With over $36 Billion USD in High-Grade Historical Resources 

The EPIC RERATE has just begun. 20x in 2 years. 

"7 more charged, 14 going to sentencing, the criminal charges have been upgraded to more 

severe crimes that include jail time"

"3 levels of courts in Spain determine crimes were committed"     

EMERITA RESOURCES will soon own close to $40 Billion USD in high-grade, underground mineable resources. 

Welcome to the comeback story of the decade...

For the last 6 years Emerita Resources management has been fighting on two fronts: two lawsuits against 2 major mining companies over titles for two highly valued land packages. Mister Market had given up hope, vastly discounted and left Emerita for dead, believing that they could never rise and defeat such formidable foes.  It turns out Mister Market was wrong, so very wrong. 

Over the last 18 months Emerita won Iberian Belt West, two other highly coveted tenders and now all the data points to a final victory for the Aznalcóllar Land Package.

The Aznalcollar High Grade Land Package containing at least 5 high grade deposits. Los Frailes, Aznalcollar, No Name Lens, Cuchicon and Caridad.

Cuchichon Deposit on the left (10Mt), the Caridad Deposit on the right (4.2Mt) below last and deepest drill hole in Los Frailes (28Mt) 40 meters wide in high-grade, bottom right (43Mt) high grade lens at old Aznalcollar Mine last and deepest hole 30m wide in high grade, all deposit very open for expansion.

NOTE: IMMEDIATE UPSIDE AT LOS FRAILES and Historic AZNALCOLLAR MINE that has been de-risked.   Los Frailes will quickly increase from 28Mt to over +40Mt alone.  Aznalcollar 43Mt to over +55Mt of high grade mineable resources.

NOTE: BODILEN TESTED in 1997 just prior to spill that shut-down mine and HIT 500 meters below current 28Mt resource

AZNALCOLLAR WILL ADD TONS QUICLY AS WELL, ONLY TESTED TO 300 meter, high grade zone is 30 meters wide at that level.

  • NOTE: Just the low risk expansion of Los Frailes and Aznalcollar can quickly add more then 0ver $7-9 Billion to the overall value of this projects mineable high grade resource.


Chapter 1: Iberian Belt West

Emerita fought 6 years in court and finally in the Supreme Court of Spain defeated Matsa Trafigura for the Iberian Belt West Land Package due to their superior technical proposal within their original tender.  The reason this battle was fought is because the IBW land package contains 3 historical high-grade highly economical deposits containing 14 million tons of high-grade already defined that outcrops at surface and all deposits are open for expansion. They deposits are perfect for an underground mining operation and have a Insitu value of $7 Billion USD at an average blended value per ton of $500/ton. They now own it 100% with zero royalty.

Chapter 2: The Ontario Package

Emerita beat out another Major in the Tender for the highly prospective Ontario Land Package. (in purple below). It is the extension of IBW. On the Ontario they are multiple  historical shallow working where dump piles have assayed as high as 11% copper. It has near seen modern exploration. The likelihood of another discovery to add to IBW is very high.

Chapter 3: The Nuevo Tintillo Package

Emerita won yet another Tender and was recently awarded The Neuvo Tintillo Land Package that sits above the Aznalcollar Land Package which contains  multiple historical workings,  untested showings and outcrops. There is 8 zones of high grade mineralization historically documented on the property.  

NOTE: After winning in the tender process Neuvo Tintillo, EMERITA RESOURCES is now the THIRD LARGEST land-holder in this coveted mining region.


After 6 long years in multiple courts The Aznalcollar Land Package with it’s +$30 USD Billion in historical resources across 5 high grade deposits is final coming hone to Emerita Resource, I am 99.9% sure of that based on the data, the quotes from the official release pretty much sums it up: 

“...It is important to note that three levels of courts in Spain have determined that crimes were committed during the tender process and have ruled that the accused must stand trial.   With respect to the title to the Aznalcollar property, Emerita’s external Spanish legal counsel has advised the Company that under Spanish law if there is commission of a crime in awarding a public tender that bid must be disqualified and the tender must be awarded to the next qualified bidder. Emerita is the only qualified bidder in this particular tender.”
"...the Provincial Court, in reviewing the case during the previous appeal process, has indicated that the other bid did not meet the requirements laid out in the tender process and should have been disqualified on that basis alone."
"According to Emerita’s external Spanish legal counsel this is a very important step since trials in Spain do not typically proceed to this stage without a high certainty of guilt and it is very rare that accused are found not guilty at this stage. In this trial there are 14 accused individuals."

