Location

The Toral Project is located approximately 400 km or 4 hours’ drive northwest of Madrid in the Province of León, an established mining region.

It is located next to a main highway and is very well connected to several industrial ports in northern Spain as well as a major zinc smelter in the Asturias region.

Project Overview

The Toral Project represents a unique opportunity to develop a high-quality base metal project in the heart of western Europe in a pro mining jurisdiction. The Company is progressing Toral towards potential underground mine development.

In October 2023, the formal application for a mining license for Project was completed by Toral Metals Iberia and submitted to the Junta of Castille and Leon, the local mining authority. In 2024 and 2025, the Company’s principal activities at the Toral Project have focused on the technical studies and other information required to support the mining license application process which is expected to reach a conclusion in the second half of 2026.

In September 2026, Denarius Metals announced a maiden NI 43-101 Mineral Resource Estimate for the Toral Project of 14.8 million tonnes of Inferred Mineral Resources at 6.08% ZnEq.

The Toral exploration license covers an area of 20.29 km². In September 2026, the Company was granted a preferential option by the Regional Government of Castilla and Leon to secure up to 28 new mining grids (the “Toral West Claims”) contiguous to the Company’s 100%-owned Toral Project. The mining grids cover approximately 800 hectares and, subject to completion of the administrative procedures associated with the award, would bring Denarius Metals’ total property holdings in the Leon Mining District to approximately 3,700 hectares.

Geology and Exploration Overview

The Toral Project consists of a traditional polymetallic (zinc-lead-silver) deposit extending over a length of about 6 km with a total of 2,032 hectares in the geological zone corresponding to the Lower Cambrian Vegadeo limestones and the Los Cabos Series of the mid-Cambrian and early Ordovician, a mineralised area of more than 40 km in extent at the NW of Spain.

The Toral West Claims provide an opportunity to investigate a prospective mineralized corridor extending approximately 7 kilometers west of the existing Toral deposit, along the projected western extension of the Toral mineralized trend.

The Toral West Claims also include the historic Zn-Pb Antonina and Nieves mines. Previous mining activity confirms the presence of Zn-Pb mineralization in the same regional geological environment as the Toral deposit. Historical information suggests that the Antonina area may have potential for additional mineralization similar in style to that identified at the Toral Project.

The Project has a robust exploration history, with over 60,000 m drilled by multiple companies from 1972 to date.

Since acquiring the project in 2017, Europa Metals has completed 39 drill holes (~12,000 m), relogged 9,000 m of historic core, created a new database, and completed hydrogeological, geotechnical, and metallurgical studies.

The 2023 drilling campaign, funded by Denarius under the Option Agreement with Europa Metals, comprised of 9 holes for a total of approximately 6,200 m. The drilling campaign represented a combination of confirmatory drilling followed by a series of in-fill drillholes designed to corroborate the existing Indicated MRE.

The Company intends to incorporate the Toral West Claims into its exploration program planned for 2027.