David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins me to outline the key metrics and takeaways from the technical report on the updated Mineral Resource Estimate, along with improved gold recoveries from recent metallurgical testing at the wholly owned polymetallic Iberian West Project (IBW), located in southern Spain. We also get another update on the legal proceedings at the Aznalcóllar Project later in the conversation.

The Mineral Resource Estimate is based on 105,554 meters of drilling by the Company comprising 299 drill holes and is hosted in three volcanogenic massive sulphide deposits on the project; La Romanera (LR), La Infanta (LI), and the more recently delineated El Cura (EC) deposit (LR=169 holes totaling 70,344m; LI=91 holes totaling 20,975m; EC=39 holes totaling 14,235m). All three deposits remain open for further expansion by future drilling.

The IBW project is now reporting:

• A Total Indicated MRE of 18.96 million tonnes grading 2.88% zinc, 1.42% lead, 0.5% copper, 66 g/t silver, and 1.28 g/t gold (8.44% ZnEq or 3.01% CuEq);
• A Total Inferred MRE of 6.80 million tonnes grading 3.25% zinc 1.50% lead, 0.73% copper, 56.3 g/t silver, and 0.77 g/t gold (8.72% ZnEq or 3.00% CuEq);
• The updated Mineral Resource Estimate achieves numerous improvements when compared to the previous May 23, 2023 MRE, which include a +35% increase in Total Indicated MRE tonnage and a +44% increase in Total Inferred MRE tonnage;
• There was also an increased gold metal content within the Total Indicated MRE from 629 Koz to 783 Koz, which is an increase of +154 Koz (+24%) with an increase in contained gold within the Total Inferred Resource from 137 Koz to 168 Koz or an increase of +31 Koz (+23%) gold, respectively;

Then on May 27^th the Company announced that the CLEVR Process™ optimization for the La Romanera deposit is a post-flotation stage of metallurgical recovery that is being conducted at DUNDEE Sustainable Technologies’ laboratories. A total of 18 optimization tests of the thermal treatment process (pyrolysis and thermal oxidation) were performed during this recent stage of testing.  The latest CLEVR Process™ results indicate an improved gold recovery of 81.5% for a 27% improvement relative to previously reported results (17% increase in gold recovery). This represents an important upgrade relative to the 64.1% gold recovery that was used for its most recent NI 43-101 Mineral Resource Estimate (“MRE”) based on the available results at the time of estimation (see news release March 17, 2025).

El Cura is still being drilled with 4 rigs, and is located in between La Infanta and La Romanera, but more closely resembles La Romanera metallurgically, returning higher gold values along with the base metals. David walks us through how each of these 3 deposit areas plays into the larger development strategy, where the earlier stage mining decline at La Romanera can now drift through El Cura on the way to the development of La Infanta, bringing in El Cura in as a future economic driver much earlier in the mining sequence.  We discuss all the derisking work going on in the background building toward the Pre-Feasibility Study (PFS) later this year, as well as an update on the environmental permits anticipated to come in over the next couple months.

We wrap up with David sharing a bit more from the comments the Company made on June 2^nd with respect to the announcement made on May 30, 2025 by the Minister of Energy and Mines of Andalucia, Mr. Jorge Paradela, that the Junta de Andalucia, through his ministry, has granted the exploitation license to Minera Los Frailes (“MLF”) to develop the Aznalcollar project.   Spanish independent legal counsel of Emerita has reassured the Company that this announcement will have no bearing on the outcome of the ongoing criminal trial related to the awarding of the Aznalcollar Public Tender.  We get another update on where things are at in the process within the courts, with the sentencing portion of the legal proceedings having commenced back on March 3^rd.  The company is still awaiting further clarity on whether Emerita Resources will be awarded the high-grade polymetallic Aznalcóllar Project later this year, as the only other qualified bidder at the time.

If you have any follow up questions for David regarding Emerita Resources, then email those in to me at  Shad@kereport.com.

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