Mineral Resource Estimate

The 2025 updated Mineral Resource Estimate (MRE) at the Iberian Belt West (IBW) Project in Spain, reflects a 35% increase in Total Indicated Mineral Resource tonnage to 18.96 million tonnes (Mt) at 8.44% ZnEq (3.01% CuEq) and a 44% increase in Total Inferred Resource tonnage to 6.80 Mt at 8.72% ZnEq (3.00% CuEq) relative to the 2023 Mineral Resource Estimate. Notably, the El Cura deposit has been incorporated for the first time, contributing significant copper and gold mineralization, while overall contained gold in the Indicated category has increased by 24% to 783,000 ounces. The IBW Project consists of three primary deposits—La Romanera, La Infanta, and El Cura—all of which remain open for further expansion. The company's ongoing drill program continues to target resource growth, particularly at El Cura, which remains open in all directions. This resource expansion enhances the project’s value as Emerita advances permitting, metallurgical testing, and further exploration to unlock IBW’s full potential.

The Mineral Resource Estimate was prepared and reported by Frank Browning, Principal Resource Geologist with Warden Armstrong International Limited (part of SLR) in accordance with definitions outlined in CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014).

Table 1: 2025 Mineral Resource Estimate for the Iberian Belt West Project – Average Grade (Effective February 26, 2025)

Table 2: 2025 Mineral Resource Estimate for the Iberian Belt West Project – Metal Content (Effective February 26, 2025)

Notes:

1. Mineral Resources are classified according to the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014);
2. The effective date of the Mineral Resource estimate is February 26, 2025;
3. Mineral Resources are reported at a cut-off grade of 3.0% zinc equivalent (ZnEq) for La Romanera and La Infanta, and 0.9% copper equivalent (CuEq) for El Cura. Cut-off grades are based on metal price, metallurgical recovery and preliminary operating cost assumptions (total mining, processing and G&A cost of US$76.6/t, for underground mining and two stage mineral processing using selective copper-lead-zinc flotation and a post-flotation process);
4. Block equivalent grade calculations use factors based upon metal prices and metallurgical recoveries where:
   1. La Romanera ZnEq = ((Zn*28.93)+(Pb*12.01)+(Cu*79.80)+(Ag*0.64)+(Au*45.34)/32))/0.904;
   2. La Infanta ZnEq = ((Zn*28.83)+(Pb*18.01)+(Cu*88.35)+(Ag*0.77)+(Au*56.51)/32))/0.901;
   3. El Cura CuEq = ((Zn*27.39)+(Pb*0)+(Cu*87.40)+(Ag*0.65)+(Au*45.34)/95))/0.92);
5. Metal price assumptions used in the equivalent grade calculations are US$3,200/t Zn, US$2,300/t Pb, US$9,500/t Cu, US$25/oz Ag and US$2,200/oz Au;
6. Metallurgical recovery assumptions based on available testwork results used in the equivalent grade calculations are:
   1. 90.4% Zn, 52.2% Pb, 84% Cu, 80.1% Ag and 64.1% Au for La Romanera;
   2. 90.1% Zn, 78.3% Pb, 93% Cu, 95.6% Ag and 79.9% Au for La Infanta; and
   3. 85.6% Zn, 0% Pb, 92% Cu, 80.6% Ag and 64.1% Au for El Cura;
7. All blocks less than the reporting cut-off grades when diluted over a 3m minimum mining width were excluded from the Mineral Resources;
8. Only primary sulphide mineralisation is included in the Mineral Resources;
9. Metal grade and content are reported in-situ and have not been adjusted for metallurgical recovery or mining dilution;
10. Mineral Resources are not Reserves until they have demonstrated economic viability based on a pre-feasibility study or feasibility study;
11. Numbers may not add due to rounding; and
12. The Qualified Person for the Iberian Belt West Project Mineral Resource estimate is Frank Browning, MSci, MSc, PGCert, FGS, CGeol of WAI (part of SLR).

Key Highlights of the 2025 Updated Mineral Resource Estimate

• 35% increase in Total Indicated Mineral Resource tonnage
• 44% increase in Total Inferred Mineral Resource tonnage
• El Cura deposit added to the resource model for the first time, significantly enhancing the project's copper and gold potential
• Total Indicated Resource: 18.96Mt at 8.44% ZnEq (3.01% CuEq)
• Total Inferred Resource: 6.80Mt at 8.72% ZnEq (3.00% CuEq)
• 105,554 meters of drilling comprising 299 drill holes across the three deposits; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m)
• All three deposits remain open for further expansion by future drilling

Resource Growth Across Three Deposits

• La Romanera: Largest deposit, now containing 17.34Mt Indicated at 2.64% Zn, 1.25% Pb, 0.43% Cu, 65 g/t Ag, 1.34 g/t Au
• La Infanta: High-grade polymetallic resource with 1.09Mt Indicated at 7.38% Zn, 4.39% Pb, 1.08% Cu, 94.6 g/t Ag, 0.35 g/t Au
• El Cura: Newly included deposit, adding 0.53Mt Indicated at 1.45% Cu, 1.41 g/t Au and 0.76Mt Inferred at similar grades
• Significant increase in gold content, with Indicated ounces rising from 629,000 ounces to 783,000 ounces (+24%) and Inferred ounces rising from 137,000 ounces to 168,000 ounces (+23%)
• Copper content in Indicated Resources increased to 94,000 tonnes (45% increase versus 2023 MRE) and to 49,000 tonnes for Inferred Resources (90% increase versus 2023 MRE)

Improved Resource Confidence with Metallurgical Testwork

• Incorporated recent metallurgical test result data from each of the IBW deposits, providing greater fidelity for the announced resources

Advancing Toward Project Development

The updated MRE incorporates metallurgical test results, enhancing the confidence in recovery assumptions. The IBW Project remains open for expansion, with ongoing drilling aimed at further resource growth.

"These results reinforce the robust potential of the IBW Project," stated Joaquin Merino, President of Emerita Resources. "The addition of the El Cura deposit, along with substantial increases in both tonnage and contained metals, significantly enhances the project's value."

Emerita continues to advance the project through additional drilling, permitting, and technical studies to unlock further value.

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