Emerita Provides Update Regarding Ongoing Media Reports on Developments in Aznalcollar Court Proceedings, Spain

Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) (the "Company" or "Emerita") is providing an update in response to current media reports in Spain concerning ongoing developments in the Aznalcollar legal case. The current flurry of news items is in response to a resolution issued by the Provincial Court No. 3 of Seville (the "Court") (please see the Company's press release dated October 6, 2021 for further details) pursuant to which the Court has determined that it is appropriate to commence with the oral trial of the accused and that this trial should be conducted in the upper courts.

Emerita's external Spanish legal counsel has advised that this resolution is part of the formal paperwork required for the trial process, which was expected but is encouraging, as it indicates the case is progressing. The Court is not waiting on the outcome of any appeals to the upper court by the accused which indicates a confidence that these will be denied based on the rulings to date. The Court has summoned the accused individually and notified them in person that they should prepare their final submissions without delay.   Most significantly in counsel's view is that the Court did not have a lot more to say about the substance of the case and has ruled to advance the case to the upper court without delay."

The next step in the criminal trial is that the upper court will receive the defense briefs and all trial documentation, which will be submitted to a nominated judge to set the date and complete the trial and issue the verdicts and penalties.

The Administrative Court of Andalucia (the "Administrative Court") (please see the Company's press release dated November 25, 2015 for further details) has also notified the Company that it will be making a ruling in the administrative case initiated by Emerita in 2015. This administrative process is separate from the ongoing criminal proceedings (see the Company's press release dated October 7, 2021) regarding the alleged crimes committed in the awarding of the Anzalcollar tender and this gives Emerita another path forward to obtaining the rights to the Aznalcollar project.

The Company perceives the Administrative Court's notice as a very positive development as Emerita's external Spanish legal counsel ("Counsel") has advised the Company that the Administrative Court has the authority to make a determination to award the Aznalcollar project to Emerita.

The Company will provide further details of the Upper Court's and the Administrative Court's rulings as they unfold.

About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

For further information, contact:

Joaquin Merino
+34 (628) 1754 66 (Spain)

Helia Bento
+1 416 566 8179 (Toronto)
info@emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the legal processes in Spain, the likelihood of the Company obtaining the rights to the Aznalcollar project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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