Resource Estimate
DENARIUS METALS FILES 2025 ANNUAL FILINGS ON SEDAR+
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Executive Summary
- Denarius Metals released its 2025 annual financial results, reporting $1.7 million in revenue from gold and silver sales at the Zancudo Project during its "early production" phase.
- The company announced an updated Mineral Resource Estimate (MRE) for the Zancudo Project and highlighted a Preliminary Economic Assessment (PEA) projecting $2.0 billion in net revenue over an 11-year mine life.
- Construction of a new 1,000 tonnes per day (tpd) processing plant at Zancudo is underway, with commissioning expected in the third quarter of 2026.
Key Details
- 2025 Production & Revenue:
- Total revenue: $1.7 million from the sale of 333 ounces of gold and 5,749 ounces of silver.
- Average realized gold price (NG): $4,008 per ounce sold.
- Total cash costs (NG): $2,352 per ounce of gold sold.
- Gross profit: $0.6 million (approximately 41% of gold revenue).
- Zancudo Project Operations & Infrastructure:
- Current phase involves onsite crushing and shipping to Trafigura Pte. Ltd.
- New 1,000 tpd processing plant commissioning expected in Q3 2026.
- Civil works for the plant and dry-stack tailings storage facility are scheduled for construction during the summer of 2026.
- The company has $3.4 million available from a Zancudo Prepayment Facility with Trafigura to fund remaining construction.
- Updated Mineral Resource Estimate (MRE) (as of Oct 30, 2025):
- Indicated Resources: 979,000 tonnes @ 6.9 g/t Au and 84 g/t Ag (totaling 217,000 oz Au and 2.7M oz Ag).
- Inferred Resources: 4.6 million tonnes @ 5.6 g/t Au and 84 g/t Ag (totaling 832,000 oz Au and 12.5M oz Ag).
- A new 15,000-meter infill drilling campaign is commencing in April 2026 targeting the Brisas, El Castano, and Independencia Mine targets.
- Preliminary Economic Assessment (PEA) Highlights:
- Project Life: 11 years.
- Expected Net Revenue: $2.0 billion.
- LOM All-in Sustaining Cost (AISC NG): $2,477 per ounce of gold.
- LOM After-tax Free Cash Flow: $452 million.
- Financial Performance & Liquidity:
- Full Year 2025 Net Loss: $31.2 million ($0.27 per share).
- Cash Position (Dec 31, 2025): $6.9 million (up from $1.1 million at end of 2024).
- Recent Capital Inflow: CA$20.9 million (approx. $15.2 million USD) raised in Q1 2026 through the exercise of warrants and stock options.
- Aguablanca Project (Spain):
- Closed a first tranche of $7.0 million in a private placement of five-year, 12% secured notes issued by Rio Narcea Recursos, S.A. (RNR) in late March 2026.
- A further $0.5 million tranche is expected in early April 2026.
- Currently processing a third-party facility for a EUR 20 million senior secured facility expected in Q2 2026.
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Jun 25, 2026 · 17:38