Healthy oceans in close harmony with green economy Take a look at what we’re doing in the Bothnian Bay Deep Sea Reporter joined us on a hunt for nodules. Watch the report here > A brief note from our CEO Take a look at what we’re doing in the Bothnian Bay Swedish TV accompanied Scandinavian Ocean Minerals on one of our surveys. See feature here > Deep Sea Reporter joined us on a hunt for nodules. Watch the report here > Scandinavian Ocean Minerals on Swedish TV News Swedish Radio on our plans Great to see that more media outlets are starting to take an interest in us. Listen to the segment on Swedish Radio here > Our projects Scandinavian Ocean Minerals are operating in two different projects: Bothnian Bay and the Baltic Sea. In both projects we use our own developed air-lift technique, but the difference is that in Bothnian Bay, where we have come the furthest, we are harvesting for poly-metalic nodules while we at the Baltic Sea harvest for sediments refined into green energy. In both projects the seafloor is oxygenated in the process. Nodules in Bothnian Bay > Green energy in Baltic Sea > Nodules in Bothnian Bay > Green energy in Baltic Sea > Our projects Scandinavian Ocean Minerals are operating in two different projects: Bothnian Bay and the Baltic Sea. In both projects we use our own developed air-lift technique, but the difference is that in Bothnian Bay, where we have come the furthest, we are harvesting for poly-metalic nodules while we at the Baltic Sea harvest for sediments refined into green energy. In both projects the seafloor is oxygenated in the process. Overall trends affecting society: The environmental challenges we face is one of the major global mega trends. There is a strong global commitment to find and support solutions, not least by the UN global goals. One solution to meet the goals is the electric energy transition – the second macro trend. The third trend is the geopolitical shift towards self-sufficiency to find alternative solutions to access necessary materials. The fourth trend is the green industrial revolution . Partners

2013 Milestones Knowledge acquisition, idea process, process evaluation and tests 2014 2018 Practical tests with absorption of bottom sediments in the Baltic Sea 2022 2020 Ocean Minerals AB (SOM AB) is established, and the permission application is started. Initial contacts with potential partners SOM AB presents a proposal to the Swedish government on how to prevent the bottom death in the Baltic Sea The manganese deposits are verified through an expedition 2021 LOI with LKAB on development of process technology, infrastructure and receiving of minerals Collaboration with Vattenfall and SSAB in the Baltic Sea project The survey vessel R/V Bothnia Surveyor is acquired The application for a research permit is sent to the Ministry of Industry (November), which forwards the matter to the Geological Survey of Sweden (SGU) SGU recommends the government to approve the research permit (June). Successful test with a unique method that releases iron and manganese without impurities from the manganese nodules The operations is presented to the Swedish Minister of Industry 2023 Exploration permit from the Swedish Ministry of Climate and Enterprise Sea survey is carried out in October The financing process is intensified 2024 April-may: Surveys regarding environmental impact start in Bothnia Bay Sept: The surveys are finalized Sept-dec: Finalizing of the MKB for Bothnia Bay In parallell, ongoing work with the Baltic Sea project 2025 Jan-Mar: The permit application with EIA as an appendix sent to the government Oct-Dec: Possible response from the government Practical tests with absorption of bottom sediments in the Baltic Sea 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Green energy in the Baltic Sea The condition of the Baltic Sea is critical as the oxygen-poor bottoms are growing every year. The technology from Scandinavian Ocean Minerals removes oxygen-consuming bottom sediment and organic material and thus oxygenate the seafloor, supporting the recovery of the Baltic Sea. The organic material, the sediment, is disposed and refined into Green energy, for example, biogas, hydrogen gas or converted into green carbon. The sediment also contains approximately 20 percent silicon used for solar cells, semiconductors and batteries. 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

