Category: Gold

Source: Streetwise Reports 12/02/2025

Dakota Gold Corp. (DC:NYSE American) announces more assay results from drill holes at the Richmond Hill Oxide Heap Leach Gold Project in South Dakota’s historic Homestake District. Find out why one analyst says the company’s recent results have been “encouraging.”

Dakota Gold Corp. (DC:NYSE American) has announced further assay results from drill holes at the Richmond Hill Oxide Heap Leach Gold Project in South Dakota’s historic Homestake District, according to a release on December 1.

The ongoing drilling efforts continue to confirm extensive gold mineralization and the potential for resource expansion, the company said. Dakota is currently operating two drills and aims to complete approximately 27,500 meters of drilling during its 2025 campaign.

“These latest drill results at Richmond Hill continue to confirm the significant potential of this Project,” said President and Chief Operating Officer Jack Henris. “The combination of high-grade intercepts, mineralization, and state and county focused permitting, positions Richmond Hill as a compelling development opportunity. We remain focused on advancing drilling, feasibility work, and permitting to unlock long-term value for our shareholders and stakeholders.”

Highlights from the update include:

• Metallurgical Drill Hole RH25C-236: This hole intersected 8.17 grams per tonne gold (g/t Au) over 11.3 meters at surface in the central area of the project. These results surpass the current block model gold mineralization grades in the region.
• Expansion Drill Hole RH25C-296: This hole intersected 1.45 g/t Au over 18.3 meters in a step-out 150 meters north of the existing Measured and Indicated resource boundary. The mineralization in the northeast is only limited by drilling and remains open. The company said it is testing the area up to 450 meters north and 1,520 meters wide.

Drilling, Pump Installations for Wells Finished

Dakota said it has successfully completed drilling and pump installation at all 28 water wells required for permitting, in consultation with the South Dakota Department of Agriculture and Natural Resources. Sampling began in November, with 12 months of monitoring planned to support both the Feasibility Study and permit application, targeted for early 2027.

The project footprint is on private land, requiring state and county permits. While drilled for water sampling, the holes have been assayed for gold.

Dakota’s core drilling remains active in the northeast project area, with additional assay results expected through the fourth quarter of 2025 and into 2026. The core drilling on the project is designed to collect metallurgical samples for column testing, conduct condemnation drilling beneath proposed site infrastructure for mine planning, perform infill drilling to upgrade the existing resource, and carry out expansion drilling where the resource remains open.

The drill results will refine the modeled boundaries and enhance the precision of the geo-metallurgical domains, as well as inform both the oxide and sulfide resource updates for the Feasibility Study, the company said.

More Than Two-Dozen Holes Released Last Month

Last month, the company revealed assay results from 26 drill holes at Richmond Hill. According to the update, expansion and infill drill holes in the northeastern section of the project area are encountering significantly higher-grade gold than the average resource grade. This includes RH25C-278, which intersected 1.75 g/t Au over 19.9 meters, and RH25C-295, which intersected 2.15 g/t Au over 30 meters, as stated by Dakota in the release. The expansion drilling in this region has the potential to enhance the resource based on previous drilling and existing resources. The mineralization in the northeast is only limited by drilling and remains open.

The company noted that metallurgical drill holes throughout the northern project area continue to intercept high-grade gold, reducing risk for the project and boosting confidence in the resource. This includes RH25C-270, which intersected 2.26 g/t Au over 29.2 meters, and RH25C-288, which intersected 4.15 g/t Au over 14.5 meters. The metallurgical drilling results underscore the low-risk nature of the deposit, characterized by widespread mineralization.

Analyst: Step Out Drilling Impresses

In an updated research note on December 2, Analyst Andrew Mikitchook said the new standout intercept of 8.17 g/t Au over 11.3 meters significantly surpasses the average resource grade and exceeds the current block model grades in the area.

Expansion drilling in the Northeast continues to reveal potential for resource growth, while metallurgical, condemnation, and infill drilling progress at Richmond Hill, he said.

“We will continue to monitor progress towards a Feasibility Study in early 2027 and first gold in late 2029,” the analyst wrote.

Dakota Gold provided an update on its 2025 drilling program, highlighting results such as 11.3 meters at 8.17 g/t Au from an infill hole and 18.3 meters at 1.45 g/t Au from a 150-meter step-out hole. For context, Mikitchook said, the February 2025 mineral resource outlined a heap leachable Measured and Indicated resource of 3.65 million ounces (Moz) at 0.46 g/t Au and an inferred resource of 2.61 Moz at 0.35 g/t Au. These results continue to demonstrate the resource expansion potential in the Northeast, where mineralization remains open.

