Mr. Joaquin Merino reports

EMERITA INTERSECTS 4.2 METERS GRADING 1.4 % COPPER, 6.9 % LEAD; 14.7 % ZINC; 0.31 G/T GOLD AND 63.7 G/T SILVER, AT LA INFANTA DEPOSIT AND GRANTED PERMIT TO FURTHER EXPLORE IBW WITH ADDITION OF INFANTA SUR

Emerita Resources Corp. has released assay results from 21 additional holes from the 2023 delineation drilling at La Infanta deposit, part of Emerita's wholly owned Iberian Belt West project (IBW). These results will be included in the coming National Instrument 43-101 compliant mineral resource estimate (MRE) which is presently being finalized and is expected to be released later this week. 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.

The company is also pleased to announce that the Ministry of Industrial Policy and Energy of Huelva, Andalusia, has granted the exploration permit for the Infanta Sur property. This permit adds an additional 848.5 hectares to IBW, which has now increased from 1,545.6 hectares to a total of 2,394.1 hectares. Infanta Sur is located south of the current La Infanta area in IBW. The new exploration permit allows Emerita to begin exploration immediately in the newly permitted area. The area granted is permitted for exploration activity and does not require further environmental department or municipal approvals for work to proceed. The company is currently planning geophysical and geological work to be done in the area. The Infanta Sur exploration permit is granted for an initial period of three years and can be renewed for subsequent additional periods.

Joaquin Merino, PGeo, president of Emerita, states: "The continued high-grade results at La Infanta are very encouraging and support our decision to expand our exploration footprint at the IBW project. The Emerita team is planning additional drilling to continue exploration beyond the upcoming MRE. The holes in this release are being incorporated into the block model for the forthcoming MRE. The independent qualified person is in the final stages completing the independent mineral resource estimate."

La Infanta deposit comprises two mineralized blocks (north and south) which are separated by a reverse fault. The deposit is locally characterized by the development of high-grade polymetallic massive sulphide mineralization. The known mineralization occurs from surface to 350 metres depth and extends 1,400 metres along strike and remains open both to the east and west. The highest grades were found on the central portion which extends approximately 700 m along strike. Thicknesses in the central area of the deposit range from three to 10 m in both blocks. Outside of the central area the deposit tends to be thinner and lower grade; however, it merits further exploration as massive sulphide mineralization continues.

La Infanta drill results

Assay results have been received from 21 drill holes (IN039B, IN055, IN068, IN069, IN070, IN071, IN072, IN073, IN074, IN075, IN076, IN077, IN078, IN079, IN080, IN081, IN082, IN083, IN084, IN085 and IN086) at the La Infanta deposit, as shown in the attached table.

Drill hole IN039B

The north block was intersected at 364.9 m down the hole and comprises five m of pyritic mineralization grading 0.3 per cent copper, 0.0 per cent lead, 0.0 per cent zinc, 0.55 gram per tonne and 45.8 g/t silver.

Drill hole IN068

The north block was intersected at 213.9 m down the hole and comprises 1.5 m grading 0.6 per cent Cu, 1.1 per cent Pb, 1.7 per cent Zn, 0.07 g/t Au and 27.7 g/t Ag, and at 237.4 m down the hole and comprises 2.3 m of polymetallic mineralization grading 0.0 per cent Cu, 2.5 per cent Pb, 1.7 per cent Zn, 0.09 g/t Au and 11.8 g/t Ag.

Drill hole IN070

The north block was intersected at 96.9 m down the hole and comprises 8.1 m grading 0.1 per cent Cu, 1.6 per cent Pb, 1.5 per cent Zn, 0.11 g/t Au and 26.1 g/t Ag, including 1.6 m grading 0.2 per cent Cu, 6.2 per cent Pb, 5.3 per cent Zn, 0.16 g/t Au and 47.3 g/t Ag.

Drill hole IN071

The north block was intersected at 234.6 m down the hole and comprises 3.3 m grading 0.9 per cent Cu, 4.2 per cent Pb, 7.6 per cent Zn, 0.29 g/t Au and 106.2 g/t Ag.

Drill hole IN072

The south block was intersected at 27.3 m down the hole and comprises 10.8 m grading 0.3 per cent Cu, 0.5 per cent Pb, 1.2 per cent Zn, 0.12 g/t Au and 14.8 g/t Ag, including 2.1 m grading 0.6 per cent Cu, 1.8 per cent Pb, 3.4 per cent Zn, 0.41 g/t Au and 58.9 g/t Ag.

Drill hole IN073

The south block was intersected at 140 m down the hole and comprises 4.2 m of polymetallic mineralization grading 1.4 per cent Cu, 6.9 per cent Pb, 14.7 per cent Zn, 0.31 g/t Au and 63.7 g/t Ag, including 2.1 m grading 2.6 per cent Cu, 13.3 per cent Pb, 28.6 per cent Zn, 0.46 g/t Au and 118.2 g/t Ag. The south block was intersected at 158.2 m down the hole and comprises 0.8 m of massive sulphides grading 0.4 per cent Cu, 5.2 per cent Pb, 10.1 per cent Zn, 0.05 g/t Au and 46.0 g/t Ag.

Drill hole IN074

The north block was intersected at 64.6 m down the hole and comprises 8.6 m grading 0.5 per cent Cu, 1.5 per cent Pb, 3 per cent Zn, 0.12 g/t Au and 28.4 g/t Ag. The south block was intersected at 148.8 m down the hole and comprises 5.8 m of massive sulphides grading 0.8 per cent Cu, 2.3 per cent Pb, 4.4 per cent Zn, 0.47 g/t Au and 113.6 g/t Ag, including 2.2 m grading 1.4 per cent Cu, 3.2 per cent Pb, 6.5 per cent Zn, 0.59 g/t Au and 178.5 g/t Ag.