We are operation in two different projects:The Gulf of Bothnia and Baltic Sea . 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Organisation Board Peter Lindberg CEO CEO Project Manager Bottenviken Professional diver International experience in marine salvage work and the offshore industry Robert Venema R&D Techonology and Method Manager Oceanographer and professional diver 30 yrs experience in international marine work and the offshore industry Bengt Simonsson R&D/PM Research Manager Project Manager Baltic Sea Civil Engineer from KTH (Royal Institute of Technology) Research in eutrophication Former CEO, Techmarket Sweden Carl Ljung Financial Manager Ship manager Bachelor of Economics Logistics and transportation sector Knut Pedersen Chairman Experienced in the financial sector CEO and President Catella AB (publ) CEO at ABG Sundal Collier AB Several board assignments Sven Ljung Founder, owner and CEO of Carmatic AB Founder and main owner of SOM AB Fredrik Eide GC Rieber representative Experienced in strategic development in energy, chemical, steel, agricultural and food industry Marcus Holmstrand CFO and investment expertise CFO Catella AB (publ) Several board assignments Haldex AB (publ) and SCA AB (publ) Peter Lindberg CEO CEO Project Manager Bottenviken Professional diver International experience in marine salvage work and the offshore industry Robert Venema R&D Techonology and Method Manager Oceanographer and professional diver 30 yrs experience in international marine work and the offshore industry Sven Ljung Founder, owner and CEO of Carmatic AB Founder and main owner of SOM AB Fredrik Eide GC Rieber representative Experienced in strategic development in energy, chemical, steel, agricultural and food industry Marcus Holmstrand CFO and investment expertise CFO Catella AB (publ) Several board assignments Haldex AB (publ) and SCA AB (publ) Carl Ljung Bachelor of Economics Logistics and transportation sector Board Carl Ljung Bachelor of Economics Logistics and transportation sector Birgitta Birkenfalk Communications manager Consultant in leadership, communication and organizational development. Bengt Simonsson R&D/PM Research Manager Project Manager Baltic Sea Civil Engineer from KTH (Royal Institute of Technology) Research in eutrophication Former CEO, Techmarket Sweden Carl Ljung Financial Manager Ship manager Bachelor of Economics Logistics and transportation sector Carl Ljung Financial Manager Ship manager Bachelor of Economics Logistics and transportation sector Knut Pedersen Chairman Experienced in the financial sector CEO and President Catella AB (publ) CEO at ABG Sundal Collier AB Several board assignments 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Scandinavian Ocean Minerals Takes the Next Step – Granted Permit for Further Exploration in the Bothnian Bay On September 24th, Scandinavian Ocean Minerals was granted a permit by the Geological Survey of Sweden (SGU) – the government authority responsible for issues relating to bedrock, soil and groundwater in Sweden – to expand its exploration of mineral deposits in the Bothnian Bay. Scandinavian Ocean Minerals was founded in 2020 and aims to contribute to the industry's need for a green transition by harvesting mineral-rich manganese nodules from the seabed. Last year, the company was granted exploration permits for two areas in the Bothnian Bay. The decision by SGU on September 24th allows the company to conduct exploration in two additional areas in the Bothnian Bay, 75 kilometers east of Skellefteå in Sweden. "This is a milestone that gives us the opportunity to collect the data necessary to advance our ambition to assist the industry with the green transition," said Peter Lindberg, CEO of Scandinavian Ocean Minerals. The mineral-rich manganese nodules will play an important role for Sweden and the EU in reducing dependency on imports of critical minerals and metals. Estimates show that there are around 20 million tons of manganese nodules on the seabed in the Bothnian Bay. In October, Scandinavian Ocean Minerals will conduct a planned two-week expedition in the Bothnian Bay for sampling, in collaboration with Sweco, Europe's leading engineering and architecture consultancy. Alongside the company’s exploration efforts, researchers from Stockholm University are conducting an independent research project to increase knowledge about the habitat in the Bothnian Bay. "The climate challenge, electrification, geopolitical situation, and green revolution in the industry – all are creating high demand for the minerals we can offer. Moreover, our technology is developed to harvest nodules in an environmentally friendly way, which is essential for being able to extract the manganese nodules," said Peter Lindberg, CEO of Scandinavian Ocean Minerals. ​ For more information, please contact: Peter Lindberg, CEO, Scandinavian Ocean Minerals 073-617 95 20 peter.lindberg@som-ab.se www.som-ab.se 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

