An anonymous director reports

EMERITA RESOURCES CORP. ANNOUNCES $8,000,000 PRIVATE PLACEMENT

Emerita Resources Corp. has entered into an agreement with Clarus Securities Inc., as lead agent on behalf of a syndicate of agents, whereby the agent will raise up to $8-million through an offering of up to 20 million units of the company to be priced at 40 cents per unit. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 60 cents for a period of 36 months following the completion of the offering.

The company plans to use the net proceeds of the offering to continue exploration and development work on its Spanish base metal properties, as well as for general working capital purposes.

The offering is scheduled to close on or about June 13, 2023, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 -- Prospectus Exemptions, the units will be offered for sale to purchasers resident in Canada, except Quebec, and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106. Because the offering is being completed pursuant to the listed issuer financing exemption, the securities issued in the offering will not be subject to a statutory hold period, pursuant to applicable Canadian securities laws.

There is an offering document related to the offering that can be accessed under the company's SEDAR profile and on the company's website. Prospective investors should read this offering document before making an investment decision.

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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