Mr. David Gower reports

EMERITA ANNOUNCES 14.07 MT INDICATED RESOURCE GRADING 3.29% ZN, 1.66% PB, 0.46% CU, 75.2 G/T AG AND 1.39 G/T AU (7.63% ZNEQ) AND 4.71 MT INFERRED RESOURCE AT 4.70% ZN, 2.14% PB, 0.54% CU, 72.4% AG, 0.90 G/T AU (9.29% ZNEQ). DEPOSITS REMAIN OPEN AND DRILLING CONTINUES

Emerita Resources Corp. has released the maiden independent National Instrument 43-101-compliant resource estimate based on drill results from the 2022 to 2023 resource delineation drilling program at La Romanera and La Infanta deposits, part of Emerita's wholly owned Iberian Belt West (IBW) project. Mineral resource estimation was completed by Wardell Armstrong International Ltd. (WAI) using drill hole databases and geological models developed by the Emerita geology team, and subsequently verified and refined in collaboration with WAI. WAI has considerable experience working with deposits in the Iberian belt and has completed similar studies for producing operations in the region. IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Initial exploration work has recently commenced at El Cura, and all deposits are open for expansion along strike and at depth. Drilling is expected to continue at IBW through 2023 and into 2024 targeting continued expansion of the IBW resource. Metallurgical testing of the deposits is commencing.

Resource estimate criteria

In calculating the resource estimate, WAI used a cut-off grade of 3 per cent zinc equivalent (ZnEq). In order to calculate the ZnEq grade, the qualified person (QP) consulted with metallurgists within the WAI team to establish appropriate recoveries to use for the estimate based on prior experience in the Iberian belt and similar deposits. It is important to note that the recovery factors used in the estimate are not based on metallurgical test data, as this work is not yet completed. The metal recoveries are based on representative results from other deposits in the belt. La Romanera is a unique deposit within the Iberian pyrite belt in that a significant portion of the deposit has highly elevated gold values relative to other deposits in the region. As such, there is not a good metallurgical analogy for the recovery of gold from higher-grade gold mineralization in the region. The high gold grades are not ubiquitous throughout the deposit, such that the overall gold grade reported represents a weighted average of higher-grade and lower-grade mineralization. For the ZnEq calculation, the gold recovery factor used was 20 per cent. An important opportunity and challenge for the company will be to work with its metallurgical consultants to improve the gold recoveries from the gold-enriched portions of the deposit. Such an improvement could positively add to the ZnEq grade and tonnage at La Romanera.

Resource highlights:

• Iberia Belt West initial mineral resource estimate (MRE):
  • Indicated 14.07 million tonnes (Mt) grading 3.29 per cent Zn (zinc), 1.66 per cent Pb (lead), 0.46 per cent Cu (copper), 75.2 grams per tonne (g/t) Ag (silver) and 1.39 g/t Au (gold) (7.63 per cent ZnEq);
  • Inferred 4.71 Mt grading 4.7 per cent Zn, 2.14 per cent Pb, 0.54 per cent Cu, 72.4 g/t Ag and 0.9 g/t Au (9.29 per cent ZnEq).
• La Romanera:
  • Indicated 13 Mt grading 2.98 per cent Zn, 1.45 per cent Pb, 0.42 per cent Cu, 74.1 g/t Ag and 1.48 g/t Au (7.08 per cent ZnEq);
  • Inferred 3.14 Mt grading 4.85 per cent Zn, 1.96 per cent Pb, 0.45 per cent Cu, 71.3 g/t Ag and 1.16 g/t Au (9.16 per cent ZnEq);
  • The La Romanera mineral resource estimate was calculated using data from 144 holes comprising 52,750 metres of drilling.
• La Infanta:
  • Indicated 1.07 Mt grading 7.1 per cent Zn, 4.24 per cent Pb, 1.03 per cent Cu, 88.5 g/t Ag and 0.32 g/t Au (14.32 per cent ZnEq);
  • Inferred 1.56 Mt grading 4.41 per cent Zn, 2.49 per cent Pb, 0.74 per cent Cu, 74.7 g/t Ag and 0.38 g/t Au (9.55 per cent ZnEq);
  • The La Infanta mineral resource estimate was calculated using data from 86 holes comprising 19,565 m of drilling.
• Mineralization remains open at both deposits:
  • The MRE confirms the resource starts at or near surface, and remains open for expansion at depth and along strike.
• Next steps:
  • La Romanera and La Infanta deposits occur approximately six kilometres from each other. Near-term focus for the Emerita exploration team is to continue to expand the mineralization at La Romanera and explore the area between the two deposits, with particular focus on the historic El Cura target. Drilling of El Cura has commenced.
  • Metallurgical sampling program for La Romanera and La Infanta is commencing.

