Emerita Provides Update on Ongoing Metallurgical Test Program Including 52.4% Zn Concentrate Grade at 84% Zn Recovery - Seite 2

Copper focused tests of La Romanera (0.67% Cu head grade) and La Infanta deposits (0.86% Cu head grade) have shown that commercial grade copper concentrates of 22.26% Cu and 24.87% Cu with 69.4% and 51.69% copper recoveries, respectively, can be produced. These results are similar to operating mines in the region and would be expected to improve for ores with significantly higher copper grades. Both copper concentrates have reported gold and silver content at payable levels of 1.94g/t Au and 372.8g/t Ag for La Romanera copper concentrate, and 7.06g/t Au and 1534.6g/t Ag for La Infanta copper concentrate. Testing continues including a focus on optimizing precious metals recoveries at La Romanera.

Test work also showed potential to produce a Pb/Cu semi-bulk concentrate, increasing a potential payable Pb in concentrate, and the potential to improve overall copper recoveries. Project wide test results averaged 40% Pb and 7.2% Cu at 57% and 36.7% Pb and Cu recoveries, respectively, in semi-bulk concentrate. These results are comparably higher Pb, Cu grades and higher Pb, Cu recoveries than regional operating mines which are also producing a Cu-Pb bulk concentrate. Individually, La Romanera deposit tests returned Pb/Cu semi-bulk concentrate containing 38.7% Pb and 7.51% Cu with 46.10% Pb and 37.6% Cu recoveries. La Infanta tests returned 44.11% Pb and 6.03% Cu grades in concentrate with 91.6% Pb and 52.2% Cu recoveries.

About the Metallurgical Test Program

IBW metallurgical test work was carried out by Wardell Armstrong International Laboratories in the U.K. Additionally, the Company commissioned SRK Consulting to provide metallurgical oversight for the Company to ensure the test program was completed to the highest standard.

The primary objective of this programme of metallurgical testing was to provide sufficient data pertaining to the processing characteristics of material from the La Romanera and La Infanta deposits, to support the delivery of a Scoping Study and future economic evaluation of IBW.

Testing was undertaken on four composites of approximately 100kg each, three from La Romanera and one from La Infanta deposit. Samples submitted for testing were;

• La Romanera MET 1: High Gold – Lower Lens;
• La Romanera MET 2: High Copper/Low Zinc – Upper + Lower Lens; and
• La Romanera MET 3: Average Copper/Zinc – Upper + Lower Lens.
• La Infanta MET 4: Semi-Massive Sulphide

Each of the four samples were subjected to a preliminary characterization study involving chemical analysis and mineralogical investigation on four sized fractions. The samples have been or are in process of being, subjected to a programme of rougher, cleaner, and locked cycle flotation testing to assess the effect of variations in feed grade and ore type on the production of copper, copper/lead, lead, and zinc concentrates.