Denarius Metals Announces Board Changes

Toronto, January 9, 2024 - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") is deeply saddened to announce the recent passing of Mr. Hernan Juan Jose Martinez Torres, a member of the Board of Directors since October 2022 and the Lead Independent Director of the Company.

"Mr. Martinez served as Minister of Mines in Colombia from July 2006 to August 2010 and held several senior management and director roles over an impressive career, including President of Exxon Mobil Colombia and as a director of GCM Mining (now Aris Mining Corporation). He was an exceptional leader and mentor who generously shared his expertise and business knowledge, as well as his warmth and friendship," said Serafino Iacono, Executive Chairman and CEO of Denarius Metals. "We will miss his dedication and service. We extend our heartfelt sympathies to his family and friends."

The Company also announced today that Mr. Paul Sparkes, a member of the Board since 2020, has been appointed the Lead Independent Director, and Mr. Mateo Restrepo Villegas has been appointed to its Board, subject to regulatory approval, effective immediately. Mr. Restrepo, currently the Managing Partner of Impact Capital, a Colombian-based strategic investment and advisory firm, has extensive experience in mining, infrastructure, banking and government relations. Mr. Restrepo, who previously served as President of Continental Gold Inc. from 2015 to 2018, holds a Masters in Public Administration from Harvard University and a Bachelor of Business Administration from Berkeley College.

Serafino Iacono commented, "We are pleased to welcome Mr. Restrepo to our Board. We are entering into an important phase in our business plan as we bring each of our Zancudo, Aguablanca-Lomero and Toral Projects into production over the next couple of years. Mr. Restrepo played a key role at Continental Gold's Buritica Project in Colombia where he guided a large-scale underground gold mining project into operation, leading the environmental licensing process and developing its ESG strategy. His banking and government relations experience will also be valuable assets to our Board."

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, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, one of the largest districts of pyrite-rich massive sulfide deposits in the world. The Company recently acquired a 50% interest in Rio Narcea Recursos, S.L. which has the rights to exploit the historic producing Aguablanca nickel-copper mine, including a 5,000 tpd processing plant, located in Monesterio, Extremadura, Spain, approximately 88 km from the Company's Lomero Project. The Company is also carrying out an exploration campaign on the Toral Zn-Pb-Ag Project located in the Leon Province, Northern Spain pursuant to a definitive agreement signed in 2022 for an option and joint-venture arrangement with Europa pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in Europa Metals Iberia S.L. ("EMI"), a wholly-owned Spanish subsidiary of Europa which holds the Toral Project. The Company is carrying out construction activities at its 100%-owned Zancudo Project in Colombia, which includes the historic producing Independencia mine, providing an opportunity to develop near-term production and cash flow commencing this year through local contract mining and long-term growth through continued exploration of the Zancudo deposit which remains open in all directions.

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

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. 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 to be materially different from any future results, performance or achievements expressed or implied by the 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.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius 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/193621