Miner Discovers 81.5% Gold Yield in Spain

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Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has reported updated metallurgical test results for its wholly owned Iberian Belt West (IBW) Project, with a significant increase in gold recovery. The latest optimization of the CLEVR Process™, a non-cyanide gold leaching method developed by DUNDEE Sustainable Technologies, yielded 81.5% gold recovery for the La Romanera deposit. This marks a 27% improvement over previously reported results and a 17% increase compared to the 64.1% gold recovery used in the company’s 2025 NI 43-101 Mineral Resource Estimate (MRE).

The testing program, which includes pyrolysis and thermal oxidation steps, also confirmed high recoveries for base metals: 91.3% for zinc and 87.7% for copper at La Romanera. Calculated recoveries for the El Cura deposit using the same two-stage process came in at 80.8% for gold, 87.9% for zinc, and 92.7% for copper, based on metallurgical similarities between the deposits.

“We were only expecting approximately 2 million tonnes in resource growth and are pleasantly surprised by the significant increase of 33%.” — Analyst Varun Arora, Clarus Securities

In addition to improved gold recovery, the CLEVR Process reduced sulfide content by 97.8% and removed 90% of arsenic, which significantly decreases the operation’s environmental footprint. According to the company, this could halve the waste volume and eliminate the residue's acid generation risk.

Acid leaching tests on flotation tailings further demonstrated 80% recovery rates for both copper and zinc. These values are consistent with or slightly improved over previous results, including those reported in the December 20, 2024 and March 17, 2025 news releases. Reagent consumption was reduced by 50% in the optimization trials, with six of seven CLEVR tests showing gold recoveries of at least 78%.

“The Company’s continuing investigation into the post-flotation process optimization has shown a dramatic improvement in gold recovery for the IBW Project,” said Joaquin Merino, P.Geo., President of Emerita, in the company's news release. He added that the updated gold recovery could imply an additional 159,000 ounces of recoverable gold. Based on the 2025 MRE grades and pricing assumptions, the optimized metrics equate to approximately 4.53 grams per tonne (g/t) gold equivalent (AuEq), 8.80% zinc equivalent (ZnEq), or 3.14% copper equivalent (CuEq).

Gold Sector Sees Shifting Sentiment Amid Rising Prices and Global Demand

According to a May 26 article by John Rubino, gold remained out of favor among generalist investors despite its substantial price appreciation over the past year. Rubino observed that during the previous gold bull market, implied allocations to gold-related ETFs rose significantly, but that trend had not yet occurred in the current cycle. He stated, “Gold and gold miner ETFs seem to be an afterthought for the average investor.” However, he noted that demand appeared to be accelerating in regions such as China and among retail consumers in the U.S.

USA Today reported that Costco had tightened purchase limits on gold bars due to overwhelming demand. Cited in Rubino’s May 26 piece, the article stated that the company had reduced the cap from two 1-ounce bars per transaction to one per transaction and two per 24-hour period. At the time of publication, 1-ounce South African gold bars were priced at US$3,279.99, a significant increase from around US$2,000 nineteen months earlier. Rubino highlighted that “Costco customers’ eagerness to put multiple ounces of gold on their store credit cards implies the kind of enthusiasm that could easily spread to equity investors.”

A May 27 commentary by Goldfinger Capital addressed ongoing technical strength in the gold market. The analysis described a “healthy correction in the context of a bull market” and noted that gold had remained in an upward trend since late April, supported by consistent technical levels. Despite one of the largest gold ETF outflows on record, the commentary stated that “gold is rising again,” suggesting that long-term investors were positioning based on macroeconomic themes. It also cited broader trends away from U.S. treasuries and toward hard assets, commenting that “foreigners are increasingly diversifying away from holding treasuries,” with some turning to gold as part of that shift.

In a May 28 article, VBL reported additional details on the limits Costco had placed on other precious metal products, including 1-ounce American Eagle coins and 10-ounce silver bars. The report cited comments from Costco’s September 2023 earnings call in which then-CFO Richard Galanti stated that gold bars were “typically gone within a few hours” of being listed online. Galanti also noted that sales of gold and jewelry were up double digits for the 24-week period ending February 16.

Strategic Momentum from Metallurgical Gains

Emerita’s recent metallurgical advancements provide a foundation for its long-term development strategy at the IBW Project. According to the company’s latest investor presentation, the improvement in recoveries, particularly gold, represents a key economic enhancement for project planning. The CLEVR Process aligns with Emerita’s vision of minimizing environmental impact while maximizing metal extraction efficiency.

The IBW Project benefits from strong infrastructure access in Spain’s Iberian Pyrite Belt, a well-known mining region with a favorable regulatory environment. The updated test results support further project de-risking as Emerita moves toward future development milestones. With environmental management positioned as a core pillar of the project and the incorporation of a non-cyanide gold process, Emerita continues to prioritize sustainability alongside recovery optimization.

These results may also influence future updates to the MRE or feasibility planning. Emerita’s collaboration with Wardell Armstrong International and DUNDEE Sustainable Technologies has helped reinforce its technical strategy and advance process improvements that can contribute to operational and environmental performance.

Clarus Points to Key Milestones Driving Resource Growth

In a March 17 report, Clarus Securities highlighted a 37% increase in Emerita Resources Corp.’s total global mineral resource, bringing it to 25.77 million tonnes at 8.51% zinc equivalent (ZnEq), adjusted for recoveries. Analyst Varun Arora noted the update exceeded expectations, particularly at the La Romanera deposit, where over 5 million tonnes were added and the ZnEq grade improved to 7.85% from 7.49%.

“We were only expecting approximately 2 million tonnes in resource growth and are pleasantly surprised by the significant increase of 33%,” Arora explained. He attributed the expansion to step-out drilling that extended mineralization by 150 to 200 meters below the previous resource boundary, as well as revised metallurgical recovery assumptions, particularly for gold.

The report also included a maiden mineral resource estimate for the El Cura deposit, which came in at 1.3 million tonnes—below Clarus’s earlier expectation of 2 million tonnes. Arora attributed the shortfall to limited drill density but added that further infill drilling should boost the total. He described El Cura as a high-grade, copper-rich deposit with a copper equivalent (CuEq) grade of 3.16%, supported by a notable gold credit of 1.44 grams per tonne. Clarus projected that with additional drilling, El Cura’s resource could more than triple to approximately 4 million tonnes.

Clarus maintained a Speculative Buy rating on the company and set a CA$3.15 target price. The firm identified several near-term catalysts, including the anticipated receipt of the environmental certificate for the Iberian Belt West project, continued drilling at both El Cura and La Romanera, and the expected completion of a preliminary feasibility study in late Q3 or early Q4. Arora stated that progress on permitting and metallurgical enhancements was positioning the project for long-term advancement within the Iberian Pyrite Belt. 

Ownership and Share Structure

According to Refinitiv, management and insiders own 5.32% of Emerita. Of those, Michael Lawrence Guy owns 1.45% of the company, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez owns 1.04%.

Institutions own 1.12% of the company, including Merk Investments LLC, with 0.99%.

According to Refinitiv, there are 263.52 million shares outstanding with 249.5 million free float traded shares, while the company has a market cap of CA$300.26 million and trades in a 52-week range of CA$0.38 and CA$2.00.