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Denarius Metals Corp. (DNRSF) is a Canadian junior company focusing on acquiring, exploring, developing, and operating polymetallic mining projects in high-grade districts. The company's portfolio includes the Lomero Project, a polymetallic deposit situated on the Spanish side of the copper-rich Iberian Pyrite Belt, and a 50% interest in Rio Narcea Recursos, S.L., which controls the historic Aguablanca nickel-copper mine in Spain. Denarius Metals is executing an exploration campaign on the Toral Zn-Pb-Ag Project in Northern Spain and advancing construction at its Zancudo Project in Colombia. The Company aims to achieve near-term production, cash flow, and long-term growth through continued exploration and development.
Denarius Metals Corp. (OTCQB: DNRSF) has completed its maiden Mineral Resource estimate (MRE) for the Zancudo Project in Colombia. The estimate, prepared by SRK Consulting, reveals Inferred Resources of 2.8 million tonnes at a grade of 6.5 g/t gold and 112 g/t silver, totaling 576,000 ounces of gold and 10 million ounces of silver. The project aims for near-term production with local contract miners while focusing on exploration for long-term growth. Denarius also terminated the Guia Antigua license agreement with Aris Mining, securing approximately US$2.2 million to fund initial investments in Zancudo, including infrastructure improvements.
Denarius Metals Corp. reported its unaudited interim financial results for the three and nine months ending September 30, 2022. The company incurred a net loss of $0.7 million ($0.03 per share) for Q3 2022, and $2.3 million ($0.11 per share) for the nine months, significantly improved from a loss of $23.4 million in the same period last year. A total of $7 million was spent on exploration, mainly at the Lomero Project. Denarius has an initial mineral resource estimate of 10.66 million tonnes at the Lomero Project and requires additional capital for further operations.
Denarius Metals Corp. has entered a definitive option agreement with Europa Metals Ltd. to acquire up to an 80% interest in the Toral Zn-Pb-Ag Project in Spain. The first phase allows Denarius to acquire a 51% equity interest by investing $4 million over three years, including a mining license application by July 31, 2023. A second option permits acquiring an additional 29% interest post a prefeasibility study for $2 million. Denarius will also pay a $300,000 finder's fee through the issuance of shares. The project shows promise due to its location in a historically rich mining area.
Denarius Metals has received approval for a 10-for-1 share consolidation from TSX Venture Exchange, effective November 21, 2022. Post-consolidation, approximately 20,762,188 common shares will be outstanding, aimed at increasing share price attractiveness to institutional investors. This move is expected to alleviate the pressure from a large number of currently outstanding shares, potentially enhancing the company’s market appeal. The consolidation does not alter the company’s trading symbols or its capital structure regarding warrants and options.
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