12:36 PM EDT, 09/19/2025 (MT Newswires) -- Emerita Resources ( EMOTF ) was last seen up 4.3% after the company on Friday said the Ministry of Industrial Policy and Energy of Huelva, Andalusia, granted the company two new exploration permits for its San Antonio and Terranova claims, adjacent to its Iberian Belt West Project.

The San Antonio and Terranova permits bring the company's total land under control in the Iberian Belt West (IBW) to 8,144 hectares. The San Antonio license is situated just southwest of the company's Ontario license and the Terranova license extends the property toward the Portugal border, along the same mineralization trend.

Both permits are issued for an initial three-year term and are renewable. Emerita plans to commence exploration immediately in the newly permitted areas.

In addition, Emerita has entered into a Letter of Intent (LOI) to acquire a 100% interest in the Nueva Celti Project in Seville, Andalusia, via Western Metallica's (WMS.V) Spanish subsidiary. Nueva Celti covers some 1,237 hectares, with historic underground workings and shafts. Recent drilling reveals substantial mineralization at depth, including a 2023 intercept of 26.1 meters grading 1.5% copper, 1.8% zinc, 27.6 grams per tonne of silver and 0.7 g/t of gold.

Under the terms of the LOI, Emerita must pay $150,000 in cash and $250,000 in Emerita shares, valued at the closing price prior to a binding purchase agreement to acquire Nueva Celti. The acquisition is subject to customary approvals, including from the TSXV.

Shares of Emerita Resources ( EMOTF ) were last seen up $0.06 to $1.45 on the TSX Venture Exchange.

Price: 1.45, Change: +0.06, Percent Change: +4.32