Advanced Targets and Key Legal Developments Spark Fresh Exploration Across Spain

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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 launched a 1,536-kilometer helicopter-supported time-domain electromagnetic and magnetic (HTEM) survey covering both the Iberian Belt West (IBW) project and the neighboring San Antonio area in southern Spain. Set to begin in December 2025, the effort will deploy HTEM tools to identify electrical conductivity and magnetic variations within subsurface rock layers to depths approaching 500 meters.

The program includes detailed surveying of the La Romanera, El Cura, and La Infanta deposits, all of which are currently under review as part of an ongoing mining license application. Signals from these zones will serve as reference models to help pinpoint new mineralized areas in less studied regions, including Los Silos, San Jose, Penuelas, and Terra Nova. The company stated, "Covering areas of known and suspected massive sulphide occurrences with the same investigation will allow the Company to compare the signals of the well-studied deposits with identified prospects and untested areas."

Lines are spaced 100 meters apart and guided using differential GPS. Xcalibur Smart Mapping is carrying out the airborne work, while Intelligent Exploration of Canada is responsible for QA/QC and data interpretation. Emerita expects to wrap up data collection by late December 2025, assuming the weather cooperates. Initial processed results are anticipated in January 2026, with comprehensive interpretation beginning shortly after.

Joaquin Merino, P.Geo., President of Emerita and the Qualified Person under National Instrument 43-101, stated that incorporating HTEM information will sharpen the company's ability to rank drill targets across its large landholding.

Polymetallic Sector Activity Highlights Market Tightness and Supply Uncertainty

SMM's Zinc and Lead Market Weekly Update from November 28 reported that the imported zinc concentrate treatment charge (TC) index fell 11.8% from the previous week to US$61.25 per dry metric ton, a steep slide from October levels above US$110. According to the update, "smelter's inventory levels dropped, but they still have solid demand due to the need to prepare for their winter inventory." Heightened competition for domestic concentrate was cited as a key factor driving buyers toward imported supply.

SMM noted that the average spot lead TC held steady at negative US$135 per dry metric ton, underscoring an extremely constrained market. The update stated, "Spot market remains severely tight with little signal for improvement."

Canaccord Genuity analyst Dalton Baretto maintained a Speculative Buy rating and kept a CA$2.50 price target.

Lead concentrate inventories at major Chinese ports declined to 15,300 tonnes, down 5,600 tonnes from the prior week, while social stocks across seven regions slipped to 35,000 tonnes. The decline was linked to "maintenance at primary smelters" and a "weaker production appetite at secondary smelters after the price drop."

Bloomberg reported on November 30 that copper climbed to a new all-time high on the London Metal Exchange, moving up as much as 1.3% to US$11,334 per ton. The article tied the increase to growing fears of a global supply deficit and noted that efforts to move copper into the United States ahead of potential tariffs were "set to exacerbate shortfalls elsewhere as miners struggle to keep up with demand."

ScienceDirect provided a broader examination of the lead and zinc industry, highlighting that the metals commonly form together in VMS and SEDEX settings. The publication explained that while many VMS deposits contain tiny mineral grains that are difficult to process, those that have undergone recrystallization can deliver higher recoveries using standard beneficiation techniques. It also summarized the pyrometallurgical steps used to extract lead from galena and discussed the importance of recycling, particularly from lead batteries, in maintaining supply.

Analysis Points to Significant Upside

A report from Clarus Securities on October 9, written by analyst Varun Arora, concluded that Emerita Resources could gain between CA$700 million and CA$1.2 billion in market capitalization should the Aznalcóllar legal matter be resolved in the company’s favor. At that time, the stock was priced at CA$1.65 per share, while Clarus maintained a CA$3.15 target, excluding any contribution from Aznalcóllar. Arora wrote that the difference represented "a potential return of 91%," and Clarus kept a Speculative Buy rating on the stock.

Arora added that a favorable court outcome would prompt Clarus to remove its 50% ownership risk factor on Aznalcóllar and apply a 1 times valuation, which would produce an estimated target of about CA$6 per share. He also highlighted that the Aznalcóllar project included a high grade component of 20 million tonnes at 12.6% zinc equivalent, with noteworthy exposure to silver prices.

According to the analysis, Emerita had been the sole qualified bidder in the original tender process and had already earned support from three Spanish courts. Arora wrote that these decisions strengthened Clarus's confidence that the final judgment would back the company’s claim. Additional potential milestones identified by Arora included the expected environmental permit, an updated resource estimate, a prefeasibility study, and the exploitation license for the IBW project, along with continuing drill work at El Cura and Romanera.

In a November 14 update, Canaccord Genuity analyst Dalton Baretto maintained a Speculative Buy rating and kept a CA$2.50 price target. Baretto wrote that the firm continued to base its valuation on 0.75 times net asset value as of October 1. He described the newest results from El Cura as "encouraging" and noted that both shallow definition drilling and western step out holes returned high grade intervals. He emphasized that elevated precious metal results in the assays appeared closely tied to copper grades.

Baretto added that El Cura showed consistent mineralization down plunge to the west and remained the only copper and gold rich area within the IBW project. According to the report, the latest results suggested that the mine plan could potentially be adjusted to place greater emphasis on El Cura ahead of La Romanera to help reduce initial capital needs. He also referenced the expected court ruling on Aznalcóllar as a major potential catalyst for the company.

Canaccord Genuity reported that Emerita had 289.5 million shares outstanding and a market value of CA$376.3 million at the time. The firm reiterated that a combination of exploration progress and pending legal outcomes continued to support its Speculative Buy stance.

Laying the Groundwork for Exploration Acceleration

Emerita’s airborne program expands on a period of steady progress at the IBW project, a 1,545-hectare land package hosting three high-grade polymetallic deposits. According to its February 2025 mineral resource estimate, the project includes 18.96 million tonnes of Indicated resources averaging 8.44% zinc equivalent and 6.80 million tonnes of Inferred resources grading 8.72% zinc equivalent. All three deposits remain open and feature shallow geometries that support cost-effective exploration and potential development work.

The timing of the HTEM program coincides with several major project events. As outlined in the company’s November 2025 investor deck, anticipated milestones for late 2025 and 2026 include a prefeasibility study, updated metallurgical testwork, and ongoing public consultations tied to the Environmental Impact Study and Mining License submission. The incorporation of new geophysical data is expected to sharpen drill targeting aimed at both expanding existing resources and evaluating new zones throughout the IBW and San Antonio claims.

The San Antonio property, which lies directly west of IBW, contains multiple historic mines and areas known for high-grade copper. The company reported that grab samples from locations such as San Jose and Penuelas returned copper grades up to 13.2%. The HTEM campaign represents the first modern, large-scale geophysical evaluation across this prospective ground.

By comparing geophysical patterns from its most advanced deposits with similar signals across the wider claim block, Emerita intends to accelerate the assessment of underexplored targets within the Iberian Pyrite Belt, a region recognized globally for its cluster of VMS deposits. 

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.