METALS

Advancing
Polymetallic Projects
in Spain and Colombia

Corporate Presentation
March 2023

TSXV: DSLV | OTCQB: DNRSF

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 1

Cautionary Notes
Forward Looking Statements

This presentation contains statements that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Any
statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always using
words or phrases such as “may”, “would”, “could”, “will”, “likely”, “except”, “anticipate”, “believe”, “intend”, “plan”, “forecast”, “project”, “estimate”, “propose”, “outlook”, and other similar expressions, or
stating that certain actions, events or results may, could, would, might or will occur or be taken or achieved) are not statements of historical fact and may be forward-looking information. Forward-
looking information in this presentation includes, but is not limited to, information concerning the completion of any financings (including the size and timing for completion thereof); preparation of
technical; the estimated valuation of the Company; the business, operations and financial performance and condition of the Company; the potential benefits of the Toral Project option; the expected
completion and implementation of the Toral project option; the nature of the Company’s outlook following completion of the Toral Project option; information concerning the plans and objectives of
management for future exploration and operations on the Company’s projects; timing, type and amount of future exploration activities; results of future exploration and operations; advancement of the
Company’s projects; declaration of a mineral resource estimate in the future; potential expansion of mineralization; work plans and exploration programs to be conducted; and any other information
contained herein that is not a statement of historical fact. Forward-looking information is based on management’s reasonable estimates, expectations, analyses and opinions at the date the information
is provided, and is based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those
projected in the forward-looking information. 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 as of November 23, 2022 which is available for view under Denarius’ profile on SEDAR at www.sedar.com. Forward-looking statements
contained herein are made as of the date of this presentation and Denarius 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.

All amounts are denominated in U.S. dollars, unless indicated otherwise.

Cautionary Statement on Mineral Resources

Mineral resources are not mineral reserves and do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title,
socio-political, marketing, or other relevant issues. In particular, the quantity and grade of reported inferred mineral resources are uncertain in nature and there is insufficient exploration to define these
inferred mineral resources as an indicated or measured mineral resource in all cases. It is uncertain in all cases whether further exploration will result in upgrading the inferred mineral resources to an
indicated or measured mineral resource category.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 2

 At Denarius, we are focused on exploration and
development of Polymetallic Projects in
Spain and Colombia
In-Demand Critical Minerals: Copper-Zinc-Lead-Gold-Silver.

Favorable Proximity: The Right Jurisdictions.

Lomero Project in Southern Spain…..the Iberian Pyrite Belt is the largest concentration of massive sulfides in the world.

Toral Project in Northern Spain….the Province of Leon is one of the world’s best regions for base metals exploration and mining.

Zancudo Project in the Cauca Belt in the Department of Antioquia, Colombia….on trend with several larger deposits.

High-Grade Projects: Rich History.

Rights Offering Completed: Raised CA$8.3 million to continue exploration and development.

Seasoned Team: a proven track record of success.

Long-Term ESG Strategies: Community, health, safety and the environment.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 3

Company Overview
Management Board of Directors Exchanges
Serafino Iacono Executive Chairman & CEO Hernan Martinez
Michael Davies Chief Financial Officer Lombardo Paredes Arenas TSX-V: DSLV
Alessandro Cecchi Vice President, Exploration Jesus Perez CCGNC Chair OTCQB: DNRSF
Amanda Fullerton General Counsel & Secretary Federico Restrepo-Solano
Francisco Sole
Auditor Paul Sparkes Audit Committee Chair
KPMG LLP Jerome Vitale
Major Shareholders
Capital Structure
Exercise Price Aris Mining Corporation
Issue Number Expiry
(CA$/share) (TSX: ARIS)

Issued/outstanding 25%
41,545,639
common shares

Options 1,822,500 $1.00 - $6.50 2026 to 2031 Management

and Board 24%
75,803,700
Warrants
equivalent to 7,580,370 $8.00 March 2026
(TSX-V: DSLV.WT)
common shares
Warrants (Unlisted) 23,920,916 $0.60 March 2026 51%

Market capitalization CA$19.9 million (based on CA$0.48 per share at March 3, 2023 close) All Others

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 4

 Iberian Pyrite Belt 100% Owned

Lomero
Project CU ZN PB AU AG
Spain
Located in a World Class Mining District
250km Glencore Zinc Smelter

Toral Project
The Iberian Pyrite Belt is the largest concentration of massive sulfides in the world.

