Green Minerals — Investor Presentation 2021

Sep 15, 2021

SEPTEMBER 2021

Forward-looking statements

Green Minerals

• All statements contained in this presentation that are not statements of historical facts, including statements on projected operating results, financial position, business strategy and other plans and objectives for future results, constitute forward-looking statements and are prediction of, or indicate, future events and future trends which do not relate to historical matters. No person should rely on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in many cases, beyond the company's control and may cause its actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by the forward-looking statements and from past results, performance or achievements. These forward-looking statements are made as of the date of this presentation and are not intended to give any assurance as to future results. None of the company, its employees and representatives assumes any obligation to update these statements.

Our mission

Deliver minerals for the Green Shift in a responsible and sustainable manner

AGENDA

WHY so important? WHAT is marine minerals and WHERE are they found? WHAT are the environmental impacts and mitigations? WHAT is the resource potential? WHAT is the timeline for opening and production? International licenses? WHY Green Minerals and WHAT is the potential? 1 2 3 4 5

Creating an industry bellwether

1 One of two listed pure-play marine minerals company globally

• First capital raise in November 2020
• Listing on Euronext Growth Oslo on 23 March 2021
• − 5000 shareholders
• − Market cap estimated around NOK 350,000,000
• − First mover: only DSM globally with a Stock Exchange listing as of March 2021
• Parent company to remain a large shareholder
• − Significant Group initial-phase synergies in exploration campaign, geophysics, finance and administration

2 Flexible and asset-light partnering strategy

• Asset-light partnering approach creating superior shareholder return
• − The Green Minerals approach: moving CAPEX to OPEX
• Hiring top talent with marine minerals specialization to innovate with partners on existing technologies – leveraging our organization
• − Study e.g: Engineer leverage ratio 10:1

3 Well-defined roadmap

• Near term updates:
• − Partner/cooperation agreements; LOI with Oil States Industries (UK) Ltd signed on March 23rd
• − Additional key hires, targeting 4 PhD`s giving impetus to our industry leading position
• − Cooperation with academia; agreement involving the Project ULTRA signed on April 14th
• − Funding programs; 3 grants from the Norwegian Govt`s Forskningsrådet signed in 1H 2021

Our vision: Creating the marine minerals value chain

Massive global demand for new metals sources

• Massive need for new source of metals as the world electrifies and digital technology becomes available to more consumers
• Demand of base metals for production of EV batteries could increase 11x by 2050 (World Bank)
• \$240bn CAPEX investment needed for the next 5 years only in base metals and gold (Wood Mackenzie)
• Will take decades to build the primary stock of metals before the world can depend on recycling for its needs

Commentary >\$1,7trn in key metals capex needed by 2035

Cumulative capex: current commitments and AET-2 scenario requirements, USDbn

USD 1.7 trillion in capex needed to meet expected 2035 demand

1 2 Market backdrop 3 4

However, supply is limited

• Several environmental and social challenges with traditional metal production
• − 70 % of the world's cobalt is mined in the D.R. of Congo, significant amounts from unregulated artisanal mines and child labor
• − Metal production generates 350bn tons of waste and accounts for 11% of global energy use
• − Land ore grade declines, becomes less accessible and contains toxic levels of heavy elements
• Producing metals for the green transition this way is not sustainable as it simply shifts the burden from fossil fuels to metals
• In May 2018, the US Department of the Interior published list of 35 minerals considered critical to the US economy and national security, where supply might become limited in near future
• The Blue Mining initiative by the EU sees risk of increasing supply shortage of metals critical to EU`s high tech sector and is thus supporting search for alternative resources

2050 metals demand index

Indicative 2020 to 2050 metals demand growth by climate change scenarios

Source: Amnesty International, Rystad Energy, World Bank

1 2 Market backdrop 3 4

EMERGING COPPER SUPPLY GAP Global copper market balance Copper supply gap vs price

Source: Goldman Sachs Investment Research

International activity

1 2 Market backdrop 3 4

NCS – the most attractive area in the world to kickstart the industry from Commentary The Mohns & Kniprovich ridges Mineral exploration on the Norwegian continental shelf ⁻ 60 years of succesful O&G regulation

