Denarius sells 340 oz Au, 5,770 oz Ag in 2025

Executive Summary

• Denarius Metals reported 2025 production results for its Zancudo project in Colombia, generating approximately $1.7 million in U.S. revenue during the early production phase.
• The company received approximately $1.4 million in gross proceeds from the exercise of expiring warrants and stock options in late December 2025.
• Operations are transitioning from artisanal mining to conventional semi-mechanized mining, with a new 1,000-tonne-per-day processing plant expected to be commissioned in Q3 2026.

Key Details

• 2025 Production Volume:
  • Total crushed material shipped: 2,093 tonnes.
  • Monthly progression: 64 tonnes (June), 814 tonnes (Q3), 1,215 tonnes (Q4).
• 2025 Financial & Grade Metrics:
  • Total Revenue: ~$1.7 million (U.S.).
  • Head Grades: 8 g/t Gold and 224.8 g/t Silver.
  • Total Metal Content in Shipments: ~538 ounces of Gold and 15,129 ounces of Silver.
  • Payment Received: 340 ounces of Gold and 5,770 ounces of Silver (reflecting early-phase payability rates of 30-70% for gold and 20-40% for silver).
• Warrant and Option Exercises (Late Dec 2025):
  • Gross Proceeds: ~$1.4 million.
  • Warrants Expired March 2, 2026 / April 4, 2026: 1,640,255 shares issued at $0.60/share.
  • Warrants Expired June 20, 2030: 418,000 shares issued at $0.66/share.
  • Stock Options: 300,000 shares exercised at $0.52/share by a departing manager.
• Capital Structure Update (as of Jan 19, 2026):
  • Total Common Shares Issued and Outstanding: 153,786,093.
  • Market Capitalization: ~$107.7 million.
  • Outstanding Warrants: 37,732,046 warrants expiring March 2, 2026, and April 4, 2026.
• Operational Outlook:
  • Early production phase (artisanal mining) expected to run through H1 2026.
  • Transition to high-grade gold-silver concentrates expected in H2 2026.
  • New 1,000 tonnes/day processing plant commissioning expected in Q3 2026.
  • Future payability rates for concentrates with Trafigura expected to increase to 86-90% for gold and 35-45% for silver.

Notable Quotes

• "Two thousand twenty-five marked the beginning of operations at Colombia's newest gold mine... From our first shipment of 64 tonnes of crushed material in June, we increased our shipments to 814 tonnes in the third quarter and 1,215 tonnes in the fourth quarter." — Serafino Iacono, Executive Chairman
• "As development opens up new fronts in 2026 and we transition to producing high-grade gold-silver concentrates in the second half of 2026, we expect this to be a transformational year for Denarius Metals." — Serafino Iacono, Executive Chairman