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:

Resources Co. Has 'Significant Fundamental Value' Despite Outstanding Trial
(12/5/22)

Adam Schatzker, Research Capital Corporation

(11/28/22)

"We believe that Romanera is currently the centerpiece of Emerita Resources Corp. and offers significant upside potential for investors. . .Infanta has value to the company given the past successful exploration and potential to increase the resource in the future."

The Tipping Point
(11/8/22)

Adam Schatzker, Research Capital Corporation

(11/3/22)

"Overall, the results Emerita Resources Corp. published today from Romanera help expand the footprint of the deposit with the intercepts that lie outside of the historical resource. . .we think the company's future mineral resource estimate will likely improve on the historical estimate, and we see the opportunity for it to grow with the results Emerita has produced from drill intercepts outside the historical resource."

Steady News Stream Expected From Exploration Co.
(10/19/22)

Clive Maund, CliveMaund.com

(10/16/22)

"Emerita Resources Corp. looks like a recovery situation with the potential for large percentage gains. . .the dip of the past week is regarded as 'the cherry on the cake' as it provides a better entry point for buyers. This is a new one for us which is rated a Strong Speculative Buy."

Adam Schatzker, Research Capital Corporation

(10/14/22)

"Overall, we think that Emerita Resources Corp.'s drilling is successfully demonstrating the validity of the historic resource while highlighting the potential to significantly increase the size of the Romanera deposit. Given the significant number of drills and effort the company is putting into Romanera, we think Emerita should be able to generate a new, updated mineral resource estimate in 2023."

Analyst Calls Romanera Project 'A Mine in the Making'
(10/6/22)

Friday, Emerita Resources Corp. announced drill results for its fully-permitted La Romanera deposit at its 100%-owned Iberian Belt West project (IBW). Read to discover the latest results and why President Joaquin Merino is continuing to accelerate its Romanera drill program.

Adam Schatzker, Research Capital Corporation

(10/3/22)

"Emerita Resources Corp. increased the number of drills operating at Romanera to 13 from 10 previously. . .we think results of two new drill holes, LR019 and LR023, overall are positive and demonstrate the possible continuity of the Romanera deposit to the west of the historic resource. . . .it appears that Romanera is open to the west and at depth."

Mining Co. Reports More Good Drill Results in Spain
(9/19/22)

Adam Schatzker, Research Capital Corporation

(9/15/22)

"Emerita Resources Corp. released the results of the latest three drill holes from the Romanera deposit. . .the holes appear to be in line with historical results and drilling carried out by the company in 2022. Drill hole LR014 returned the best results of the three holes with intercepts in both the upper and lower lenses of: 15.1m grading 0.3% copper, 1.3% lead, 6.6% zinc, 0.13 g/t gold, 61.1 g/t silver and 6.1m grading 0.3% copper, 2.1% lead, 10.1% zinc, 0.68 g/t gold, 98.4 g/t silver, respectively."

Explorer Posts More Good Drill Results at Iberian Belt Property

(9/12/22)

Emerita Resources Corp. reported drill results from five new holes at its Iberian Belt West Project in Spain. Research Capital Corp. commented in a research note that Emerita is proceeding with its aggressive 2022 drill program and expects to resume around-the-clock drilling within the next two weeks. The research firm stated it is maintaining its Speculative Buy rating on the company.

Mining Co. Reports More Positive Drill Results in Spain

(8/24/22)

More Expert Comments

Adam Schatzker, Research Capital Corporation (9/9/22) "Emerita Resources Corp.'s holes LR009 and LR013 at the Romanera deposit returned wide intercepts with good grades (when compared to the historical resource estimate of 34 Mt grading 0.42% copper, 1.1% lead, 2.3% zinc, 0.8 g/t gold and 44 g/t silver). . .LR009 returned two wide intercepts of 6.7m grading 0.3% copper, 1.4% lead, 4.2% zinc, 0.84 g/t gold and 102.4 g/t silver.

Adam Schatzker, Research Capital Corporation (8/22/22) "Emerita Resources Corp.'s drill results to date at Romanera have been very encouraging. We think that unless the deposit changes significantly with future drilling, the future resource will be better than the historic one (at least for grade, we think it is too early to make a comment on tonnage)."

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."

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."

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."

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."

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
Jim Jones, President – NXT Energy Solutions Inc.
Clive Maund – CliveMaund.com
Adam Schatzker – Research Capital Corporation

Company News

1/20/2023 – Emerita Provides Diamond Drill Results, Intersects 33.1 Meters Grading 7.7% Zinc, 3.9% Lead, 0.3% Copper, 0.73 g/t Gold and 156.3 g/t Silver at La Romanera Deposit

1/17/2023 – Emerita Resources 2022 Year-In-Review: Successful Major Drill Campaign Expands Deposits In Advance Of Initial NI 43-101 Resource Estimate, Permitting Process Commenced, and Strengthening Management Team

12/20/2022 – Emerita Intersects 25.1 Meters Grading 0.3% Copper, 1.5% Lead, 6.0% Zinc, 0.74 G/T Gold and 82.0 G/T Silver at La Romanera Deposit, Awards Contract to Prepare Independent Resource Estimate

12/7/2022 – CORRECTION -- Emerita Intersects 19.7 Meters Grading 10.9% Zinc, 1.7% Lead and 74.6 G/T Silver at La Romanera Deposit 150 Meters East of Historical Drilling

12/7/2022 – Emerita Intersects 19.7 Meters Grading 10.9% Zinc, 1.7% Lead and 74.6 G/T Silver at La Romanera Deposit 150 Meters West of Historical Drilling

11/3/2022 – Emerita Reports Latest Drill Results and Adds 14th Drill Rig at La Romanera

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)
Q4 2022	New assays coming
Q1 2023	EMO Article