• Fourth consecutive quarter of growth in shipments of crushed material from the Zancudo Project for sale to Trafigura, up 72% over the second quarter. 1,744 payable gold ounces in the third quarter brings the total for the first nine months of 2026 to 3,260 ounces of gold.
• $8.0 million of revenue in the third quarter brings the total for the first nine months of 2026 to $16.5 million. Year-to-date gross profit of $6.3 million, equivalent to 38% of revenue.
• Balance sheet significantly strengthened through the early redemption of the Debentures at the end of July 2026. Cash position of $13.9 million as at September 30, 2026.
• Completed strategic investment with 15% equity interest in Copper Giant, gaining exposure to its Mocoa copper-molybdenum project in Colombia.

Toronto, Ontario--(Newsfile Corp. - November 12, 2026) - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2026. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Non-GAAP financial performance measures in this press release are identified with "^NG". For a detailed description of each of the non-GAAP measures used in this press release and a detailed reconciliation to the most directly comparable measure under IFRS, please refer to the Company's MD&A.

Denarius Metals continued to increase production, revenues and gross profit at its Zancudo Project in Colombia in the third quarter of 2026. The Company delivered a total of 6,727 tonnes of mined material during the third quarter of 2026 to a local port for sale to Trafigura Pte. Ltd. ("Trafigura"), representing a 72% increase compared with the second quarter and almost three times what it shipped in the first quarter this year. Head grades remained solid in the third quarter of 2026, averaging 11.6 g/t for gold and 188.9 g/t for silver. These shipments contained approximately 2,508 ounces of gold and 40,856 ounces of silver. Payable gold and silver in the third quarter of 2026 amounted to 1,744 ounces and 14,175 ounces, respectively. This brought the total payable production for the first nine months of 2026 to 3,260 ounces of gold and 31,318 ounces of silver. Payable production in the first nine months of 2025 amounted to 126 ounces of gold and 1,694 ounces of silver, most of which was generated in the third quarter of 2025.

Total revenue in the third quarter of 2026 amounted to $8.0 million bringing the total revenue for the first nine months of 2026 to $16.5 million compared with $0.5 million in the first nine months last year. In the first nine months of 2026, the average realized gold price ^NG was $4,382 per ounce sold and the total cash costs ^NG was $2,455 per ounce of gold sold. The Company generated a gross profit of $2.9 million in the third quarter of 2026 bringing the total for the first nine months of 2026 to $6.3 million, equivalent to approximately 38% of total revenue.

The improvement in the Company's operating performance in the third quarter of 2026 resulted in its first quarterly income from operations of $1.0 million, up from a loss from operations of $1.4 million in the third quarter last year. The net loss for the third quarter of 2026 was $45.9 million ($0.12 per share), principally driven by the $44.2 million loss of financial instruments recognized in conjunction with the early redemption of the Debentures. The net loss for the third quarter of 2025 was $11.7 million ($0.09 per share), including a $10.3 million loss on financial instruments associated with the Debentures. For the first nine months of 2026, income from operations was slightly better than breakeven compared with a loss from operations of $4.1 million for the first nine months last year. The Company reported a net loss of $56.0 million ($0.22 per share) for the first nine months of 2026, including a loss on financial instruments of $42.2 million and finance costs of $17.4 million, both of which were principally associated with the Debentures. The net loss for the first nine months of 2025 was $20.9 million ($0.19 per share), including a loss on financial instruments of$14.4 million and finance costs of $2.5 million.

At September 30, 2026, the Company had a cash position of $13.9 million, up from $6.9 million at December 31, 2025. Working capital improved to $7.4 million at September 30, 2026 from a working capital deficit of $53.8 million at December 31, 2025. The improvement in the Company's working capital in the first nine months of 2026 was largely attributable to the early redemption on July 31, 2026 of its Debentures, which were included in current liabilities, using its common shares. Redeeming the Debentures eliminates a source of volatility in the Company's future earnings driven by the quarterly fair value adjustments recognized on financial instruments in the statement of operations. More important to the Company's decision to redeem the Debentures prior to maturity is the positive impact on its future cash flow achieved through the elimination of payments for gold premiums and interest associated with the Debentures, estimated to total approximately CA$150 million over the next four years following the early redemption.

