EML Emmerson Plc

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

13 January 2025

Emmerson PLC

("Emmerson" or the "Company")

Additional Issuance of Award Shares

Emmerson Plc ("Emmerson" or the "Company"), the Moroccan focused potash development company, announces an additional issue of shares and rights to the Board and Management of the Company, further to the announcement on 12 December 2024.

Following the Initial Issue of Award Shares, notified in the Company's announcement on 12 December 2024, the Company can now confirm that, having successfully secured litigation funding, as announced on 2 January 2025, the second tranche of the Award Shares are now to be issued to each of the members of the Board and Management (the "Further Issue").

The Further Issue of Award Shares are being issued to each of the members of the Board and Management on the following basis:

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for the Award Shares pursuant to the Further Issue to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and dealing in the Award Shares will commence on or around the 17 January 2025.  The Award Shares will rank pari passu with the existing ordinary shares of the Company. 

Following Admission, the enlarged issued share capital of the Company will comprise of 1,293,866,195 ordinary shares of no-par value each. No ordinary shares are held in Treasury. The total number of voting rights in the Company is therefore 1,293,866,195.

The above figure of 1,293,866,195 ordinary shares may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

**ENDS**

Defined terms in this announcement have the same meaning as set out in the announcement dated 12 December 2024, except where otherwise defined in this announcement.

Notes to Editors

Emmerson has been 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 has been working towards 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 additional 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%.