Denarius Signs Definitive Option Agreement With Europa Metals to Develop the Toral Zinc-Lead-Silver Project, Leon Province, Northern Spain

TORONTO, Nov. 23, 2022 - Denarius Metals Corp. ("Denarius Metals" or "the Company") (TSXV: DSLV; OTCQB: DNRSF) announced today that, further to its news release on October 5, 2022, it has now entered into a definitive option agreement with Europa Metals Ltd. ("Europa") (AIM: EUZ) dated November 22, 2022 (the "Definitive Agreement"), pursuant to which Denarius Metals has been granted options to acquire, in two stages, up to an 80% ownership interest in Europa Metals Iberia S.L. ("EMI"), a wholly owned Spanish subsidiary of Europa which holds the Toral Zn-Pb-Ag Project (the "Toral Project"), Leon Province, Northern Spain. Detailed information concerning the Toral Project was previously provided in the Company's news release dated October 5, 2022.

Serafino Iacono, Executive Chairman and CEO of Denarius, commented, "We are very pleased to expand our scale in Spain through our partnership with Europa to develop an exciting high-grade polymetallic project located in a well-mineralized historic mining area and a proactive jurisdiction that also offers the potential for further exploration opportunities. The first year will see an application being made for a mining license at the Toral Project, thereby moving the project along the path towards potential future development. In subsequent years we will seek to expand the current footprint of the project to encompass the nearby historic third-party Antonina mine and delineate further high-grade mineral resources, following the success of Europa's recent drillholes."

Pursuant to the Definitive Agreement, Denarius Metals has been granted a First Option, exercisable until November 22, 2025 (subject to a 90-day extension in certain circumstances), to subscribe for a 51% equity interest in EMI by (i) spending, as operator, a total of US$4,000,000 on the Toral Project over the three-year period, (ii) completing a preliminary economic assessment and (iii) completing and submitting a mining license application in respect of the Toral Project to the local Junta by July 31, 2023. The proposed transaction is subject to receipt of approval of Europa's shareholders and once obtained, Denarius Metals will make an initial payment of US$100,000 to EMI followed by a second aggregate sum of US$550,000 to be made in periodic payments at the discretion of Denarius Metals following completion of a financing by the Company. Denarius Metals' expenditure commitment under the First Option is subject to a minimum of US$1,000,000 in each of the first two years of the First Option period.

In addition, the Definitive Agreement provides Denarius Metals with a Second Option to acquire an additional 29% equity interest in EMI by delivering a prefeasibility study and making a cash payment of US$2,000,000 to Europa within the 12-month period following the closing of the First Option. On exercise of the Second Option, the parties will enter into a joint venture and a shareholders' agreement that will govern the development and eventual operation of the Toral Project.

The Company has also agreed to pay a finder's fee of US$300,000 (the "Finder's Fee") to Querlec Gestion S.L. ("Querlec Gestion") with regards to services provided in connection with the acquisition by Denarius Metals of an interest in the Toral Project. Querlec Gestion is arm's length to the Company. The Finder's Fee will be satisfied by the issuance of 637,904 common shares by the Company (the "Finder's Fee Shares") at an issue price of C$0.63 per share, being the closing price of the shares on the TSX Venture Exchange (the "TSXV") on November 22, 2022. Issuance of the Finder's Fee Shares is subject to the prior approval of the TSXV. The Finder's Fee Shares shall be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. The Company has also agreed to grant Querlec Gestion a 1% NSR on any future production of minerals from 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 has recently signed a definitive option agreement with Europa Metals Ltd. (AIM: EUZ) pursuant to which Europa has granted Denarius Metals the right to acquire up to an 80% ownership interest, in two stage, in the Toral Zn-Pb-Ag Project, Leon Province, Northern Spain. The Company also owns the Zancudo and Guia Antigua Projects in Colombia.

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

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, including exploration programs, expected exploration results and the exercise of the First Option and the Second Option. 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 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 Filing Statement dated as of February 18, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release 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.

For Further Information, Contact:

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