Extension of Mandated Lead Arrangers

Emmerson, which is developing the world class Khemisset Potash Project in Morocco ("Khemisset" or the "Project"), is pleased to confirm that it has extended the appointment of the syndicate of leading international and Moroccan banks as initial mandated lead arrangers ("MLAs") to co-ordinate and fund dual-tranche debt financing facilities for the development of the Project for a further 12 months until 31 December 2024.

The four MLAs remain ING Bank, Banque Centrale Populaire, Bank of Africa (Groupe BMCE) and one further international European Bank. ING Bank is mandated to act as Export Credit Agency ("ECA") Co-ordinator and Documentation Bank.

The appointment of MLAs had initially been announced on 13 February 2023, based on a US$310 million dual-tranche project financing facility, to be split between an ECA-covered tranche led by UK Export Finance of US$230 million, and a dual currency (US$ and Moroccan Dirham) commercial tranche of US$80 million.

All other terms and conditions of the mandate letter remain unchanged.

The next step with regard to obtaining environmental approval for Khemisset remains a decision from the Commission Ministérielle de Pilotage (''Ministerial Committee'' or the ''Committee''), which has not yet been in session since our matter was referred in July 2023. Nevertheless, the Company remains optimistic of positive news and will provide an update as soon as information is received.

Chief Executive Graham Clarke said:

"The syndicate of international and Moroccan banks that we appointed as MLAs earlier in 2023 have remained fully supportive of Emmerson as we have continued our efforts towards securing the environmental approval which will allow us to move forwards with the Project.

With regards to our environmental approval, we continue to await the next meeting of the Ministerial Committee, the timing of which is in the hands of the Moroccan government. I can ensure shareholders that we continue to lobby for progress as best we can, however, and I very much look forward to providing an update on this and other matters in due course."