Emerita Comments on Press Release Issued by Denarius Metals

• Date: April 21, 2026 (Evening Release)
• Headline: Emerita Comments on Press Release Issued by Denarius Metals
• Core Message: Denarius Metals Corp. has indicated an intention to increase its takeover offer for all outstanding shares of Emerita Resources Corp.
• Status Update: While Denarius signaled this intent via press release, Emerita's Board confirms they have not yet received a formal written version of the increased offer following the initial offer dated April 13, 2026.
• Board Action: The Board is consulting with advisors to determine the best course of action for shareholders; no immediate shareholder action is required.
• Context: This release follows an earlier announcement on the same day (April 21 morning) where Denarius publicly stated an increased proposal of 45 cents per share (all-share transaction).

• Immediate Impact: The news confirms the M&A process is active but introduces a procedural caveat. While the morning press release from Denarius announced a specific price increase ($0.45/share), this evening release clarifies that Emerita has not yet formalized receipt of these terms in writing. This creates a slight gap between public announcement and contractual certainty.
• Comparison to History: This follows the April 13 initial unsolicited offer (15% premium) and the April 20 management shakeup due to OSC allegations. The increased bid ($0.45 vs previous ~$0.26-$0.37 trading range) represents a significant premium, potentially offering an exit for shareholders amidst governance concerns.
• Risk Factor: The lack of a formal written offer means the deal is not binding. Denarius could withdraw or alter terms before documentation is finalized. Additionally, the all-share structure exposes Emerita shareholders to the volatility of Denarius Metals' stock price.
• Conclusion: This is a follow-up to the morning's material announcement. It maintains the positive M&A narrative but does not add new binding terms. Hence, it is categorized as Routine - Positive in the context of the day's events, though the underlying M&A event remains Material - Positive for the stock valuation relative to pre-offer levels.

• Company: Emerita Resources Corp. is a mining exploration and development company focused on the Iberian Pyrite Belt in Spain.
• Flagship Project: Iberian Belt West (IBW) Project. Includes three VMS deposits: La Romanera, La Infanta, and El Cura.
• Development Status: Pre-production/Exploration stage. Currently advancing a Pre-Feasibility Study (PFS) with SLR Consulting.
• Permitting: Secured 3-year renewal for Nuevo Tintillo property permit (April 2026). IBW Unified Environmental Authorization (AAU) public comment period expected Q1 2026.
• Royalties: Presentation states "no royalties on production" for the strategic location in the Iberian Belt West.