NOTE: it’s important to realize that EMERITA RESOURCE is now the 3rd largest land holder in the region through winning multiple public tenders. 

  • It seems self-evident that the Government Of Spain not only has an extremely high confidence in Emerita but also shares a strong belief that it's management has the abilities the explore, develop and bring mineral deposits into production quickly and safely.  Why else would The Government of Spain consistently support Emerita's legal claims and consistently chose them as the winner of public tenders, awarding them multiple valuable land packages.   Common sense right? 

On Thursday June 24th Emerita Resource put out a press release: “Emerita Provides Update on Aznalcollar Court Proceedings, Spain”  in it they confirmed what had been circulating in Spain’s media a few days early.

YOU HAVE TO READ THIS: https://ceo.ca/@nasdaq/emerita-provides-update-on-aznalcollar-court-proceedings


  1. This is a sentencing phrase, crimes have already established, it’s just a question of which individuals will get what sentence
  2. A total of 14 individuals advance to the sentencing round, 7 more then originally charged
  3. The charges have been upgraded to more serious crimes which now include jail time
  4. The Court has decreed no more appeals or evidence maybe submitted, nothing will further delay the resolution of this case
  5. 3 levels of court in Spain have determined, and THIS IS A BIG ONE, “crimes were committed during the tender process and have ruled that the accused must stand trial.”
  6. “under Spanish law if there is commission of a crime in awarding a public tender that bid must be disqualified and the tender must be awarded to the next qualified bidder. Emerita is the only qualified bidder in this particular tender.”
  7. “the Provincial Court, in reviewing the case during the previous appeal process, has indicated that the other bid did not meet the requirements laid out in the tender process and should have been disqualified on that basis alone.” Emerita should have been awarded the tender 7 years ago to begin with
  8. "According to Emerita’s external Spanish legal counsel this is a very important step since trials in Spain do not typically proceed to this stage without a high certainty of guilt and it is very rare that accused are found not guilty at this stage”


If it looks like a duck, if it talks like a duck, if it walks like a duck; then it’s a duck! 

Emerita has won the tender, the data in conclusive, in a short amount of time it will be official. 

"no additional evidence may be submitted nor appeals heard that could further delay the legal process proceeding to formal trial of the accused parties."

Occam Razor: the simplest answer is usually the correct one. 

  • If a crime was committed: Emerita wins. 
  • The Provincial Court has stated publicly that the other company shouldn't have gone to the second round of the tender: Emerita wins.

Data analysis simplified: 7 More people charged plus more severe crimes added to the list of charges, more severe punishments levied, 3 levels of court support Emerita’s case stating that crimes were committed and if a crime is committed Emerita wins, Provincial Court says the other bidder didn’t even complete the work to go to round two in the first place. Emerita wins.

Resolution Time Line: David Gower, CEO of Emerita, expects the case to be resolved by end of July, or no later then by the end of September (Spain’s Gov’t shuts down for the month of August every year, Gov't holiday.). The Courts have barred any further appeals or evidence to impede the resolution of this case. (see news release above). There is risk of coarse that the process could drag out longer then expected, if it takes 6 months or even a year but in the end based on the data that Emerita will be awarded the Aznalcollar Tender. In the mean time the IBW, Ontario and Neuvo Tintillo alone offer at least 4X upside while waiting for either a swift or slow resolution to AZN.   The markets are forward looking, as more begin to adopt the opinion "Victory Is Ours!"  the share will reflect a win of AZN long before the official announcement. The laws are very clear as have been the courts where they stand regarding if crimes have been committed and if the other company even should have been promoted the second round of the tender.   Delays may happen but my timeline for harvesting gains is years out.

Within a few weeks or months, Emerita Resource will officially be the 100% owner of close to $40 Billion USD in underground mineable, high margin Insitu resources and on a quick streamlined path to production. 

