UILDING THE NEXT DOMINANT Z EXPLORER AND DEVELOPER · Mr. Gower is a founding director of Emerita...

BUILDING THE NEXT DOMINANT

ZINC EXPLORER AND DEVELOPERQ3 2020

TSX-V: EMO

Frankfurt: LLJ

2TSX-V: EMO

Frankfurt: LLJ

This presentation contains, or incorporates by reference, “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information may include, but is not limited to, statements with

respect to the future performance of Emerita Resources Corp. (“Emerita” or the “Company”), Emerita’s mineral properties, the future price of zinc, lead, copper, and other metals, the estimation of mineral resources and mineral reserves,

results of exploration activities and studies, the realization of mineral resource estimates, exploration activities, costs and timing of the development of new deposits, the acquisition of additional mineral resources, the results of future

exploration and drilling, costs and timing of future exploration of the mineral projects, requirements for additional capital, management’s skill and knowledge with respect to the exploration and development of mining properties in Spain,

government regulation of mining operations and exploration operations, timing and receipt of approvals and licences under mineral legislation, the Company’s local partners, the Spanish court’s rulings regarding the Aznalcollar project

and the Paymogo project, the ability of the Company to acquire the rights to the Aznalcollar project and the Paymogo project and environmental risks and title disputes. In certain cases, forward-looking statements can be identified by the

use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or variations (including negative 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 statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Emerita to be materially different from any future results, performance

or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks associated with the Company’s dependence on the mineral projects; general business, economic, competitive, political

and social uncertainties; the actual results of current exploration activities; risks associated with dependence on key members of management; conclusions of economic evaluations and studies; currency fluctuations (particularly in respect

of the Canadian dollar, the United States dollar and the Euro and the rate at which each may be exchanged for the others); future prices of gold, zinc and other metals; uncertainty in the estimation of mineral resources, exploration and

development risks; infrastructure risks; inflation risks; defects and adverse claims in the title to the projects; accidents, political instability, insurrection or war; labour and employment risks; changes in government regulations and policies,

including laws governing development, production, taxes, royalty payments, labour standards and occupational health, safety, toxic substances, resource exploitation and other matters; delays in obtaining governmental approvals or

financing or in the completion of development or construction activities; insufficient insurance coverage; the risk that dividends may never be declared; and liquidity and financing risks related to the global economic crisis. Such forward-

looking statements are based on a number of material factors and assumptions, including: that contracted parties provide goods and/or services on the agreed timeframes; that on-going contractual negotiations will be successful and

progress and/or be completed in a timely manner; that no unusual geological or technical problems occur; that plant and equipment work as anticipated and that there is no material adverse change in the price of gold. Although Emerita

has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ

from those anticipated, estimated or intended. A qualified person, as defined in National Instrument 43-101, has not done sufficient work on behalf of Emerita to classify certain of the historical technical information included in this

presentation, including the historical estimates of the Aznalcollar, Paymogo, and Plaza Norte projects as a current mineral resource and Emerita is not treating the historical estimates as a current mineral resource or mineral reserve. This

historical information should not be relied upon and Emerita cannot guarantee the accuracy of the historical data. Forward-looking statements contained herein are made as of the date of this presentation. There can be no assurance that

forward-looking statements 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

statements due to the inherent uncertainty therein.

Unless otherwise indicated, the scientific and technical information in this presentation has been reviewed and approved by Mr. Joaquin Merino, P.Geo, President and Director of the Company and a Qualified Person as defined by

National Instrument 43-101 of the Canadian Securities Administrators.

FORWARD LOOKING STATEMENTS

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SUMMARY / CATALYST

• Following a 5-year title dispute EMO has received a positive resolution on the high grade Paymogo Project and expects a similar outcome for the Aznalcollar Deposit.

• Both are world class resources in an area with a strong mining culture, with exceptional mining infrastructure. Aznalcollar is a past producing operation.

• Companies with comparable assets to Paymogo but located in more logistically challenging operating jurisdictions have capitalizations that significantly exceed that of EMO presently.

