Denarius Metals has 189.35M shares issued at March 6

Executive Summary

• Denarius Metals reported significant warrant exercises resulting in approximately $16.7 million in gross proceeds, updating its capital structure and share count as of March 6, 2026.
• The company provided a positive operational update on its Zancudo project in Colombia, highlighting increased shipping volumes to Trafigura and improving grades, while ramping up towards commercial concentrate production by Q3 2026.
• Progress was reported on the Aguablanca project in Spain, with joint-venture-level financing underway and a targeted restart of operations in Q2 2026.

Key Details

• Warrant Exercises & Capital Structure:
  • Total gross proceeds received from warrant exercises since the beginning of 2026: ~$16.7 million.
  • Number of warrants exercised: ~27.7 million.
  • Exercise price range: 60 cents to 66 cents per share.
  • Total common shares issued and outstanding as of March 6, 2026: 189,356,286.
  • Market capitalization as of March 6, 2026: ~$206 million.
• Zancudo Project (Colombia) Operations:
  • Transitioning from early production to commercial concentrate production by the end of Q3 2026.
  • Daily mining rates are improving, enabling increased volume of crushed material shipped for sale.
  • Shipped 581 tonnes of material to Trafigura last month (February), up from 362 tonnes in January.
  • Average grades over the last two months: ~10 g/t gold and ~200 g/t silver.
  • Installing a new mill at the Independencia mine site to expand crushing capacity to handle ramp-up in tonnes mined.
  • Construction of the new 1,000-tonne-per-day concentrate processing plant is ongoing.
• Aguablanca Project (Spain) Updates:
  • Making progress on joint-venture-level financing for the restart of operations.
  • Expected to commence restart activities in Q2 2026.
  • Project includes a turnkey 5,000-tonne-per-day processing plant and rights to exploit the historic Aguablanca nickel-copper mine.

Notable Quotes

• "We are very pleased with this latest development, which strengthens our balance sheet as we continue to execute our growth strategy in Colombia and Spain. Two thousand twenty-six is shaping up to be a transformational year for us as we ramp up production at our Zancudo project, shifting from the current early production stage to commercial concentrate production by the end of the third quarter this year." — Serafino Iacono, Executive Chairman