Denarius Metals Corp. announced the results of a Preliminary Economic Assessment for its 100%-owned Zancudo Project, which includes the historic producing underground Independencia Mine, located in the Municipality of Titiribi, Department of Antioquia, Republic of Colombia, approximately 30km southwest of Medellin. The PEA was prepared in accordance with the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") Definition Standards incorporated by reference in National Instrument 43-101 ("NI 43-101") with an effective date of October 24, 2023.

Highlights of the Zancudo Project PEA: The Zancudo Project PEA is based on an updated MRE, with an effective date of July 31, 2023 comprising 4.1 million tonnes grading 6.5 g/t gold and 107 g/t silver totaling 860,000 ounces of gold and 14.1 million ounces of silver. At a gold equivalent grade of 8.1 g/t, the Inferred Resources in the updated MRE represent a total of 1,060,000 gold equivalent ounces. Over the approximately 10.3-year mine life, production from the mining and processing of approximately 3.5 million tonnes of material containing 899,000 gold equivalent ounces is expected to recover 683,000 payable gold equivalent ounces through the sale of approximately 636,000 tonnes of high-grade gold-silver concentrates.

Recoveries of 85% for gold and 87% for silver to concentrates from a three-stage crushing circuit. Initial CAPEX costs of US$14.8 million including a US$2.0 million contingency. AISC of $1,059 per ounce of payable gold on a by-product credit basis.

The Project incorporates local contract mining and is expected to stimulate the local economy, benefitting the Municipality of Titiribi and surrounding communities through direct and indirect employment at the Project, local sourcing of services and supplies and community programs funded by the Company. At long-term gold and silver prices of US$1,800 per ounce and $22 per ounce, respectively, total LOM undiscounted after-tax Project cash flow from mining operations amounts to US$266.4 million. At a 5% discount rate, the net present value of the total LOM after-tax Project cash flow amounts to $206.3 million.

The Project has an after-tax internal rate of return of 287% and payback in 2025.