Junior Miner Uncovers Gold-Rich Potential in Spain Breakthrough

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Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) announced the closing of a brokered private placement raising gross proceeds of US$24,999,975 through the issuance of 23,809,500 units priced at US$1.05 per unit. Each unit consisted of one common share and one-half of one common share purchase warrant. A full warrant allows the holder to purchase an additional share at US$1.30 until August 26, 2027.

The financing was conducted on a best effort agency basis by Clarus Securities Inc. and Velocity Trade Capital Ltd., acting as co-lead agents and co-lead bookrunners. Canaccord Genuity Corp. and iA Private Wealth Inc. also participated in the syndicate. Under the agency agreement, the agents received a total cash commission of US$1,727,213.25 and 1,644,965 non-transferable compensation options, each exercisable at the offering price until August 26, 2027.

Concurrent with the brokered placement, Emerita completed a non-brokered placement, issuing 1.04 million units at US$1.05 per unit for additional proceeds of US$1,092,000. No finder's fees were paid for this portion.

The brokered financing was completed under the listed issuer financing exemption in Canada, which meant the securities issued are not subject to a statutory hold period under Canadian securities laws. By contrast, the securities issued through the non-brokered financing are subject to a four-month hold period, except for securities distributed outside of Canada under applicable exemptions.

According to the company, "the net proceeds of the offering will be used by the company to continue the exploration and development work on its Spanish mineral properties, as well as general corporate and working capital purposes."

Gold Market Holds Steady Amid Global Uncertainty

The gold sector maintained resilience through August as investors weighed rising global debt, persistent inflation, and volatility in equity markets. On August 20, gold futures opened at US$3,359 per ounce, a 1.4% increase from the previous close. While just below the August 11 peak of US$3,383.90, the price remained 34.2% higher year-over-year, underscoring sustained strength in the market.

Catherine Brock of Yahoo Finance reported that gold's upward move coincided with weakness in major U.S. stock indices on August 19, when the Nasdaq Composite fell 1.4% and the S&P 500 declined 0.5%, reinforcing gold's reputation as a defensive asset. Brock also pointed out that expectations of potential interest rate cuts by the U.S. Federal Reserve in September could continue to support demand.

In a separate commentary for GoldFix on August 19, VBL highlighted long-term currency depreciation, noting that fiat currencies have lost more than 99% of their purchasing power against gold since 1971. "Gold, which is far more honest than policy makers, rises because paper money always dies under the weight of dishonest spending," he wrote. Analyst Matthew Piepenburg raised similar concerns, citing global debt levels exceeding US$300 trillion and warning of the risks tied to excessive borrowing. "Debt destroys currencies, freedom and nations," he wrote, emphasizing gold's role in wealth preservation.

The August edition of the Von Greyerz Monthly Gold Briefing also underscored the importance of physical ownership. It described holding metals in segregated or allocated accounts as "timeless, honest and essential," adding that such strategies remain a cornerstone of financial security. The report cautioned against the stability of newer digital products such as stablecoins, which it said are vulnerable due to reliance on U.S. Treasuries for backing. In contrast, gold's appeal as a proven store of value continues to draw investor interest amid ongoing macroeconomic pressures.

In an August 27 report for Stockhead, Phoebe Shields noted that gold was the main driver behind gains on the Australian Securities Exchange. The ASX 200 rose 0.28%, supported by a 2.48% increase in the ASX All Ordinaries Gold Index, which helped lift the broader materials sector by 1.42%. Shields highlighted that gold has remained above US$3,300 for several months, providing a buffer against market volatility as international investors contend with fluctuating U.S. policy, inflation pressures, and geopolitical uncertainty. She added that Australia's position as the world's third-largest gold producer has underscored the metal's role as a safe haven during unsettled economic conditions.

Expert Analysis Highlights Aznalcóllar Legal Strategy

Robert Sinn of Goldfinger Capital provided commentary on June 27 regarding Emerita Resources Corp.'s legal approach to the Aznalcóllar project in Spain. He explained, "Emerita Resources Corp. filed an appeal of the resolution dated May 30 . . .  to be clear, this appeal is distinct from the ongoing criminal trial that is scheduled to conclude in July. Emerita has requested that the permit and the resolution awarding the permit to Minera Los Frailes SL (Spanish subsidiary of Grupo Mexico) be deemed null and void."

Pathways of Progress

Emerita's investor presentation highlighted the Iberian Belt West (IBW) project in Spain, which covers 1,545 hectares and contains three polymetallic deposits: La Romanera, La Infanta, and El Cura. A mineral resource estimate (MRE) updated in February 2025 showed significant growth, with 18.96 million tonnes of indicated resources and 6.8 million tonnes of inferred resources across the IBW deposits. The La Romanera deposit, the largest within the project, was reported with an indicated resource of 17.34 million tonnes at an average grade of 2.64% zinc, 1.25% lead, 0.43% copper, 65 grams per tonne silver, and 1.34 grams per tonne gold.

The company also noted metallurgical advancements at IBW, with test work showing recoveries of 91.3% for zinc, 87.7% for copper, 80.1% for silver, and 81.5% for gold. A prefeasibility study (PFS) is underway, with environmental permitting processes also progressing in Andalusia.

Beyond IBW, Emerita has expanded land holdings with the Ontario exploration permit, adding historic mining areas with reported high-grade copper assays of up to 13.2%. The company is also advancing work at the Nuevo Tintillo project, where surface sampling returned gold results of up to 3.37 grams per tonne and silver results of 165 grams per tonne.

Emerita continues to await resolution of the Aznalcóllar project title dispute, which involves one of Spain's largest undeveloped polymetallic deposits. Historical reserves and resources from the Los Frailes and Aznalcóllar mines reported grades exceeding 10% combined zinc, lead, and copper in certain areas.

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.