  • The IBW will likely begin a PFS in q1 2022 as per CEO
  • The AZNALCOLLAR/LOS FRAILES  TENDER was to PUT THE MINE BACK INTO PRODUCTION, a commercial mine has already been approved by all levels of Government. That's a very important point. THE TENDER WAS TO BUILD A MINE not just to explore for resources. Emerita has already submitted a 10'000 page details Feasibility Study Level Engineering Plan that included: tailing storage, waste management, a mill design, water use and treatment, power and processing, etc etc and that proposal was approved back in round one of the tender process.  

DAY ONE Post Awarded Aznalcollar Package

Post Aznalcollar being awarded Emerita Resources is a Tier 1 High Grade Underground Mining Focused Development Titan on a fast track to production with a mineral inventory of...

(DAY ONE below including Aznalcollar Land Package DOES NOT INCLUDE  any expansion, exploration success or inclusion of full precious metals assays see EMO report #6 for info on that, including full PM assay are like to add an additional $1-2 Billion USD in Insitu value)

  • 4 Land Packages in the Iberian Pyrite Belt
  • 8 known high-grade deposits outcropping/near surface, all open for expansion with the real possibility of increasing tonnage by more than 50%
  • Approx. 100 million tons of historically high-grade resources on 2 land packages that are high margin and underground mineable
  • 220 Million Shares out FD
  • $42 Million in Cash FD
  • Total Insitu Value of the high-grade mineable resources approx. $35.7 - $37.9 Billion USD / $44.3 - $46.9 Billion CN
  • All deposits open for expansion. Last holes end in mineralization at depth at: Los Frailes 40m wide at in high grade, Aznalcollar 30m wide in high grade, Romanera 20m wide in high grade, La Infanta 5.3m wide in Ultra high grade, El Cura, Cuchicon, Caridad, No-Name Lens all open
  • The deepest holes are only shallow between 100-350 meters in vertical depth, VMS deposits can extend 2km, these combined deposits can reasonably growth from their current state of approximately 100 Mt to +150 Mt of high grade company wide in the next 2 years having an insitu value of over $60 Billion USD of mineable high grade resources 

Note: The total tonnage will likely increase by +50% in the first 18 month as they drill them out, do the math on that, after multiple fully funded drill programs the end result with just a 50% increase is  +$56 Billion USD / +$70 Billion CN in high grade, underground mineable resources. What would a major pay for that? I estimate $4-$6 Billion USD



Using Sprott Equity Research 5% Insitu to calculate an Implied Fair Value Market for an explorer (this doesn't given a prem for scale, already approved for a mine, etc but gives you a bare bones min baseline.)

Median Resource of $36.8 Billion USD @ 5% = $1.84 Billion USD / $2.28 Billion CN Implied Market Cap

$1.84 Billion USD / $2.28 Billion CN divided by 220 Million FD = $10.36 share CN / $8.37 share USD 

 Current Share Price: $1.32

DAY ONE including Aznalcollar Land Package the implied upside is 785% before any expansion, exploration or inclusion of full precious metals assays (see EMO report #6 for info on that, including full PM assay are like to add an additional +1 Billion USD)

Using a Zinc Eqiv per Pound Evaluation of $0.05-$0.10 a pound, median of $0.075 due to scale and high margin ore

Median insitu value of $36.8 Billion USD / Zinc per Pound Price of $1.30 = 28.3 Billion Pounds of Zinc Equiv.

28.3 Billion x $0.075 = Implied Market Cap of $2.12 Billion USD

$2.13 Billion USD / 220 Million FD shares = $9.65 USD/share, $11.94 CN/share implied upside 904%

THIS IS DAY ONE EVALUATION with the Aznalcollar Land Package without expansion, exploration, full precious metals assays on IBW, new discoveries on Ontario and Neuvo Tintillo, upside 785%-904% on known historically high-grade resources that were drilled-out prior by Rio Tinto, Phelps Dodge, Boliden and Asturiana da Zinc. Close to zero geological risk.

My Emerita Thesis (see: https://ceo.ca/@Drjimjones/emo-emerita-resources-isthe-great-bear-resources-of-thepolymetallic-sector) continues to strengthen supported by more outstanding hard data out of Spain. The saga over the Aznalcollar Land Package is coming to an end and Emerita looks to be the clear winner, after 6 long years in court, victory is ours.