David Gower, PGeo, chief executive officer of Emerita, stated: "The last 12 months have been a busy and exciting time for the Spain-based Emerita exploration team. It is a credit of the team to be able to release our first NI 43-101-compliant resource estimate for the IBW project in a compressed time frame, given drilling commenced on La Romanera only last summer. This represents an interim mineral resource estimate as work continues to expand the resources at IBW. The recent exploration mapping, drilling and geophysical surveys demonstrate both La Romanera and La Infanta remain open along strike and at depth. This, coupled with targets associated with the recently expanded land position, provides a lot of additional targets for new discoveries. Metallurgical testwork is commencing, which will inform a key component of a future economic study of IBW while we continue to explore."

Resource table

The associated table summarizes the maiden mineral resource estimate for the Iberian Belt West (IBW) project.

The qualified person for the La Romanera and La Infanta mineral resource estimates is Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM of Wardell Armstrong International, a qualified person as defined by NI 43-101.

Resource estimation details and methodology

Mineral resource estimation was completed by Wardell Armstrong International using drill hole databases and geological models developed by the Emerita geology team, and subsequently verified and refined in collaboration with WAI. Software utilized included MX Deposit (database and quality assurance/quality control), Leapfrog Geo (geological model), Snowden Supervisor (statistical and geostatistical analysis) and Leapfrog Edge (estimation).

The resource estimation methodology involved the following process:

• Database verification;
• Construction of wireframe models for massive sulphide lenses and weathering profile;
• Definition of resource domains;
• Data conditioning via compositing and top-cuts;
• Variography;
• Block modelling;
• Grade and density interpolation;
• Model validation and resource classification; and
• Assessment of reasonable prospects for eventual economic extraction (RPEEE).

La Romanera and La Infanta are classified as volcanic-hosted massive sulphide (VHMS) deposits and occur as tabular strata-bound lenses of polymetallic (Zn, Pb, Cu, Ag, Au) massive sulphides. Drilling has so far defined five sulphide lenses, used as estimation domains in resource modelling: the Upper and Lower lens at La Romanera, and the North, South and South 1 lenses at La Infanta. Input drill hole data were restricted to surface diamond drilling completed by Emerita from 2022 to 2023.

Drill hole samples were flagged by domain, composited to regular lengths and top-cuts applied to isolated outlier values. Variography was conducted on the composite data for each variable within each estimation domain.

Grades were estimated into block models subcelled to the estimation domain boundaries. Grade and density estimation were conducted using ordinary kriging (OK) for most domains. Inverse distance squared (IDW2) was carried out in the La Infanta South 1 domain, where the number of composites was insufficient for effective variogram modelling. Hard boundaries were applied to constrain the interpolation. The estimates were run in a three-pass plan, using progressively larger search neighbourhoods. Distance-based top-cuts were applied in higher estimation passes to limit grade extrapolation.

Estimated grades were validated globally, locally and visually prior to classification. No material issues with the grade interpolation were identified. Classification has been limited to contiguous regions where nominal drill spacing is 50 m or less for indicated resources and 100 m or less for inferred resources.

Mining, processing and long-term price assumptions were used to evaluate the proportion of the block models that could reasonably be expected to be economically mined. A 3-per-cent ZnEq cut-off was selected in line with extraction via conventional underground mining methods. Thinner zones of mineralization are present at La Infanta and reporting was further restricted to exclude blocks below 3 per cent ZnEq, when diluted over a three m minimum mining width. The ZnEq calculation includes metallurgical recovery assumptions for each metal. Initial metallurgical testwork is commencing, and WAI has used recoveries within the range of other Iberian pyrite belt deposits and informed by review of petrographic studies. WAI cautions that changes in metallurgical recovery and/or payability assumptions could significantly impact the MRE.

The mineral resource estimate was supervised and reported by Dr. Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, in accordance with definitions outlined in CIM (Canadian Institute of Mining, Metallurgy and Petroleum) standards on mineral resources and reserves, definitions and guidelines (CIM, 2014). Dr. Newall is a qualified person as defined by National Instrument 43-101 and undertook site inspections in October, 2022, and March, 2023. The MRE will be supported by an NI 43-101 independent technical report, which will be published and filed on the company's website and SEDAR profile within 45 days. The NI 43-101 report will include detailed information on the key assumptions, parameters and methods used to estimate the mineral resources.

