PACIFIC SMALL ISLAND DEVELOPING STATES REGIONAL TRAINING AND CAPACITY BUILDING WORKSHOP ON DEEP-SEABED MINING

1. Contribution of the private sector to the development of
a sustainable DSM industry in support of P-SIDS Blue
Economy
Robert Milbourne
Head of Corporate and Governmental Affairs
UNDESA / ISA P-SIDS Conference Tonga 12 February
METALS FOR
OUR FUTURE

2. P-SIDS Nations Can Lead The World in a
Sustainable Transition to a New Economy
The World must know that the nations least responsible for
global climate change – yet most affected by it – the P-SIDS
Countries - can and will lead the charge to solve it.
Now is the time for P-SIDS to take major leadership in the
future of the global economy. P-SIDS nations, in partnership
with contractors such as DeepGreen and our subsidiaries,
have the opportunity to be world leaders in bringing change
the global economy through sustainable deep-sea metals.

3. DeepGreen Metal’s Contributions
to P-SIDS Economies
• Training and Development with our Sponsoring States
• Financial Contribution through Royalties, Taxes and
economic Activity
• Research and Development of Marine Science
• Project Support – such as the Ocean Clean-Up

4. Nauru Ocean Resources Inc.
 Incorporated in the Republic of Nauru
 Subject to the Nauruan International Seabed Minerals
Act (2015)
 Subsidiary of DeepGreen
 Received certificate of sponsorship from the Republic
of Nauru in April 2011
 NORI and the ISA signed an Exploration Contract in
July 2011
NORI Project Update

5.  Small Pacific Island State
 Currently over 80% of Nauru is unusable due to the
effects of historical phosphate mining
 NORI provides an opportunity for Nauru to benefit from
the development of mineral resources in the international
seabed area
 No known prospective resources within its EEZ
 Sponsorship of NORI provides an opportunity for a
country whose natural resources and environment have
been significantly depleted by mining
• First Developing State to sponsor a contractor
• 2015 Nauru International Seabed Minerals Act
Sponsoring State: The Republic of Nauru

6. Other groups with licenses in the CCZ include Lockheed Martin, Deme, Keppel Corporation, and China Minmetals Corporation.
Our concessions in the CCZ

7. Resource Collection Shipping Processing Sales
Strategic partnerships
Convert exploration
contracts for NORI
and Marawa Areas
into exploitation
contracts
Drive strong focus on
ocean health to
secure the social
operating license
Pre-sell battery
precursors directly to
EV manufacturers
and battery
gigafactories
Build a consumer-
facing brand to drive
consumer preference
for Clean Metals
Define operational, technical and environmental requirements
Develop in-house system design IP to create a strong negotiation
position. Engage strategic partners for test, design, build & operate
Negotiations
under way with 2
large offshore
services
providers
Discussion in
progress with
several potential
partners
Strategic partnership in
place, a major
shareholder
“Book-ends strategy”

8. We’re on the quest with you
For a sustainable planet.
Through Strong Long Term Collaborations
with our P-SIDS Partners

9. Today: 4 million EVs
out of 1.2 billion vehicles

10. 2030: 125 million EVs
2030: 125 million EVs

11. “A battery will do for the electricity supply chain
what refrigeration did to our food supply chain.”
Prof. Donald Sadoway Electrochemist,
MIT Materials Science

12. Demand for high energy Li-ion battery capacity, GWh
37
148
383
872
1,696
2015 2018 2020 2025 2030
x 12
Explosion in demand for Li-ion batteries

13. Battery chemistries
Typical EV manufacturer
timelines:
• NMC 111 is used in the
BMW i3 city car
• BMW wants to move to a
NMC 622 formulation in
2021
• BMW expected to move to
NMC 811 batteries by 2025
Trend towards more nickel intensive battery
chemistries – transition to NMC 811 around 2025

14. Cobalt supply vs. demand
Stumbling block for the EV industry:
future supply of cobalt…

15. Electronics
manufacturers like
Apple and EV
manufacturers like
Tesla, Daimler, BMW
and several Chinese
players are going
directly to miners to
secure deals for supply of
cobalt and nickel
Nickel supply vs. demand
…and nickel

16. It’s not only
the security of future supply
EV manufacturers are worried about…

17. They don’t want to see MORE deforestation CHILD labor

18. Polymetallic nodule
“NMC battery in a rock”
Ni
Mn Cu
Co

19. Contained Nickel Equivalent Resource and Grade
Source: Company Filings, SNL Metals & Mining Research Note: Contained nickel equivalent resources calculated based on
prices of US$0.95/lb Aluminum, US$11.30/lb Cobalt, US$3.50/lb Copper, US$1,250/oz Gold, US$0.95/lb Lead,
US$4.48/dmtu Manganese, US$11.00/lb Molybdenum, US$10.50/lb Nickel, US$864/oz Palladium, US$1,432/oz Platinum,
US$18.25/oz Silver, and US$1.01/lb Zinc. 1 The NORI Project nickel equivalent and contained nickel used in the above
graph is based on the Golder Associates Technical Report October 2015 with 900M wet tonnes at 1.30% Nickel, 29.2%
Manganese, 1.08% Copper, 0.18% Cobalt based on a 4 wet kg/m2 cut off, a moisture content of 24% and the above metal
prices. 2 M&I resources are shown inclusive of reserves
Comparing to undeveloped
land-based nickel deposits

20. Contained Nickel Equivalent Resource and Grade
Source: Company Filings, SNL Metals & Mining ResearchNote: Contained Copper equivalent resources calculated based on
prices of US$0.95/lb Aluminum, US$11.30/lb Cobalt, US$3.50/lb Copper, US$1,250/oz Gold, US$0.95/lb Lead,US$4.48/dmtu
Manganese, US$11.00/lb Molybdenum, US$10.50/lb Nickel, US$864/oz Palladium, US$1,432/oz Platinum, US$18.25/oz Silver,
and US$1.01/lb Zinc.
1 The NORI Project copper equivalent and contained copper used in the above graph is based on the Golder Associates
Technical Report October 2015 with 900M wet tonnes at 1.30% Nickel, 29.2% Manganese, 1.08% Copper, 0.18% Cobalt based
on a 4 wet kg/m2 cut off, a moisture content of 24% and the above metal prices.
2 M&I resources are shown inclusive of reserves
Comparing to undeveloped
land-based copper deposits

21. Zero waste processing

22. We see the Irony
and Moral Injustice,
yet dignity and
Leadership of P-
SIDS Nations
helping to solve the
existential climate
crisis caused by the
Developed World.
Providing
Sustainable Metals
for a New Economy
and Helping to
ensure long term
Economic Growth
and Social
Prosperity
throughout the P-
SIDS region.

23. DeepGreen Looks Forward to
Helping Champion the Leading
Role of P-SIDS Nations in
Strengthening the ISA Exploitation
Regime and Accelerating the
Mobilisation of the Industry. The
Planet cannot afford to wait…

24. THANK YOU
FOR YOUR TIME
Robert Milbourne
Head of Corporate and Regulatory Affairs
Robert.Milbourne@deep.green