Emerita Resources : Fact Sheet

Developing High Grade

Polymetallic Deposits in

Spain

•

Iberian Belt West

Aznalcóllar*

*Pending

+18,000 combined hectares in the heart of the Iberian Pyrite Belt, one of the most productive VMS terranes in the world. Our flagship project - Iberian Belt West - claims 1,546 hectares (with an extension of 10,135 in progress) and Nuevo Tintillo claiming 6,874 hectares

IBW only 63KM from the Neves-Corvo (Lundin), 40KM from Aguas Teñidas (MATSA/Sandfire), 59KM from the world- famous Rio Tinto Mine (Atalaya), and 105KM from the Minas Las Cruces Mine (First Quantum). IBW is also only 74KM from Nuevo Tintillo

Completion of a 70,000 meter drill program (184+ diamond drill holes) focused on La Romanera and La Infanta at IBW with the expected release of a NI 43-101 resource estimate (~20Mt @ High Grade Resource Potential; +10 year mine life) by H1 2023

Aznalcóllar* - contained 73Mt of historic reserves at the Los Frailes deposit, the original Aznalcóllar mine contained 91Mt, and 1 other known mineralized zone yet to be drilled (~10-20Mt). Court settlement will begin

in March 2025

*Pending

INVESTMENT HIGHLIGHTS		• Largest mining exploration project in the EU
• Proximity to many current producers		• 70,000 meter drilling campaign; paved highway access
• IBW 100% owned, no royalties and streams		• La Romanera drilled by Rio Tinto (34Mt; 12Mt high grade)
• 15 drills turning; 14 at La Romanera, 1 at La Infanta	• AEM done on Tintillo; expected drilling starting Q2 2023
• Iberian Pyrite Belt contains 90+ massive sulphide deposits	• PFS expected by year-end 2023 / early Q1 2024
					Aguas Teñidas
Neves-Corvo			Rio Tinto
(63KM from IBW)
Portugal						Nuevo Tintillo
Iberian Belt West
										Las Cruces
						Aznalcóllar
						(Pending)
CORP. STRUCTURE & COVERAGE
C$178.30M		207.32M	~C$23.63M	~12%	Analyst: Varun Arora, MBA
Market	Common Shares	Cash & Cash	Insider	Target Price: C$4.00/share
Equivalents
Capitalization	Outstanding	Ownership
				(Q3 2022)	(F/D)	NPV5% (IBW): C$758M

	NPV5%( Aznalcóllar; 50%): C$526M
T: [phone]	www.emeritaresources.com
[e-mail]

MILESTONES ACHIEVED IN 2022

70,000 METERS DIAMOND DRILL PROGRAM

STRENGTHENING MANAGEMENT TEAM

• 184 diamond drill holes on IBW done as of the end of 2022 - 78 drill holes at Infanta and 106 at La Romanera deposit
• Current drilling pace will continue until February 15 which will add ~50 additional intercepts which will lock in initial NI 43-101 mineral resource estimate for both deposits

• Mr. Ian Parkinson joined as Executive VP, Corporate Development & Capital Markets
• Mr. Parkinson brings both operational mining and capital markets experience including 16 years at several leading Bay Street brokerage firms including Stifel GMP, CIBC World Markets, Falconbridge, and Noranda

PERMITTING & EXPANDED FOOTPRINT

• Objective is to convert existing Exploration License to an Exploitation License, with a completed environmental baseline expected to be completed in April 2023
• La Romanera drilled footprint has been increased by ~650 meters along strike and ~450 meters depth
• Mineralization at Infanta has been traced to 2KM strike and 400 meters depth. Both deposits remain open along strike and depth

NUEVO TINTILLO & AZNALCÓLLAR

• Nuevo Tintillo: Airborne Electromagnetic Survey completed over property and many high priority conductors identified with follow-up detailed gravity surveys done to prioritize drilling targets for 2023
• Aznalcóllar: Administrative Superior Court of Andalusia determined that judgement will be withheld until the Criminal trial has concluded
• 5 superior court judges of the Criminal Courts have concluded strong indications of crime committed regarding the awarding of the Public Tender

FUTURE CATALYSTS

IBW maiden resource estimate 43-101 (H1 2023) and initial metallurgy testing results to be completed (H2/23)

Commencement

of initial Nuevo Tintillo drilling by Q2/23 as well as a new alteration

zone identified between El Cura & La Infanta (H2/23)

Submission for exploitation permit in Q2/23 (with approval estimated in 2024; ~12 months). PFS expected by YE 2023 / Early Q1 2024

Favorable resolution of the legal case for Aznalcóllar expected March 2025. EMO well financed to complete the planned programs

T: [phone]	www.emeritaresources.com
[e-mail]