Denarius Metals Corp.
Nears a Transformative Milestone: Approaching Commercial Gold Production
Published: April 7, 2026
Author: FRC Analysts
Disclosure: Denarius Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Other Industrial Metals & Mining
Trading Information
Trading information – DNRSF : OTC
Report Highlights
- Strong Project Economics: Shares are up 84% since our previous report in November 2025. DMET has completed an independent economic assessment (PEA) on its Zancudo gold-silver mine in Colombia. Based on an 11-year mine life, the study returned an after-tax NPV5% of $324M, assuming gold and silver prices of $4,000/oz (spot: $4,705/oz), and $50/oz (spot: $72/oz), respectively. DMET is trading at just 43% of NPV, suggesting the market is undervaluing the project, and entirely discounting the company’s other assets. We believe the study was conservative, covering only 60% of total resources.
- Early Production Stage: The project is in early production, and selling unprocessed crushed ore to Trafigura, a global commodity trading firm. The company has approval to build a 1,000 tpd processing plant, expected to be completed by Q3-2026, at which point the mine will reach full production. Potential annual output is 40–50 koz of gold, and approximately 200 Koz of silver, classifying it as a mid-sized gold producer. The project is mostly funded, with only $11M in remaining CAPEX needed to advance to production.
- Attractive Valuation: We estimate $39M in revenue for 2026, based on DMET’s production guidance of 10 koz gold, and 40 koz silver. DMET is trading at 0.87x our stabilized revenue estimate for Zancudo vs the sector average of 1.81x, a 52% discount.
- Gold Market Tailwinds: Although gold has pulled back from historic highs, it is up 60% YoY. We maintain a positive outlook, supported by safe-haven demand amid geopolitical uncertainty, and projected inflation-driven US$ weakness.
- Upcoming Catalysts: Key catalysts include drilling, commercial production at Zancudo, and advancement of the Aguablanca project toward production next year.
Price and Volume (1-year)


* Qualified Person: Scott E. Wilson, CPG, President of RDA, Independent Consultant. Denarius Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures are in US$, except for share price, fair value estimates, and MCAP data.
Portfolio of four polymetallic projects, led by Zancudo in early production, with full commercial production expected by Q3-2026, and Aguablanca positioned to begin production in 2027
Portfolio Summary


* All equivalent figures were calculated by FRC

Combined resources of 3.44 Moz AuEq (gold equivalent) or 3.21 Blbs CuEq (copper equivalent) across four projects
The following sections provide the latest updates on the two most advanced-stage assets, Zancudo and Aguablanca .
Zancudo Gold-Silver Project, Colombia (100% interest)
The processing rate and mine life used in the 2026 PEA are largely unchanged from the 2023 PEA
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