The Aznalcollar Land Package is a world-class land package containing 5 known historical high-grade poly-metallic deposits, all open for expansion. The totally tonnage currently sit at over 90Mt of high-grade underground mineable metal. The total inset value at todays spot prices exceeds $30 Billion USD at a whooping average value per ton of over $300USD/ton. 

My model concludes with success Emerita will be valued above $4 Billion USD / $4.96 Billion CN within 2-3 years as they grow their tonnage  and scale across their world class portfolio of properties in the Iberian Pyrite Belt of Spain. 

  • Using fully diluted of 220 Million Shares = $18.18 USD / $22.50 CN per share

I'm a chess player, I have already spoken to several key large owners of Emerita's stock, Individuals and Institutional, I've walking them through my research and we agreed, "No sale below $4 Billion." We have the voting control, over 51% of the total outstanding FD shares and we will safe guard our company and management from being exploited. We will not go prematurely cheap.


Other key data points since the last Due Diligence Report

Number 1:  Two additional historical deposits have re-emerged of the Aznalcollar Land Package 

  • The Cuchicon Deposit believed to by approx. 10Mt of high grade similar to Los Frailes  
  • The Caridad Deposit 4.2Mt of copper rich high grade circa 1928. 
  • Both of these deposits all within the infrastructure of the future Los Frailes Mine Development.

Aznalcollar Land Package High Grade Tonnage Recap

1) Los Frailes 28Mt

2) Aznalcollar Mine 43Mt

3) Doc Jones Lens 3-10Mt

4) Cuchicon Deposit 10Mt

5) Caridad Deposit 4.2Mt

Total Tonnage As-Is, the day the tender is officially award back to Emerita

NOTE: all deposits open for expansion, David Gower thinks Los Frailes can easily grow +50% for example

88.2Mt-95.2Mt at an average of +$325/Ton = $28.7 Billion USD - $30.9 Billion USD

ADD in IBW 14Mt at an average of $500/Ton = $7 Billion USD

COMPANY WIDE TOTAL TONS: 102.2-109.3Mt = $35.7-$37.9 Billion USD Insitu value, as-is, on day one! A Titan, Tier 1

Number 2: There is a value comp for IBW 

Trafigura has put Matsa up for sell with a $2 Billion evaluation. This is important because Matsa is an excellent comparable to IBW David Gower stated on SMALLCAPSTEVE (Link provide at the end) “The size and scale of IBW will exceed Matsa”

Matsa: 3 deposits, 32Mt @ $290/ton = $9.2 Billion in resources, beginning +200 meters below the surface

IBW: 3 deposits, 14Mt (so far) @ $500/ton = $7 Billion in resources, beginning at surface

IBW has much higher grades, outcrops at surface and is open to expand by more then 100%

Matsa is valued at $2 Billion - $400 million for the existing mill and development = $1.6 Billion for the resource, discounted by 25% = $1.2 Billion implied Comp Value of IBW min.

$1.2 Billion / 220 Million shares out FD = $5.46 USD per share in value just for IBW alone.

IBW or Iberian Belt West containing at least 3 high grade deposits: La Infanta, El Cura and Romanera, detailed below.

NOTES ON IBW: ( For more geological and technical detail on all deposits see: Due Diligence Report #6   https://ceo.ca/@Drjimjones/emo-emerita-resources-isthe-great-bear-resources-of-thepolymetallic-sector )

This is the first time in history all 3 deposits have been consolidated into 1 large land package, prior these deposit could not be fully drilled out and exploited due to the multiple fragmented land claims. Being consolidated for the first time in history means these 3 deposits can reach their fully potential and scale and what ever new ones that are discovered on IBW or on The Ontario Package and be combined to feed into a single milling complex. That translates into extremely low development cost and extremely high margins on already super high margin resources.

