Metals Company SPAC

BETTER METALS FOR EVs Transaction summary. The business Transaction size Valuation Capital structure Pro forma ownership - Founded in 2009, DeepGreen Metals, Inc. is the developer of the world's largest estimated deposit of battery metals ¹-seafloor polymetallic nodules-with the lowest expected lifecycle ESG footprint on the planet and people² Sustainable Opportunities Acquisition Corp. (NYSE: SOAC) is a special purpose acquisition company with $300mm of cash in trust Fully committed, upsized $330 million PIPE Pro forma equity value of $2.9bn Attractively valued entry multiple for a unique resource with significant upside, proven technology, timing of estimated first production/ revenue aligned with expected significant shortages in key battery metals 2027E EBITDA of $2bn³ Net present value of $6.8n³ for NORI-D Net present value of $31.3bn³ for the full portfolio DeepGreen shareholders rolling 100% of their equity $570mm net cash (assuming no redemptions) expected to fully fund operations to first expected revenue in 2024 76% existing shareholder equity roll over 12% SPAC and founder shares 11% PIPE investors ¹ Global Nickel Industry Cost Summary, Wood Mackenzie, August 2020. 2 "Where Should Metals for the Green Transition Come From?", Paulikas et al, LCA white paper, April 2020. 3 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. Canadian NI 43-101 Compliant TOML Clarion-Clipperton Zone Project Mineral Resource Estimate, AMC, March 2016. Canadian NI 43-101 Resource Statement for full field financial model (internal DeepGreen development scenario). Net present value as of January 1, 2021, assuming 9% discount rate. 4

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