Mr. Ian Parkinson reports

EMERITA RESOURCES TO PETITION THE ADMINISTRATIVE COURT TO ISSUE ITS RULING WITH RESPECT TO THE AZNALCOLLAR PUBLIC TENDER DISPUTE, FORGOES APPEAL OF CRIMINAL TRIAL

Emerita Resources Corp. will petition the Administrative Court of Andalucia (Seccion Primera Sala de lo Contencioso-Administrativo del Tribunal Superior de Justicia de Andalucia) to complete its ruling with respect to the alleged irregularities in awarding the Aznalcollar public tender. The company will not pursue an appeal of the recent criminal case ruling following careful review of the alternatives with Spanish legal counsel (see news release dated Dec. 5, 2025). The company does not have a firm estimate on when the administrative court is likely to issue its resolution, but counsel suggests two or three months are likely based on past experience.

According to David Gower, PGeo, chief executive officer of Emerita: "To best serve our shareholders, management believes it is important to keep the focus of the legal battle on the objective to be awarded the rights to develop the Aznalcollar project. As a result of the detailed police investigation and the body of evidence collected over the lengthy criminal trial, Spanish counsel considers that Emerita's case is very strong to demonstrate that significant administrative errors were made in awarding the public tender."

Emerita's complaint in its filing with the administrative court includes the following alleged errors which are supported by rulings made by Provincial Court No. 7 of Seville:

• The Minorbis consortium did not meet the requirements of the first stage of the public tender and therefore should not have been eligible to participate in the subsequent stages.
• The Minorbis bid was incomplete or non-compliant, and failed to meet the tender's defined criteria.
• The scoring/evaluation criteria were potentially interpreted and applied to the bids incorrectly.
• The concession was ultimately accepted by Minera Los Frailes, an entity that did not participate in the public tender, instead of the bidding entity, Minorbis-Grupo Mexico. This substitution of the bidder is incompatible with Spanish administrative and European Union procurement law unless very strict conditions are met, and, allegedly, these conditions were not met.
• They are among a number of other potential procedural errors in the process.

Emerita's objective continues to be to acquire the right to develop the Aznalcollar project. Appealing the recent criminal court ruling is unlikely to accomplish that as the awarding of the public tender should be resolved in the administrative court. An appeal of the criminal case to the Supreme Court would be on technicalities related to the legal process and unlikely to deliver a change in the sentencing, which would be a required outcome to impact the ruling of the administrative court in Spanish legal counsel's view. The appeal process would likely delay the administrative court by at least 18 to 24 months.

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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