The company currently has two rigs drilling at Richmond Hill and is on track to complete its 27,500-meter drill program by the end of 2025, he noted. Dakota announced an Initial Assessment with Cash Flow (IACF) for the Richmond Hill project in July 2025, outlining production of 153,000 ounces per year over 17 years at US$1,047/ounce AISC (all-in sustaining costs), with initial capital expenditure of US$380 million. The company has since commissioned trade-off studies as part of a feasibility study expected in 2027.

Drilling was initiated to collect metallurgical samples, conduct condemnation drilling, and perform infill/expansion drilling where the resource remains open, Mikitchook said.

The analyst also reminded investors that “Richmond Hill is on privately held brownfield land, which should make for a simpler State and County permitting process.”

In a flash update note on November 19, Canaccord Genuity Capital Markets Analyst Peter Bell described the November results as a positive development for Dakota. The update included the first assays from expansion drilling in the northeastern corner of the project.

Bell highlighted the grades of expansion holes RH25C-278, which yielded 1.75 g/t Au over 19.9 meters, and RH25C-295, which returned 2.15 g/t Au over 5.5 meters. Additionally, infill and metallurgical drilling in the northern project area continue to demonstrate continuity of mineralization, which should be beneficial for the upcoming resource update and feasibility study, Bell noted.

He calculated an average grade and width of 1.67 g/t Au and approximately 10 meters, respectively, which is significantly higher than the average measured and indicated resource grade of 0.463 g/t Au. Expansion holes drilled in the southeastern part of the project did not yield significant results, although results from four holes in this area are still pending.

“Overall, the results released this morning are encouraging, in our view, intersecting high gold grades over impressive widths,” Bell wrote. “The results serve to validate the current resource at Richmond Hill and provide support for resource growth. With metallurgical drilling for the 2025 campaign now complete, the company is advancing heap leach column testing. Dakota has a strong balance sheet of US$33 million (Sept 30, 2025) in cash, which on our numbers has the company fully funded through the completion of its feasibility study.”

He continued, “We have a SPECULATIVE BUY rating and US$14 target price. Our target is predicated on a 0.9x multiple applied to our forward curve-derived operating NAV less net debt and other adjustments.”

The Catalyst: Gold Drops After Big Day

Gold prices dropped over 1% on Tuesday as investors took profits after reaching a six-week high in the previous session, Anmol Choubey reported for Reuters on December 2. Market participants are now looking ahead to key U.S. economic data before the Federal Reserve’s policy meeting next week. By 11:09 a.m. ET, spot gold had decreased by 1.4% to US$4,173.91 per ounce. U.S. gold futures for February delivery fell by 1.6% to US$4,205.10 per ounce.

“It’s probably just a little bit of profit taking… the market’s biggest focus of late has been rate cut expectations and those remain pretty steady,” commented Peter Grant, vice president and senior metals strategist at Zaner Metals, according to the report. “We are in a continuation pattern that will eventually lead to an upside breakout, and I still like US$5,000 gold early in the new year.”

Recent data indicating a gradual cooling of the U.S. economy, along with dovish signals from Federal Reserve policymakers, has strengthened market expectations for a 25-basis-point rate cut at the Fed’s meeting next week, Choubey wrote. Traders are pricing in an 87% probability of this move. Investors are also watching the November ADP employment report on Wednesday and the delayed September Personal Consumption Expenditures (PCE) Index, due Friday, which is the Fed’s preferred measure of inflation. Lower interest rates typically favor non-yielding gold.[OWNERSHIP_CHART-7442]

This after prices for the yellow metal climbed to a six-week peak on Monday, buoyed by increasing expectations of U.S. interest rate cuts and a weakening dollar, MSNBC reported December 1. Spot gold rose 0.2% to US$4,239.35 per ounce, marking its highest level since October 21. The U.S. dollar fell to a two-week low, making gold more affordable for those holding other currencies.

“The underlying environment of expectations of further rate cuts, along with inflationary pressure still above the Fed target… is still the underlying support in gold and silver,” stated David Meger, director of metals trading at High Ridge Futures, according to the report. Traders have raised their bets on a December rate cut to an 87% probability, following softer U.S. economic data and dovish comments from Fed officials, including Governor Christopher Waller and New York Fed President John Williams. Lower interest rates generally benefit non-yielding assets like gold.

