Zancudo and Aguablanca projects: milestones, production and exploration
Denarius Metals has taken significant strides in advancing its polymetallic mining portfolio, with its flagship Zancudo Project in Colombia and Aguablanca in Spain now central to its 2025 production strategy. Development activities at Zancudo intensified in early 2025, following a productive 2024 focused on securing the necessary mining license and environmental approvals.
Currently, four production fronts are being developed, with ore extraction already underway in accessible zones. Stockpiled ore is set to be processed on-site, with concentrate to be delivered to Trafigura under an offtake agreement spanning eight years, starting after commissioning of the processing plant. On-site installation of the processing plant is scheduled for summer 2025, with commissioning targeted for the fourth quarter.
The Aguablanca Project, a nickel-copper mine, complements Denarius’ polymetallic ambitions. Its concentrate output is contracted to Boliden until the end of 2026. Aguablanca has been nominated for EU Strategic Project status under the Critical Raw Materials Act, which would grant it financial and regulatory incentives if approved, solidifying its role in Europe’s raw material supply chain.
Strategic financing, ownership structure and partner agreements
Denarius Metals raised approximately $22 million across 2024 and early 2025. A key component was the sale of a net smelter royalty worth $4.7 million, while private placements brought in over $17 million. Notably, Executive Chairman Serafino Iacono contributed 41% of the raised capital and now owns approximately 16% of Denarius’ outstanding shares.
In parallel, Denarius secured offtake agreements for all concentrate from Zancudo (Trafigura) and a substantial share of Aguablanca output (Boliden) through 2026. Trafigura’s $2.5 million prepayment in 2025, as part of its financing agreement, reflects market confidence and provides cash flow ahead of production milestones.
These partnerships, paired with management’s active equity participation, strengthen Denarius’ financial and strategic positioning amid a volatile mining investment climate.
Exploration strategy and mineral potential in high-grade districts
Denarius’ 2024 exploration efforts yielded promising results. The company conducted 7,225 meters of infill drilling at Zancudo, aiming to upgrade Inferred to Indicated Resources. Initial assays from the Los Albertos target reported high-grade gold and silver intersections, supporting the hypothesis of extended mineralization and an ore shoot along the Manto Antiguo structure.
A follow-up campaign at Las Brisas concluded late in 2024, with assay results expected in Q2 2025. Denarius plans continued drilling throughout the year, reinforcing its commitment to resource expansion and grade definition. These developments are aligned with the company’s broader goal to establish operations in high-grade districts, enhancing the economic value of its polymetallic mining operations.
Regulatory progress, EU designation and operational flexibility
Zancudo’s operational launch was made possible by Denarius’ regulatory wins in 2024, including a mining license and environmental permits. At Aguablanca, the EU Strategic Project status under the Critical Raw Materials Act brings advantages in permitting and access to project financing. Only seven Spanish projects received this designation, highlighting Aguablanca’s geopolitical significance.
Moreover, Denarius negotiated revised payment terms with debenture holders in December 2024. This strategic extension of obligations enables the company to prioritize capital deployment for production scaling and infrastructure, without sacrificing liquidity. Denarius retains full ownership of Rio Narcea Recursos, the Aguablanca operator—balancing financial de-risking with operational continuity.
Financial results and long-term outlook for investors
Denarius Metals reported a Q4 2024 net income of $2.1 million, marking a turnaround from a $9.4 million loss in the same period the previous year. For the full year, the net loss narrowed to $9.9 million from $14.4 million in 2023, largely driven by financing-related gains and asset optimization.
This improvement, coupled with strategic financing, exploration momentum, and regulatory wins, positions Denarius as an emerging mid-tier polymetallic miner with diversified assets and long-term growth visibility. For investors, the company offers exposure to copper, gold, silver, and nickel, with offtake security and district-scale exploration upside.
FAQ
What is the price of denarius metals?
The share price of Denarius Metals can vary depending on the exchange and current market dynamics. It is primarily traded under the symbol DNRSF on OTC markets. As of May 2025, recent investor interest driven by progress at Zancudo and Aguablanca has influenced upward momentum. For the most accurate price, refer to financial platforms like Yahoo Finance or MarketScreener.
What is the price of denarius stock in cad?
Denarius Metals is also listed on the TSX Venture Exchange under the symbol DSLV. Its price in CAD reflects both company-specific news and broader commodity trends. With active operations in gold, silver, nickel, and copper, Denarius’ stock tends to track demand for these resources. Check real-time data on TSXV platforms or brokerage apps for the latest CAD quote.
