#1EMMERSON PLC Developing a low capex, high margin potash project in Morocco Corporate Presentation - February 2023#2AT A GLANCE ติ ៣ • • • 100% owner of the Khemisset potash project in Morocco Khemisset advancing towards construction 19 year mine life Production 735ktpa potash (MoP) amd 1m tpa salt 25-year mining permit awarded 2020 JORC Resource 537mt potash NPV, of US$1.4bn Listed in UK on AIM (EML.L) with experienced management team Potash is a key ingredient for fertilizer - critical to food security 極 African population explosion driving growth in agriculture - but crop yields limited by low fertilizer usage across the continent#3KHEMISSET POTASH PROJECT Jorf Lasfar Mohammedia Casablanca SPAIN Al Hoceima Tangier Kenitra Khemisset Rabat Safi Ben Guerir Marrakesh Youssoufia The Khemisset Potash Project Khouribga Fès Nador Morocco Main Cities ↓ Ports OCP NPK Blending facility OCP Phosphate Mines Licence Area Roads HH Railways 100km N 1 2#4GLOBAL POTASH PRODUCTION 2021 global MOP production was 72Mt of which 27Mt (38%) was from Russia and Belarus (under sanctions and shown in red below). Circles showing volume and location of global MOP mining. Source: Argusmedia.com Saskatoon Global MOP production 2021: Other 14% Belarus 18% Israel 5% China 10% Russia 20% Canada 33% 3#5POTASH PRICES v COMMON CROPS Crop and Potash Prices 1800 1,800 US$/Bushel 1600 1400 1200 1000 800 600 400 200 0 2006 Source: Argusmedia.com and uk.investing.com 2007 2008 2009 2010 2011 2012 2013 Wheat Com 2014 2015 2016 Soybeans 2017 2018 2019 2020 2021 2022 Potash (CFR Brazil) 1,600 1,400 1,200 1,000 800 600 400 200 4 US$/t#6POPULATION + 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 Underlying population growth increases demand for crop production and therefore fertiliser demand. An increase for fertiliser demand of 2Mtpa Since 1993, CAGR: • 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 • Potash fertiliser 2.7%. Crop production 2.1% Population growth 1.2% Fertiliser demand increase outpaces population growth and crop production. 5#7THE AFRICA CHALLENGE The African bulge Population, bn 50.00 12 FORECAST 40.00 10 10 8 Rest of- world Africa 6 Application Rate (kg/ha) 30.00 20.00 4 10.00 Asia 2 0 1950 70 90 2010 30 50 70 2100 Source: UN K Application rate (kg/ha) by Region IK App rate (kg/ha) Average = 23.4 kg/ha Latin America China Western Europe SEA North America Eastern Europe Region Oceania India MENA CIS Sub-Saharan Africa Source: ourworldindata.org Africa will account for the majority of global population growth, but uses very little fertiliser on its cultivated land 6#8RESERVES AND RESOURCES 10 Km e Tangier Kenitra Rabat Mohammedia Casablanca, Jorf Lastar SPAIN The Khemisset Potash Project Al Hoceima Nador Morocco Morocco Main Cities Roads Marrakesh Ports Railways OCP NPK Blending facility Licence Area 100km 10 Km Potential Resource Expansion Resource Classification Tonnage K₂O (%) (Mt) Research Permits MSL-Emmerson Mining Licence 3,5 Km 1 Indicated 9.36 375.2 Inferred 8.96 161.8 Total 9.24 537.0 7#9- 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$158/t US$411m US$412/t 2.4 years US$294m 61% US$4.4bn US$1.4bn 40.6% 8#10LOWEST 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) 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 FOB Shipping TYPICAL CANADIAN PROJECT KHEMISSET PROJECT AA 昼昼 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 US$411m 2 years to completion 135km from Port of Casablanca US$158/tonne US$29/t BHP Jansen Project (Canada) US$5.7bn 6 years + 2 years ramp up 1,800km from Vancouver US$115/t US$145/t US$14/t US$15/t US$70/t US$75/t 10 10#12SIGNIFICANT EQUITY UPSIDE FROM NET ASSET VALUE Emmerson trading well below comparator group for junior potash mines: Market Cap US$ Flagship Project Country NPV8 US$ Market Cap as % of NPV Emmerson 66m Khemisset Morocco 1,400m 5% Western Resources 70m Milestone Canada 154m 45% Gensource Potash 43m Tugaske Canada 268m 16% Danakali* 105m Colluli Eritrea, Ethiopia 242m** 43% Highfield 177m Muga Spain 1,985m 9% Kore Potash 32m Kola Republic of Congo 1,452m*** 2% *Danakali has agreed a US$166m binding share sale agreement for its 50% shareholding in Colluli, indicating a project value of US$332m. Prior to the non-binding term sheet being announced in October 2022, Danakil had a market сар of ~US$70m ** NPV10 = 242m (Phase 1), 439m (Phase 1 & 2) Danakali's numbers for 50% share of JV *** NPV10 Prices correct as at 31 January 2023 11#13OFFTAKE, FINANCE AND PERMITS Strategic equity: GSM US$12m invested plus up to US$40m new equity at 8.2p. MOUS signed for 490,000tpa potash + 500,000tpa de-icing salt Bank debt mandates to be confirmed 12#14ENVIRONMENTAL APPROVAL Environmental approval for the project remains outstanding, however progress has been made on a number of fronts: ESIA first submitted 30 November 2020 Mining Permit awarded 26 January 2021 ESIA third draft submitted (including revised water sourcing proposal using waste water from local treatment facility) 26 July 2022 Technical submissions made to environmental and water agencies for review. December 2022 Public consultation completed on 24 January 2021 following consultation with local communes ESIA second draft submitted (addressing issues raised after initial draft) 12 August 2021 Met with technical authorities on 28 October 2022 who confirmed only minor finalisations required to complete the submission. 13#15NATIONAL 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 14#16Appendices#17EMMERSON PLC Market Cap: US$60m why Shareholder Number of Ordinary Percentage of Issued Shares Ordinary Shares 137,770,563 13.6% Global Sustainable Minerals Hargreaves Lansdown 114,213,533 Nominees Limited Clients 10.00 9.00 Jarvis Investment Management Nominees Limited Clients 8.00 Why 7.00 Interactive Investor Services Nominees Limited Clients 6.00 5.68 Robert Wrixon 5.00 iday Heshin Kim 4.00 Nov 21 Dec 21 Jan '22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Jul 22 Aug 22 Sep 22 Oct 22 11.3% 104,201,974 10.3% 61,505,928 6.1% 44,233,411 4.4% 34,941,511 3.4% HSDL Nominees Limited 32,406,909 3.2% Clients Lawshare Nominees 28,894,257 2.8% Limited - AJ Bell Clients Above is the list of key shareholders as at 5 October 2022 which hold more than 3% in the Company % of shares not in public hands - 19.04% There are nil shares held in treasury 16#18BOARD 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. 17#19MANAGEMENT TEAM CREDENTIALS Charles Vaughan (Head of Investor Relations) • 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. 18#20EMMERSON VALUES "Doing the right things, and doing them 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#21INVESTMENT HIGHLIGHTS US$1.4bn After Tax NPV8 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 Technical expertise Cost Base 19 Year Mine Life With opportunity to expand to > 30 years Experts in building and running underground potash mines 圈 Contribution to Morocco 2,385 jobs created and US$4b+ total investment over LoM 20#22EMMERSON PLC