Strategic Advances Strengthen Key Spanish Mining Project Backed by New Capital

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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 provided a corporate update outlining strategic progress across its portfolio of polymetallic projects in southern Spain, with primary emphasis on the Iberian Belt West (IBW) project. The company closed a CA$26 million equity financing in August 2025 and secured a US$50 million credit facility the following month, positioning it to advance its development and exploration plans.

The IBW project remains the company's central focus, hosting three known deposits—La Romanera, La Infanta, and El Cura—across a 7,967 hectare area. A 2025 Mineral Resource Estimate (MRE) outlined 18.96 million tonnes in the Indicated category and 6.8 million tonnes in the Inferred category, with average grades of 8.44% zinc equivalent and 3.01% copper equivalent in the Indicated resource and 8.72% zinc equivalent and 3.00% copper equivalent in the Inferred resource.

Engineering work and metallurgical testing are ongoing to support a Prefeasibility Study (PFS) targeted for completion by the end of the second quarter of 2026. Emerita reported gold recoveries above 80% from metallurgical studies, with similarly strong results for zinc, copper, and silver. Further optimization is underway to inform plant design.

The company also reported progress on permitting, which is advancing under the oversight of the Andalusian government's Declaration of Strategic Interest (DSI) panel. A public comment period is expected to begin in the first quarter of 2026, a key step toward obtaining the Unified Environmental Authorization (AAU) required for a mining license.

In addition to work at IBW, Emerita is preparing a drill program for its Nuevo Tintillo project, where surface sampling returned grades of up to 3.37 grams per tonne gold and 165 grams per tonne silver. The company also completed an airborne geophysical survey over the San Antonio project area in December. Results are under review and will help define 2026 exploration targets.

Separately, a ruling from the Andalusia Administrative Court is pending in the civil matter regarding the Aznalcóllar public tender. Emerita has filed a petition requesting resolution and should be expected in the coming months.. Meanwhile, the company has established the Emerita Foundation to support community engagement and long-term regional development.

"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 prices remained strong in early 2026, building on the momentum from 2025. On January 7, Mining.com reported a 2.2% price increase following geopolitical unrest in Venezuela. The gains followed a record year in 2025, when gold reached a high of US$4,547 per ounce and averaged US$3,450 per ounce—up 44% year-over-year. As of January 13, gold was trading at US$4,588.10 per ounce, supported by global uncertainty, a more dovish Federal Reserve, and a weaker dollar.

A January 8 commentary noted that recent pullbacks were linked to index rebalancing after a strong 2025, which marked gold's best annual performance since 1979. HSBC analysts attributed continued strength to safe-haven demand and market uncertainty.

On January 9, Richard Mills echoed this sentiment, calling 2025 a pivotal year for gold, supported by central bank demand, ETF inflows, and ongoing supply constraints. Central banks added 1,045 tonnes of gold in 2024, with BRICS nations collectively holding over 6,000 tonnes in reserves. Mills noted that despite record prices, U.S. investor exposure remained low, which some analysts see as a structural opportunity. He also highlighted declining global production and rate cuts by the U.S. Federal Reserve, along with concerns over central bank independence, as ongoing support factors for gold demand.

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 target price to US$1.50 per share from US$3.15. The adjustment followed a Seville Provincial Court decision acquitting all 16 defendants in the Aznalcóllar criminal case. While the ruling did not affect the separate civil dispute, Arora observed that the market had already priced in the removal of Aznalcóllar from Emerita's valuation.

Arora emphasized the standalone value of the IBW project, which Clarus modeled with more than 55% of life-of-mine revenue derived from precious metals. The report estimated an after-tax net present value (NPV) of CA$1.0 billion (US$767 million) using a 5% discount rate and initial capital costs of US$275 million. The mine plan projects average annual output of 220 million pounds of zinc-equivalent material over 22 years, with an all-in sustaining cost (AISC) of US$0.70 per payable pound.

Although Aznalcóllar was excluded from the valuation, the report retained optionality pending a decision from the administrative court. Arora noted that the civil case centers on the legal validity of the original tender process, which was not addressed in the criminal trial.

Clarus also highlighted IBW's scale and resource profile. The project hosts roughly 26 million tonnes at 9.8% zinc equivalent on an in-situ basis, including approximately 1.6 million gold-equivalent ounces from combined gold and silver grades of 2 grams per tonne. A further 9 million tonnes of estimated resource not included in the mine plan was valued using in-situ metrics.

As of the report date, Emerita was trading at approximately CA$0.02 per pound on an enterprise value-to-resource basis and 0.16x price-to-NAV—well below peer averages of CA$0.07 and 0.70x, respectively. Arora described the stock as oversold and pointed to several upcoming catalysts, including an updated resource estimate in Q1 2026, a prefeasibility study mid-year, and continued progress on permitting.

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

Positioned in a High-Grade Belt with Regulatory Momentum

IBW is located in the Iberian Pyrite Belt, one of Europe's most established mining regions, with robust infrastructure and regulatory support for underground mining. The project benefits from its designation as a Strategic Interest by the Junta de Andalucía, enabling a streamlined permitting process and 30-year renewable license framework.

According to the company's corporate presentation, the three deposits occur at or near surface and remain open for expansion. More than 75% of the current resource is classified as Indicated, supported by close-spaced drilling. The company plans centralized processing infrastructure, which may accommodate multiple future mining operations.

Key milestones include the start of public consultations for the AAU, the finalization of the updated MRE, and completion of the PFS. Exploration work is also advancing at Nuevo Tintillo and San Antonio.

Emerita's enterprise value to in-situ value ratio stood at 1.73% as of January 2026, compared to 14.46% for Adriatic Metals and 18.34% for Foran Mining. The company maintains that its valuation remains below that of comparable development-stage peers.

With funding secured and regulatory progress underway, Emerita is moving toward a development-ready profile at IBW while advancing exploration at other regional targets. 

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.