Mr. Ian Parkinson reports

EMERITA APPEALS AZNALCOLLAR EXPLOITATION PERMIT GRANT

Emerita Resources Corp. has filed an appeal of the resolution dated May 30, 2025, made by the Delegacion Territorial en Sevilla de la Consejeria de Economia, Hacienda y Fondos Europeos -- Consejeria de Industria Energia (the administration), granting the exploitation permit for the Aznalcollar project to Minera Los Frailes SL (MLF) (please see the company's press release dated June 2, 2025, for further details).

The appeal is a separate and distinct legal process from: (i) the continuing Aznalcollar criminal trial, which is scheduled to conclude in July 2025; (ii) the administrative case regarding the various alleged irregularities by the junta in adjudicating the tender which the company initiated in 2015 (please see the company's press release dated May 2, 2022, for further details); and (iii) the recently filed appeal by the company with the tribunal supremo (please see the company's press release dated June 25, 2025, for further details). Emerita shall continue to exercise all available rights and remedies to protect its interest and the interest of its shareholders.

Pursuant to the appeal, Emerita has requested that the permit and the resolution awarding the permit to MLF be deemed null and void. Emerita's grounds for the appeal are numerous and include, but are not limited to, the following allegations:

• MLF did not participate in the public tender for the Aznalcollar project and should not have been awarded the rights to the project, nor should it have the legal right to apply for or be awarded an exploitation permit;
• There is no formal authorization from the administration granting MLF the rights to the project as required by Spanish law;
• Emerita has asked the administration to clarify which party participated in the tender as it remains unclear whether the mining project/plan was presented by Minorbis SL or a consortium comprising Grupo Mexico with Minorbis; the project/plan submitted in the public tender, including the proposed discharge of water into the Guadalquivir River, is completely different than the mining project/plan presented by MLF to obtain the exploitation permit;
• Various breaches of administrative and mining laws and regulations.

The appeal was made by Emerita to the administration pursuant to Spanish administrative law.

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.