96% Silver Recovery Achieved in New Metallurgical Tests at Iberian Belt Polymetallic 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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* Disclosure for the quote from the Stewart Thomson article published on February 23, 2026

1. For the quoted article (published on February 23, 2026), the Company has paid Street Smart, an affiliate of Streetwise Reports US$3,550..
2. Author Certification and Compensation: Stewart Thomson was retained and compensated as an independent contractor by Street Smart for writing this article. Mr. Thomson is a retired Canadian financial advisor who has passed the Canadian Securities Course as well as additional technical analysis courses that were mandated by his former employer and approved by Ontario regulatory bodies. For the past 15 years, he has been editing and writing numerous financial newsletters that have a strong focus on charts.  The recommendations and opinions expressed in this content reflect the personal, independent, and objective views of the author regarding any and all of the companies discussed. No part of the compensation received by the author was, is, or will be directly or indirectly tied to the specific recommendations or views expressed.

2. 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 metallurgical tests using the Albion hydrometallurgical process that achieved 81% recovery of gold and 96% recovery of silver from post flotation material samples at its wholly owned Iberian Belt West Project.

The test work focused on residual material remaining after the flotation process removed base metal concentrates from the La Romanera deposit. According to the company, some gold and silver report to the copper and lead concentrates during flotation, while more than 80% of the precious metals remain in the post-flotation material. The Albion Process is a post-flotation stage metallurgical process based on ultrafine grinding and oxidative leaching. It was developed in 1994 at Core’s laboratories and is licensed worldwide by Glencore Technology.

The Albion Process test work was conducted at CORE Resources’ laboratories in Australia and evaluated a flowsheet consisting of ultrafine grinding and atmospheric oxidation using the Albion Process, oxidative neutral leaching at mildly acidic to near neutral pH, and precious metals recovery through a carbon in pulp recovery circuit followed by elution.

Results from the Albion-based flowsheet achieved 81% gold recovery and 96% silver recovery. The company stated that these results exceed previously reported metallurgical results from May 27, 2025, which reported gold recoveries of 81.5% and 64.1% using the optimized CLEVR post-flotation process.

Emerita compared the Albion-based process with an alternative pyrometallurgical route that includes single-step pyrolysis and thermal oxidation, followed by cooling, acid washing, and gold leaching using the CLEVR Process non-cyanide technology. The CLEVR Process testing reported 81.5% gold recovery and between 50% and 64% silver recovery.

Joaquin Merino, P.Geo., President of Emerita, stated in a company news release, "Both technologies that we have examined demonstrate comparable gold recoveries of approximately 81%. However, the Albion route maximizes silver recovery, which in the current market may add significant value to the IBW Project."

The company said that metallurgical results from both pyrometallurgical and hydrometallurgical routes enhance the technical robustness of the Iberian Belt West Project and provide two technically viable processing alternatives. Emerita stated that the availability of these options reduces metallurgical risk and increases flexibility in selecting the final process flowsheet.

Emerita also stated that it will continue testing several other technologies in 2026 to determine the most optimal flowsheet for the project.

Gold and Silver Markets React to Geopolitical Tensions and Physical Supply Trends

Broader commodity market data reflected mixed movements within precious metals alongside global macro developments. FactSet reported on March 2 that "gold is higher for a second session while silver is lower, with conflict in the Middle East helping to drive the market towards safe haven investments." The report also noted that other industrial metals moved in different directions as markets responded to economic data and supply concerns.

Market commentary discussed activity in physical silver markets and inventory levels. According to a March 3 report from Bryan Lutz, editor at Dollarcollapse.com, developments in silver supply indicators were worth monitoring. Lutz wrote that "COMEX stock is draining quickly," adding that "physical inventory in the COMEX vaults continues to drain." He stated that "despite the lack of silver hype and the chronic underpricing of physical silver, silver's scarcity continues to grow."

On March 3, Chen Lin of the "What's Chen Buying? What's Chen Selling?" newsletter wrote that geopolitical developments influenced precious metals trading, noting that "Gold and silver initially jumped on the news, but silver is having a big pullback." He added that "this morning the general market is having a big pullback and gold/silver followed," describing the environment as "a risk off day." Lin also referenced broader global market reactions tied to conflict developments, writing that the movement followed "the crash of Korean and Japanese markets overnight as the war intensified."

"One of the Most Productive Volcanogenic Massive Sulfide Terranes in the World"

¹Stewart Thomson wrote on February 23 that Emerita Resources Corp. was "a Canadian polymetallic metals (zinc, copper, gold, silver, lead) company with an updated NI 43-101 compliant mineral resource estimate for its La Romanera, El Cura, and La Infanta deposits." He also stated that the company's flagship IBW project was "hosted within the renowned Iberian Pyrite Belt in Western Spain, one of the most productive volcanogenic massive sulfide (VMS) terranes in the world."

Thomson described the Iberian Pyrite Belt as "a vast geographical area with geological features that favour mining," noting that "the mining activity in this region goes back thousands of years." He wrote that the belt "has had more than 2000 million tons of ore removed, and yet still has more than 400 million tons left to exploit," adding that "the Iberian Pyrite Belt is the single largest concentration of massive sulfides in the world."

In his discussion of the company's mineral resources, Thomson stated that "the 2025 updated Mineral Resource Estimate (MRE) reflects a 35% increase in 'Total Indicated Mineral Resource' tonnage to 18.96 million tonnes (Mt), at 8.44% ZnEq (3.01% CuEq) and a 44% increase in 'Total Inferred Resource' tonnage to 6.80 Mt at 8.72% ZnEq (3.00% CuEq), relative to the 2023 Mineral Resource Estimate." He also noted that "the El Cura deposit has been incorporated for the first time, contributing significant copper and gold mineralization, while overall contained gold in the 'Indicated' category has increased by 24% to 783,000 ounces."

Thomson also provided a technical assessment of the stock, writing that "the weekly chart shows a potential double bottom pattern with a technical target of about CA$1.20," and that "given the amount of volume in play, a move to the highs at about CA$1.60 is my target for the medium term." He further stated that the stock had a "Short-Term Technical Price Target: CA$0.80," a "Medium-Term Technical Price Target: CA$1.60," and a "Long-Term Technical Price Target: CA$2.50," and assigned the stock a "Technical Rating: Speculative Buy."

Project Development Milestones at Iberian Belt West

As covered in the company's investor presentation, the Iberian Belt West Project includes several milestones and development steps described in the company's materials. The Junta de Andalucia granted Declaration of Strategic Importance status for the project, and a Mineral Resource Estimate has been completed.

An Environmental Impact Study referred to as AAU was submitted, followed by public consultation activities associated with that environmental process. Company materials also reference gold recovery process testing that reported 81.5% recovery.

Additional project steps include submission of the project to the Andalusia authority for mining license approval and engagement with the Huelva Mining Department for project approval. 

Engineering studies for the project include the commencement of a Prefeasibility Study, followed by the completion of that study. The project development timeline also includes an updated Mineral Resource Estimate and continued public consultations related to the environmental approval process.

Ownership and Share Structure²

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.