g/t Ag → 217 koz Au, 2,657 koz Ag (AuEq 7.9 g/t).
• Inferred: 4,636 kt @ 5.58 g/t Au & 84 g/t Ag → 832 koz Au, 12,508 koz Ag (AuEq 6.6 g/t).
• Compared to the previous estimate (Oct 24 2023): inferred resources were 4,100 kt @ 6.53 g/t Au & 107 g/t Ag → 860 koz Au, 14,090 koz Ag (AuEq 8.1 g/t).
• Drilling Database: 47,329 m in 194 holes total; 7,225 m in 45 holes from the 2024 campaign contributed to the resource upgrade.
• Geology: Stacked mantos and steeply dipping veins over a 2,500 m strike length; average vein width 0.35 m (max 3.0 m); vertical extent ~400 m.
• Cut‑off Grade: 3.25 g/t AuEq based on $2,400/oz Au, $28/oz Ag, recoveries of 85 % (Au) & 87 % (Ag), 6.7 % royalties, and cost assumptions (mining $105/t, processing $42/t, G&A & off‑site $21/t).
• Permitting & Production: Zancuo Project fully permitted; construction of a 1,000 tpd flotation plant is underway with expected concentrate production to begin in 2026.
• Future Drilling (2026 Campaign – ~15,000 m):
• Brisas target: 5,700 m surface infill (29 holes) to extend Santa Catalina ore shoot and convert inferred to indicated resources.
• El Castano target: 2,000 m surface infill (12 holes) to upgrade Manto Antiguo resources.
• Independencia Mine: 4,200 m underground step‑out drilling to extend high‑grade veins up to 60 m below current level.
• Brownfield drilling: 3,200 m surface extension targeting southwest extension of Manto Antiguo and testing the Mani target.
• Qualified Person: Scott E. Wilson, CPG, President of Resource Development Associates Inc., independent QP under NI 43‑101.
• Quality Assurance/Control: Sampling supervised by company geologists; labs – ALS Minerals (Medellín) & ALS Global (El Callao, Peru), ISO 9001:2015 certified.
• Next Steps: Independent NI 43‑101 technical report to be filed within 45 days; preparation of a Preliminary Economic Assessment (PEA) incorporating updated resource model and higher metal price assumptions.

Notable Quotes

“Following our successful in‑fill drilling campaign at Zancudo and the more robust metals price environment, we are preparing an updated PEA… The significant increase in tonnage and conversion of resources underscores the project’s potential as we ramp up mining activities.” – Serafino Iacono, Executive Chairman, Denarius Metals.