BOGOTÁ, COLOMBIA (By Ana Sanches, Energy Analytics Institute, 22.Apr.2026, Words: 649) — Canadian junior company Denarius Metals Corp. detailed production results achieved in the first quarter 2026 (1Q:26) during the early production phase at its Zancudo project in Colombia.
Denarius delivered a total of 2,337 tonnes mined at its Zancudo project to a local port for sale to Trafigura Pte. Ltd. under a long-term offtake agreement.
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With grades averaging 11.5 g/t gold and 269.3 g/t silver, these shipments contained approximately 863 ounces of gold and 20,237 ounces of silver, Denarius said on 22 Apr. 2026 in an official statement.
Payable gold and silver amounted to 593 ounces and 7,839 ounces, respectively.
During the current early production phase, Trafigura’s payability rates range from 30% to 70% for gold and 20% to 40% for silver, depending on the grades of the material. Trafigura’s payability rates in the early production phase reflect the additional costs they have to incur to bring the material to a saleable condition.
When Denarius begins shipping concentrates to Trafigura, payability rates will increase to 86% to 90% for gold and 35% to 45% for silver, depending on the grades in the concentrates, the mining company said.
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Early production phase
Denarius commenced mining operations at its Zancudo project in the 2Q:25.
The current “early production” phase encompasses artisanal mining in accessible areas of Zancudo and is expected to run through the 3Q:26 as mine development progresses to open new fronts that are being developed for long-term conventional, semi-mechanized mining operations.
In parallel, construction of Denarius’ new 1,000 tonnes per day (T/D) processing plant is advancing with commissioning expected to be completed in the third quarter of this year.
“We have been gradually increasing our daily average mining rates during the early production phase at our Zancudo project. This has allowed us to increase our shipments from 814 tonnes and 1,215 tonnes in the third and fourth quarters of 2025, respectively, to 2,337 tonnes in the first quarter of 2026. Head grades in the first quarter averaged 11.5 g/t for gold and 269.3 g/t for silver resulting in total revenue for the first quarter of 2026 of approximately $3.5 million, up from US$1.7 million reported for our 2025 fiscal year. We continue to advance mine development and plant construction activities toward our objective of commissioning our plant to produce gold-silver concentrates by the third quarter of this year.”
— Denarius Metals executive chairman Serafino Iacono.
Denarius is engaged in the acquisition, exploration, development and eventual operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain.
Denarius is listed on Cboe Canada where it trades under the symbol “DMET”. The company also trades on the OTCQX Market in the US under the symbol “DNRSF”.
Denarius: Colombia
Zancudo is a high-grade gold-silver deposit, which includes the historic producing Independencia mine, and is located in the Cauca Belt, about 30km southwest of Medellin.
Denarius is producing gold and silver in an “early production” phase at its 100%-owned Zancudo project while it completes construction of a 1,000 T/D processing plant that is expected to start producing high-grade gold-silver concentrates by the 3Q:26.
Denarius: Spain
Denarius has interests in three projects focused on in-demand critical minerals. The company owns a 21.8% interest in Rio Narcea Recursos, S.L. and is the operator of its Aguablanca project, which has been recognized by the EU as a “strategic project.”
Aguablanca comprises a turnkey 5,000 T/D processing plant and the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura.
Denarius also owns a 100% interest in the Lomero project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite belt, approximately 88km southwest of Aguablanca, and a 100% interest in the Toral project, a high-grade zinc-lead-silver deposit located in the Leon province, northern Spain.
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By Ana Sanches reporting from Bogotá. © 1999-2026 Energy Analytics Institute (EAI). All Rights Reserved.
NOTE: photos courtesy of Denarius.
