Emerita Resources Corp. has filed its independent NI 43-101 technical report for the Iberian Belt West Project in Andalusia, Spain

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Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has filed its independent NI 43-101 technical report for the Iberian Belt West (IBW) Project in Andalusia, Spain, officially supporting the updated Mineral Resource Estimate (MRE) announced on March 17, 2025. The report, prepared by Wardell Armstrong International Limited, confirms a 35% increase in total Indicated mineral resources to 18.96 million tonnes (Mt) and a 44% increase in total Inferred mineral resources to 6.80 Mt. These resources are spread across three volcanogenic massive sulphide (VMS) deposits: La Romanera, La Infanta, and the recently delineated El Cura, which collectively contain zinc, lead, copper, silver, and gold.

Specifically, the Indicated MRE now includes 547 thousand tonnes (kt) of zinc, 269 kt of lead, 94 kt of copper, 40.3 million ounces (Moz) of silver, and 783 thousand ounces (koz) of gold, while the Inferred MRE holds 221 kt of zinc, 102 kt of lead, 49 kt of copper, 12.3 Moz of silver, and 168 koz of gold. Emerita noted that La Infanta’s Indicated resource grades average 16.61% zinc equivalent (ZnEq), while El Cura’s maiden resource brings new copper-rich and high-grade gold material to the project. The NI 43-101 standard, used across Canadian mineral projects, ensures transparency in reporting resource estimates. Emerita’s metallurgical tests have also advanced, with a two-stage flotation and post-flotation process at La Romanera achieving combined recoveries of 91.3% zinc, 85.8% copper, 80.5% silver, and 64.3% gold.

Importantly, the IBW project has been granted “Designation of Strategic Interest” by the Andalusian government, which Emerita said will significantly accelerate the permitting process. “The highest level of the Andalusian Government will assign an accelerated taskforce for Emerita that will expedite all submitted documentation and permitting-related procedures,” the company reported in the news release. This designation is expected to streamline the exploitation license process, which once approved, would grant Emerita a 30-year term renewable up to 90 years. Emerita’s market capitalization, as of March 17, 2025, stood at CA$382 million (reported here without conversion). The company has also secured up to US$15 million in financing from Nebari Partners, which Emerita indicated would cover both exploration and environmental permitting needs.

IBW is located within the historic Iberian Pyrite Belt, one of the world’s most important VMS mining districts, home to over 90 known deposits and active operations such as Neves-Corvo (Lundin Mining) and Aguas Teñidas (Sandfire). Emerita’s comparative valuation, based on enterprise value (EV) to in-situ metal value, currently sits at 3.80%, significantly below that of comparable developers like Adriatic Metals (12.53%) and Foran Mining (9.50%). Emerita noted that ongoing metallurgical optimization, additional drilling, and upcoming economic studies are key steps toward de-risking and advancing the IBW project’s development.

Base and Precious Metals Mining

According to a 2024–2032 forecast by Market Research Future, the global zinc market was valued at US$20.02 billion in 2023 and was projected to grow to US$30.40 billion by 2032, reflecting a compound annual growth rate of 5.58%. The report highlighted that “the increasing services of zinc in the industrial, official, and residential sectors” had driven demand, particularly noting zinc’s central role in steel alloys, galvanizing, and construction materials. The study further explained that the Asia-Pacific region maintained dominance over global zinc production and consumption, fueled by rapid industrialization, infrastructure development, and automotive production in countries such as China and India.

Meanwhile, NPR reported on March 28 that the global race for critical minerals had drawn attention to polymetallic nodules on the ocean floor, which contain manganese, nickel, cobalt, and copper. According to NPR, “the U.S. Geological Survey has estimated that a single swath of the Eastern Pacific, known as the Clarion Clipperton Zone, contains more nickel, cobalt, and manganese than all combined terrestrial reserves.” While these resources remained largely untapped due to regulatory delays and environmental concerns, NPR highlighted that companies like The Metals Company were seeking U.S. approval to advance deep-sea mining.

