Mr. David Gower reports

EMERITA RESOURCES PROVIDES CORPORATE UPDATE

Emerita Resources Corp. has provided a corporate update highlighting progress on strategic priorities for its exploration and development plans in Spain. Management expects 2026 will be a pivotal year in the evolution and growth of Emerita. The company maintains a strong balance sheet and is well capitalized to advance its planned programs and achieve key milestones, having completed a $26-million equity capital financing and securing a $50-million (U.S.). These programs represent a series of catalysts that advance the company's objective of delivering value to shareholders. Management's main focus will be dedicated to Emerita's wholly owned projects with emphasis on advancing the Iberian Belt West project to a development decision and mining licence.

The company is in the process of completing engineering studies for potential development of a high-grade mining operation at its cornerstone asset, the IBW project. An updated National Instrument 43-101 mineral resource estimate is expected to be published in the coming months that will support the continuing prefeasibility study that is being completed by SLR (see the company's press release dated Dec. 3, 2025). Metallurgical testing has demonstrated gold recoveries of over 80 per cent and indicates favourable processing characteristics to produce copper, zinc and lead concentrates. Continuing metallurgical optimization tests will be completed in the coming weeks to provide the inputs for the plant design. The PFS is scheduled for completion by the end of second quarter 2026.

Permitting related to the IBW project is advancing, and the declaration of strategic interest panel of the government is working effectively with the company on providing the required deliverables. Based on discussions with the regulatory authorities, the company expects the public comment period to begin in first quarter 2026 and, following this comment period, obtain the unified environmental authorization. The commencement of the public comment period is a milestone that signifies the Environmental Department and Mining Department of Huelva Province has endorsed project development. The AAU analyzes the potential environmental effects associated with the proposed project, and outlines solutions and alternatives for anticipated impacts of the proposed operations, a critical step in securing mining permits.

The company completed an airborne survey over the IBW regional area in December (see the company's news release dated Dec. 1, 2025) with results currently under review and expected to be finalized this month. These results will guide the 2026 exploration of the highly prospective San Antonio project area, which hosts several copper-rich past producers that have not been systematically explored using modern techniques.

According to Joaquin Merino, PGeo, president of Emerita, "Discoveries in this area would be highly strategic for the long-term development of a multimine camp feeding a centralized processing infrastructure at IBW."

The company intends to drill the Nuevo Tintillo project located in Sevilla province to the west of IBW in 2026. Nuevo Tintillo has excellent gold and silver grades in surface sampling of up to 3.37 grams per tonne gold and 165 g/t silver as part of a mineralized alteration zone that extends on surface for up to 400 metres (see the company's news release dated Aug. 20, 2024).

The legal dispute related to the awarding of the Aznalcollar project public tender is expected to be resolved in the Andalusia Administrative Court in the coming months. Evidence related to potential administrative improprieties in the awarding of the tender surfaced during the police investigation for the criminal trial. In December, 2025, the company filed a petition requesting that the administrative court issue its resolution and await that outcome.

The company has created a foundation, La Fundacion Emerita Compromiso Sostenible, that will be an important engine for Emerita's continuing efforts in strengthening community engagement and active participation in potential economic and societal opportunities in IBW and future projects.

David Gower, PGeo, chief executive officer of Emerita, stated: "This will be a breakthrough year for Emerita as we expect to transition from an exploration company to a mine development company with an exciting pipeline of exploration projects for future growth. The work with the regulatory authorities in Huelva province and the DSI panel in Andalusia is proceeding at pace with all parties committed to the success of the project. The Emerita foundation has been established as an important vehicle for community engagement and participation in this important project. IBW is a high-grade polymetallic project that is enriched in gold and silver, providing an exceptional potential development opportunity. El Cura continues to add copper-gold-rich mineralization close to planned infrastructure. The exploration portfolio will provide numerous opportunities for new discoveries. Our team is motivated and excited to deliver on these catalysts."

Qualified person

Scientific and technical information in this news release has been reviewed and approved by Joaquin Merino, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and president of the company. Mr. Merino is not considered to be independent of the company.

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 an administrative office in Toronto, Canada.

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