Ann: DeepGreen Metals Investment Update, page-42

Thanks

I agree - my estimate is that only at Deepgreen above (approx) USD$16.00 would tax liabilities commence for CDM (+/- other movements and not knowing exact details).

As an additional note, companies reporting Deferred Tax Assets into their NTA are assuming an optomism that there will be profits to offset these losses (without more losses) - FYI when DTA>DTL I take out the DTA from NTA to get "truer NTA". It is true that DTA are "assets", but in a takeover or wind-up they may/would not be used (see ALF as most recent example, where DTA/Tax losses were written off - or excluded - from the NTA for the purposes of their plans - NTA went down by 8% (I think) that day). All LICs with DTA>DTL are at same risk - and given action in the sector is a real risk. So be aware and DYOR.

Good news on CDM is that those impacts favour CDM shareholders versus last week!