Denarius Metals

What Denarius Metals does

Denarius Metals Corp. is a Canadian junior mining company headquartered in Toronto, Canada, engaged in the acquisition, exploration, development, and operation of polymetallic mining projects across high-grade districts in Colombia, Spain, and the Kingdom of Saudi Arabia. The company's flagship asset is the 100%-owned Zancudo Project in the Municipality of Titiribí, Antioquia, Colombia, where gold and silver production commenced in 2025 in an early production phase; a 1,000 tonnes per day flotation processing plant is under construction with commissioning expected in Q3 2026. The Spanish portfolio comprises the Aguablanca nickel-copper mine (21% interest in operator Rio Narcea Recursos, S.L., designated a Strategic Project by the European Commission in 2025), the 100%-owned Lomero polymetallic deposit on the Iberian Pyrite Belt, and the Toral zinc-lead-silver project (held under an option to acquire up to 80% via Europa Metals). In May 2026, the company expanded into Saudi Arabia through two 75%-owned joint venture companies with ProGrowth Ltd. — Al Sahra Minerals (downstream mineral processing) and Najd Minerals (mining concessions) — aligned with Saudi Vision 2030.

The company's technology stack centers on underground mechanized mining with on-site crushing and flotation processing to produce high-grade gold-silver concentrates, supported by diamond drilling exploration with QA/QC and NI 43-101 compliant mineral resource estimation. Existing infrastructure includes a turnkey 5,000 tpd processing plant at Aguablanca (intended as a key enabler for the nearby Lomero project) and a new 1,000 tpd flotation plant under construction at Zancudo. Independent laboratories (SGS Labs in Medellín, ALS Minerals) handle sample preparation and assaying, while Resource Development Associates prepares updated mineral resource estimates using Inverse Distance Cubed and Ordinary Kriging grade estimation on a vein-by-vein basis. Underground mineral extraction at Zancudo is executed in partnership with an experienced local contract miner, taking advantage of extensive historical underground mine workings in the Independencia Mine.

Denarius's revenue model relies primarily on the sale of gold-silver ore and concentrates to Trafigura Pte. Ltd. under a long-term offtake agreement, with payability rates of 30-70% for gold and 20-40% for silver during the early production phase. Q1 2026 revenue reached approximately US$3.5 million (2,337 tonnes containing 863 oz Au and 20,237 oz Ag), compared to US$1.7 million for the full fiscal year 2025. The 2026 PEA for Zancudo projects $1,971.8 million in life-of-mine revenue over an 11-year mine life at $4,000/oz gold and $50/oz silver price assumptions, with an AISC of $2,482/oz Au and a 558% after-tax IRR. Capital is sourced through public equity listings (Cboe Canada DMET, OTCQX DNRSF), private placements, convertible debentures, and a US$16 million prepayment facility from Trafigura. In June 2026, the company initiated a consent solicitation to retire CA$34.16 million in convertible debentures by converting them into approximately 225.3 million common shares, eliminating approximately CA$157 million in future cash obligations and significantly restructuring the balance sheet ahead of the Zancudo plant commissioning.

Name

Denarius Metals

Legal name

Denarius Metals Corp.

Website

https://denariusmetals.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Short description

Denarius Metals is a Canadian junior mining company that acquires, explores, and operates polymetallic mining projects in Colombia, Spain, and Saudi Arabia, currently producing gold and silver at its Zancudo Project while developing nickel-copper, zinc-lead-silver, and polymetallic assets.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Mineral concentrate and ore sales: Revenue from sales of gold-silver ore and concentrates to Trafigura Pte. Ltd. under a long-term offtake agreement. Q1 2026 shipments were 2,337 tonnes containing approximately 863 oz of gold and 20,237 oz of silver, generating approximately US$3.5 million in revenue, compared to US$1.7 million for the full fiscal year 2025. Payability rates during the early production phase are 30-70% for gold and 20-40% for silver.
2. Future commercial concentrate production (planned): Future revenue from sale of high-grade gold-silver concentrates from a new 1,000 tpd flotation processing plant at the Zancudo Project, expected to begin production by Q3 2026 and transition to commercial production. The 2026 PEA projects $1,971.8 million in LOM revenue from 465,606 payable gold ounces and 2,188,111 payable silver ounces.
3. Future Saudi Arabian mineral processing/refining revenue: Future revenue potential from downstream mineral processing (roaster facility, CIL plant, gold refinery) via the Al Sahra Minerals JV, and from mining concessions in KSA/GCC via the Najd Minerals JV.