• EMO will hold two top development-stage zinc-copper projects that are not presently owned by major producers upon successful completion of legal processes.

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FINANCING /USE OF PROCEEDS

• Non-brokered private placement financing of up to 7,100,000 units of Emerita (the “Units”) at a price of $0.14 per Unit for gross proceeds of up to $1,000,000 (the “Offering”).

• Each Unit shall be comprised of one common share of Emerita (each a “Common Share”) and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.15 for a period of 24 months.

• The closing date of the Offering is on or about July 24, 2020 and will be subject to a hold period of four monthsand one day. Emerita has agreed to pay a finder’s fee of 8% of the gross proceeds, payable in cash, and finder’swarrants equal to 8% of the units sold by qualified finders.

• Proceeds will be to finance the project activities in Spain, with a focus on the Paymogo Project to be granted toEmerita in accordance with the ruling by the Supreme Court of Spain and for general corporate purposes.

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Basic Shares Outstanding 77.61

Options 4.73

Warrants 14.94

Fully Diluted Shares Outstanding 97.28

SHARE CAPITAL STRUCTURE AND MANAGEMENT

CAPITALIZATION (IN MILLIONS)

David Gower

(P.Geo.)

CEO and Director

Mr. Gower is a founding director of Emerita and has held Executive and Director

positions with several junior and midsize mining companies for the past 12 years,

including President of Brazil Potash Corp. David spent over 30 years with

Falconbridge (now Glencore) as Director of Global Nickel and PGM exploration and

as a member of the Senior Operating Team for mining projects. He 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, Brazil. David is a Director of Alamos Gold Inc.

Joaquin Merino-

Marquez (P.Geo.)

President and

Director

Mr. Merino-Marquez is a professional geologist with more than 20 years of

experience in the mining industry. Previously, Joaquin was Vice President,

Exploration for Primero Mining Corp. and Vice President Exploration for Apogee

Minerals Ltd. He worked as mine geologist and exploration manager for Placer Dome

at the Porgera Mine and at Hecla Mining's La Camorra mine. Joaquin has extensive

international experience in South America, Europe and Asia-Pacific regions. He

holds a M.Sc. from Queens University, a B.Sc. in Geology from University of Seville

(Spain) and is a member of the Association of Professional Geoscientists of Ontario.

Greg Duras

CFO

Mr. Duras is a senior executive with over 20 years of experience in the resource

sector in corporate development, financial management and cost control positions.

He’s held the position of CFO at several publicly traded companies, including Savary

Gold Corp., Nordic Gold Corp and Avion Gold Corp. He is currently CFO of Red Pine

Exploration. Greg is a Certified General Accountant and a Certified Professional

Accountant, and holds a Bachelor of Administration from Lakehead University.

Damian Lopez

Corporate Secretary

Mr. Lopez is a corporate securities lawyer who works as a legal consultant to various

Toronto Stock Exchange and TSX Venture Exchange listed companies. He

previously worked as a securities and merger & acquisitions lawyer at a large

Toronto corporate legal firm, where he worked on a variety of corporate and

commercial transactions. Mr. 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.

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BOARD OF DIRECTORS

David Gower (P.Geo.) CEO and Director

Refer to Slide 3.

Joaquin Merino-Marquez (P.Geo.)President and Director

Refer to Slide 3.

Lawrence Guy Chairman

Mr. Guy is Chief Executive Officer of North 52nd Asset Management Inc. Previously, Larry was a Portfolio Manager with AstonHill Financial Inc. Prior to Aston Hill, Mr. Guy was Chief Financial Officer and Director of Navina Asset Management Inc., acompany he co-founded that was subsequently acquired by Aston Hill Financial Inc. Mr. Guy has also held senior offices atFairway Capital Management Corp., and First Trust Portfolios Canada Inc. Mr. Guy holds a Bachelor of Arts (Economics) degreefrom the University of Western Ontario and is a Chartered Financial Analyst.