News December 1, 2023 First phase of the exploration work in the Bothnian Bay completed "We are pleased to begin this important work to explore the Gulf of Bothnia and its resource potential," says CEO Peter Lindberg." Read press release here > April 5, 2024 KTH Investigates the pH Levels At the Royal Institute of Technology, KTH, a test has been initiated to measure the pH level at which the nodules on the seabed begin to dissolve. Read more here > Dec 14, 2021 Application for research permit On November 26 the application for a research permit in Bothnian Bay was submitted to the Swedish government. Read the document here > Nov 27, 2022 Swedish TV accompanied Scandinavian Ocean Minerals on one of our surveys. See feature here > Scandinavian Ocean Minerals on Swedish TV April 26, 2021 Consultation statement SOM AB conducted a consultation statement with several stakeholders. Read the document here > Nov 13, 2022 Survey starts in Bothnian Bay A survey of the seafloor in Bothnian Bay begins as of today. During November 2022, SOM will take samples of sediment and film the seafloor. The survey will serve as a basis for the environmental impact statement ahead of the upcoming permit application to the government. July 15, 2023 Scandinavian Ocean Minerals Gets Green Light to Explore Mineral Deposit in the Bothnian Bay. At the Royal Institute of Technology, KTH, a test has been initiated to measure the pH level at which the nodules on the seabed begin to dissolve. Read more here >" Read press release here > January 11, 2022 Scandinavian Ocean Minerals is featured in the newspaper Dagens Industri Article about Scandinavian Ocean Minerals in Dagens Industri. Read article here > September 26, 2024 Scandinavian Ocean Minerals Takes the Next Step – Granted Permit for Further Exploration in the Bothnian Bay On September 24th, Scandinavian Ocean Minerals was granted a permit by the Geological Survey of Sweden (SGU) – the government authority responsible for issues relating to bedrock, soil and groundwater in Sweden – to expand its exploration of mineral deposits in the Bothnian Bay. Read press release here > April 4, 2024 KTH dives into pH levels At the Royal Institute of Technology, KTH, a test has been initiated to measure the pH level at which the nodules on the seabed begin to dissolve. Read press release here > 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Green light for Scandinavian Ocean Minerals – Exploration of the mineral deposits in the Bothnian Bay has been granted! Scandinavian Ocean Minerals has been granted an exploration permit from the Swedish Ministry of Climate and Enterprise. The background is the mineral deposits located in two areas in the Bothnian Bay. "The permit gives us the opportunity to take the next step in our vision of creating the conditions necessary for a fossil-free society!" says Peter Lindberg, CEO of Scandinavian Ocean Minerals. An exploration permit for sampling the mineral deposits, which consist of poly-metallic nodules has now been granted. The total recoverable amount of nodules in the Bothnian Bay is calculated to approximately 20 million tonnes. Once the business is fully operational, the goal is that approximately one million tonnes of nodules will be extracted annually. This business paves the way for a new and unique industry for Sweden: a green, offshore industry which reconciles climate benefits, commercial interests, and job creation. "The fact that we have now been granted permission to explore the Bothnian Bay is an important political signal. The purpose of the business is to increase Sweden's and Europe's self-sufficiency in terms of innovation-critical minerals including those needed for the production of batteries and semiconductors,” explains Peter Lindberg. Minimal environmental impact The studies, which have now been approved by the Ministry of Climate and Enterprise, will ensure that future harvesting of the minerals can be carried out in a sustainable and environmentally-friendly way. To succeed, Scandinavian Ocean Minerals is developing a technology that enables gentle uptake, so-called harvesting, of the nodules in a circular process which returns oxygenated water to the bottom. The method is unique and should not be confused with conventional land mining or deep sea mining. "The nodules are extracted using a gentle technique. You could say that we harvest the sea floor with our method, which has less environmental impact than conventional mining," says Bengt Simonsson, research manager at Scandinavian Ocean Minerals. Peter Lindberg, CEO SOM AB peter.lindberg@som-ab.se , +46(0)73-617 95 20 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Our vision is to create a new and unique industry for Sweden: a green, offshore industry that can provide Sweden and the EU with innovation-critical minerals and value in the form of green energy, where climate benefits, commercial interests and jobs can be reconciled. What is Scandinavian Ocean Minerals' vision? What kind of mineral deposit do you want to extract from the sea floor in the Bothnian Bay? We want to extract manganese nodules (polymetallic nodules), small, potato-like, rock concretions formed by precipitation in the boundary layer between bottom sediment and seawater. They contain minerals such as manganese, iron, aluminium, magnesium, silicon, titanium, phosphorus, cobalt and others. In total, we estimate that the Bothnian Bay contains about 20 million tonnes of manganese nodules. What possibilities are created by extracting these minerals from the sea floor? These minerals and metals already have many applications and are used in products for clean technologies, such as wind turbines, solar cells and high-density batteries. We see it as our mission to increase Sweden's degree of self-sufficiency in innovation-critical