The Africa Challenge – Khemisset Potash Project

SIGNIFICANT 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

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