Current Historically Resource 14Mt at a blended average of $500/Ton = $7 Billion USD in high grade metal

La Infanta Deposit

-Ultra high-grade averaging $1000/ton

-Origin just a postage stamp size and the ultra high-grade mineralization (averaging $1000/ton not including gold) ran of the prior property boundary and couldn’t be fully delineated by Phelps Dodge until now

-The Property has only been drilled down to 100 meters because the mineralization run off the property down-dip, the last hole at the prior property boundary intercepted 5.3 meters at $1710 at todays commodity prices for Zinc, Copper, Lead, Silver (the gold wasn’t assays historically but believed to run 1g/t in deposit)

-No gold included in the historical resource

-David believes La Infanta could get to 5-7 million tons once fully drilled out and defined, if so it value will increase from $800 million to ultimately $5-$7 Billion in gross metal, a 625% to 875% increase

-Drill on site now drilling 5000 meters

-Assays coming in the need few weeks.

Note: In general VMS deposits can go in excess of 2km in depth, La Infanta has only drilled to 100 meters in depth.

El Cura Deposit

  • Very high-grade and copper rich and poly-metalic
  • An ore pile next to a historical shaft on property assayed at = $2370/ton USD
“ In El Cura deposit an adit from the 19th century of less than 100 meters, presumably to intercept the mineralized lenses, is known to be buried. There is also a 60m deep shaft, that intercepts two mineralized lenses 900 m apart, at 47 m depth. Another shaft, to the west also intercepted a lens. In 1946, the explorer Pinedo Vara found a pile of ore with the following grades 5.7 % Cu, 14.0 % Pb, 24.0 % Zn, 2.0 % Sb, and 580 g/t Ag.”
  • Multiple shallow buried lens referred to in the historically data
  • Emerita is in the process of acquiring Rio Tinto’s historical drill data
  • El Cura is a real big system, historically Rio Tinto drilled out at least 2 million ton as referred to in Rio Tinto’s internal reports acquired by Emerita with La Infanta type mineralization (ie $1000/ton)
  • El Cura could hold multiple high-grade deposit based of the historically data and underlining geology

 Romanera Deposit

  • High grade deposit of 11.2 million tons is open, the last hole at old property boundary intercepted 20 meters of high grade mineralization
  • Historical drillers didn’t fully assays for gold or silver, high potential of upgrading value per ton by including full PM credits
  • Multiple zones of 2-5g/t gold over wide 10 meter not included in resource
  • David Gower stated in an interview he wouldn’t be surprised to see this deposit ultimately increase 100% from 11Mt-15Mt to more than 22Mt
  • Drilling of 5000 meter expected to begin sometime in July


There is a very high potential that the IBW land package endowment can grow from the current historically resource of 14 Million tons valued at +$7 Billion USD to +30-40 million tons of high grade resources valued at over +$15-$20 Billion USD.

Number 3

The company executed a $16 million Private Placement that was upsized from $10 million and was sold out and over subscribed within hours. ($1.10 a share plus a half warrant at $1.50) Fully diluted this equals a 13.5% dilution, fully diluted the treasury would exceed $42 Million, the money was raised on the back of all-time high in the stock. The vast majority of the PP went to Institutional Funds which is extremely positive because:

  • Many Funds did not get a full allocation and therefore will have to buy on the open market
  • Any financial risk from delays in the courts or Covid is removed
  • The company is positioned now to immediately begin work on Aznalcóllar as soon as awarded
  • The IBW is completely funded for massive expansion drilling prior to a PEA/PSF beginning in q1 2022
  • Institutional Funds will begin to write coverage on EMO, bring tens of thousands of eyes and new investors into the story
  • “Smart Money” entering validated the upside
  • Institutional Money generally have more political power then retail investors which can’t hurt
  • Even with the Private Placement the FOUR HORSEMAN are still the majority holders and no deal below $4 Billion (Eric Sprott is rumoured to have bought $5 Million of the deal, adding to his prior 10% stake
  • Institutional Money are long holders and tend to suck up liquidity causing a more rapid increase in share price on positive news

Number 4

The EU $3.4 Billion funding program begins in 2022 and last until 2026, it’s designs to provide grants and loans to Advanced Stage Mining Project, during that time frame Emerita will have at least 2 project that will fully qualify for funding. 

The IBW and AZNALCOLLAR will likely receive grant/ forgivable loans/low interest loan to bring those projects into production. The means extremely low cost of capital, minimal future dilution, increased margins, increased NPV, increased NAV across the board. All those points boil down to a high market cap, higher share price and higher returns for shareholders.

