EMO:TSX.V; EMOTF:OTCMKTS; LLJ:FSE

Emerita Resources Corp.

Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in southern Spain, with a primary focus on developing its high grade copper – zinc – silver deposits at the Iberia Belt West project. The Company’s technical office and technical team are based in Andalusia, Spain with an corporate office in Toronto, Canada.

EMO:TSX.V EMOTF:OTCMKTS LLJ:FSE

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Expert Comments:

Varun Arora, Clarus Securities

(8/4/22)

"Infill drilling at Emerita Resources Corp.'s Romanera continues to return strongly economic results (up to $477/t in situ value included in LR005) with wide and high grade intercepts. . .in addition, maiden stepout drilling, 100m east of the historic drilling, has successfully demonstrated continuation of the mineralization at Romanera."

Adam Schatzker, Research Capital Corporation

(8/4/22)

"At Emerita Resources Corp.'s Romanera, two holes were reported that returned assay results that appear to be in line with historical results, except the precious metal values appear better than one would have expected based on historical data. . .we think that Romanera is developing well for its stage of exploration."

Spanish Deposit Offers 'The Best Bang for the Buck'
(6/29/22)

Adam Schatzker, Research Capital Corporation

(6/23/22)

"The first hole Emerita Resources Corp. reported from Romanera was quite impressive. . .drill hole LR-002 intersected 14.3m of massive sulphides grading 7.61 g/t gold, 311.1 g/t silver, 3.0% zinc, 2.9% lead and 0.4% copper. . .the company notes that the upper part of the historic resource was never assayed for gold; this appears to present some significant and unexpected upside potential at Romanera."

Junior Speeds Up Drill Program in Spain
(6/10/22)

Mining Firm to Drill Large Deposit With Great Upside in 2022
(6/9/22)

Adam Schatzker, Research Capital Corporation

(6/8/22)

"Emerita Resources Corp. commenced drilling at Romanera, something the company has been waiting for for a long time. . .hole LR 002 intersected 14.2m of massive sulphides from 138.2–148.5m. . .Emerita plans to drill the Romanera deposit to upgrade the historical resource to one that is NI 43-101 compliant."

Mining Co. Wins Small Victory in Ongoing Legal Dispute
(6/7/22)

Adam Schatzker, Research Capital Corporation

(5/17/22)

"Emerita Resources Corp. announced that it is accelerating its diamond drill program for the Romanera deposit (part of the Iberia Belt West project) and that the company is shifting its focus to Romanera. Emerita plans to drill 70,000m in 2022 with the goal of delineating the deposit and accelerating the project toward a production decision."

Adam Schatzker, Research Capital Corporation

(5/4/22)

"Emerita Resources Corp. announced that the Administrative Superior Court of Andalusia has agreed to the company's request to withhold its resolution with respect to the Aznalcóllar administrative case until the Criminal Court trial is resolved. . .waiting for the criminal case may strengthen Emerita's position."

Junior Has Strong Year, Ready for Another

(3/2/22)

More Expert Comments

Varun Arora, Clarus Securities (5/3/22) "We believe the big prize for EMO will be the awarding of the world class, past-producing Aznalcollar mine that is the subject of an ongoing criminal legal dispute. . .as investors wait for the court decisions, drilling/exploration news flow will be ramping up from the recently permitted Romanera and El Cura projects as well as from the 100%-owned Neuvo Tintillo asset."

Adam Schatzker, Research Capital Corporation (4/26/22) "Emerita Resources Corp. announced that the permitting process for drilling at Romanera and El Cura has concluded and the company is mobilizing diamond drills immediately to both deposits. Four rigs are being moved to Romanera, and the other four will be split between El Cura and Infanta."

Adam Schatzker, Research Capital Corporation (3/8/22) "Emerita Resources Corp. announced that it believes the permitting process for the drill program at Romanera and El Cura is nearing a conclusion, and the company expects to commence drilling in the coming weeks. . .Emerita reported that drilling on Infanta North (which has never been drill tested) has intersected sulphide mineralization over a strike length of 300m and at a depth of more than 300m (assays pending)."

