Emerita to conduct survey over Iberian, San Antonio

Emerita Resources Corp. announced on December 1, 2025, that it will conduct a 1,536-kilometre helicopter time-domain electromagnetic (EM) and magnetic aerial geophysical survey. This survey will cover both the Iberian Belt West (IBW) project and the adjacent San Antonio exploration project, with operations commencing in December 2025. The primary objective is to identify and prioritize new exploration anomalies by comparing the geophysical signals from known deposits (La Romanera, El Cura, La Infanta) with those from identified prospects and untested areas. Data acquisition is scheduled for completion by the end of December 2025, with processed data expected in January 2026, followed by interpretation.

This news release details a routine, albeit extensive, exploration activity. A geophysical survey is a standard tool for target generation in mineral exploration, aiming to identify subsurface anomalies that could indicate mineralization and guide future drilling programs. While a necessary step in advancing exploration projects, it does not represent a direct discovery, resource upgrade, or significant financial event.

The survey covers both the core IBW project and the San Antonio exploration project, the latter having been acquired (along with Terranova) in September 2025. This indicates a systematic approach to exploration across their expanded land package in the Iberian Pyrite Belt. The stated goal of prioritizing anomalies by comparing with known deposits is a sound geological strategy.

In the context of recent news, this survey follows several significant updates: - Drill Results: Recent drill results from El Cura (November 14, 2025, and October 17, 2025) have been positive, extending the deposit and showing high-grade mineralization. The geophysical survey is a complementary activity, looking for new zones rather than delineating existing ones. - Resource Estimate: An updated NI 43-101 MRE for IBW was filed in April 2025 (effective Feb 2025), significantly increasing indicated and inferred resources across La Romanera, La Infanta, and El Cura. This survey aims to identify potential additions beyond these established zones. - Metallurgical Advances: Significant improvements in gold recovery (81.5%) from metallurgical tests were reported in May 2025 for La Romanera, enhancing project economics. - Financing & Liquidity: The company completed a C$26 million private placement in August 2025, with significant participation from Eric Sprott, and upsized its Nebari loan facility to $50M USD in September 2025. This ensures ample funding for ongoing exploration and development activities, including this survey. - Aznalcollar Legal Proceedings: The criminal trial hearings concluded in July 2025, with a ruling expected in Fall 2025. This remains a major potential catalyst or risk.

The airborne geophysical survey is a planned, low-risk activity within the company's broader exploration strategy. It does not immediately add or detract from the company's mineral resources or financial position. Its impact on the stock price is likely to be neutral, as it's a routine operational update, not a material value driver in itself. However, successful interpretation and subsequent drill targets derived from this survey could be positive in the future.

Emerita Resources Corp. is a Canadian mineral exploration company focused on the discovery and development of volcanogenic massive sulphide (VMS) deposits in the Iberian Pyrite Belt of Spain, known for its polymetallic (copper, zinc, lead, gold, silver) mineralization.

Its flagship asset is the Iberian Belt West (IBW) Project, located in Andalusia, Spain. The IBW project hosts three main deposits: - La Romanera: The largest deposit, contributing significantly to the project's resource base. - La Infanta: Another key deposit within the IBW. - El Cura: A newer deposit, the subject of ongoing drilling to further define and expand its copper-gold-rich mineralization. It was included in the latest Mineral Resource Estimate (MRE) for the first time.

In addition to IBW, Emerita is also exploring the Nuevo Tintillo Project (greenfield exploration) and is involved in a protracted legal dispute concerning the Aznalcollar Project, a past-producing mine that, if awarded to Emerita, could significantly increase its resource footprint.

The company is strategically focused on advancing its projects through exploration, resource definition, metallurgical testing, and environmental permitting, aiming towards a production decision.