#1EMMERSON PLC Developing a low capex, high margin potash project in Morocco Corporate Presentation - May 2022#2INVESTMENT HIGHLIGHTS US$1.4bn After Tax NPV at 2020 prices Potash: Long-term demand growth Medium term supply security 区 Highest Standards ESG Compliance Supportive Jurisdiction Morocco attractive for mining and foreign investment Lowest Quartile Cost Base Technical expertise Experts in building and running underground potash mines 圈 19 Year Mine Life With opportunity to expand to > 30 years Contribution to Morocco 2,385 jobs created and US$4b+ total investment over LoM میرا 1#3KHEMISSET POTASH PROJECT Jorf Lasfar Mohammedia Casablanca SPAIN Al Hoceima Tangier Kenitra Khemisset Rabat Safi Ben Guerir Marrakesh Youssoufia The Khemisset Potash Project Khouribga Fès Nador Morocco Main Cities ↓ Ports OCP NPK Blending facility OCP Phosphate Mines Licence Area Roads HH Railways 100km N 1 2#4- KHEMISSET PROJECT – KEY METRICS Mine life Extraction rate Average Annual MOP production Average Salt Production AISC FOB Casablanca ($/tonne) Upfront CAPEX MOP price per tonne Payback Average annual EBITDA LOM EBITDA Margin Post Tax Cash Flow After-tax NPV 8% After-tax IRR 2020 Feasibility Study 19 years 6.0 million tonnes 735k tonnes 1.0 million tonnes US$158t US$411m Original 2020 MOP prices US$412/t Restated at US$800/t US$800/t 2.4 years $294m 1.2 years US$672m 61% 78% US$4.4bn US$10.1bn US$1.4bn US$3.9b 40.6% 85% 3#5RESERVES AND RESOURCES Oorf Lastar Mohammedia Casablanca 10 Km Tangier Kenitra Rabat SPAIN The Khemisset Potash Project Al Hoceima Nador Morocco Main Cities Roads Marrakesh Ports -Railways OCP NPK Blending facility Licence Area 100km 10 Km Potential Resource Expansion Research Permits MSL-Emmerson Mining Licence Resource Thickness Tonnage K20 (%) Classification (m) (Mt) Indicated 2.64 9.36 375.2 Inferred 2.05 8.96 161.8 Total 2.46 9.24 537.0 Reserve Classification K20 (%) Tonnage (Mt) Probable 9.06 80.5 Inventory 8.03 15.4 Unclassified 6.07 13.3 3,5 Km 1 Total 8.55 109.2 4#6WHAT IS POTASH Potash (MOP) is a fertiliser used to increase crop yields and improve the quality of plants • • • There are three key plant macronutrients: potassium (K), nitrogen (N) and phosphate (P). MOP is the most important K fertiliser product in the world, accounts for c 95% of global demand. Potash-based fertiliser is proven to: . . • • . Improve crop quality Increase uptake of nitrogen Increase efficiency of water use Strengthen against disease Resistance to high temperatures There is no substitute for potash, and MOP remains the cheapest and most important source of potassium for agricultural purposes. 5#7POTASH PRICES 1,800 1,800 US$/Bushel 1,600 1,400 1,200 1,000 800 600 400 200 0 1,600 1,400 1,200 1,000 800 600 400 200 May 2017 Nov 2017 May 2018 Nov 2018 May 2019 Nov 2019 May 2020 Nov 2020 May 2021 Nov 2021 May 2022 Date Wheat Corn Soybeans Potash 0 US$/t 6#8GLOBAL POTASH PRODUCTION 2021 global MOP production was 72Mt of which 27Mt (38%) was from Russia and Belarus Saskatoon Global MOP production 2021: Other 14% Belarus 18% Israel 5% China 10% Russia 20% Canada 33% 7#9POPULATION + INTENSITY OF USE = DEMAND INCREASE (2Mtpa) Population up -2.5 fold since 1960, crops -3.5 fold, potash -4.5 fold (Index, 1960 = 100) 500 450 400 Potash fertiliser demand 350 Collapse of Eastern Bloc Crop production 300 250 200 150 100 1960 1965 1970 1975 1980 1985 Population 1990 1995 2000 2005 2010 2015 2020 Data: UN World Population Prospects 2019; International Fertilizer Association; BHP analysis based on multiple sources. Note that 'potash fertiliser demand' relates to estimated underlying consumption at the farm-level rather than to upstream MOP shipments. Potash outlook briefing 17 June 2021 *BHP Potash Outlook 7 Underlying population growth increases. demand for crop production and therefore fertiliser demand. An increase for fertiliser demand of 2Mtpa Since 1993, CAGR: • • Potash fertiliser 2.7%. • Crop production 2.1% Population growth 1.2% Fertiliser demand increase outpaces population growth and crop production. 