The Lomero-Poyatos deposit site is well serviced by water, power and paved highways to Seville and Huelva.
800km
Madrid
Multiple high capacity processing facilities as well as shipping access at Huelva Port.

Several nearby villages, representing sources of labour, accommodation and general services.
Lomero Project

Seville
Huelva
A rich history of exploration and production to substantiate potential for future exploitation.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 5

 LISBON
PORTUGAL SPAIN

LOUSAL

AGUAS TEÑIDAS

ALUSTREL
LOMERO-POYATOS RIOTINTO
NEVES-CORVO
ROMANERA AZNALCOLLAR
LAS CRUCES
THARSIS
ESCACENA
SEVILLE
HUELVA

IBERIAN PYRITE BELT

LOMERO-POYATOS PROJECT
ACTIVE MINES
MINING PROJECTS
Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 6
Lomero Project History

Exploration Production
Billiton Mining commenced in the late 1850’s and continued until 1990
1984 Conducted a program of 60 underground diamond drilling holes
A small amount of ore came from the two pits at Lomero (east) and Poyatos (west),
but most of the historical production (2.6 million tonnes) came from
underground

Outokumpu & Tharsis Mining 1970’s - the mine produced 40 Kt - 60 Kt of ore per year
1989 The Joint Venture drilled several (9) holes from surface to 1980 - produced 40.6 Kt averaging 46% S and 0.7% Cu
assess the potential at depth beyond the mined areas
The gold grades at Lomero-Poyatos are some of the highest known in the IPB

Cambridge Mineral Resources (CMR)

2001 Carried out a major exploration program including a PA with
2007 Newmont Mining, drilling 48 holes, and commissioned several
technical studies on potential mining and processing methods

2015 Kimberly Diamonds Ltd (KDL)

2017 Drilled 8 diamond holes when it held an “Investigation Permit”

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 7

 Palomarejo Lomero-Poyatos

SAN TELMO

AGUAS TEÑIDAS

Sandfire matsa
Total MRE 147.2Mt at 1.4% Cu, 3.0% Zn,
1.0% Pb and 39.6g/t Ag

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 8

 LEGEND

DENARIUS Drilling
Previous Drilling

Phase 1 Surface Drilling program, completed in July 2022:

• 26,000 m in 83 diamond drill holes
• Identified mineralization over a strike of 1 km and with a vertical
extension of 400 m
• Confirms massive and semi-massive sulfide zones are significantly
enriched in Au
• Increases our confidence in the geological model using data validated
from previous drilling campaigns
• Resulted in an Initial MRE published in September 2022

Phase 2 In-fill and exploration drilling, started in October 2022:

• Up to 22,000 m to increase our confidence level in areas previously
tested by our Phase 1 program
• Will result in an updated MRE in H1-2023 for a subsequent PEA
Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 9
Lomero Project Mineral Resource Estimate

After completing our Phase 1 drilling, we prepared an initial Inferred MRE (1) as a measuring stick of our
exploration success and progress to date:

Historic Inferred MRE of 20.93 Mt Initial Inferred MRE of 10.66 Mt

Spot Prices as of February 28, 2023 (USD)
Historic Grade(2) Historic Metal Content(2) MRE Grade (Phase 1)(3) MRE Metal Content (Phase 1)(3)
Copper $4.03/pound
Cu 0.90% 415,285,000 lbs 0.45% 105,756,000 lbs (48 kt)
Zinc $1.38/pound
Zn 3.05% 1,407,354,000 lbs 1.02% 239,713,000 lbs (108.9 kt)
Lead $0.95/pound
Pb 0.85% 392,213,000 lbs 0.41% 96,355,000 lbs (43.7 kt)
Gold $1,809.10/oz
Au 3.1 g/t 2,073,000 oz 2.0 g/t 693,000 oz
Silver $20.58/oz
Ag 62.4 g/t 41,997,000 oz 21 g/t 7,360,000 oz

Phase 1 gives us confidence in the potential for expansion in the size of the deposit, as evidenced by
the historic MRE, through further validation drilling.

Phase 2 will give us an updated Mineral Resource Estimate that we will use to do the first economic
study for the path forward with the Lomero Project.

(1) Refer to Cautionary Notes on page 2 of this Presentation.

