Mineral Resource Estimate

The Iberian Belt West resource contains 1,074,000 tonnes of zinc equivalent in 14.07 million tonnes (Mt) at an average grade of 7.63 percent (%) per tonne zinc equivalent in the Indicated category, and 438,000 tonnes of zinc equivalent in 4.71 million tonnes (Mt) at an average grade of 9.29 percent (%) per tonne zinc equivalent in the Inferred category. The mineral resource estimate confirms the resource starts at or near surface and remains open for expansion at depth and along strike at both deposits.

The IBW Project 2023 MRE was prepared by Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM who is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical information and data regarding the MRE as per the press release dated May 23, 2023. Mr. Newall is independent of Emerita.  All other scientific and technical information 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. The 2023 MRE has an effective date of May 4, 2023 (La Romanera) and April 30, 2023 (La Infanta).

Table 1 - IBW Project Indicated and Inferred Mineral Resource Estimate Grades at a 3% ZnEq Cut-Off Grade. Effective May 4, 2023 (La Romanera) and April 30, 2023 (La Infanta)

Table 2 - IBW Project Indicated and Inferred Mineral Resource Estimate Metal Content at a 3% ZnEq Cut-Off Grade. Effective May 4, 2023 (La Romanera) and April 30, 2023 (La Infanta)

Notes:

1. Mineral Resources are classified according to definitions outlined in CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (CIM, 2014);
2. The effective date of the Mineral Resource Estimate for La Romanera is May 4, 2023 and the effective date of the Mineral Resource Estimate for La Infanta is April 30, 2023;
3. Mineral Resources are reported at a cut-off grade of 3.0% zinc equivalent (ZnEq) where;
   1. ZnEq = [(Zn grade * Zn recovery * Zn price) + (Pb grade * Pb recovery * Pb price) + (Cu grade * Cu recovery * Cu price) + (Ag grade * Ag recovery * Ag price) + (Au grade * Au recovery * Au price)] / (Zn recovery * Zn price);
   2. Long term price assumptions are US$3000/t Zn, US$2300/t Pb, US$9500/t Cu, US$25/oz Ag and US$1800/oz Au;
   3. Metallurgical recovery assumptions are 100% Zn, 80% Pb, 80% Cu, 80% Ag and 20% Au. 100% Zn recovery ensures ZnEq grade > Zn grade for all blocks;
4. At La Infanta, blocks less than 3.0% ZnEq when diluted over a 3m minimum mining width were excluded from the Mineral Resource. Thickness at La Romanera typically exceeds 3m;
5. Only primary sulphide mineralisation is included in the Mineral Resources;
6. Metal grade and content represents contained metal in the ground and have not been adjusted for metallurgical recovery or mining dilution;
7. Mineral Resources are not Reserves until they have demonstrated economic viability based on a pre-feasibility study or feasibility study;
8. Numbers may not add due to rounding.
9. The Qualified Person for the La Romanera and La Infanta Mineral Resource Estimates is Dr. Phil Newall, BSc (ARSM), PhD (ACSM), CEng, FIMMM of WAI, a Qualified Person as defined by NI 43-101.

Geology

The Iberian Belt West (IBW) property is a 20km2 area located in southern Spain, near the border with Portugal. It belongs to the Iberian Pyrite Belt (IPB), a significant mineralized trend known for volcanic-hosted massive sulphide deposits (VHMS) spanning from Sevilla to Lisboa. The project area includes several polymetallic deposits, such as La Romanera, La Infanta, and El Cura, which have been intermittently mined for over 2,000 years. The geology of the IBW claim block consists of a mix of volcanic and sedimentary rocks resulting from folding and thrusting during the Variscan orogeny. The mineralized lenses at La Romanera and La Infanta are found within the volcaniclastics and sediments, close to the contact with large felsic volcanics. The mineralized horizon extends for approximately 10km within IBW, creating prospective corridors for ongoing exploration.

At La Romanera, there are two steeply dipping massive sulphide lenses, ranging in thickness from 2.0m to 32.0m, with a west-northwest strike length of at least 700m. The stratigraphy is tightly folded, overturned to the south, and gently plunges to the west.

At La Infanta, ancient shallow workings along the contact between felsic volcaniclastics and tuffaceous shales define the mineralized horizon. These workings were limited to the hanging wall of a thrust fault, within 20m of the surface. The reported resource, on the other hand, extends to the footwall of the thrust and includes two lenses reaching a depth of at least 350m below the surface.

Mineralization

La Romanera Deposit:

• 2023 Resource Estimate consists of two lenses: Upper Lens and Lower Lens
• Upper Lens thickness ranges from 2.0m to 32.0m, with an average of 10.0m and a strike length of around 700m
• Lower Lens thickness ranges from 2.0m to 30.0m, with an average of 13.0m and a strike length of 720m
• The lenses are interconnected and dip at approximately 70 degrees from the surface
• Mineralization style at Romanera is characterized by massive to semi-massive sulphides

La Infanta Deposit:

• 2023 Resource Estimate includes three blocks: North Block, South Block, and South Block 1
• North Block has a mineralized horizon with thickness ranging from 1.0m to 10.0m, average thickness of 3.0m, and a strike length of about 1900m
• South Block has a mineralized horizon with thickness ranging from 1.0m to 9.0m, average thickness of 3.0m, and a strike length of around 1090m
• South Block 1 has a mineralized horizon with thickness ranging from 1.0m to 7.0m, average thickness of 2.6m, and a strike length of approximately 325m
• These blocks are separated within the deposit
• Both deposits do not exhibit stockwork-style mineralization