EMO:CC - Emerita Resources

Overview

Copper is one of the most used metals in the world and its value is constantly p ointing toward a bull market . Although copper prices took a slight retreat in 2022 , some forecasts show copper price could rise to an average of $9,580 per MT in 2023 and $10,400 per MT in 2026 . Along with copper, zinc is a highly essential metal used in electric vehicles and other infrastructures .

In 2021, Spain exported copper ore worth $4.56 billion making it the world's 15th-largest copper ore exporter. Its zinc production also reached more than 90,000 MT in the same year.

Emerita Resources Corp. (TSXV: EMO ; OTC:EMOTF; FRA:LLJA) is a Canadian natural resource company that acquires, explores and develops mineral properties in Spain. The company has a 100-percent interest in the Iberian Belt West (IBW) project and the Nuevo Tintillo project located in the famous Iberian Pyrite Belt in southern Spain.

The area is one of the most productive volcanogenic massive sulphide (VMS) terranes in the world, offering well-established infrastructure and ease of access. In March 2021, Spanish authorities declared underground mining a preferred economic development activity for the region. The European Union recently passed legislation that will mandate 10 percent to 40 percent of all mining, recycling and processing of critical raw materials used in the bloc must be done within the EU by 2030. Potentially deemed a “strategic project” by the EU, Emerita is positioned to benefit from a streamlined and predictable permitting process that will significantly reduce waiting times. This is in addition to the Spanish government’s previously announced commitment to growing the Iberian Pyrite Belt and designating underground mining as a strategically important activity.

In June 2021, Emerita was awarded the concessions of Nuevo Tintillo, located in the eastern part of the belt, in Seville province, between the world-class deposits of Aznacóllar, in the southeast, and Rio Tinto in the northwest. The project recently expanded to 14,500 hectares and was previously held by several major companies during the 1980s and 1990s, most recently by Boliden Apirsa.

Emerita is also currently in the process of acquiring the Aznalcóllar Project, a past-producing property within the Iberian Pyrite Belt that hosted open pit zinc-lead-silver mines.

Heading Emerita Resources’ management team is CEO David Gower and President Joaquin Merino-Marquez. Gower brings more than 20 years of experience in mineral exploration and has made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia, Kabanga and Amazonas. Merino-Marquez is a professional geologist with more than 20 years of experience in the mining industry and has extensive international experience in South America, Europe and Asia-Pacific.

Company Highlights

• Portfolio of high-grade, large-scale polymetallic projects in the renowned Iberian Pyrite Belt, one of the most productive volcanogenic massive sulphide terranes in the world.
• Three high-grade polymetallic deposits: La Romanera, El Cura and La Infanta.
• Acquired 100 percent interest in the Nuevo Tintillo project in 2021, and is in the process of acquiring the Aznalcóllar project.
• Knowledgeable management team with a wealth of experience in exploration across the globe.
• Management holds approximately 12 percent of the company’s shares.
• Immediate, near and medium-term potential for the Iberian Belt West and Aznalcóllar projects.
• Emerita Resources owns more than 26,000 combined hectares in the heart of the Iberian Pyrite Belt
• The Iberian Belt West (IBW) project contains two high-grade cores, La Infanta (0.8 Mt) and La Romanera (11.2 Mt) with the potential to expand further
• NI 43-101 Mineral Resource Estimate is scheduled to be released in H1 2023 with an expected 18 to 20 million tonnes of 10 to 12 percent ZnEq across La Romanera and La Infanta
• Flagship IBW project is only 63 kilometers from the Neves-Corvo Mine (Lundin), 40 kilometers from the Aguas Teñidas Mine (MATSA/Sandfire), 59 kilometers from the world-famous Rio Tinto Mine, and 105 kilometers from the Minas Las Cruces Mine (First Quantum). IBW is also only 74 kilometers from the company’s Nuevo Tintillo site

?Key Projects

Iberian Belt West (IBW)

The IBW project is located within the renowned Iberian Pyrite Belt, one of the most productive VMS terranes in the world. The IBW Project encompasses three polymetallic deposits: La Infanta, El Cura and La Romanera. The jurisdiction is known to have a long history of mining dating back to the Roman era. Located in the western part of the belt, the IBW project extends along a strike length of approximately 12 kilometers.

Project Highlights:

• The IBW project consists of three high-grade polymetallic deposits — La Romanera, El Cura and La Infanta — containing zinc, copper, lead and silver at surface to shallow depths.

• Fully permitted with a completed 70,000-meter drill campaign on La Romanera and La Infanta deposits in order to complete NI 43-101 resource estimate and metallurgical studies in advance of economic evaluation.
• 139 drill holes have been completed on the La Romanera deposit, which is the main focus of the IBW program, alongside 95 drill holes completed at La Infanta.

The company recently intersected its largest grade–thickness intercept with 46.6 meters grading 0.3 percent copper; 1.7 percent lead; 2.7 percent zinc; 4.21 g/t gold, 84.4 g/t silver as well as our deepest intercept at La Romanera from 550 meters below surface that intersected 28.3 meters of polymetallic massive sulphides, grading 0.3 percent copper, 2.4 percent lead, 5.7 percent zinc, 1.4 g/t gold and 67.6 g/t silver.

Nuevo Tintillo

The Nuevo Tintillo project is also hosted within the Iberian Pyrite Belt. The project encompasses 14,500 hectares and is located between the world-famous Rio Tinto mine to the west and the Aznalcóllar and Cobre Las Cruses mines to the east. Nuevo Tintillo is accessed by paved road approximately 40 kilometers from Seville. These concessions were previously owned by major companies during the 1980s and 1990s, most recently by Boliden Apirsa. Traces of artisanal operations dating from the 19th century are still found on the property, most notably at Pilancrones, La Jarosa and Nazaret.

