Metals Company SPAC

BETTER METALS FOR EVs Value upside driven by ultimate trading up of TMC to EV metals producer peers. Future $25.8bn ($73/share) $12.9bn ($39/share) 6.5x-13.0x FV / 2027E EBITDA $2bn EBITDA reached Note: Equity value per share calculations assume $440mm of balance sheet cash (proceeds from transaction net of fees). Discounted $8.6bn ($27/share) $4.3bn ($14/share) Implied Discounted Firm Value (Discounted 6 Periods @ 20%) 63% Discount to Midpoint INORI-D || | || $2.4bn ($10/share) Post Money Enterprise Value 21

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