Metals Company SPAC

BETTER METALS FOR EVs TMC offers a significant discount at its current valuation, as compared to trading levels of base metal producing peers. 0.35x TMC NORI-D only¹ 1.1x 0.9x Market Cap / Fundamental Value 0.8x Western Areas Ivanhoe Mines Nickel Mines 0.7x 0.4x 0.3x Trilogy Metals Nevada Copper Seabridge Gold Base Metal Developers 0.3x Northern Dynasty Median: 0.5x 0.2x SolGold 2 ¹ Fundamental value calculation based on information provided in Canadian NI 43-101 and SEC Regulation S-K (Subpart 1300) Compliant NORI Area D Clarion Clipperton Zone Mineral Resource Estimate and associated financial model, AMC, March 2021. 2 Fundamental value for SolGold based on median NAV from broker reports published by Hannam, Peel Hunt and Cantor Fitzgerald on February 5, 2021, January 19, 2021 and December 10, 2020, respectively. Source: Market capitalization and NAV estimates as per FactSet as of February 8, 2021. T INORI-D || | || 1.6x Base Metal Producers 26

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