Khemisset Project Investment Highlights

SIGNIFICANT 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

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