Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) has reported the first assay results from its 2026 surface in-fill diamond drilling program at the Las Brisas target on its wholly owned Zancudo gold-silver project in Colombia, located in the Cauca Belt about 30 kilometers southwest of Medellin.

The results cover the final assays for the first four drill holes, totaling roughly 660 meters, completed from the first purpose-built surface drill platform. The holes confirmed the high-grade gold and silver mineralization previously modeled on the Manto Antiguo and Santa Catalina structures.

Highlight intercepts included 7.43 grams per ton (g/t) gold and 15 g/t silver over 1.20 meters from 93.8 to 95.0 meters in hole ZM-195 on the Santa Catalina structure, including 28.70 g/t gold and 38 g/t silver over 0.30 meters. Hole ZM-197, on the Manto Antiguo structure, returned 8.36 g/t gold and 1,670 g/t silver over 1.0 meter from 160.3 to 161.3 meters, including 27.83 g/t gold and 5,564 g/t silver over 0.30 meters.

Key Drilling Results at Las Brisas

Notes: Intervals are core lengths; true widths are estimated at 80% to 90% of the reported lengths. Gold-equivalent (AuEq) grades were calculated using prices of $3,200 USD per ounce of gold and $40.00 USD per ounce of silver. “Unknown” denotes a new structure that does not correlate with any known structure or vein. Hole MT-196 returned no results above the 4 g/t AuEq cut-off, and hole MT-198 was aborted at shallow depth due to excessive deviation.

The Las Brisas target is an unexploited block within the Manto Antiguo structure that was preserved by past mining. The in-fill program is designed on 50-by-50-meter drill centers from eight platforms (IF-5 to IF-12) to better delineate and confirm the consistency of two ore shoots outlined by earlier drilling on the Manto Antiguo and Santa Catalina structures. The Manto Antiguo ore shoot, controlled by the intersection of the two structures, typically shows wider and higher-grade intercepts.

“This early progress at the Las Brisas Target reinforces our confidence in the continuity and quality of the known ore deposits at Zancudo.” – Serafino Iacono, Executive Chairman, Denarius Metals

Drilling at Las Brisas began in late April 2026 with a single rig and comprises about 6,000 meters across 29 diamond drill holes. The reported results cover the first four holes, about 660 meters, drilled from the first platform (IF-7). All holes completed to date on Manto Antiguo, totaling about 560 meters, intersected the structure at the estimated depth, with a maximum grade of 27.83 g/t gold and 5,564 g/t silver over 0.30 meters in ZM-197. On Santa Catalina, holes totaling about 660 meters intersected the structure at depth, with a maximum grade of 28.70 g/t gold and 38 g/t silver over 0.30 meters in ZM-195.

“This early progress at the Las Brisas Target reinforces our confidence in the continuity and quality of the known ore deposits at Zancudo,” said Serafino Iacono, executive chairman of Denarius Metals. “The 2026 in-fill drilling program has been designed taking into account the successful results achieved in our 2024 in-fill drilling campaign and underscores the potential and prospectivity of delineating new zones and expanding existing ones near planned mining infrastructures. We look forward to providing further updates through the course of this year’s drilling campaign.”

Structures and Geology

The Manto Antiguo structure, historically the main structure mined, is interpreted as a west-northwest to east-southeast trending brecciated manto that merges into the footwall of the Santa Catalina structure. 

The northerly-trending Santa Catalina structure, which dips steeply to the east near surface and gently at depth, is interpreted as a mineralized master fault and the feeder of mineralization for the entire vein system. The typically narrow Manto Antiguo structure shows a breccia texture with incipient quartz-sulphide banding and milled wall-rock clasts, with mineralization consisting of pyrite, arsenopyrite, sphalerite, and galena.

2026 Program and Processing Plant

The 2026 drill program totals a planned 15,000 meters across several targets within the Zancudo project, including Las Brisas, El Castano, the Independencia mine, and brownfield areas. The company said the program is intended to provide data for resource modeling, mine planning, and stope design as it ramps up mining at Zancudo in 2026 and 2027 to feed the project’s new 1,000-ton-per-day flotation processing plant, which is under construction and expected to be operating later this year.