minerals. The EU is currently a major importer of minerals. The EU's goal is therefore to secure its own supply of the raw materials of the future, especially considering the current geopolitical situation. The nodules found in the Bothnian Bay contain the minerals required for the manufacture of, for example, semiconductors, batteries and solar cells. The nodules offer a great opportunity to reduce the need for imports to the EU from authoritarian states and to reduce the number of conventional mines on land. F.A.Q. How does your project differ from deep sea mining? The most common criticism stems from being mistakenly associated with the extraction of minerals through deep sea mining. Deep sea mining has received attention in the media recently and can have a negative environmental impact. The reason why deep sea mining has attracted attention recently is because the demand for metals is rising and easily accessible deposits on land are running low. This increases the interest in extracting metals from the world´s ocean floors. Many scientists worry about how extraction from the ocean floor will affect marine life at these depths. What criticism do you encounter? 1. Our operations involve work at depths of 60 to 120 meters. The definition of deep sea mining is extraction from depths of 200 meters or more (The Ocean Foundation, 2023). 2. Harvesting of nodules in the Bothnian Bay can be carried out because the marine environment has already been studied and conditions are known. It is thus possible to foresee any effects, unlike deep sea mining where conditions and effects are still relatively unknown. 3. Our operations ensure little impact on marine life and a rapid recolonisation of the sea floor. 4. Deep sea mining uses different types of crawler machines that can weigh 80-100 tons which significantly compact the ocean floor where they work. In deep sea mining, the deposits consist partly of a hard, homogeneous layer, so-called crust, which covers the sea floor. The crust is crushed using rotating machinery similar to what is used in strip-mining on land, before the crushed material is brought to the surface. 5. Our suction nozzle slides on skids which results in low pressure and therefore little impact on the sea floor. 6. Transporting the nodules from our operating area in the Bothnian Bay to nearby harbours takes four to five hours with four smaller cargo ships. In deep sea mining, it takes up to 30 days to move the extracted material from the operating area to a harbour, necessitating the use of twenty larger cargo ships travelling back and forth. Why is the Bothnian Bay suitable for harvesting minerals? The Bothnian Bay project is probably unique in the world. The reason is that the Bothnian Bay is one of the few areas in the world where manganese nodules can be harvested with little environmental impact. In addition, it is technically possible because the depth of the planned operating areas in the Bothnian Bay is no more than 60 to 120 meters. The manganese nodules are in principle 100 percent recoverable and contain many of the minerals and metals required for the transition to a fossil-free society. It is also worth mentioning that our activities are planned to take place outside the Swedish territorial boundary. Thus, it is not categorised as "coastal mining," which refers to activity inside the territorial boundary, i.e. within the 12 nautical mile limit. What are the positive effects of harvesting manganese nodules on the marine environment in the Bothnian Bay? • Visual observations when examining the bottom conditions in the nodule areas suggest that where there are high concentrations of nodules, marine life is limited, while in areas with low concentrations there is a richer marine life. Harvesting nodules can thus mean improved living conditions for marine life in the Bothnian Bay. • According to studies (Vallius et al., 2011), the nodules may dissolve due to acidification. This means that if the Baltic Sea or the Bothnian Bay acidify, there is a risk that the nodules will dissolve over time. If, for example, 10 million tonnes of nodules dissolve in the water, the consequence could be the release of 240,000 tonnes of phosphorus. This should be compared with the approximately 30,000 tonnes of phosphorus that currently flow into the Baltic Sea every year. Harvesting of nodules may thus prove necessary in the long term. Is there a risk that your project will disturb fishing in the Bothnian Bay? What are the positive effects of harvesting manganese nodules in the Bothnian Bay on society? • The project contributes to a fossil-free society. • The project provides access to the minerals necessary for the electrification of society. • The project creates a new Swedish offshore industry. • The project generates jobs. • The project reduces Sweden’s and the EU’s reliance on import of minerals from authoritarian states. What is the difference between your Baltic Sea project and your Bothnian Bay project? A major difference is the geographical location. The manganese nodules are found on