Mr. Ian Parkinson reports

EMERITA RESOURCES FILES NI 43-101 TECHNICAL REPORT ON THE IBW PROJECT

Emerita Resources Corp. has filed the National Instrument 43-101 technical report covering the NI 43-101 mineral resource estimate at the La Romanera and La Infanta deposits at the company's wholly owned Iberian Belt West (IBW) project.

The Technical Report was prepared by Wardell Armstrong International Limited ("WAI"). The Qualified Persons responsible for preparing the MRE, on which the Technical Report was based, are Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM, QMR and Frank Browning, MSci, MSc, MCSM, PGCert, FGS, CGeol.

The Technical Report titled "NI 43-101 Technical Report on the La Romanera and La Infanta Polymetallic Deposits, Spain" dated July 5, 2023, has been filed on the SEDAR website at www.sedar.com and on the Company website at www.emeritaresources.com. Please refer to news release dated May 23, 2023 for details of the mineral resource estimate.

Resource Highlights:

Iberia Belt West Initial Mineral Resource Estimate ("MRE")

Indicated 14.07 million tonnes ("Mt") grading 3.29% Zn, 1.66% Pb, 0.46% Cu, 75.2 g/t Ag and 1.39 g/t Au (7.63% ZnEq)

Inferred 4.71 Mt grading 4.70% Zn, 2.14 % Pb, 0.54% Cu, 72.4 g/t Ag and 0.90 g/t Au (9.29% ZnEq)

La Romanera

Indicated 13 Mt grading 2.98% Zn, 1.45% Pb, 0.42% Cu, 74.1 g/t Ag and 1.48 g/t Au (7.08% ZnEq)

Inferred 3.14 Mt grading 4.85% Zn, 1.96 % Pb, 0.45% Cu, 71.3 g/t Ag and 1.16 g/t Au (9.16% ZnEq)

The La Romanera mineral resource estimate was calculated using data from 144 holes comprising 52,750 meters of drilling.

La Infanta

Indicated 1.07 Mt grading 7.10% Zn, 4.24% Pb, 1.03% Cu 88.5 g/t Ag and 0.32 g/t Au (14.32% ZnEq)

Inferred 1.56 Mt grading 4.41% Zn, 2.49% Pb, 0.74% Cu, 74.7 g/t Ag and 0.38 g/t Au (9.55% ZnEq)

The La Infanta mineral resource estimate was calculated using data from 86 holes comprising 19,565 m of drilling.

In calculating the MRE, WAI used a cut off grade of 3% Zinc equivalent ("ZnEq"). See notes below or refer to the technical report for details on the ZnEq calculation.

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.

Qualified Person

Each of Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM and Frank Browning, MSci, MSc, MCSM, PGCert, FGS, CGeol is a Qualified Person as defined by NI 43-101 and each of Dr. Newall and Mr. Browning have 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 Mr. Joaquin Merino, P.Geo., 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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