Appointment of Chief Executive Officer

In conjunction with finalising its scoping studies, DeepGreen has moved to strengthen its Board with the recent appointment of Keith Calder as Chief Executive Officer.

Keith joins DeepGreen’s senior leadership group alongside Peter Barnes (Chairman) and David Heydon (Deputy Chairman), and comes with a track record of successfully delivering major resource projects.

Keith’s leadership skills and significant achievements in the resource industry demonstrated that he was the candidate best positioned to drive the company’s successful future growth.

Between 1993 and 2009 Keith held a number of senior executive and operational positions within the Rio Tinto group, latterly as Managing Director of global copper projects. He had responsibility for approximately $24 Billion of capital projects (including engineering, construction and commissioning) and led a worldwide technical team of over 400 professionals in the US, Canada, Mongolia, Indonesia and Peru.

Recently Keith held the position of CEO at Western Coal since December 2009, prior to its $3.4 Billion takeover by Walter Energy (NYSE:WLT) in April 2011. Whilst CEO of Western Coal he initiated a recapitalisation and expansion programme which saw production increase from 2.3Mtpa to 6.0Mtpa in less than two years, with further planned growth to 12Mtpa. This expansion saw the market capitalisation of Western Coal increase from $600m to $3.4Bn.

Upon his appointment Keith made the following statement:

“I joined DeepGreen because I see polymetallic nodule harvesting from the ocean floor as a way for us to produce cleaner metals while at the same time establishing a clear financial competitive advantage over traditional mining activity. I believe that the technology for harvesting and processing is well within our understanding and that the economics will prove compelling. I also believe that we can lead the way in establishing new, higher standards of Environmental Stewardship and Societal Responsibility that will make DeepGreen and polymetallic nodule harvesting a preferred alternative to onshore mining and processing.

As demand for metals continues to grow, the combined economic, environmental and social cost of terrestrial mining raises questions about its sustainability on land. Governments and stakeholders are beginning to look for alternative solutions beyond recycling and improved efficiency.

I believe that DeepGreen has pulled together a uniquely qualified team to develop our project, which contains a massive high-grade mineral deposit. DeepGreen intends to unlock the value of this mineral deposit for our shareholders and stakeholders. The timing is now.”

About DeepGreen

DeepGreen plans to become a leading producer of base and strategic metals obtained from vast high-grade seafloor polymetallic nodule deposits containing nickel, manganese, copper and cobalt. Large, long-life and high-grade mineral deposits on land are becoming scarce, yet global metal demand continues to rise and the mining industry is being increasingly constrained by environmental and land access issues making it harder to extract and process minerals on land. DeepGreen’s mission is to provide a cleaner and more economically attractive solution for the world to source metals essential to growth.

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Seafloor mineral extraction also offers a socially sustainable alternative to terrestrial mining as it does not impact local landholders, villagers, cultural or heritage lands nor does it cause social displacement which is common to many land-based mining operations.