Denarius Metals Announces Filing of Mining License Application at the Toral Zn-Pb-Ag Project in Northern Spain

Toronto, October 23, 2023 - Denarius Metals Corp. (TSXV: DSLV) (OTCQX: DNRSF) ("Denarius Metals" or "the Company") announced today that the formal application for a mining license for the Toral Zn-Pb-Ag Project in Northern Spain has been completed and submitted by Europa Metals Iberia S.L., a wholly owned Spanish subsidiary of Europa Metals Ltd. ("Europa"), to the Junta of Castille and Leon, the local mining authority. This application forms part of the 2023 exploration campaign agreed to between the Company and Europa in conjunction with the Toral Definitive Option Agreement dated November 22, 2022 pursuant to which the Company can acquire up to an 80% interest in the Toral Project in two phases.

Serafino Iacono, Executive Chairman and CEO of Denarius, commented, "Working closely with the team at Europa, we have met our goals for this first year of the Toral Definitive Option Agreement. Completing this application to request an upgrade in the permit at the Toral Project from the exploration phase to a mining license is in keeping with our plans to advance this potential long-life asset toward production in an underground mining operation. Next steps include the preparation of an updated Mineral Resource estimate incorporating the results of the 2023 drilling campaign and then, after some additional infill drilling in the first half of 2024, we will commence work on the preliminary economic assessment for the Toral Project."

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of polymetallic mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain. The Company signed a definitive option agreement with Europa Metals Ltd. in November 2022 pursuant to which Europa has granted Denarius Metals two options to acquire up to an 80% ownership interest in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company's 100%-owned Zancudo Project in Colombia provides an opportunity to develop near-term production and cash flow through local contract miners and long-term growth through exploration.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR at www.sedarplus.ca.

Cautionary Statement on Forward-Looking Information

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated April 21, 2023 which is available for view on SEDAR at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

For Further Information, Contact:

Michael Davies
Chief Financial Officer
(416) 360-4653
investors@denariusmetals.com

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