• ("NCS") is attractive for several reasons:
• − Size and richness of reserves
• − One nation state, one regulatory authority
• Norway has the second largest reserves estimate in the world NCS
• SMS (Seafloor Massive Sulfides) and Crusts found in several locations in the Norwegian Sea

	Findings from SMS samples	Findings from crust samples
	 Copper: up to 14 % (vs ~0.6 % for onshore mining)	 Lithium: 20-80x Pacific Ocean
10.5K tons silver	 Zinc: up to 10 %	 Scandium: 4-7x Pacific Ocean
	Cobalt: up to 1 % (vs ~0.2  % for onshore mining)

Quantifying the Unknown

Key events towards exploration license awards in 2024 and production in 2028

12

Terrestrial mining vs deep sea mining

		Onshore mining	Deep sea mining	Change
	C02 equivalent emissions (Gt.)	1.5	0.4	-70%
	Ore use (Gt.)	25	6	-75%
minerals to 1bn electric cars	Deforestation (Sqm)	66,000	5,200	-92%
	Solid waste (Gt.)	64	0	-100%
mpact of I	Freshwater ecotoxicity (1.4 DCB equivalent Gt)	21	0.1	-99%
	Megafauna wildlife at risk (trillion organisms)	47	3	-93%
		]
	Source: Paulikas et al. 2020
				13

SMS changes the paradigm

Land mining is constantly more energy demanding – SMS can reduce the bill

Partners and affiliations

Our strategy

Aspirational targets (I) +5m tonnes of ore by YE 2024/25

• Expect first Research cruise in 2021, incl ecosystem impact evaluation
• To be granted Survey license within 3 months after opening
• To be awarded 3 Production Licenses by early 2024
• Minimum one discovery of SMS with
• +5% average grade Cu (+ others Zn, Au, Ag, trace elements )
• or alternatively +8% Zn + 1% Cu (+ others Au, Ag, trace elements)

Exploration

• First system ready to operate in 2026 (pilot):
• Full scale production in 2028:
• − 5-8000 tonnes/day ore to surface
• − 200+ day/year operations
• − 1,5MT ore/year
• Processing performed in Norway/Scandinavia
• Immense focus on subsea ecosystem and biodiversity

Development/Production Finished product/processing

• Annual gross value of ore from start production of (based on current metal prices and "ore to metal factor"): \$75-100m est in other metals (Nickel,
• \$550M for Copper only (+ additional value for other metals) or
• \$400M for Zinc/Copper only (+ additional value for other metals)
• REE, Lithium++)
• Introducing >\$800M with 0.25% Cobolt

Aspirational targets (II)

Commentary

• One Green Minerals full scale production system:
• − Flow rate: min 5-8000 tonnes/day
• − Utilisation: min 200+ days/year
• − Annual ore production: min 1,5mt
• cobolt
• onshore
• Environmental footprint:

Aspirational targets (II)	1 2	3 4	The road ahead
Commentary	Key metrics - 30MT deposit example
One Green Minerals full scale production system: 	Metric	Unit
Flow rate: min 5-8000 tonnes/day −	Mineral resources	Million tons	30
− Utilisation: min 200+ days/year	Enrichment (CuEq)	%	5.3
− Annual ore production: min 1,5mt	Sum revenue	USDm	7,360
 Gross revenues: >\$550m/yr on copper only	Sum Expex	USDm	40
Gross revenues >\$800m/yr if adding 0.25% 	Sum Capex	USDm	780
cobolt	Sum Opex	USDm	2,250
	Sum Abex	USDm	100
− Revenue/tonne ore: 10-20x higher than similar			2.0
onshore	Unit cost (CuEq)	USD/kg
− EBITDA margins > 50%	Lifting cost (CuEq)	USD/kg	1.4
 Environmental footprint:	Pre-tax NPV0	USDm	4,260
- 90% lower than similar onshore	Pre-tax NPV10	USDm	746

Investment highlights

Green Minerals

Marine Minerals needed for the Green Shift >NOK 1000bn opportunity on NCS 1

2

GEM with capital-light partnership strategy across the entire value chain Well-defined roadmap towards first licenses in 2023 and pilot production in 2026 3

4

A real option with very low downpayment against a >\$350m annual EBITDA opportunity, i.e inherent flexibility and highly attractive risk-reward 5

1 2 3 Company overview 4

Supporting global sustainability