Mr. Joaquin Merino reports

EMERITA REPORTS ADDITIONAL DRILL RESULTS FROM LA ROMANERA, PROVIDES IBW PROJECT UPDATE AND EXTENDS WARRANTS. RESULTS INCLUDE 29.3 METERS GRADING 0.3 % CU; 1.0 % PB; 3.4 % ZN; 3.83 G/T AU AND 39.4 G/T AG, INCLUDING 5.0 METERS GRADING 0.5 % CU; 2.6 % PB; 8.3 % ZN; 6.25 G/T AU AND 78.2 G/T AG IN HOLE LR118

Emerita Resources Corp. has released additional assay results for 21 holes from the continuing delineation drilling program at the La Romanera deposit, part of Emerita's wholly owned Iberian Belt West project. These results will be included in the coming maiden National Instrument 43-101-compliant mineral resource estimate (MRE). Results from an additional 14 holes are expected to be received within the next week, and these will be the final assays required to complete the mineral resource estimate. Wardell Armstrong International has been engaged to complete the mineral resource estimation of the IBW project and is progressing for completion, expected in the middle of May. IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth.

A recent down-hole transient electromagnetic geophysical survey indicated continuity of the mineralization at depth below the deepest drill hole intersections in the lower-central portion of the deposit. The extension of the deposit in this area has been confirmed by drill hole LR146, which intersected 34.9 metres of massive sulphide (580.85 m to 615.75 m) -- assays pending. This extends the mineralization 40 metres deeper and almost 100 metres to the east. This portion of the deposit will be outside of the initial mineral resource estimate, but will serve to increase the deposit size in a future resource estimate update. Additional drill holes are being planned to continue exploration at depth.

IBW project update

Resource delineation drilling for the MRE has drawn to a close at the IBW project. As previously stated, final remaining assays for inclusion in the MRE are estimated to be received within a week. Wardell Armstrong International has been engaged to complete the MRE for the IBW project. Results from the MRE remain on track to be released to the market by the middle of May, with the full NI 43-101 technical report to follow.

As focus switches from resource delineation to resource expansion and to regional exploration, the Spain-based Emerita exploration team will be focused on several initiatives at IBW, which include additional drilling, targeting extensions of La Romanera at depth, strike extensions to La Romanera (including the eastern anomaly) and initial drilling at the El Cura prospect.

As stated in a March 20, 2023, press release, the company engaged the services of International Geophysical Technology, a specialized and independent geophysical contractor based in Madrid, Spain. IGT carried out a down-hole TEM and mise-a-la-masse survey of the deepest holes drilled to date at IBW. Results have been received and are being incorporated into the next phase of drilling at La Romanera. Using the borehole geophysical survey results, Emerita intends to focus on down-dip extensions to the thickest and highest-grade intercepts from the recent drilling program. The Emerita exploration team intends to utilize down-hole geophysics on a continuing basis to maximize efficiency of future drill targeting as the drilling continues to depth.

An area of higher conductivity has been identified on strike and east of La Romanera. The Emerita team intends to drill this anomaly targeting a possible eastward extension of the known mineralized horizon.

Located approximately midway between La Romanera and La Infanta is the historical El Cura deposit. Initial drilling at IBW prioritized areas with known historical resources. At El Cura, multiple historical, small-scale mining operations have been identified, but the target has seen little modern exploration and the company does not have the historical drill hole data for this deposit. A comprehensive mapping program has recently been completed, and a drill is being mobilized to El Cura presently.

La Romanera drill results

Assay results have been received from 21 drill holes (LR092, LR095, LR117, LR118, LR119, LR121, LR122, LR123, LR124, LR125, LR126, LR127, LR128, LR130, LR131, LR133, LR134, LR136, LR138, LR139 and LR141) at the La Romanera deposit and are reported in an attached table.

