Emerita Intersects 32.6 Meters Grading 0.2 % Copper; 1.9 % Lead; 4.1 % Zinc; 4.01 g/t Gold and 84.1 g/t Silver; including 3.5 M grading 0.1 % Copper; 2.3 % Lead; 3.4 % Zinc; 7.07 g/t Gold and 99.9 g/t Silver from 138.9 Meters

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Emerita Intersects 32.6 Meters Grading 0.2 % Copper; 1.9 % Lead; 4.1 % Zinc; 4.01

g/t Gold and 84.1 g/t Silver; including 3.5 M grading 0.1 % Copper; 2.3 % Lead; 3.4

% Zinc; 7.07 g/t Gold and 99.9 g/t Silver from 138.9 Meters

TORONTO, April 04, 2023 -- Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the

“Company” or “Emerita”) is pleased to announce additional assay results from the ongoing 2022 - 2023

delineation drilling program at La Romanera Deposit, part of Emerita’s wholly owned Iberian Belt West Project

(“IBW” or the “Project”). Assays from 15 additional drill holes from La Romanera deposit and 7 holes from La

Infanta deposit have been received . IBW hosts three previously identified massive sulphide deposits: La

Infanta, La Romanera and El Cura. All deposits are open for expansion along strike and at depth.

According to Joaquin Merino, P.Geo., President of Emerita, “ We are closing in on the final drill hole assays

required for the initial NI 43 -101 mineral resource estimate for the Iberia n Belt West Proje ct. The work is

ongoing and is expected to be completed around the end of April. Drilling continues to expand the deposit,

however we are reducing the number of rigs as we complete the delineation drilling phase and focus the

ongoing drill program on the resource expansion.”

La Romanera assay results include holes LR029, LR067, LR069, LR076, LR078, LR081, LR083, LR089, LR093,

LR097, LR100, LR101, LR102, LR104 and LR115 and are reported below.

These holes are distributed broadly across the deposit between +50 and -400 m elevation (Figures 1, 2 and 3;

detailed drill data is presented in Table 1) . Drill hole intercepts on the shallow -central part of the deposit

(LR115, LR081 and LR067) returned high polymetallic grades and thicknesses. Drill hole intercepts on the west-

central part of the d eposit and outside of the historical drilling footprint (LR029, LR104 and LR097) returned

moderate grades, although copper is higher in this area. Additional follow-up is planned to better understand

the distribution of copper in this portion of the deposit.

Drill hole intercepts on the western edge of the deposit, along the 6 ,300 east coordinate , reported no

significant results except for hole LR101, located 450 m below surface, which intersected high grade

polymetallic values over a narrow intercept. Downhole TEM geophysics is planned in this area to test possible

extensions of the mineralization below these elevations. Drill hole intercepts on the eastern part of the deposit

(LR093, LR069, LR076, LR100, LR089 and LR102) returned moderate thickness and grades of polymetallic

mineralization.

Drill Hole LR029:

The Upper Lens was intersected at 338.0 m down the hole and comprises 4.8 m of pyritic mineralization

grading 0.3 % Cu; 0.3 % Pb; 0.7 % Zn; 0.44 g/t Au and 35.0 g/t Ag. The Lower Lens was intersected at 37.1 m

below the upper lens and comprises 4.9 m of pyritic mineralization grading 0.8 % Cu; 0.2 % Pb; 0.5 % Zn; 0.22

g/t Au and 13.3 g/t Ag.

Drill Hole LR067:

Both lenses were intersected at Drill Hole LR067. The Upper Lens was intersected at 195.4 m and encountered

2.2 m grading 0.3 % Cu; 3.3 % Pb; 3.6 % Zn; 3.98 g/t Au and 178.4 g/t Ag. The Lower Lens was intersected at

24.7 m apart and comprises 13.0 m of polymetallic mineralization grading 0.3 % Cu; 1.0 % Pb; 2.2 % Zn; 1.39

g/t Au and 80.5 g/t Ag, including 4.0 m grading 0.3 % Cu; 1.4 % Pb; 3.7 % Zn; 2.16 g/t Au and 81.0 g/t Ag.