Ownership and Share Structure¹

Twelve insiders own 12.57% of Dakota Gold and numerous institutions hold 48.93% of Dakota in aggregate. Top institutions include Orion Resource Partners (USA) LP with 6.34%, The Vanguard Group with 4.25%, BlackRock Institutional Trust Co. N.A. with 4.31%, and Van Eck Associates Corp. with 3%. The rest is in retail.

Dakota Gold has 113.26 million outstanding shares, and its market cap is US$528.93 million. Its 52-week range is US$2.05–5.51 per share.

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Important Disclosures:

1. Dakota Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. As of the date of this article, officers, contractors, shareholders, and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.
3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: DC:NYSE American,
)

1. Gold holds steady, silver scales record high  Reuters
2. Why Silver Price Has Been Surging Even More Than Gold  Bloomberg.com
3. Gold Rises on Expectations for a Fed Rate Cut  The Wall Street Journal

ETFs make it easier to invest in gold — the tax treatment may be the tricky part. Here’s what to know  CNBC

Source: Streetwise Reports 12/02/2025

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has initiated a 1,536-kilometer airborne geophysical program over its Iberian Belt West and San Antonio properties to refine and rank upcoming drill targets. The survey will capture detailed signatures from established deposits while assessing lesser-explored areas using advanced HTEM instrumentation.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has launched a 1,536-kilometer helicopter-supported time-domain electromagnetic and magnetic (HTEM) survey covering both the Iberian Belt West (IBW) project and the neighboring San Antonio area in southern Spain. Set to begin in December 2025, the effort will deploy HTEM tools to identify electrical conductivity and magnetic variations within subsurface rock layers to depths approaching 500 meters.

The program includes detailed surveying of the La Romanera, El Cura, and La Infanta deposits, all of which are currently under review as part of an ongoing mining license application. Signals from these zones will serve as reference models to help pinpoint new mineralized areas in less studied regions, including Los Silos, San Jose, Penuelas, and Terra Nova. The company stated, “Covering areas of known and suspected massive sulphide occurrences with the same investigation will allow the Company to compare the signals of the well-studied deposits with identified prospects and untested areas.”

Lines are spaced 100 meters apart and guided using differential GPS. Xcalibur Smart Mapping is carrying out the airborne work, while Intelligent Exploration of Canada is responsible for QA/QC and data interpretation. Emerita expects to wrap up data collection by late December 2025, assuming the weather cooperates. Initial processed results are anticipated in January 2026, with comprehensive interpretation beginning shortly after.

Joaquin Merino, P.Geo., President of Emerita and the Qualified Person under National Instrument 43-101, stated that incorporating HTEM information will sharpen the company’s ability to rank drill targets across its large landholding.

Polymetallic Sector Activity Highlights Market Tightness and Supply Uncertainty

SMM’s Zinc and Lead Market Weekly Update from November 28 reported that the imported zinc concentrate treatment charge (TC) index fell 11.8% from the previous week to US$61.25 per dry metric ton, a steep slide from October levels above US$110. According to the update, “smelter’s inventory levels dropped, but they still have solid demand due to the need to prepare for their winter inventory.” Heightened competition for domestic concentrate was cited as a key factor driving buyers toward imported supply.

SMM noted that the average spot lead TC held steady at negative US$135 per dry metric ton, underscoring an extremely constrained market. The update stated, “Spot market remains severely tight with little signal for improvement.”

Canaccord Genuity analyst Dalton Baretto maintained a Speculative Buy rating and kept a CA$2.50 price target.

Lead concentrate inventories at major Chinese ports declined to 15,300 tonnes, down 5,600 tonnes from the prior week, while social stocks across seven regions slipped to 35,000 tonnes. The decline was linked to “maintenance at primary smelters” and a “weaker production appetite at secondary smelters after the price drop.”

Bloomberg reported on November 30 that copper climbed to a new all-time high on the London Metal Exchange, moving up as much as 1.3% to US$11,334 per ton. The article tied the increase to growing fears of a global supply deficit and noted that efforts to move copper into the United States ahead of potential tariffs were “set to exacerbate shortfalls elsewhere as miners struggle to keep up with demand.”

