Denarius Announces Third Quarter and First Nine Months 2021 Results

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TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Denarius Silver Corp. (“Denarius” or “the Firm”) (TSXV: DSLV) introduced in the present day that it has filed its unaudited interim condensed consolidated monetary statements and accompanying administration’s dialogue and evaluation (MD&A) for the three and 9 months ended September 30, 2021. These paperwork might be discovered on its web site at www.denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com . All monetary figures contained herein are expressed in U.S. {dollars} until in any other case famous.

Third Quarter and First 9 Months 2021 Highlights

Denarius is a junior exploration firm at present drilling its Lomero-Poyatos polymetallic deposit positioned on the Spanish facet of the prolific copper wealthy Iberian Pyrite Belt. The Firm additionally commenced drilling its Guia Antigua silver-gold challenge in Colombia in mid-2021 and IAMGOLD Company is finishing up an exploration program on the Firm’s Zancudo Mission in Colombia as a part of an earn-in choice settlement. Denarius is absolutely funded to hold out its present exploration campaigns with a money stability at September 30, 2021 of $18.3 million.
Denarius was shaped by a reverse take over transaction (“RTO Transaction”) in February 2021 and commenced buying and selling on the TSX Enterprise Change (“TSXV”) below the image “DSLV” in March 2021. The Firm at present has 207.4 million frequent shares issued and excellent and has a robust shareholder base with roughly 27% owned by GCM Mining Corp. (previously, Gran Colombia Gold Corp.) (TSX: GCM) and 19% owned by King Road Capital.
Initially, the Firm targeted on two silver-gold exploration tasks, the Guia Antigua and Zancudo Tasks, each of that are positioned in high-grade mining districts in Colombia. Concurrently with the closing of the RTO Transaction, 1255269 B.C. Ltd. (a celebration to the RTO Transaction and the “Guia Antigua Vendor”) accomplished a personal placement financing and the gross proceeds of CA$8.4 million (roughly $6.7 million) had been launched from escrow to the Firm. These funds are being utilized by Denarius to fund the exploration program on the Guia Antigua Mission and for basic company functions.
In April 2021, the Firm added its third challenge (the “Lomero Mission”) with the acquisition of a 100% curiosity within the Investigation Allow Nº 14,977, additionally recognized as Rubia, masking the areas occupied by the previous Lomero-Poyatos Concessions and the mine inside them in Southern Spain. The Lomero Mission has a historic estimate within the inferred class of 20.93 Mt of three.08 g/t gold, 62.38 g/t silver, 0.90% copper, 0.85% lead and three.05% zinc that is still open at depth and alongside strike. In October 2021, the Firm commenced a 23,500 meters drilling marketing campaign on the Lomero Mission.
In preparation for the Lomero Mission acquisition and the deliberate exploration program, the Firm accomplished a non-brokered non-public placement financing in March 2021 of 75,000,000 subscription receipts (the “Subscription Receipts Financing”) at a worth of CA$0.45 per subscription receipt for combination gross money proceeds of roughly CA$33.8 million (equal to roughly $26.9 million). The Subscription Receipts had been transformed into frequent shares and warrants on April 29, 2021. The warrants commenced buying and selling on the TSXV below the image “DSLV.WT” in July 2021.
The Firm reported a internet loss for the third quarter of 2021 of $0.9 million, or $0.00 per share, in contrast with internet lack of $Nil within the third quarter of 2020, principally reflecting basic, administrative and advertising bills incurred within the third quarter of 2021 because the Firm ramps up its actions round its exploration tasks. For the primary 9 months of 2021, the online loss amounted to $17.0 million, or $0.12 per share, in contrast with internet lack of $Nil within the first 9 months of 2020. The most important gadgets included within the internet loss within the first 9 months of 2021 had been the $12.9 million one-time cost associated to the RTO Transaction in February 2021, $2.4 million of share-based compensation expense related to inventory choices granted by the Firm below its long-term incentive plan to administrators, government officers, administration and consultants, and $1.5 million of basic, administrative and advertising bills.

Outlook

The Firm is at present finishing up 23,500 m of drilling on the Lomero Mission with an estimated value of $4.0 million. The infill drilling program of 15,600 m has been designed to extend the boldness within the estimates to an Indicated Mineral Sources and to assist within the identification of various mineralization types. The usage of oriented core supplemented with televiewer data will improve the boldness within the structural controls on the challenge and geotechnical and hydrogeological modelling. The marketing campaign will then proceed to conduct a 50×50 meters in-fill drilling program within the decrease ranges of the identical mine. Preliminary outcomes from the drilling program are anticipated towards the tip of the 12 months.

The Firm can be persevering with its drilling program at its Guia Antigua Mission in Colombia. Assay outcomes are pending from the preliminary in-fill drillholes and are anticipated to be introduced earlier than the tip of the 12 months.

About Denarius

Denarius is a Canadian-listed public firm engaged within the acquisition, exploration, improvement and eventual operation of mining tasks in high-grade districts, with its principal give attention to the Lomero Mission in Spain and the Guia Antigua Mission in Colombia. The Firm additionally owns the Zancudo Mission in Colombia which is at present being explored by IAMGOLD Corp. pursuant to an choice settlement for the exploration and potential buy of an curiosity within the challenge.

Further data on Denarius might be discovered on its web site at www.denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com .

Cautionary Assertion on Ahead-Trying Info

This information launch comprises “forward-looking data”, which can embody, however is just not restricted to, statements with respect to exploration applications, funding and anticipated enterprise plans or methods. Usually, however not at all times, forward-looking statements might be recognized by means of phrases similar to “plans”, “expects”, “is predicted”, “finances”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (together with unfavourable variations) of such phrases and phrases, or state that sure actions, occasions or outcomes “could”, “may”, “would”, “may” or “will” be taken, happen or be achieved. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of Denarius to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Elements that would trigger precise outcomes to vary materially from these anticipated in these forward-looking statements are described below the caption “Threat Elements” within the Firm’s Submitting Assertion dated as of February 18, 2021 which is obtainable for view on SEDAR at www.sedar.com. Ahead-looking statements contained herein are made as of the date of this press launch and Denarius disclaims, apart from as required by regulation, any obligation to replace any forward-looking statements whether or not because of new data, outcomes, future occasions, circumstances, or if administration’s estimates or opinions ought to change, or in any other case. There might be no assurance that forward-looking statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. Accordingly, the reader is cautioned to not place undue reliance on forward-looking statements.

For Additional Info, Contact:

Mike Davies
Chief Monetary Officer
(416) 360-4653
investors @denariussilver.com