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Denarius Metals (Cboe Canada: DMET)

Denarius Metals (Cboe Canada: DMET) is ramping up early production at its high-grade Zancudo gold-silver mine near Medellín while it builds a 1,000 t/d plant. Since August 2026, Denarius Metals stock has also given investors indirect exposure to the Mocoa copper project through a 15.34% stake in Copper Giant Resources.

Tickers: Cboe Canada: DMET | OTCQX: DNRSF · Headquarters: Toronto, Canada · Data as of: Nov 4, 2026

Denarius Metals at a glance

ProjectDepartmentCommodityStageOwnership
ZancudoAntioquiagold, silverearly production; 1,000 t/d plant under construction100%
Mocoa (indirect, via Copper Giant Resources)Putumayocopper, molybdenumresource defined; PEA in progress (held by Copper Giant)15.34% equity interest in Copper Giant Resources Corp. (TSXV: CGNT)
Share price / market capRefresh at publication (no dated price found in sources reviewed)
Shares outstandingAbout 504.1 million after Aug 21, 2026 (437,082,353 at Jul 31, 2026 plus 67,000,000 issued to Trafigura; our calculation, consistent with Trafigura’s stated 14.79%)
CashUS$18.9 million at June 30, 2026; convertible debentures fully retired in shares on Jul 31, 2026
Major shareholdersSerafino Iacono 18.47% and Aris Mining 13.64% (both at Jul 31, 2026, before the Trafigura placement); Trafigura 14.79% (Aug 21, 2026)
Zancudo 9M 2026 output12,971 t delivered; 3,260 oz payable gold and 31,318 oz payable silver; revenue US$16.5 million
Copper Giant stake40,000,000 shares (15.34%), bought at C$0.72 for C$28.8 million; two-year lock-up (Aug 21, 2026)
Trafigura prepaymentZancudo prepayment facility increased from US$9M to US$16M (June 2026)

About Denarius Metals

Denarius Metals is a Toronto-based miner chaired by Serafino Iacono. It owns 100% of Zancudo, a historic gold-silver district in Titiribí, Antioquia, about 30 km southwest of Medellín. Zancudo has been in an early production phase since April 2025: mined material is crushed and trucked to a port for sale to the trader Trafigura under a long-term offtake. A 1,000 tonne-per-day flotation plant is being built so the mine can sell higher-value concentrates instead.

Outside Colombia, Denarius operates the Aguablanca nickel-copper project in Spain, where it holds 21.8% of the Rio Narcea Recursos joint venture and is targeting a restart around mid-2027. It also owns 100% of the Lomero polymetallic deposit in the Iberian Pyrite Belt and the Toral zinc-lead-silver project in León.

2026 reshaped the balance sheet. Warrant exercises added cash early in the year. On July 31, Denarius retired all of its convertible debentures by issuing about 223.6 million shares. In August, it sold 67 million shares to a Trafigura subsidiary and used the money to buy 40 million Copper Giant shares, a 15.34% stake. Trafigura also signed an offtake for 20% of future Mocoa concentrate.

The share count more than doubled as a result, to about 504 million. In exchange, the company no longer carries 12% debentures, and Trafigura is now a strategic shareholder at both Denarius and Copper Giant.

Denarius Metals’s Colombian projects

Zancudo

Zancudo covers 1,054 hectares across three adjoining concessions and one exploration licence in Titiribí, in the Cauca belt southwest of Medellín. It includes the historic Independencia mine. The district was mined from 1793 to 1948 and produced an estimated 1.4 to 2.0 Moz of gold equivalent. Key permits are in place: the mining plan (PTO) for concession 5521 was approved in December 2023, the environmental impact study at the end of 2024, and the plant’s industrial permit in October 2025.

Production is rising quarter by quarter. In Q3 2026, Denarius delivered 6,727 tonnes at 11.6 g/t gold and 188.9 g/t silver, up 72% from Q2, for US$8.1 million in revenue. Selling crushed ore means low payability for now: 30–70% of the gold value and 20–40% of the silver. The company expects about 86–90% gold payability once it sells concentrates. Plant earthworks are complete and steel and concrete work has started. The commissioning target has moved from Q3 2026 to Q4 2026 and now to Q1 2027.

