Mr. Ian Parkinson reports

EMERITA RESOURCES ANNOUNCES CONCURRENT OFFERING

Due to investor demand, the brokered offering of up to 20 million units of Emerita Resources Corp., previously announced in the company's news release dated June 2, 2023 (the initial offering), is fully subscribed and the company has arranged a concurrent non-brokered private placement financing of up to 7.5 million units to be priced at 40 cents per unit for gross proceeds of up to $3-million for maximum gross proceeds of $11-million from the initial offering and concurrent offering, collectively.

Certain directors and officers of the company are expected to subscribe for 2,637,500 units in the concurrent offering. The insider investment will constitute a related party transaction, as such term is defined under the policies of the TSX Venture Exchange, and the company expects to rely on certain exemptions from the minority approval and formal valuation requirements under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as the fair market value of the aggregate insider investment will be below 25 per cent of the company's market capitalization for the purposes of sections 5.5(a) and 5.7(1)(a) of MI 61-101.

Each unit will comprise 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 per common share for a period of 36 months following the completion of the concurrent offering. Securities issued under the concurrent offering are expected to carry a holder period of four months and one day from the date of issue as may be required under applicable securities laws.

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

The concurrent offering is scheduled to close on or about June 13, 2023, in conjunction with the initial offering, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX-V.

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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