Emerita Resources : NI 43-101 Technical Report

Wardell Armstrong International

Baldhu House, Wheal Jane Earth Science Park, Baldhu, Truro, Cornwall, TR3 6EH, United Kingdom

Telephone: [phone] www.wardell-armstrong.com

DATE ISSUED:	05 July 2023
JOB NUMBER:	ZT61-2145
VERSION:	V1.0
REPORT NUMBER:	MM1647
STATUS:	Final

EMERITA RESOURCES CORPORATION

NI 43-101 TECHNICAL REPORT ON THE LA ROMANERA AND LA INFANTA POLYMETALLIC DEPOSITS, SPAIN

Effective Date: May 4, 2023

Signature Date: July 5, 2023

AUTHORED BY:
Phil Newall	Director	["signed and sealed"]
Frank Browning	Principal Resource Geologist	["signed and sealed"]

Wardell Armstrong is the trading name of Wardell Armstrong International Ltd,

Registered in England No. 3813172.

Registered office: Sir Henry Doulton House, Forge Lane, Etruria, Stoke-on-Trent, ST1 5BD, United Kingdom

UK Offices: Stoke-on-Trent, Cardiff, Carlisle, Edinburgh, Greater Manchester, London, Newcastle upon Tyne,

Sheffield, Taunton, Truro, West Bromwich. International Office: Almaty

ENERGY AND CLIMATE CHANGE ENVIRONMENT AND SUSTAINABILITY INFRASTRUCTURE AND UTILITIES LAND AND PROPERTY MINING AND MINERAL PROCESSING MINERAL ESTATES

WASTE RESOURCE MANAGEMENT

EMERITA RESOURCES CORPORATION

NI 43-101 TECHNICAL REPORT ON THE LA ROMANERA AND LA INFANTA

POLYMETALLIC DEPOSITS, SPAIN

CONTENTS

1	SUMMARY	1
	1.1	Introduction	1
	1.2	Property Description and Ownership	1
	1.3	Geology and Mineralisation	1
	1.4	Exploration and Drilling	2
	1.5	Sample Preparation, Analyses, Security and Data Verification	3
	1.6	Mineral Processing and Metallurgical Testing	3
	1.7	Mineral Resource Estimates	3
	1.8	Conclusions and Recommendations	5

2	INTRODUCTION	6
	2.1	Background	6
	2.2	Terms of Reference	6
	2.3	Qualified Persons	6
	2.4	Personal Inspections	6
	2.5	WAI Declaration	7
	2.6	Units and Currency	8
3	RELIANCE ON OTHER EXPERTS	9
4	PROPERTY DESCRIPTION AND LOCATION	10
	4.1	Location	10
	4.2	Ownership	11
	4.3	Mineral Tenure	11
	4.4	Royalties	12
	4.5	Surface Rights	13
	4.6	Permitting Considerations	13
	4.7	Environmental Considerations	14
	4.8	Existing Environmental Liabilities	15
5	ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY	17
	5.1	Accessibility and Transportation	17
	5.2	Climate	17
	5.3	Local Resources and Infrastructure	18
	5.4	Physiography	18
6	HISTORY	19
	6.1	Ownership History	19
	6.2	Exploration History	19
	6.3	Production History	21
7	GEOLOGICAL SETTING AND MINERALISATION	22
	7.1	Regional Geology	22
	7.2	Local Geology	24
	7.3	Deposit Geology	26
8	DEPOSIT TYPES	33
9	EXPLORATION	35
	9.1	Introduction	35
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EMERITA RESOURCES CORPORATION

