Unaudited Interim Results

Emmerson PLC

28 September 2026

 

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

28 September 2026

Emmerson PLC (“Emmerson” or the “Company”)

Unaudited Interim Results for the six months ended 30 June 2026

Emmerson PLC is pleased to announce its Unaudited Interim Results for the six month period ended 30 June 2026 and to provide a brief update on activities.

Highlights

• In March, the Company raised a total of US$1.0 million, through a £750,000 placing and subscription, alongside gross proceeds of £100,000 through a WRAP Retail Offer (together, the “Fundraise”).
• On 27 March the Company submitted its Memorial in relation to the arbitration process, outlining 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.
• Emmerson’s United Kingdom patent application concerning the Khemisset Multi-mineral Process (“KMP”) was successfully granted during June.
• In May, Morocco applied to have the jurisdictional element of the case bifurcated, which, following a hearing in June, was denied by the tribunal.

Legal matters

At the end of March, the Company advised that its legal representatives, Boies Schiller Flexner LLP, had submitted its Memorial in accordance with the timetable set out by the arbitration panel.

The Memorial outlined 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 process was based on studies published by the Company including discounted cash flow analyses.

Following the Memorial being successfully submitted on time, the arbitration moved to the next phase where Morocco will have an opportunity to respond.

In May 2026, Morocco applied to the Tribunal to have certain jurisdictional objections bifurcated, i.e., addressed by the Tribunal in a separate, preliminary phase, before evaluating the merits of the Claimants’ claims in the arbitration. The Claimants opposed that application and the Tribunal held a hearing on 19 June 2026, during which the parties made oral submissions regarding whether the Tribunal should grant Morocco’s application.

On 17 July 2026, the Tribunal issued its decision on bifurcation. It rejected Morocco’s application. This means that the Tribunal will address Morocco’s objections at the same time as it analyses the merits of the case.

The timing of the next steps in the process up to and including the hearing to address both the jurisdictional element and the merits was confirmed by the tribunal during August with the key dates being:

         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;

         Emmerson’s 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.

Other

In March, the Company completed a successful £750,000 placing and subscription, alongside raising gross proceeds of £100,000 through a WRAP Retail Offer (together, the “Fundraise”).  The net proceeds of the Fundraise will be used to cover the costs of remediation of the site of the Mine de Centre and to pay invoices for completed engineering work and supplementary consultancy work in preparation of the legal case. The Fundraise also strengthens the Company’s financial position while navigating the arbitration process.

Emmerson’s patent application concerning the Khemisset Multi-mineral Process was successfully granted patent status in June.  The United Kingdom Intellectual Property Office (UKIPO) confirmed that Emmerson’s patent application titled Processing of Evaporite Minerals (Application No. 2315003.0) had been granted patent status (Patent No. 2634094). This patent provides IP protection for the core KMP process and its optimised derivative products.

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

Emmerson PLC Graham Clarke / Hayden Locke	[phone]
Panmure Liberum Limited (Nominated Advisor and Broker) Scott Mathieson / Jamie Anderson	[phone]
VSA Capital Limited (Joint Broker) Andrew Monk / Andrew Raca	+44 (0) [phone]

Condensed Consolidated Statement of Comprehensive Income

for the six months ended 30 June 2026

US$’000		6 months to 30 Jun 2026	6 months to 30 Jun 2025	12 months to 31 Dec 2025
	Notes	(Unaudited)	(Unaudited)	(Audited)
Other income	4	1,635	727	2,167
Administrative expenses	3	(1,049)	(936)	(1,642)
Legal expenses	4	(2,341)	(1,004)	(1,809)
Share-based payment expense		(26)	(104)	(143)
Net foreign exchange gain/(loss)		4	33	(78)
Operating loss		(1,777)	(1,284)	(1,505)
Finance cost		(5)	(5)	(18)
Loss before tax		(1,782)	(1,289)	(1,523)
Income tax		(1)	(1)	-
Loss for the period attributable to equity owners		(1,783)	(1,290)	(1,523)
Other comprehensive income
Exchange (loss)/gain on translating foreign operations		(2)	(68)	78
Total comprehensive loss attributable to equity owners		(1,785)	(1,358)	(1,445)
Loss per share (cents)	6	(0.14)	(0.10)	(0.12)