Pricing tiers

Go-to-market motion4 records

Distribution channels4 records

Marketing channels7 records

Core offering

Denarius Metals is a Canadian junior mining company engaged in the acquisition, exploration, development and operation of polymetallic mining projects. It currently produces gold and silver ore/concentrates at its 100%-owned Zancudo Project in Colombia (sold to Trafigura under a long-term offtake) and is developing additional high-grade polymetallic projects in Spain and the Kingdom of Saudi Arabia, with mineral processing infrastructure including a 1,000 tpd flotation plant at Zancudo and a 5,000 tpd turnkey plant at Aguablanca.

Product overview

Denarius Metals is a Canadian junior mining company with a portfolio of polymetallic mining projects in high-grade districts, structured as a holding company operating multiple mining project subsidiaries across three jurisdictions. Its flagship asset is the 100%-owned Zancudo Project in Colombia, a high-grade gold-silver mine in early production phase, operated through its 100%-owned subsidiary Zancudo Metals Corp. The Spanish portfolio comprises three projects: the Aguablanca nickel-copper mine (in which Denarius holds a 21% interest in Rio Narcea Recursos, S.L. and serves as operator), the 100%-owned Lomero polymetallic deposit, and the 100%-owned Toral zinc-lead-silver project held through a JV with Europa Metals. In 2026, Denarius expanded into Saudi Arabia through two JV subsidiaries — Al Sahra Minerals (75% owned) for downstream mineral processing and Najd Minerals (75% owned) for mining concessions — formed with ProGrowth Ltd. as part of a strategic collaboration aligned with Saudi Vision 2030. All projects feed into a long-term offtake agreement with Trafigura Pte. Ltd. for concentrate sales, and a long-term refining and trading channel is planned through the Saudi joint venture. The company lists on Cboe Canada (DMET) and OTCQX (DNRSF).

Differentiator

Problem solved

Functional benefit

Brands

• Zancudo Metals: 100% owned subsidiary of Denarius Metals that holds the rights to the Zancudo Project in Colombia, including the historic producing Independencia Mine.
• Aguablanca Project
• Lomero Project
• Toral Project

Products and services

• Zancudo Project 100%-owned high-grade gold-silver underground mining project located in the Municipality of Titiribí, Department of Antioquia, Colombia, approximately 30 km southwest of Medellín, including the historic Independencia Mine. Currently in early production phase, with a 1,000 tonnes per day flotation processing plant under construction expected to commission in Q3 2026. The 2026 PEA projects an 11-year mine life, $1,971.8 million in LOM revenue, $323.8 million After-Tax NPV (5%), and 558% After-Tax IRR.
• Aguablanca Project Nickel-copper mining project with a turnkey 5,000 tonnes per day processing plant located in Monesterio, Extremadura, Spain. Denarius Metals is the operator and currently holds a 21% interest in Rio Narcea Recursos, S.L. The project was recognized in 2025 as a Strategic Project by the European Commission and is being positioned as a key enabler to accelerate development of the nearby Lomero Project. Restart of operations is targeted for the first half of 2027.
• Lomero Project 100%-owned polymetallic deposit (copper, lead, zinc, gold, silver) located on the Spanish side of the prolific copper-rich Iberian Pyrite Belt, approximately 88 km southwest of the Aguablanca Project. Indicated resources were converted from 73% of the resource base in the 2023 updated Mineral Resource Estimate, and the project is intended to be accelerated using the nearby Aguablanca 5,000 tpd processing plant.
• Toral Project High-grade zinc-lead-silver deposit located in the Region of El Bierzo, Castilla y León, Province of León, northern Spain, held through an option and joint-venture arrangement with Europa Metals Ltd. allowing Denarius to acquire up to 80% ownership interest in Europa Metals Iberia S.L. Indicated resources of 7 Mt at 5.0% Zn, 3.7% Pb, 29 g/t Ag. Mining license application filed October 2023 with expected conclusion in the second half of 2026.
• Al Sahra Minerals (Downstream Mineral Processing JV) Saudi Arabia joint venture company (75% Denarius / 25% ProGrowth) focused on downstream mineral processing infrastructure including a roaster facility, carbon-in-leach plant, and gold refinery within the Kingdom of Saudi Arabia. Approved by Saudi Arabia's Ministry of Industry and Mineral Resources, with material from Denarius Metals' Spanish Lomero and Toral Projects expected to be processed and commercialized through this channel. Aligned with Saudi Vision 2030.
• Najd Minerals (Mining Concessions JV) Saudi Arabia joint venture company (75% Denarius / 25% ProGrowth) targeting mining concessions and mineral extraction for gold, nickel, and strategic minerals within the Kingdom of Saudi Arabia and GCC region. Approved by Saudi Arabia's Ministry of Industry and Mineral Resources, aligned with Saudi Vision 2030.

