Mr. Joaquin Merino reports

EMERITA INTERSECTS 13.0 METERS GRADING 0.2% COPPER; 3.6% LEAD; 13.1% ZINC; 1.35 G/T GOLD AND 120.9 G/T SILVER AND 22.9 METERS GRADING 0.6% COPPER; 2.0% LEAD; 4.8% ZINC; 0.58 G/T GOLD AND 79.2 G/T SILVER EXTENDING LA ROMANERA DEPOSIT AT DEPTH, COMPLETES ENVIRONMENTAL BASE LINE STUDIES AT IBW

Emerita Resources Corp. has released additional assay results from the continuing delineation drilling program at La Romanera deposit, part of Emerita's wholly owned Iberian Belt West project (IBW). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from La Romanera. All deposits are open for expansion along strike and at depth.

Assays have been received for two additional drill holes that were not included in the recently announced National Instrument 43-101-compliant mineral resource estimate (please see Emerita's news release dated May 23, 2023). See the table entitled "Diamond drilling data" for diamond drilling data. Drill holes LR146 and LR147 demonstrate that the deposit remains open at depth and is high-grade and thick in this central area.

According to Ian Parkinson, executive vice-president of corporate development and capital markets for Emerita: "It is exciting to see such strong results as a follow-up to the recently announced maiden mineral resource estimate at IBW. La Romanera is the cornerstone deposit on this project and it appears to be sustaining excellent thicknesses and higher-than-average grades as we continue to expand the mineral resource at relatively shallow depth."

Drill hole LR146

The upper lens was intersected at 580.9 metres down the hole. It encountered 13 m grading 0.2 per cent copper (Cu), 3.6 per cent lead (Pb), 13.1 per cent zinc (Zn), 1.35 grams per tonne (g/t) gold (Au) and 120.9 g/t silver (Ag), including six m grading 0.3 per cent copper, 4.8 per cent lead, 15.9 per cent zinc, 2.32 g/t gold and 181.5 g/t silver. The lower lens was intersected at 593.9 m down the hole. It comprised 22.9 m grading 0.6 per cent copper, 2 per cent lead, 4.8 per cent zinc, 0.58 g/t gold and 79.2 g/t silver, including 3.9 m grading 0.3 per cent copper, 6.1 per cent lead, 9.1 per cent zinc, 2.36 g/t gold and 247.8 g/t silver.

Drill hole LR147

The upper lens was intersected at 649.3 m down the hole. It encountered 16.5 m grading 0.4 per cent copper, 0.1 per cent lead, 0.2 per cent zinc, 0.17 g/t gold and 22.1 g/t silver, including two m grading 0.4 per cent copper, 0.1 per cent lead, 0.4 per cent zinc, 0.22 g/t gold and 106.5 g/t silver. The lower lens was intersected at 665.75 m down the hole. It comprised 17.2 m grading 0.4 per cent copper, 2 per cent lead, 9.8 per cent zinc, 0.64 g/t gold and 89.3 g/t silver, including seven m grading 0.5 per cent copper, 2.9 per cent lead, 16.5 per cent zinc, 0.83 g/t gold and 57 g/t silver.

The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes LR152 and LR153 are in progress. Drill holes LR148, LR150 and LR151 are completed, with assays pending, and have intersected significant massive sulphide intervals, including 40 m (24 m for the upper lens and 16 m for the lower lens), 4.3 m and 40.9 m (27.8 m for the upper lens and 13.1 m for the lower lens) of massive sulphides, respectively, increasing the potential for additional resources expansion.

A down-the-hole transient electromagnetic (TEM) survey was completed in drill hole LR151, showing a conductor anomaly which continues for another 100 m at depth. The downhole TEM survey is being used by the exploration team to target the depth extension of La Romanera deposit.

Next steps

The company has recently strengthened its treasury with successful financings generating gross proceeds of $11-million which, coupled with the existing treasury, provides the runway to efficiently advance the project toward permitting and a production decision. The key activities planned for the remainder of 2023 will be as follows:

• Continue to expand La Romanera deposit at IBW. The company presently has six diamond drills operating on the project.
• Complete the initial drilling on the historical El Cura deposit, which is situated approximately midway between La Infanta and La Romanera on the IBW property. This program has commenced.
• Complete metallurgical studies on La Romanera and La Infanta. This program has commenced, and the company has contracted metallurgical support from SRK to work as part of the owners' team, and selected Wardell Armstrong LLP of the United Kingdom, who are highly experienced with Iberian pyrite belt deposits, to do the actual laboratory testing for the metallurgy.
• Complete initial conceptual mine planning to a level appropriate to support site selection for future infrastructure, as well as conversion of exploration licences to exploitation licences at IBW. Grupo IPH, a Spanish mining engineering firm based in Huelva that contracts for mines in the region, is being contracted to complete this work.
• Complete the initial exploration drilling campaign at the Nuevo Tintillo project. Drilling will commence after the summer season, when heat-related operating restrictions have been lifted.

Baseline studies completed

Emerita Resources has completed the baseline studies at the IBW project. The objectives of the studies are to gain an understanding of the current natural environment of the site, support further mine development decisions and management plans. The company engaged the services of specialist Spanish companies with broad experience in baseline studies:

• BIOGEOS, Estudios Ambientales SL;
• Diseno de Soluciones Medioambientales (DSM);
• Laboratorios MICROAL SL.

The baseline studies were initiated in June, 2022, due to the need to integrate the environmental variability in both the current operational phase of the authorized exploration licence and in the design stage of the future mining project within the regulatory framework of the exploitation concession associated with "IP La Romanera No. 15,029," which includes the La Romanera, El Cura and La Infanta deposits.

The environmental baseline study lasted one year and consisted of the following technical analyses:

• Diagnosis of the natural environment and landscape;
• Analytical investigation of soils and water (surface and subsurface);
• Hydrological and hydrogeological study (water balance).

The purpose of the work carried out has served to:

• Establish a mining-environmental management process necessary to establish a zoning of areas, delimiting exclusion zones, and admission zones for future activities and facilities linked to the future mining exploitation.
• To update the official environmental information offered by the environmental administration.

Quality assurance/quality control

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 Joaquin 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.

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