Mr. Ian Parkinson reports

EMERITA PROVIDES UPDATE ON ONGOING METALLURGICAL TEST PROGRAM INCLUDING 52.4% ZN CONCENTRATE GRADE AT 84% ZN RECOVERY

Emerita Resources Corp. has provided an update on the continuing metallurgical testing program and provided test results (see details herein). The goal of the program is to demonstrate that commercial-grade concentrates can be produced from the Iberian Belt West (IBW) project and at recoveries that are potentially economic and provide required data for planned mill plant design. The preliminary results indicate that commercial-grade concentrates can be produced from IBW using traditional methods at recoveries similar to other operations in the Iberian pyrite belt.

David Gower, PGeo, chief executive officer of Emerita, noted: "We are very pleased that the carefully executed metallurgical test program has demonstrated grade and recoveries of base metals to concentrates at comparable recoveries to other producing operations in the pyrite belt. We view the results contained within this press release as a baseline and look forward to continuous metallurgical performance improvement as we advance IBW towards a production decision. We have taken a very comprehensive approach to get to this point, which has extended the timeline. However, this is a very critical component of developing polymetallic deposits and it is critical to have optimal results. It is important to note, initial results have indicated opportunities to optimize concentrate grade versus metal recoveries within a future economic model. In March, 2024, we announced the addition of Jorge A. Blanco to the Emerita team as director of metallurgy. Jorge, in a short time, has had a very positive impact on the project and is currently planning our next metallurgical tests as we wrap up this first phase. Included in future planned programs is to evaluate certain innovative hydrometallurgical processes recently developed in the region, that would allow metal to be produced on site rather than shipping concentrate to a smelter. The focus remains on conventional processing techniques at this juncture."

Test results outlined herein are preliminary in nature. Additional locked-cycle test results are pending and have potential to further improve on the results.

Completed tests to date have returned zinc concentrates grading 52.4 per cent Zn with project average zinc recovery of 84 per cent, which is approximately 5 per cent to 10 per cent higher than reported results for mines in operation in the Iberian pyrite belt. Tests on La Romanera deposit have returned Zn concentrate grade of 49.3 per cent Zn at 85-per-cent recovery and tests of La Infanta deposit have returned a concentrate grade of 60 per cent Zn with 81-per-cent Zn recovery. Testing continues and final results will be released at the completion of this phase of tests.

Copper-focused tests of La Romanera (copper head grade of 0.67 per cent) and La Infanta deposits (head grade of 0.86 per cent Cu) have shown that commercial-grade copper concentrates of 22.26 per cent Cu and 24.87 per cent Cu with 69.4-per-cent and 51.69-per-cent Cu recoveries, respectively, can be produced. These results are similar to operating mines in the region and would be expected to improve for ores with significantly higher copper grades. Both copper concentrates have reported gold and silver content at payable levels of 1.94 grams per tonne gold and 372.8 grams per tonne silver for La Romanera copper concentrate and 7.06 g/t Au and 1,534.6g/t Ag for La Infanta copper concentrate. Testing continues, including a focus on optimizing precious metal recoveries at La Romanera.

Test work also showed potential to produce a lead/copper semi-bulk concentrate, increasing a potential payable Pb in concentrate, and the potential to improve overall copper recoveries. Projectwide test results averaged 40 per cent Pb and 7.2 per cent Cu at 57-per-cent and 36.7-per-cent Pb and Cu recoveries, respectively, in semi-bulk concentrate. These results are comparably higher Pb and Cu grades and higher Pb and Cu recoveries than regional operating mines, which are also producing a Cu/Pb bulk concentrate. Individually, La Romanera deposit tests returned Pb/Cu semi-bulk concentrate containing 38.7 per cent Pb and 7.51 per cent Cu with 46.10-per-cent and 37.6-per-cent Pb and Cu recoveries. La Infanta tests returned 44.11 per cent Pb and 6.03 per cent Cu grades in concentrate with 91.6-per-cent and 52.2-per-cent Pb and Cu recoveries.

About the metallurgical test program

IBW metallurgical test work was carried out by Wardell Armstrong International Laboratories in the United Kingdom. Additionally, the company commissioned SRK Consulting to provide metallurgical oversight for the company to ensure the test program was completed to the highest standard.

The primary objective of this program of metallurgical testing was to provide sufficient data pertaining to the processing characteristics of material from the La Romanera and La Infanta deposits to support the delivery of a scoping study and future economic evaluation of IBW.

Testing was undertaken on four composites of approximately 100 kilograms each -- three from La Romanera and one from La Infanta deposit. Samples submitted for testing were:

• La Romanera Met 1: high gold -- lower lens;
• La Romanera Met 2: high copper/low zinc -- upper plus lower lens;
• La Romanera Met 3: average copper/zinc -- upper plus lower lens;
• La Infanta Met 4: semi-massive sulphide.

Each of the four samples were subjected to a preliminary characterization study involving chemical analysis and mineralogical investigation on four sized fractions. The samples have been or are in process of being, subjected to a program of rougher, cleaner and locked-cycle flotation testing to assess the effect of variations in feed grade and ore type on the production of copper, copper/lead, lead and zinc concentrates.

Qualified person

Scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, president of the company, and Jorge A. Blanco, MChem, director of metallurgy of the company, each 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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