ScienceDirect provided a broader examination of the lead and zinc industry, highlighting that the metals commonly form together in VMS and SEDEX settings. The publication explained that while many VMS deposits contain tiny mineral grains that are difficult to process, those that have undergone recrystallization can deliver higher recoveries using standard beneficiation techniques. It also summarized the pyrometallurgical steps used to extract lead from galena and discussed the importance of recycling, particularly from lead batteries, in maintaining supply.

Analysis Points to Significant Upside

A report from Clarus Securities on October 9, written by analyst Varun Arora, concluded that Emerita Resources could gain between CA$700 million and CA$1.2 billion in market capitalization should the Aznalcóllar legal matter be resolved in the company’s favor. At that time, the stock was priced at CA$1.65 per share, while Clarus maintained a CA$3.15 target, excluding any contribution from Aznalcóllar. Arora wrote that the difference represented “a potential return of 91%,” and Clarus kept a Speculative Buy rating on the stock.

Arora added that a favorable court outcome would prompt Clarus to remove its 50% ownership risk factor on Aznalcóllar and apply a 1 times valuation, which would produce an estimated target of about CA$6 per share. He also highlighted that the Aznalcóllar project included a high grade component of 20 million tonnes at 12.6% zinc equivalent, with noteworthy exposure to silver prices.

According to the analysis, Emerita had been the sole qualified bidder in the original tender process and had already earned support from three Spanish courts. Arora wrote that these decisions strengthened Clarus’s confidence that the final judgment would back the company’s claim. Additional potential milestones identified by Arora included the expected environmental permit, an updated resource estimate, a prefeasibility study, and the exploitation license for the IBW project, along with continuing drill work at El Cura and Romanera.

In a November 14 update, Canaccord Genuity analyst Dalton Baretto maintained a Speculative Buy rating and kept a CA$2.50 price target. Baretto wrote that the firm continued to base its valuation on 0.75 times net asset value as of October 1. He described the newest results from El Cura as “encouraging” and noted that both shallow definition drilling and western step out holes returned high grade intervals. He emphasized that elevated precious metal results in the assays appeared closely tied to copper grades.

Baretto added that El Cura showed consistent mineralization down plunge to the west and remained the only copper and gold rich area within the IBW project. According to the report, the latest results suggested that the mine plan could potentially be adjusted to place greater emphasis on El Cura ahead of La Romanera to help reduce initial capital needs. He also referenced the expected court ruling on Aznalcóllar as a major potential catalyst for the company.

Canaccord Genuity reported that Emerita had 289.5 million shares outstanding and a market value of CA$376.3 million at the time. The firm reiterated that a combination of exploration progress and pending legal outcomes continued to support its Speculative Buy stance.

Laying the Groundwork for Exploration Acceleration

Emerita’s airborne program expands on a period of steady progress at the IBW project, a 1,545-hectare land package hosting three high-grade polymetallic deposits. According to its February 2025 mineral resource estimate, the project includes 18.96 million tonnes of Indicated resources averaging 8.44% zinc equivalent and 6.80 million tonnes of Inferred resources grading 8.72% zinc equivalent. All three deposits remain open and feature shallow geometries that support cost-effective exploration and potential development work.

The timing of the HTEM program coincides with several major project events. As outlined in the company’s November 2025 investor deck, anticipated milestones for late 2025 and 2026 include a prefeasibility study, updated metallurgical testwork, and ongoing public consultations tied to the Environmental Impact Study and Mining License submission. The incorporation of new geophysical data is expected to sharpen drill targeting aimed at both expanding existing resources and evaluating new zones throughout the IBW and San Antonio claims. [OWNERSHIP_CHART-10036]

The San Antonio property, which lies directly west of IBW, contains multiple historic mines and areas known for high-grade copper. The company reported that grab samples from locations such as San Jose and Penuelas returned copper grades up to 13.2%. The HTEM campaign represents the first modern, large-scale geophysical evaluation across this prospective ground.

By comparing geophysical patterns from its most advanced deposits with similar signals across the wider claim block, Emerita intends to accelerate the assessment of underexplored targets within the Iberian Pyrite Belt, a region recognized globally for its cluster of VMS deposits.

Ownership and Share Structure¹

Management and insiders own 5.32% of Emerita. Of those, Michael Lawrence Guy owns 1.45% of the company, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez owns 1.04%.

Institutions own 1.12% of the company, including Merk Investments LLC, with 0.99%.

There are 289.12 million shares outstanding with 248.80 million free float traded shares, while the company has a market capitalization of CA$364.29 million and trades within a 52-week range of approximately CA$0.56 to CA$2.00.