Marilia Bento Director

Marilia Bento has over 20 years of experience in the financial industry and Canadian capital markets.. Ms. Bento’s previouspositions 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 several resource companies. Ms.Bento wason the Board of Directors of Orion Securities Inc. and has been a board member of junior mining companies.

Catherine StretchDirector

Catherine Stretch is Vice President, Corporate Affairs at Troilus Gold Corp., a TSX listed advanced stage exploration and early-development company focused on the mineral expansion and potential mine re-start of the former gold and copper Troilus mine in Quebec. From 2015 to 2019, Catherine was Chief Commercial Officer of Aguia Resources Limited, an ASX and TSX Venture listed company developing 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 and was previously a partner and the Chief Operating Officer of a Canadian investment firm which had $1 billion in assets under management. She is currently a Director of TSX Venture listed AnalytixInsight Inc and TSX listed UEX Corporation. Ms. Stretch 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.

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EMERGING ZINC EXPLORER AND DEVELOPER

❑ Emerita team has decades of experience developing

polymetallic deposits.

❑ Portfolio of high grade, large scale polymetallic projects in

well established mining camps.

❑ Target criteria:

ꟷ Historical resources with millions-of-tonnes potential.

ꟷ Extensive technical databases.

ꟷ Exceptional near-mine and regional infrastructure.

ꟷ Areas with previous environmental and socialpermitting and community support.

❑ In addition to the target criteria, Paymogo and Aznalcollar

offer compelling grade, scale, and scalability…

❑ … while the past-producing Plaza Norte mine joint venture

is a compelling exploration project within the Riocin zinc-

lead mining camp.

TARGETING BEST-IN-CLASS PROJECTS

Plaza Norte

Paymogo (W), Aznalcollar (E)

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IMMEDIATE, NEAR, AND MEDIUM-TERM POTENTIAL FOR VALUE ACCRETION

❑ Two high-grade deposits, Romanera and La Infanta. Zinc-copper-lead-silver at surface to shallowdepths. The Paymogo deposits were drilled by Minera Rio Tinto in the 1990s.

❑ Acquisition of 100% through a public tender process. In November 2019, the Supreme Court of Spainawarded rights to the Paymogo project to Emerita, with no further appeal. Ramp-up of explorationactivity pending final award of the public tender by the government of Andalucía.

❑ Received official notice from the Government of Huelva Province awarding the Public Tender forRomanera ? Paymogo to Emerita (see NR date June 29, 2020)

Aznalcollar, Andalucia, Spain

Aznalcollar, Andalucia, Spain

Paymogo, Huelva, Spain

❑ Aznalcollar is regarded as one of top undeveloped zinc deposits.

❑ Historical resource for the Los Frailes deposit is estimated at 20 Mt grading +10% Zn+Pb (Ag)(1) andremains open for expansion.

❑ In October 2019, five judges of the Superior court ruled unanimously in favor of Emerita andindicated that the competing bid did not meet tender requirements and should be disqualified.

PAYMOGO (IBERIAN PYRITE BELT)

AZNALCOLLAR (IBERIAN PYRITE BELT)

(1) A qualified person as defined in NI 43-101 has not done sufficient work on behalf of EMO to classify the historical estimate as a current mineral resource and EMO is not treating the historical estimate as current mineral resource or mineral reserve. The resource estimate is a historical estimate and should not be relied upon. Significant additional drilling and related work would be required to make the estimate a current mineral resource under NI 43-101. A summary of the historical resource estimate is available on the Government of Andalucia’s web site in a report prepared by the prior operator of the Aznalcóllar Project entitled “Proyecto de Explotacion Yacimiento Los Frailes, Memoria Andaluza de Piritas, Boliden- Apirsa, Octubre 1994” (Los Frailes Development project Report, Boliden-Apirsa, October 1994) along with subsequent resource estimate updates, the latest being from 2000.

