Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) announced the formation of two companies in Saudi Arabia as part of its strategic collaboration with ProGrowth Ltd., a Saudi-based diversified group of companies.

The partnership received approval from Saudi Arabia's Ministry of Industry and Mineral Resources for the creation of Al Sahra Minerals and Najd Minerals. Al Sahra Minerals will focus on downstream mineral processing infrastructure and metallurgical solutions, including a roaster facility, carbon-in-leach plant and gold refinery. Najd Minerals will target the identification, acquisition and development of mining concessions within Saudi Arabia and the Gulf Cooperation Council region, focusing on gold, nickel and other strategic minerals.

Denarius Metals will hold a 75% equity interest in each company, according to the press release statement.

Omar Alramah, CEO and President of ProGrowth, has accepted a nomination for election to Denarius Metals' board of directors at the company's annual general meeting scheduled for June 3, 2026. ProGrowth has also indicated plans to make an initial investment of up to a 10% equity interest in Denarius Metals through a private placement expected to complete by the annual meeting.

"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," said Serafino Iacono, Executive Chairman of Denarius Metals.

The collaboration aims to establish a platform focused on mining concessions, mineral trading, metallurgical processing and downstream industrial development for gold bar production. The partnership plans to advance mineral processing, refining and related industrial activities within Saudi Arabia in alignment with the kingdom's Vision 2030 economic diversification program.