# Iberian Belt West NI 43-101 Technical Report (Mineral Resource Estimate) 2025 Source Brief: https://evesgoldminers.com/research/source-briefs/emerita-resources-corp-iberian-belt-west-ni-43-101-technical-report-mineral-resou-885f16a5 Original source: https://www.emeritaresources.com/_resources/financials/2025/NI-43-101-Technical-Report.pdf?v=091207 EGM generated: 2026-09-27 Company: Emerita Resources Corp. (EMO) ## Use Note This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions. ## Extracted Document Text # Iberian Belt West NI 43-101 Technical Report (Mineral Resource Estimate) 2025 Source: https://www.emeritaresources.com/_resources/financials/2025/NI-43-101-Technical-Report.pdf?v=091207 Fetched: 2026-09-12T07:02:30.513+00:00 Source artifact: 885f16a5-2741-41b7-9a97-ff67c663302c Normalizer input: text ## Content # Iberian Belt West NI 43-101 Technical Report (Mineral Resource Estimate) 2025 EMERITA RESOURCES CORP. NI 43-101 TECHNICAL REPORT ON THE IBERIAN BELT WEST PROJECT, SPAIN April 30, 2025 Wardell Armstrong International (Part of SLR) Baldhu House, Wheal Jane Earth Science Park, Baldhu, Truro, Cornwall, TR3 6EH, UK Telephone: +44 (0)1872 560738 www.wardell-armstrong.com DATE ISSUED: 30 April 2025 JOB NUMBER: ZT61-2308 VERSION: V3.0 REPORT NUMBER: MM1830 STATUS: Final EMERITA RESOURCES CORP. NI 43-101 TECHNICAL REPORT ON THE IBERIAN BELT WEST PROJECT, SPAIN Effective Date: February 26, 2025 Signature Date: April 30, 2025 AUTHORED BY: Frank Browning Principal Resource Geologist [“signed and sealed”] Alan Clarke Technical Director (Geology) [“signed and sealed”] James Turner Technical Director (Mineral Processing) [“signed and sealed”] ENERGY AND CLIMATE CHANGE ENVIRONMENT AND SUSTAINABILITY INFRASTRUCTURE AND UTILITIES Wardell Armstrong is the trading name of Wardell Armstrong International Ltd, Registered in England No. 3813172. LAND AND PROPERTY MINING AND MINERAL PROCESSING Registered office: Sir Henry Doulton House, Forge Lane, Etruria, Stoke-on-Trent, ST1 5BD, United Kingdom MINERAL ESTATES UK Offices: Stoke-on-Trent, Cardiff, Carlisle, Edinburgh, Greater Manchester, London, Newcastle upon Tyne, Sheffield, Taunton, Truro, West Bromwich. International Office: Almaty WASTE RESOURCE MANAGEMENT EMERITA RESOURCES CORP. NI 43-101 TECHNICAL REPORT ON THE IBERIAN BELT WEST PROJECT, SPAIN CONTENTS 1 SUMMARY ........................................................................................................................... 1 1.1 Introduction ............................................................................................................................ 1 1.2 Property Description and Ownership ..................................................................................... 1 1.3 Geology and Mineralisation .................................................................................................... 1 1.4 Exploration and Drilling........................................................................................................... 2 1.5 Sample Preparation, Analyses, Security and Data Verification .............................................. 2 1.6 Mineral Processing and Metallurgical Testing ........................................................................ 3 1.7 Mineral Resource Estimate ..................................................................................................... 3 1.8 Conclusions and Recommendations ....................................................................................... 5 2 INTRODUCTION ................................................................................................................... 7 2.1 Background ............................................................................................................................. 7 2.2 Terms of Reference ................................................................................................................. 7 2.3 Qualified Persons .................................................................................................................... 7 2.4 Personal Inspections ............................................................................................................... 7 2.5 WAI Declaration ...................................................................................................................... 8 2.6 Units and Currency.................................................................................................................. 9 3 RELIANCE ON OTHER EXPERTS ............................................................................................ 10 4 PROPERTY DESCRIPTION AND LOCATION ............................................................................ 11 4.1 Location................................................................................................................................. 11 4.2 Ownership ............................................................................................................................. 12 4.3 Mineral Tenure ..................................................................................................................... 12 4.4 Royalties ................................................................................................................................ 14 4.5 Surface Rights........................................................................................................................ 14 4.6 Permitting Considerations .................................................................................................... 14 4.7 Environmental Considerations.............................................................................................. 16 4.8 Existing Environmental Liabilities ......................................................................................... 16 5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ........ 18 5.1 Accessibility and Transportation ........................................................................................... 18 5.2 Climate .................................................................................................................................. 18 5.3 Local Resources and Infrastructure ...................................................................................... 19 5.4 Physiography ......................................................................................................................... 19 6 HISTORY ............................................................................................................................ 20 6.1 Ownership History ................................................................................................................ 20 6.2 Exploration History ............................................................................................................... 21 6.3 Production History ................................................................................................................ 23 7 GEOLOGICAL SETTING AND MINERALISATION ..................................................................... 24 7.1 Regional Geology .................................................................................................................. 24 7.2 Local Geology ........................................................................................................................ 26 7.3 Deposit Geology .................................................................................................................... 28 8 DEPOSIT TYPES .................................................................................................................. 38 9 EXPLORATION .................................................................................................................... 40 9.1 Introduction .......................................................................................................................... 40 ZT61-2308/MM1830 Final V3.0 Page i April 2025 EMERITA RESOURCES CORP. NI 43-101 TECHNICAL REPORT ON THE IBERIAN BELT WEST PROJECT, SPAIN 9.2 Geological Mapping .............................................................................................................. 40 9.3 Soil Geochemistry ................................................................................................................. 40 9.4 Geophysics ............................................................................................................................ 42 10 DRILLING ........................................................................................................................... 46 10.1 Type and Extent .................................................................................................................... 46 10.2 Procedures ............................................................................................................................ 50 10.3 Interpretation of Relevant Results ........................................................................................ 52 11 SAMPLE PREPARATION, ANALYSES, AND SECURITY ............................................................. 53 11.1 Sampling Methods ................................................................................................................ 53 11.2 Bulk Density .......................................................................................................................... 55 11.3 Sample Security..................................................................................................................... 57 11.4 Laboratories .......................................................................................................................... 57 11.5 Sample Preparation and Analysis.......................................................................................... 57 11.6 QAQC Protocol ...................................................................................................................... 61 11.7 QAQC Results ........................................................................................................................ 63 11.8 Adequacy of Procedures ....................................................................................................... 75 12 DATA VERIFICATION........................................................................................................... 76 12.1 Data Verification by Emerita ................................................................................................. 76 12.2 Database Cut-Off Dates ........................................................................................................ 76 12.3 Data Verification by The Authors .......................................................................................... 76 13 MINERAL PROCESSING AND METALLURGICAL TESTING ....................................................... 78 13.1 Introduction .......................................................................................................................... 78 13.2 Flotation Locked Cycle Test Results ...................................................................................... 78 13.3 Post-Flotation Process .......................................................................................................... 81 13.4 Summary of Metals Recoveries ............................................................................................ 84 13.5 Other Input Parameters and Comments .............................................................................. 84 14 MINERAL RESOURCE ESTIMATES ........................................................................................ 86 14.1 Introduction .......................................................................................................................... 86 14.2 Mineral Resource Estimate Data .......................................................................................... 86 14.3 Geological Interpretation and Domaining ............................................................................ 87 14.4 Boundary Analysis ................................................................................................................. 92 14.5 Compositing .......................................................................................................................... 92 14.6 Grade Capping.............................................................. 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