"Andalucia Region Targeted for Strategic Mining Investment by European Union.

The Junta of the Andalucia Region passed a law designating underground mining as a strategically important industry in the region that will be permitted in all areas of the region . Mining development will have priority as an economic activity.

The European Union has passed an initiative as part of its plan to rebuild the economy post the COVID 19 pandemic whereby the Iberian Belt which is located primarily in Andalucia and extends westward to Portugal will receive a strategic investment of €3.10 billion for mine development and related activities. The Ministry of Economic Transformation, Industry, Knowledge and Universities has promoted the project for the metal mining and metallurgy sectors in Andalusia to apply for funds from the “Next Generation of the European Union” (funds established for economic rebuilding of the EU post the pandemic). The strong mining industry and recognized geological potential hosted in the Iberian Pyrite Belt, within the provinces of Seville and Huelva will be the focus of the program."


I’m Doc Jones, a private resource investor, my only client is me. I do not work for or get paid by any of the companies I write Due Diligence Reports on and I only write about companies that I personal have put my own money into. 

 I’m a pro-active, activist investor. I find undervalued companies for what ever reason the market has mispriced and misunderstood and use my skills to ferret out the data and bring clarity to the market. I do this for free as a means to educate others. 

I entered early retirement a few years ago and decided I wanted to give back by teaching others my due diligence process that I used when I was a managing other high net-worth individuals money to have positive outcomes financially.

I chose CEO.CA as my home platform after investigating other platforms because it's users have a high-level of investor intelligence, (excluding a few bad-actors who bash and try to spread misinformation)  After joining CEO.CA I funded a trading account for the purpose of investing in the Jr. Resource Sector to show how the practical application of my research process creates wealth. The results on July 4th 2021 has been a +2831.35% total return on capital invested in 16 months from investing in 41 companies, no margin, no warrants, currently, I hold 10 in my portfolio. 

 I am not immune to losses, I take them when to data instructs and for tax planning purposes.  When the data changes I change. I drive my highly focused, highly researched portfolio to win big and lose small. 

My current portfolio holdings are listed under my CEO.Ca profile as well as my past Due Diligence Reports. I don’t write a report on every investment, for some, the data is easily obtained and understood. In those cases I general will post my thesis on the company’s boards with a few supporting data point and make updates as needed.

Do your homework. Vet everything you read. The math is the math. The data is the data. It's your money not mine. When you make money I don't expect 20%, when you lose that's on you.

Investing is not for everyone. It requires patience, mental fortitude, maturity and a bit of luck.  The best hedge against losses is education. If you make a lot of money using my research donate some of the profits to a local charity in the name of "Doc Jones" and send me a pic over twitter.

Best, Doc Jones.


To the extraordinary management team at Emerita Resources:

Thank you.  

Had it not been for your combined resourcefulness, knowledge, high-ethical and technical standards and unbeatable drive, all would have been lost. 

Thank you for protecting our shareholder value.




David Gower CEO Emerita Resources

Podcast: Fireside Chat With David Gower and Doc Jones: https://anchor.fm/docjonesresourceinvestor/episodes/Doc-Jones-chat-with-David-Gower-CEO-of-Emerita-Resources-e12djq4/a-a5qnvsk

Slide Desk for Fireside Chat: https://ceo.ca/@Drjimjones/isemerita-resources-emo-emotfthe-next-quantum-mineralswith-over-30-billion-in-high-grade-historically-resourcesits-your-money-you-decidedoc-jones-fireside-chat-with-ceo-david-gower

The "400 Million oz of silver alone" interview:


Doc Jones, Resource Investor

Podcast: Doc Jones explains the 20x over the next 2 years: https://anchor.fm/docjonesresourceinvestor/episodes/Emerita-Resources-4-20x-return-e114kks/a-a5jshkj

Due Diligence Report # 6: https://ceo.ca/@Drjimjones/emo-emerita-resources-isthe-great-bear-resources-of-thepolymetallic-sector
Due Diligence Report # 7: https://ceo.ca/@Drjimjones/emo-emerita-resources-announces-first-assaysafter-winning-6-year-court-battle