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

31 May 2024

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

Grant of Share Options and PDMR dealing

Emmerson, the Moroccan focused potash development company, announces the award of share options and PDMR dealing.

Employee share options

Emmerson announces the award of 20,000,000 options to subscribe for new ordinary shares in the Company (the "New Options") to certain directors and employees of the Company with effect from 30 May 2024 (the "Grant Date").

The awards are split into two tranches, with the first vesting after one year at an exercise price of 3.0 pence, and the second after two years at an exercise price of 4.5 pence (being 58% and 137% premiums over the mid-market close price on the day prior to the Grant Date).

In addition, 425,000 and 1,099,999 share options awarded in 2022 to Graham Clarke and Jim Wynn respectively under the Company's Enterprise Management Incentive ("EMI") have been cancelled and re-issued as non-EMI qualifying options on otherwise identical terms on 29 May 2024. The purpose of this cancellation and re-award is to ensure all the new awards would qualify as EMI options, as individual limits apply to the number of EMI options that can be awarded.

The total share options in issue are now 86,263,000 representing approximately 7.6% of the Company's issued share capital.

PDMR Dealing

Emmerson announces that Robert Wrixon, a Director of the Company, has transferred 44,233,411 shares previously held in the name of Good Spirit International Ltd (a company controlled by Robert Wrixon) to his spouse, Mrs Kimberly Wrixon for nil consideration, as part of a personal financial reorganisation.

As Mrs Wrixon is a Person Closely Associated with Robert Wrixon, there is no change to his overall shareholding at 46,233,411 shares (4.06% of the Company's issued share capital) as a result of the transaction

**ENDS**

For further information, please visit www.emmersonplc.com, follow us on Twitter (@emmerson_plc), or contact:

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 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 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%.