These holes are distributed broadly across the deposit, between 100 m and minus-500 m elevation. As a representative drill hole of the upper-central part, LR118 presents high polymetallic grades and thicknesses (29.3 m). Drill hole intersections on the western-central part of the deposit and outside of the historical drilling footprint (LR134) present moderate grades, although copper is higher in this area of the deposit. Drill hole intersections on the western-central portion of the deposit, along the 6450 easting co-ordinates, reported significant results for hole LR138, located 500 m below surface, which returned high-grade values in all metals over a good-thickness intersection (see an attached table for a full list of assay results).

Drill hole grades and thicknesses are reported herein.

Drill hole LR092

The lower lens was intersected at 514.0 m down the hole and comprises 4.9 m grading 0.2 per cent copper, 2.0 per cent lead, 4.6 per cent zinc, 1.40 grams per tonne gold and 97.0 g/t silver.

Drill hole LR117

The lower lens was intersected at 560.3 m down the hole and comprises 5.4 m grading 0.6 per cent Cu, 1.5 per cent Pb, 7.0 per cent Zn, 0.30 g/t Au and 43.0 g/t Ag.

Drill hole LR118

Both lenses were intersected. The upper lens was intersected at 153.1 m and encountered 6.9 m grading 0.5 per cent Cu, 1.1 per cent Pb, 1.9 per cent Zn, 0.97 g/t Au and 28.8 g/t Ag. The lower lens was intersected at 165.9 m and comprises 29.3 m grading 0.3 per cent Cu, 1.0 per cent Pb, 3.4 per cent Zn, 3.83 g/t Au and 39.4 g/t Ag, including 5.0 m grading 0.5 per cent Cu, 2.6 per cent Pb, 8.3 per cent Zn, 6.25 g/t Au and 78.2 g/t Ag.

Drill hole LR124

The upper lens was intersected at 332.6 m down the hole and comprises 16.0 m of pyritic mineralization grading 0.3 per cent Cu, 1.1 per cent Pb, 1.0 per cent Zn, 1.64 g/t Au and 138.2 g/t Ag, including 4.4 m grading 0.4 per cent Cu, 1.1 per cent Pb, 1.1 per cent Zn, 2.55 g/t Au and 203.6 g/t Ag. The lower lens was intersected at 350.85 m down the hole and comprises 30.6 m grading 0.4 per cent Cu, 0.6 per cent Pb, 3.0 per cent Zn, 0.35 g/t Au and 35.2 g/t Ag, including 5.0 m grading 0.2 per cent Cu, 1.5 per cent Pb, 6.6 per cent Zn, 0.62 g/t Au and 66.2 g/t Ag.

Drill hole LR125

The lower lens was intersected at 124 m down the hole and comprises 9.6 m grading 0.2 per cent Cu, 2.9 per cent Pb, 5.6 per cent Zn, 1.88 g/t Au and 98.8 g/t Ag, including 5.9 m grading 0.2 per cent Cu, 3.9 per cent Pb, 7.8 per cent Zn, 2.14 g/t Au and 114.2 g/t Ag.

Drill hole LR127

The lower lens was intersected at 624.5 m down the hole and comprises 7.7 m grading 0.3 per cent Cu, 2.0 per cent Pb, 2.3 per cent Zn, 0.88 g/t Au and 118.0 g/t Ag.

Drill hole LR128

The upper lens was intersected at 497.55 m down the hole and comprises 11.5 m grading 0.4 per cent Cu, 2.7 per cent Pb, 4.7 per cent Zn, 1.33 g/t Au and 74.7 g/t Ag, including 4.4 m grading 0.9 per cent Cu, 5.7 per cent Pb, 10.4 per cent Zn, 2.76 g/t Au and 135.4 g/t Ag. The lower lens was intersected at 516.5 m down the hole and comprises 6.5 m of pyritic mineralization grading 0.3 per cent Cu, 0.5 per cent Pb, 1.1 per cent Zn, 0.60 g/t Au and 23.1 g/t Ag.

