Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) reported new assay results from its ongoing drilling program at the El Cura deposit, part of its wholly owned Iberian Belt West (IBW) Project in Spain. The update includes results from multiple drill holes that intersected copper-gold-silver mineralization across various areas of the deposit, including the upper-central, eastern, and western zones.
The most significant intercept came from hole EC092, which returned 12.1 meters grading 1.6% copper, 0.85 grams per tonne (g/t) gold, and 32.11 g/t silver. Hole EC085 also recorded a high-grade intercept of 1.4 meters grading 5.8% copper, 4.89 g/t gold, and 51.0 g/t silver. Additional intercepts included 1.8 meters grading 2.3% copper and 1.78 g/t gold in hole EC086, and 2.8 meters grading 0.7% copper and 1.31 g/t gold in hole EC087.
These results support the ongoing delineation of the El Cura deposit, which currently extends approximately 650 meters in strike length and 320 meters down dip. According to the company, the deposit remains open down plunge to the west and up plunge to the east, indicating the potential for further expansion.
Emerita stated that 86 drill holes have been completed at El Cura to date, with 74 of them intersecting mineralization. The company noted that El Cura is a steeply dipping, copper-gold-rich volcanogenic massive sulfide (VMS) deposit that is expected to be included in its upcoming prefeasibility study (PFS).
Joaquin Merino, P.Geo., President of Emerita, said in the release, "The El Cura deposit continues to expand with very good grades of base metals and gold. The deposit has only been drilled to moderate depths which allows us to cost-effectively continue to drill the deposit in sufficient detail to be classified primarily as measured and indicated resources, which provides conversion to reserve categories in the forthcoming prefeasibility study."
The IBW Project includes three VMS deposits (La Romanera, El Cura, and La Infanta) spanning 1,545 hectares. Prefeasibility studies are underway across all three zones, and the company has reported a total indicated resource of 18.96 million tonnes and an inferred resource of 6.8 million tonnes as of its February 2025 estimate.
Copper Strength, Precious Metal Demand, and Inflation Hedges Shape Early 2026 Market Sentiment
On January 2, Frank Holmes highlighted that copper had ended 2025 at nearly US$12,600 per ton, marking a 45.6% increase since the start of the year. He described copper as "at the heart of the electrification boom," emphasizing its critical role in power grids, data centers, electric vehicles, and defense systems. Holmes also cited a Goldman Sachs report naming copper its "favorite industrial metal," noting that nearly half of global copper demand was now linked to electrification. He added that Fitch projected copper demand to grow between 2.0% and 2.5% in 2026, while UBS forecasted 3% growth for both 2025 and 2026, underscoring the metal's expanding role in industrial and infrastructure development.
On December 8, Clarus Securities analyst Varun Arora maintained a "Speculative Buy" rating on Emerita Resources Corp., with a revised target price of US$1.50 per share
On January 4, Bloomberg AI reported that copper was "surging toward a record" on the back of tightening global supply conditions.
The article attributed the rally to a strike at Chile's Mantoverde mine and growing concerns about U.S. tariff policy, both of which were adding pressure to global availability. Analysts at China Securities Co. stated that "overall supply shortfalls, coupled with regional dislocation caused by U.S. tariffs, [were] propelling copper," and projected a global supply deficit of more than 100,000 tons in 2026.
A January 5 article by Hormaz Fatakia shifted attention to precious metals, noting that investors were once again turning to safe-haven assets following an escalation in Venezuela. Gold futures rose 1% in early Monday trading, and both gold and silver were reported to have posted their strongest annual performance since 1979. The article also highlighted Venezuela's estimated 161 metric tonnes of physical gold reserves, which, at recent prices, carried a potential market value of nearly US$22 billion.
On January 6, Nick Giambruno of The International Man framed silver as both an industrial metal and a hedge against monetary instability. He described silver as "an industrial metal with a call option on inflation and monetary chaos," pointing to its relatively small market size compared to gold. Giambruno explained that while gold's value is traditionally driven by monetary demand, silver's price is influenced more heavily by industrial use — until inflationary pressure or financial uncertainty drives investors to seek alternatives to fiat currencies. "Silver's monetary demand tends to soar during periods of high inflation," he wrote. "As money floods in, the price surges."
Analyst Sees Compelling Value in Emerita Despite Legal Setback
On December 8, Clarus Securities analyst Varun Arora maintained a "Speculative Buy" rating on Emerita Resources Corp., with a revised target price of US$1.50 per share, down from the previous target of US$3.15. The updated valuation followed a ruling from the Seville Provincial Court that acquitted all 16 defendants in the Aznalcollar criminal case. Arora stated that the market's negative response to the verdict had significantly undervalued the company, despite the fact that the ruling pertained only to the criminal court and did not resolve the civil case over the Aznalcollar tender process.
