Business
Denarius Metals Announces Formation of First Two Companies, ProGrowth Nominee to Board and Proposed Initial Equity Investment Pursuant to Saudi Strategic Collaboration
TORONTO, May 7, 2026 /CNW/ - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced an update today on its
About this update from Denarius Metals Corp.
[{"type":"text","content":" TORONTO, May 7, 2026 /CNW/ - Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) (\"Denarius Metals\" or the \"Company\") announced an update today on its progress to advance its strategic collaboration as JV partners (the \"Partnership\") with ProGrowth Ltd. Company (\"ProGrowth\"), a Saudi-based diversified group of companies in the Kingdom of Saudi Arabia (\"KSA\"). The collaboration between Denarius Metals and ProGrowth aims to establish a strategic platform focused on mining concessions, mineral trading, metallurgical processing and downstream industrial development for gold bar production. By leveraging Denarius Metals' portfolio of mining projects and ProGrowth's regional expertise and market presence, the Partnership seeks to develop an integrated value chain for mineral resources. Through a series of joint ventures, the Partnership plans to advance mineral processing, refining and related industrial activities within Saudi Arabia, supporting the expansion of the KSA's mining sector in alignment with its Vision 2030. Serafino Iacono, Executive Chairman of Denarius Metals, commented \"Earlier this week, I had the privilege of representing Denarius Metals, along with Federico Restrepo-Solano, our CEO, and Santiago Suarez-Florez, our Vice President, Corporate Development, at an official signing ceremony at the Ministry of Industry and Mineral Resources of Saudi Arabia, and in the presence of His Excellency Eng. Turki Abdulrahman Albabtain, Deputy Minister of Mining Development, Abdulrahman AlBelushi, Deputy Minister of Mineral Resources, Matar Al Harthi, Executive Vice President of National Industrial Development and Omar Alramah, CEO & President of ProGrowth. The signing ceremony formally acknowledged the approval of the KSA for the formation of the Partnership's first two companies, Al Sahra Minerals and Najd Minerals. I am also pleased to announce that Omar Alramah has accepted a nomination for election to the Board of Directors of Denarius Metals at the forthcoming Annual General and Special Meeting (the \"AGSM\") of Shareholders to be held on June 3, 2026. In addition, ProGrowth has advised the Company that it would like to make an initial investment of up to a 10% equity interest in Denarius Metals through a private placement expected to be completed by the AGSM.\" Al Sahra Minerals is a Saudi-based...