Drill hole IN075

The north block was intersected at 269.1 m down the hole and comprises 2.9 m grading 0.6 per cent Cu, 1.7 per cent Pb, 3.5 per cent Zn, 0.16 g/t Au and 25.6 g/t Ag.

Drill hole IN076

The north block was intersected at 86.5 m down the hole and comprises 5.5 m grading 0.6 per cent Cu, 2.1 per cent Pb, 4.1 per cent Zn, 0.50 g/t Au and 54.6 g/t Ag, including 2.3 m grading 1.4 per cent Cu, 4.4 per cent Pb, 9 per cent Zn, 0.70 g/t Au and 116.6 g/t Ag.

Drill hole IN077

The south block was intersected at 71.2 m down the hole and comprises 7.1 m grading 0.6 per cent Cu, 2.1 per cent Pb, 3.5 per cent Zn, 0.23 g/t Au and 43.5 g/t Ag, including 1.2 m grading 2.6 per cent Cu, 10.4 per cent Pb, 18.7 per cent Zn, 0.43 g/t Au and 216.6 g/t Ag. The south block was intersected at 104.2 m down the hole and comprises 4.7 m of massive sulphides grading 0.0 per cent Cu, 1.3 per cent Pb, 2.3 per cent Zn, 0.03 g/t Au and 3.9 g/t Ag.

Drill hole IN078

The north block was intersected at 137.7 m down the hole and comprises 4.9 m grading 0.7 per cent Cu, 4.9 per cent Pb, 6.4 per cent Zn, 0.35 g/t Au and 100.8 g/t Ag, including 2.1 m grading 1.5 per cent Cu, 10.3 per cent Pb, 13 per cent Zn, 0.21 g/t Au and 194.5 g/t Ag.

Drill hole IN079

The north block was intersected at 405 m down the hole and comprises 3.5 m grading 0.1 per cent Cu, 1 per cent Pb, 1.8 per cent Zn, 0.01 g/t Au and 2.6 g/t Ag.

Drill hole IN080

The south block was intersected at 93 m down the hole and comprises 1.8 m grading 0.8 per cent Cu, 3 per cent Pb, 5.8 per cent Zn, 0.71 g/t Au and 91.4 g/t Ag.

Drill hole IN081

The north block was intersected at 237.1 m down the hole and comprises 2.7 m grading 0.7 per cent Cu, 2.3 per cent Pb, 5.1 per cent Zn, 0.27 g/t Au and 77.4 g/t Ag.

Drill hole IN082

The south block was intersected at 162.3 m down the hole and comprises five m grading 0.2 per cent Cu, 0.7 per cent Pb, 1.3 per cent Zn, 0.18 g/t Au and 20.3 g/t Ag.

Drill hole IN083

The north block was intersected at 119.5 m down the hole and comprises 6.7 m grading 0.2 per cent Cu, 2.5 per cent Pb, 4.8 per cent Zn, 0.21 g/t Au and 15.6 g/t Ag, including 1.2 m grading 0.2 per cent Cu, 7.3 per cent Pb, 16.6 per cent Zn, 0.13 g/t Au and 19.8 g/t Ag. The south block was intersected at 199.8 m down the hole and comprises 2.6 m of massive sulphides grading 2.1 per cent Cu, 6.1 per cent Pb, 10.8 per cent Zn, 0.59 g/t Au and 198.6 g/t Ag. The south block was intersected at 206.6 m down the hole and comprises 0.7 m of massive sulphides grading 0.4 per cent Cu, 3.8 per cent Pb, 10.5 per cent Zn, 0.14 g/t Au and 29.0 g/t Ag.

Drill hole IN084

The north block was intersected at 411.5 m down the hole and comprises 0.9 m of pyritic mineralization grading 0.7 per cent Cu, 0.6 per cent Pb, 0.4 per cent Zn, 0.05 g/t Au and 11.4 g/t Ag.

Drill hole IN085

The north block was intersected at 110.1 m down the hole and comprises 6.6 m of pyritic mineralization grading 0.0 per cent Cu, 0.1 per cent Pb, 0.2 per cent Zn, 0.30 g/t Au and seven g/t Ag, including 0.5 m grading 0.5 per cent Cu, 0.7 per cent Pb, 2.1 per cent Zn, 0.24 g/t Au and 48 g/t Ag.

Drill hole IN055, IN069, IN086

No significant assays.

Extension of warrants

Emerita also announces that it has received approval from the TSX Venture Exchange to extend to Jan. 15, 2024, the expiry date of 7,847,150 common share purchase warrants that were previously set to expire on July 15, 2023. Each warrant is exercisable for one common share in the capital of the company for an exercise price of $1.50.

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 coreshack (15 kilometres) from La Romanera and eight km from La Infanta. Once the cores are received at Emerita's coreshack 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, and respecting lithological contacts, with most of the samples one m long. The zone 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 (inductively coupled plasma) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (gold).

Ten per cent of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high-, medium- 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 QA/QC 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 QA/QC protocol assays are entered digitally directly into the database.

Qualified person

The scientific and technical information in this news release has been reviewed and approved by Mr. Merino, PGeo, president of the company and a qualified person as defined by National Instrument 43-101 of the Canadian Securities Administrators.

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 Seville, Spain, with an administrative office in Toronto, Canada.

We seek Safe Harbor.