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Drill Hole LR069:

The Upper Lens was intersected at 216.5 m down the hole and comprises 22.9 m of polymetallic mineralization

grading 0.2 % Cu; 1.3 % Pb; 3.2 % Zn; 0.54 g/t Au and 55.7 g/t Ag, including 3.9 m grading 0.2 % Cu; 3.3 % Pb;

8.6 % Zn; 0.50 g/t Au and 88.5 g/t Ag. The Lower Lens was intersected at 294.8 m down the hole and comprises

7.3 m of polymetallic mineralization grading 0.1 % Cu; 1.0 % Pb; 1.5 % Zn; 1.60 g/t Au and 39.7 g/t Ag.

Drill Hole LR076:

The Lower Lens was intersected at 157.3 m down the hole and comprises 6.3 m of polymetallic

mineralization grading 0.2 % Cu; 1.8 % Pb; 4.9 % Zn; 1.44 g/t Au and 83.0 g/t Ag.

Drill Hole LR078:

No significant assays in this drill hole.

Drill Hole LR081:

The Upper Lens was intersected at 260.2 m down the hole and comprises 7.5 m of pyritic sulfides grading 0.3

% Cu; 0.5 % Pb; 1.1 % Zn; 0.7 g/t Au and 26.3 g/t Ag. The Lower Lens was intersected at 297.7 m down the

hole and comprises 28.0 m of polymetallic mineralization grading 0.5 % Cu; 1.1 % Pb; 3.0 % Zn; 1.82 g/t Au

and 43.3 g/t Ag.

Drill Hole LR083:

No significant assays in this hole.

Drill Hole LR089:

The Lower Lens was intersec ted at 479.2 m down the hole and comprises 4.4 m of pyritic mineralization

grading 0.1 % Cu; 0.4 % Pb; 1.0 % Zn; 0.50 g/t Au and 15.9 g/t Ag.

Drill Hole LR093:

Both lenses were intersected at Drill Hole LR093. The Upper Lens was intersected at 180.0 m down the hole

and comprises 4.5 m of polymetallic mineralization grading 0.2 % Cu; 2.1 % Pb; 6.5 % Zn; 2.83 g/t Au and

117.5 g/t Ag. The Lower Lens was intersected at 279.8 m down the hole and comprises 3.7 m of polymetallic

mineralization grading 0.3 % Cu; 0.8 % Pb; 2.4 % Zn; 0.99 g/t Au and 46.8 g/t Ag.

Drill Hole LR097:

The Lower Lens was intersected at 518.6 m down the hole and comprises 22.8 m of pyritic mineralization

grading 0.4 % Cu; 0.3 % Pb; 0.2 % Zn; 0.78 g/t Au and 40.3 g/t Ag.

Drill Hole LR100:

The Lower Lens was intersected at 461.7 m down the hole and comprises 3.4 m of pyritic mineralization

grading 0.7 % Cu; 0.2 % Pb; 0.8 % Zn; 0.23 g/t Au and 3.5 g/t Ag.

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Drill Hole LR101:

The Lower Lens was intersected at 523.9 m down the hole and comprises 1.8 m of polymetallic

mineralization grading 0.6 % Cu; 2.2 % Pb; 7.8 % Zn; 1.26 g/t Au and 57.6 g/t Ag.

Drill Hole LR102:

The Lower Lens was intersected at 501.7 m down the hole and comprises 3.2 m of pyritic mineralization

grading 0.1 % Cu; 0.4 % Pb; 1.2 % Zn; 0.49 g/t Au and 13.1 g/t Ag.

Drill Hole LR104:

The Upper Lens was intersected at 458.3 m down the hole and comprises 14.8 m of polymetallic mineralization

grading 0.6 % Cu; 1.4 % Pb; 2.3 % Zn; 0.90 g/t Au and 45.6 g/t Ag (Including 5.0 m grading 0.3 % Cu; 3.5 % Pb;

6.0 % Zn; 1.07 g/t Au and 71.0 g/t Ag). The Lower Lens was intersected at 486.9 m down the hole and

comprises 3.9 m of polymetallic mineralization grading 0.5 % Cu; 0.3 % Pb; 0.5 % Zn; 0.44 g/t Au and 32.3 g/t

Ag.

