DENARIUS METALS ANNOUNCES FORMATION OF FIRST TWO COMPANIES, PROGROWTH NOMINEE TO BOARD AND PROPOSED INITIAL EQUITY INVESTMENT PURSUANT TO SAUDI STRATEGIC COLLABORATION

Denarius Metals Corp. has announced a strategic collaboration with ProGrowth Ltd., a diversified group based in Saudi Arabia, to establish two new companies focused on mining and mineral processing in the Kingdom. The deal, which includes a proposed equity investment by ProGrowth of up to 10% in Denarius Metals, was disclosed on May 7, 2026. While the specific financial terms of the investment remain undisclosed, the partnership aims to leverage both companies' strengths to create an integrated value chain for mineral resources in Saudi Arabia.

The collaboration will result in the formation of two companies: Al Sahra Minerals and Najd Minerals. Al Sahra Minerals will concentrate on developing downstream mineral processing infrastructure and advanced metallurgical solutions, including facilities for gold refining. In contrast, Najd Minerals will focus on acquiring and developing mining concessions, specifically targeting gold, nickel, and other strategic minerals. Denarius Metals will hold a 75% equity interest in both ventures, allowing it to capitalize on the growing mining sector in Saudi Arabia, which is aligned with the country's Vision 2030 initiative aimed at diversifying its economy.

Denarius Metals, a Canadian junior mining company, has been active in acquiring and developing precious metals and polymetallic projects in Colombia and Spain. The company is currently in the early production phase at its Zancudo Project in Colombia and is advancing its other projects in Spain, which focus on critical minerals. The partnership with ProGrowth represents a significant strategic move for Denarius, as it seeks to expand its operational footprint into the Middle East, a region with increasing investment in its mining sector.

ProGrowth Ltd. brings extensive regional expertise and market presence, which is expected to enhance Denarius Metals' capabilities in navigating the complexities of the Saudi mining landscape. The collaboration is positioned to support the expansion of the Kingdom’s mining sector, which has been identified as a key growth area under the Vision 2030 framework. By establishing a strong local presence, Denarius and ProGrowth aim to tap into funding opportunities available through Saudi Arabian private and sovereign investment funds, further solidifying their strategic position in the market.

The implications of this partnership extend beyond the immediate goals of mineral processing and trading. As Saudi Arabia continues to invest in its mining sector, this collaboration could pave the way for increased foreign investment and technological transfer, enhancing the Kingdom's competitiveness in the global mining industry. The establishment of Al Sahra Minerals and Najd Minerals may serve as a model for future joint ventures in the region, fostering a more integrated and sustainable mining ecosystem that aligns with both local and international market demands.