The resource evaluation work was completed by Scott E. Wilson, CPG, president of Resource Development Associates and an independent qualified person under Canada’s NI 43-101, who inspected the Zancudo project on June 2-3, 2026. Core samples were prepared and assayed for gold by Actlabs at its laboratory in the Rionegro free-trade zone in Antioquia, Colombia, with multi-element analysis completed at its laboratory in Ancaster, Ontario.

Denarius Metals is a Canadian junior mining company focused on precious metals and polymetallic projects in Colombia and Spain, and trades on Cboe Canada as “DMET” and on the OTCQX Market in the United States as “DNRSF.” 

At Zancudo, its 100%-owned high-grade gold-silver deposit that includes the historic Independencia mine, the company is producing in an early-production phase while completing the processing plant, which it expects to begin producing high-grade gold-silver concentrates in the third quarter of 2026. 

In Spain, Denarius holds a 21.8% interest in and operates the Aguablanca nickel-copper project, recognized by the European Union as a Strategic Project, and owns 100% of the Lomero polymetallic project and the Toral zinc-lead-silver project.

Headline image description: The diagram showcases the target location of Denarius Metals in their Las Brisas mine site, and what they projected to have discovered there. Photo provided by Denarius Metals.

Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF) reported first-quarter 2026 net income from continuing operations of $13.1 million USD and adjusted EBITDA of $28.5 million USD, as the Calgary-based company moves to close the sale of its Colombian exploration and production portfolio to Parex Resources Inc. (TSX: PXT) and reposition itself as a standalone Colombian infrastructure company anchored by its pipeline and port assets.

Total revenues from continuing operations were $26.8 million USD in the first quarter, compared with $26.9 million USD in the fourth quarter of 2025 and $25.1 million USD in the first quarter of 2025. Net loss for the period, including discontinued operations, was $15.4 million USD, reflecting a $28.5 million USD net loss from the Colombian E&P assets now classified as held for sale.

“In total, this strategy will have unlocked approximately $1.3 billion of capital for investors.” — Gabriel de Alba, Chairman of the Board, Frontera Energy Corporation

The Parex transaction

On April 30, 2026, Frontera shareholders approved a plan of arrangement under which Parex Resources, through a wholly-owned subsidiary, will acquire all of Frontera’s Colombian upstream business — including its oil and gas exploration and production assets, a reverse-osmosis water-treatment facility, and a palm-oil plantation. The transaction carries an enterprise value of $750 million USD. The cash purchase price consists of $500 million USD payable at closing, subject to customary adjustments, plus an additional $25 million USD contingent payment tied to specified development milestones to be achieved within 12 months of closing.

At the same shareholder meeting, investors approved a reduction of Frontera’s capital account of up to $647 million CAD (approximately $470 million USD) to fund a return of capital to shareholders from the net proceeds of the transaction. The Supreme Court of British Columbia issued its final order approving the arrangement on May 4, 2026. Closing remains subject to the satisfaction of remaining conditions and is expected in May 2026.

Chairman Gabriel de Alba said the company would retain roughly $50 million USD of cash to support growth opportunities at the remaining infrastructure business, including an LNG regasification project being developed in partnership with Ecopetrol (NYSE: EC) (BVC: ECOPETROL). “In total, this strategy will have unlocked approximately $1.3 billion of capital for investors,” de Alba said.

ODL pipeline drives cash flow

Frontera holds a 35 percent equity interest in the Oleoducto de los Llanos (ODL) crude oil pipeline, which connects the Rubiales, Quifa, Caño Sur, Llanos-34, and other production blocks to the Monterrey and Cusiana stations in the department of Casanare. ODL’s share of income contributed $14.2 million USD to Frontera in the first quarter, compared with $15.1 million USD a year earlier, with the year-over-year decline reflecting higher depreciation, amortization, and operating costs.

ODL transported 233,875 barrels per day in the first quarter of 2026 at an average tariff of $4.70 USD per barrel, compared with 236,387 barrels per day at $4.73 USD per barrel in the first quarter of 2025. The pipeline declared $185 million USD in total dividends, of which $64.7 million USD is net to Frontera. The company expects to receive those distributions during 2026 in installments of approximately 40 percent in the second quarter, 35 percent in the third quarter, and 25 percent in the fourth quarter.