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PREPRODUCTION COMPANIES WITH COMPARABLE ASSETS TO PAYMOGO

Adventus Mining and OsiskoMetals have pre-production assets in Ecuador and NWT respectively that could have similar potential as Paymogo.

Paymogo is served by exceptional mining and transportation infrastructure which will be advantageous.

Quotes on April 30, 2020

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BEST-IN-CLASS ZINC PROJECTS – GRADE, SCALE, AND INFRASTRUCTURE

❑ Aznalcollar and Paymogo offer

compelling gross metal value (GMV/t)

and scale, each with historical

resources over 10 MT.

Source: Cormark Securities

Tonnage Zinc ZnEq ZnEq Value

(MM) (%) (%) (MMlb) (US$/t)

Ivanhoe Mines Ltd Kipushi DRC, Africa 15.7 29.8% 34.6% 11,935 $877 MMG Ltd Izok Lake Nunavut, Canada 14.6 13.0% 22.1% 7,122 $561 Wolfden Resources Corp Pickett Mountain Maine, USA 4.1 10.4% 21.4% 1,926 $543 Norzinc Ltd Prairie Creek NWT, Canada 15.8 10.3% 20.8% 7,223 $527 MMG Ltd High Lake Nunavut, Canada 14.0 3.8% 14.9% 4,603 $378 Trilogy Metals Inc Arctic Alaska, USA 39.5 4.1% 14.5% 12,661 $369 Adventus Mining Corp Curipamba Ecuador 10.2 2.8% 13.8% 3,104 $350 Solitario Zinc Corp Florida Canyon Peru 11.9 11.3% 12.8% 3,338 $324 Emerita Resources Corp (1) Aznalcóllar Spain 20.0 6.7% 12.6% 5,548 $319 Emerita Resources Corp (1) Paymogo Spain 11.2 5.5% 11.9% 2,949 $303 Solitario Zinc Corp Lik Alaska, USA 23.5 8.2% 11.6% 6,002 $294 Puma Exploration Inc Murray Brook New Brunswick, Canada 6.0 5.1% 11.4% 1,494 $289 Aston Bay Holdings Ltd Seal Zinc Nunavut, Canada 1.0 10.2% 11.2% 248 $285 Group Eleven Resources Corp Stonepark Ireland 5.1 8.7% 11.0% 1,232 $278 Rockcliff Metals Corp Rail Manitoba, Canada 0.8 0.90% 10.2% 185 $260 Blue Moon Zinc Corp Blue Moon California, USA 7.1 5.0% 10.0% 1,550 $252 ZincX Resources Corp Akie BC, Canada 30.2 8.0% 9.6% 6,402 $244 Rockcliff Metals Corp Talbot Manitoba, Canada 4.2 1.40% 9.5% 891 $242 Constantine Metal Resources Ltd Palmer Alaska, USA 14.3 5.0% 9.5% 2,988 $241 Fireweed Zinc Ltd Macmillan Pass Yukon, Canada 50.7 6.0% 9.4% 10,447 $237 Firestone Ventures Inc Torlon Hill Guatemala 2.2 6.9% 9.2% 445 $234 Hannan Metals Ltd Kilbriken Ireland 4.3 4.6% 8.8% 840 $223 Group Eleven Resources Corp Ballinalack Ireland 5.4 7.6% 8.6% 1,019 $217 Aquila Resources Inc Back Forty Michigan, USA 17.8 3.0% 8.4% 3,287 $213 Benz Mining Corp Mel Yukon, Canada 5.3 6.5% 8.1% 946 $206 Kutcho Copper Corp Kutcho BC, Canada 28.0 2.4% 7.9% 4,864 $200 Vendetta Mining Corp Pegmont Queensland, Australia 14.0 2.7% 7.9% 2,429 $199 Murchison Minerals Ltd Bradant-McKenzie Saskatchewan, Canada 9.7 5.0% 7.3% 1,553 $184 Foran Mining Corp McIlvenna Bay Saskatchewan, Canada 34.1 2.7% 7.2% 5,420 $183 Southern Silver Exploration Corp Cerro Las Minitas Durango State, Mexico 23.9 3.2% 7.2% 3,792 $182 Metalicity Ltd Admiral Bay Western Australia 170.0 4.1% 7.0% 26,185 $177 Tinka Resources Ltd Ayawilca Peru 71.2 4.7% 6.9% 10,893 $176 Rathdowney Resources Ltd Olza Poland 24.4 5.5% 6.8% 3,672 $173 Les Ressources Yorbeau Inc Scott Lake Quebec, Canada 17.9 3.6% 6.7% 2,644 $170 Osisko Metals Inc Pine Point NWT, Canada 38.4 4.6% 6.2% 5,239 $157