8#10THE AFRICA CHALLENGE The African bulge Population, bn 12 22 FORECAST 10 10 50.00 40.00 8 Rest of world Africa 6 Application Rate (kg/ha) 30.00 20.00 4 10.00 Asia 2 1950 70 90 2010 30 50 70 0 2100 Source: UN Latin America K Application rate (kg/ha) by Region IK App rate (kg/ha) Average = 23.4 kg/ha China Western Europe SEA North America Eastern Europe Region Oceania India MENA CIS Sub-Saharan Africa Africa will account for the majority of global population growth, but uses very little fertiliser on its cultivated land 9#11THE GEOLOGY AND LOCATION ARE UNIQUE ADVANTAGES Low infrastructure costs 2 declines. Easy mine access Low risk Total CAPEX Construction Time Location AISC Total Transportation Cost Transport to Port Shipping TYPICAL CANADIAN PROJECT KHEMISSET PROJECT AA No aquifer 135Km 500m Highway already established Declines $35m Mining costs Shafts $1.1bn High infrastructure costs 2 deep shafts through aquifer. High risk £ 1 Aquifer ~1,000m No port development Shipping to Brazil costs $12.6m Infrastructure $200m $0 ง Port $150m High port development Shipping to Brazil costs 1,700Km Rail connection to port $29/t incl. royalties Logistics Cost $145/t Khemisset Project $411m 2 years to completion 185km from Port of Casablanca $158/tonne BHP Jansent Project (Canada) $5.5b 6 years + 2 years ramp up 2000km from Vancouver $29/t $14/t $15/t $115/t $145/t $45/t $70/t 10 10#12LOWEST QUARTILE COSTS $US/Tonne 300 250 200 150 100 50 50 0 Khemisset - AISC net of US$30/t of salt credits AISC to CFR Brazil, by operation Khemisset ■Mining ■Processing ■Royalties, Sustaining Capital, and S,G&A Freight Net of Salt By Product Credit Source: Emmerson Feasibility study (Argus, June 2020) 11#13SIGNIFICANT EQUITY UPSIDE FROM NET ASSET VALUE Emmerson trading well below comparator group for junior potash mines: Market Cap USD Flagship Project Country NPV8 USD Market Cap as % of NPV Emmerson 102m Khemisset Morocco 1,400m 7% Western Resources 59m Milestone Canada 154m 38% Gensource Potash 100m Tugaske Canada 268m 37% Danakali 64m Colluli Eritrea, Ethiopia 242m* 26% Highfield 268m Muga Spain 1,985m 14% Kore Potash 58m Kola Republic of Congo 1,452m** 4% * NPV10 = 242m (Phase 1), 439m (Phase 1 & 2) [Danakali's numbers for 50% share of JV] ** NPV10 12#14NATIONAL ECONOMIC CONTRIBUTION US$4bn+ Total in-country expenditure over life of mine US$2.5bn Total OPEX over life of mine 95% of total OPEX can flow through Moroccan companies, boosting local and national economy US$1.6bn of total tax revenue to Morocco over life of the project 2,485 jobs created in Khemisset region (90% sourced from local area) All aspects of the project to the highest standards set by the World Bank Education and training to form a keystone of Emmerson's legacy 13#15Appendices#16EMMERSON PLC Market Cap: US$117m 8.5 00 8 프 7.5 Share Price (p) 6.5 5.5 ми гли Shareholder Hargreaves Lansdown Nominees Limited Clients Jarvis Investment Management Nominees Limited Clients Interactive Investor Services Nominees Limited Clients GSM Robert Wrixon Heshin Kim Number of Ordinary Percentage of Issued Shares Ordinary Shares 114,213,533 12.48% 104,201,974 11.39% 61,505,928 6.72% 48,484,848 5.30% 44,233,411 4.83% 34,941,511 3.82% HSDL Nominees Limited 32,406,909 3.54% Clients Nov 2021 Dec 2021 Jan 2022 Feb 2022 Mar 2022 Apr 2022 Lawshare Nominees 28,894,257 3.16% Limited - AJ Bell Clients Above is the list of key shareholders as at 31st December 2021 which hold more than 3% in the Company % of shares not in public hands - 8.20% There are nil shares held in treasury 15#17BOARD AND CFO Graham Clarke - CEO. Highly experienced potash mining executive. During a career spanning 35+ years, Graham has gained extensive experience managing large multi-disciplinary teams for underground fertiliser mines. Dr. Robert Wrixon - Executive Director. Founder of Moroccan Salts, Rob has 18 years' commercial experience in mining. He is a Director and founding partner of a natural resource PE group and holds a PhD in mineral engineering from the University of California, Berkeley. Jim Wynn - CFO. Experienced finance professional and chartered accountant with significant corporate experience, particularly in the resource sector. He has held senior management positions for a number of resource companies. Hayden Locke - Director. Mining executive with ~15 years' experience in mining, private equity and investment banking. James Kelly - Non-Executive Chairman. A corporate finance, strategy and capital allocation expert with over 20 years experience in the mining and natural resource industry. Rupert Joy - Non-Executive Director. In a diplomatic career of more than 25 years, Rupert served at diplomatic missions in Yemen, Saudi Arabia, Iraq, Uzbekistan & Morocco. He has over seven years' experience as a diplomat in Morocco, as Deputy Head of Mission at the British Embassy from 2000-03 and as EU Ambassador & Head of the EU Delegation from 2013-17. 