Mr. Ian Parkinson reports

EMERITA ANNOUNCES RESULTS OF AIRBORNE ELECTROMAGNETIC AND MAGNETIC SURVEY, PROVIDES UPDATE ON MINERAL RESOURCES ESTIMATE

Emerita Resources Corp. has received the interpreted results from helicopter time-domain electromagnetic and magnetic (HTEM) airborne geophysical surveying completed in December (see the company's news release dated Dec. 1, 2025). The survey covered 13,900 hectares over its mineral claims in the Iberian Belt West project (IBW) area, covering the IBW property and the large adjacent San Antonio land package.

Discussion

The airborne HTEM survey covered Emerita's combined landholdings of IBW, Infanta Sur and San Antonio, plus the tenements of Tamujoso, Sampedro, Sonia, Secundino and Rocio, that are under application by the company, awaiting final awarding by the mines department. From a geological perspective, the area is characterized by two distinct domains: a domain in the northern half characterized by a thin (zero to 200 metres estimated in the survey area) blanket of younger cover rocks (Blanket Rock domain), and a southern half where volcano-sedimentary rocks that are host rocks for the mineral deposits in the area (host rock domain).

Host rock domain

The block includes numerous historic mines and prospects as well as exposed portions of the northwestern Spanish Iberian pyrite belt. The brightly coloured volcano-sedimentary host rocks displayed on the map contain over 30 historic mines and prospects, as indicated by the black symbols.

Geophysical interpretation has identified several targets in this area. These targets coincide with some of the historical mineral deposits located within the exposed volcano-sedimentary units, one of which is the La Romanera deposit. The company is conducting detailed mapping and structural interpretation of the identified geophysical targets to prioritize them for planned drilling.

Blanket rock domain

A significant portion of the area, particularly the northern part of the survey area, is blanketed by younger sedimentary cover that overlies the prospective pyrite belt formations. The cover in this area is interpreted to be relatively thin (up to 200 metres thick) as evidenced by windows of the pyrite belt stratigraphy that are exposed within the covered area. There are several known copper occurrences in these windows suggesting very good prospectivity in this area. Deep-seeking geophysical investigation through younger cover rocks is a prime technique, coupled with gravity surveys, that has resulted in many of the most significant discoveries of the area in the last 50 years, including Neves Corvo, Cobre Las Cruces, Masa Valverde, Magdelena and Lagoa Salgada deposits.

The survey captured electromagnetic, magnetic and topographic data that help the company's geologists interpret the rock types and geological structures below.

In contrast, to the north of IBW in the area covered by the blanket rocks there are far fewer identified prospects. The several known deposits are found in restricted windows of exposure, where erosional processes have revealed the host rocks below. These mineralized exposures confirm that the covered area to the north of the IBW project hosts a continuation of the Iberian pyrite belt host rocks, concealed by younger formations.

According to Joaquin Merino, PGeo, president of Emerita: "The survey has identified areas under the sedimentary cover with similar signatures as the rocks at surface that host known deposits. The company's geologists will now use their knowledge of the surface geology and the geophysical responses of the known deposits to infer similar relationships along prospective corridors at depth. There appears to be a structural corridor that hosts several windows of prospective stratigraphy and mineralized occurrences that is at least five km long."

Surface mapping along one such corridor identified in the survey has shown both primary copper sulphide minerals as well as secondary copper minerals possibly related to a yet to be identified massive sulphide body in the vicinity.

Follow-up ground-based geophysical programs are currently being designed to further refine the targets from the airborne survey and prioritize locations for drilling later in the year in both the blanket rock and host rock areas.

Program details and strategy

Helicopter-mounted sensors recorded a detailed elevation profile of the ground below, while simultaneously measuring electrical and magnetic properties of the rocks up to approximately 500 m depth below surface. Flight lines were spaced at 100 m separation and controlled by a differential GPS navigational system. Xcalibur Smart Mapping, a leading global supplier of aerial geophysical surveys, was selected through a competitive bidding process conducted in September and October, 2025. Program QA/QC (quality assurance/quality control) and the interpretation of results were conducted by Intelligent Exploration of Canada.

2026 mineral resource estimate

The company is currently reviewing input parameters for the updated National Instrument 43-101 mineral resource estimate (MRE) with its consultants, SLR Consulting Ltd. A key change to the methodology adopted for the 2026 MRE update is that rather than resource blocks based on metal equivalents as was used in the 2025 MRE (see press release dated March 17, 2025), the updated 2026 MRE will adopt resource blocks based on the net smelter return (NSR). NSR calculations are based on inputs such as metal pricing, payables, mining costs and metallurgical processing costs. NSR values are considered a more accurate standard of reporting resources, particularly for polymetallic deposits such as at the IBW project. Significant work to accurately establish the operating costs to be used in the NSR calculation for MRE had to be completed which has delayed the release of the new MRE. Emerita is currently evaluating trade-offs of the NSR inputs to maximize the NSR value. The company regrets delaying the updated MRE announcement as it finalizes these parameters and expects that an updated MRE will be announced in the near future.

Qualified person

Scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, who is a qualified person as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and president of the company. Mr. Merino is not independent of the company.

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.