PM Super Fund has called on the board of Emerita Resources Corp. to immediately accept the resignations tendered by three directors following an active shareholder withhold campaign at the company's annual general and special meeting.

At the August 25, 2026 meeting, approximately half of all issued shares were voted, resulting in withheld votes exceeding votes cast in favour for board chair David Patterson, Marilia Bento and Catherine Stretch. Under Emerita’s Majority Voting Policy, the outcome triggered the mandatory tendering of resignations for board consideration. Two other meeting resolutions—a special resolution to fix the number of directors and the annual re-approval of the rolling stock option plan—were defeated by shareholders.

The development marks a sharp contrast with the company's previous annual meeting on June 19, 2025, when all director nominees secured approval from more than 93% of cast votes. Ahead of the August 2026 vote, Emerita had issued a response on August 12 urging shareholders to support all six nominees and warning that the withhold campaign risked disrupting business operations.

PM Super Fund, an Australia-based private superannuation fund holding 11,620,000 common shares representing roughly 3.9% of Emerita's outstanding stock, argued that the three directors who retained majority support—Joaquin Merino, Agne Ahlenius and Joseph Belan—should independently decide on the pending departures without participation from the affected board members. The activist shareholder also requested that the board publish the full text of its Majority Voting Policy, disclose detailed voting results, and refrain from offering any compensatory arrangements to departing directors.

“Shareholders were given a policy and told it would let them hold individual directors accountable. They used it. In respect of three directors, including the Chairman, more shares were withheld than were voted in favour. Three resignations are now sitting on the table. The Board's responsibility to consider those resignations and its responsibility to reconstitute itself over time are distinct. In other words, the Board should accept the resignations now and deal with replacement directors separately.”

— Wayne Peters, director of the trustee of PM Super Fund

The Emerita board is currently evaluating the tendered resignations. Emerita shares are currently trading at $0.35, up 1.45%.

Read the full announcement: The Voice of Emerita Shareholders Has Been Heard