Mr. Joaquin Merino reports

EMERITA INTERSECTS 10.0 METERS GRADING 1.2% COPPER; 1.6% LEAD; 0.12 G/T GOLD AND 14.0 G/T SILVER AND 10.4 METERS GRADING 0.7% COPPER; 0.8% LEAD; 1.5% ZINC, 1.87 G/T GOLD AND 23.0 G/T SILVER; BOTH WITHIN A THICK MASSIVE SULPHIDE INTERCEPT OF 44.1 METERS GRADING 0.6% COPPER; 0.9% LEAD; 0.7% ZINC, 0.96 G/T GOLD AND 17.7 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 (IBW) project. 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.

Drilling at La Romanera continues to test the depth extent of the deposit, down plunge to the west-northwest. Assay results reported here are for the recently completed drill holes LR158 and LR159 (see the table entitled "Significant intercepts of holes LR158 and LR159, La Romanera deposit"). The drill holes used for the company's maiden National Instrument 43-101 mineral resource estimate (please see the company's July 6, 2023, press release and technical report under the company's profile on SEDAR+) delineated the deposit to a vertical depth of about 450 metres. Since then, the company has completed 20 additional drill holes (three more in progress), which have extended the deposit approximately an additional 300 m in depth below the resource estimate.

Drill hole LR158 return no significant results. Hole LR158 was a 100 m stepout to the west from the LR155 impact at minus-430 RL (relative level), designed to probe for the western extents of the deposit at mid-levels. However, the hole passed through a 1.6-metre shear zone indicating the possible offset of the Lower lens along the western extremity of the deposit at this elevation.

Hole LR159 was designed to probe the down-plunge continuity of the deposit to the west-northwest, stepping down and to the west of the previously reported LR157 intercept. LR159 cut a 44.1 m mineralized interval from 748.05 m to 792.15 m, grading 0.6 per cent copper (Cu), 0.9 per cent lead (Pb), 0.7 per cent zinc (Zn), 0.96 gram per tonne (g/t) gold (Au) and 17.7 g/t silver (Ag) in massive sulphide and minor mineralized accessory volcanics. This intercept includes 10 metres grading 1.2 per cent Cu, 1.6 per cent Pb, 0.12 g/t Au and 14 g/t, and a second including 10.4 metres grading 0.7 per cent Cu, 0.8 per cent Pb, 1.5 per cent Zn, 1.87 g/t Au and 23 g/t Ag. Of the 44.1 m interval, 2.9 m (6.6 per cent) of the core was unrecovered in a faulted zone and a grade of nil value has been applied to this interval. True thickness is approximately 80 per cent to 75 per cent of core width. Drill holes LR163 and LR165 (in progress), and LR161 (awaiting assay results) are located below LR159, at a separation of 100 m to 150 m. The vertical depth reached in the current campaign is approximately 750 m. The drill campaign is winding down in advance of the Christmas break until mid-late January.

According to Joaquin Merino, PGeo, president of Emerita: "This has been a watershed year for the company and the development of the IBW project. The team has executed very well and processed a high volume of drill core from as many as 16 diamond drills to produce the initial NI 43-101-compliant mineral resource estimate for the project. The environmental baseline studies were completed in April and, in September, an application was filed to convert the project to an exploitation (mining) licence from an exploration licence. The Romanera deposit continues to expand at depth. A focus for the 2024 program will be to drill for extensions of the copper zone identified in hole LR 152 (see news release dated Aug. 9, 2023)."

Metallurgy update

The metallurgical test program for La Romanera and La Infanta deposits is running behind schedule and is now expected to conclude in January, 2024. An update with the metallurgist this week indicated that for the stage of the testing completed to date, the results are in line with expectations for other similar deposits being mined in the region. Final stages of testing related to base metals recovery along with optimizing precious metals recoveries have yet to be completed.

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 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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