High‑Grade Spanish Gold Project Advances as Major Studies and Permitting Line Up

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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) released a corporate update outlining its strategic progress across a portfolio of polymetallic projects in southern Spain, with a primary focus on the Iberian Belt West (IBW) project. The company completed a CA$26 million equity financing in August 2025 and secured a US$50 million credit facility in September 2025, providing the financial capacity to support upcoming development and exploration programs.

IBW is the company's cornerstone project and hosts three known deposits (La Romanera, La Infanta, and El Cura) across a 7,967 hectare land package. An updated Mineral Resource Estimate (MRE) was published in 2025, outlining 18.96 million tonnes in the Indicated category and 6.8 million tonnes in the Inferred category across the three deposits. The average Indicated zinc equivalent grade was 8.44% and copper equivalent grade was 3.01% along with a 8.72% zinc equivalent and 3.00% copper equivalent in the Inferred resource

Engineering studies and metallurgical testing are ongoing in support of a Prefeasibility Study (PFS), which the company expects to complete by the end of the second quarter of 2026. Emerita reported gold recoveries above 80% during metallurgical testing, with zinc, copper, and silver recoveries also demonstrating favorable processing characteristics. Additional metallurgical optimization work is being conducted to support plant design.

Environmental permitting is progressing in coordination with the Andalusian government's Declaration of Strategic Interest (DSI) panel. According to the company, the upcoming public comment period, expected in the first quarter of 2026, marks a key milestone toward receiving the Unified Environmental Authorization (AAU), a prerequisite for a mining license.

In parallel with development efforts at IBW, the company is preparing to drill the Nuevo Tintillo project, where surface sampling has returned up to 3.37 grams per tonne gold and 165 grams per tonne silver. Emerita also completed an airborne geophysical survey over the nearby San Antonio area, targeting copper-rich zones with historical mining activity. Results from this survey are under review and expected to guide 2026 exploration plans.

An administrative court ruling related to the Aznalcóllar public tender process remains pending. Emerita has filed a petition requesting resolution and should be expected in the coming months.. The company also established the Emerita Foundation to promote community engagement and support regional development initiatives.

"Our team is motivated and excited to deliver on these catalysts," said CEO David Gower in the release. "IBW is a high-grade polymetallic project that is enriched in gold and silver, providing an exceptional potential development opportunity."

Gold Sector Shows Strength as Investors Seek Stability

Gold continued to perform strongly in early 2026, extending a rally that began in 2025. On January 7, Mining.com reported a 2.2% increase in prices following geopolitical unrest in Venezuela. This was built on 2025's record-setting gains, which saw gold reach a high of US$4,547 per ounce and average prices rise 44% year-over-year to US$3,450 per ounce.

The trend has been attributed to global instability, a more accommodative U.S. Federal Reserve, and a weaker dollar. As of January 13, it is priced at US$4,588.10 per ounce.

Clarus Securities analyst Varun Arora reaffirmed a "Speculative Buy" rating on Emerita Resources Corp.

Commentary from January 8 highlighted recent price pullbacks as a result of index rebalancing after the metal's strong annual performance, with gold logging its best year since 1979. HSBC analysts pointed to a combination of safe haven demand and broad market uncertainty as key drivers of the rally.

A January 9 report by Richard Mills further emphasized the strength of gold markets, citing 2025 as a standout year supported by central bank purchases, ETF inflows, and supply constraints. According to the report, central banks acquired 1,045 tonnes of gold in 2024, with BRICS countries holding over 6,000 tonnes in combined reserves.

Despite multiple all-time highs, U.S. investors have remained underexposed to the sector, which some analysts view as a long-term opportunity. Additional factors include declining production and ongoing interest rate cuts, with the U.S. Federal Reserve reducing rates three times in late 2025. Mills also noted that diminished confidence in central bank independence could continue to support demand for gold going forward.

