TECHNICAL REPORT ON THE IBERIAN BELT WEST PROJECT EXPLORATION CONCESSION ANDALUSIA REGION, SPAIN Qualified Person: Santiago González-Nistal, P.Geo. Report Prepared For: Emerita Resources Corp. Report Effective Date May 14, 2021 DATE AND SIGNATURE PAGE The effective date of this report, titled “Iberian Belt West Project Exploration Concession, Andalusian Region, Spain”, is May 14, 2021. Seville, May 14th, 2021 Santiago Gonzalez-Nistal. P.Geol LIST OF CONTENT 1 Summary .......................................................................................................................... 1 2 Introduction ...................................................................................................................... 3 2.1 Scope of work ......................................................................................................................... 3 2.2 Qualifications and Experience ................................................................................................ 3 2.3 Independent consultants ....................................................................................................... 4 2.4 Principal Sources of Information ............................................................................................ 4 2.5 Previously-Filed Technical Reports ........................................................................................ 4 2.6 Abbreviations ......................................................................................................................... 4 3 Reliance on Other Experts ................................................................................................. 5 4 Property Description and Location ..................................................................................... 6 4.1 Property Description .............................................................................................................. 6 4.2 Property Location ................................................................................................................... 6 4.3 Ownership .............................................................................................................................. 8 4.4 Mining Law ............................................................................................................................. 8 4.5 Tenure rights ........................................................................................................................ 10 4.6 Royalties and related information ....................................................................................... 12 4.7 Surface Rights ....................................................................................................................... 13 4.8 Permitting Considerations ................................................................................................... 13 4.9 Existing environmental liabilities ......................................................................................... 15 4.10 Other relevant factors .......................................................................................................... 15 5 Accessibility, Local Resources and Infrastructure, Climate, and Physiography ................... 16 5.1 Accessibility .......................................................................................................................... 16 5.2 Local Resources and Infrastructure ...................................................................................... 17 5.3 Climate ................................................................................................................................. 18 5.4 Physiography ........................................................................................................................ 19 6 History ............................................................................................................................ 20 6.1 Introduction ......................................................................................................................... 20 6.2 Prior Ownership ................................................................................................................... 22 6.3 Historical Exploration and Resource Estimates .................................................................... 23 6.3.1 Production History ............................................................................................................... 30 7 Geological Setting and Mineralization .............................................................................. 30 7.1 Geologic setting .................................................................................................................... 30 7.2 Property Geology ................................................................................................................. 33 7.2.1 Stratigraphy .......................................................................................................................... 34 7.2.2 Structural Geology ............................................................................................................... 36 7.3 Mineralization ...................................................................................................................... 36 8 Mineral Deposit Type ...................................................................................................... 39 8.1 Geological setting of VMS deposits ...................................................................................... 39 8.2 Volcanogenic Massive Sulphide (Iberian Type) .................................................................... 40 8.3 Applicability of the VMS (Iberian Type) Model to IBW project ............................................ 41 9 Exploration ..................................................................................................................... 42 10 Drilling ............................................................................................................................ 42 11 Sample Preparation, Analysis and Security ....................................................................... 42 12 Data Verification ............................................................................................................. 43 13 Mineral Processing and metallurgical testing ................................................................... 43 14 Mineral Resources estimates ........................................................................................... 43 15 Mineral Reserve Estimates .............................................................................................. 43 16 Mining methods .............................................................................................................. 44 17 Recovery methods .......................................................................................................... 44 18 Property Infrastructure ................................................................................................... 44 19 Market Studies and contracts .......................................................................................... 44 20 Environmental studies, permitting and social or community impact ................................. 44 21 Capital and operating costs ............................................................................................. 45 22 Economic analysis ........................................................................................................... 45 23 Adjacent properties......................................................................................................... 45 24 Other relevant data and information ............................................................................... 45 25 Interpretation and conclusions ........................................................................................ 45 26 Recommendations .......................................................................................................... 45 27 References ...................................................................................................................... 47 LIST OF FIGURES Figure 1. Map of Spain and its 17 Regions. ......................................................................................... 7 Figure 2. Location for IBW Project, formerly known as La Romanera Project. ................................... 8 Figure 3. Elapsed exploration permits which were part of the public tender. ................................. 10 Figure 4. Exploration concession, IBW project. ................................................................................ 12 Figure 5. The three areas according to the three different environmental categories, IBW project 14 Figure 6. Rock dump, Romanera deposit. Source: Emerita-E. .......................................................... 15 Figure 7. Access map to IBW project................................................................................................. 17 Figure 8. Population map of the Andalusia Region by municipality. ................................................ 18 Figure 9. Principal Andalusian climate types 2008, Source: JP Ruiz-Castellano................................ 19 Figure 10. Panoramic view of Puebla de Guzman and the countryside. IBW Project. ..................... 20 Figure 11. The Iberian Pyrite Belt, main massive sulfide deposits and location for IBW Project (red box in the center). Source Donaire