Condensed Consolidated Statement of Financial Position at 30 June 2026

US$’000		30 June 2026	30 June 2025	31 Dec 2025
	Notes	(Unaudited)	(Unaudited)	(Audited)
Current assets
Trade and other receivables		166	119	119
Cash and cash equivalents		443	573	650
Total current assets		609	692	769
Total assets		609	692	769
Non-current liabilities
Long-term liabilities	5	-	(354)	(189)
Total non-current liabilities			(354)	(189)
Current liabilities
Trade and other payables	4, 5	(1,710)	(638)	(935)
Total current liabilities		(1,710)	(638)	(935)
Net liabilities		(1,101)	(300)	(355)
Shareholders equity attributable to equity owners
Share capital		39,565	38,558	38,552
Share-based payment reserve		603	1,307	577
Reverse acquisition reserve		2,234	2,234	2,234
Retained earnings		(43,058)	(41,810)	(41,275)
Translation reserve		(445)	(589)	(443)
Total equity		(1,101)	(300)	(355)

 

Condensed Consolidated Statement of Changes in Equity for the six months ended 30 June 2026

US$’000	Share Capital	Share-based payment reserve	Reverse acquisition reserve	Retained earnings	Translation reserve	Total equity
Balance at 1 January 2025	38,464	1,202	2,234	(40,520)	(521)	859
Loss for the period	-	-	-	(1,290)	-	(1,290)
Other comprehensive loss:
FX on translating foreign operations	-	-	-	-	(68)	(68)
Total comprehensive loss	-	-	-	(1,290)	(68)	(1,358)
Shares issued to directors	106	-	-	-	-	106
Share issue costs	(12)	-	-	-	-	(12)
Fair value of share options	-	105	-	-	-	105
Balance at 30 June 2025	38,558	1,307	2,234	(41,810)	(589)	(300)
Balance at 1 January 2026	38,552	577	2,234	(41,275)	(443)	(355)
Loss for the period	-	-	-	(1,783)	-	(1,783)
Other comprehensive gain:
FX on translating foreign operations	-	-	-	-	(2)	(2)
Total comprehensive loss	-	-	-	(1,783)	(2)	(1,785)
Shares issued	1,013	-	-	-	-	1,013
Fair value of share options	-	26	-	-	-	26
Balance at 30 June 2026	39,565	603	2,234	(43,058)	(445)	(1,101)

Condensed Consolidated Statement of Cash Flows for the six months ended 30 June 2026

	6 months to 30 June 2026	6 months to 30 June 2025	12 months to 31 Dec 2025
	(Unaudited)	(Unaudited)	(Audited)
	US$’000	US$’000	US$’000
Cash flows from operating activities
Loss before tax	(1,783)	(1,290)	(1,523)
Adjustments:
Foreign exchange	(4)	(33)	78
Directors’ remuneration settled in shares	-	106	88
Share-based payments	26	104	143
Changes in working capital:
(Increase)/decrease in trade and other receivables	(47)	679	643
Increase/(decrease) in trade and other payables	574	166	240
Net cash flows used in operating activities	(1,234)	(268)	(331)
Cash flows from financing activities
Net (costs)/proceeds from allotment of shares	1,013	(12)	-
Net cash flows from/(used in) financing activities	1,013	(12)	-
Decrease in cash and cash equivalents	(221)	(280)	(331)
Cash and cash equivalents at beginning of period	650	923	923
Foreign exchange on cash and cash equivalents	14	(70)	58
Cash and cash equivalents at end of period	443	573	650

Notes to the Condensed Consolidated Financial Statements for the six months ended 30 June 2026

1.                   General information

Emmerson PLC is a company incorporated and domiciled in the Isle of Man, whose shares have since 27 April 2021 been listed on AIM.

The principal activities of the Group are the pursuance of a dispute with the Moroccan Government regarding the Khemisset Potash project (the “Project”), and the development of the Company's proprietary potash processing technology known as KMP. In previous years, the principal activity was the development of the Khemisset Potash project, however the rejection of the Company's environmental permit application in October 2024, resulting in the total expropriation of the Project, necessitated a change in strategy.

2.                   Basis of preparation

2.1          General

The Condensed Consolidated Financial Statements have been prepared in accordance with the valuation and recognition principles of UK-adopted International Accounting Standards. The Condensed Consolidated Financial Statements for the six months ended 30 June 2026 are unaudited and have not been reviewed by the Group’s auditor, and do not include all of the information required for full annual financial statements.

They should be read in conjunction with the Company’s annual financial statements for the year ended 31 December 2025. The principal accounting policies applied in the preparation of the Condensed Consolidated Financial Statements are unchanged from those disclosed in those statements. These policies have been consistently applied to each of the periods presented.

The financial information of the Group is presented in US Dollars, which is also the functional currency of the parent Company and has been prepared under the historical cost convention. The individual financial statements of each of the Company’s wholly owned subsidiaries are prepared in the currency of the primary economic environment in which it operates (its functional currency).

2.2          Basis of consolidation

The Consolidated Financial Statements comprise the financial statements of the Company, Moroccan Salts Limited (“MSL”), Potasse de Khemisset SA, Mines de Centre SARL, and Khemisset UK Ltd (“KUL”).  

Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.

Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

• The contractual arrangement with the other vote holders of the investee;
• Rights arising from other contractual arrangements; and
• The Group's voting rights and potential voting rights.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the period are included in the Group Financial Statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

All intra-group balances, transactions, income and expenses and profits and losses resulting from intra-group transactions that are recognised in assets, are eliminated in full.

All the Group’s companies have 31 December as their year-end. Consolidated financial statements are prepared using uniform accounting policies for like transactions.

2.3          Functional and presentational currency

The financial information of the Group is presented in US Dollars, which is also the functional currency of the parent Company, and has been prepared under the historical cost convention. The individual financial statements of each of the Company’s wholly owned subsidiaries are prepared in the currency of the primary economic environment in which it operates (its functional currency).

2.4          Going concern

As at 9 September 2026 the Group had cash and cash equivalents of US$891k. On 2 January 2025, the Company signed a Capital Provision Agreement ("CPA") with a specialist litigation funding firm to provide up to US$11.0 million in both litigation finance capital and working capital for the Company.

The Company has prepared a cashflow forecast to December 2027 setting out the expected financial commitments related to the running of the Group in its reduced scale, and the legal and other advisory expenses related to the ongoing dispute with the Moroccan government. The Company will not commit to further material financial obligations for at least the 12 months from the date of this report in order to protect its Going Concern position.

Based on a review of the cashflow forecast, the Board is satisfied that the existing cash and funding facility are more than sufficient to meet the Company’s outgoings for at least 12 months from the date of this report, and therefore believe the Going Concern basis is appropriate for the preparation of the financial statements.

3.                   Administrative fee and other expenses

US$’000	6 months to 30 Jun 2026	6 months to 30 Jun 2025	12 months to 31 Dec 2025
	(Unaudited)	(Unaudited)	(Audited)
Directors’ fees	40	106	102
Travel and accommodation	4	3	3
Auditors’ remuneration	26	18	47
Employment costs	41	19	70
Professional and consultancy fees	938	790	1,420
Total Administrative Expenses	1,049	936	1,642

4.                   Litigation funding

On 2 January 2025, the Company announced that it had signed a Capital Provision Agreement ("CPA") with a specialist litigation funding firm to provide up to US$11.0 million in both litigation finance capital and working capital for the Company (the "Funding"). Funds advanced under the CPA can be used to settle legal fees connected with the case, as well as for general working capital purposes, subject to approvals.

Funds advanced are non-recourse and are not repayable in the event of the legal case being lost. If the case has a successful outcome, the litigation funding firm will receive capital a capital entitlement based on multiples of the amounts advanced, or a percentage of the total settlement, depending on the timing and quantum of the settlement.

Because the funds advanced confer present benefits whose value can be quantified, these advances are recognised as Other Income. The balance of entitlements under the CPA will be recognised upon settlement of the legal case, as a reduction against the final award.

During the period, the Company incurred litigation expenses of US$2,341k (31 Dec 2025: US$1,809). Amounts settled through advances under the CPA totalled US$1,635k (31 Dec 2025: US$1,317k) and have been recognised as Other Income. The amounts settled in the period included both litigation expenses incurred during the period and litigation payables recognised at 31 December 2025. At 30 June 2026, unpaid litigation costs of US$1,252k (31 Dec 2025: US$492k) were included within current liabilities.

5.                   Current and Non-current liabilities 

In addition to US$1,252k (31 Dec 2025: US$492k) of unpaid litigation costs (see note 4), current liabilities include an amount of US$188k (31 Dec 2025: US$188) relating to the provision of the basic engineering package for the Company’s Khemisset Potash Project.

6.                   Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

US$’000	6 months to 30 Jun 2026	6 months to 30 Jun 2025	12 months to 31 Dec 2025
	(Unaudited)	(Unaudited)	(Audited)
Earnings
Loss from continuing operations for the period attributable to the equity holders of the Company	(1,783)	(1,290)		(1,523)
Number of shares
Weighted average number of ordinary shares for the purpose of basic and diluted earnings per share
	1,317,705,974	12,930,706,915		1,293,866,195
Basic and diluted loss per share	0.14 cents	0.10 cents		0.118 cents

7.                   Related party transactions

Directors’ consultancy fees

Graham Clarke is a Director of the Company and also provides consulting services to the Company. During the period, Graham Clarke received fees of US$201k (H1 2025: US$196k). The amount outstanding as at the period end was US$ nil (31 Dec 2025: US$ nil).

Hayden Locke is a Director of the Company and also provides consulting services to the Company. During the period, Hayden Locke received fees of US$40k (H1 2025: US$40k). The amount outstanding as at the period end was US$6k (31 Dec 2025: US$ nil).

8.                   Post-balance sheet events

There were no post-balance sheet events.

 

END