14 October 2024

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Emmerson PLC ("Emmerson" or the "Company")

ESIA Update

Emmerson, the Moroccan-focused potash development company, wishes to provide an update regarding the approval of its updated Environmental and Social Impact Assessment ("ESIA") for the Khemisset Potash Project ("Khemisset"). 

As previously announced, Emmerson had been invited to submit the updated version of its ESIA application supported by the new benefits of Khemisset Multi-Mineral Process ("KMP") to the Centre Régional d'Investissement of the region Rabat-Salé-Kénitra ("CRI") for review by the Commission Régionale Unifiée de l'Investissement ("CRUI"). 

Emmerson has been made aware that the CRUI has made an unfavourable recommendation regarding the approval.

Emmerson has not received formal notification of a decision and is seeking clarification regarding both a decision and the unfavourable recommendation. Emmerson is reviewing the available regulatory and legal options with respect to an appeal and assessing its next actions.

The Company will provide further updates in due course.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of the UK Market Abuse Regulation and the Directors of the Company are responsible for the release of this announcement

**ENDS**

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Notes to Editors

Emmerson is focused on advancing the Khemisset project ("Khemisset" or the "Project") in Morocco into a low cost, high margin supplier of potash, and the first primary producer on the African continent. With an initial 19-year life of mine, the development of Khemisset is expected to deliver long-term investment and financial contributions to Morocco including the creation of permanent employment, taxation, and a plethora of ancillary benefits. As a UK-Moroccan partnership, the Company is committed to bringing in significant international investment over the life of the mine.

Morocco is widely recognised as one of the leading phosphate producers globally, ranking third in the world in terms of tonnes produced annually, and the development of this mine is set to consolidate its position as the most important fertiliser producer in Africa. The Project has a large JORC Resource Estimate (2012) of 537Mt @ 9.24% K2O, with significant exploration potential, and is perfectly located to support the expected growth of African fertiliser consumption whilst also being located on the doorstep of European markets. The need to feed the world's rapidly increasing population is driving demand for potash and Khemisset is well placed to benefit from the opportunities this presents. The Feasibility Study released in June 2020 indicated the Project has the potential to be among the lowest capital cost development stage potash projects in the world and also, as a result of its location, one of the highest margin projects. Updated financial estimates published in February 2024 indicated a net present value of US$2.2 billion, with an internal rate of return of approximately 40%.