the bottom of the Bothnian Bay and the oxygen-free sediment is found on the bottom of the Baltic Sea. The greatest benefit of the manganese nodules is geopolitical, but the climate will also benefit when minerals are extracted from within the EU's borders. As well, the impact on the environment compared to extracting similar minerals on land is reduced. In the Baltic Sea, the main benefit is that the oxygen-free sediments are removed from the bottom together with phosphorus, among other things, and that the returned bottom water is oxygenated. A secondary environmental benefit occurs when we convert parts of the sediment into fossil-free hydrocarbons (biogas, hydrogen, biocarbon and green carbon) which, for example, the steel industry needs for production of 100 percent fossil-free steel. Residual products such as silicon and silt are needed, among other things, for the electronics industry and the cement industry. What are the positive environmental effects of sediment removal in the Baltic Sea? • Removal of oxygen-free sediment contributes to limiting eutrophication in the Baltic Sea. • The environment of the Baltic Sea is improved by reducing the surface area of the oxygen-free, polluted sediment. • The returned bottom water is oxygenated through its exposure to air and will in turn oxygenate the sea floor. • Living conditions for fish and other marine life are improved, thus enhancing their chances for recovery. • The project contributes to a circular green economy and does not add any new burden to the environment. • The project contributes on a large scale to reduced methane and carbon dioxide emissions in the atmosphere. What has happened so far and what is the next step? Scandinavian Ocean Minerals (SOM AB) was established in 2020 and the permit application for seabed exploration was sent to the Ministry of Climate and Enterprise in 2022. Since then, we have, among other things, established contact with several partners, gathered knowledge and carried out practical tests. A Letter of Intent (LOI) has been signed with LKAB on the development of process technology, infrastructure and reception of minerals, and we have started collaborating with Vattenfall and SSAB on the Baltic Sea project. We have also acquired the survey vessel R/V Botnia Surveyor. We are now waiting for the exploration permit from the Ministry of Climate and Enterprise to be approved for two marine areas in the Bothnian Bay. The permit give us the opportunity to take the next step in our vision of creating the conditions for a fossil-free society. What are the challenges? It is fundamental to our projects that both investors and companies understand that our technology is fundamentally different from the techniques used in deep sea mining – and that we are committed from the outset to the positive environmental impact exceeding any possible negative impact. There is also a challenge in getting investors and companies to realise that Scandinavian Ocean Minerals' project in the Bothnian Bay generates metals that are necessary for the green transition. Our project in the Baltic Sea may meet a large part of Sweden's future needs for biogas, hydrogen and bio-carbon. The removal of oxygen-free sediments and the return of oxygenated bottom water benefits marine life conditions in The Baltic Sea. How do you ensure minimal environmental impact? In the application for extraction, Scandinavian Ocean Minerals will propose requirements for scientific pre- and post-control. Through the control-program the project is closely reviewed by Swedish authorities and measures can be taken if the environmental footprint is negative. The environmental aspects are central to our project. The environmental impact will be further investigated when the exploration permit is approved. The ability to carry out the projects with little environmental impact must be confirmed by an independent research group. The exploration permit does not entitle us to take up nodules in any form of "test mining", an incorrect claim that has arisen. We will collect about 75 samples per area with a scientifically recognised test bucket with dimensions of 30 x 30 x 40 cm. To apply for an extraction permit, our sampling must provide enough answers to obtain an environmental impact statement. If it turns out that the environmental requirements cannot be met, the operation will be discontinued. In what way are your projects unique and different from those of competitors? Is the project realistic? Yes, absolutely. We strongly believe that negative environmental impacts can be ruled out, and that we can instead demonstrate that the method will have a positive effect on the marine environment. With the capital required we see no obstacles to succeed with the projects and achieving the vision of healthy oceans in close harmony with green economy. When is production realistic? We need politicians, concerned authorities and investors to understand the projects’ possibilities – that climate benefits, commercial interests and job creation can be reconciled. Furthermore, we