Management aims to release an updated PEA by Q4 2025. The previous 2023 PEA reported an AT-NPV5% of $206M, and a very high AT-IRR of 287%, based on $1,800/oz gold vs the current spot price of $3,980/oz. DMET has commenced activities to restart operations at its Aguablanca project in Spain, the country’s only nickel mine, and an EU-recognized strategic project. Management is targeting production by mid-2026, with potential annual output of 70 kt of nickel-copper concentrates. Concurrently, a PEA on the Lomero project is planned for completion in early 2026. With gold near record highs, we anticipate robust M&A activity over the next 12 months as larger companies target juniors. We remain positive on gold prices, supported by US$ weakness, strong safe-haven demand amid economic and geopolitical uncertainty, and potential global GDP pressures. DMET is trading at C$47/oz vs the sector average of C$81/oz gold equivalent. Upcoming catalysts include drilling, an updated PEA, and construction of the Zancudo processing plant, restart of Aguablanca operations, and a PEA on Lomero. Price and Volume (1-year) * Qualified Person: Dr. Stewart D. Redwood, PhD, FIMMM, QMR, FGS, Consulting Geologist to DMET * Denarius Metals Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in US$ unless otherwise specified. Portfolio Summary Portfolio of four polymetallic projects, with Zancudo in pre-production, and Aguablanca positioned for near-term production Source: Company Combined resources of 3.50 Moz AuEq or 2.33 Blbs CuEq across four projects Zancudo Gold-Silver Project, Colombia (100% interest) DMET has received final approval to build a 1,000 tpd processing plant, with concentrate production targeted for Q2-2026. The project commenced pre-production in Q2-2025. To date, DMET has shipped material containing 207 oz of gold, and 5 koz of silver. Plant commissioning target