Emerita Intersects 3.9 Meters Grading 3.8% Copper, 0.9% Lead, 1.6% Zinc, 2.81 g/t Gold and 71.26 g/t Silver at El Cura Deposit. Public Consultation Submission Phase of the AAU (Autorizacion Ambiental Unificada) Now Complete

Emerita Resources Corp. (EMO) has reported five new drill holes from the El Cura VMS deposit at its Iberian Belt West (IBW) project in Spain. The drilling defines the upper-central and western portions of El Cura, with a 500-meter strike separating EC102 and EC104.

The headline intercept came from hole EC102, which returned 3.9 m @ 3.8% Cu, 0.9% Pb, 1.6% Zn, 2.81 g/t Au, 71.26 g/t Ag. This includes a higher-grade interval of 2.6 m @ 5.5% Cu, 1.0% Pb, 1.9% Zn, 3.97 g/t Au, 99.15 g/t Ag.

Other notable intercepts include: - EC099: 6.6 m @ 0.9% Cu, 1.4% Pb, 2.5% Zn, 0.89 g/t Au, 51.52 g/t Ag - EC105: 1.0 m @ 5.4% Cu, 2.9% Pb, 5.9% Zn, 2.95 g/t Au, 112 g/t Ag - EC103: 0.7 m @ 1.4% Cu, 2.6% Pb, 5.3% Zn, 2.57 g/t Au, 49.1 g/t Ag

The company also stated that the public consultation phase for the AAU (Unified Environmental Authorization) is now complete, with an Environmental Opinion expected in a few months.

Emerita Resources Corp. (EMO) is a junior explorer with no revenue, a small resource of 18.96 Mt Indicated across three deposits, and a share price that has fallen 81% from its 52-week high. The principal overhangs facing the company are an Ontario Securities Commission enforcement proceeding regarding historical disclosure allegations and a failed takeover by Denarius. These regulatory and leadership risks currently overshadow the importance of routine drill results.

The EC102 intercept represents a good-band result for a VMS copper-gold system but falls well within the existing resource grade envelope. It does not materially increase the resource size or change the extraction thesis. The deposit remains tiny; even a doubling of El Cura, which is still purely inferred-to-indicated conversion, would add perhaps 15 kt Cu to a project that needs more than 100 kt to be meaningful.

The stock has been grinding near its lows of C$0.30–0.35 since the OSC filing on April 9, 2026. Prior drill results in early 2026, such as 12.1 m @ 1.6% Cu on Jan 7, 2026, barely moved the needle. The market has priced in extreme governance discounts, and a single 3.9-m intercept at 3.8% Cu will not restore confidence.

The completion of public consultation is a necessary step, but the Environmental Opinion is still a few months away, and the full exploitation licence remains uncertain. This is incremental positive news already telegraphed in prior releases.

Emerita Resources Corp. (EMO) is the 100% owner of the Iberian Belt West (IBW) project in the Iberian Pyrite Belt, Spain, which encompasses three volcanogenic massive sulfide (VMS) deposits: La Romanera, La Infanta, and El Cura. The company also holds the San Antonio and Nuevo Tintillo exploration properties, as well as the disputed Aznalcóllar property.

As of February 2025, the total Indicated resource stands at 18.96 million tonnes grading 2.88% zinc, 1.42% lead, 0.50% copper, 66 grams per tonne silver, and 1.28 grams per tonne gold. El Cura contributes 0.53 million tonnes to the Indicated category, grading 1.45% copper and 1.41 grams per tonne gold, alongside 0.76 million tonnes in the Inferred category.

A pre-feasibility study is currently in progress, with completion delayed to the third quarter of 2026. Environmental permitting via the AAU is in the public consultation phase. The company is not yet in production and generates no revenues, operating with a burn rate of approximately C$3 million per quarter. As of March 31, 2026, Emerita holds C$15.6 million in cash and has access to an undrawn US$35 million standby loan facility.