Change in substantial holding

To: Company Name/Scheme ACN/ARSN

1. Details of substantial holder (1)

   Name

   ACN/ARSN (if applicable)

   There was a change in the interests of the substantial holder on

   The previous notice was given to the company on

   The previous notice was dated

   EMMERSON RESOURCES LIMITED. 117 086 745

   Weiss Asset Management LP and on behalf of Brookdale International Partners, L.P. ("BIP"), Brookdale Global Opportunity Fund ("BGO"), BIP GP LLC, WAM GP LLC and Andrew Weiss (Weiss Group)

   Not applicable 29 May 2026

   24 April 2026

   24 April 2026

2. Previous and present voting power

   The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

   Class of securities (4)	Previous notice		Present notice
   	Person's votes	Voting power (5)	Person's votes	Voting power (5)
   Ordinary Fully Paid ("Shares")	33,443,647	5.03%	40,593,874	6.10%

3. Changes in relevant interests

   Particulars of each change in, or change in the nature of, relevant interests of the substantial shareholder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

   Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)		Class and number of securities affected	Person's votes affected
   			Cash	Non-Cash
   24-Apr-2026	Weiss Group	Acquisition of further Shares	0.3890	0	313508 Shares	313,508
   28-Apr-2026	Weiss Group	Acquisition of further Shares	0.3800	0	53396 Shares	53,396
   29-Apr-2026	Weiss Group	Acquisition of further Shares	0.3750	0	28882 Shares	28,882
   1-May-2026	Weiss Group	Acquisition of further Shares	0.3800	0	168934 Shares	168,934
   7-May-2026	Weiss Group	Acquisition of further Shares	0.4022	0	859375 Shares	859,375
   7-May-2026	Weiss Group	Acquisition of further Shares	0.4015	0	126098 Shares	126,098
   8-May-2026	Weiss Group	Acquisition of further Shares	0.4200	0	2000000 Shares	2,000,000
   11-May-2026	Weiss Group	Acquisition of further Shares	0.3950	0	5000 Shares	5,000
   12-May-2026	Weiss Group	Acquisition of further Shares	0.4198	0	1500016 Shares	1,500,016
   13-May-2026	Weiss Group	Acquisition of further Shares	0.4125	0	950000 Shares	950,000

   13-May-2026	Weiss Group	Acquisition of further Shares	0.4100	0	19975 Shares	19,975
   13-May-2026	Weiss Group	Acquisition of further Shares	0.4125	0	200000 Shares	200,000
   15-May-2026	Weiss Group	Disposal of further Shares	0.4000	0	400000 Shares	400,000
   15-May-2026	Weiss Group	Acquisition of further Shares	0.3900	0	130495 Shares	130,495
   18-May-2026	Weiss Group	Acquisition of further Shares	0.3735	0	424179 Shares	424,179
   19-May-2026	Weiss Group	Acquisition of further Shares	0.3850	0	150000 Shares	150,000
   21-May-2026	Weiss Group	Acquisition of further Shares	0.3800	0	120369 Shares	120,369
   29-May-2026	Weiss Group	Acquisition of further Shares	0.3750	0	500000 Shares	500,000

4. Present relevant interests

   Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

   Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
   Brookdale International Partners, L.P.	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale Global Opportunity Fund.	8,751,637 Shares	8,751,637
   Brookdale Global Opportunity Fund	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale International Partners, L.P.	8,751,637 Shares	8,751,637
   Weiss Asset Management LP	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	8,751,637 Shares	8,751,637
   BIP GP LLC	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b), and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Brookdale International Partners, L.P. and through the relevant interests held by its associate WAM GP LLC.	8,751,637 Shares	8,751,637
   WAM GP LLC	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Weiss Asset Management LP which is the investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	8,751,637 Shares	8,751,637
   Andrew Weiss	BNP Paribas Securities Services, (Australia Branch) -A/C Barclays Capital	BIP in respect of 3,063,074 Shares and BGO in respect of 5,688,563 Shares	Relevant interest holder under sections 608(1)(b), 608(1)(c) and 608(3) of the Corporations Act 2001(Cth) through control of BIP GP LLC and WAM GP LLC which is an associate of Brookdale International Partners, L.P and Brookdale Global Opportunity Fund.	8,751,637 Shares	8,751,637

