Denarius Metals Corp. recently announced an update on its progress to advance its strategic collaboration as JV partners with ProGrowth Ltd. Company, a Saudi-based diversified group of companies in the Kingdom of Saudi Arabia ("KSA"). T
he collaboration between Denarius Metals and ProGrowth aims to establish a strategic platform focused on mining concessions, mineral trading, metallurgical processing and downstream industrial development for gold bar production. By leveraging Denarius Metals' portfolio of mining projects and ProGrowth's regional expertise and market presence, the Partnership seeks to develop an integrated value chain for mineral resources. Through a series of joint ventures, the Partnership plans to advance mineral processing, refining and related industrial activities within Saudi Arabia, supporting the expansion of the KSA's mining sector in alignment with its Vision 2030.
Serafino Iacono, Executive Chairman of Denarius Metals, commented "Earlier this week, I had the privilege of representing Denarius Metals, along with Federico Restrepo-Solano, our CEO, and Santiago Suarez-Florez, our Vice President, Corporate Development, at an official signing ceremony at the Ministry of Industry and Mineral Resources of Saudi Arabia, and in the presence of His Excellency Eng. Turki Abdulrahman Albabtain, Deputy Minister of Mining Development, Abdulrahman AlBelushi, Deputy Minister of Mineral Resources, Matar Al Harthi, Executive Vice President of National Industrial Development and Omar Alramah, CEO & President of ProGrowth. The signing ceremony formally acknowledged the approval of the KSA for the formation of the Partnership's first two companies, Al Sahra Minerals and Najd Minerals.
I am also pleased to announce that Omar Alramah has accepted a nomination for election to the Board of Directors of Denarius Metals at the forthcoming Annual General and Special Meeting (the "AGSM") of Shareholders to be held on June 3, 2026. In addition, ProGrowth has advised the Company that it would like to make an initial investment of up to a 10% equity interest in Denarius Metals through a private placement expected to be completed by the AGSM."
Al Sahra Minerals is a Saudi-based company focused on the development of downstream mineral processing infrastructure and advanced metallurgical solutions, including a roaster facility, a carbon-in-leach plant and a gold refinery. The company, supported by its technology and licensing partners, Italpreziosi SpA and Italimpianti Ofra SpA, is positioned to support the KSA's strategic shift toward value-added mining by transforming raw mineral resources into refined, market-ready products.
Najd Minerals is a Saudi-based company focused on the identification, acquisition and development of mining concessions, as well as mining and mineral extraction activities within the KSA and the GCC, targeting gold, nickel and other strategic minerals.
Pursuant to the Partnership, Denarius Metals will have a 75% equity interest in each of Al Sahra Minerals and Najd Minerals. The Partnership will open doors in the mining and metals sector in the KSA, leveraging funding available for its investment strategy through Saudi Arabian private and sovereign investment funds.
About Denarius Metals
Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain.
In Colombia, Denarius Metals is producing gold and silver in an "early production" phase at its 100%-owned Zancudo Project while it completes construction a 1,000 tonnes per day processing plant that is expected to start producing high-grade gold-silver concentrates by the third quarter of 2026. The Zancudo Project is a high-grade gold-silver deposit.
In Spain, Denarius Metals has interests in three projects focused on in-demand critical minerals.
![Schematic of a polymetallic nodule mining operation. From top to bottom, the three zoom-in panels illustrate the surface operation vessel, the midwater sediment plume, and the nodule collector operating on the seabed. The midwater plume comprises two stages: (i) the dynamic plume, in which the sediment-laden discharge water rapidly descends and dilutes to a neutral buoyancy depth, and (ii) the subsequent ambient plume that is advected by the ocean current and subject to background turbulence and settling.[1] Image: Wikipedia Commons, Kredit: Carlos Muñoz-Royo.](https://www.miningmetalnews.com/sites/default/files/styles/article_frontpage_small/public/media-cover-images/schematic-of-a-polymetallic-nodule-mining-operation-from-top-to-bottom-the-three_2_0.jpg?h=3df05eba&itok=fdvTZ2tH&u=1776673036)
![Schematic of a polymetallic nodule mining operation. From top to bottom, the three zoom-in panels illustrate the surface operation vessel, the midwater sediment plume, and the nodule collector operating on the seabed. The midwater plume comprises two stages: (i) the dynamic plume, in which the sediment-laden discharge water rapidly descends and dilutes to a neutral buoyancy depth, and (ii) the subsequent ambient plume that is advected by the ocean current and subject to background turbulence and settling.[1] Image: Wikipedia Commons, Kredit: Carlos Muñoz-Royo.](https://www.miningmetalnews.com/sites/default/files/styles/related_news_image/public/media-cover-images/schematic-of-a-polymetallic-nodule-mining-operation-from-top-to-bottom-the-three_2_0.jpg?h=3df05eba&itok=My_MmN9i&u=1776673036)