Company Project

Attributable Total Resource

Location

(1) A qualified person, as defined in National Instrument 43-101 (“NI 43-101”), has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. Further work must be completed in order to demonstrate whether a reasonable expectation for commercial extraction exists. The resource estimate is a historical estimate and should not be relied upon.

(2) Metal constituents for zinc-equivalent determinations: Aznalcollar 6.7% zinc, 3.87% lead, 0.29% copper, 84 g/t silver; Paymogo 5.5% zinc, 2.47% lead, 0.40% copper, 64 g/t silver, and 1 g/t gold. (3) Lead, copper, silver, and gold are converted to a zinc equivalent using the following metal price assumptions: zinc (US$1.15/lb), lead (US$1.00/lb), copper (US$3.00/lb), silver (US$17/oz), and gold (US$1,475/oz).

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VALUE PROPOSITION

Source: Asturiana de Zinc SA:Internal Report Source: Boliden Apirsa :Internal Report Source: Arizona Mining Corp. Presentation

* A qualified person, as defined in National Instrument 43-101 (“NI 43-101”), has not done sufficient work on behalf of Emerita to classify the historical estimate as a current mineral resource and Emerita is not treating the historical estimate as a current mineral resource or mineral reserve. Further work must be completed in order to demonstrate whether a reasonable expectation for commercial extraction exists. The resource estimate is a historical estimate and should not be relied upon.

Arizona Mining taken over via all-cash offer of C$2.1B by South 32 Q3/2018

PAYMOGO* AZNALCOLLAR* ARIZONA MINING

Zn (%) 6.7 4.1

Pb (%) 2.47 3.8 4.3

Ag (oz/t) 4.6 2.3

Tonnes (Mt) 11 20 (open) 101

Depth (metres) 100 - 600 0 - 350 350 - 1100

Infrastructure 70km to zinc smelter50km to port

zinc smelter in country450km to port

5.5

2.1

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IBERIAN PYRITE BELT - GRADE, SCALE AND SCALABILITY, AND INFRASTRUCTURE

PLAZA NORTE (50%)

CANTABRIA, SPAIN

PAYMOGO

SEVILLE

AZNALCOLLAR

The renowned Iberian Pyrite Belt is one the most productive Volcanogenic Massive Sulphide terranes in the world. Infrastructure and access is exceptional.

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❑ Hosted within the Iberian Pyrite Belt, one of the most productiveVMS terranes in the world.

❑ Two high-grade polymetallic deposits – Romanera and La Infanta,VMS, zinc-copper-lead-silver at surface to shallow depths.

❑ Acquisition of 100% of Paymogo through a public tender process. Nocash payments for acquisition. No royalties.

❑ Title dispute recently resolved at the Supreme court of Spain level inEmerita’s favor, no further appeals possible, project award pending.

❑ Ramp-up of exploration activity ongoing following final award of thepublic tender by the government of Andalucía, June 29,2020.