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Important Disclosures:

1. Emerita Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE,
)

Source: Streetwise Reports 12/02/2025

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has launched a 1,536-kilometer airborne survey across its Iberian Belt West and San Antonio projects, aimed at prioritizing new drill targets. The program will map known deposits and evaluate underexplored zones with the support of advanced HTEM technology.

Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE) has commenced a 1,536-kilometer helicopter-borne time-domain electromagnetic and magnetic (HTEM) geophysical survey across its Iberian Belt West (IBW) project and the adjacent San Antonio exploration area in southern Spain. The program, scheduled to begin in December 2025, will utilize HTEM technology to detect electrical conductivity and magnetic responses in subsurface rock formations up to 500 meters deep.

The survey will include high-resolution mapping of known deposits La Romanera, El Cura, and La Infanta, all of which are part of a mining license application currently underway. Data from these zones will provide comparative signatures to identify additional mineralization in lesser-explored areas such as Los Silos, San Jose, Penuelas, and Terra Nova. According to the company, “Covering areas of known and suspected massive sulphide occurrences with the same investigation will allow the Company to compare the signals of the well-studied deposits with identified prospects and untested areas.”

Flight lines are spaced at 100 meters and guided by differential GPS. The survey work is being conducted by Xcalibur Smart Mapping, with QA/QC and data interpretation overseen by Intelligent Exploration of Canada. Emerita aims to finalize data collection by the end of December 2025, weather permitting, with initial processed results expected in January 2026 and full analysis beginning shortly thereafter.

According to Joaquin Merino, P.Geo., President of Emerita and the project’s Qualified Person as defined by National Instrument 43-101, the integration of HTEM data will enhance the company’s ability to prioritize drill targets across its expansive land position.

Polymetallic Sector Activity Highlights Market Tightness and Supply Uncertainty

According to SMM’s Zinc/Lead Market Weekly Update from November 28, the imported zinc concentrate treatment charge (TC) index dropped by 11.8% week-over-week to US$61.25 per dry metric ton. This marked a significant decline from the October level of over US$110. The report noted that “smelter’s inventory levels dropped, but they still have solid demand due to the need to prepare for their winter inventory.” The shift in purchasing from domestic to imported material was attributed to intensified competition for local sources.

On the lead side, SMM reported that the average spot TC remained unchanged at negative US$135 per dry metric ton, reflecting a persistently tight market. The update stated, “Spot market remains severely tight with little signal for improvement.”

Canaccord Genuity maintained its view that the combination of exploration progress and near-term legal developments continued to support its Speculative Buy recommendation.

Inventories of lead concentrate at major Chinese ports fell to 15,300 tonnes, a week-over-week drop of 5,600 tonnes, while social inventories across seven surveyed regions decreased to 35,000 tonnes. The report linked the depletion to “maintenance at primary smelters” and a “weaker production appetite at secondary smelters after the price drop.”

Bloomberg wrote on November 30 that copper reached a new record high on the London Metal Exchange, rising as much as 1.3% to US$11,334 per ton. The article connected the price increase to mounting concerns over a potential global supply shortfall. It also noted that a rush to ship copper to the United States in advance of possible tariffs was “set to exacerbate shortfalls elsewhere as miners struggle to keep up with demand.”

In a broader industry overview, ScienceDirect provided historical and technical context for lead and zinc mining, noting that these metals frequently occur together in volcanogenic massive sulphide (VMS) and sedimentary exhalative (SEDEX) deposits. It explained that while many VMS deposits contain finely grained minerals that are challenging to process, those that have undergone recrystallization tend to yield higher recoveries through conventional beneficiation. The report also detailed the pyrometallurgical methods typically used to extract lead from galena, its primary ore, and highlighted the importance of secondary recovery, such as from battery scrap, in maintaining lead supply.

Analysis Points to Significant Upside

In an October 9 report, Clarus Securities analyst Varun Arora stated that Emerita Resources could see CA$700 million to CA$1.2 billion in added market capitalization if the Aznalcóllar legal dispute were resolved in its favor. At the time, the company was trading at CA$1.65 per share, while Clarus maintained a target price of CA$3.15, excluding any value for Aznalcóllar. Arora wrote that the price differential implied “a potential return of 91%,” and Clarus rated the company a Speculative Buy.

Arora added that a favorable ruling would lead Clarus to remove its 50% ownership risk factor on Aznalcóllar and apply a 1x valuation multiple, resulting in a target valuation of approximately CA$6 per share. He also noted that the Aznalcóllar asset included a high-grade subset of 20 million tonnes at 12.6% zinc equivalent, with significant leverage to silver prices.