Quantifiable outcome

• $1,971.8 million in LOM revenue and $323.8 million After-Tax NPV (5%) projected for the Zancudo Project in the 2026 PEA over an 11-year mine life.
• +7 more outcomes

Named customers1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Ten partnerships are on record, tiered core, flagship and minor.

• KPMG LLPcoreImplementation/ SI/ Consulting Partner · 3 June 2026Appointed as auditors of Denarius Metals at the Annual General and Special Meeting of Shareholders on June 3, 2026, with overwhelming shareholder approval exceeding 99%.
• ProGrowth Ltd.flagshipStrategic or Co-development Partner · 7 May 2026Saudi Arabia-based diversified group; joint venture partner for two companies approved by the Kingdom of Saudi Arabia's Ministry of Industry and Mineral Resources: Al Sahra Minerals (downstream mineral processing - roaster facility, CIL plant, gold refinery) and Najd Minerals (mining concessions and mineral extraction for gold, nickel, and strategic minerals within KSA and GCC). Denarius Metals holds a 75% equity stake in each JV. ProGrowth's CEO Omar Alramah was nominated to Denarius Metals' board, and ProGrowth plans an initial equity investment of up to 10% in Denarius Metals via a private placement. ProGrowth provides services to Maaden and Saudi Aramco. Strategic collaboration is aligned with Saudi Vision 2030.
• Stifel Nicolaus Canada Inc.coreChannel Partner/ Reseller/ Distributor · 19 November 2025Lead agent for Denarius Metals' LIFE offering of units, which closed with gross proceeds of approximately CA$6.75 million. Stifel also led the syndicate of agents for the up to CA$15.008 million private placement offering in March 2025.
• Resource Development Associates Inc. (RDA)coreImplementation/ SI/ Consulting Partner · 3 November 2025Independent consulting firm that prepared the updated Mineral Resource Estimate for the Zancudo Project effective October 31, 2025, and the PEA results announced March 30, 2026. Mr. Scott E. Wilson, CPG, President of RDA, is the independent Qualified Person responsible for the MRE under NI 43-101. RDA also prepared the supporting NI 43-101 technical report dated May 14, 2026.
• Trafigura Pte. Ltd.flagshipStrategic or Co-development Partner · 1 June 2025Trafigura is a long-term offtake partner for gold-silver ore and concentrates from the Zancudo Project. They have also provided a prepayment facility that was upsized from US$9 million to US$16 million in June 2026 to fund exploration drilling and development activities. Trafigura received 3,000,000 common share purchase warrants as part of the upsizing. As of June 2026, US$9 million in cash had been received.
• SGS Labs (ISO 9001:2015) and ALS Minerals / ALS GlobalminorImplementation/ SI/ Consulting Partner · 10 September 2024Independent laboratories used for sample preparation and assaying of drilling samples. SGS Labs (ISO 9001:2015) in Medellin, Colombia, with assaying at El Callao, Lima, Peru (used in 2024 drilling). ALS Minerals Medellin for sample preparation and ALS Global in El Callao, Peru for assays (used in 2025 updated MRE).
• Rio Narcea Recursos, S.L. (RNR)coreStrategic or Co-development Partner · 5 December 2023Denarius Metals owns a 21% interest in RNR and is the operator of the Aguablanca Project (acquired 50% initially in December 2023). The Aguablanca Project comprises a turnkey 5,000 tonnes per day processing plant and the rights to exploit the historic producing Aguablanca nickel-copper mine in Monesterio, Extremadura, Spain. RNR is recognized as a Strategic Project by the EU.
• Europa Metals Ltd.coreStrategic or Co-development Partner · 23 November 2022Joint venture partner for the Toral Zn-Pb-Ag Project in León Province, Northern Spain. Definitive option agreement signed November 23, 2022, allowing Denarius to acquire up to an 80% ownership interest in Europa Metals Iberia S.L. The 2023 drilling campaign at Toral (9 holes, ~6,200 m) was funded by Denarius under the Option Agreement. Mining license application submitted October 2023.
• SRC Swiss Resource Capital AGminorImplementation/ SI/ Consulting Partner · 6 December 2021Investor relations firm engaged by Denarius (then Denarius Silver Corp.) in December 2021 to provide investor relations and advisory services.
• IAMGOLD CorporationminorStrategic or Co-development PartnerPreviously held an option to acquire up to a 70% interest in the Zancudo Project under an agreement signed with Gran Colombia Gold in March 2017. IAMGOLD drilled approximately 16,224 m from 2017-2019 and incurred over US$4 million in exploration expenditures before suspending drilling due to COVID-19. IAMGOLD advised Denarius in 2022 that it would not complete its earn-in under the option agreement, leaving Denarius with 100% interest in Zancudo.

