The Ontario Securities Commission (OSC) announced enforcement proceedings against Emerita Resources Corp., its directors and officers David Gower, Lawrence Guy, Damian Lopez, Gregory Duras and Joaquin Merino Marquez, and Hélio Diniz in connection with alleged misconduct involving the company’s mining projects and related disclosures. The allegations include that certain directors and officers participated in actions that diverted lithium mining claims in Brazil (the Falcon Project) away from Emerita for their benefit, including by creating Lithium Ionic Corp. to pursue those claims and taking shareholdings and senior roles in that company. The OSC also alleges that Gower, Guy, Lopez and Duras caused Emerita to make misleading statements that it had “relinquished” the Falcon Project while senior insiders were pursuing it through Lithium Ionic, and that Gower and Diniz misled the OSC during its investigation. Separately, the OSC alleges Emerita’s public filings between 2017 and 2023 contained untrue or misleading statements about the Plaza Norte zinc project in Spain, including the permit status and Emerita’s ownership interest in the joint venture, and that these statements were approved or allowed by Gower, Lopez, Duras and Merino Marquez. A case management hearing is scheduled before the Capital Markets Tribunal on May 8, 2026 at 10:00 a.m.

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