Domestic Inventory and Well Costs

DIRECT AIR CAPTURE ILLUSTRATIVE DAC ECONOMIC MODELING TAM MODEL Total Addressable Market (TAM) • • $250/t LCOC: 5,000 million tonnes of carbon abatement equating to 5,000 MTPA DAC plants о 1,200 DAC Plants for aviation TAM alone $125/t LCOC: 15,000 million tonnes of carbon abatement equating to 15,000 MTPA DAC plants Updated development scenario of 100 plants equates to ~2% of TAM at $250/t LCOC and less than 1% of TAM at $125/t LCOC REVENUE MODEL Carbon removal credit volumes Net carbon removal credit sales approximates 900k tonne per annum per DAC plant Carbon removal credit pricing/incentives • Government policy support includes 45Q tax credits at current rates of $130 / $180 per tonne for Use/Dedicated Sequestration Other $/tonne revenue sourced from voluntary / compliance market purchase agreements CO2 generated in DAC process will also be captured and sequestered, generating point-source 45Q credits COST MODEL DAC 1 LCOC expected to be in the range of $400 to $500/t 44 44 Capital costs plus cost of capital charge and operating costs approximates 45% / 55% of DAC 1 LCOC Falling per unit LCOC consistent with similar historical technology learning curves • Nth DAC expected in the 30 - 50 plant range Capital costs plus cost of capital charge and operating costs approximates 30% / 70% of Nth plant LCOC Capital costs percentage of total: • Air Contactors: 40% . Centralized Processing: 40% Government Policy Support . Utilities & Infrastructure: 20% CASH FLOW PROFILE MODEL DAC 1 plant capital cost estimated at ~$1.1 B for first 500k tonne per annum train, scaling capital by 1.6x for a 1 MTPA DAC plant. Construction build-time less than 3 years Current support scenario with 45Q includes 12 years of tax credit generation Other revenue sources for the entire operating life of plant expected to be 25 years Voluntary/Compliance $/t CURRENT SUPPORT SCENARIO $400 - 630/t Operating costs percentage of total of Nth Plant Materials/Chemicals Storage Energy SG&A/Property Tax/Other

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