16#18MANAGEMENT TEAM CREDENTIALS Charles Vaughan (Chief Commercial Officer) • Charles spend over ten years working in the City with a focus on raising capital for companies developing natural resources projects, mainly from London based institutional investors. Lahcen Alloubane (General Manager) • A Moroccan national with a Masters of Business Administration and over 10 years' experience in the mining sector including with Moroccan based tin developer Kasbah Resources. Haitam Ennadif (Engineering Manager) A Moroccan national and passionate senior metallurgist with 12 years experience within the mining sector in roles including Mineral Processing Project Manager with Managem, Process Plant Project Manager with Fluorspar and Development Manager with SSAB across Morocco and North Africa. Phil Cleggett (Head of Corporate Development) A BCom qualified accountant with 12 years' experience in mining and investment banking. Prior to his role at Emmerson PLC, he was Manager of Corporate Development & Strategy at ASX listed Potash developer Highfield Resources. Luke Jarvis (Sales & Marketing Manager) • A market strategy specialist with over 30 years of experience in senior roles leading to bankable off-take agreements, strategic partnerships and structured finance arrangements for new entrants in the resource sector with organisations such as Salt Lake Potash, Helm Chemicals, Nutrien Inc and Sirius Minerals. Also consulted for organisations such as BHP, ICL, Circum Minerals, Peak Minerals and Highfield Resources. Jakub Zmuda (Project Manager) Holder of an MEng in Geology awarded from the Academy of Metallurgy and Mining in Krakow, Jakub has 20 years experience within the mining sector in roles from Geologist to Project Manager. Josh Mitchell (Project Control Manager) An BA qualified project delivery expert with close to 15 years experience in the development and implementation of project execution strategy on capital projects with values of up to $4.2B within the mining sector. Matt Wilmot (Technical Services Manager) A BEng qualified mining professional with over 20 years of experience within the development and operation of coal & potash mines. A member of the Association of Camborne School of Mines (ACSM) and one of few holders of a Mine Surveyors certificate awarded from the UK HSE Mining Qualifications Board. Enrique Sanz (Project Geologist) A geologist with 20 years' experience in industrial minerals, primarily evaporite minerals. Formerly project geologist for worldwide exploration with Rio Tinto PLC. Extensive experience in Khemisset Basin and other Triassic - Liassic salt basins of Morocco. Enrique holds a PhD in evaporites. 17#19ONGOING SITE WORKS TO SUPPORT BASIC ENGINEERING KHEMISSET PROJECT EMMERSONPLC MSLMINERALS. KHEMISSET PROJECT Deep Drilling (Decline Alignment) Campaign The drilling campaign of 200m (DA-1), 400m (DA-2), 1,200m (DA-4), 2,000m (DA-6) & 3,200m (DA-9) has now been completed. Therefore, the first stage of the Geotechnical Geological drilling campaign for decline alignment has been finished. Surface/Shallow Geological Investigations This program has finished. The campaign included 20 shallow drillholes with SPT (Standard Penetration Test) and detailed sampling for testing program: 17 CPT (Cone Penetration Test) and Electrical Resistivity Tomography survey for analysis of surface geology. Core Logging, Testing & Storing Local to the site, there is a well managed and maintained core store where each sample is taken for logging, testing and storing. This is an ongoing operation and the value added to the project at this facility is immeasurable. 18#20MISSION STATEMENT We will strive to "always do the right thing and always do it in the right way" R Respect We respect our environment, our stakeholders and each other. - | G Integrity We act with integrity and lead by example. Goals We set challenging goals and embrace innovation and change to achieve them H Health & Safety The health, safety and well being of our team and all those engaged on the project is non-negotiable. T Team We work together as a team to achieve the best results possible 19#21EMMERSON PLC