Ahead of finalising a prefeasibility study (PFS) on the Iberian Belt West zinc/lead/copper/gold/silver project in Spain, TSX-V-listed Emerita Resources has identified several opportunities that warrant further evaluation and additional metallurgical testwork.

The company believes it appropriate to complete this work before selecting the preferred development scenario for the PFS.

Having started work on the PFS in December 2025 and expecting completion within six months - or by June this year - the company now expects to publish the PFS during the third quarter.

Emerita confirms that the bulk of the PFS design work is complete, including the underground mine design, surface layout design with a flotation process plant and a Railveyor underground-to-surface discharge loop onto run-of-mine pad design.

The selection of the preferred metallurgical process, however, will form the basis for an updated mineral resource estimate, mine stope optimisation and sequencing for the PFS, as well as overall economic evaluation of the Iberian Belt West project.

Emerita explains that in addition to the new evaluations being done, the delayed PFS also gives time for the company's new directors - who were appointed early in June - to get fully immersed in the project and provide valuable technical input.

The company affirms that potential optimisations in the metallurgical process flowsheet are expected to result in both economic and operational improvements to the project.

“The new data from preliminary testing of at least two new approaches to the metallurgical plan show potential to improve operating costs and reduce capital costs relative to the original conceptual design. In our opinion, it is important to complete the evaluation of these improvements, prior to finalising the PFS, in order to produce the most robust results which will help drive the next phase of development and growth.

"We appreciate the patience of our shareholders as this work aims to maximise the project’s value proposition," says Emerita CEO and president Joaquin Merino.