Long-term debt at Frontera totaled $167.8 million USD at the end of the first quarter and is expected to decline to approximately $131 million USD by year-end 2026, primarily through scheduled amortizations and cash-sweep mechanisms tied to ODL cash flows. From May 2025 through December 2026, long-term debt is expected to fall by more than $100 million USD.

Puerto Bahía expands cargo mix

Puerto Bahía, the multipurpose maritime terminal located in Cartagena adjacent to the Bocachica access channel and near the Reficar refinery, generated $12.7 million USD in revenue in the first quarter of 2026, compared with $10.0 million USD in the same period a year earlier. The 150-hectare facility comprises a hydrocarbons terminal with nominal capacity of 2,672,000 barrels and a general cargo terminal. Frontera holds a 99.97 percent equity interest in the port.

General cargo growth offset weaker liquids volumes. The general cargo terminal handled 38,067 roll-on/roll-off (RORO) units in the first quarter, more than double the 18,223 units handled a year earlier, alongside 3,851 twenty-foot equivalent units (TEUs) of containerized cargo, up from 1,256 TEUs in the first quarter of 2025. Break-bulk volumes declined to 25,216 tons/m³ from 41,198 tons/m³. RORO dwell times shortened from 40 days to 31 days year over year.

The liquids terminal handled 36,937 barrels per day in the first quarter of 2026, down from 51,579 barrels per day a year earlier. Ecopetrol volumes accounted for 26,273 barrels per day, Frontera-related volumes for 7,389 barrels per day, and other third-party volumes for 3,275 barrels per day. The company attributed the decline mainly to lower third-party throughput and the absence of certain trading flows.

Operating costs at the port rose to $7.6 million USD in the first quarter from $5.0 million USD a year earlier, driven by increased infrastructure maintenance in the liquids terminal and higher cargo volumes in the general cargo facility.

LPG and LNG projects advance

Puerto Bahía’s liquefied petroleum gas (LPG) project began initial operations in March 2026, providing capacity to handle up to 10,000 tons per month. The terminal is targeted to become fully operational during the first quarter of 2028. Capital expenditures during the first quarter totaled $1.0 million USD, including $0.4 million USD for major tank maintenance and $0.3 million USD for the LPG project.

The company is also advancing an LNG regasification project at Puerto Bahía in partnership with Ecopetrol, intended to support Colombia’s domestic gas supply as domestic production declines. Frontera is also pursuing expansion of containerized cargo operations.

Discontinued operations

Following the execution of the arrangement agreement, the Colombian E&P assets are now classified as discontinued operations under IFRS 5. Colombian production averaged 36,700 barrels of oil equivalent per day in the first quarter of 2026, comprising 25,394 barrels per day of heavy crude, 8,653 barrels per day of light and medium crude combined, 5,706 thousand cubic feet per day of conventional natural gas, and 1,652 barrels of oil equivalent per day of natural gas liquids. That compares with 39,010 barrels of oil equivalent per day a year earlier.

The operating netback from the discontinued Colombian operations was $41.79 USD per barrel of oil equivalent in the first quarter of 2026, compared with $34.22 USD per barrel of oil equivalent in the first quarter of 2025, supported by a higher Brent reference price of $78.38 USD per barrel against $74.98 USD per barrel a year earlier.

Frontera retains exploration and development interests in Guyana through subsidiaries that include CGX Energy Inc. (TSXV: OYL), which is not part of the Parex transaction. The company’s go-forward portfolio will be anchored by the ODL pipeline stake and Puerto Bahía, with the infrastructure business generating approximately $77 million USD of distributable cash flow in 2025, according to the management information circular dated March 30, 2026.

Above photo courtesy Frontera Energy Corporation.

The list includes both international and US companies traded on the market and is formulated by weighting a company’s total return and average daily dollar volume growth throughout 2023.

Bravo Mining Corp. ranked first on this year’s list ahead of the Toronto-based mining firm, which maintains gold and silver mining projects in Guayabales and San Antonio in the Colombian department of Caldas.

