1ST QUARTER 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.

AGENDA

Q1 2021 UPDATE

FINANCIAL

COMPANY PRESENTATION Executive Chairman

THEME: SMS FORMATION

Ståle Rodahl

Maxime Lesage Chief Engineer

Erik Von Krogh CFO

Q1 2021 UPDATE – PROGRESSING ON PLAN

Green Minerals

Major milestones

Key hires in engineering and geoscience • LOI with consortium led by Oil States Industries (UK) Ltd for a FEED study on a turnkey HEDSMS for a long term contract against exclusive use in Norwegian waters • Listing on Euronext Growth Oslo • Government development grant received from Forskningsrådet (Skattefunn) • Agreement involving the Project ULTRA signed with National Oceanography Centre and University of Southamption • cooperation with internationally leading scientists, co-supervising 2 PhD programs • 2 research cruises, of which the first already in 2021 • Important project to help design both exploration and production strategy

Subsequent events

-

- Full scale revenue target from Cu only moved from >\$400M pa to >\$550M pa on higher copper prices • Pilot production target 2026 introduced in March Upgrading Aspirational Targets

Q1 FINANCIALS

Green Mineral AS

				1 Introduction





Green Mineral AS
Preliminary figures
Profit & Loss (NOK)		Q1 2020		2020

Revenues		-		-
R&D	-	322 712		-
SG&A	-	1 329 228	-	600 582
Operating profit	-	1 651 940	-	600 582
Net financials		847	-	255
Profit/loss	-	1 651 093	-	600 837

Assets

Other current assets		-		-
Bank		27 770 573		29 048 450
Total assets		27 770 573		29 048 450

Equity		26 420 183		28 970 040

Assets



Total assets 27 770 573 29 048 450

Equity 26 420 183 28 970 040
Short term liabilities 1 350 390 78 410
Total equity and liabilities 27 770 573 29 048 450

Our mission

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

Creating an industry bellwether

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 initial-phase synergies in exploration campaign, geophysics, finance and administration

CAPEX to OPEX

− Study e.g: Engineer leverage ratio 10:1

Hiring top talent with marine minerals specialization to innovate with partners on

organization

3 Well-defined roadmap and string of newsflow

Near term updates:
- − Partner/cooperation agreements; LOI with Oil States Industries (UK) Ltd signed on March 23rd
2 − Additional key hires, targeting 4 PhD`s giving impetus to our industry leading position Flexible and asset-light
- − Cooperation with academia; agreement involving the Project ULTRA signed on April 14th partnering strategy
Asset-light partnering approach creating superior shareholder return − The Green Minerals approach: moving existing technologies – leveraging our − Funding programs; 1st grant from the Norwegian Govt`s Forskningsrådet signed on April 13th

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 that will make recycling of EV metals possible and being able to fulfil all the demand

Commentary >\$1trn 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

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

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

Source: Goldman Sachs Investment Research

Traditional mining vs deep sea mining

	Onshore mining	Deep sea mining	Change
C02 equivalent emissions (Gt.)	1.5	0.4	-70%
bn electric cars Ore use (Gt.)	25	6	-75%
Deforestation (Sqm)	66,000	5,200	-92%
minerals to 1 Solid waste (Gt.)	64	0	-100%
mpact of Freshwater ecotoxicity (1.4 DCB equivalent Gt) I	21	0.1	-99%
Megafauna wildlife at risk (trillion organisms)	47	3	-93%
	]
Source: Paulikas et al. 2020
			12

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 EEZ in the world, and with the
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 and production license awards in 2023

Our team

Supporting global sustainability

Overview of the value chain

Partners and affiliations

Secured partnerships with Seabird Exploration and Oil State Industries

Partnership with Seabird Exploration

geophysical, project, maritime competencies
finance
administration

- for excavation equipment SMD delivered the first commercial SMS crawlers to Nautilus Minerals. Stena Drilling: delivery and operation of the production vessel and the offshore logistics

-

Our strategy

Short term	Medium term	Long term	Ultimately
To be recognized as a pioneer and leader of the Marine Minerals industry	Win exploration and production licenses to capitalize on a NOK 700bn of resource potential on the Norwegian Continental Shelf	Expand our portfolio to international licenses and become a global marine minerals company	Transform into a truly circular economy business model by recycling metals as the primary stock of metals reaches plateau

Aspirational targets (I)

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 )

Exploration

+5m tonnes of ore by YE 2024/25 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
REE, Lithium++)
Introducing >\$800M with 0.25% Co

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
- − Valuation onshore 2021e (EV/S): Boliden 1,5, Rio Tinto 2,6
Environmental footprint:
90% lower than similar onshore

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

	Sum Expex	USDm	40
Gross revenues: >\$550M/yr on copper only	Sum Capex	USDm	780
Gross revenues >\$800M/yr if adding 0.25% cobolt	Sum Opex	USDm	2,250
Revenue/tonne ore: 10-20x higher than similar −	Sum Abex	USDm	100
  onshore	Unit cost (CuEq)	USD/kg	2.0
− Valuation onshore 2021e (EV/S): Boliden 1,5, Rio	Lifting cost (CuEq)	USD/kg	1.4
Tinto 2,6	Pre-tax NPV0	USDm	4,260
 Environmental footprint:  90% lower than similar onshore	Pre-tax NPV10	USDm	746