Report

Denarius Metals Corp. (CBOE: DMET / OTCQX: DNRSF) - Nears a Transformative Milestone: Approaching Commercial Gold Production

DMET has demonstrated strong project economics at its Zancudo gold-silver mine in Colombia, with shares rising 84% since November 2025 following a PEA that outlines an 11-year mine life and an after-tax NPV (5%) of $324M, based on conservative commodity price assumptions below current spot levels. Despite this, the company trades at just 43% of its NPV, implying significant undervaluation and little recognition of its broader asset base, especially given the study only reflects 60% of total resources. Now in early production, DMET is generating revenue through ore sales to Trafigura while advancing construction of a 1,000 tpd processing plant expected by Q3 2026, which will enable full-scale operations with annual output of 40–50 koz of gold and ~200 koz of silver; importantly, the project is largely funded, requiring only $11M in remaining CAPEX to reach full production.
Underlying
Denarius Silver Corp.

Provider
Fundamental Research
Fundamental Research

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Analysts
Sid Rajeev

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