Drill Hole LR115:

The Lower Lens was intersected at 138.9 m down the hole and comprises 32.6 m o f polymetallic

mineralization grading 0.2 % Cu; 1.9 % Pb; 4.1 % Zn; 4.01 g/t Au and 84.1 g/t Ag, including 3.5 m grading 0.1

% Cu; 2.3 % Pb; 3.4 % Zn; 7.07 g/t Au and 99.9 g/t Ag, from 155.0 m down the hole.

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Figure 1: Plan map showing La Romanera drill hole locations

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Figure 2: Vertical Longitudinal Section showing Upper Zone intercepts, La Romanera Deposit

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Figure 3: Vertical Longitudinal Section showing Lower Zone intercepts, La Romanera Deposit

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Table 1: Diamond drill hole data for La Romanera Deposit drilling

La Infanta

Assay results are included for holes IN060B, IN062B, IN063, IN064, IN065, IN066 and IN067 reported below

(Figure 4 and Table 2).

A NI 43-101 mineral resource estimate for La Infanta is being completed concurrent with La Romanera deposit.

La Infanta deposit is located about 7.0 km east of La Romanera. The El Cura deposit, which is located

approximately midway between La Romanera and La Infanta will be drill tested later in 2023.

La Infanta deposit has 2 mineralized blocks, separated by a thrust fault (North and South Blocks), characterized

by zinc, lead, silver and copper bearing massive sulphide mineralization. The mineralization has been tested

by drilling from the surface to 350 m depth and for 1,400 m along strike. Mineralization remains open to the

east and west. The best grades were found on the central part of the deposit which is 700 m long. Thicknesses

vary from 3 to 6 m in both the North and South blocks. The average specific gravity is 3.1.

The 7 drill holes are part of the ongoing delineation program and were designed to intercept the South and/or

North blocks. Drill hole IN067 intercepted mineralization as was projected, encountering very high grade

polymetallic massive sulphide mineralization in both blocks. This drill hole has filled the gap between IN014

and IN021 (released on November 22, 2022 and January 28, 2023) and demonstrates this area remains open

for additional drill testing at depth.

Drill Hole IN060B:

The North Block was intersected at 95.4 m down the hole and comprises 4.6 m of polymetallic mineralization

grading 0.9 % Cu; 2.6 % Pb; 6.0 % Zn; 0.28 g/t Au and 43.0 g/t Ag , including 1.6 m grading 2.5 % Cu; 7.3 % Pb;

16.9 % Zn; 0.41 g/t Au and 111.0 g/t Ag).

36 Lombard Street West, Floor 4, Toronto, ON, Canada, M5C 2X3

Drill Hole IN062B:

No significant assays in this hole.

Drill Hole IN063:

No significant assays in this hole.

Drill Hole IN064:

The North Block was intersected at 166.7 m down the hole and comprises 8.4 m grading 0.2 % Cu; 1.5 % Pb;

1.3 % Zn; 0.25 g/t Au and 27.3 g/t Ag.

Drill Hole IN065:

The North block was intersected at 148.0 m down the hole and comprises 3.7 m grading 0.5 % Cu; 2.2 % Pb;

1.4 % Zn; 0.11 g/t Au and 40.2 g/t Ag.

Drill Hole IN066:

The North Block was intersected at 244.5 m down the hole and comprises 2.7 m of polymetallic mineralization

grading 0.9 % Cu; 3.1 % Pb; 5.8 % Zn; 0.20 g/t Au and 64.4 g/t Ag.

Drill Hole IN067:

The North Block was intersected at 49.7 m down the hole and comprises 3.1 m of polymetallic mineralization

grading 0.7 % Cu; 2.5 % Pb; 4.7 % Zn; 0.18 g/t Au and 137.9 g/t Ag. The South block was intersected at 108.2

m down the hole and comprises 6.5 m of massive sul phides grading 2.1 % Cu; 6.5 % Pb; 12.3 % Zn; 0.63 g/t

Au and 214.5 g/t Ag. A second South Block zone was intersected at 149.2 m down the hole and comprises

5.3 m of massive sulphides grading 2.6 % Cu; 13.6 % Pb; 24.3 % Zn; 0.48 g/t Au and 131.4 g/t Ag.