Denarius drops offer for Emerita Resources acquisition

Executive Summary

• Denarius Metals Corp. has officially rescinded its proposal to acquire Emerita Resources Corp. after failing to secure substantive engagement from Emerita’s board or special committee.
• The failed acquisition was structured as a plan of arrangement or supported corporate transaction at a price of 45 cents per share, which represented a 73% premium to Emerita’s closing price on April 10, 2026.
• Denarius will pivot focus to ramping up operations at its Zancudo gold-silver mine in Colombia and preparing the Aguablanca nickel-copper project in Spain for a restart in the first half of 2027.

Key Details

• Transaction Rescission: Denarius Metals no longer intends to pursue discussions to acquire all issued and outstanding shares of Emerita Resources.
• Reason for Failure: Emerita failed to engage in substantive discussions regarding the proposed acquisition, despite written requests from Denarius to facilitate negotiations.
• Proposed Consideration: The offer was for 45 cents per Emerita share.
• Premium: The offer price represented a 73% premium to Emerita's closing price on April 10, 2026.
• Strategic Pivot - Colombia: Denarius is ramping up operations at the producing Zancudo gold-silver mine.
• Strategic Pivot - Spain: The company is preparing the Aguablanca nickel-copper project to restart in the first half of 2027.
• Portfolio Expansion: Denarius is creating scale in its Spanish project portfolio, including advancing a strategic collaboration with Saudi-based ProGrowth Ltd. Company.
• Zancudo Project Status: Located in the Cauca belt, Colombia; 100%-owned; currently in early-production phase; construction of a 1,000-tonne-per-day processing plant is underway, expected to start producing high-grade gold-silver concentrates by Q3 2026.
• Aguablanca Project Details: Denarius holds a 21.8% interest and is the operator; recognized by the EU as a strategic project; features a turnkey 5,000-tonne-per-day processing plant and rights to exploit the historic producing mine in Monesterio, Extremadura.
• Other Spanish Assets: Denarius owns 100% of the Lomero project (polymetallic deposit in the Iberian pyrite belt) and 100% of the Toral project (high-grade zinc-lead-silver deposit in Leon province).

Notable Quotes

• "Emerita has failed to engage in any substantive discussions with Denarius Metals regarding its proposal to acquire the shares of Emerita by way of plan of arrangement or other supported corporate transaction at a price of 45 cents per Emerita share, representing a 73-per-cent premium to Emerita's closing price on April 10, 2026."
• "Although Denarius Metals' proposal was intended to provide Emerita shareholders with a pathway to immediate value, Emerita has not responded to Denarius Metals' written requests to facilitate negotiations that could lead to a potential transaction."