Arbitration Update

Emmerson is pleased to provide an update on the recent progress relating to its arbitration process.

Further to the update provided in the interim results 30 September 2025, Emmerson advises that the arbitration panel was fully constituted in Q4 2025 following the appointment of a President; Laurent Lévy, a national of Switzerland and Brazil.

On December 16th 2025, an initial hearing was held and the Tribunal determined a number of procedural matters. A timetable for the initial phase of the arbitration was determined. As a result, the Company is required to submit its Memorial by the end of Q1 2026.

Following the submission of the Memorial which outlines the Company's case in full, including legal arguments, supporting evidence and the compensation sought, the arbitration will move to its next phase which will be the opportunity for the Government of the Kingdom of Morocco to respond.

Background

On 30 April 2025, the Company's direct and indirect subsidiaries Khemisset UK Ltd and Potasse de Khemisset S.A. (the "Claimants") filed a Request for Arbitration ("RFA") with the International Centre for Settlement of Investment Disputes ("ICSID"). The ICSID Secretary-General registered the RFA on 23 May 2025.

The Claimants seek compensation for the loss and damage they sustained as a result of Morocco's breaches of its obligations under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Kingdom of Morocco for the Promotion and Protection of Investments (the "BIT"), including (i) Morocco's expropriation of the Project in violation of Article 6(1) of the BIT, and (ii) Morocco's breach of its obligations to accord the Claimants fair and equitable treatment, to provide full protection and security to the Claimants and their investments, and to refrain from impairing the Claimants' investments by discriminatory measures under Article 2(2) of the BIT.

There can be no certainty as to the outcome of the Company's treaty claims.

The Company will provide further updates as the arbitration process progresses.