According to Clarus Securities, Emerita's Iberian Belt West (IBW) project represented a valuable standalone asset. Arora highlighted that precious metals were expected to account for more than 55% of life-of-mine revenue at IBW, based on internal estimates. He noted that the company's mine model projected an after-tax net present value (NPV) of approximately CA$1.0 billion (US$767 million) at a 5% discount rate, assuming an initial capital expenditure of US$275 million. The model also included average annual production of 220 million pounds of zinc-equivalent material over a 22-year mine life, at an all-in sustaining cost (AISC) of US$0.70 per payable pound.
Arora emphasized that the updated Clarus model now excluded any valuation for the Aznalcollar project but continued to account for the possibility of a favorable administrative court ruling. He explained that the criminal trial did not address the legality of the Aznalcollar tender process, which remains under review in the civil court. Management believed the available evidence could support Emerita's position in that proceeding.
Clarus also identified the IBW project as a high-potential asset with long mine life, optionality to precious metals pricing, and exploration upside. Arora stated, "IBW has a global resource of approximately 26 million tonnes at 9.8% zinc equivalent on an in-situ basis, including roughly 1.6 million ounces at 2 grams per tonne gold equivalent from gold and silver." He added that IBW remained open for expansion and included 9 million tonnes of estimated resource not yet captured in the mine plan, which was valued separately using an in-situ approach.
At the time of publication, Emerita was trading at a significant discount to comparable companies, according to Clarus estimates. Arora reported that Emerita's enterprise value per pound of resource stood at CA$0.02, while its price-to-NAV ratio was just 0.16x. This compares unfavorably to peer group averages of CA$0.07 per pound and 0.70x, respectively. He concluded that the stock appeared "oversold" and suggested that multiple re-rating catalysts remained, including an updated mineral resource estimate in Q1 2026, a prefeasibility study in June 2026, and a potential mining license approval in the second half of 2026.
Clarus's revised 12-month target price of US$1.50 was based on 0.5x the project's NPV, with adjustments for additional resources, long-term debt, and in-the-money warrants and options.
In a December 15 commentary, Shad Marquitz of Excelsior Prosperity identified Emerita Resources as one of the few polymetallic developers he had personally accumulated during the tax-loss selling season. He referred to the company as "a special situation polymetallic copper-zinc-gold-silver-lead developer" and called the recent market sell-off following a legal ruling "totally illogical based on the value underpinning their flagship IBW Project and ancillary San Antonio and Nuevo Tintillo projects in Spain." Marquitz pointed out that developers with defined resources and economic studies, such as Emerita, were trading at valuation levels significantly below their estimated project net present values. He added that these companies offered attractive opportunities, especially when valuations incorporated prevailing spot metal prices.
Steady Progression Toward Development Milestones
Emerita Resources has outlined a detailed roadmap of project milestones for the IBW Project, which includes continued drilling, regulatory advancements, and engineering work. The company is advancing its prefeasibility study, supported by high hit rates and recent resource expansion at El Cura. According to the investor presentation, 86% of the drill holes at El Cura have intersected mineralization.
Permitting is being streamlined under Spain's Declaration of Strategic Importance designation, which has enabled accelerated timelines for mine licensing. The Government of Andalusia has granted a 30-year renewable mining license and established an expedited permitting task force.
Additionally, metallurgical testing has shown favorable recovery rates. At El Cura, recovery rates of 92.7% for copper and 80.8% for gold have been calculated based on performance similar to the La Romanera deposit. Emerita is also employing an innovative post-flotation process that incorporates cyanide-free CLEVRTM leaching to recover residual metals and generate non-acid-generating waste.
Streetwise Ownership Overview*
Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE)
The company's Q1 2026 objectives include completing the public consultation for its Environmental Impact Study (AAU) and submitting updated PFS results. Emerita has also signaled that a decision in the ongoing Aznalcóllar court proceedings may be forthcoming, which could open up additional high-grade development opportunities.
Ownership and Share Structure1
Management and insiders hold 5.32% of Emerita. Within that group, Michael Lawrence Guy owns 1.45%, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez controls 1.04%.
Institutions own 1.12%, including Merk Investments LLC at 0.99%.
Emerita has 289.12 million shares outstanding, with 248.80 million freely tradable. The company's market capitalization is CA$364.29 million, and its shares have traded between approximately CA$0.56 and CA$2.00 over the past 52 weeks.
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- Emerita Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
- James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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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.
