Emerita Provides Shareholders with Additional Facts Regarding Falcon Project and Risk of Activist Led Withhold Campaign
Emerita’s board defends its Falcon litigation strategy during an ongoing activist proxy fight for control of the company.
Emerita Resources Corp. (EMO) issued a rebuttal to an activist campaign by PM Super Fund, defending its Board's handling of the Falcon Project litigation. The company opposes the activist's attempt to remove three independent directors at the upcoming annual general meeting on August 25, 2026. Management asserts that the activist's primary goal of pursuing legal action on the Falcon Project has already been achieved through the Board's Special Committee and the subsequent Statement of Claim.
The company is vigorously pursuing a civil claim against former officers David Gower, Lawrence Guy, Damian Lopez, Greg Duras, and Helio Diniz, as well as related entities. The Board highlighted that the Ontario Securities Commission did not name directors Marilia Bento or Catherine Stretch as respondents in its Falcon allegations. Director Marilia Bento’s July affidavit was limited to advising that a Statement of Claim would be issued, negating the need for cross-examination. Additionally, the company dismissed conflict of interest allegations regarding director Catherine Stretch’s historical shareholding in Malta Minerals PLC, noting no relevance to the Falcon acquisition. Management urged shareholders to vote for all six nominees at the August 25 meeting.
Emerita Resources Corp. (EMO) issued a routine governance update following a demand letter from PM Super Fund in May 2026. The release does not introduce new project milestones, financial results, or changes to the IBW development timeline. While the proxy fight serves as a distraction, the company argues that substantive legal action is already underway, which mitigates the activist's leverage. No material change to the company's operational or financial trajectory is indicated by this release.
Emerita Resources Corp. (EMO) is an exploration and development company focused on the Iberian Pyrite Belt in Spain. Its flagship project, Iberian Belt West (IBW), comprises three volcanogenic massive sulfide (VMS) deposits: La Romanera, La Infanta, and El Cura. The project hosts high-grade polymetallic mineralization containing copper, lead, zinc, silver, and gold.
An updated NI 43-101 mineral resource estimate (MRE) released in February 2025 reports 18.96 million tonnes of Indicated resources and 6.80 million tonnes of Inferred resources. Metallurgical testing has identified viable processing routes, including the Albion and CLEVR processes, which demonstrate high gold and silver recoveries. The company is currently advancing a prefeasibility study (PFS) and environmental permitting (AAU) for the IBW project. Additional projects held by the company include San Antonio, Nuevo Tintillo, and the disputed Aznalcóllar project.