   Brookdale International Partners, L.P.	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale Global Opportunity Fund.	11,315,328 Shares	11,315,328
   Brookdale Global Opportunity Fund	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale International Partners, L.P.	11,315,328 Shares	11,315,328
   Weiss Asset Management LP	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	11,315,328 Shares	11,315,328
   BIP GP LLC	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b), and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Brookdale International Partners, L.P. and through the relevant interests held by its associate WAM GP LLC.	11,315,328 Shares	11,315,328
   WAM GP LLC	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Weiss Asset Management LP which is the investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	11,315,328 Shares	11,315,328
   Andrew Weiss	HSBC Custody Nominees (Australia) Limited - A/C Goldman Sachs International, London	BIP in respect of 3,960,365 Shares and BGO in respect of 7,354,963 Shares	Relevant interest holder under sections 608(1)(b), 608(1)(c) and 608(3) of the Corporations Act 2001(Cth) through control of BIP GP LLC and WAM GP LLC which is an associate of Brookdale International Partners, L.P and Brookdale Global Opportunity Fund.	11,315,328 Shares	11,315,328
   Brookdale International Partners, L.P.	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale Global Opportunity Fund.	19,208,416 Shares	19,208,416
   Brookdale Global Opportunity Fund	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale International Partners, L.P.	19,208,416 Shares	19,208,416
   Weiss Asset Management LP	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	19,208,416 Shares	19,208,416
   BIP GP LLC	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b), and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Brookdale International Partners, L.P. and through the relevant interests held by its associate WAM GP LLC.	19,208,416 Shares	19,208,416

   WAM GP LLC	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Weiss Asset Management LP which is the investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	19,208,416 Shares	19,208,416
   Andrew Weiss	Citigroup Pty. Limited, Melbourne, Australia - A/C J.P. Morgan Securities LLC	BIP in respect of 6,722,946 Shares and BGO in respect of 12,485,470 Shares	Relevant interest holder under sections 608(1)(b), 608(1)(c) and 608(3) of the Corporations Act 2001(Cth) through control of BIP GP LLC and WAM GP LLC which is an associate of Brookdale International Partners, L.P and Brookdale Global Opportunity Fund.	19,208,416 Shares	19,208,416
   Brookdale International Partners, L.P.	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale Global Opportunity Fund.	1,318,293 Shares	1,318,293
   Brookdale Global Opportunity Fund	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale International Partners, L.P.	1,318,293 Shares	1,318,293
   Weiss Asset Management LP	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	1,318,293 Shares	1,318,293
   BIP GP LLC	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b), and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Brookdale International Partners, L.P. and through the relevant interests held by its associate WAM GP LLC.	1,318,293 Shares	1,318,293
   WAM GP LLC	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Weiss Asset Management LP which is the investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	1,318,293 Shares	1,318,293
   Andrew Weiss	HSBC Custody Nominees (Australia) Limited - A/C Morgan Stanley & Co.	BIP in respect of 461,404 Shares and BGO in respect of 856,889 Shares	Relevant interest holder under sections 608(1)(b), 608(1)(c) and 608(3) of the Corporations Act 2001(Cth) through control of BIP GP LLC and WAM GP LLC which is an associate of Brookdale International Partners, L.P and Brookdale Global Opportunity Fund.	1,318,293 Shares	1,318,293
   Brookdale International Partners, L.P.	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale Global Opportunity Fund.	200 Shares	200
   Brookdale Global Opportunity Fund	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) and through the relevant interests held by its associate Brookdale International Partners, L.P.	200 Shares	200

   Weiss Asset Management LP	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	200 Shares	200
   BIP GP LLC	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b), and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Brookdale International Partners, L.P. and through the relevant interests held by its associate WAM GP LLC.	200 Shares	200
   WAM GP LLC	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b) and 608(1)(c) of the Corporations Act 2001(Cth) as general partner of Weiss Asset Management LP which is the investment manager of Brookdale International Partners, L.P. and Brookdale Global Opportunity Fund.	200 Shares	200
   Andrew Weiss	Citibank, Melbourne, Australia - A/C UBS AG, Prime Brokerage Services (Ldn)	BIP in respect of 70 Shares and BGO in respect of 130 Shares	Relevant interest holder under sections 608(1)(b), 608(1)(c) and 608(3) of the Corporations Act 2001(Cth) through control of BIP GP LLC and WAM GP LLC which is an associate of Brookdale International Partners, L.P and Brookdale Global Opportunity Fund.	200 Shares	200

5. Changes in association

   The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association

   (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

   Name and ACN (if applicable)	Nature of association
   [Not applicable]

6. Addresses

The addresses of the person named in this form are as follows:

1. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

2. See the definition of "associate" in section 9 of the Corporations Act 2001.

3. See the definition of "relevant interest" in section 608 and 671B(7) of the Corporations Act 2001.

4. The voting shares of a company constitute one class unless divided into separate classes.

5. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

6. Include details of:

   1. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

   2. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

      See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

7. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its association in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

8. If the substantial holder is unable to determine the identity of the person (eg, if the relevant interest arises because of

   an option) write "unknown".

9. Give details, if appropriate, of the present association and any change in that associate since the last substantial holding notice.