❑

PAYMOGO PROJECT - ANDALUCÍA, SPAIN

PROJECT SUMMARY

RECENT DEVELOPMENTS

Project Company Tonnage (Mt) Ore Type Cu (%) Pb (%) Zn (%) S (%) Ag (g/t) Au (g/t)

La Infanta Asturiana da Zinc-Phelps D. JV (1984) 0.8 Polymetallic 1.77 6.91 12.66 – 148.00 –

Romanera Rio Tinto Minera 34.0 Total 0.42 1.10 2.30 – 44.00 0.80

including 11.2 Polymetallic 0.40 2.47 5.50 – 64.00 1.00

ROMANERA AND LA INFANTA

HISTORICAL RESOURCE ESTIMATE (1)

(1) A qualified person as defined in NI 43-101 has not done sufficient work on behalf of EMO to classify the historical estimate as a current mineral resource and EMO is not treating the historical estimate as current mineral resource or mineral reserve. The resource estimate is a historical estimate and should not be relied upon. Significant additional drilling and related work would be required to make the estimate a current mineral resource under NI 43-101. A summary of the historical resource estimate is available on the Government of Andalucia’s web site in a report prepared by the prior operator.

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PAYMOGO PROJECT – LA INFANTA DEPOSIT

Depth

from (M)

Depth

to (M)

Intercept

(M)Cu (%) Pb (%) Zn (%) Ag (g/t)

78.0 84.1 6.1 4.00 11.18 17.71 115.0

21.5 25.2 3.8 0.73 2.00 3.93 30.0

98.5 101.5 3.0 0.41 4.72 11.97 12.0

88.2 91.3 3.1 1.37 7.42 14.47 133.0

33.6 35.6 2.0 1.44 6.30 12.54 159.0

105.9 109.1 3.2 3.60 12.50 24.03 149.0

36.4 41.4 5.1 0.52 8.67 16.60 –

26.9 33.9 7.0 0.28 2.48 5.20 –

70.3 74.0 3.8 2.74 7.92 16.74 157.0

27.8 31.4 3.7 1.16 3.07 8.30 106.0

47.6 50.8 3.2 3.05 11.40 20.42 292.0

57.6 64.3 6.7 1.73 7.20 11.70 110.0

81.2 86.5 5.3 3.96 12.24 24.50 280.0

72.4 76.0 3.6 3.81 18.13 31.20 214.0

76.3 79.8 3.5 1.39 5.30 10.60 179.0

35.0 40.6 5.6 1.31 5.87 11.97 181.0

80.2 83.6 3.4 2.72 8.42 16.15 260.0

50.9 53.0 2.1 1.90 8.91 12.97 158.0

(1) Historical drill results have not been verified by Emerita’s Qualified Person.

LA INFANTA DRILL INTERCEPTS AND DRILL COLLAR LOCATIONS (1)

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❑ La Infanta deposit has been drilled to approximately 100 m and remains open at depth and along strike. (1,2)

PAYMOGO PROJECT – LA INFANTA DEPOSIT

0 10 m

DDH ResultsZn%Pb%Cu%

Ag g/t


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❑ note trenches on south side where deposit outcrops

PAYMOGO PROJECT – ROMANERA DEPOSIT

ROMANERA DRILL COLLAR LOCATIONS AND CROSS SECTION

Romanera deposit remains open for expansion at shallow depths


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❑ One of world’s best undeveloped zinc deposits - past producer.

❑ Approximately 20 Mt grading +10% Zn+Pb (Ag) open at depth based

on a historical estimate.(1)

❑ The historical estimate (Los Frailes deposit) is well drilled and open

for expansion at moderate depth.

❑ Two other deposits on the property have potential to further expand

the resources available for development.

❑ Strong community and government support for development of the

project. Emerita has completed a major study, which will expedite

development once awarded.

❑ In October 2019, five judges of the Superior court ruled unanimously

in favor of Emerita and indicated that the competing bid did not meet

tender requirements and should be disqualified.

AZNALCOLLAR PROJECT - ANDALUCÍA, SPAIN

PROJECT SUMMARY

RECENT DEVELOPMENTS

HIGH-GRADE DEPTH EXTENSIONS


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❑ The 20Mt high-grade portion of the historical resource(1) is entirely within the Los Frailes deposit (center), the past producing

Aznalcollar deposit (right) and a third deposit also remain open and provide upside.

