Emerita Resources

Overview

Copper is one of the most used metals in the world and its value is constantly pointing 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) is a Canadian natural resource company that acquires, explores and develops mineral properties in Spain. The company has acquired 100 percent of the Iberian Belt West (IBW) project located in the Iberian Pyrite Belt in 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 declared the area strategically important to EU’s metal supply and has allocated 3.2 billion euros to support and fund mining and metallurgy projects in the region.

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 consists of 6,875 hectares, 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 over 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 over 20 years of experience in the mining industry and has extensive international experience in South America, Europe and Asia-Pacific. Management holds approximately 12 percent of the company’s shares.

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 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.

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 an ongoing 70,000-meter drill campaign on La Romanera and La Infanta deposits to complete NI 43-101 resource and metallurgical studies in advance of economic evaluation.
• 26 drill holes have been completed on the La Romanera deposit, which is the main focus of the IBW program.

Nuevo Tintillo

The Nuevo Tintillo project was acquired by Emerita Resources in June 2021. Also hosted within the Iberian Pyrite Belt, Nuevo Tintillo encompasses 6,875 hectares, and has a rectangular shape along the east-west axis for about 25 km. 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 for the high-resolution, airborne geophysical survey on the Nuevo Tintillo property. The company identified magnetic anomalies and EM conductors favourable for polymetallic minerals exploration and three highly prospective targets.

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.

Management Team

David Gower, P.Geo. — 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, P.Geo. — 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.

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

Lawrence Guy is Chief Executive Officer of North 52nd Asset Management Inc. Previously, he was a Portfolio Manager with Aston Hill Financial Inc. Prior to Aston Hill, he was Chief Financial Officer and Director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. He has also held senior offices at Fairway Capital Management Corp. and First Trust Portfolios Canada Inc. He holds a Bachelor of Arts (Economics) degree from the University of Western Ontario 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.