need stakeholders to realise that Sweden can increase EU´s self-sufficiency in innovation-critical minerals as per the European Critical Raw Materials Act. On a practical level, we are waiting for the Swedish Ministry of Climate and Enterprise to grant an exploration permit (the preparatory authority, SGU has already recommended that the Swedish Ministry of Climate and Enterprise approve the permit). The permit is needed because the area of operation is within the Swedish economic zone but outside the Swedish territorial boundary. What do you need to make the project feasible? We plan to start small scale harvesting of manganese nodules in the Bothnian Bay in 2024. We expect full-scale production from 2028. In the Baltic Sea, we have a similar timeline provided we receive industry support and capital. According to general information available from the Swedish Agency for Marine and Water Management, no fishing is taking place in our intended areas of activity due to limited fish stocks. Fish such as vendace live close to the coast and in much shallower waters. There are currently no competitors for harvesting nodules in the Bothnian Bay. 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

There are four macro trends affecting us where Scandinavian Ocean Minerals have a part to play: First, the environmental challenges we face is one of the major global mega trends. The consequences from global warming and carbon emissions are massive and calls for hasty action. The environmental challenges are high on the political agenda, where policy makers have gone from discussing the problems to focusing on solutions. There is a strong global commitment to find and support solutions, not least by the UN global goals. In this context it should be mentioned that the Baltic Sea, where we are operating, is one of the world's most polluted oceans. Eutrophication, overfishing, increased shipping, and emissions of environmental toxins have turned the Baltic Sea into an ocean in crisis. A solution to reach the ambitious UN global goals is through the electric energy transition – the second macro trend. This is a prerequisite for phasing out the use of fossil fuels and limiting climate change. The electrification has been particularly strong when it comes to solar cells and in the transport sector. 99 percent of the raw materials of the batteries in these cars are, according to the European Commission, from outside of Europe. Due to the massive demand the supply chain has been challenged, which naturally brings us to the third trend – the geopolitical shift from interdependency towards self-sufficiency . The dependence on other countries, not least authoritarian states has been questioned and have led to initiatives where countries look for alternative solution to access necessary materials and technologies. Over 90 percent of the rare earth metals that the EU imports come from China, which also totally dominates the production of silicon. The green transition risks making Europe as dependent on minerals from non-European countries as it is on gas from Russia. The EU has identified the problem and is now working with the "Critical raw materials act" to enable extraction of important metals in Europe. The fourth trend is the ongoing green industrial revolution , particularly in the north of Sweden – Norrland. According to the chambers of commerce in Norrbotten and Västerbotten the current planned investments in Norrland sum up to over 1000 Bn SEK and between 25 000 to 100 000 new jobs being created consequently – and most of the investments are green. 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Green light for Scandinavian Ocean Minerals – Exploration of the mineral deposits in the Bothnian Bay has been granted! Scandinavian Ocean Minerals has been granted an exploration permit from the Swedish Ministry of Climate and Enterprise. The background is the mineral deposits located in two areas in the Bothnian Bay. "The permit gives us the opportunity to take the next step in our vision of creating the conditions necessary for a fossil-free society!" says Peter Lindberg, CEO of Scandinavian Ocean Minerals. An exploration permit for sampling the mineral deposits, which consist of poly-metallic nodules has now been granted. The total recoverable amount of nodules in the Bothnian Bay is calculated to approximately 20 million tonnes. Once the business is fully operational, the goal is that approximately one million tonnes of nodules will be extracted annually. This business paves the way for a new and unique industry for Sweden: a green, offshore industry which reconciles climate benefits, commercial interests, and job creation. "The fact that we have now been granted permission to explore the Bothnian Bay is an important political signal. The purpose of the business is to increase Sweden's and Europe's self-sufficiency in terms of innovation-critical minerals including those needed for the production of batteries and semiconductors,” explains Peter Lindberg. Minimal environmental impact The studies, which have