Emerita Intersects 9.6 Meters Grading 2.7% Copper, 1.85 g/t Gold and 6.9 Meters Grading 1.4% Copper, 1.85 g/t Gold at El Cura Deposit

The most recent news, dated November 14, 2025, announces assay results from the ongoing delineation drilling program at the El Cura deposit, part of the Iberian Belt West (IBW) project in Spain. Key intersections include: - Hole EC072: 9.6 meters grading 2.7% copper (Cu), 1.85 g/t gold (Au), 27.08 g/t silver (Ag), 0.4% lead (Pb), and 0.5% zinc (Zn). - Hole EC079: 6.9 meters grading 1.4% Cu, 1.32 g/t Au, 48.22 g/t Ag, 0.9% Pb, and 2.4% Zn. These results are from six holes totaling 2,036.9 meters, designed to further define the El Cura deposit.

The drill results announced on November 14, 2025, are materially positive. They are not a game-changer in isolation but represent a significant and positive continuation of the company's successful strategy to delineate and expand the high-grade, copper-gold rich El Cura deposit.

Reviewing the historical news provides critical context: - Resource Growth at IBW: The company has systematically built up its flagship IBW project. A major milestone was the March 17, 2025, updated Mineral Resource Estimate (MRE), which showed a 35% increase in Indicated and 44% increase in Inferred tonnage, and crucially, included a maiden resource for El Cura. The company has consistently stated its goal is to expand this resource, particularly at El Cura, which was noted for its high copper and gold grades. - Consistent Drilling Success: Throughout 2025, Emerita has released a steady stream of strong drill results from El Cura. Highlights include 13.15m of high-grade polymetallic mineralization (Dec 5, 2024), 10.8m of 4.8% Cu (Apr 22, 2025), 16.9m of 1.4% Cu (Aug 20, 2025), and a 90-meter westward extension (Oct 17, 2025). The current results, especially the 9.6 meters of 2.7% copper, are among the best copper intercepts reported to date and confirm the continuity of high-grade zones. This consistency de-risks the geological model and adds confidence that these results will positively impact the next MRE. - Financial and Strategic Context: The company significantly strengthened its financial position in August 2025, raising C$26.1 million at $1.05 per unit, with notable participation from Eric Sprott. They also upsized a credit facility with Nebari to US$50 million in September 2025. This strong treasury allows for aggressive, uninterrupted exploration. The latest drill results validate this spending and demonstrate progress towards building a robust economic case for the IBW project. - Aznalcollar Overhang: The company's valuation is heavily influenced by the long-running legal battle for the Aznalcollar project. While the IBW project provides a solid fundamental floor, the Aznalcollar case represents a significant binary outcome. Positive news from IBW, like this release, reinforces the standalone value of the company, which is crucial given the uncertainty of the court case.

In conclusion, this news is material because it confirms the high-grade nature of a key deposit, directly supports the company's stated goal of resource expansion ahead of economic studies, and continues a pattern of operational execution that builds shareholder value independent of the speculative Aznalcollar outcome.

Emerita Resources is a Canadian mineral exploration company focused on the acquisition and development of polymetallic (zinc, copper, lead, gold, silver) deposits in Spain. Its flagship asset is the 100%-owned Iberian Belt West (IBW) Project in the Huelva Province of Andalusia, a world-class volcanogenic massive sulfide (VMS) district. The IBW project hosts three known deposits: - La Romanera: The largest deposit, with significant zinc, lead, silver, and gold. - La Infanta: A high-grade zinc-lead-silver deposit. - El Cura: The current focus of drilling, proving to be a high-grade copper-gold rich deposit. The company is also engaged in a decade-long legal challenge to be awarded the past-producing Aznalcollar Project, a large VMS deposit that was subject to a public tender process that Emerita alleges was corrupt.