Emerita Awards Pre-Feasibility Study Contract for the Iberian Belt West Project to SLR Consulting

Emerita Resources Corp. announced on December 3, 2025, that it has awarded the contract for the Pre-Feasibility Study (PFS) for its Iberian Belt West (IBW) Project to SLR Consulting Limited. The PFS will be NI 43-101 compliant and is expected to be completed in approximately six months. It will encompass mine-to-mill design, process plant and flowsheet design, surface infrastructure design, capital and operating cost estimations, and a financial analysis. David Gower, CEO, highlighted the team's excitement and noted that infill drilling at the El Cura deposit has been completed to convert Inferred Resources to Indicated and Measured categories, which is crucial for a PFS.

This news is a routine, positive step in the development of the IBW project. The award of the PFS contract indicates that Emerita is progressing its flagship project through the de-risking stages, moving from resource estimation towards economic viability assessment. The company had previously stated in its February 3, 2025, Year in Review that a Preliminary Economic Assessment (PEA) was expected in 2025. While this news announces a PFS (a more detailed study than a PEA), it aligns with the stated goal of advancing the project through economic studies. The completion of infill drilling at El Cura to upgrade resources is a necessary prerequisite and reflects the company's diligent project management.

While positive, this announcement is not a "game-changer" as it merely signifies the initiation of a study, not the results themselves. The market impact is likely to be neutral to slightly positive, as it confirms the company is on track with its development roadmap but does not yet provide definitive economic figures. The significant positive metallurgical results announced on May 27, 2025, which showed an 81.5% gold recovery and a substantial increase in metal equivalent grades, are a more material underlying factor that will be incorporated into this PFS. The PFS will be the first opportunity to integrate these improved recoveries into a formal economic study.

Emerita Resources Corp. is a Canadian-based mineral exploration and development company focused on polymetallic (copper, zinc, lead, gold, silver) Volcanogenic Massive Sulphide (VMS) deposits in the Iberian Pyrite Belt of Spain. Its flagship asset is the Iberian Belt West (IBW) Project, which is wholly-owned and includes three significant deposits: - La Romanera: The largest deposit, with established indicated and inferred resources. - La Infanta: Also with indicated and inferred resources, known for high-grade zinc and lead. - El Cura: The newest deposit to receive a maiden MRE in March 2025, characterized by higher copper and gold grades, and still open for expansion.

The company is progressing the IBW project through various stages, including resource drilling, metallurgical testing, and permitting, with the aim of advancing towards a production decision. Emerita also holds exploration permits for the Nuevo Tintillo Project and has been pursuing the Aznalcollar Project through legal channels, which has a significant historic resource and could substantially increase Emerita's footprint in the region if awarded.