Drill hole LR131

The lower lens was intersected at 518.9 m down the hole and comprises 12.4 m grading 0.2 per cent Cu, 3.9 per cent Pb, 8.9 per cent Zn, 1.62 g/t Au and 110.3 g/t Ag, including 3.9 m grading 0.3 per cent Cu, 7.2 per cent Pb, 14.6 per cent Zn, 2.60 g/t Au and 144.8 g/t Ag.

This drill hole, along with LR127, fills the gap between LR053 (Jan. 20, 2023, press release) and LR087 (Feb. 23, 2023, press release), and confirms the continuity of mineralization in the deepest central area of the deposit.

Drill hole LR133

The upper lens was intersected at 122.35 m down the hole and comprises 2.4 m of mineralization grading 0.2 per cent Cu, 5.9 per cent Pb, 6.5 per cent Zn, 1.16 g/t Au and 207.6 g/t Ag. The lower lens was intersected at 144.25 m down the hole and comprises 7.1 m of mineralization grading 0.2 per cent Cu, 1.5 per cent Pb, 2.8 per cent Zn, 2.13 g/t Au and 74.0 g/t Ag.

Drill hole LR134

The upper lens was intersected at 307.8 m down the hole and comprises 17.2 m grading 0.4 per cent Cu, 1.1 per cent Pb, 3.2 per cent Zn, 0.88 g/t Au and 53.1 g/t Ag. The lower lens was intersected at 329.6 m down the hole and comprises 8.0 m grading 0.5 per cent Cu, 0.7 per cent Pb, 2.3 per cent Zn, 3.0 g/t Au and 46.8 g/t Ag.

Drill hole LR138

The lower lens was intersected at 517.75 m down the hole and comprises 16.3 m grading 0.4 per cent Cu, 2.7 per cent Pb, 3.6 per cent Zn, 1.29 g/t Au and 69.6 g/t Ag.

Drill hole LR139

The upper lens was intersected at 115.5 m down the hole and comprises 2.5 m grading 0.2 per cent Cu, 3.3 per cent Pb, 6.0 per cent Zn, 2.92 g/t Au and 177.6 g/t Ag. The lower lens was intersected at 123.6 m down the hole and comprises 6.6 m grading 0.1 per cent Cu, 3.1 per cent Pb, 7.9 per cent Zn, 1.19 g/t Au and 47.0 g/t Ag.

Extension of warrants

The company has applied to the TSX Venture Exchange to extend the term of 7,847,150 common share purchase warrants previously set to expire on July 15, 2023, to Jan. 15, 2024. Each warrant is exercisable for one common share in the capital of the company at an exercise price of $1.50. The extension of the warrants remains subject to the approval of the TSX-V.

Quality assurance/quality control

Drilling at La Romanera and La Infanta is HQ size, and core is placed into core trays at the drill site and transported directly from the site to Emerita's core shack (15 kilometres) from La Romanera and (eight kilometres) from La Infanta. Once the cores are received at Emerita's core shack, they are photographed and geotechnical logging is performed. Geological, mineralogical and structural logging follows, and mineralized zones are identified. The samples are marked every one m or less, respecting lithological contacts, with most of the samples one m long. The zones immediately above and below the mineralized zones are also sampled. Core samples are sawed in half, and half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and tagged, they are shipped to the ALS laboratory in Seville by Emerita personnel, where sample preparation is done. In Seville, ALS performs the mechanical preparation of the samples, and then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (gold).

A total of 10 per cent of the analyzed samples correspond to control samples (fine blanks, coarse blanks, and high-grade, medium-grade and low-grade standards). In addition, 10 per cent of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory, and the quality assurance/quality control protocol identifies any deviation or anomaly in the results and the entire batch is reassayed in such case. Once the data are approved by the quality assurance/quality control protocol, assays are digitally entered directly into the database.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, president of the company, a qualified person as defined by NI 43-101.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The company's corporate office and technical team are based in Sevilla, Spain, with an administrative office in Toronto, Canada.

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