Denarius Metals said second-quarter revenue reached $4.9 million as early production at its Zancudo Project in Colombia continued to scale up ahead of a new 1,000-tonnes-per-day processing plant. The company delivered 3,907 tonnes of mined material to a local port for sale to Trafigura Pte. Ltd., up 67% from the first quarter, with average head grades of 11.3 g/t gold and 217.1 g/t silver. Payable production in the quarter totaled 923 ounces of gold and 9,304 ounces of silver, bringing first-half 2026 payable output to 1,516 ounces of gold and 17,143 ounces of silver. Denarius reported gross profit of $1.9 million in the quarter and net income of $8.3 million, helped by a $15.5 million non-cash gain on financial instruments, although the company still posted a first-half net loss of $10.1 million. It said liquidity improved after fully redeeming CA$34.2 million of convertible debentures with common shares on July 31, a step the company said removes earnings volatility tied to fair-value accounting and eliminates an estimated CA$157 million of future gold premium and interest payments over four years. Cash and cash equivalents rose to $18.9 million at June 30 from $6.9 million at the end of 2025, supported by $18.0 million from warrant exercises and $3.5 million drawn in June from the Zancudo Prepayment Facility with Trafigura, which was later increased to $16 million from $9 million. The company is also advancing a 15,100-meter drilling campaign at Zancudo, targeting resource upgrades and brownfield expansion, while in Spain it said Aguablanca remains on track for a mid-2027 production restart, subject to financing and mine reactivation work.