DENARIUS METALS RESCINDS PROPOSAL TO ACQUIRE EMERITA RESOURCES

• On May 6, 2026, Denarius Metals Corp. officially rescinded its proposal to acquire all issued and outstanding shares of Emerita Resources Corp.
• The decision follows a lack of engagement from the Emerita Board of Directors and special committee regarding the acquisition offer.
• The original proposal offered CA$0.45 per share, representing a 73% premium to Emerita's closing price on April 10, 2026.
• Concurrently, the company provided operational updates: construction is underway for a 1,000 tonnes per day processing plant at Zancudo (Colombia), with high-grade concentrate production expected by Q3 2026.
• The Aguablanca Ni-Cu Project (Spain) restart is scheduled for the first half of 2027.
• Strategic collaboration with Saudi-based ProGrowth Ltd. continues.

• M&A Failure: The rescission of the Emerita acquisition removes a significant growth catalyst that was intended to scale operations in the Iberian Pyrite Belt (Spain). This is negative sentiment as it indicates management's consolidation strategy hit a wall despite a 73% premium offer.
• Operational Continuity: Despite the M&A failure, the core operational thesis remains intact. Zancudo production is ramping up (Q1 2026 revenue of US$3.5 million vs US$1.7 million for FY2025), and capital raised via warrant exercises ($24.7 million in early 2026) supports the plant construction timeline.
• Market Expectation: The lack of engagement from Emerita was likely suspected given the time elapsed since the increased offer on April 21, 2026. Therefore, while negative, it is not a complete surprise to the market.
• Net Impact: The removal of dilution risk from an all-share deal offsets some negativity, but the loss of strategic synergy in Spain is a setback. Overall impact is Routine - Negative as the fundamental production business continues without existential threat.

• Company: Denarius Metals Corp. is a mining company focused on gold, silver, nickel, copper, zinc, and lead assets in Colombia and Spain.
• Flagship Project (Zancudo): 100% owned gold-silver project in Antioquia, Colombia. Currently in early production phase with shipments to Trafigura. Transitioning to a 1,000 tpd processing plant for concentrate production by Q3 2026.
• Secondary Projects: Aguablanca (Nickel-Copper, Spain), Lomero (Polymetallic, Spain), Toral (Zinc-Lead-Silver, Spain).
• Development Status: Zancudo is fully permitted and generating revenue. Aguablanca is in restart preparation phase for 2027.