US Market Debut Shines Spotlight on Emerging Polymetallic Asset

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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:OTCQX; LLJA:FSE) announced its common shares are now trading on the OTCQX Market in the United States, effective January 30, 2026. The company previously traded on the OTCQB Venture Market and will continue to use the ticker symbol EMOTF.

David Gower, P.Geo., Chief Executive Officer of Emerita Resources, stated in a company news release: "Our transition to the OTCQX Market represents an important milestone for the Company, enhancing our visibility with U.S. investors and providing improved access for a broader shareholder base as we continue to advance our Iberian Belt West project through permitting and prefeasibility that will ultimately lead towards a production decision."

The OTCQX Market, according to Emerita, is intended for established companies that meet enhanced financial, disclosure, and governance requirements. All companies listed must comply with applicable securities laws and demonstrate best practices in corporate governance. The listing was described as a reflection of Emerita’s commitment to transparency and its expanding reach in capital markets.

Precious and Base Metals Activity Remained Elevated

On January 29, Bloomberg reported that copper surged above US$14,000 per ton for the first time, rising as much as 7.9% in its largest intraday gain since 2009. Yan Weijun of Xiamen C&D Inc. commented, "This is all driven by speculative funds." The article also noted record trading volumes on the Shanghai Futures Exchange across base metals, with copper logging its second-highest daily volume on record. Chi Kai of Shanghai Cosine Capital stated, "The expectation for upward movement in copper prices has not changed."

Leede Financial, in a January 30 report, highlighted pricing challenges in the silver market, noting that silver now accounts for 29% of solar panel production costs, compared to just 3.4% in 2023. The report stated this trend raised "real concerns about demand destruction" as manufacturers weighed cheaper alternatives. The White House’s Section 232 order avoided immediate tariffs but prompted stockpile releases, easing short-term supply constraints.

Mining reported January 30 that global gold demand in 2025 totaled 5,002 tonnes, worth approximately US$555 billion. Private investment demand increased by 84% year over year to 2,175.3 tonnes. Shaokai Fan of the World Gold Council said, "Instability at the policy-making level turning into instability at the financial level" was a key factor in the surge. Global gold ETFs added roughly 802 tonnes, the second-strongest annual inflow ever recorded.

Despite a 67% rise in prices, mine supply only modestly increased to 3,672 tonnes, while recycling volumes rose just 3%. Fan noted, "Unlike previous peaks in the gold price, this time doesn’t coincide with a major economic shock."

Clarus Reiterates Buy on Emerita, Citing Gold Value at IBW

On December 8, Clarus Securities analyst Varun Arora reaffirmed a “Speculative Buy” rating on Emerita Resources, while revising the 12-month price target from US$3.15 to US$1.50 per share. The revised target followed a Seville Provincial Court ruling that acquitted all 16 defendants in the Aznalcollar criminal trial. Clarus emphasized that the ruling addressed only criminal liability and did not impact the ongoing civil review of the Aznalcollar tender. Arora said the market had already priced out the asset from Emerita’s valuation.

The report concentrated on the Iberian Belt West (IBW) project, which Clarus modeled as generating more than 55% of its life-of-mine revenue from precious metals. Arora estimated an after-tax net present value (NPV) of CA$1.0 billion (US$767 million) at a 5% discount rate, based on initial capital expenditures of US$275 million. The plan projected average annual production of 220 million pounds of zinc-equivalent material over 22 years, with an all-in sustaining cost of US$0.70 per payable pound.

While Aznalcollar was excluded from the updated valuation, Clarus noted the civil ruling could still provide optionality. Arora explained that "the criminal proceedings did not address the legitimacy of the public tender," which remains under review in the Andalusia Administrative Court.

Clarus also emphasized IBW’s resource scale and metal mix. The project hosts approximately 26 million tonnes grading 9.8% zinc equivalent on an in-situ basis, including around 1.6 million gold-equivalent ounces derived from gold and silver grades averaging 2 grams per tonne. A separate 9 million tonnes of additional resource not included in the mine plan was also valued using in-situ metrics.

At the time of the report, Emerita was trading at about CA$0.02 per pound on an enterprise value-to-resource basis and 0.16 times price-to-NAV, compared to peer averages of CA$0.07 and 0.70 times. Arora described the stock as oversold and identified upcoming milestones, including a Q1 2026 resource update, a mid-year prefeasibility study, and progress on a mining license application.

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

Iberian Belt West Project: Ongoing Activity and Regulatory Steps

Emerita’s Iberian Belt West (IBW) project in Spain includes three high-grade polymetallic deposits: La Romanera, El Cura, and La Infanta.

According to the company's latest presentation, it received a Declaration of Strategic Importance (DSI) from the Junta Andalucia in Q4 2024. In Q1 2025, Emerita submitted its Environmental Impact Study (AAU), launched a prefeasibility study (PFS), and reported an 81.5% gold recovery rate.  

Public consultation was completed in Q2 2025. The company submitted a mining license application in Q4 2025, with public review of the AAU beginning in Q1 2026. Emerita has stated it plans to update its Mineral Resource Estimate (MRE) in Q2 2026 and complete the PFS in Q3 2026, with project approval from the Huelva Mining Department targeted for Q4 2026.

Other planned work includes continued drilling at El Cura with three rigs, updated metallurgical results, a new drill program at Nuevo Tintillo, and a pending administrative court ruling on Aznalcóllar.

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 investors own 1.12%, including Merk Investments LLC with a 0.99% position.

The company has 289.12 million shares outstanding, with 248.80 million freely tradable. Emerita’s market capitalization is CA$167.89 million. Shares have traded between CA$0.39 and CA$2.00 over the past 52 weeks.