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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 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)

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

Resource Growth Across Three Deposits

Improved Resource Confidence with Metallurgical Testwork

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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