9.2 Meters of Copper, Gold and Silver Highlight Ongoing Drilling at Spanish VMS Project

1. Emerita Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. 
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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) reported results from ongoing drilling at the El Cura deposit, part of its wholly owned Iberian Belt West project, which hosts three Volcanogenic Massive Sulfide deposits: La Romanera, El Cura, and La Infanta that are currently undergoing Prefeasibility Studies.

Recent drill results at El Cura included hole EC094, which returned 9.2 meters grading 1.4% copper, 0.4% lead, 1.3% zinc, 0.41 g/t gold, and 21.48 g/t silver. Hole EC089 returned 2.8 meters grading 0.6% copper, 0.5% lead, 1.6% zinc, 1.71 g/t gold, and 30.95 g/t silver. Hole EC093 intersected 5.6 meters grading 1.2% copper, 0.6% lead, 1.3% zinc, 0.82 g/t gold, and 28.00 g/t silver. Hole EC090 returned 3.0 meters grading 0.3% copper, 0.7% lead, 2.2% zinc, 0.36 g/t gold, and 24.00 g/t silver.

True width ranged from 84% to 98% of intercept width, except for hole EC089, which had a true width of 64% of intercept width.

The drilling reported spanned approximately 420 meters along strike from hole EC090 to hole EC094, and approximately 460 meters down-dip from surface to hole EC089. Hole EC089 joins holes EC087 and EC021 in defining the deepest level of the El Cura deposit to date.

Assay results for 91 holes were prepared in mid-January for inclusion in the NI 43-101 Mineral Resource Estimate that will be used in the Prefeasibility Study currently underway. This represents a substantial increase in the drill hole database over that of the 2025 El Cura maiden MRE, which considered 39 holes.

Drilling continues at El Cura and also at La Infanta, with a push to convert Inferred resources to Measured and Indicated categories for inclusion in the PFS.

Drilling at El Cura is HQ size. Core is transported to Emerita's coreshack, where it is photographed and logged. Samples are shipped to the ALS laboratory in Seville for preparation, with pulps sent to ALS Ireland for ICP analysis and ALS Romania for fire assay. ALS is independent of Emerita. 10% of the analyzed samples correspond to control samples, and 10% of the pulps are reanalyzed at a second independent certified laboratory.

Precious and Base Metals React to Safe-Haven Demand and Supply Pressures

Chen Lin of the What's Chen Buying? What's Chen Selling? Newsletter wrote on February 6 that "Silver broke down yesterday due to the global selloff, led by bitcoin and technology stocks." He noted that "this morning, the market is bouncing back, so are gold and silver," and stated, "I am waiting for silver to find a bottom and I believe gold will find one first." Chen Lin added that he "sold some of the silver future at 90 and above," and that he preferred miners, stating, "I like the miners better because they are not priced in the high silver price." He concluded that "we should remain calm and use the opportunity to pick up good silver and gold stocks at deep discount."

According to a February 9 report from Couloir Capital, gold prices "ended higher by 1.97% during the week, and are up another 1.60% today as safe-haven demand remained resilient, even as some geopolitical risks eased, with investors continuing to hedge against macro and policy uncertainty." The report added that "ongoing central-bank gold purchases also provided a tailwind, reinforcing confidence in longer-term demand."

In contrast, "Silver prices posted a decline of 7.9% during the week, but have bounced 6.24% today as geopolitical risk premiums eased," while "Copper prices fell 0.6% because of rising supply pressures in China, the world's biggest consumer, where refined copper output is expected to increase this year after strong growth last year." Couloir also reported that "Zinc prices were down 1.6% during the week as supply conditions remained largely stable while downstream demand softened."

Stewart Thomson wrote on February 10 that "Citizens and institutions of the world are becoming ever-more concerned about U.S. government fiat and debt, and they are turning to gold." He argued that "the glorious ascending triangle action suggests that it's still a great time to buy," referencing a chart target of about US$5900, and described geopolitical conditions as "great for gold."

Thomson also stated, "Silver arrived at US$70 support as gold arrived at US$4,400," and added, "The miners? … Stochastics looks fantastic," concluding that "Junior mine stock investing isn't for everyone… but as this gargantuan gold bull era rollout continues, these miners look set to outperform everything."

Clarus Reiterated Buy, Highlighted Gold Contribution at IBW

On December 8, Clarus Securities analyst Varun Arora reaffirmed a "Speculative Buy" rating on Emerita Resources Corp. and reduced the 12-month price target to US$1.50 per share from US$3.15. The revision followed a ruling by the Seville Provincial Court that acquitted all 16 defendants in the Aznalcollar criminal trial.

Clarus stated that the decision addressed only criminal charges and did not affect the ongoing civil proceedings concerning the legality of the Aznalcollar public tender. Arora indicated that the market had already largely removed Aznalcollar from Emerita's valuation.

The report instead focused on the Iberian Belt West project. Clarus modeled IBW as generating more than 55% of life-of-mine revenue from precious metals. Arora estimated an after-tax net present value of approximately CA$1.0 billion, or about US$767 million, using a 5% discount rate and initial capital expenditures of US$275 million. The modeled mine plan outlined average annual production of approximately 220 million pounds of zinc-equivalent material over a 22-year mine life, with an all-in sustaining cost of US$0.70 per payable pound.

While Aznalcollar was excluded from the updated valuation, Clarus retained optionality tied to the outcome of the civil case. Arora stated that "the criminal proceedings did not address the legitimacy of the public tender," which remains under review by the Andalusia Administrative Court.

Clarus also highlighted IBW's scale and metal content. According to the report, the project contains approximately 26 million tonnes grading 9.8% zinc equivalent on an in-situ basis, including roughly 1.6 million gold-equivalent ounces based on gold and silver grades of approximately 2 grams per tonne. An additional 9 million tonnes outside the mine plan were valued separately using in-situ metrics.

At the time of the December 8 report, Clarus noted that Emerita was trading at approximately CA$0.02 per pound on an enterprise value-to-resource basis and 0.16 times price-to-NAV, compared to peer group averages of CA$0.07 and 0.70 times, respectively. As of the most recent trading session, Emerita shares were trading in the range of approximately CA$0.50 to CA$0.57 on the TSX Venture Exchange. Clarus maintained a US$1.50 12-month price target in its report.

Iberian Belt West Development Milestones

The corporate presentation outlined development milestones for the Iberian Belt West project. Current forward milestones include commencement of AAU public consultations in Q1 2026, submission of the project to the Andalusia Authority for Mining License Approval in Q3 2026, and approval by the Huelva Mining Department in Q2 2026. An updated Mineral Resource Estimate is scheduled for Q2 2026, with completion of the Prefeasibility Study targeted for Q3 2026.

The presentation also notes that drilling continues at El Cura with three drill rigs active, updated metallurgical results for gold recovery are planned, exploration at Nuevo Tintillo is ongoing, the AAU is to be posted by the Environmental and Mining Departments for public consultation, and an administrative court ruling for Aznalcóllar remains pending. 

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 ownership totals 1.12%, including Merk Investments LLC with a 0.99% stake.

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