9.6 Meters of Copper-Gold Hit Sparks Western Expansion at Flagship Project

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has reported additional drill results from its El Cura deposit, part of the wholly owned Iberian Belt West (IBW) project in southern Spain. The latest intercepts confirm continued expansion of the deposit toward the west and outline shallow, high-grade mineralization within the central corridor.

According to the company's November 14 news release, drill hole EC072 intersected 9.6 meters grading 2.7% copper and 1.85 grams per tonne gold, while drill hole EC079 returned 6.9 meters grading 1.4% copper and 1.32 grams per tonne gold. These results are part of a broader copper-gold-rich polymetallic system hosted within massive and semi-massive sulfide mineralization.

El Cura is one of three volcanogenic massive sulfide (VMS) deposits at IBW, along with La Romanera and La Infanta. The project remains 100% owned by Emerita with no royalties or streams. Drilling to date at El Cura has traced mineralization over a strike length of 650 meters, extending from hole EC003B in the east to EC080 in the west.

The recent results also include hole EC076, which intersected 1.2 meters grading 0.5% copper, 0.9% lead, 0.5% zinc, and 1.02 grams per tonne gold; and hole EC082, which returned 5.5 meters grading 0.6% copper, 0.3% lead, 0.6% zinc, and 0.63 grams per tonne gold. These findings suggest ongoing continuity in both lateral and vertical dimensions.

The company noted that the westward step-out hole EC072 successfully extended the thick copper-gold zone identified in hole EC046 by 35 meters. Hole EC074, drilled in the eastern portion, did not return significant assays, and one hole in the eastern sector was drilled for hydrological and geotechnical purposes only.

The drilling program at El Cura forms part of a broader campaign designed to support an updated National Instrument 43-101 resource estimate and pre-feasibility study for the IBW project, slated for release in the first half of 2026.

Gold Reclaims Strength as Copper Gains Strategic Status

On November 11, Kitco News reported that gold prices saw a slight pullback after reaching a three-week high, as short-term futures traders took profits. December gold futures settled at US$4,113.10 per ounce, while silver remained steady at US$50.54 per ounce. Despite the dip, gold remained positioned for its strongest annual performance since 1979, following an all-time high in October. The article noted that expectations of a Federal Reserve rate cut had supported sentiment, particularly as the resumption of U.S. government operations pointed to softer economic data ahead.

In a November 12 commentary, Matthew Piepenburg highlighted gold's longstanding role as a store of value during periods of economic instability. He stated that the metal had preserved its purchasing power over time, even as fiat currencies depreciated, referencing the long-term decline in the U.S. dollar since the establishment of the Federal Reserve. Piepenburg described gold as a financial hedge, particularly during episodes of monetary distortion and inflationary pressure.

According to a November 14 research update from Canaccord Genuity, analyst Dalton Baretto reiterated a Speculative Buy rating on Emerita Resources and maintained a target price of CA$2.50 per share.

On November 6, Mining.com reported that the United States Geological Survey officially added copper to its updated list of critical minerals. The decision underscored copper's importance to national economic and security infrastructure, with the classification derived from a broad economic model evaluating the impact of potential supply disruptions across 84 mineral commodities. Adam Estelle, president and CEO of the Copper Development Association, stated that "copper holds the key to achieving America's top policy objectives, including energy dominance, AI supremacy, national security, and re-industrialization."

In a November 9 commodities update from Excelsior Prosperity, Shad Marquitz observed that copper prices remained stable around US$5 per pound through the early part of the month. He described the metal's performance as resilient, especially in contrast to the broader weakness across the resource sector. While other metals saw double-digit corrections, copper maintained what Marquitz characterized as a "constructive trend" on long-term charts, reflecting equilibrium in market fundamentals and steady investor demand.

Third‑Party Expert Analysis Points to Significant Upside

In an October 9 report, Clarus Securities analyst Varun Arora stated that Emerita Resources could see CA$700 million to CA$1.2 billion in added market capitalization if the Aznalcollar legal dispute were resolved in its favor. At the time, the company was trading at CA$1.65 per share, while Clarus maintained a target price of CA$3.15, excluding any value for Aznalcollar. According to Arora, the price differential implied "a potential return of 91%," and Clarus rated the company a Speculative Buy.

Arora added that a favorable ruling would lead Clarus to remove its 50% ownership risk factor on Aznalcollar and apply a 1x valuation multiple, resulting in a target valuation of approximately CA$6 per share. He also noted that the Aznalcollar asset had a higher-grade subset of 20 million tonnes at 12.6% zinc equivalent, with significant leverage to silver prices.

According to the report, Emerita was the only qualified bidder in the original public tender and had previously received support from three levels of Spanish courts. Arora wrote that these rulings increased Clarus's confidence that the final verdict would support Emerita's claim.

Additional potential catalysts identified by Arora included the expected environmental certificate, updated resource estimate, prefeasibility study, and exploitation license for the Iberian Belt West project, along with continued drill results from El Cura and Romanera.

According to a November 14 research update from Canaccord Genuity, analyst Dalton Baretto reiterated a Speculative Buy rating on Emerita Resources and maintained a target price of CA$2.50 per share. Baretto stated that the firm's valuation remained based on 0.75 times net asset value as measured on October 1, 2026. He described the latest drill results from the El Cura deposit as "encouraging" and highlighted that high-grade intercepts had been returned from both the shallow delineation holes and the western step-out holes. He emphasized that elevated precious metal grades in the new assays appeared directly correlated with the copper grades.

Baretto noted that El Cura continued to demonstrate continuity down plunge to the west and wrote that the deposit remained the only copper and gold-rich zone within the Iberian Belt West project. According to the report, the new results supported the possibility that the project's mine plan could be rescheduled to prioritize El Cura ahead of La Romanera in order to reduce initial capital requirements. He also pointed to the company's ongoing work at Iberian Belt West and wrote that a final court decision related to the Aznalcóllar project was imminent, identifying it as a potential major catalyst for the shares.

Canaccord Genuity reported that Emerita had 289.5 million shares outstanding and a market capitalization of CA$376.3 million at the time of publication. The firm maintained its view that the company's combination of exploration progress and near term legal developments continued to support its Speculative Buy recommendation.

Copper-Rich Corridor Continues to Expand at IBW

Emerita's delineation drilling at El Cura continues to support the potential for a robust copper-gold mineral system within the Iberian Belt West project, located in one of the most prolific volcanic-hosted massive sulfide districts in the world. The recent results expand the western boundary of the El Cura deposit, where mineralization remains open.

The company's updated NI 43-101 resource estimate, released in March 2025, outlined 18.6 million tonnes of indicated resources across the IBW project grading 2.88% zinc, 1.42% lead, 0.5% copper, 0.6 grams per tonne gold, and 28.9 grams per tonne silver, along with 6.8 million tonnes of inferred resources. A new drill campaign is underway at El Cura, with four rigs currently turning.

Emerita also reported 91.3% zinc and 87.5% copper recoveries through its CLEVR metallurgical process testing at La Romanera, an increase over prior testwork. A pre-feasibility study is expected by Q1 2026, while the Aznalcóllar criminal court ruling regarding a separate public tender process is Q4 2025.

Financially, the company maintains a US$50 million line of credit with Nebari and closed a CA$26.1 million private placement in the third quarter. Emerita is also pursuing an exploitation license for IBW with 30-year renewable terms.

Ownership and Share Structure¹

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%.

There are 289.12 million shares outstanding with 248.80 million free float traded shares, while the company has a market capitalization of CA$364.29 million and trades within a 52-week range of approximately CA$0.56 to CA$2.00.