Denarius Announces First Quarter 2022 Results

Denarius Metals Corp. ("Denarius" or "the Company") (TSXV: DSLV; OTCQB: DNRSF) is pleased to announce that it has signed a letter of intent for an option and joint-venture arrangement (the "Letter of Intent") with Europa Metals Ltd. ("Europa") (AIM: EUZ), pursuant to which Europa granted Denarius the right to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project (the "Toral Project"), Leon Province, Northern Spain in two stages (the "Proposed Transaction").

Serafino Iacono, Executive Chairman and CEO of Denarius, commented, " We are extremely pleased to have agreed the commercial parameters for this proposed farm-in transaction subject, inter alia, to definitive documentation which will enable Denarius to lead the development of this high-grade polymetallic project located in a well-mineralized historic mining area and proactive jurisdiction that also offers potential further exploration opportunities. The high-grade concentrates that could be produced at Toral in the future make this a unique opportunity for Denarius to seek to develop a high-quality base metal project in the heart of western Europe."

• The initial Inferred Mineral Resource comprises 10.66 Mt at 0.45% Cu, 1.02% Zn, 0.41% Pb, 21 g/t Ag and 2.0 g/t Au (1.59% CuEq) containing an estimated 48 kt Cu, 109 kt Zn, 44 kt Pb, 7.4 Moz Ag, 0.7 Moz Au.
• Based on the results from approximately 26,000 m completed in 83 diamond drill holes in the Phase 1 surface drilling program completed in July 2022, the initial Mineral Resource estimate provides a solid foundation for further mineral resource expansion in Denarius' forthcoming Phase 2 program.
• The initial Mineral Resource estimate assumes both open pit and underground mining and extends from surface to a depth of 350 meters.
• Completing a directional drilling program to validate a high-grade dataset relative to this MRE associated with a historical drilling campaign of horizontal underground holes that is not yet included in the above initial Mineral Resource estimate.
• Drilling to date has identified mineralization over a strike of over 1 km and with a vertical extension of 400 meters.
• This initial MRE confirms the significant high gold grade potential of this project within the Iberian Pyrite Belt, as it remains open for further expansion down-dip and to the east.
• Continued potential for further resource expansion, with compelling targets already identified via recent detailed helicopter-borne time-domain electromagnetic ("TDEM" or "TEM") and ground-based gravimetric surveys.
  

Denarius Metals Corp. ("Denarius" or "the Company") (TSXV: DSLV; OTCQB: DNRSF) announced today an initial Mineral Resource estimate ("MRE"), prepared in accordance with CIM guidelines and disclosure requirements of NI 43-101, on its 100% owned Lomero-Poyatos Project ("Lomero") in southern Spain. Lomero is a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt ("IPB"), one of the largest districts of pyrite-rich massive sulfide deposits in the world.

The initial MRE has been prepared at the conclusion of the Phase 1 surface drilling program carried out by the Company between October 2021 and July 2022. The initial MRE reflects the early-stage results from this validation and infill drilling program coupled with resource expansion drilling below the historical drilling. This program has enabled the Company to confirm the presence of the expected polymetallic mineralization at Lomero and to increase its geological knowledge to a sufficient level to declare this initial Mineral Resource for Lomero. The Company plans further exploration drilling at Lomero as it continues to validate certain historical drilling, which has been excluded from the current estimates, together with further infill and step out drilling around the Mineral Resources presented herein.

Denarius Metals Corp. ("Denarius" or "the Company") (TSXV: DSLV; OTCQB: DNRSF) 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 six months ended June 30, 2022. These documents can be found on its website at www.Denariusmetals.com and by reviewing its profile on SEDAR at www.sedar.com . All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

Commenting on the second quarter and first half 2022 results, Serafino Iacono, Chairman and Chief Executive Officer of Denarius, stated "We are very pleased with the results of our initial drilling program at our flagship Lomero Project in Spain which have increased our confidence in the geological understanding of the deposit and will allow for proper 3D modelling in preparation for a Mineral Resource estimate update by the end of the third quarter of 2022. We also expect to complete a scoping study for the Lomero Project by the end of 2022. In Colombia, with the recent termination of IAMGOLD's Option Agreement at our 100%-owned Zancudo Project for reasons unrelated to the project's viability, we now have an opportunity to proceed with an exploration campaign of our own. Our evaluation of the exploration results from the work completed by IAMGOLD over the last five years indicate that the project is a potential polymetallic deposit including gold, silver, zinc and lead. We are currently establishing our project team to carry out our exploration campaign at Zancudo, expected to commence later this year, and we are completing transition activities with IAMGOLD related to the exploration project and ongoing community programs."