Mr. Joaquin Merino reports

EMERITA PROVIDES UPDATE ON THE PROGRESS OF IBW PROJECT'S ONGOING PREFEASIBILITY STUDY

Emerita Resources Corp. has provided an update on the progress of the continuing prefeasibility study (PFS) that was commenced in December, 2025 (see company's press release dated Dec. 3, 2025), for its wholly owned Iberian Belt West (IBW) project. The PFS is being designed to meet National Instrument 43-101 requirements and was initially expected to be completed within approximately six months (by June, 2026). The company now expects to publish the results of the PFS during the third quarter of 2026.

As work on the PFS has progressed, several positive opportunities have been identified that warrant further evaluation and additional metallurgical test work. The company believes it is appropriate to complete this work before selecting the preferred development scenario and finalizing the PFS.

The bulk of the PFS design work is complete, including the underground mine design, surface layout design with a flotation process plant to a basic engineering design level as well as a Railveyor underground-to-surface discharge loop onto run-of-mine pad design. The selection of the preferred metallurgical process will form the basis for an updated mineral resource estimate, mine stope optimization and sequencing for the PFS, and the economic evaluation for the IBW project.

Recent additions to Emerita's board of directors (see the company's press releases dated June 3, 2026, and June 8, 2026) have expanded the board's technical and mining expertise. The small delay in the release of the PFS allows extra time for the new directors to get fully immersed in the project and provide valuable technical input.

The technical test work by the company related to metallurgical recoveries has continued concurrent to the PFS engineering design work, and, as a result, the company has identified potential optimizations in the metallurgical process flow sheet that are expected to result in economic and operational improvements. In order to incorporate these processes, additional test results are required in order to satisfy PFS-level technical requirements. Joaquin Merino, president and chief executive officer of Emerita Resources, stated: "The new data from preliminary testing of at least two new approaches to the metallurgical plan show potential to improve operating costs and reduce capital costs relative to the original conceptual design. In our opinion, it is important to complete the evaluation of these improvements prior to finalizing the PFS in order to produce the most robust results which will help drive the next phase of development and growth. We appreciate the patience of our shareholders as this work [continues] to maximize the IBW project's value proposition."

Aznalcollar administrative decision still pending

Emerita also advises that the administrative decision for the Aznalcollar public tender remains pending. Judicial timelines for rendering decisions of this nature are not fixed, and the company respects the careful consideration of this matter by the Tribunal Superior De Justicia De Andalucia (the administrative court). While the timeline remains unknown, Emerita maintains confidence in the process and looks forward to the decision of the administrative court.

Qualified person

Scientific and technical information in this news release has been reviewed and approved by Danniel Oosterman, PGeo, who is a qualified person as defined by NI 43-101, Standards of Disclosure for Mineral Projects, and is project director of Emerita. Mr. Oosterman 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.

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