Emerita Resources has moved back its prefeasibility study for the Iberian Belt West project, known as IBW, in southern Spain. The study began in December 2025 and was first expected to take about six months, which pointed to a June 2026 finish. The company now says results will be published in the third quarter of 2026.
Emerita, which trades on the TSX-V as EMO, gave two reasons in a June 30 update. Studying the project turned up several opportunities that need more metallurgical test work, and it prefers to finish that work before choosing a preferred development scenario and finalizing the study. The study is being designed to meet NI 43-101 requirements.
Where the design work stands
Most of the design work is done. It covers the underground mine, a surface layout with a flotation process plant at a basic engineering level, and a Railveyor underground-to-surface discharge loop onto a run-of-mine pad.
What remains is choosing the metallurgical process. That choice feeds an updated Mineral Resource Estimate, mine stope optimization and sequencing, and the economic evaluation of the project.
Joaquin Merino, president and CEO, said preliminary testing of at least two new approaches to the metallurgical plan shows potential to improve operating costs and reduce capital costs against the original conceptual design. “In our opinion, it is important to complete the evaluation of these improvements prior to finalizing the PFS,” he said, so the results can drive the next phase of development. He thanked shareholders for their patience.
New directors also played a part. Board appointments announced on June 3 and June 8 added technical and mining expertise, and the company said the short delay gives them time to get fully immersed in the project.
Aznalcollar ruling still pending
Emerita also said the administrative decision on the Aznalcollar public tender has not arrived. Judicial timelines for such decisions are not fixed, the company noted, and it respects the careful consideration given by the Tribunal Superior de Justicia de Andalucia. It said it remains confident in the process.
What IBW holds
IBW comprises the Infanta, El Cura and Romanera polymetallic deposits in the Iberian Pyrite Belt. Indicated resources total 18.9 million tonnes grading 2.8% zinc and 1.42% lead, containing 547,000 tonnes of zinc and 269,000 tonnes of lead, alongside copper, gold and silver. Inferred resources add 6.8 million tonnes grading 3.25% zinc and 1.5% lead, with 221,000 tonnes of zinc and 102,000 tonnes of lead.
Aznalcollar, another Emerita project in Spain, is a past-producing open-pit mine that the company wants to redevelop after a long-running ownership dispute. Its corporate office and technical team are in Sevilla, with an administrative office in Toronto.
Sources
- Emerita Provides Update on the Progress of IBW Project's Ongoing Prefeasibility Study
- Emerita Targets Third-Quarter PFS for Iberian Belt West with Defined Zinc-Lead Resources – Shanghai Metals Market (SMM)