Grayscale Bitcoin Cash Trust, LithiumBank Resources Corp., and Data Communications Management Corp. rounded out the top five.

Three other Grayscale-tied firms and two other mining firms — Gold Reserve, Inc. and G Mining Ventures Corp. — completed the top 10.

Photo: Collective Mining personnel in Colombia. (Credit: Loren Moss)

It will trade under the symbol SMAGF on the new market, which the firm says it has now qualified for after sufficiently demonstrating compliance with relevant securities laws in addition to following required corporate governance and financial standards.

“We are delighted to have met the stringent requirements set by the OTCQX Market, reflecting our dedication to upholding the highest standards of corporate governance and financial reporting,” said Geoff Hampson, executive chairman of Soma Gold, in a statement.

“The move to the OTCQX Market is a crucial step in our ongoing development to foster increased confidence among current and prospective investors,” added Hamposon.

We remain committed to creating value as we continue to grow and expand our operations and presence in the market.”

At the meeting, 30,452,708 shares were voted, representing approximately 31.19% of the issued and outstanding shares of GCM Mining, 29,577,593 shares, or 97.13% voted for the merger, and 875,115 shares representing 2.87% voted against it.

The transaction is expected to close on September 26, 2022, subject to the satisfaction or waiver of certain customary closing conditions. Following closing, Aris Mining will be a gold producer with two producing mines, two advanced development projects, and an advanced stage exploration project in the Americas.

Ian Telfer, Aris Gold Chair said that “The combined group creates a top-in-class company with multiple tier one assets. After Aris Gold became operator of the Soto Norte joint venture, joining forces with GCM became a logical next step. Our increased scale will also broaden our future opportunities to continue building a 1 million ounce plus producer over the next few years.”

Serafino Iacono, Executive Chair of GCM, stated: “Each team has unique strengths with GCM being the Colombian leader for responsible, sustainable mining practices. Together with Aris Gold’s Board and management, the combined group brings a track record of building sizable and successful mining companies; this transaction further diversifies the company’s portfolio and reaffirms Colombia as an area of focus. While I am stepping down from a day-to-day executive role, I will remain a director and advisor on matters in Colombia as well as an enthusiastic securityholder.”

“We are building a gold mining business with scale, cash flow, a strong financial position with US$397 million of cash and US$260 million of additional committed funding, and a high-quality growth pipeline. Our teams are well known to each other, and together we will optimize the delivery of the growth projects to unlock shareholder value,” added Neil Woodyer, CEO of Aris Gold.

Photo: GCM Mining

Khiron states that this is the largest study of its kind in Latin America, and the first published clinical evidence on the effectiveness and safety of Khiron’s THC and CBD oil-based cannabis formulations, the two most prescribed products at Khiron’s Zerenia Clinics in Colombia. Frontiers journals rank among the most influential in their academic fields based on total citations and ranks as the 3rd most-cited publisher among the 20 largest publishers.

The study, a joint effort by medical researchers from Khiron Life Sciences and doctors from Zerenia Clinics in Colombia and Europe, captures patient-reported outcome measures (“PROMS”) and adverse effects in a cohort of 2112 adult patients diagnosed with chronic pain of diverse etiology. Between May and September 2021, patients received adjuvant treatment with Khiron’s oral oil-based cannabis formulations at the Latin American Institute of Neurology and Nervous System (ILANS-Zerenia) in Bogotá, Colombia.

• 9 out of 10 patients reported some degree of improvement of their chronic pain.
• 7 out of 10 reported an improvement larger than 50% after 4 weeks of treatment.
• 7 out of 10 patients did not experience any adverse effects related to the treatment. Reported adverse side effects were mild and transient, fading after 12 weeks.

Khiron Life Sciences CEO & Co-Founder Álvaro Torres

“This study, based on Khiron’s medical products, is critical to reassure physicians and health insurance providers of the efficacy of medicinal cannabis to treat chronic pain. The global impact and economic burden of chronic pain in our society, mounting medical evidence will increase access to cannabinoid-based medicines worldwide,” said Khiron CEO Alvaro Torres. “The recent vote in the US House of Representatives promoting medical research on cannabis clearly shows the pressing need to develop effective and safe cannabis-based medication for suffering patients worldwide. With this and upcoming studies, Khiron will continue to stand above in the field of medical research and to expand the access for patients in those jurisdictions in which we are present”.

