Mr. Ian Parkinson reports

EMERITA PROVIDES UPDATE ON AZNALCOLLAR ADMINISTRATIVE PROCEEDINGS

Emerita Resources Corp. has received a written resolution from the Tribunal Superior De Justicia De Andalucia with respect to one of Emerita's complaints regarding the administration of the Aznalcollar public tender.

Emerita had filed a formal complaint in 2017 with the court against the Junta de Andalucia, the Andalucian government panel that awarded the tender, requesting that the court rule that: (i) the junta had committed a "via de hecho," which is an administrative action that completely disregards the legally established procedure or that clearly lacks any possible legal basis; (ii) the acceptance of the mineral rights to the Aznalcollar project by Minera Los Frailes SL (MLF), an entity that did not participate in the tender, is a via de hecho; and (iii) any actions by MLF related to the Aznalcollar project are a via de hecho. As a result of these claims, Emerita requested, inter alia, that the court rule that MLF's acceptance of the rights to the Aznalcollar project be null and void.

The court ruled against Emerita's complaint, finding that a via de hecho had not occurred on a technical basis. Emerita may appeal this decision by the court in the future, but for now is focused on the continuing Aznalcollar criminal trial and the associated administrative case (described herein).

The junta, in its defence against the complaint, acknowledged that MLF accepted the rights to the Aznalcollar project without ever participating in the tender. This is one of the many irregularities in the tender and a relevant and important point that is being considered in the continuing Aznalcollar criminal trial.

This complaint is distinct from Emerita's other and more significant administrative case regarding the various alleged irregularities by the junta in adjudicating the tender which the company initiated in 2015. The court has previously determined that the facts in the criminal case and the administrative case are substantially similar and has decided to suspend issuing its resolution on the administrative case pending the outcome of the criminal trial. This is expected to make available for the court all of the evidence and testimony from the Aznalcollar criminal trial (please see the company's press release dated May 2, 2022, for additional details regarding the administrative case).

Emerita looks forward to the completion of the Aznalcollar criminal trial and administrative case. A resolution favourable to Emerita will result in a significant increase to Emerita's presence in the Iberian pyrite belt in terms of both resources and strategic land position.

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.

We seek Safe Harbor.