Mr. Ian Parkinson reports

EMERITA RESOURCES AWARDED 108,877 EUROS R&D GRANT FROM ANDALUSIAN GOVERNMENT AND EU FUNDING TO ADVANCE METALLURGICAL INNOVATION FOR THE IBW PROJECT

The Andalusian Business Agency for Economic Transformation and Development of the Andalusian regional government has awarded Emerita Resources Corp.'s Spanish operating entity a 108,877-euro grant to advance metallurgical innovation for the company's wholly owned Iberian Belt West project.

The funding supports the company's research and development project IBW-3METAu ("Maximisation of the Value of Metal Concentrates in the IBW Project of Emerita Resources: An Innovation and Sustainability Approach"), with a total eligible budget of 311,077 euros. The 23-month project is being carried out at Emerita's facilities in Puebla de Guzman (Huelva). It focuses on developing advanced metallurgical processes to:

• Enhance copper, zinc and lead concentrate quality currently in demand by European smelters;
• Recover high-purity antimony, a critical raw material, from these concentrates;
• Generate higher-value metallic products and intermediates closer to the mine site.

IBW comprises the Infanta, El Cura and La Romanera polymetallic deposits in the western Iberian pyrite belt. The grant represents 35 per cent of the eligible budget and is awarded under the industrial research and experimental development stream of the Andalusia ERDF 2021-2027 program, which is 85 per cent co-financed by the European Union. The grant is payable as a single payment following completion and justification of the eligible activities, subject to compliance with the terms of the award.

Program objectives

The program is expected to provide technical data that will inform future process design and engineering options and assist with the optimization of metal recoveries and resource value at IBW. By enabling greater metal recovery, reducing the need to ship concentrates outside the European Union for refining, and recovering strategic materials such as antimony, the project aligns with the objectives of the European Critical Raw Materials Act and supports the principles of creating a circular economy and sustainable mining.

Emerita's president and chief executive officer, Joaquin Merino, states: "We are pleased that the Junta de Andalusia, in a shared initiative with European Union, view the IBW project as one with potential to be an important source of raw materials for the European Union. This grant represents non-dilutive funding and support for a program to optimize concentrate marketability, metal recoveries and project economics. Through innovation, successful findings from this R&D work will help derisk the path toward industrial-scale processing while creating a value-chain that meets the critical raw materials demand as announced by the European Union."

Emerita has submitted proposals for additional funding initiatives promoting innovation through collaboration between the regional Andalusian government and the European Union. The selection of the IBW project shows that IBW has garnered interest and support both from the regional government and from the EU, establishing the project as one of critical importance as it continues to advance to the execution stage.

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 National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and project director of Emerita Resources.

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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