In April 2026, the Company commenced a 15,100 meters diamond drilling campaign at the Zancudo Project, primarily focused on in-fill drilling to convert additional Inferred resources to the Indicated category. To date, a total of approximately 7,500 meters of drilling has been completed in 35 drillholes with two rigs in operation, primarily at the Brisas target and more recently shifting to focus on the El Castano and Independencia Mine targets. The Company is awaiting final assays for a number of drillholes and has thus far reported the results from the first 2,270 meters completed in 12 drillholes at the Brisas target. Multiple high gold and silver grade intercepts were intersected, as reported from the initial round of drilling, and the reported results continue to demonstrate the high-grade continuity and upside of the Santa Catalina and Manto Antiguo systems at the Brisas target and the potential for resource growth at the Zancudo Project. Further results will be reported as assays become available.

In Spain, the Company, as operator of the Aguablanca Project, continues on a path to re-start operations with production expected to begin in the third quarter of 2027. Earlier in 2026, the Company, on behalf of the Rio Narcea Recursos, S.A. ("RNR") joint venture, closed a private placement in two tranches of $7.5 million of five-year, 12% secured notes issued directly by RNR (the "RNR Notes"). RNR then signed a term sheet in July 2026 with a third party for a $25 million senior secured facility to be undertaken by RNR that is anticipated to be finalized in the fourth quarter of 2026. Dewatering of the open pit commenced in October 2026 and METSO will start its work at the RNR plant later in November. Once the senior secured facility is in place, the RNR joint venture will be fully funded to carry out the activities to complete the re-start activities at Aguablanca.

In September 2026, the Company announced a maiden NI 43-101 Mineral Resource Estimate ("MRE") for the Toral Project in Spain along with the news that it had been awarded the rights to an additional 800 hectares of property, including the historic producing Antonina Zn-Pb Mine, adjacent to the Toral deposit. The Company is now making plans to carry out an exploration drilling campaign in 2027 at the Toral Project along with further drilling at the Lomero Project in Spain to upgrade and expand its resources ahead of preparing a technical report to support a production decision at the Lomero Project that incorporates the use of the Aguablanca plant to process the material mined at Lomero. An updated MRE for the Lomero Project is nearing completion.

On August 21, 2026, the Company closed a strategic investment, acquiring a 15.3% equity interest in Copper Giant Resources Corp. ("Copper Giant") through a CA$28.8 million subscription in a non-brokered private placement with Copper Giant, giving the Company exposure to Copper Giant's world class Mocoa copper-molybdenum deposit located in the Putumayo Department of southern Colombia. To fund this investment, the Company issued 67,000,000 common shares and 12,500,000 warrants in a non-brokered private placement with Trafigura for cash proceeds of CA$28.8 million.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain. Denarius Metals is listed on Cboe Canada where it trades under the symbol "DMET". The Company also trades on the OTCQX Market in the United States under the symbol "DNRSF".

In Colombia, Denarius Metals is producing gold and silver in an "early production" phase at its 100%-owned Zancudo Project while it completes construction of a 1,000 tonnes per day processing plant to produce gold-silver concentrates. The Zancudo Project is a high-grade gold-silver deposit, which includes the historic producing Independencia mine, and is located in the Cauca Belt, about 30 km southwest of Medellin.

In Spain, Denarius Metals has interests in three projects focused on in-demand critical minerals. The Company owns a 21.8% interest in Rio Narcea Recursos, S.L. and is the operator of its Aguablanca Project, which has been recognized by the EU as a Strategic Project. 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, located in Monesterio, Extremadura. Denarius Metals also owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, approximately 88 km southwest of the Aguablanca Project, and a 100% interest in the Toral Project, a high-grade zinc-lead-silver deposit located in the Leon Province, Northern Spain.

Denarius Metals entered into a strategic collaboration in early 2026 as JV partners with ProGrowth Ltd. Company, a Saudi-based diversified group of companies with long-standing experience across construction and infrastructure, oil & gas, petrochemicals, mining, trading and technology-enabled services in the Kingdom of Saudi Arabia ("KSA"). This strategic collaboration will focus on a mandate to establish arrangements in the KSA for the processing, smelting and commercialization of material sourced from the Company's projects and to identify, acquire, develop and operate gold and nickel mining concessions within the KSA.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including the timing and completion of the senior secured financing and the re-start of operations at the Aguablanca Project, the financial impact of the early redemption of the Debenture and the ongoing results and potential for resource growth from the Zancudo drilling program. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated March 31, 2026 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

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