Emmerson Plc announced an update for its 100% owned Khemisset Potash Project in Northern Morocco, which demonstrates clear progress towards delivery of this world class project. The highlights of the update are: Multiple workstreams in progress to further de-risk the project and provide confidence in the ongoing project finance and due diligence processes; Permitting process on track, with main permits targeted to be in place in first half of 2021; Investigation of options for staged development to reduce upfront capital costs and provide financing flexibility; Engagement with potential strategic partners, debt providers and anchor investors proceeding well. Adding flexibility: Work is currently being done to confirm the opportunities for phased development of the project which will present an advantage in financing talks. The options being assessed have the potential to materially reduce the upfront capital cost with the flexibility around potentially phased development meaning financing can be considered at different levels. Furthermore, because the valuable product off-take has not yet been allocated, in a potash market dominated by a handful of majors, this independence of supply is a major attraction to various potential partners. Permitting: Environmental: The permitting process remains on track for completion the of ESIA in the coming weeks with submission of the application in fourth quarter 2020 and successful granting of the permit in first half 2021. Emmerson is focused on doing the right thing in the right way. The decision was made to produce an environmental survey that is much more robust than the minimum standard required, at a level set out by the IFC Performance Standards and Equator Principles. It may take some time, but Emmerson is confident that the outcome will be very satisfactory to all stakeholders. Mining: The Company is currently investigating the opportunity to speed up the process of securing the mining permit to ensure that this is successfully granted in first half along with the environmental permit. Authorities: The Moroccan mining ministry and other relevant authorities are proving to be helpful in dealing with the permitting process, providing confidence that Emmerson will successfully achieve the target of having both the environmental and mining permits in place during first half 2021.