Emerita Provides Update on Developments in Aznalcollar Court Proceedings, Spain

TORONTO, Oct. 07, 2021 - Emerita Resources Corp. (TSX - V: EMO; OTC: EMOTF) (the "Company" or "Emerita") announces that the Administrative Court of Andalucia (the "Administrative Court") (please see the Company's press release dated November 25, 2015 for further details) has notified the Company that it will be making a ruling in the administrative case initiated by Emerita in 2015. The application to the Administrative Court was filed by Emerita in 2015 because Emerita considered the awarding of the Aznalcollar project pursuant to the public tender process to be unfair, arbitrary and inconsistent with the well-defined rules and laws of the tender process and Spanish law.

The Company perceives the Administrative Court's notice as a very positive development as Emerita's external Spanish legal counsel ("Counsel") has advised the Company that the Administrative Court has the authority to make a determination to award the Aznalcollar project to Emerita.

This administrative process is separate from the ongoing criminal proceedings (see the Company's press release dated October 6, 2021) regarding the alleged crimes committed in the awarding of the Aznalcollar tender and this gives Emerita another path forward to obtaining the rights to the Aznalcollar project.

The Company will provide details of the Administrative Court's ruling once it has been issued.

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
+1 416 309 4293 (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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