Guillermo Moreno-Sanz, the first author of the study and Global Scientific Director of Khiron Life Sciences adds, “We believe these findings to be generalizable across patient populations, considering that our results are extremely well-aligned with those reported by researchers working with similar clinical populations in nations with long-standing medicinal cannabis access programs, such as Israel and Canada.”

Khiron claims most observational and experimental studies investigating the efficacy of medical cannabis for pain management are of relatively short duration and use a disparity of cannabinoid-based products, routes of administration, and dosing regimens, but this study is differentiated as it describes the short-, mid- and long-term efficacy and safety of two monovarietal formulations containing THC and CBD in different ratios (1:1 and 1:25, respectively), and investigates the contribution of patient’s sex, and age. Most participants were female (76.1%) with an average age of 58.7 years old. One third of the participants were elderly (>65 years old).

As Khiron continues to expand its research and business globally through Latin America and Europe, the company says additional studies are expected to continue to demonstrate the Company’s business model, creating a 360-solution for health care providers, insurance companies, and patients to benefit from the prescription and positive health outcomes from medical cannabis.

See also: Khiron Life Sciences CEO Álvaro Torres Discusses The Cannabis Company’s Unique Go-To-Market Strategy & Its Network Of Zerenia Integrative Care Clinics

On November 23, 2021, the board of directors granted a total of 1,400,000 options and 950,000 restricted stock units to certain officers of the company. Certain of the options and restricted stock units are subject to performance-based vesting conditions. The options are exercisable at a price of $0.75 per share and will expire on November 23, 2026. Unvested restricted stock units will expire on December 15, 2024.

Khiron has a sales presence in Colombia, Peru, Germany, UK, and Brazil and is positioned to commence sales in Mexico. The company is led by Co-founder and Chief Executive Officer, Alvaro Torres, together with a diverse executive team and board of directors.

Khiron to Participate in the Lytham Partners Winter 2021 Investor Conference

Khiron also announced today its CEO, Alvaro Torres will be participating in the Lytham Partners Winter 2021 Investor Conference taking place from December 13-16, 2021. During the event, the company will be participating in a webcasted Fireside Chat discussing its vision for 2022 and conducting 1×1 virtual investor meetings.

The webcasted Fireside Chat will be available for viewing at 11:00am ET on Monday, December 13, 2021 on the Company’s website at https://investors.khiron.ca/investor-information or https://wsw.com/webcast/lytham3/khrn/2039430. The webcast will also be available for replay following the event.

The company, led by CEO and Co-Founder Álvaro Torres, said in a SEDAR filing that Europe now makes up 31% of medical cannabis revenue. Gross margins increased for clinical services to 26% of revenues, up from 12% in Q3 of 2020, and 15% in Q2 2021. Net loss is down 50% year over year to $3.3 million CAD compared to $6.7 million in Q3 2020. The company reports $15.4 million in cash on hand as of September 30, 2021.

“In Q3, we achieved strong results and broke revenue and profitability milestones, surpassing our first million dollars in medical cannabis revenues and gross profits. Prescription growth were driven by our patient-focused operations in Colombia and Germany. In the first 9 months of 2021, we have already exceeded 2020 medical cannabis sales by more than 600% while maintaining medical cannabis margins of over 89%,” said Torres.

“As expected, Europe is becoming a more significant region for Khiron, representing 31% of our medical cannabis revenue. With the opening of Zerenia Clinics in the UK, we have now established an international clinic footprint that will continue to drive sustainable growth in the future. A year ago, our company was just starting medical cannabis sales in Colombia, and now we have 15 clinics in 5 countries, and soon in Mexico. We are very excited about our quarterly growth rate, and the growing evidence that Khiron is fulfilling its mission to improve the quality of life of our patients.”

