Emerita Provides Update on Developments in Aznalcollar Court Proceedings, Spain

TORONTO, Oct. 06, 2021 - Emerita Resources Corp. (TSX - V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that the presiding judge of Provincial Court No. 3 of Seville (the "Court") has just rejected a "last ditch" appeal (the "Appeals") by the accused in the trial relating to the awarding of the Aznalcollar public tender. The judge has confirmed her previous ruling that the trial should proceed to the final phase which includes sentencing of the guilty parties. The Court has reconfirmed that crime(s) have been committed. The Appeal will also be reviewed by the Provincial Court of Appeal (the "Appeals Court") which has been consistent in its ruling throughout the entire trial process and where 5 judges unanimously agreed that the trial should proceed. The Appeals Court will see the same documents as have just been ruled on by the Court and there will be no new information submitted. Given the Appeals do not present any new facts or points of law it is expected the Appeals will be dealt with quickly and the Appeals Court will limit itself to reaffirming and ratifying its previous resolutions.

With the dismissal of these Appeals, the Court can approve the "Oral Trial Opening Order" which confirms that the investigative and evidentiary phase is complete and that the trial can commence (the "Oral Trial"). The Public Prosecutor will summon parties and provide an opportunity for them to modify their pleas and defense briefs. Once completed, a judge will be appointed for the Oral Trial to hear the final statements of all parties and review the evidence. The investigation is concluded, and all permissible evidence is before the court and once the concluding statements from both sides are made the judge will be appointed to determine the individual responsibilities and penalties.

According to the Company's external Spanish legal counsel ("Counsel"), these appeals are viewed as attempts to buy time by the accused as the process quickly nears a close and they have essentially exhausted all avenues at this point. It is anticipated the date will be set for the Oral Trial very soon after completion of the Appeals Court's review of the Appeals. It is viewed by Counsel as a very positive development for Emerita and it is particularly noteworthy that the Court reaffirms that crimes have been committed. According to Emerita's Counsel this is a very important step, in that trials in Spain do not proceed to this stage without certainty of guilt and it is very rare that accused are found not guilty at this stage.

With respect to the title to the Aznalcollar property, Emerita's Counsel has advised the Company that under Spanish law if there is commission of a crime in awarding a public tender that bid must be disqualified and the tender must be awarded to the next qualified bidder. Emerita is the only qualified bidder in this particular tender. Further, the Court, in reviewing the case during the previous appeal process, has indicated that the other bid did not meet the requirements laid out in the tender process and should have been disqualified on that basis. In the settled title dispute related to the Iberia Belt West project, the court's ruling included very specific instructions with respect to rectifying the awarding of the public tender. In that case it resulted in Emerita obtaining the rights to the project.

David Gower, P.Geo., Emerita's CEO, noted, "This is an important outcome with respect to the Aznalcollar trial and by extension the awarding of the Public Tender. This brings the process a step closer to a conclusion. Counsel also advises that this phase is generally not a long, protracted process as the investigation is closed and no further evidence can be submitted and appeals to delay the process are no longer permitted."

About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.

For further information, contact:

Joaquin Merino
+34 (628) 1754 66 (Spain)

Helia Bento
+1 416 566 8179 (Toronto)
info@emeritaresources.com

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the legal processes in Spain, the likelihood of the Company obtaining the rights to the Aznalcollar project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or 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 information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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