Denarius Metals Posts $8.1 Million Q3 Revenue as Zancudo Ore Deliveries to Trafigura Jump 72%

Denarius Metals reported third-quarter 2026 revenue of $8.1 million, up 65% over the second quarter, on the sale of 1,744 ounces of gold and 14,175 ounces of silver from its Zancudo Project in Colombia. The company said it delivered 6,727 tonnes to Trafigura in the quarter, a 72% increase over the second quarter. The details were reported by Stock Titan.

Zancudo Deliveries and the Trafigura Offtake

Denarius Metals is a Canadian junior miner that acquires, explores and operates polymetallic projects in Colombia, Spain and Saudi Arabia, producing gold and silver at Zancudo while developing nickel-copper, zinc-lead-silver and polymetallic assets. The company said total revenue for the first nine months of 2026 was $16.5 million, up from $1.7 million for the 2025 fiscal year.

Serafino Iacono, Executive Chairman of Denarius Metals, said, "Our daily average mining rates continue to increase during the early production phase at our Zancudo Project." He added that head grades averaged 11.6 g/t for gold and 188.9 g/t for silver in the third quarter.

During the early production phase, mined material is shipped to a local port and sold to Trafigura under a long-term offtake contract, with payability rates ranging from 30% to 70% for gold and 20% to 40% for silver depending on grades. Trafigura, the counterparty on that contract, signed a one-year fixed charter with Nordic American Tankers at $150,000 per day, a Suezmax record, TradeWinds reported on October 21, 2026.

Denarius Metals' Funding and Share Count

According to akta.pro company records, Denarius Metals upsized a prepayment facility with Trafigura Pte. Ltd. from $9 million to $16 million in June 2026, issuing 3,000,000 common share purchase warrants and bringing total cash received to $9 million. The same records list 189.4 million shares outstanding as of March 6, 2026, with 27.7 million warrants exercised year to date generating C$16.7 million in gross proceeds.

Zancudo's Ramp-Up Before Q3

Denarius Metals shipped 3,907 tons from Zancudo in the second quarter of 2026, a 67% increase, generating $5.1 million in revenue, with first-half revenue reaching $8.6 million, Financecolombia reported in September 2026. In August 2026, the company completed a C$28.8 million investment in Copper Giant Resources, subscribing for 40 million shares at C$0.72 each for roughly 15.34% ownership, while Trafigura subsidiary Urion bought C$28.81 million of Denarius shares and warrants, Pulse 2.0 reported.

Monserrat Plant Timeline

Denarius Metals said earthworks at the Monserrat plant site are complete and structural steel and concrete works have begun. The company said it expects to complete plant construction and commissioning in the first quarter of 2027, when it can shift to commercial production of high-grade gold-silver concentrates for sale to Trafigura under the offtake contract.