A March 2026 PEA (preliminary economic assessment) outlines an 11-year operation averaging about 834 t/d, with 466,000 oz of payable gold and 2.2 Moz of payable silver. It shows an after-tax NPV (5%) of US$323.8 million at US$4,000 gold and US$50 silver, about US$11 million of remaining initial capital, and life-of-mine AISC of about US$2,480/oz. The PEA includes Inferred resources. A 15,100 m infill program began in April 2026. At the Las Brisas target, hole ZM-210 returned about 33 m at 5.68 g/t gold.

Resources: Indicated 979 kt at 6.90 g/t Au and 84 g/t Ag (217 koz Au, 2.66 Moz Ag; 249 koz AuEq); Inferred 4,636 kt at 5.58 g/t Au and 84 g/t Ag (832 koz Au, 12.5 Moz Ag; 982 koz AuEq). NI 43-101, effective Oct 31, 2025, by Resource Development Associates; 3.25 g/t AuEq cut-off. No reserves (production decision based on a PEA).

Mocoa (indirect, via Copper Giant Resources)

On August 21, 2026, Denarius bought 40 million Copper Giant shares at C$0.72, paid for with the proceeds of its own C$28.8 million placement to Trafigura’s subsidiary Urion. Denarius CEO Federico Restrepo-Solano joined Copper Giant’s advisory board, and Denarius agreed to a two-year lock-up on the shares.

Copper Giant’s Mocoa porphyry has an NI 43-101 resource of 290 Mt Indicated at 0.54% CuEq and 1.60 Bt Inferred at 0.40% CuEq (effective Sept 24, 2026), with a first PEA due by the end of November 2026. Denarius does not operate Mocoa.

Resources: Held through Copper Giant: Indicated 290 Mt at 0.54% CuEq (2.13 Blb Cu, 0.24 Blb Mo); Inferred 1.60 Bt at 0.40% CuEq (9.36 Blb Cu, 0.89 Blb Mo). NI 43-101, effective Sept 24, 2026.

Latest Denarius Metals news

Upcoming catalysts

  • Completion and commissioning of the 1,000 t/d Zancudo flotation plant (company: Q1 2027) and first concentrate sales to Trafigura
  • Updated Zancudo mineral resource from the 2026 infill program (company: late 2026)
  • Copper Giant’s Mocoa PEA (expected by end of November 2026), which affects the value of the 15.34% stake
  • Aguablanca (Spain) restart (company: by mid-2027) and closing of the joint venture’s senior secured facility
  • Q3 2026 financial statements (expected November 2026)

Management

  • Serafino Iacono, Executive Chairman. Largest individual shareholder (18.47% at Jul 31, 2026)
  • Federico Restrepo-Solano, CEO and Director. Sits on Copper Giant’s advisory board

Key risks for Denarius Metals stock

  • Execution: the plant start-up has slipped twice (Q3 2026, then Q4 2026, now Q1 2027), and payability on direct ore sales stays low until concentrates flow
  • The production plan rests on a PEA with Inferred resources and high AISC (~US$2,480/oz), with no reserves
  • Dilution: the share count grew from ~195M in March to ~504M by August 2026 after the debenture retirement and Trafigura placement
  • Working capital and going concern: the 2025 MD&A included a going-concern disclosure; the balance sheet improved after the debenture retirement but should be checked in Q3 filings
  • Exposure to Copper Giant’s low-grade, Inferred-heavy Mocoa project in Putumayo, plus funding and permitting risk across multiple Spanish projects

Sources

Related: Colombian stocks · Companies & Projects tracker · Colombian mining companies

Educational information only, not investment advice. Figures are from the sources listed and dated; check the company’s latest filings before relying on them. See our Disclosure & Editorial Policy.