Mr. Ian Parkinson reports

EMERITA RESOURCES ANNOUNCES NON-BROKERED PRIVATE PLACEMENT

Emerita Resources Corp. has entered into binding subscription agreements with four investors with respect to a non-brokered private placement financing of 12.5 million units at 40 cents per unit for gross proceeds of $5-million. The company believes the investors are long-term investors and are supportive of the company's strategy to continue to build value through the development of the Iberian Belt West project and other projects in its portfolio in the Iberian pyrite belt.

Each unit will comprise one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at an exercise price of 60 cents for a period of 36 months following the completion of the offering. Securities issued under the offering are expected to carry a hold period of four months and one day from the date of issue, as may be required under applicable securities laws.

The company plans to use the aggregate net proceeds of the offering to continue the exploration and development work on its Spanish mineral properties, as well as for general corporate working capital purposes.

The offering is scheduled to close on or about April 25, 2024, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. No finders' fees were paid by the company in connection with the offering, and the company does not intend to increase the size of the offering.

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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