Toronto, Ontario--(Newsfile Corp. - October 30, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") today announced the results of a Preliminary Economic Assessment ("PEA") for its 100%-owned Zancudo Project (the "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.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, "The PEA affirms the robust economic viability of our planned underground mining operation at our Zancudo Project, generating near-term production and cash flow from a long-life asset yielding attractive returns for our shareholders. Material will be mined by a local mining contractor commencing in 2024 and processed by the Company through conventional crushing and milling facilities, initially at a rate of 500 tonnes per day ("tpd") and increasing to 1,000 tpd in 2025, to generate a high-grade gold-silver concentrate. The PEA, based on the Mineral Resource estimate ("MRE") announced by the Company on September 5, 2023, envisions a 10-year mine life over which the Company expects to generate net revenue of approximately US$1.0 billion from the sale of approximately 576,000 payable ounces of gold and 8.8 million payable ounces of silver at a life-of-mine ("LOM") average all-in sustaining cost ("AISC") of US$1,059 per ounce of gold. The Zancudo deposit remains open for further expansion in all directions and we expect to commence a 10,000 meters drilling program by the end of this year."

Highlights of the Zancudo Project PEA
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https://www.newsfilecorp.com/release/185573/Denarius-Metals-Announces-Positive-PEA-Results-for-Its-100owned-Zancudo-Project-in-Colombia