Update on the Arbitration Calendar

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

25 August 2026

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

Update on the Arbitration Calendar

Emmerson PLC is pleased to provide an update on the latest step in the arbitration process.

Following the rejection of Morocco`s application for bifurcation of the case in July the Tribunal has now confirmed the procedural calendar for the remainder of the arbitration. The main steps are as follows:

· Morocco's Counter-Memorial, in which it will set out in full its defences and jurisdictional objections to the claims and provide its supporting evidence, will be due in January 2027;

· Our Reply to the Counter-Memorial, responding to Morocco's Counter-Memorial and providing further supporting evidence, will be due in October 2027;

· Morocco`s Rejoinder, responding to our Reply and providing further evidence, will then be due in January 2028.

· The hearing will take place from 17-26 July 2028, during which the parties will make submissions and witnesses and experts will be cross-examined before the Tribunal.

Background:

On 30 April 2025, the Company's direct and indirect subsidiaries Khemisset UK Ltd. and Potasse de Khemisset S.A. (the "Claimants") filed a Request for Arbitration ("RFA") with the International Centre for Settlement of Investment Disputes ("ICSID"). The ICSID Secretary-General registered the RFA on 23 May 2025. The Claimants filed their Memorial in the arbitration, together with documentary, witness and expert evidence, on 27 March 2026.

The Claimants seek compensation (US$1.215bn net of local taxes and including interest) for the loss and damage they sustained as a result of Morocco's breaches of its obligations under the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Kingdom of Morocco for the Promotion and Protection of Investments (the "BIT"), including (i) Morocco's expropriation of the Project in violation of Article 6(1) of the BIT, and (ii) Morocco's breach of its obligations to accord the Claimants fair and equitable treatment, to provide full protection and security to the Claimants and their investments, and to refrain from impairing the Claimants' investments by discriminatory measures under Article 2(2) of the BIT.

There can be no certainty as to the outcome of the Company's treaty claims.

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