Above photo: Khiron’s agricultural facilities in Ibagué, Tolima, Colombia (courtesy Khiron)

The study, entitled “Prescription patterns and clinical outcomes in a cohort of patients receiving progressive therapy with cannabinoids for medical use in Colombia“, is a longitudinal, retrospective cohort study including 1,453 patients receiving treatment with medical cannabis at Khiron-owned Zerenia and ILANS (Latin American Institute of Neurology & Nervous System) clinics in Colombia.

The scope of research was to capture patient-reported outcome measures (PROMS) and patient-reported experience measures (PREMS) of general efficacy, adherence, and side effects of oral formulations ranging in cannabinoid content for the treatment of different health conditions with a diverse patient base over a twelve-month period.

“Scientific research and data are key to convincing doctors and policy makers all over the world about the benefits of medical cannabis to treat conditions that are prevalent in every society and market we are targeting. After one year of compiling information and having gone through a very detailed approval process, we are very proud to share the results from this first-of-its-kind clinical study in Latin America with such a significant patient base,” said Khiron CEO Álvaro Torres.

The research protocol was reviewed and approved by the Scientific Institutional Committee and the Research Ethical Committee of the Universidad del Bosque, in Colombia, one of the leading institutions on medical research in the region.

“This is just the beginning of our ongoing research program. We are looking forward to sharing the outcomes of this first cohort study with the international medical audience through peer-reviewed, specialized publications so doctors all over the world can continue to drive prescription growth safely and responsibly,” added Torres.

Demographic results reported most patients were female (73%) and with an average age of 59.3 years old, in strong contrast with results arising from Project T21, the UK’s first medical cannabis registry that Khiron Life Sciences has been supporting since its foundation in 2019. Patients in the study were mainly diagnosed with chronic, non-cancer pain (77%), followed by nausea and vomiting (8%), insomnia (6%), anxiety (5%), spasticity and depression, among other symptoms. and up to 68 % of patients had their medical cannabis prescription cost covered by government health insurance in Colombia. Study results show a patient-reported positive clinic response in more than 80% of participants with only minor side-effects associated to the treatment.

Above image: Cross section of the El Silencio vein system at northernmost end of the mine (click to enlarge)

The best high-grade intercepts from these latest drill results at the El Silencio mine include:

• 1040 Vein, new discovery: 137.44 g/t Au and 10.1 g/t Ag over 0.56 meters (ES-GM-U51-20);
• 1150 Vein, new discovery: 93.19 g/t Au and <0.3 g/t Ag over 0.54 meters (ES-GM-U59-20);
• 1180 Vein: 73.03 g/t Au and 32.0 g/t Ag over 0.30 meters (ES-GM-U49-20); and
• Manto Vein: 44.49 g/t Au and 98.5 g/t Ag over 0.35 meters (ES-GM-U17-21)

Serafino Iacono, Executive Chairman of Gran Colombia, said: “Our drilling programs in Segovia are continuing to provide us with outstanding results. With the discovery of two additional high-grade veins at the El Silencio mine, close to the mine workings currently in production, we remain confident that we will continue to expand mineral resources and add to the mine life for this operation. These new discoveries are further evidence that our main mines remain under-explored and have the potential to be larger than what we understand today.”

El Silencio mine – In-fill Drilling Grade Intercepts on Manto and 1180 veins

Gran Colombia’s mine geology department currently has three diamond drill rigs in operation at Segovia carrying out resource definition within the underground developments of the El Silencio mine in a program that has another 13,000 meters of drilling to be completed this year. In addition, as outlined in the company’s press release dated June 9, 2021, the company has another seven diamond drill rigs in operation at Segovia, with three rigs carrying out resource definition on the Sandra K mine from two purpose-built surface platforms and one underground drill station within the underground developments of the Sandra K mine; one rig operating from Level 3 of the Sandra K mine targeting the down-plunge extension of the south ore-shoot of the El Silencio mine; one rig operating from surface at Providencia exploring the westernmost end of the Providencia vein system; one rig operating from the deepest underground developments of the Providencia mine exploring the down-dip extension of the Marmajito Vein; and one rig operating from surface at Carla to follow-up the high-grade intercepts encountered at depth during the last drilling campaign.

El Silencio mine – In-fill Drilling Grade Intercepts on 1150 and 1040 veins