Mr. Joaquin Merino reports

EMERITA RESOURCES FILES SUPPORTING DOCUMENTATION FOR EXPLOITATION LICENCE FOR THE IBW PROJECT

Through Emerita Resources Corp.'s wholly owned Spanish subsidiary, Emerita Resources Espana S.L.U., it has submitted all the required documentation to support its application to the Delegacion Territorial de Energia y Minas in Huelva province, Junta de Andalucia, for an exploitation licence for Emerita's wholly owned Iberian Belt West project. Please see the company's Sept. 12, 2023, press release for further details regarding the company's application for the exploitation licence.

The supporting documentation includes all (i) technical aspects for mining and processing at the IBW project, as well as associated infrastructure, equipment and tailings storage facilities in order to build and operate a mine; and (ii) a restoration plan. Although the exploitation licence application and supporting documentation are thorough with all technical aspects of the project necessary to receive the appropriate approvals from the Spanish authorities, it has not been prepared in compliance with National Instrument 43-101 and, consequently, economics for the project cannot be disclosed at this time. The supporting documentation, including the environmental parameters, basic engineering, along with a revised mineral resource estimate incorporating new drill results, will comprise the basis for a National Instrument 43-101 compliant economic study in the first half of 2024.

The exploitation licence in Spain, when granted, has a 30-year term and can be extended for two subsequent 30-year periods. According to Joaquin Merino, PGeo, president of Emerita: "The submission of this detailed documentation in support of the exploitation licence application marks an important milestone for Emerita. We are moving from a purely exploration focused endeavour to a development company with an asset that merits proceeding with detailed engineering studies and demonstrates our intention to commit to a very long term investment in Huelva province. We are very excited to take the IBW project to the next phase in its development. We have had several very productive meetings with senior government officials in Huelva province, and are highly encouraged by the support and advice they have imparted."

Qualified person

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.

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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