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Denarius Metals

www: www.denariusmetals.com   email: administracion@zancudometals.com.co
Category: Junior: Emerging Mid-tier Producer
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Symbol Data

Symbol Currency
OTCMKTS:DNRSF USD

Description

Denarius Metals are a gold focused junior, emerging mid-tier producer with two mines in development in Colombia and Spain and two exploration properties. They have approximately 2Moz. of gold in the reserves and resources category of which 1Moz. are in the measured and indicated category. They have a market capitalisation of ~C$252M which is a rise of roughly 148% over the last eleven months. As of 10/30/2025 they have ~C$25M debt and ~C$13.17M cash. They have 154M shares outstanding and trade on the over-the-counter markets.

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General Details

Financial 04/03/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
MCap (FD): $101.64M $252.00M 01/25/2026
MCap (OS): $42.88M $115.50M 01/21/2026
Total Assets: $13.97M $14.63M 04/03/2025
Total Liabilities: $0.07M $21.95M 04/15/2025
Current Assets: $12.57M $13.17M 04/03/2025
Current Liabilities: $0.07M $0.07M 04/03/2025
Total Debt: $0.00M $24.88M 10/30/2025
Cash: $12.57M $13.17M 04/03/2025
Debt (Net): $-12.57M $11.71M
Enterprise Value: $89.07M $263.71M
Cash Flow: $39.67M $87.74M never
Cash Flow Multiple: 2.56 2.87 never
Net Debt to
Cash Flow Ratio:		 n/a 0.13 never
Finance within 1 year: 04/03/2025
Misc 04/03/2025
Last
Analysis
Data
Current Data
Item Value Value Updated
Shares Outstanding: 107,187,700 154,000,000 01/21/2026
Shares (FD): 254,097,355 336,000,000 01/25/2026
Insider Ownership: n/a 40% 02/20/2026
Dividend (Annual): n/a n/a 02/20/2026
Company Type: Mostly Gold Mostly Gold never
Group: Producer Producer never
Production ETA: n/a n/a 04/03/2025
Production (Gold Eq Oz.): (guess) 
30,000		 (guess) 
30,000		 04/03/2025
Production (Silver Eq Oz.): (guess) 
2,840,085		 (guess) 
1,707,030		 04/03/2025
Development Phase: none Producer (Single Mine) 08/30/2025
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 04/03/2025
Cash Flow Multiple: 6 10 02/20/2026

Resource Data

GOLD 04/03/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/03/2025
Measured & Indicated: 1.00M 1.00M 04/03/2025
Inferred: 1.00M 1.00M 04/03/2025
Reserves & Resources: 2.00M 2.00M never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/03/2025
Measured & Indicated: 0.72M 0.72M 04/03/2025
Inferred: 0.45M 0.45M 04/03/2025
Reserves & Resources: 1.17M 1.17M never
C
U
R
R
E
N
T		 Annual Production: (guess) 
30,000oz.		 (guess) 
30,000oz.		 04/03/2025
Cash Cost: $1,200 $1,400 10/29/2025
Extra Operating Cost: $600 $900 01/21/2026
Total: $1,800 $2,300 01/21/2026
Margin (Free Cash Flow): $1,322 (42%) $2,925 (56%)
MCap / Production (AuEq): $3,387.96 $8,400.00
EV / Production (AuEq): $2,968.91 $8,790.25
G
R
A
D
E		 Underground (Avg): 8.00 g/t 8.00 g/t 04/03/2025
Open Pit (Avg): n/a 2.00 g/t 04/03/2024
Recovery Rate: (CG)  90.00% (CG)  90.00% 02/20/2026
F
U
T
U
R
E		 Proven & Probable: 1.50M 2.50M 02/18/2026
Annual Production: 90,000oz. 150,000oz. 02/18/2026
Cash Cost: $1,200 $1,700 02/18/2026
Extra Operating Cost: $600 $800 01/21/2026
SILVER 04/03/2025
Last Analysis Data
Current Data
Item Value Value Updated
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/03/2025
Measured & Indicated: n/a n/a 04/03/2025
Inferred: n/a n/a 04/03/2025
Reserves & Resources: n/a n/a never
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/03/2025
Measured & Indicated: n/a n/a 04/03/2025
Inferred: n/a n/a 04/03/2025
Reserves & Resources: n/a n/a never
C
U
R
R
E
N
T		 Annual Production: n/a n/a
Cash Cost: n/a n/a 04/03/2025
Extra Operating Cost: n/a n/a 04/03/2025
Total: n/a n/a 04/03/2025
Margin (Free Cash Flow): n/a
MCap / Production (AgEq): $35.79 $147.62
EV / Production (AgEq): $31.36 $154.48
G
R
A
D
E		 Underground (Avg): n/a n/a 04/03/2025
Open Pit (Avg): n/a n/a 04/04/2023
Recovery Rate: n/a n/a 04/03/2025
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/03/2025
Annual Production: n/a n/a 04/03/2025
Cash Cost: n/a n/a 04/03/2025
Extra Operating Cost: n/a n/a 04/03/2025

Property

Last Analysis Data  (04/03/2025)
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Zancudo
100 show
1 million oz at 8 gpt AUEQ.

