The following table summarizes the current Mineral Resource Estimate for the Zancudo Project effective as at October 31, 2025:

Category	Cutoff AuEq (6) (g/t)	Tonnes (kt)	Grade			Material Content
			Au (g/t)	Ag (g/t)	AuEq (g/t)	Au (koz)	Ag (koz)	AuEq (7) (koz)
Indicated	3.25	979	6.90	84	7.9	217	2,657	249
Inferred	3.25	4,636	5.58	84	6.6	832	12,508	982

1. Refer to Company press release dated November 3, 2025. The updated MRE will be supported by a NI 43-101 independent report which will be published and filed on the Company’s website and SEDAR+ profile on or about December 18, 2025.
2. Mineral resources are not mineral reserves and do not have demonstrated economic viability. All figures have been rounded to reflect the relative accuracy of the estimates. Gold and silver assays were capped where appropriate.
3. Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an “independent Qualified Person” as such term is defined by NI 43-101.
4. Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material within a block model estimate. Mineralization is geologically constrained in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining width appropriate for underground mining.
5. Commonly used grade estimations techniques of Inverse Distance Cubed and Ordinary Kriging were used on a vein by vein basis, based upon sample support and vein geometry.
6. The cutoff grade of 3.25 g/t AuEq in the current MRE considered the following factors:
   • Metal selling prices of gold at US$2,400/oz and silver at US$28/oz;
   • Recoveries of Au 85% and Ag 87%;
   • Royalties of 6.7%; and
   • Costs including mining US$105.00/t, processing US$42.00/t, general and administrative (G&A) and off-site realization (TCRC) US$21.00/t.
7. Gold Equivalent is calculated with the formula AuEq = (Au *Au Recovery (85%) * AuPrice + Ag *Ag Recovery (87%) * AgPrice)) / (Au Recovery (85%) *Au Price).

Preliminary Economic Assessment

Following the Company’s successful in-fill drilling campaign at the Zancudo Project in 2024, and in light of the more robust metals price environment, Denarius Metals is currently in the process of preparing an updated preliminary economic assessment (“PEA”) for the Zancudo Project. The updated MRE above will be supported by a NI 43-101 independent report which will also include an updated PEA that is expected to be published and filed on the Company’s website and SEDAR+ profile on or about December 18, 2025.