Ann: DeepGreen Metals Investment Update, page-36

DeepGreen Update 8/3/21
Very large DTA Balance 31/12/20 $38m
Portfolio 5/3/21	1.04	Gross
Shares on issue	298,815,138
Gross Assets 26/02/21	310,767,744
DTA est 05/03/21	34,000,000
NTA After DTA $34m 05/03/21) $38m 31/12/20)	276,767,744
Deepgreen holding at US$1.38 (2.8% 28/02))	8,868,833
DeepGreen SORC Shareprice ($USD)	10.25
Deepgreen Holding at current price	65,873,581
Gross Assets	342,641,324
Amend DTA to Pretax DTL (still in DTA)	31,873,581
Accrural for Performance Fee DG at current MP	11,400,949
DTA after gains	16,898,576
NTA GeepGreen at $10.25	333,772,491
NTA GeepGreen at $10.25	1.117	NTA per share
NTA GeepGreen at $15	96,400,362	Deepgreen holding
NTA GeepGreen at $15	6,105,356	Additional Performance Fee
NTA GeepGreen at $15	358,193,916
NTA GeepGreen at $15	1.199	NTA per share
NTA GeepGreen at $5	315,525,846
NTA GeepGreen at $5	1.056

I have refined the NTA model for DeepGreen at USD$10.25 and taking into account DTA/DTL and 20% performance fee likely payable
Current NTA is AUD$1.117 (+/- market and exchange rate movements and other items) with Deepgreen USD$10.25 (with today's XJO lift likely AUD$1.13 at intraday now)
IF (IF,IF) Deepgreen was USD$15.00 NTA runs to AUD$1.199, and at UDS$5.00 NTA AUD$1.056

So with CDM at AUD$1.02-1.04 - call option over Polymetallic Nodules for Batteries - perhaps a nice (low volatility complimentary position to Lynas (disclosure - held)