Mr. Joaquin Merino reports

EMERITA INTERSECTS 6.0 METERS GRADING 0.2% COPPER; 1.6% LEAD; 5.5% ZINC, 0.98 G/T GOLD AND 58.8 G/T SILVER, WITHIN A THICK MASSIVE SULPHIDE INTERCEPT OF 51.6 METERS GRADING 0.5% COPPER; 1.1% LEAD; 1.5% ZINC, 0.46 G/T GOLD AND 26.1 G/T SILVER, EXTENDING LA ROMANERA DEPOSIT AT DEPTH

Emerita Resources Corp. has released additional assay results from the continuing 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.

The company presently has four diamond drills operating at La Romanera and one drill that is on the first hole at the Nuevo Tintillo project -- located approximately 85 kilometres to the east of IBW. Metallurgical work for the IBW project is in progress at the Wardle Armstrong metallurgical test facility in the United Kingdom. This test work is expected to conclude near the end of November, 2023. Four samples are currently being evaluated, three from La Romanera and one from La Infanta.

Assays have been received for diamond drill holes LR156 and LR157 (see the table entitled "Significant intercepts of holes LR156 and LR157, La Romanera deposit"). These two holes have been surveyed using downhole electromagnetic surveying (DHEM), which has indicated that mineralization continues below both drill holes down plunge to the west, confirming the deposit extends farther at depth. Drill hole LR159 has intercepted approximately 44 metres of massive sulphides and assays are pending for this intercept.

According to Joaquin Merino, PGeo, president of Emerita: "We continue to see a very thick massive sulphide zone at La Romanera, where drilling is expanding the deposit beyond the recently announced mineral resource estimate at IBW. Given these are some of the thickest massive sulphides we have seen to date at La Romanera, in addition to the DHEM indicating continuity to depth, we are optimistic there continues to be significant room to expand this deposit."

Drill hole LR156 intersected 24.2 metres grading 0.5 per cent Cu (copper), 0.8 per cent Pb (lead), 1.9 per cent Zn (zinc), 1.07 grams per tonne (g/t) Au (gold) and 38.1 g/t Ag (silver), including five metres grading 0.4 per cent Cu, 2.8 per cent Pb, 6.6 per cent Zn, 1.47 g/t Au and 75.4 g/t Ag. True thickness is approximately 75 per cent to 80 per cent.

Drill hole LR157 intersected 51.6 metres grading 0.5 per cent Cu, 1.1 per cent Pb, 1.5 per cent Zn, 0.46 g/t Au and 26.1 g/t Ag, including six metres grading 0.2 per cent Cu, 1.6 per cent Pb, 5.5 per cent Zn, 0.98 g/t Au and 58.8 g/t Ag, and 5.6 metres grading 0.4 per cent Cu, 1.8 per cent Pb, 2.1 per cent Zn, 0.89 g/t Au and 38.5 g/t Ag. True thickness is approximately 75 per cent to 80 per cent.

Drill holes LR156 and LR157 assay results indicate continuity of massive sulphides from the outcrop to nearly 700 metres below surface, along with a pronounced thickening of the sulphide mineralization in the deepest levels that remain open for further testing.

Quality assurance/quality control

Drilling at La Romanera is HQ size, and core is placed into core trays at the drill site and transported directly from the site to Emerita's coreshack, 15 kilometres from La Romanera. 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 (ICP (inductively coupled plasma)) and ALS Romania (fire assay). The analysis at ALS lab corresponds to the ME-ICP ore (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-, 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

Scientific and technical information in this news release has been reviewed and approved by Mr. Merino, PGeo, president of the company and a qualified person as defined by National Instrument 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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