now been approved by the Ministry of Climate and Enterprise, will ensure that future harvesting of the minerals can be carried out in a sustainable and environmentally-friendly way. To succeed, Scandinavian Ocean Minerals is developing a technology that enables gentle uptake, so-called harvesting, of the nodules in a circular process which returns oxygenated water to the bottom. The method is unique and should not be confused with conventional land mining or deep sea mining. "The nodules are extracted using a gentle technique. You could say that we harvest the sea floor with our method, which has less environmental impact than conventional mining," says Bengt Simonsson, research manager at Scandinavian Ocean Minerals. The method can help the Baltic Sea to recover The method of harvesting nodules can also be used to help restore the Baltic Sea, where the situation with oxygen-free and polluted sea floor is acute. By removing the polluted bottom-sediments the source of eutrophication is diminished and simultaneously the sea floor is oxygenated. From the removed sediments different products can be produced such as: green carbon and silicon (Si), important for fossil-free steelmaking, semi-conductors, electronics- and solar cell industry. The exploration permit allows for bottom-samples to be taken at 25 different points within the operational areas, although this will not include significant uptake of nodules. In the two areas, approximately 450 km2, it is expected that 6-9 million tonnes of poly-metallic nodules will be found. The nodules consists of 27 different minerals and 90 percent of the mineral content can be extracted. In addition to high levels of pure iron, manganese, silicon and phosphorus, there is, also enough cobalt to reduce Sweden's import needs by 70 percent annually. The project increases EU:s degree of self-sufficiency in innovation-critical minerals and reduces the need for imports from authoritarian states (European critical raw materials act). Peter Lindberg, CEO SOM AB peter.lindberg@som-ab.se , +46(0)73-617 95 20 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .

Green light for Scandinavian Ocean Minerals – Exploration of the mineral deposits in the Bothnian Bay has been granted! Scandinavian Ocean Minerals has been granted an exploration permit from the Swedish Ministry of Climate and Enterprise. The background is the mineral deposits located in two areas in the Bothnian Bay. "The permit gives us the opportunity to take the next step in our vision of creating the conditions necessary for a fossil-free society!" says Peter Lindberg, CEO of Scandinavian Ocean Minerals. An exploration permit for sampling the mineral deposits, which consist of poly-metallic nodules has now been granted. The total recoverable amount of nodules in the Bothnian Bay is calculated to approximately 20 million tonnes. Once the business is fully operational, the goal is that approximately one million tonnes of nodules will be extracted annually. This business paves the way for a new and unique industry for Sweden: a green, offshore industry which reconciles climate benefits, commercial interests, and job creation. "The fact that we have now been granted permission to explore the Bothnian Bay is an important political signal. The purpose of the business is to increase Sweden's and Europe's self-sufficiency in terms of innovation-critical minerals including those needed for the production of batteries and semiconductors,” explains Peter Lindberg. Minimal environmental impact The studies, which have now been approved by the Ministry of Climate and Enterprise, will ensure that future harvesting of the minerals can be carried out in a sustainable and environmentally-friendly way. To succeed, Scandinavian Ocean Minerals is developing a technology that enables gentle uptake, so-called harvesting, of the nodules in a circular process which returns oxygenated water to the bottom. The method is unique and should not be confused with conventional land mining or deep sea mining. "The nodules are extracted using a gentle technique. You could say that we harvest the sea floor with our method, which has less environmental impact than conventional mining," says Bengt Simonsson, research manager at Scandinavian Ocean Minerals. Peter Lindberg, CEO SOM AB peter.lindberg@som-ab.se , +46(0)73-617 95 20 1. On theBothnia Bay seafloor lies small potato-sized lumps – nodules – that contain minerals. In theBaltic Sea lies sediments. 2. Via an air-lift technique, developed by Scandinavian Ocean Minerals, the seafloor is gently harvested for nodules or bottom sediment. 3. On board the ship, nodules are filtered or, if sediment centrifuged 4. Water and material that is not used is returned directly to the seafloor, which becomes oxygenated in the process. 5. Nodules and sediment are transported to land where nodules are refined into, among other things, manganese, iron, silicon (used for batteries, solar cells and semiconductors) while sediment becomes biogas, hydrogen gas or green coal (used for fossil-free steel) .