Emerita Resources Corp.’s (EMO:TSX.V; EMOTF:OTCQX; LLJA:FSE) flagship IBW (Iberian Belt West) project is hosted within the renowned Iberian Pyrite Belt in Western Spain, one of the most productive volcanogenic massive sulfide (VMS) terranes in the world. 

About The Iberian Pyrite Belt 

This is a vast geographical area with geological features that favour mining. It stretches along much of the south of the Iberian Peninsula, from Portugal to Spain.

The mining activity in this region goes back thousands of years.

The Iberian Pyrite Belt has had more than 2000 million tons of ore removed, and yet still has more than 400 million tons left to exploit.

In a nutshell, the Iberian Pyrite Belt is the single largest concentration of massive sulfides in the world.

The company’s flagship IBW project encompasses three polymetallic deposits: La Infanta, El Cura, and La Romanera.

Mineral Resources

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.

El Cura

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.

Team Leaders

David Gower, P.Geo.

CEO and Director

David Gower has been involved in the mineral industry for over 30 years, including positions with Falconbridge Limited and Noranda Inc. (now Glencore Canada Corporation). While at Falconbridge, he was General Manager of Global Nickel and PGM Exploration and a member of the senior operating team that approved capital budgets for new mining projects. Mr. Gower has been involved in numerous discoveries and mine development projects, including at Raglan, Matagami, and Sudbury, Canada, and greenfield discoveries in Brazil and Tanzania. He also previously held positions as Director of several junior mineral exploration companies focused on South America and Europe, and has been a Director of Alamos Gold since 2009. Mr. Gower has a Bachelor of Science degree in Geology from Saint Francis Xavier University and a Master of Science degree in Earth Sciences from Memorial University.

Joaquin Merino-Marquez, P.Geo.

President and Director

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. He was the exploration manager for Placer Dome at Porgera Mine and a mine geologist at Hecla Mining’s La Camorra mine. Joaquin has extensive international experience in South America, Europe, and the Asia-Pacific regions. Joaquin holds an MSc from Queen’s University and a BSc in Geology from the University of Seville (Spain). Mr. Merino is a member of the Association of Professional Geoscientists of Ontario.

Management’s Most Recent Update

Investors can access the Jan 28, 2026 Management Discussion & Analysis here.

Aznalcóllar

The company has been engaged in a lengthy litigation process since 2015 related to the public tender for the potentially huge Aznalcóllar Project.

A number of indictments relating to irregularities in the tender process have been issued by the Spanish courts.

Junior resource stock investing is exciting, and investors can expect significant volatility in the stock as this back-and-forth legal battle plays out.

Share Structure

In The News

Drilling at El Cura is ongoing, and here are some early February results in detail.

Exciting Charts

A massive support zone between CA$0.40 extends back for more than ten years, and the price is on the outskirts of it now. Stochastics (14,3,3 series) is also oversold.

The last massive volume spike was in 2021, and the stock surged to above CA$4 soon after that. 

Another big volume spike is in play now.

The weekly chart shows a potential double bottom pattern with a technical target of about CA$1.20, but given the amount of volume in play, a move to the highs at about CA$1.60 is my target for the medium term.

On this daily chart, the double bottom action is clear, as is the bullish volume pattern.

Double bottom patterns tend to involve weak hands panicking on the first bottom and demoralized investors throwing in the towel on the second…

With strong hands taking the stock in both cases.

Stock price at time of writing: CA$0.45

Short-Term Technical Price Target: CA$0.80

Medium-Term Technical Price Target: CA$1.60

Long-Term Technical Price Target: CA$2.50

Technical Rating: Speculative Buy

The company’s latest investor presentation is here.

Company Website: https://www.emeritaresources.com/.