Denarius Metals Corp. has been granted a preferential option by the Regional Government of Castilla and Leon in Spain to secure up to 28 new mining grids covering approximately 800 hectares contiguous to its 100%-owned Toral Project, bringing its total property holdings in the Leon Mining District to approximately 3,700 hectares.

The Toral West Claims encompass the projected western extension of the Toral deposit, extending property holdings along the known mineralized structure by approximately 7 kilometers. The acquisition includes the historic Zn-Pb Antonina and Nieves mines, with historical records indicating the Antonina Mine operated between 1968 and 1983 over approximately 700 meters of strike and reaching depths of about 300 meters across five to seven underground levels. Historical exploration data from approximately 35 drill holes indicate that the mineralized system remains open to the west and at depth with grades similar to Toral.

Alongside the land expansion, Denarius Metals announced a maiden Mineral Resource estimate for the Toral Project prepared by Resource Development Associates in accordance with NI 43-101, with an effective date of July 24, 2026. The maiden estimate comprises an Inferred resource of 14.8 million tonnes grading 4.00% zinc, 2.77% lead, and 20.4 g/t silver, representing a zinc-equivalent grade of 6.08% and containing 590 kilotonnes of zinc, 409 kilotonnes of lead, and 9.7 million ounces of silver.

The new NI 43-101 estimate replaces a previous JORC 2012 compliant estimate published by Europa Metals Ltd. in November 2022, which comprised 7.0 million tonnes of Indicated resources and 13 million tonnes of Inferred resources at a 4% zinc-equivalent cut-off. Denarius Metals acquired its 100% interest in the Toral Project from Europa in November 2024 following a definitive option agreement. Differences between the 2026 estimate and the previous Europa MRE arise from CIM classification under NI 43-101 applied to current drill spacing, a change from median-indicator kriging to anisotropic inverse-distance cubed interpolation, an NSR cut-off of US$61 per tonne using updated prices and XRT-inclusive process assumptions, and a revised grade-dependent density assignment.

The resource is supported by a validated drill-hole database of 127 holes totaling 66,783 meters, including the company's 2023 infill and validation program. Mineralization is hosted in five modeled veins, and the resource is reported above a net smelter return cut-off of US$61 per tonne. All mineral resources are classified entirely as Inferred, and the company notes that resources are not reserves and do not have demonstrated economic viability.

“The Toral West Claims extend the Company's property holdings along the known Toral mineralized structure to the northwest by approximately 7 kilometers, including the historic Zn-Pb Antonina Mine, a former mining operation located in the municipality of Sobrado, near Toral de los Vados. According to available drilling data, the ore grades in the Antonina Mine were similar to those found in our Toral Project.”

— Serafino Iacono, Executive Chairman of Denarius Metals

Denarius Metals will publish and file an independent NI 43-101 technical report supporting the 2026 Mineral Resource estimate on its website and SEDAR+ profile within 45 days of September 9, 2026.

Read the full announcement: DENARIUS METALS ANNOUNCES 7 KM EXTENSION OF PROPERTY HOLDINGS AT ITS TORAL PROJECT IN NORTHERN SPAIN, INCLUDING THE FORMER PRODUCING ZN-PB ANTONINA MINE; ALSO ANNOUNCES MAIDEN NI 43-101 MINERAL RESOURCE ESTIMATE FOR THE TORAL PROJECT