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South Spain Overview

Emerita is assembling a portfolio of high-quality development assets in the region of Southern Spain. The Company is currently going through public tender processes for two projects in the region: the Aznalcollár Project and the Paymogo Zinc Project.

South Spain Asset Map

South Spain Figure 1: South Spain Asset Map.

Aznalcóllar

The Aznalcóllar Project is a past-producing property within the prolific Iberian Pyrite Belt that hosted the high-grade VMS deposits of Aznalcóllar and Los Frailes open pit zinc-lead-silver mines. The key focus of the Aznalcóllar project, as proposed by Emerita, would be the development of the Los Frailes deposit as an underground mining operation, focused on the high-grade portions.

The deposit thickness ranges between 30 and 90 metres. The thickest section of the ore body lies below 150 metres depth from surface. The Los Frailes and the previously mined Aznalcóllar deposits are both open for further expansion by drilling at depth, as historical drilling was primarily constrained to depths accessible by open pit mining.

The historical Los Frailes open pit mineral resource, as calculated by the previous operator of the mine, was estimated to be 71 million tonnes grading 3.86% zinc, 2.18% lead, 0.34% copper and 60 ppm silver. A review of the historical drilling data indicates the potential existence of a higher grade portion of the resource that is estimated to contain 20 million tonnes grading 6.65% zinc, 3.87% lead, 0.29% copper and 84 ppm silver. This higher grade resource has been modeled by Emerita and would be the focus for the underground mining operation.

Emerita has completed extensive engineering, environmental and water management studies as part of the public tender process. The Company is expecting resolution of the current appeals court process and plans for a successful acquisition.

South Spain Aznalcollar Cut

South Spain Figure 2: 3D model showing the Los Frailes (centre) and Aznalcóllar (right) deposits at depth. Historical drill intercepts indicate potential for a third deposit on the property (left) that would require additional delineation drilling.

Paymogo

The Paymogo Project is located in Southwestern Spain close to the border with Portugal. Geologically, the project is underlain by rocks of the Iberian Pyrite Belt (IPB) which is a prolific VMS terrane with numerous current and past producers of base metals sulphides. Paymogo hosts two previously outlined deposits named La Infanta and Romanera, with both deposits remaining open at depth.

South Spain Paymogo Land Package

South Spain Figure 3: Paymogo Project location map.

Paymogo La Infanta and Romanera Plan View

South Spain Figure 4: Paymogo Property, plan view of La Romanera and La Infanta.

La Infanta

In 1975, Asturiana de Zinc S.A. acquired the exploration rights and signed a JV agreement with Phelps Dodge Española, S.A. Phelps Dodge kept the project and completed a feasibility study to ship the ore to “Cueva de La Mora” mine, about 30 km to the north. The project was never implemented, and in the late 1990’s, the exploration licenses returned to the state as “strategic resources”. La Infanta has over 5,000m of drilling done on the property with historical resources of 2Mt at very high grades. The project provides for high geological potential for growth with low environmental risk.

La Infanta has provided very high grade intercepts and is only drilled to approximately 100 metres depth. See the Table 1 below for a list of La Infanta drill intercepts.

DDH # DEPTH FROM (M) DEPTH TO (M) INTERCEPT (M) Cu% Pb% Zn% Ag g/t
A12 78.0 84.1 6.14 4.00 11.18 17.71 115.00
A14 21.5 25.2 3.78 0.73 2.00 3.93 30.00
A16 98.5 101.5 2.96 0.41 4.72 11.97 12.00
A19 88.2 91.3 3.06 1.37 7.42 14.47 133.00
A21 33.6 35.6 1.97 1.44 6.30 12.54 159.00
A22 105.9 109.1 3.20 3.60 12.50 24.03 149.00
A23 36.4 41.4 5.05 0.52 8.67 16.60
A23 26.9 33.9 6.95 0.28 2.48 5.20
A25 70.3 74.0 3.75 2.74 7.92 16.74 157.00
A27 27.8 31.4 3.67 1.16 3.07 8.30 106.00
A3 47.6 50.8 3.15 3.05 11.40 20.42 292.00
A3 57.6 64.3 6.71 1.73 7.20 11.70 110.00
A31 81.2 86.5 5.30 3.96 12.24 24.50 280.00
A32 72.4 76.0 3.63 3.81 18.13 31.20 214.00
A33 76.3 79.8 3.46 1.39 5.30 10.60 179.00
A39 35.0 40.6 5.63 1.31 5.87 11.97 181.00
A4 80.2 83.6 3.39 2.72 8.42 16.15 260.00
A5 50.9 53.0 2.13 1.90 8.91 12.97 158.00

South Spain Table 1: La Infanta Diamond Drilling Intercepts 2 metres or greater.

La Infanta Drilling Locations

South Spain Figure 5: La Infanta drilling locations.

Romanera

Romanera is a larger sulphide deposit which is located approximately 7 km to the west of La Infanta. During the 1960’s, Asturiana de Zinc explored the deposit which resulted in over 10,000 metres of DDH and 7.4Mt reported resources. Between 1990 and 1995, Rio Tinto Minera S.A. controlled most of the IBP, including La Romanera. In 2003, Matsa, Trafigura’s subsidiary in Spain acquired the “Aguas Tenidas” mine and acquired a large land position in the IBP which included the La Infanta and Romanera prospects. Matsa did not carry out exploration work on the property as it focused on the Aguas Tenidas mining operation. Historically, Romanera has over 20,000 metres of drilling don on the property and provides strong geological potential for growth. Romanera has a historical resource of 34Mt at moderate grades including 11.2Mt at high grades.

The following historical resources were reported for La Infanta and Romanera:

Project Company Tonnage (Mt) Ore Type Cu (%) Pb (%) Zn (%) $ (%) Ag (g/t) Au (g/t)
La Infanta Asturiana da Zinc-Phelps D. JV (1984) 0.8 Polymetallic 1.77 6.91 12.66 - 148.00 -
Romanera Rio Tinto Minera 34.0 Total 0.42 1.10 2.30 - 44.00 0.80
including 11.2 Polymetallic 0.40 2.47 5.50 - 64.00 1.00

South Spain Table 2: Romanera Historical Resources as calculated by Riotinto Minera.

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