In 2022, Emerita received the results of the high-resolution, airborne geophysical survey on the Nuevo Tintillo property that identified at least 15 targets associated with high-priority conductors that focused on the west side of the property, which hosts the historical Santa Flora and Nazaret Mines. Archival records show the Nazaret Mines reportedly produced 6 percent copper. Detailed mapping of the geology has indicated similar stratigraphy to the Rio Tinto mine approximately 7 kilometers west, with detailed gravity surveys now completed that will further prioritize targets in advance of drilling in Q2 2023.

Aznalcóllar Project – Andalucía, Spain

Emerita is currently in the process of acquiring the Aznalcóllar Project, a past-producing property within the Iberian Pyrite Belt that hosted the Aznalcóllar and Los Frailes open pit zinc-lead-silver mines.

Project Highlights:

• Approximately 73 MT, including 20 MT grading 10.8 percent Zn+Pb+Cu (Ag 84 g/t) open at depth based on a historical mine reserve estimate. Open for expansion at shallow depth.
• Original Aznalcóllar mine had 91 MT, including 43 MT grading 5.5 percent Zn+Pb+Cu (Ag 67 g/t).
• With strong community and government support for development of the project, Emerita has completed a major study, which will expedite development once awarded.
• Legal dispute on title in final stage with an expected court date scheduled for March 2025.

Management Team

David Gower - CEO and Director

David Gower is the president of Brazil Potash Corp. which has discovered the largest and highest-grade potash deposit to date in Brazil. He has over 20 years of experience in exploration with Falconbridge, (now Xstrata/Glencore) most recently as director of Global Nickel and PGM exploration. He was a member of the senior operating team for mining projects with Falconbridge. He has led exploration teams that made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and Amazonas in Brazil. He has held executive and director positions with several junior and midsize mining companies for the past 10 years.

Joaquin Merino-Marquez - President and Director

Joaquin Merino-Marquez is a professional geologist with 20 years of experience in the mining industry. He was previously vice-president exploration for Primero Mining Corp. and before that vice-president exploration for Apogee Minerals Ltd. Previously, he was the exploration manager for Placer Dome at Porgera mine and a mine geologist at Hecla Mining’s La Camorra mine. He has extensive international experience in South America, Europe and Asia-Pacific. Merino-Marquez holds a M.Sc. from Queens University, and a B.Sc. in Geology from the University of Seville (Spain). He is a member of the Association of Professional Geoscientists of Ontario.

Ian Parkinson - Executive Vice-president, Corporate Development & Capital Markets

Ian Parkinson has spent the past 16 years as a sell-side mining analyst for several leading brokerage firms on Bay Street including Stifel GMP, GMP Securities and CIBC World Markets. He joined the analyst community after a successful 10-year career in industry with Falconbridge and Noranda. During Parkinson's time in industry he worked on a wide range of exploration, development and commercial interests, which include the Craig and Onaping depth discovery, Raglan mine, Lady Loretta and business development for the zinc business unit at Noranda. He built on his geology base with experience in metals trading, metal marketing and business development at the corporate level. Parkinson is an earth science graduate of Laurentian University in Sudbury, Ontario, where he was born and raised in a mining family.

Greg Duras - CFO

Greg Duras has over 10 years of corporate and project finance experience in the resource sector. Some of his previous positions include vice-president of finance and administration at S.C. Rosia Montana Gold Corporation S.A. (RMGC), a mineral exploration and mining development company based in Romania. He has also held a number of senior finance roles, including controller of TSX-listed Gabriel Resources Ltd. and High River Gold Mines Ltd. He is a Certified General Accountant and a Certified Professional Accountant, and holds a Bachelor of Administration from Lakehead University.

Damian Lopez - Corporate Secretary

Damian Lopez is a corporate securities lawyer who works as a legal consultant to various TSX and TSXV-listed companies. He previously worked as a securities and M&A lawyer at a large Toronto corporate legal firm, where he worked on a variety of corporate and commercial transactions. Lopez obtained a Juris Doctor from Osgoode Hall and he received a Bachelor of Commerce with a major in Economics from Rotman Commerce at the University of Toronto. He is also a director of the Canadian Hispanic Bar Association.

Marilia Bento - Director

Marilia Bento has over 20 years of experience in the financial industry and Canadian capital markets. Some of her previous positions include, managing director and head of equity Capital Markets Canada at Macquarie Capital Markets Canada Ltd. (formerly Orion Securities Inc.) and vice-president of corporate development for various resource companies. She was on the board of directors of Orion Securities Inc. and has been a board member of junior mining companies.

Lawrence Guy - Director

Larry Guy is a managing director with Next Edge Capital focused on driving the business forward via strategic partnerships, initiatives, and sourcing of new product ideas. Previously, Guy was a vice-president with Purpose Investments having joined the firm in its infancy and saw vast growth prior to his departure. Prior to Purpose, Guy was a portfolio manager with Aston Hill Financial Inc. Guy was previously the chief financial officer and director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. Guy holds a Bachelor of Arts (economics) from Western University and is a chartered financial analyst.

Catherine Stretch - Director

Catherine Stretch is the chief commercial officer of Aguia Resources Limited, an ASX and TSXV-listed company engaged in the exploration and development of phosphate and copper assets in Brazil. She has 20 years of experience in capital markets with a particular focus on the formation, development and operation of resource companies. She has a Bachelor of Arts in Economics and History from Western University and a Masters of Business Administration from the Schulich School of Business at York University.