(2) Source: Behre Dolbear, 2011; A QP has not done sufficient work to classify the historic estimate as current mineral resources or mineral reserves, and the Company is not treating the historic estimate as current mineral resources or mineral
reserves. This is for benchmark purposes only and is superseded by the initial MRE announced in September 2022.
(3) Source: Company press release dated September 19, 2022; SRK, effective as of July 19, 2022

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 10

 LEGEND

DENARIUS Drilling
Previous Drilling

In 2023, our plans include a 10,000 m drilling campaign at the Lomero Project commencing mid-March as follows:

• Validation drilling, totaling 3,000 meters. This will be a conventional drilling program aimed at validating the higher grades near surface for the PEA. The Phase
2 directional drilling has already validated the expected higher grades at depth.

• Exploration drilling, totaling 7,000 meters. This drilling aims to increase the tonnage of the MRE update based on Phase 1 and Phase 2 drilling, targeting the
Poyatos-Las Merinas and Alianza Areas outside the footprint of the deposit previously mined.
Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 11
 LOOKING NORTH

WEST LIMIT RUBIA I.P.

POYATOS - LAS MERINAS

TARGET AREA

650 m
ALIANZA TARGET AREA

1,300 m

LOMERO-POYATOS DEEP TARGET AREA

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 12

Lomero Project - Key Milestones for 2023
Iberian Pyrite Belt, Spain
100% Owned

Copper Zinc Lead Gold Silver

• Finalizing Mineral Resource Estimate Update now that the Phase 2 drilling campaign has been completed

• Advancing High Level Economic Option Analysis with SRK

• Evaluating technology applications as a means to improve gold recoveries

• Carrying out a 10,000 m drilling program commencing mid-March to validate higher

grades and expand tonnage in areas outside the footprint of the previously mined area

• Preparing a Preliminary Economic Assessment (PEA) Expected by Mid-2023

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 13

 Leon Province Option Agreement to Acquire up to 80%

Toral
ZN PB AG
Project
Spain Located in a Well-Mineralized Historic Mining Area and
Proactive Jurisdiction
250km Glencore Zinc Smelter Represents a unique opportunity to develop a high-quality base metal project in the heart of western Europe.
Toral Project
Located approximately 400 km or 4 hours’ drive northwest of Madrid in the Province of León, an established
mining region.

The Toral exploration license covers an area of 20.29 km².

800km
Madrid
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.

Denarius signed a definitive option agreement with Europa Metals Ltd. to acquire up to 80% ownership of the
Lomero-Poyatos Project
Toral Project in two stages:
Seville
Huelva
First Option – 51% interest: spend minimum of US$4 million over three years, complete a PEA and complete and
submit a mining license application to the local Junta by July 2023.

Second Option – additional 29% interest: pay US$2 million to Europa with 12 months following First Option and
deliver a PFS.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 14

Toral Project

Europa Metals published (1) an updated JORC 2012 compliant MRE(2) for the Toral Project in November
2022
Europa’s highly successful 2022 drilling campaign led to a 19% increase in the Indicated MRE and a 14% increase in overall grade.

A total of 61,545 m of drilling is now included in the Toral drillhole database.

Latest MRE, with an effective date of November 5, 2022, will support the mine plan for the upcoming mining license application.

Category Tonnes ZnEq Zinc Zinc Metal Lead Lead Metal Silver Silver Metal
(Pb)% Grade Content Grade Content Grade Content
Indicated 7 Mt 8.1% 5.0% 349 kt 3.7% 260 kt 29 g/t 6,600,000 ozs
Inferred 13 Mt 6.0% 4.1% 540 kt 2.3% 300 kt 19 g/t 8,000,000 ozs

(1) Refer to Europa Metals press release dated November 30, 2022.
(2) Refer to Cautionary Notes on page 2 of this Presentation.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 15

Toral Project: Exploration Potential

3,500 m

Mineralization open  2,000 m untested ground within the Toral Permit
to the NW (Antonina Mine)
1000 m depth
Oreshoot open to the SE

In 2023, our plans include a 7,000 m drilling program aimed at increasing the confidence level in
the current Indicated Resources and potentially converting some of the Inferred Resources.
The drilling program is scheduled to commence in March followed by an updated MRE.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 16

Toral Project - Key Milestones for 2023
Leon Province, Northern Spain
Option Agreement to Earn Up To
80% in Two Phases

Zinc Lead Silver

• Paid US$100,000 initial payment in early January after Europa received shareholders’ approval.

