Mr. Ian Parkinson reports

EMERITA PROVIDES UPDATE REGARDING UNSOLICITED OFFER FROM DENARIUS METALS

Emerita Resources Corp. has confirmed that, on May 6, 2026, it received a letter from Denarius Metals Corp. rescinding its unsolicited offer to acquire all of the issued and outstanding common shares of Emerita at 45 cents per share, with consideration structured entirely in common shares of Denarius. Please see Emerita's press releases dated April 13, 2026, April 21, 2026, and April 24, 2026,for further details regarding previous offer letters received by the company from Denarius and steps taken by the board of directors of Emerita in response.

The board and its merger-and-acquisition committee reviewed the Denarius offer, and, after consultation with Canaccord Genuity and its legal advisers, determined that the Denarius offer, given the proposed offer price and lack of substantive details regarding a potential transaction, did not merit pursuing further discussion or negotiations with Denarius.

The company remains focused on advancing its portfolio of projects in Spain, in particular its cornerstone asset, the Iberian belt West project. Emerita continues to execute on its business plan with key coming deliverables of an updated National Instrument 43-101 mineral resource estimate, public hearings as part of the approval process for the exploitation licence and completion of a prefeasibility study for the IBW project.

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 its registered office in Toronto, Canada.

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