According to the report, Emerita had been the only qualified bidder in the original public tender and had previously received support from three levels of Spanish courts. Arora stated that these rulings increased Clarus’s confidence that the final verdict would support Emerita’s claim. Additional potential catalysts cited by Arora included the anticipated environmental certificate, an updated mineral resource estimate, a prefeasibility study, and an exploitation license for the Iberian Belt West project, along with continued drilling at El Cura and Romanera.

In a November 14 research update, Canaccord Genuity analyst Dalton Baretto reiterated a Speculative Buy rating on Emerita Resources and maintained a CA$2.50 target price. Baretto wrote that the firm’s valuation remained based on 0.75 times net asset value as measured on October 1. He described the latest drill results from El Cura as “encouraging” and highlighted that high-grade intercepts had been returned from both shallow delineation holes and western step-out holes. He emphasized that elevated precious metal grades in the new assays appeared directly correlated with the copper grades.

Baretto noted that El Cura continued to demonstrate continuity down plunge to the west and remained the only copper and gold-rich zone within the Iberian Belt West project. The report stated that the latest results supported the possibility that the mine plan could be rescheduled to prioritize El Cura over La Romanera to reduce upfront capital requirements. He also referenced the anticipated court decision related to Aznalcóllar, identifying it as a potential major catalyst for the company’s shares.

According to Canaccord Genuity, Emerita had 289.5 million shares outstanding and a market capitalization of CA$376.3 million at the time of publication. The firm maintained its view that the combination of exploration progress and near-term legal developments continued to support its Speculative Buy recommendation.

Laying the Groundwork for Exploration Acceleration

Emerita’s airborne survey initiative builds upon recent momentum across its flagship IBW project, a 1,545-hectare land package that hosts three high-grade polymetallic deposits. As of the February 2025 mineral resource estimate, the project includes 18.96 million tonnes (Mt) of Indicated resources grading 8.44% zinc-equivalent (ZnEq) and 6.80 Mt of Inferred resources grading 8.72% ZnEq. The deposits remain open for expansion and benefit from near-surface geometries, facilitating lower-cost exploration and potential development planning.

The timing of the HTEM survey aligns with several key project catalysts. As outlined in the company’s November 2025 investor presentation, milestones scheduled between late 2025 and 2026 include a prefeasibility study, updated metallurgical testing, and ongoing public consultations tied to the Environmental Impact Study and Mining License application. The addition of detailed geophysical data could enhance targeting precision for drill campaigns aimed at both expanding known resources and testing new targets across the San Antonio and IBW claims.

Notably, the San Antonio property, which borders IBW to the west, hosts multiple past-producing mines and historic high-grade copper zones. According to the company, grab samples taken from areas such as San Jose and Penuelas returned copper values as high as 13.2%. The HTEM survey will be the first modern, large-scale geophysical assessment over this highly prospective ground. [OWNERSHIP_CHART-10036]

By leveraging the geophysical signatures of its advanced deposits, Emerita aims to accelerate the evaluation of underexplored zones across its land package in the Iberian Pyrite Belt, a region recognized for its concentration of volcanogenic massive sulphide (VMS) systems.

Ownership and Share Structure¹

Management and insiders own 5.32% of Emerita. Of those, Michael Lawrence Guy owns 1.45% of the company, David Patrick Gower owns 1.3%, and Joaquin Merino-Marquez owns 1.04%.

Institutions own 1.12% of the company, including Merk Investments LLC, with 0.99%.

There are 289.12 million shares outstanding with 248.80 million free float traded shares, while the company has a market capitalization of CA$364.29 million and trades within a 52-week range of approximately CA$0.56 to CA$2.00.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

1. Emerita Resources is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000.
2. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
3. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

( Companies Mentioned: EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE,
)

Giorgia Meloni’s party pushes to declare Italy’s gold ‘property of the people’  Financial Times

1. Gold touches six-week high as rate cut bets weigh on dollar; silver hits record high  Reuters
2. Gold falls on profit-booking; investors eye Fed rate cut signals  CNBC
3. Gold, silver rise with crypto sell-off ‘contributing to the precious metals rally’  Yahoo Finance

Current price of gold as of December 1, 2025  Fortune

We Spent a Day in New York’s Diamond District to See the Gold Rush  The Wall Street Journal