Emerita Resources – The Aznalcóllar Tender Still Awaits The Administrative Court Decision – The Value Proposition Of IBW, San Antonio, and Nuevo Tintillo
David Gower, CEO and Chairman of Emerita Resources (TSX.V: EMO) (OTCQB: EMOTF), joins us to review the news out to the market on December 5th with regards to what the criminal court decision in Spain with regards to Aznalcóllar, how the actual decision on tender being awarded on the Project still comes down to the administrative court. We then dive into the value proposition on their flagship IBW project, the recent acquisition of the expanded San Antonio Project, and the earlier-stage but large and prospective Nuevo Tintillo exploration project.
David summarizes the decision from the Third Section of the Provincial Court of Seville, which has completed the hearings for the criminal trial on the alleged crimes committed during the process of awarding the tender. The hearings commenced on March 3, 2025 and were completed on July 15, 2025. He goes on to point out that while it would have expedited the process to have a criminal conviction, it is not necessary to still be awarded the Aznalcóllar tender, and that many people have prematurely assumed a definitive outcome.
Then we shifted over to the value proposition of their flagship Iberian Belt West (IBW) Project, which hosts three Volcanogenic Massive Sulphide (VMS) deposits, that comprise a NI 43-101 compliant mineral resource estimate from the La Romanera, La Infanta and El Cura deposits. David points to the update to the resource estimate that will be coming out in Q1 of 2026, which will then be used to release updated project economics at IBW. Rising metals prices as well as increased metals recovery rates from a series of metallurgical tests will result in expanded metrics in both studies.
Next we reviewed the 2 new properties acquired a few months ago, cumulatively referred to as the San Antonio Project, which substantially increased Emerita’s wholly owned Iberian Pyrite Belt holdings; taking the Company’s total mineral property holdings in the IBW area to 8,144 hectares.
Wrapping up David highlights the prospectivity of the large earlier-stage Neuvo Tintillo Project, strategically located in between prior producing and development-stage projects in the mineralized belt. There will be a drill program commencing here in H2 of 2026.
If you have any follow up questions for David regarding Emerita Resources, then email those in to us at either Fleck@kereport.com or Shad@kereport.com.
- In full disclosure, Shad is a shareholder of Emerita Resources at the time of this recording, and may choose to buy or sell shares at any time.
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I think a lot of investors will be wishing they never sold or bought more at the bottom. Lake, I think you might have been trying to fool us by not being optimistic after the crash. DT 😊
There is cause to be cautious when Courts issue verdicts contrary to law and evidence. The Emo Court seemed to indicate that resolving the Admin Court issue was not their job … which it wan’t. But the Court did have the obligation to address the Criminal charges which 3 levels of Courts had the finding that crimes were committed. Some believe that crimes were committed that should have ended in convictions.
When surprises occur in the Courts then my exuberance turns to caution as the Law and being consistent with the Constitution is not a moving target. Since intervention in markets is also quite prevalent, all should be cautious. I finished off doubling my personal position after 5 different buys. At the moment I will take that much risk. Others must act on there own tolerance and risk.
If the court decision should change, and EMO gets the nod, well need I say more! HO! HO! HO! Here comes Santa Clause!!! LOL! DT