Emerita Resources Corp. announced the maiden independent NI 43-101 compliant resource estimate based on drill results from the 2022-23 resource delineation drilling program at La Romanera and La Infanta deposits, part of Emerita's wholly owned Iberian Belt West project (IBW or the Project). Mineral Resource estimation was completed by Wardell Armstrong International Limited (WAI) using drillhole databases and geological models developed by the Emerita geology team and subsequently verified and refined in collaboration with WAI.

WAI has considerable experience working with deposits in the Iberian Belt and has completed similar studies for producing operations in the region. IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Initial exploration work has recently commenced at El Cura and all deposits are open for expansion along strike and at depth.

Drilling is expected to continue at IBW through 2023 and into 2024 targeting continued expansion of the IBW resource. Metallurgical testing of the deposits is commencing. In calculating the resource estimate, WAI used a cut off grade of 3% Zinc equivalent (ZnEq).

In order to calculate the ZnEq grade, the QP consulted with metallurgists within the WAI team to establish appropriate recoveries to use for the estimate based on prior experience in the Iberian Belt and similar deposits. It is important to note that the recovery factors used in the estimate are not based on metallurgical test data as this work is not yet completed. The metal recoveries are based on representative results from other deposits in the belt.

La Romanera is a unique deposit within the Iberian pyrite belt in that a significant portion of the deposit has highly promoted gold values relative to other deposits in the region. As such, there is not a good metallurgical analogy for the recovery of gold from higher grade gold mineralization in the region. The high gold grades are not ubiquitous throughout the deposit such that the overall gold grade reported represents a weighted average of higher grade and lower grade mineralization.

For the ZnEq calculation, the gold recovery factor used was 20%. An important opportunity and challenge for the Company will be to work with its metallurgical consultants to improve the gold recoveries from the gold enriched portions of the deposit. Such an improvement could positively add to the ZnEq grade and tonnage at La Romanera.

Resource Highlights: · Iberia Belt West Initial Mineral Resource Estimate (MRE) o Indicated 14.07 million tonnes (MT) grading 3.29% Zn, 1.66% Pb, 0.46% Cu, 75.2 g/t Ag and 1.39 g/t Au (7.63% ZnEq) o Inferred 4.71 MT grading 4.70% Zn, 2.14 % Pb, 0.54% Cu, 72.4 g/t Ag and 0.90 g/t Au (9.29% ZnEq) · La Romanera o Indicated 13 MT grading 2.98% Zn, 1.45% Pb, 0.42% Cu, 74.1 g/t Ag and 1.48 g/t Au (7.08% ZnEq) o Inferred 3.14 MT grading 4.85% Zn, 1.96 % Pb, 0.45% Cu, 71.3 g/t Ag and 1.16 g/t Au (9.16% ZnEq) o The La Romanera mineral resource estimate was calculated using data from 144 holes comprising 52,750 meters of drilling. La Infanta o Indicated 1.07 MT grading 7.10% Zn, 4.24% Pb, 1.03% Cu 88.5 g/t Ag and 0.32 g/t Au (14.32% ZnEq) o Inferred 1.56 MT grading 4.41% Zn, 2.49% Pb, 0.74% Cu, 74.7 g/t Ag and 0.38 g/t Au (9.55% ZnEq) o The La Infanta mineral resource estimate was calculated using data from 86 holes comprising 19,565 m of drilling. Mineralization remains open at both deposits o The MRE confirms the resource starts at or near surface and remains open for expansion at depth and along strike.

Next steps o La Romanera and La Infanta deposits occur approximately 6km from each other. Near- term focus for the Emerita exploration team is to continue to expand the mineralization at La Romanera and explore the area between the two deposits with particular focus on the historic El Cura target. Drilling of El Cura has commenced.

o Metallurgical sampling program, La Romanera and La Infanta commencing.