Mr. Vincent Chen reports

EMERITA INTERSECTS 11.7 METERS GRADING 2.9% COPPER; 0.28 G/T GOLD AND 7.9 G/T SILVER, AND 8.7 METERS GRADING 2.5% COPPER; 0.3% ZINC; 0.36 G/T GOLD AND 14.0 G/T SILVER WITHIN A 68.5 METER MINERALIZED ZONE THAT GRADES 1.0% COPPER, EXTENDING LA ROMANERA DEPOSIT AT DEPTH

Emerita Resources Corp. has released additional assay results from the continuing drilling program at the 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 postdate the recently announced National Instrument 43-101 compliant mineral resource estimate (see Emerita's news release dated May 23, 2023). See the attached table for diamond drilling data.

Drill holes LR152 and LR153 were drilled to test the downdip extension of La Romanera in an area showing a strong response from downhole TEM (transient electromagnetic) survey in the eastern part of the deposit. Both drill holes intercepted thick sulphide mineralization, primarily in the form of a banded and stockwork chalcopyrite-pyrite mineralization. In this part of the deposit, the Upper and Lower sulphide massive lenses become a continuous zone of copper-rich stockwork of about 35 to 40 metres true thickness.

According to Joaquin Merino, PGeo, president of Emerita: "This type of mineralization marks a change in the deposit characteristics in this area. It has become copper dominant and is more of a stockwork zone characteristic of a typical VMS [volcanogenic massive sulphide] deposit feeder zone. It is potentially a very exciting development as a number of the deposits in the Iberian pyrite belt have significant copper zones such as at Neves Corvo, Aljustrel and Rio Tinto. It does not need to be said that copper is fundamental as a critical metal for the global energy transition."

Drill hole LR152: The Stockwork zone was intersected at 647.7 metres down the hole. It encountered 68.5 metres grading 1.0 per cent copper, 0.2 per cent zinc, 0.28 gram per tonne gold and 5.9 grams per tonne silver, including 11.7 metres grading 2.9 per cent copper, 0.28 grams per tonne gold and 7.9 grams per tonne silver, and, in a separate zone, 8.7 metres grading 2.5 per cent copper, 0.3 per cent zinc, 0.36 gram per tonne gold and 14.0 grams per tonne silver. The hole intersected obliquely across the zone, and, as such, true thickness is approximately 55 per cent of the drill intercept thickness in this hole.

Drill hole LR153: The Stockwork zone was intersected at 738.95 metres down the hole. it encountered 52.1 metres grading 0.4 per cent copper, 0.1 per cent zinc, 0.13 gram per tonne gold and 3.2 grams per tonne silver, including 2.9 metres grading 1.4 per cent copper, 0.25 gram per tonne gold and 4.2 grams per tonne silver, and including 5.9 metres grading 1.3 per cent copper, 0.5 per cent zinc, 0.27 gram per tonne gold and 9.1 grams per tonne silver. The true thickness is approximately 75 per cent of the drill intercept thickness in this hole.

The deepest drill hole to date at La Romanera is LR153, which intersected the deposit at 750 metres below surface and is 180 metres below the deepest drill hole that was included in the NI 43-101 mineral resource estimate. Currently, hole LR157 is in progress and is expected to intercept the deposits at approximately 810 metres below surface.

According to Ian Parkinson, executive vice-president, corporate development for Emerita: "This is a significant expansion of the footprint of the deposit since May when the MRE was released. It amounts to approximately a 30-per-cent increase in the vertical extent of mineralization. Borehole EM surveys suggest the mineralization continues further."

The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes LR155 and LR157 are in progress. Drill hole LR154 is completed with assays pending and has intersected a 30-metre-thick lens of massive sulphide mineralization.

A downhole TEM survey is planned as part of the exploration strategy for the LR152 and LR155 drill holes.

Stock options

Emerita has granted 2.7 million stock options to various directors and officers of the company pursuant to its stock option plan. The options may be exercised at a price of 40 cents per option for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.

Quality assurance/quality control

Drilling at La Romanera and La Infanta is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita's core shack (15 kilometres) from La Romanera and (eight kilometres) from La Infanta. Once the cores are received at Emerita's core shack, 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 metre or less, and respecting lithological contacts, with most of the samples 1.0 metre long. The zone immediately above and below the mineralized zones are also sampled. Core samples are sawn 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 (ICP) 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, and high-grade, medium-grade 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 NI 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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