Scale indicators22 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Aris Mining Corporation: Mid-tier gold producer in Colombia and Guyana formed via the merger of Aris Gold and GCM Mining (Gran Colombia Gold). A longstanding strategic shareholder of Denarius across multiple private placements and the CA$20.6M convertible debenture, with comparable Colombian underground gold mining exposure.
• Endeavour Silver Corp. Mid-tier silver-gold producer with multiple underground mines in Mexico. Direct comparable as a polymetallic junior miner with a portfolio of high-grade underground precious metals projects approaching or in production, similar in scale to Denarius's Zancudo and Lomero assets.
• Europa Metals Ltd: Junior polymetallic explorer/developer that is Denarius's JV partner at the Toral Zn-Pb-Ag Project in northern Spain. Denarius can earn up to 80% of Europa Metals Iberia S.L. The two companies share Spanish permit timelines and a zinc-lead-silver asset profile directly comparable to Toral.

Broad incumbents

• IAMGOLD Corporation: Established mid-tier gold producer with operations across the Americas and West Africa. Previously held an option to acquire up to 70% of Denarius's Zancudo Project (2017–2022), drilled ~16,224 m before withdrawing, providing a directly comparable benchmark for Zancudo's geology and scale.
• Lundin Mining Corporation: Diversified mid-tier base metals miner (copper, zinc, nickel) operating Neves-Corvo in Portugal on the Iberian Pyrite Belt and Aguablanca-style nickel-copper mines in Spain. A natural incumbent comparable for Denarius's Spanish portfolio across copper, zinc, lead, and nickel.
• Aura Minerals Inc. Mid-tier gold and copper producer with operations across Brazil, Mexico, Honduras, and the United States. Comparable Americas-focused gold-copper producer at similar scale, with multiple producing assets and a growth pipeline analogous to Denarius's portfolio.
• Atalaya Mining plc: European copper producer operating the Riotinto mine on the Iberian Pyrite Belt in southern Spain. Operates in the same Spanish polymetallic district as Denarius's Lomero and Aguablanca projects, with comparable permitting pathways and EU Strategic Project precedents.
• Ero Copper Corp. Mid-tier copper producer with operations in Brazil (MCSA Mining Complex) and a growing gold-copper portfolio. Comparable to Denarius as a polymetallic Americas-focused mid-tier developer with multiple projects at varying stages.
• Maaden (Saudi Arabian Mining Company): Saudi Arabia's national mining champion and the dominant player in the kingdom's mining sector under Vision 2030. ProGrowth (Denarius's JV partner) provides services to Maaden, making it the natural incumbent benchmark for Denarius's Saudi JV ambitions.

Emerging players

• MAG Silver Corp. Emerging silver-gold developer advancing the Juanicipio project in Mexico. Comparable as a precious-metals developer with a single flagship asset approaching production, similar in scale and stage to Denarius's Zancudo Project.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/denariusmetals
• YouTubeyoutube.com/channel/UCjGJUCS7CJCtQ71jwxH0lpQ
• LinkedInlinkedin.com/company/denarius-metals-corp
• Instagraminstagram.com/denariusmetals

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries5 records

Funding overview

Funding rounds8 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Denarius Metals