On April 29, Proactive Investors reported that global copper markets had tightened, driven by shifting trade dynamics. According to the Financial Times, experts at Mercuria warned that “Chinese copper stockpiles could run out in just a few months” due to surging U.S. demand ahead of new tariffs, which had already led to a 55,000-tonne decline in China’s copper stocks. Copper prices had climbed to US$4.89 per pound, up sharply from below US$4 at the start of the year. Mercuria experts described China’s inventory buffer as “razor-thin,” reflecting heightened global competition for copper supplies.

Looking Ahead: Milestones and Competitive Advantages at Emerita

Emerita’s investor presentation outlines a robust pipeline of catalysts as the company advances its Iberian Belt West and surrounding projects. Drilling at El Cura continues, with the deposit remaining open in all directions. Recent intercepts at El Cura have revealed thick, high-grade copper-gold-silver mineralization, including a 13.15-meter section grading 2.71 grams per tonne (g/t) gold and 54.63 g/t silver, positioning the deposit as a potentially low capital expenditure addition to the mine plan. Emerita has also incorporated newly granted exploration permits on the adjacent “Ontario” property, tripling its land position from 2,394 hectares to 7,967 hectares. Early-stage surface sampling has returned high-grade copper assays up to 13.2% Cu and gold assays over 3 g/t, indicating future exploration upside.

Beyond IBW, the company holds the Nuevo Tintillo project, covering 14,500 hectares, with multiple past-producing mines and recent surface sampling showing anomalous gold and silver results. Emerita’s plans include continuing metallurgical optimization, particularly improving gold recovery and refining copper and zinc concentrates. The company’s exploitation license application for IBW, coupled with the Andalusian government’s “strategic” designation, is expected to expedite environmental and mining permitting steps. Emerita also has its sights set on the Aznalcóllar project, pending a final court ruling expected mid-2025, which could unlock one of the world’s most promising undeveloped zinc deposits.

Analyst Highlights Upcoming Catalysts

In a March 17 report, Clarus Securities highlighted a significant increase in the total global mineral resource, noting it had grown by 37% to 25.77 million tonnes at 8.51% zinc equivalent (ZnEq), adjusted for recoveries. Analyst Varun Arora stated that this increase exceeded expectations, particularly at the La Romanera deposit, where more than 5 million tonnes were added while the ZnEq grade improved to 7.85%, up from 7.49%.

“We were only expecting approximately 2 million tonnes in resource growth and are pleasantly surprised by the significant increase of 33%,” Arora explained. He attributed the expansion to step-out drilling that extended mineralization by 150 to 200 meters below the prior resource boundary, as well as updated metallurgical recovery assumptions, especially for gold.

The report also introduced a maiden mineral resource estimate for El Cura, which came in at 1.3 million tonnes, slightly below Clarus’ initial projection of 2 million tonnes. Arora noted that the lower figure resulted from drill density constraints but added that further infill drilling should increase tonnage. He described El Cura as a high-grade, copper-rich deposit with a copper equivalent (CuEq) grade of 3.16%, including a notable gold credit of 1.44 grams per tonne. Clarus projected continued resource growth at both El Cura and La Romanera, estimating that El Cura’s resource could more than triple to around 4 million tonnes with further drilling.

Clarus maintained a Speculative Buy rating on the company and set a CA$3.15 target price, identifying several upcoming catalysts. These included the expected environmental certificate for the Iberian Belt West project in the first half of the year, ongoing drilling at El Cura and La Romanera, and the completion of a preliminary feasibility study anticipated for late Q3 or early Q4. Arora emphasized that permitting progress and metallurgical improvements were positioning the project for long-term growth within the Iberian Pyrite Belt.

Ownership and Share Structure

According to Refinitiv, management and insiders own 5.32% of Emerita. Of those, Michael Lawrence Guy owns 1.45% of the company, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez owns 1.04%.

Institutions own 1.12% of the company, including Merk Investments LLC, with 0.99%.

According to Refinitiv, there are 263.52 million shares outstanding with 249.5 million free float traded shares, while the company has a market cap of CA$300.26 million and trades in a 52-week range of CA$0.38 and CA$2.00.