Metals Company SPAC
BETTER METALS FOR EVs
NORI-D stand-alone valuation believed to
justify TMC value before upside from the rest
of the field.
Fundamental
value range
based on Initial
Assessment¹;
range shown
based on 8-10%
discount rate
Future
$9.9bn
($31/share)
$7.5bn
($24/share)
NORI-D Fundamental Value
as of 2023E
1
Key "go/no go" decision point to invest
further for production
Discounted
$7.6bn
($25/share)
$5.8bn
($19/share)
Implied Discounted Firm Value
(Discounted 3 periods @ 9%)
2
65% discount to midpoint
||
INORI-D
NORI-D NPV of ~$10.8bn using current
spot prices³
$2.4bn
($10/share)
|
||
Full field fundamental value of $38bn
as of 2023E; $31bn as of "today"4
¹ Canadian NI 43-101 and SEC Regulation S-K (Subpart 1300) Compliant NORI Area O Clarion Clipperton Zone Mineral Resource Estimate and associated financial model, AMC, March 2021.
2 Discounted from December 31, 2023 to December 31, 2020.
3 Based on spot prices as of February 26, 2021. Nickel price of $18,607/ton (LME Spot Close), copper price of $9,172/ton (LME Spot Close), cobalt price of $51,995/ton (LME Spot Close) and manganese price of $5.55/dmtu (SMM - Mn 44% Ore - CIF Tianjin).
4 Canadian NI 43-101 Resource Statement for full field financial model (internal DeepGreen development scenario).
Note: Equity value per share calculations assume $440mm of balance sheet cash (proceeds from transaction net of fees).
Post Money Enterprise Value
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