Mr. Ian Parkinson reports

EMERITA RESOURCES ANNOUNCES CLOSING OF $3 MILLION NON-BROKERED PRIVATE PLACEMENT

Emerita Resources Corp., further to its news release of June 5, 2023, has closed the non-brokered private placement offering of units of the company, pursuant to which the company issued an additional 7.5 million units at a price of 40 cents per unit for aggregate gross proceeds of $3-million. Each unit comprises one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles 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 date hereof. Securities issued under the offering will carry a statutory hold period of four months and one day from the date hereof.

The company plans to use the net proceeds of the offering to continue the exploration and development work on its Spanish base metals properties as well as general corporate working capital purposes. In connection with the offering, the company paid cash finders' fees of $24,600 to eligible finders. The offering remains subject to final approval of the TSX Venture Exchange.

Certain directors and officers of the company have subscribed for 2.65 million units in the offering. The insider investment constitutes a related party transaction, as such term is defined under the policies of the TSX Venture Exchange, and the company has relied 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 is 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.

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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