Arbitration Memorial Submission

Emmerson PLC

30 March 2026

 

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

30 March 2026

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

Arbitration Memorial Submission

Emmerson PLC, the Moroccan focused potash development company, is pleased to provide an update on progress relating to its arbitration process against the Kingdom of Morocco.

Further to the update provided in January 2026, Emmerson advises that its legal representatives, Boies Schiller Flexner LLP, have submitted its Memorial in accordance with the timetable set out by the arbitration panel.

The Memorial outlines the Company's case in full, including legal arguments and supporting evidence. This included a claim for damages amounting to US$1.215bn net of local taxes and including interest.

The Company was at an advanced stage of development at the time of Morocco's breaches of its obligations under the United Kingdom-Morocco Bilateral Investment Treaty and has employed expert quantum consultants to determine the claim value.  This rigorous valuation process was based on studies published by the Company, including discounted cash flow analyses, in conjunction with the consultants' own experience and expertise in assessing such matters.

With the Memorial successfully submitted on time, the arbitration now moves to the next phase where Morocco will have an opportunity to respond in several months' time.

The Company will provide further updates as necessary and as far as practicable.

Graham Clarke, CEO of Emmerson PLC commented:

"The submission of the Memorial is a significant step in the arbitration process and I would like to thank the team for all the work that has been put into the submission"

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 seek compensation 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:

Emmerson Plc Graham Clarke / Hayden Locke	[phone]
Panmure Liberum Limited (Nominated Advisor and Joint Broker) Scott Mathieson / Jamie Anderson	[phone]
VSA Capital Limited (Joint Broker) Andrew Monk/Andrew Raca	[phone]

 

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