Denarius Metals Announces Acquisition of Phosphorite Mining Rights in Colombia

Toronto, July 5, 2023 - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") announced today that it has acquired 100% of the issued and outstanding shares of Emerene Corporation S.A. ("Emerene"), a Panamanian company which owns several phosphorite mining rights in Boyacá, Colombia.

The Company's acquisition of Emerene (the "Transaction") has been completed pursuant to a share purchase agreement dated July 5, 2023 among Emerene, Diagonal Overseas Corporation and the Company. The Transaction is an arm's length transaction and subject to the final approval of the TSX Venture Exchange.

Pursuant to the Transaction, the Company has issued a total of 2,700,000 common shares of the Company at a deemed price of $0.55 per share for total consideration of approximately US$1.1 million (the "Share Consideration"). The Share Consideration is subject to a four-month hold period under applicable securities laws.

Serafino Iacono, Executive Chairman and CEO of Denarius Metals, commented, "Management and the Board have a long history of positively impacting our projects through our sustainability initiatives. The acquisition of the phosphate concessions is in keeping with the Company's long-term sustainability initiatives and is expected to provide a source of cash flow to the Company when in production. In addition to the programs we are developing and implementing to incorporate the community of Titiribi and surrounding area in our Zancudo Project, the development of a phosphate mining operation in Colombia will support the growth in locally sourced fertilizer for use in the Colombian agriculture industry. The Company's next steps include the completion of some further technical studies and to seek a partner who will carry out the mining activities, keeping the investment by Denarius Metals to start up operations to a minimum."

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company's 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com.

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including the TSX Venture Exchange approval of the Transaction. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Readers cannot be assured that the Transaction and the closing thereof will be consistent with these forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 21, 2023 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/172404