Production scheduled for 2024.

Size: 1,000 ha
Exp Aguablanca
20 show
5000 tpd mill.

Mostly a nickel mine.

They want to use it for Lomero.
Exp Lomero-Poyatos
100 show
Past producing mine.

Large resources.

700,000 oz AU at 2gpt, plus offsets in AG, PB, ZN, and CU.
Exp Toral
80 show
Early exploration
Current Data
Stage Name Owned
%		 NPV
$M		 IRR
%		 CapEx
$M		 Au Ag Cu Notes
Dev Zancudo
100 show
1 million oz at 8 gpt AUEQ.

Production scheduled for 2024.

Size: 1,000 ha
Dev Aguablanca
20 show
5000 tpd mill.

Mostly a nickel mine.

They want to use it for Lomero.
Exp Lomero-Poyatos
100 show
Past producing mine.

Large resources.

700,000 oz AU at 2gpt, plus offsets in AG, PB, ZN, and CU.
Exp Toral
80 show
Early exploration

Profitability (by resource)

Proven &
Probable		 04/03/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: n/a n/a n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): n/a n/a n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): n/a n/a n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: n/a n/a n/a
Max Profit / Current MCap: n/a n/a n/a
Max Profit Per Share (Gold): n/a n/a n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: n/a n/a n/a
Total Free Profit Per Share: n/a n/a n/a
FD MCap / Gold Eq.: n/a n/a n/a
FD MCap / Silver Eq.: n/a n/a n/a
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a
EV / Gold Eq.: n/a n/a n/a
EV / Silver Eq.: n/a n/a n/a
EV / Per Metal
as % Spot Price:		 n/a n/a n/a
Measured &
Indicated		 04/03/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 1.00M 1.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.72M 0.72M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $951.98M $2,105.75M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $951.98M $2,105.75M n/a
Max Profit / Current MCap: 9.366 8.356 n/a
Max Profit Per Share (Gold): $3.75 $6.27 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $3.75 $6.27 n/a
Total Free Profit Per Share: $3.35 $5.52 n/a
FD MCap / Gold Eq.: $141.17 $350.00 n/a
FD MCap / Silver Eq.: $1.49 $6.15 n/a
FD MCap / Per Metal
as % Spot Price:		 4.52% 6.70% n/a
EV / Gold Eq.: $123.70 $366.26 n/a
EV / Silver Eq.: $1.31 $6.44 n/a
EV / Per Metal
as % Spot Price:		 3.96% 7.01% n/a

Reserves &
Resources		 04/03/2025
Last Analysis Data
Current Data
Item Value Value Updated
Percentage Gold: 100.00% 100.00% n/a
Percentage Silver: n/a n/a n/a
Total (Gold Eq. Oz.): 2.00M 2.00M n/a
Total (Silver Eq. Oz.): n/a n/a n/a
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.17M 1.17M n/a
Silver Eq. Oz.: n/a n/a n/a
Maximum Profit (Gold): $1,546.97M $3,421.84M n/a
Maximum Profit (Silver): n/a n/a n/a
Total Maximum Profit: $1,546.97M $3,421.84M n/a
Max Profit / Current MCap: 15.220 13.579 n/a
Max Profit Per Share (Gold): $6.09 $10.18 n/a
Max Profit Per Share (Silver): n/a n/a n/a
Total Max Profit Per Share: $6.09 $10.18 n/a
Total Free Profit Per Share: $5.69 $9.43 n/a
FD MCap / Gold Eq.: $86.87 $215.38 n/a
FD MCap / Silver Eq.: $0.92 $3.79 n/a
FD MCap / Per Metal
as % Spot Price:		 2.78% 4.12% n/a
EV / Gold Eq.: $76.13 $225.39 n/a
EV / Silver Eq.: $0.80 $3.96 n/a
EV / Per Metal
as % Spot Price:		 2.44% 4.31% n/a

Future Valuation (Cash Flow & Totals)

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