Emerita working on engineering studies for IBW

Executive Summary

• Emerita Resources provides a strategic update on its Iberian Belt West (IBW) project in Spain, highlighting progress toward a development decision and mining license, with 2026 identified as a pivotal year.
• The company has secured significant capital, including a $26 million equity financing and a $50 million facility, to fund engineering studies, metallurgical testing, and exploration activities.
• Key operational milestones include the expected completion of a Prefeasibility Study (PFS) by Q2 2026, the commencement of the public comment period for environmental authorization in Q1 2026, and upcoming drilling plans for the Nuevo Tintillo project.

Key Details

• Financial Position: The company maintains a strong balance sheet, having completed a $26-million equity capital financing and secured a $50-million (U.S.) facility.
• IBW Project Engineering & Metallurgy:
  • Engineering studies for a high-grade mining operation are underway.
  • Metallurgical testing has demonstrated gold recoveries of over 80% and favorable processing characteristics for producing copper, zinc, and lead concentrates.
  • Continuing metallurgical optimization tests are scheduled for completion in the coming weeks to inform plant design.
  • An updated National Instrument 43-101 mineral resource estimate is expected in the coming months to support the ongoing Prefeasibility Study (PFS).
  • The PFS is scheduled for completion by the end of the second quarter of 2026.
• Permitting Status:
  • The declaration of strategic interest (DSI) panel is working with the company on required deliverables.
  • The public comment period is expected to begin in the first quarter of 2026.
  • Following the comment period, the company expects to obtain the unified environmental authorization.
  • This step signifies endorsement by the Environmental Department and Mining Department of Huelva Province.
• Exploration Updates:
  • An airborne survey over the IBW regional area was completed in December 2025; results are under review and expected to be finalized in the current month.
  • Results will guide 2026 exploration of the San Antonio project area, which hosts copper-rich past producers.
  • The company intends to drill the Nuevo Tintillo project in Sevilla province in 2026. Surface sampling at Nuevo Tintillo has shown grades up to 3.37 g/t gold and 165 g/t silver within a mineralized alteration zone extending up to 400 meters.
• Legal Matters:
  • A legal dispute regarding the awarding of the Aznalcollar project public tender is expected to be resolved by the Andalusia Administrative Court in the coming months.
  • Evidence of potential administrative improprieties surfaced during a police investigation for a criminal trial.
  • In December 2025, the company filed a petition requesting the administrative court issue its resolution and await that outcome.
• Community Engagement:
  • The company has established a foundation, "La Fundacion Emerita Compromiso Sostenible," to strengthen community engagement and participate in economic and societal opportunities in IBW and future projects.

Notable Quotes

• Joaquin Merino, PGeo, President: "Discoveries in this area would be highly strategic for the long-term development of a multimine camp feeding a centralized processing infrastructure at IBW."
• David Gower, PGeo, CEO: "This will be a breakthrough year for Emerita as we expect to transition from an exploration company to a mine development company with an exciting pipeline of exploration projects for future growth... IBW is a high-grade polymetallic project that is enriched in gold and silver, providing an exceptional potential development opportunity."