Denarius Metals Corp. announced that it has received the final assays for 20 drill holes totaling approximately 4,760 meters from the Phase 3 surface validation drilling program at its polymetallic Lomero Project in Southern Spain. The Phase 3 surface validation drilling program commenced in April and was completed in July.

To date, Denarius Metals has completed approximately 47,200 meters of drilling in 149 drill holes, including twinning of historical drill holes. Phase 3 drilling was designed to complete the verification of selected high-grade underground holes drilled in the 1980s by Indumetal/Billiton. The full drilling results will be incorporated into the geological model for the Lomero- Poyatos deposit and will be integrated into an updated the Mineral Resource Estimate ("MRE") to be completed in conjunction with work commencing on a preliminary economic assessment ("PEA") in the second half of 2023.

Key takeaways from the exploration work carried out at the Lomero Project to date include: Validation of the underground drilling program completed in the 1980's by Indumetal/Billiton in short < 60 m horizontal holes from underground stations was successful in confirming high grades from the polymetallic mineralization hosted in the eastern part of the historical mine (Attachment 2), with drill hole LM23137 intersecting 13.90 meters grading 1.19% copper, 0.75% lead, 2.46% zinc, 31 g/t silver and 4.52 g/t gold;. Assay results from three Phase 3 drill holes, located in the eastern part of the deposit, largely validated the high grades of selected horizontal drill holes drilled in the 1980's by IndUMetal/Billiton, although the widths vary.