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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 three mines in development in Colombia and Spain and one exploration property. 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$206.23M which is a fall of roughly 9% over the last three months. As of 06/03/2026 they have no debt and ~C$7.07M cash. They have 438M shares outstanding and trade on the over-the-counter markets.

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General Details

Financial 04/08/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
MCap (FD): $227.50M $206.23M 06/04/2026 $-21.27M
MCap (OS): $127.40M $179.44M 06/04/2026 $52.04M
Total Assets: $14.37M $14.14M 04/08/2026 $-0.24M
Total Liabilities: $21.56M $21.21M 04/08/2026 $-0.36M
Current Assets: $7.19M $7.07M 04/08/2026 $-0.12M
Current Liabilities: $0.07M $0.07M 04/08/2026 $0.00M
Total Debt: $24.44M $0.00M 06/03/2026 $-24.44M
Cash: $7.19M $7.07M 04/08/2026 $-0.12M
Debt (Net): $17.25M $-7.07M $-24.32M
Enterprise Value: $244.75M $199.16M $-45.59M
Cash Flow: $72.16M $48.00M never $-24.16M
Cash Flow Multiple: 3.15 4.30 never 1.14
Net Debt to
Cash Flow Ratio:		 0.24 n/a never 0.00
Finance within 1 year: 04/08/2026 n/a
Misc 04/08/2026
Last
Analysis
Data
Current Data
Change
Item Value Value Updated Value
Shares Outstanding: 196,000,001 437,663,390 06/04/2026 241,663,389
Shares (FD): 350,000,000 503,000,000 06/04/2026 153,000,000
Insider Ownership: 35% 35% 06/04/2026 n/a
Dividend (Annual): n/a n/a 06/04/2026 n/a
Company Type: Mostly Gold Mostly Gold never n/a
Group: Producer Producer never n/a
Production ETA: n/a n/a 04/08/2026 n/a
Production (Gold Eq Oz.): (guess) 
30,000		 (guess) 
30,000		 04/08/2026 0
Production (Silver Eq Oz.): (guess) 
1,878,514		 (guess) 
2,080,753		 04/08/2026 202,238
Development Phase: Producer (Single Mine) Producer (Single Mine) 04/08/2026 n/a
Optionality Play: none No
F
U
T
U
R
E		 % of Spot: 20
Producer: Growth Potential
 20
Producer: Growth Potential
 04/08/2026 0
Cash Flow Multiple: 10 10 04/08/2026 0.00

Resource Data

GOLD 04/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/08/2026 0.00M
Measured & Indicated: 1.00M 1.00M 04/08/2026 0.00M
Inferred: 1.00M 1.00M 04/08/2026 0.00M
Reserves & Resources: 2.00M 2.00M never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/08/2026 0.00M
Measured & Indicated: 0.72M 0.72M 04/08/2026 0.00M
Inferred: 0.45M 0.45M 04/08/2026 0.00M
Reserves & Resources: 1.17M 1.17M never 0.00M
C
U
R
R
E
N
T		 Annual Production: (guess) 
30,000oz.		 (guess) 
30,000oz.		 04/08/2026 0oz.
Cash Cost: $1,400 $1,400 04/08/2026 $0.00
Extra Operating Cost: $1,000 $1,000 04/08/2026 $0.00
Total: $2,400 $2,400 04/08/2026 $0.00
Margin (Free Cash Flow): $2,405 (50%) $1,600 (40%) $-805.34
MCap / Production (AuEq): $7,583.33 $6,874.33 $-709.00
EV / Production (AuEq): $8,158.33 $6,638.71 $-1,519.62
G
R
A
D
E		 Underground (Avg): 8.00 g/t 8.00 g/t 04/08/2026 n/a
Open Pit (Avg): n/a 2.00 g/t 04/08/2026 n/a
Recovery Rate: (CG)  90.00% (CG)  90.00% 06/04/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: 2.50M 2.50M 04/08/2026 0.00M
Annual Production: 125,000oz. 125,000oz. 04/08/2026 0oz.
Cash Cost: $1,700 $1,700 04/08/2026 $0
Extra Operating Cost: $1,000 $1,000 04/08/2026 $0
SILVER 04/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
O
U
N
C
E
S		 T
O
T
A
L
 Proven & Probable: n/a n/a 04/08/2026 0.00M
Measured & Indicated: n/a n/a 04/08/2026 0.00M
Inferred: n/a n/a 04/08/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
P
L
A
U
S
I
B
L
E		 Proven & Probable: n/a n/a 04/08/2026 0.00M
Measured & Indicated: n/a n/a 04/08/2026 0.00M
Inferred: n/a n/a 04/08/2026 0.00M
Reserves & Resources: n/a n/a never 0.00M
C
U
R
R
E
N
T		 Annual Production: n/a n/a 0oz.
Cash Cost: n/a n/a 04/08/2026 $0.00
Extra Operating Cost: n/a n/a 04/08/2026 $0.00
Total: n/a n/a 04/08/2026 $0.00
Margin (Free Cash Flow): n/a $0.00
MCap / Production (AgEq): $121.11 $99.11 $-21.99
EV / Production (AgEq): $130.29 $95.72 $-34.57
G
R
A
D
E		 Underground (Avg): n/a n/a 04/08/2026 n/a
Open Pit (Avg): n/a n/a 04/08/2026 n/a
Recovery Rate: n/a n/a 04/08/2026 0.00%
F
U
T
U
R
E		 Proven & Probable: n/a n/a 04/08/2026 0.00M
Annual Production: n/a n/a 04/08/2026 n/a
Cash Cost: n/a n/a 04/08/2026 n/a
Extra Operating Cost: n/a n/a 04/08/2026 n/a

