Emerita Announces Board and Management Transitions

• On April 20, 2026, Emerita Resources Corp. announced immediate resignations of CEO David Gower (co-founder) and Chairman Larry Guy.
• The departures are attributed to preventing distractions following an Ontario Securities Commission (OSC) enforcement proceeding filed on April 9, 2026.
• Allegations involve historical disclosures regarding the Plaza Norte project and misappropriation of a corporate opportunity at Falcon Litio MG property.
• Joaquin Merino (current President) has been appointed Interim CEO; David Patterson (newly appointed Director on April 15) becomes Chairman.
• Gower and Guy dispute allegations but will step back to allow the company to focus on operations and an unsolicited acquisition offer from Denarius Metals received on April 13, 2026.

• The resignation of a co-founder/CEO under regulatory cloud is a significant governance event that increases execution risk during a critical M&A negotiation phase.
• While the OSC proceeding was announced on April 9 (already priced in with a stock drop to $0.26), the immediate departure of top leadership confirms the severity of the distraction and potential liability.
• The unsolicited offer from Denarius Metals (15% premium) is now complicated by governance instability; acquirers may demand lower valuations or walk away if legal risks escalate.
• Operational continuity is claimed via consulting arrangements, but strategic decision-making power has shifted to an interim team during a high-stakes period.
• This news reinforces the negative sentiment from the April 9 regulatory filing rather than resolving it, maintaining a Material - Negative classification for the current state of affairs.

• Flagship Project: Iberian Belt West (IBW) in Spain, comprising three VMS deposits: La Romanera, La Infanta, and El Cura.
• Strategy: Develop high-grade polymetallic deposits leveraging EU critical metal mandates and innovative metallurgy (Albion/CLEVR).
• Land Position: 8,144 hectares after recent permit additions; no royalties on production for IBW assets.
• Development Stage: Pre-production/Development phase; targeting Prefeasibility Study completion by Q2 2026.
• Recent Exploration: High-grade intercepts at El Cura (up to 5.7% Cu) and Nuevo Tintillo permit renewal with new gold/silver trends identified.