NI 43-101 TECHNICAL REPORT ON THE LA ROMANERA AND LA INFANTA

POLYMETALLIC DEPOSITS, SPAIN

9.2	Geological Mapping	35
9.3	Soil Geochemistry	35
9.4	Geophysics	37
10	DRILLING	40
10.1	Type and Extent	40
10.2	Procedures	43
10.3	Interpretation of Relevant Results	45
11	SAMPLE PREPARATION, ANALYSES, AND SECURITY	46
11.1	Sampling Methods	46
11.2	Bulk Density	48
11.3	Sample Security	49
11.4	Laboratories	49
11.5	Sample Preparation and Analysis	49
11.6	QAQC Protocol	53
11.7	QAQC Results	55
11.8	Adequacy of Procedures	64
12	DATA VERIFICATION	65
12.1	Data Verification by Emerita	65
12.2	Database Cut-Off Dates	65
12.3	Data Verification by The Authors	65
13	MINERAL PROCESSING AND METALLURGICAL TESTING	67
14	MINERAL RESOURCE ESTIMATES	68
14.1	Introduction	68
14.2	Mineral Resource Estimate Data	68
14.3	Geological Interpretation and Domaining	69
14.4	Boundary Analysis	72
14.5	Compositing	72
14.6	Grade Capping	72
14.7	Metal Correlations	73
14.8	Variography	74
14.9	Block Modelling	76
14.10	Estimation Methodology	77
14.11	Model Validation	79
14.12	Mineral Resource Classification	85
14.13	Reasonable Prospects for Eventual Economic Extraction	86
14.14	Mineral Resource Statement	86
14.15	Mineral Resource Sensitivity	87
15	MINERAL RESERVE ESTIMATES	89
16	MINING METHODS	90
17	RECOVERY METHODS	91
18	PROJECT INFRASTRUCTURE	92
19	MARKET STUDIES AND CONTRACTS	93
20	ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT	94
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EMERITA RESOURCES CORPORATION

NI 43-101 TECHNICAL REPORT ON THE LA ROMANERA AND LA INFANTA

POLYMETALLIC DEPOSITS, SPAIN

21 CAPITAL AND OPERATING COSTS	95
22	ECONOMIC ANALYSIS	96
23	ADJACENT PROPERTIES	97
24 OTHER RELEVANT DATA AND INFORMATION	98
25	INTERPRETATION AND CONCLUSIONS	99
26	RECOMMENDATIONS	100
26.1 General	100
26.2 Exploration, Geology and Mineral Resources	100
26.3 Mineral Processing and Metallurgical Testwork	100
27	REFERENCES	101
TABLES
Table 1.1: Mineral Resource Estimate for the Iberian Belt West Project	4
Table 2.1: Qualified Persons Responsibilities	7
Table 4.1: IBW Project Exploration Concession Coordinates (ETRS89 Zone 29N)	11
Table 4.2: IBW Project Exploration Concession Coordinates (ETRS89 Zone 29N)	12
Table 6.1: Ownership History of the La Romanera Deposit	19
Table 6.2: Ownership History of the La Infanta Deposit	19
Table 6.3: Historical Drillhole Database	20
Table 7.1: La Romanera - Major Lithostratigraphic Units	28
Table 7.2: La Infanta - Major Lithostratigraphic Units	30
Table 10.1: Summary of DDH Meters per Year and in Total at Each Deposit	40
Table 10.2: Summary of Downhole Survey Tools	43
Table 11.1: Sample Length Depending on Core Diameter	46
Table 11.2: Analytical Laboratories	49
Table 11.3 ALS Sevilla Sample Preparation Procedures	50
Table 11.4: Elements and Ranges of Analysis for the ME-ICPORE™ Method from ALS Global	50
Table 11.5: Elements and Range of Analysis for the Au-AA23™ and Au-GRA21™ Methods from ALS
Global	50
Table 11.6: Elements and range of analysis for the ME-MS61r™ Method from ALS Global	51
Table 11.7: Elements and range of analysis for the ME-MS61L™ Method from ALS Global	51
Table 11.8: ALS Sevilla Sample Preparation Procedures	51
Table 11.9: Elements and Range of Analysis for the PE-4042 Method from AGQ	52
Table 11.10: Elements and Range of Analysis for the PE-4043 Method from AGQ	52
Table 11.11: Elements and Range of Analysis for the PE-4014 Method from AGQ	52
Table 11.12: Certified Mean Value and Standard Deviation of Emerita CRMs	53
Table 11.13: Emerita Quality Control Rules	55
Table 11.14: Summary of La Romanera Samples Submitted to ALS	55
Table 11.15: Summary of La Romanera CRM Submissions to ALS	56
Table 11.16: Summary of La Romanera Duplicate Results (ALS)	58
Table 11.17: Summary of La Romanera CRM Submissions to ALS	59
Table 11.18: Summary of La Infanta Samples Submitted to ALS	60
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