❑ Deposit outcrops in the open pit and remains open at shallow depths.

AZNALCOLLAR PROJECT – LOS FRAILES POLYMETALLIC VMS DEPOSIT

0 m

200 m

400 m

Average Ore Thickness = 18m

GEOLOGICAL SOLID MODEL AND UNDERGROUND PLAN

past-producing open pit

Los Frailes underground

plan


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❑ The historical open pit mineral resource, as calculated by the previous operator, was estimated to be 71 million tonnes grading 3.86% zinc, 2.18%

lead, 0.34% copper and 60 ppm silver.

❑ Emerita’s development plan is focused on the high grade portion of the historical resource estimate(1) (in red outline above).

❑ A review of the historical diamond drilling data indicates the existence of a higher grade portion of the resource(1) that is estimated to contain 20

million tonnes grading 6.65% zinc, 3.87% lead, 0.29% copper and 84 ppm silver.

AZNALCOLLAR PROJECT – HISTORICAL TONNAGE AND GRADE ESTIMATES

Tonnes (M) Ag (ppm) Cu (%) Pb (%) Zn (%) Ore type

11 (15%) 33 0.51 0.46 0.84 0.0<Zn<1.5

10 (14%) 47 0.39 1.10 2.07 1.5<Zn<2.5

30 (42%) 59 0.30 2.03 3.67 2.5<Zn<5.0

20 (28%) 84 0.29 3.87 6.65 5.0<

71(100%) 60 0.34 2.18 3.86 Total


HISTORICAL RESOURCE ESTIMATE (1)

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❑ Deposits drilled to open pit depths only, high grade continues beyond

current drilling.

AZNALCOLLAR PROJECT – LOS FRAILES CROSS SECTION AND DDH 106 RESULTS (1,2)


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RIOCIN LEAD-ZINC CAMP IN NORTHERN SPAIN

PLAZA NORTE (50%)

CANTABRIA, SPAIN

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❑ 50/50 Joint Venture with partner, Aldesa Group. All

costs shared with Emerita as operator.

❑ Located in the heart of the prolific Reocín Mining

Camp, formerly one of the premier zinc-lead

producers in Europe.

❑ Extensive mineralized target areas already identified

based on historical drilling.

ꟷ Acquired historical database of approx. 300diamond drill holes.

ꟷ Low geological and technical risk.

❑ Previous environmental and social permitting; strong

support from government and Torrelavega University.

A specialized infrastructure company with over 40 years of experience in the

advancement of major infrastructure projects in Spain and internationally.

PLAZA NORTE (50%) – LAND POSITION AND MINERALIZED TARGETS

PROJECT SUMMARY

Aznalcollar

Sotiel

Los Frailes

Silicatos

ToralMazarron

Reocin

(Historical)

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

0.0% 3.0% 6.0% 9.0% 12.0%

To

nn

ag

e (

Kt)

ZnEq %

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PLAZA NORTE (50%) – CAMP EXPLORATION MODEL

HISTORICAL REOCÍN LOM PRODUCTION

Production: 62 million tonnesAverage Grades: 11.0% Zn and 1.4% Pb

Source: USGS “Compilation of mineral resource Data for MVT and CD-SH Lead-Zinc Deposit “ 2009

❑ Conceptual cross section shows several mineralized bodies along the 10 km extension of Reocín.

❑ Previous drilling at 200 – 350m spacing has identified zones with multiple ore grade intercepts and remains open.

❑ 2018 and 2019 exploration programs focused on drilling of the Queveda target, 2020 on Yuso and Mercadal.

❑ Objective to outline a 20 – 40Mt zinc-lead deposit at camp grades.

UILDING THE NEXT DOMINANT Z EXPLORER AND DEVELOPER · Mr. Gower is a founding director of Emerita...

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Transcript of UILDING THE NEXT DOMINANT Z EXPLORER AND DEVELOPER · Mr. Gower is a founding director of Emerita...