Adam Schatzker, Research Capital Corporation (1/28/22) "Emerita Resources Corp. published the results of its geophysical surveys covering Infanta, El Cura and Romanera. Six areas with significant transient electromagnetic anomalies have been identified (two of which are known to be mineralized: Infanta and Romanera); these results imply that there may be a number of other deposits yet to be discovered."

	Stephan Bogner, Rockstone Research (12/22/21) "Emerita Resources Corp. is a well-respected local company with an impressive number of Spanish employees running the day-to-day business in a highly professional manner. . .all told, Emerita is an authentically thriving Sevillian company with deep local roots expanding at an accelerating pace."

Adam Schatzker, Research Capital Corporation (12/2/21) "Last week we attended a site visit of Emerita Resources Corp.'s Iberia West project in Spain; the visit gave us the opportunity to review the core from the drilling at Infanta as well as visit Infanta, Romanera and El Cura. We were very impressed with the geological upside of the Iberia West project and the potential for the company to make discoveries along the 10 km trend from Infanta to Romanera."

Adam Schatzker, Research Capital Corporation (11/12/21) "The most important discovery, in our view, made by the three holes Emerita Resources Corp. drilled to the north of historical holes at Infanta is that the deposit is faulted by a reverse fault that has caused mineralization to the north to be faulted upward. As a result, all three drill holes intercepted two zones of mineralization referred to as the South and North blocks; the faulting appears to steepen the deposit in the North block."

Adam Schatzker, Research Capital Corporation (11/8/21) "On Nov. 8, 2021, Emerita Resources Corp. provided insight and interpretation of the recent legal news from the Spanish courts. It would appear that the two fronts (criminal trial and administrative court) are developing positively and independently, both of these tracks are promising. . .we believe that the market is discounting a near 100% probability that the company wins the tender for Aznalcóllar (we are assuming 80%)."

Adam Schatzker, Research Capital Corporation (10/22/21) "Emerita Resources Corp.'s hole IN018 produced fairly splashy results and, more importantly, the hole was drilled outside of the historic limits of the deposit, indicating that the strike of the deposit continues to the west (by at least 50m). . .IN023, drilled 50m west of IN018, intersected two zones of massive sulphides. . .we continue to be very impressed by the drill results from Infanta, and we are of the opinion that it will most likely become an economic deposit given its size, grade and location in the prolific Iberian pyrite belt."

Adam Schatzker, Research Capital Corporation (10/8/21) "On Oct. 7, 2021, Emerita Resources Corp. announced that the administrative court of Andalusia has notified the company that it will be making a ruling in the administrative case brought to the court by Emerita in November 2015. We believe that the finding of the administrative court may be the final ruling required to reverse the decision to award the rights to Aznalcóllar to Minorbis-Grupo Mexico and grant them to Emerita."

Adam Schatzker, Research Capital Corporation (10/6/21) "Emerita Resources Corp. published a press release updating shareholders on the proceedings regarding the awarding of the Aznalcóllar project. The case appears to be moving forward and in the right direction. . .the company remains confident in its position that it is the only legitimate bidder in the tender process."

Adam Schatzker, Research Capital Corporation (10/4/21) "The drill results Emerita Resources Corp. published today continue to demonstrate the excellent potential of the Infanta project. All holes intersected mineralization with core widths varying between 0.8m and 10.5m (core widths are believed to be 90–95% of true widths). . .the first phase of drilling is now complete."

Adam Schatzker, Research Capital Corporation (9/8/21) "Emerita Resources Corp. released the results of five additional drill holes from its La Infanta deposit. . .hole IN008 stood out from all results (recent and historical), returning 11.1m grading 3.6% copper, 15.1% lead, 27.8% zinc, 319.3 g/t silver and 0.8 g/t gold, which equates to an in situ value of $1,232/t using our long-term commodity price forecasts."

Adam Schatzker, Research Capital Corporation (8/19/21) "The hole Emerita Resources Corp. reported today, IN003, intersected a wide zone of high-grade base metal mineralization: 16.2m grading 1.1% copper, 8.9% zinc, 4.6% lead, 106.8 g/t silver and 0.38 g/t gold starting from 86.2m downhole. It was the deepest intercept reported by the company to date at La Infanta (Emerita believes the true width is approximately 95% of the drill intercept width). . .hole IN003's results are very encouraging."

