Business
Denarius Metals Announces Third Quarter and First Nine Months 2023 Results
Toronto, Ontario--(Newsfile Corp. - November 29, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today
About this update from Denarius Metals Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - November 29, 2023) - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) (\"Denarius Metals\" or \"the Company\") announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management's discussion and analysis (MD&A) for the three and nine months ended September 30, 2023. These documents can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. Denarius Metals closed a private placement in October 2023 of CA$20.6 million in aggregate principal amount of senior unsecured convertible debentures due 2028 (the \"Debentures\") with the principal use of funds focused on bringing its Zancudo Project in Colombia into production in 2024. The 100%-owned Zancudo Project will be the Company's first mine going into operation and will provide an important source of internally generated cash flow to the Company as it carries out its exploration and development activities at its projects in Spain. The Company expects to start up a 500 tonnes per day (\"tpd\") mining operation next year with a local contract miner, initially targeting the existing mine workings and veins of the historic producing Independencia Mine. A portion of the net proceeds of the Debentures will also be used to acquire and install a 1,000 tpd processing plant, expected to be in operation by the fourth quarter of 2024, to produce a high-grade gold-silver concentrate. In October 2023, the Company filed a technical report on SEDAR+ for the Zancudo Project pursuant to National Instrument 43‐101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\"). The technical report supports the updated Inferred Mineral Resource estimate (\"MRE\") for the Zancudo Project announced by the Company on September 5, 2023 with an effective date of July 31, 2023. The updated MRE comprises 4.1 million tonnes grading 6.5 g/t gold and 107 g/t silver totaling 860,000 ounces of gold and 14.1 million ounces of silver. At a gold equivalent grade of 8.1 g/t, the updated MRE represents a total of 1,060,000 gold equivalent ounces. The Company also announced the results of a preliminary economic assessment (\"PEA\") in October 2023 which affirms the economic...