Emerita "surprised" at Aznalcollar court decision

Executive Summary

• Emerita Resources Corp. received an official court resolution from the Third Section of the Provincial Court of Seville regarding the Aznalcollar criminal trial, which determined that no criminal convictions would be imposed on any of the accused.
• The company expressed surprise and disappointment with the ruling, citing clear irregularities in the Aznalcollar public tender process established by previous judicial rulings, and stated it will review the 215-page resolution with legal counsel.
• Emerita is currently awaiting a separate ruling from the Tribunal Superior De Justicia De Andalucia regarding alleged irregularities by the Junta De Andalucia in adjudicating the Aznalcollar public tender, with a decision expected in the near future.

Key Details

• Criminal Trial Outcome: The Third Section of the Provincial Court of Seville ruled that it will not impose criminal convictions on any accused parties in the Aznalcollar criminal trial.
• Company Reaction: Emerita Resources Corp. is "surprised and disappointed" by the decision, arguing that criminal convictions were warranted due to irregularities in the public tender process.
• Next Steps (Criminal): The company will review the full 215-page court resolution with Spanish legal counsel to determine if a further response is appropriate.
• Pending Administrative Ruling: Emerita is awaiting a decision from the Tribunal Superior De Justicia De Andalucia to determine if alleged irregularities occurred during the adjudication of the Aznalcollar public tender and if the tender should have been awarded to Emerita.
• Reference: Additional details regarding the administrative case are available in the company's press release dated May 2, 2022.
• Operational Status: The company maintains a strong balance sheet and continues to focus on developing its Iberian Belt West (IBW) project and other projects in Andalusia.
• Licensing: Emerita is at an advanced stage in the process of acquiring an exploitation licence for the IBW project.

Notable Quotes

• "Emerita Resources Corp. is surprised and disappointed that the court did not deem that criminal convictions were warranted in this case despite clear irregularities in the Aznalcollar public tender process established by previous judicial rulings."
• "Emerita respects the court's decision and will review the court's written resolution in detail with its Spanish legal counsel to determine whether a further response is appropriate."