Emerita Resources Corp. announced additional assay results from the ongoing delineation drilling program at La Romanera Deposit, part of Emerita’s wholly owned Iberian Belt West project (“IBW” or the “Project”). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura.

Results contained in this release are from La Romanera. All deposits are open for expansion along strike and at depth. Assays have been received for two additional drill holes that were not included in the recently announced NI 43-101 compliant mineral resource estimate.

Drill holes LR146 and LR147 demonstrate that the deposit remains open at depth and is high grade and thick in this central area. Drill Hole LR146: The Upper Lens was intersected at 580.9 m down the hole. It encountered 13.0 meters grading 0.2% Copper; 3.6% Lead; 13.1% Zinc; 1.35 g/t Gold and 120.9 g/t Silver; including 6.0 meters grading 0.3% Copper; 4.8% Lead; 15.9% Zinc; 2.32 g/t Gold and 181.5 g/t Silver.

The Lower Lens was intersected at 593.9 meters down the hole. It comprised 22.9 meters grading 0.6% Copper; 2.0% Lead; 4.8% Zinc; 0.58 g/t Gold and 79.2 g/t Silver; including 3.9 meters grading 0.3% Copper; 6.1% Lead; 9.1% Zinc; 2.36 g/t Gold and 247.8 g/t Silver. Drill Hole LR147: The Upper Lens was intersected at 649.3 m down the hole.

It encountered 16.5 meters grading 0.4% Copper; 0.1% Lead; 0.2% Zinc; 0.17 g/t Gold and 22.1 g/t Silver, including 2.0 meters grading 0.4 % Copper; 0.1 % Lead; 0.4 % Zinc; 0.22 g/t Gold and 106.5 g/t Silver. The Lower Lens was intersected at 665.75 m down the hole. It comprised 17.2 meters grading 0.4% Copper; 2.0% Lead; 9.8% Zinc; 0.64 g/t Gold and 89.3 g/t Silver; including 7.0 meters grading 0.5% Copper; 2.9% Lead; 16.5% Zinc; 0.83 g/t Gold and 57.0 g/t Silver.

The current drilling program is focused on testing the extension of La Romanera deposit at depth. Drill holes LR152 and LR153 are in progress. Drill holes LR148, LR150 and LR151 are completed with assays pending and have intersected significant massive sulphide intervals including; 40.0 m (24.0 m for the Upper Lens; 16.0 m for the Lower Lens), 4.3 m and 40.9 m (27.8 m for the Upper Lens; 13.1m for the Lower Lens) of massive sulphides, respectively; increasing the potential for additional resources expansion.

A down-the-hole transient electromagnetic (“TEM”) survey was completed in drillhole LR151, showing a conductor anomaly which continues for another 100 m at depth. The downhole TEM survey is being used by the exploration team to target the depth extension of La Romanera deposit. Next Steps: The company has recently strengthened its treasury with successful financings generating gross proceeds of $11 million which, coupled with the existing treasury, provides the runway to efficiently advance the Project towards permitting and a production decision.

The key activities planned for the remainder of 2023 will be as follows: Continue to expand La Romanera Deposit at IBW. The Company presently has six (6) diamond drills operating on the Project. Complete the initial drilling on the historical El Cura deposit which is situated approximately midway between La Infanta and La Romanera of the IBW property.

This program has commenced. Complete metallurgical studies on La Romanera and La Infanta. This program has commenced, and the Company has contracted metallurgical support from SRK to work as part of the owners team and selected Wardell Armstrong LLP of the UK, who are highly experienced with Iberian Pyrite Belt deposits, to do the actual laboratory testing for the metallurgy.

Complete initial conceptual mine planning to a level appropriate to support site selection for future infrastructure as well as conversion of Exploration Licenses to Exploitation Licenses at IBW. Grupo IPH, a Spanish mining engineering firm based in Huelva that contracts for mines in the region is being contracted to complete this work. Complete the initial exploration drilling campaign at the Nuevo Tintillo project.

Drilling will commence after the summer season when heat related operating restrictions have been lifted. Emerita Resources has completed the Baseline Studies at the IBW project. The objectives of the studies are to gain an understanding of the current natural environment of the site, support further mine development decisions and management plans.

The Company engaged the services of specialist Spanish companies with broad experience in Baseline Studies: BIOGEOS, Estudios Ambientales SL; Diseño de Soluciones Medioambientales (DSM); Laboratorios MICROAL SL. The Baseline Studies were initiated in June 2022, due to the need to integrate the environmental variability in both the current operational phase of the authorized exploration license and in the design stage of the future mining project within the regulatory framework of the Exploitation Concession associated with “IP. LA ROMANERA No.

15,029”, which includes the La Romanera, El Cura and La Infanta deposits. The Environmental Baseline Study lasted one year and consisted of the following technical analyses: Diagnosis of the natural environment and landscape. Analytical investigation of soils and water (surface and subsurface).

Hydrological and hydrogeological study (water balance). The purpose of the work carried out has served to: Establish a Mining-Environmental management process necessary to establish a zoning of areas, delimiting exclusion zones and admission zones for future activities and facilities linked to the future mining exploitation. To update the official environmental information offered by the Environmental Administration.