• Minimum US$1,000,000 expenditure commitment this year, including the initial payment and an advance of
US$550,000 due in periodic payments following the Rights Offering.

• Completing mining license application for submission to the local Junta before July 31st
as required under the Toral Permit.

• Carrying out a 7,000 m drilling program to increase confidence in resources and

convert resources from Inferred to Indicated in a Mineral Resource Estimate update.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 17

 Cauca Belt 100% Owned San Matias (1.1Moz)
Cordoba Minerals
Angostura (3.2Moz)
AU AG ZN PB Eco Oro
Soto Norte (12.0Moz)
Zancudo Located in a Historic Aris Gold

Project Mining District Buriticá (9.5Moz)

Continental Gold
Located in the Municipality of Titiribi,
Department of Antioquia, 30 km SW of Medellin. Segovia (3.2Moz)
Gran Colombia Gold
Mining of high-grade gold-silver-quartz veins
El Zancudo
was carried out from 1793 to 1948 with an Titiribí (8.7Moz)
Gramalote (3.0Moz)
AngloGold Ashanti
estimated production of 1.4 to 2.0 Mozs AuEq. Gold Mining
Zancudo Project
Project has access to labour, the Colombian La Mina (0.95 Moz)
national power grid and ample water resources. Gold Mining
Quebradona (7.0Moz) Yarumalito (1.2Moz)
AngloGold Ashanti Gold Mining
Acquired by Denarius in the 2021 RTO.
Marmato (M+I 6.0Moz)
Aris Gold
The Zancudo Project Quinchia (2.6Moz)
provides an opportunity Los Cerros Limited
to develop near-term
production and cash
flow through local La Colosa (28.3Moz)
AngloGold Ashanti
contract miners and
long-term growth
through exploration.
18
Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 18
 Zancudo Project

Denarius has published (1) a maiden 43-101 compliant MRE for the Zancudo Project in March 2023
GCM Mining and IAMGOLD carried out drilling campaigns over the period from 2011 through 2022.

A total of 40,100 m of drilling from 149 drill holes is included in the Zancudo drillhole database, including 33 underground holes drilled in the
Independencia Mine.

The maiden MRE, with an effective date of December 31, 2022, is based on a 4.0 g/t cut-off over 1.0 m mining width, a gold price of
US$1,800/oz, a silver price of US$24/oz and a production cost estimate of US$168/t.

Category Tonnes Gold Gold Metal Silver Silver Metal AuEq AuEq Metal
Grade Content Grade Content Grade Content
Inferred (2) 2,776 kt 6.5 g/t 576,000 ozs 112 g/t 9,974,000 ozs 8.0 g/t 718,000 ozs
(1) Refer to Denarius press release in early March 2023.
(2) Refer to Cautionary Notes on page 2 of this Presentation.

Fun Fact #1: The Sociedad del Zancudo mining company was created in and regarded as one of
Colombia’s most important companies of the 19th century.

Fun Fact #2: In 1883, the El Zancudo company created its own bank, issuing banknotes to pay the
bills and expenses of miners, contractors, and suppliers.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 19

Zancudo Project - Key Milestones for 2023
Titiribi, Colombia
100% Owned

Gold Silver Zinc Lead

• Completed a Mineral Resource Estimate based on 40,000 m historical drilling.

• Evaluating and implementing the steps to production incorporating local contract mining.

• Preparing the site and infrastructure for mining operations, including road construction, infrastructure
rehabilitation and installation of crushing facility.

• Engaging the local community in the process as part of the social license to operate.

• Designing the next phase of the exploration campaign.

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 20

 In-Demand Favourable Proximity High Grades
Critical Metals

We are focused on in demand metals We are in the right jurisdictions We have quality high-grade projects

Why
Invest
Rich History Proven Team

There’s rich history where our projects are located We have the right team that knows how to unlock value

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 21

 METALS

Michael Davies
Chief Financial Officer
+1 (416) 360-4653
investors@denariusmetals.com

www.denariusmetals.com DenariusMetals

Contact Us
Denarius-Metals-Corp Denarius-Metals

DenariusMetals DenariusMetals

TSXV: DSLV | OTCQB: DNRSF

Corporate Presentation | March 2023 www.denariusmetals.com TSXV: DSLV | 22