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Discussion

These results extend El Cura deposit’s mineralization further west as demonstrated by holes EC024, EC026, EC029 and EC029B. EC029 represents a significant width of polymetallic mineralization, as does EC037 which was drilled to improve the confidence within the central portion of the deposit and achieve spacing for an indicated mineral resource estimate category.

Numerous holes have been drilled to demonstrate continuity within the deposit, which is now confirmed by holes EC025B, EC031, EC034, EC036 and EC037.

El Cura continues to show impressive gold and copper grades, with EC037 having 9.3m @ 1.2 g/t Au carrying 1.1% Cu, EC036 having 5.2m @ 1.6 g/t Au carrying 2.1% Cu. EC024 with 2.0m @ 0.9 g/t Au and 0.9% Cu from 311.35m, and EC034 intercepting 1.1m @ 3.5 g/t Au and 1.1% Cu from 249.20m (see Table 1).

Figure 4 shows the drilling on their respective sections outlined in Table 1. Figure 5 shows several photoplates of mineralization intersected at El Cura featuring copper-gold rich mineralization.

Figure 2. Plan view map showing drill hole traces of the El Cura drilling. Hole traces in this news release colored red.

View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/baba5d03-4e64-4c06-89fa-5842204f2798

Figure 3. Drill hole pierce points projected to a vertical plane-oriented East-West, looking north. Holes EC021, EC022, EC023 and EC028 are shown in red. Lens shape (in green) indicates the geometry.

View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/81b26b23-b669-462e-a026-2051877ba962

Figure 4. A: Interpretive geological cross sections. A: Section CS 9648E showing holes EC024 and EC026.
B: Section 9679E showing hole EC029.

View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/b7a09bf4-1b51-4727-b8d1-798b15ffa380

View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/5ccd41db-ad08-4ce8-85d5-a18f0b5b2d76

Figure 4 (Continued). Interpretive geological cross sections. C: Section CS 9800E showing holes EC025B, EC031 and EC034. D: Section 650110E showing hole EC030. E: Section CS 9832E showing hole EC036. F: Section 9679E showing hole EC029B.

View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3079cf0d-b3fb-4083-b67d-f7d746070c78

Figure 5. Photoplate showing selected drill core. A: EC024; Semi-massive sulphide with chalcopyrite bands.

B. EC034; semi-massive sulphide with chalcopyrite in veins and patches

C: EC036; Chalcopyrite band within sulphides, El Cura.

D: EC037; Massive sulphide breccia at 310m in copper-gold rich zone where gold values assayed up to 2.0 g/t Au (see Table 1)

View Figure 5 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/12718f49-3de8-4c34-b2a9-e80e50b56973

Joaquin Merino, P.Geo., President of Emerita, states, “The results of the drilling at El Cura deposit should make a significant contribution to the updated MRE we are expecting to complete around the end of Q1, 2025. Samples of El Cura mineralization have already been sent for metallurgical testing and this data will be available for the completion of the MRE as well.”

Quality Assurance/Quality Control

Drilling at El Cura is HQ size and core is placed into core trays at the drill site and transported directly from the site to Emerita’s coreshack (15Km) from El Cura. Once the cores are received at Emerita's coreshack they are photographed, and geotechnical logging is performed. Geological, mineralogical and structural logging follows and mineralized zones are identified. The samples are marked every 1m or less, and respecting lithological contacts, with most of the samples 1.0m long. The zone immediately above and below the mineralized zones are also sampled. Core samples are sawed in half and half of the core is returned to the core tray for future reference. Once the core samples are cut, bagged and tagged, they are shipped to the ALS laboratory in Seville by Emerita personnel for sample preparation. In Seville, ALS performs the mechanical preparation of the samples and then the pulps are sent to ALS Ireland (ICP) and ALS Romania (fire assay). The analysis at ALS Lab corresponds to the ME-ICPore (19 elements) package, together with the Au-AA23 fire assay (Gold).

10% of the analyzed samples correspond to control samples (fine blanks, coarse blanks, high, medium and low-grade standards). In addition, 10% of pulps are reanalyzed at a second independent certified laboratory (AGQ Lab Sevilla). When the analysis is completed, the certificates are received from the laboratory and the QA/QC protocol identifies any deviation or anomaly in the results and the entire batch is re-assayed in such cases. Once the data is approved by the QA/QC protocol, assays are imported into the database.

Qualified Person

Scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101.

About Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

For further information, contact:

Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the prospectivity of the IBW project and El Cura, the timing of assays, the mineralization and the IBW project and El Cura, the economic viability of the IBW project, the Company’s ability to establish a mineral resource estimate for the Project and timing thereof, the Company’s future exploration plans and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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