Adam Schatzker, Research Capital Corporation (8/13/21) "Emerita Resources Corp. announced the results of its first two holes drilled on the La Infanta deposit which is part of the Iberia West Best project. . .both holes intersected mineralization with one hole (IN004) intersecting 7.45m grading 1.67% copper, 6.01% lead, 11.49% zinc, 90.1 g/t silver and 0.49 g/t gold from 62.55m, which compares well with the historic resource estimate."

Adam Schatzker, Research Capital Corporation (7/26/21) "Emerita Resources Corp. closed a financing, raising approximately $20M. . .we believe the risk profile for the potential acquisition of Aznalcollar has improved. . .the company also announced that it has mobilized a second drill to the La Infanta project to expedite the drilling. We view this as a positive development."

Varun Arora, Clarus Securities (7/23/21) "We are initiating coverage on Emerita Resources Corp. with a Speculative Buy rating. . .IBW offers a significant resource growth potential and a high-grade development opportunity that could drive a significant rerating of the stock from its current level. . .the big prize for the company will be the awarding of the tender for the world-class, past-producing Aznalcollar mine that is the subject of an ongoing criminal legal dispute."

Adam Schatzker, Research Capital Corporation (6/24/21) "Emerita Resources Corp. issued a press release summarizing the recent events that transpired in the Spanish courts and how these relate to the Aznalcóllar tender process. The outcome looks to be quite positive for the company and points to a higher probability that it will eventually be declared the winning bidder for the tender."

Adam Schatzker, Research Capital Corporation (6/15/21) "We are initiating coverage of Emerita Resources Corp. with a Speculative Buy. . .[the company] is building the next zinc exploration company in the famous Iberian Pyrite Belt . . .the company is worthy of investment based on the IBW project alone. However, the real upside for shareholders would be realized should Emerita successfully acquire the Aznalcóllar project through the tender process. . . we believe there should be a resolution before the end of 2021. . .We think EMO is an excellent exploration vehicle for investors seeking exposure to high-quality zinc exploration assets with excellent infrastructure, a solid mining culture and low political risk."

Experts Following This Company

Varun Arora, Analyst – Clarus Securities
	Stephan Bogner, Analyst – Rockstone Research
	Frank Holmes, Chairman – U.S. Global Investors
Adam Schatzker – Research Capital Corporation

Company News

8/4/2022 – Emerita Reports Latest Drill Results From IBW and Extends Mineralization 100 Metres to East at Romanera

7/20/2022 – Emerita Announces Results of Airborne Survey at Nuevo Tintillo Project, Spain

7/7/2022 – Emerita Intersects 2.77 g/t Gold, 65.9 g/t Silver 8.2% Zinc, 3.2% Lead 0.5% Copper Over 24.3 Meters at the Romanera Deposit

6/23/2022 – Emerita Intersects 7.61 g/t Gold, 311.1 g/t Silver, 3.0% Zinc, 2.9% Lead, 0.4% Copper Over 14.3 Meters in First Hole Completed at the Romanera Deposit

6/7/2022 – CORRECTION -- First Massive Sulphide Intercept From Romanera Deposit Drill Campaign, Increased to Six Diamond Drills on Romanera

6/7/2022 – First Massive Sulphide Intercept From Romanera Deposit Drill Campaign, Increased to Six Diamond Drills on Romanera

1/10/2022 – Emerita Reports the Environment Department in Huelva Province Has Published a Resolution Approving Drilling the West Side of the IBW Project Including Romanera Deposit

The information provided above is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.See disclaimer for more details.

Investing Highlights

	100% ownership of Iberia Belt West (IBW) project with 3 high grade base+precious metal deposits at surface
	Fully financed to execute aggressive diamond drill program at IBW in area with operating mines.
	Dispute on world class Aznalcollar project expected to be resolved in EMO’s favor Q2

catalyst Calendar

Q2 2021	Permitting of drill program on high grade Infanta Deposit, Iberia Belt West Project April 1
Q2 2021	Mapping and sampling assays for 3 deposits on IBW (April 15)
Q2 2021	Drill results from high grade Infanta deposit (April 30)