Implementation of the Scheme

• Scheme of arrangement completed with Pan African Resources
• Emmerson shareholders receive 0.1493 New Pan African CDIs per share
• Emmerson to be delisted from ASX on 2 July 2026

Emmerson Resources Limited (ASX: ERM) has successfully implemented the proposed acquisition of its shares by Pan African Resources plc through a Court-approved scheme of arrangement. Emmerson shareholders, excluding Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders, have received 0.1493 New Pan African CDIs for each Emmerson Share held. Ineligible Foreign Shareholders and Relevant Small Parcel Shareholders will receive a proportion of the sale proceeds. An application has been made to delist Emmerson from the ASX, effective from 2 July 2026.