Ann: DeepGreen Metals Investment Update, page-16

The more I am reading about this - the move valuable I think the CDM call option over the IPO upside may be....
Very difficult to see through - and using the 2027 financials to justify value is a bit unusual (!!!!) - but pre-revenue I suppose you have to say something...
Given the recent wildlings successful IPOs (2-10x value) - if this saw US$40 (I am NOT predicting that) - the NTA would be A$1.74 - and at US$5 - NTA still A$1.06 - so CDM at A$1.02-A$1.06 likely represents a postentalli very cheap call option +/- other fund exposures/changes.
I really really like it at these levels...

The transaction reflects an enterprise value of $2.4B, representing an enterprise value to EBITDA of 1.2x as measured on the company's estimated 2027 EBITDA of approximately $2B, and a price to net asset value of 0.35x as measured on the exploration area of the company's subsidiary, NORI-D, with potential substantial upside as the full resource is developed. The transaction includes an upsized $330M fully committed common stock Private Investment in Public Equity, or PIPE, at $10.00 per share, anchored by an international consortium of strategic and institutional investors, including Allseas, adding to the list of existing strategic investors such as Maersk Supply Service and Glencore. The transaction, which has been unanimously approved by the boards of both DeepGreen and SOAC, is expected to be completed in the second quarter of 2021 and is subject to the approval of SOAC's and DeepGreen's shareholders and other customary closing conditions, including a registration statement being declared effective by the SEC.