Appointment of Liberum as Nominated Advisor

Emmerson PLC / Ticker: EML / Index: LSE / Sector: Mining

3 January 2023

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

Appointment of Liberum as Nominated Advisor

Emmerson PLC, the Moroccan focused potash development company, is pleased to announce the appointment of Liberum Capital as Nominated Advisor to the Company with immediate effect.

Graham Clarke, CEO, commented:

"I am delighted to appoint Liberum Capital as Nominated Advisor, having now worked with the team since they became joint broker to Emmerson in February 2022. Liberum is a well-respected mid-tier stockbroker with a strong mining franchise which will be the right fit to take the Company into its next stage of construction and first production."

**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 second 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. This delivered outstanding economics, including a post-tax NPV8 of approximately US$1.4 billion using industry expert Argus' price forecasts, and the spot price for granular MOP fertiliser has since risen, further enhancing the valuations.