Emerita awards Iberian Belt West PFS contract to SLR

Executive Summary

• Emerita Resources Corp. has awarded the contract for the Iberian Belt West (IBW) pre-feasibility study (PFS) to SLR Consulting Ltd.
• The PFS is expected to be completed in approximately six months and will serve as the first independent third-party evaluation of the IBW project.
• The study will cover mine-to-mill design, process plant design, infrastructure, cost considerations, and financial analysis, building on recent infill drilling that converted inferred resources to indicated and measured categories.

Key Details

• Contract Award: The pre-feasibility study (PFS) contract was awarded to SLR Consulting Ltd. (formerly Wardell Armstrong, acquired by SLR in October 2024).
• Selection Process: SLR was selected from a shortlist of five companies after a diligent tendering process involving an initial group of 23 companies. SLR was chosen for its timing, expertise, familiarity with the IBW project and regional projects, and overall value.
• Timeline: The PFS is expected to be completed in approximately six months.
• Regulatory Compliance: The study will be designed to meet National Instrument 43-101 requirements.
• Scope of Study: The PFS will include:
  • Mine to mill design
  • Process plant and process flow sheet design
  • Surface infrastructure design
  • Capital and operating cost consideration
  • Financial analysis
• Technical Context: The project has seen continued growth in mineral resources at the El Cura deposit, with requisite infill drilling completed to convert inferred resources to indicated and measured categories, allowing them to contribute to the PFS-level study.
• Qualified Persons: Scientific and technical information was reviewed and approved by Joaquin Merino, PGeo (President) and Dan Oosterman, PGeo (Project Director of IBW development). Both are not considered independent of Emerita.

Notable Quotes

• "Our team is excited to launch this phase of the IBW project development. We have continued to grow the mineral resources at IBW's El Cura deposit throughout this year and have completed the requisite infill drilling to convert inferred resources to indicated and measured categories that permit them to contribute to a PFS-level study." — David Gower, PGeo, Chief Executive Officer of Emerita