Clarus Maintains Buy Rating on Emerita, Highlights IBW's Gold Contribution

On December 8, Clarus Securities analyst Varun Arora reaffirmed a "Speculative Buy" rating on Emerita Resources Corp., while lowering the 12-month price target to US$1.50 per share from US$3.15. The revised target followed a ruling by the Seville Provincial Court, which acquitted all 16 defendants in the Aznalcollar criminal trial. The court's decision related only to criminal liability and did not impact the ongoing civil proceedings concerning the legality of the Aznalcollar tender process. Arora noted that the market response had already largely removed Aznalcollar from Emerita's valuation.

The report emphasized the standalone value of Emerita's Iberian Belt West (IBW) project, which Clarus models as contributing more than 55% of life-of-mine revenue from precious metals. The analyst estimated an after-tax net present value (NPV) of CA$1.0 billion (US$767 million) using a 5% discount rate, based on initial capital expenditures of US$275 million. The mine plan outlined average annual production of 220 million pounds of zinc-equivalent material over a 22-year life, with an all-in sustaining cost (AISC) of US$0.70 per payable pound.

Clarus's updated valuation excluded Aznalcollar but retained optionality should the civil court issue a favorable ruling. Arora stated that the criminal proceedings did not address the legitimacy of the original public tender, which remains the subject of review in the Andalusia Administrative Court.

The report also highlighted IBW's size and resource quality. Arora noted that the project hosts approximately 26 million tonnes at 9.8% zinc equivalent on an in-situ basis, including around 1.6 million gold-equivalent ounces derived from gold and silver grades of approximately 2 grams per tonne. An additional 9 million tonnes of estimated resource not included in the mine plan was valued separately using in-situ metrics.

At the time of publication, Emerita was trading at approximately CA$0.02 per pound on an enterprise value-to-resource basis and 0.16 times price-to-NAV, compared to peer group averages of CA$0.07 and 0.70 times, respectively. Arora described the valuation as oversold and pointed to multiple upcoming catalysts, including a mineral resource update in the first quarter of 2026, completion of a prefeasibility study by mid-year, and progress toward a mining license application.

Clarus based the revised price target of US$1.50 on 0.5 times IBW's modeled NPV, adjusted for exploration upside, debt, and in-the-money securities.

Positioned in a High-Grade Belt with Regulatory Momentum

Emerita's key project, Iberian Belt West, is situated in Spain's Iberian Pyrite Belt, a well-established mining district with existing infrastructure and government support for underground development. The project benefits from expedited permitting pathways under its designation as a Strategic Interest by the Junta de Andalucía, including a 30-year renewable mining license framework.

According to the investor presentation, the deposits at IBW occur at or near surface and remain open for expansion. The company is actively drilling at La Infanta and El Cura, with more than 75% of current resources already classified in the Indicated category due to close drill spacing. Engineering plans envision centralized processing infrastructure, potentially supporting a multi-mine development strategy.

Upcoming milestones include the commencement of public consultations for the AAU, finalization of the updated MRE, and delivery of the PFS by mid-2026. Surface work at Nuevo Tintillo and follow-up on the airborne survey at San Antonio represent additional exploration opportunities.

Emerita's current enterprise value remains below peer developers in the region. As of January 2026, the company's enterprise value to in-situ value ratio was 1.73%, compared to 14.46% for Adriatic Metals and 18.34% for Foran Mining, according to figures from the company's presentation.

With a strengthened balance sheet and regulatory progress on its flagship project, Emerita Resources continues to transition from exploration to development, positioning itself as an emerging player in European base and precious metals. 

Ownership and Share Structure¹

Management and insiders hold 5.32% of Emerita. Michael Lawrence Guy owns 1.45%, David Patrick Gower holds 1.3%, and Joaquin Merino-Marquez controls 1.04%.

Institutional ownership totals 1.12%, including Merk Investments LLC with a 0.99% stake.

The company has 289.12 million shares outstanding, with 248.80 million freely tradable. Emerita's market capitalization is CA$364.29 million, and shares have traded between CA$0.39 and CA$2.00 over the past 52 weeks.