New US Listing Brings High-Grade Polymetallic Project Into Focus
Emerita Resources Corp. (EMO:TSX.V;EMOTF:OTCQX;LLJA:FSE)began trading on the OTCQX Market in the United States as of January 30, 2026. The company said the move enhances visibility as it advances its Iberian Belt West project through permitting and prefeasibility.
Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQX; LLJA:FSE) announced that its common shares have been approved for trading on the OTCQX Market in the United States, effective January 30, 2026. The company had previously traded on the OTCQB Venture Market and will continue to trade in the U.S. under the symbol EMOTF.
David Gower, P.Geo., Chief Executive Officer of Emerita Resources, stated in a company news release: "Our transition to the OTCQX Market represents an important milestone for the Company, enhancing our visibility with U.S. investors and providing improved access for a broader shareholder base as we continue to advance our Iberian Belt West project through permitting and prefeasibility that will ultimately lead towards a production decision."
According to the company, the OTCQX Market is designed for established, investor-focused companies that meet higher financial, disclosure, and corporate governance standards. Companies trading on OTCQX are required to demonstrate compliance with applicable securities laws and adhere to best-practice governance principles.
The graduation to OTCQX was described by Emerita as reflecting its progress and commitment to maintaining high standards of disclosure while expanding its presence in capital markets.
Precious and Base Metals Activity Remained Elevated
According to a January 29 report from Bloomberg, copper prices moved above US$14,000 per ton for the first time, rising as much as 7.9% in the largest intraday gain since 2009. Yan Weijun of Xiamen C&D Inc. said the move was driven by speculative activity, stating, "This is all driven by speculative funds." The report noted that trading volumes on the Shanghai Futures Exchange reached record January levels across base metals, with copper posting its second-highest daily trading volume on record. Chi Kai of Shanghai Cosine Capital said expectations for price appreciation persisted, stating, "The expectation for upward movement in copper prices has not changed."
Silver market dynamics were also highlighted on January 30 in a report from Leede Financial, which pointed to rising cost pressures tied to industrial demand. The firm reported that silver accounted for 29% of solar panel production costs, up from 3.4% in 2023. Leede stated that the shift raised "real concerns about demand destruction" as manufacturers evaluated lower-cost alternatives. The report added that while the White House's Section 232 order avoided immediate tariffs, subsequent stockpile releases helped ease tight supply conditions.
Gold demand trends were addressed in a January 30 report from Mining, which stated that global gold demand reached 5,002 tonnes in 2025, valued at approximately US$555 billion. Private investment demand increased 84% year over year to 2,175.3 tonnes. Shaokai Fan of the World Gold Council attributed the rise to macro-level uncertainty, saying, "Instability at the policy-making level turning into instability at the financial level." The report noted that global gold exchange-traded funds added roughly 802 tonnes during the year, marking the second-strongest annual inflow on record.
Despite higher prices, Mining reported that supply growth remained limited. Global mine production rose modestly to 3,672 tonnes, while recycling volumes increased by only 3%. Fan stated, "Unlike previous peaks in the gold price, this time doesn't coincide with a major economic shock."
Clarus Reiterates Buy on Emerita, Citing Gold Value at IBW
On December 8, Clarus Securities analyst Varun Arora reaffirmed a "Speculative Buy" rating on Emerita Resources Corp., lowering the 12-month price target from US$3.15 to US$1.50 per share. The adjustment followed a ruling by the Seville Provincial Court that acquitted all 16 defendants in the Aznalcollar criminal trial. Clarus noted the verdict pertained only to criminal charges and had no bearing on the ongoing civil proceedings concerning the legality of the Aznalcollar tender. Arora stated that the market had already largely discounted Aznalcollar from Emerita's valuation.
The report focused instead on the Iberian Belt West (IBW) project, which Clarus modeled as deriving over 55% of life-of-mine revenue from precious metals. Arora estimated an after-tax net present value (NPV) of CA$1.0 billion (US$767 million) using a 5% discount rate, based on initial capital costs of US$275 million. The mine plan outlined average annual production of 220 million pounds of zinc-equivalent material over a 22-year mine life, with an all-in sustaining cost (AISC) of US$0.70 per payable pound.
While Aznalcollar was excluded from the updated valuation, Clarus retained optionality pending the outcome of the civil case. Arora noted that "the criminal proceedings did not address the legitimacy of the public tender," which remains under review by the Andalusia Administrative Court.
Clarus also highlighted IBW's scale and metal content. Arora reported that the project contains approximately 26 million tonnes grading 9.8% zinc equivalent on an in-situ basis, including about 1.6 million gold-equivalent ounces based on gold and silver grades of roughly 2 grams per tonne. An additional 9 million tonnes not included in the mine plan was valued separately using in-situ metrics.
At the time of publication, Emerita was trading at around CA$0.02 per pound on an enterprise value-to-resource basis and 0.16 times price-to-NAV, compared to peer group averages of CA$0.07 and 0.70 times, respectively. Arora described the valuation as oversold and identified several upcoming catalysts, including an updated mineral resource estimate in Q1 2026, prefeasibility study results by mid-year, and progress toward a mining license.
The revised US$1.50 price target was based on 0.5 times IBW's modeled NPV, adjusted for exploration potential, debt, and in-the-money securities.
Iberian Belt West Project: Ongoing Activity and Regulatory Steps
Emerita Resources has outlined a series of planned and ongoing activities related to its Iberian Belt West (IBW) project in Spain, a development-stage project with three high-grade polymetallic deposits: La Romanera, El Cura, and La Infanta.
According to the company's presentation, it received a Declaration of Strategic Importance (DSI) from the Junta Andalucia in Q4 2024. In Q1 2025, Emerita submitted its Environmental Impact Study (AAU), commenced a prefeasibility study (PFS), and announced an 81.5% gold recovery process.
Streetwise Ownership Overview*
Emerita Resources Corp. (EMO:TSX.V; EMOTF:OTCQB; LLJA:FSE)
*Share Structureas of 11/17/2025In Q2 2025, the company completed public consultation. A mining license application was submitted to the Andalusia Authority in Q4 2025, and public consultations on the AAU commenced in Q1 2026. The company stated that it plans to update its Mineral Resource Estimate (MRE) in Q2 2026 and complete the PFS in Q3 2026, followed by Huelva Mining Department project approval in Q4 2026.
In addition, Emerita noted several next steps, including continued drilling at the El Cura deposit with three active rigs, updated metallurgical results for gold recovery, a planned drilling program and exploration results for the Nuevo Tintillo project, and an administrative court ruling for the Aznalc?llar project.
Ownership and Share Structure1
Management and insiders hold 5.32% of Emerita. Michael Lawrence Guy owns 1.45%, David Patrick Gower holds 1.3%, and Joaquin Merino-Marquez controls 1.04%.
Institutional ownership totals 1.12%, including Merk Investments LLC with a 0.99% stake.
The company has 289.12 million shares outstanding, with 248.80 million freely tradable. Emerita's market capitalization is CA$167.89 million, and shares have traded between CA$0.39 and CA$2.00 over the past 52 weeks.
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Important Disclosures:
Emerita Resources Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$3,000 and US$6,000. James Guttman wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 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.
Ownership and Share Structure InformationThe 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.