IBW geology and mineralization

The 20 square km Iberian Belt West (IBW) property is located in the south of Spain, approximately 10 km from the national border with Portugal. It is part of the Iberian pyrite belt (IPB), a globally significant mineralized trend constituting the world's highest concentration of volcanic-hosted massive sulphide deposits spanning east-west from Sevilla to Lisboa. Within the project area, there are several polymetallic (Cu-Zn-Pb-Au-Ag) deposits, including Romanera, Infanta and El Cura, that have been exploited intermittently over the last 2,000 years.

The geology of the IBW claim block comprises a mixed sequence of extrusive and intrusive volcanic rocks, volcaniclastic, and marine sedimentary rocks that were folded and thrusted during the Variscan orogeny. The massive sulphide lenses at Romanera and Infanta are localized within the volcaniclastics and sediments, near to the contact with massive, felsic volcanics. The mineralized horizon is structurally repeated along the approximately 10 km length of IBW, defining several prospective corridors that are the focus of current exploration within the project areas.

At La Romanera, two steeply dipping massive sulphide lenses ranging between two m and 32 m in thickness, strike west-northwest over at least 700 m as currently defined. Stratigraphy is tightly folded, overturned to the south and plunges gently to the west. Deep drilling is in progress to define the lower limits of these lenses, following down-dip extensions and indications from downhole geophyics.

At Infanta, over a km of shallow ancient workings along the contact between felsic volcaniclastics and tuffaceous shales define the mineralized horizon. These workings were confined to the hanging wall of a thrust fault, within 20 m of surface, whereas the reported resource is to the footwall of the thrust and extends as two lenses to a depth of at least 350 m below surface.

Romanera mineralization

The 2023 resource estimate includes two lenses, showing a style of mineralization typical of VHMS deposits:

• Upper lens -- massive to semi-massive sulphide mineralization;
• Lower lens -- underlies the Upper lens and consists of massive to semi-massive sulphide mineralization.

No stockwork-style mineralization is recognized in the deposit.

The Upper lens massive sulphide is a continuous mineralized horizon which varies approximately from two m to 32 m in true thickness and averages 10 m overall, with a strike length of approximately 700 m.

The Lower lens massive sulphide is a continuous mineralized horizon which varies approximately from two m to 30 m in true thickness and averages 13 m over all, with a strike length of 720 m.

The Upper lens massive sulphide and the underlying Lower lens are locally both separated and in contact with one another throughout the deposit. The deposit dips at approximately 70 degrees from surface for a down-dip length of approximately 675 m (Upper lens) and 720 m (Lower lens).

The Upper lens occurs approximately two m to 30 m in the hanging wall above the Lower lens.

Infanta mineralization

The 2023 resource estimate includes three blocks, showing a style of mineralization mainly typical of VHMS deposits:

• North block -- disseminated to massive sulphide mineralization;
• South block -- underlies the North block and consists of disseminated to massive sulphide mineralization;
• South block 1 -- underlies the South block and consists of disseminated to massive sulphide mineralization.

No stockwork-style mineralization is recognized in the deposit.

The North block massive sulphide is a continuous mineralized horizon which varies approximately from one m to 10 m in true thickness and averages three m over all, with a strike length of 1,900 m.

The South block massive sulphide is a continuous mineralized horizon which varies approximately from one m to nine m in true thickness and averages three m over all, with a strike length of approximately 1,090 m.

The South block 1 massive sulphide is a continuous mineralized horizon which varies approximately from one m to seven m in true thickness and averages 2.6 m over all, with a strike length of approximately 325 m.

The North block massive sulphide and the underlying South block are generally separated throughout the deposit by about 30 m.

The South block massive sulphide and the underlying South block 1 are generally separated throughout the deposit by about 15 m. The deposit dips at approximately 70 degrees from surface for a down-dip length of approximately 425 m (North block), 190 m (South block) and 150 m (South block 1).

The South block sits approximately 15 m in the hanging wall above the South block 1 in a structurally controlled system. The North block sits approximately 30 m in the hanging wall above the South block in a structurally controlled system.

The table entitled "Resource sensitivity to cut-off" shows the sensitivity of estimated grade and tonnage to the selection of cut-off grade. Sensitivity analysis across a range of cut-off grades is only intended to provide additional context and should not be considered as mineral resources.

Qualified person

Dr. Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, is a qualified person as defined by NI 43-101, and has reviewed and approved the technical information and data regarding the MRE included in this news release. Dr. Newall is independent of Emerita. All other scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, president of the company and 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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