Property

Last Analysis Data  (04/08/2026)
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.
Dev 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.
Dev 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		 04/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: n/a n/a n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): n/a n/a n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 0.00M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: n/a n/a n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 0.00M
Maximum Profit (Gold): n/a n/a n/a $0.00M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: n/a n/a n/a $0.00M
Max Profit / Current MCap: n/a n/a n/a 0.000
Max Profit Per Share (Gold): n/a n/a n/a $0.00
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: n/a n/a n/a $0.00
Total Free Profit Per Share: n/a n/a n/a $0.00
FD MCap / Gold Eq.: n/a n/a n/a $0.00
FD MCap / Silver Eq.: n/a n/a n/a $0.00
FD MCap / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
EV / Gold Eq.: n/a n/a n/a $0.00
EV / Silver Eq.: n/a n/a n/a $0.00
EV / Per Metal
as % Spot Price:		 n/a n/a n/a 0.00%
Measured &
Indicated		 04/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 1.00M 1.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 6.74M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 0.72M 0.72M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 4.85M
Maximum Profit (Gold): $1,731.77M $1,151.93M n/a $-579.84M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $1,731.77M $1,151.93M n/a $-579.84M
Max Profit / Current MCap: 7.612 5.586 n/a -2.027
Max Profit Per Share (Gold): $4.95 $2.29 n/a $-2.66
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $4.95 $2.29 n/a $-2.66
Total Free Profit Per Share: $4.30 $1.88 n/a $-2.42
FD MCap / Gold Eq.: $315.97 $286.43 n/a $-29.54
FD MCap / Silver Eq.: $5.05 $4.13 n/a $-0.92
FD MCap / Per Metal
as % Spot Price:		 6.58% 7.16% n/a 0.59%
EV / Gold Eq.: $339.93 $276.61 n/a $-63.32
EV / Silver Eq.: $5.43 $3.99 n/a $-1.44
EV / Per Metal
as % Spot Price:		 7.07% 6.92% n/a -0.16%

Reserves &
Resources		 04/08/2026
Last Analysis
Data
Current Data
Change
Item Value Value Updated Value
Percentage Gold: 100.00% 100.00% n/a 0.00%
Percentage Silver: n/a n/a n/a 0.00%
Total (Gold Eq. Oz.): 2.00M 2.00M n/a 0.00M
Total (Silver Eq. Oz.): n/a n/a n/a 13.48M
P

L

A

U

S

I

B

L

E		 Gold Eq. Oz.: 1.17M 1.17M n/a 0.00M
Silver Eq. Oz.: n/a n/a n/a 7.89M
Maximum Profit (Gold): $2,814.13M $1,871.88M n/a $-942.25M
Maximum Profit (Silver): n/a n/a n/a $0.00M
Total Maximum Profit: $2,814.13M $1,871.88M n/a $-942.25M
Max Profit / Current MCap: 12.370 9.077 n/a -3.293
Max Profit Per Share (Gold): $8.04 $3.72 n/a $-4.32
Max Profit Per Share (Silver): n/a n/a n/a $0.00
Total Max Profit Per Share: $8.04 $3.72 n/a $-4.32
Total Free Profit Per Share: $7.39 $3.31 n/a $-4.08
FD MCap / Gold Eq.: $194.44 $176.26 n/a $-18.18
FD MCap / Silver Eq.: $3.11 $2.54 n/a $-0.56
FD MCap / Per Metal
as % Spot Price:		 4.05% 4.41% n/a 0.36%
EV / Gold Eq.: $209.19 $170.22 n/a $-38.96
EV / Silver Eq.: $3.34 $2.45 n/a $-0.89
EV / Per Metal
as % Spot Price:		 4.35% 4.26% n/a -0.10%

Future Valuation (Cash Flow & Totals)

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