TMC the metals company (TMC) Investor presentation summary

Strategic positioning and regulatory pathway

• Holds two of the world's largest undeveloped nickel projects, with over 1.6 billion tonnes of polymetallic nodules containing high grades of nickel, copper, cobalt, and manganese.

• Pursuing a new regulatory path by filing for exploration and commercial recovery licenses under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA), bypassing delays with the International Seabed Authority (ISA).

• Engaged in pre-application consultations with NOAA and U.S. government officials to secure timely permits for high seas operations.

• U.S. legal framework allows deep seabed mining without joining UNCLOS, providing a sovereign path for U.S. entities.

Market dynamics and geopolitical context

• China leads in deep-sea mineral exploration and processing, prompting U.S. and global action to secure critical mineral supply chains.

• Major economies, including India, Sweden, Japan, Norway, and South Korea, have announced new initiatives or legislation for seafloor resource development in the past year.

• Access to a billion tonnes of nodules could supply U.S. nickel needs for 165 years, manganese for 456 years, and cobalt for 81 years at current consumption rates.

Project milestones and technical achievements

• Completed the first integrated nodule collection test since the 1970s, collecting over 3,000 wet tonnes of nodules in Q4 2022.

• Demonstrated commercial-scale processing of nodules at PAMCO's facility in Japan, producing high-grade nickel-copper-cobalt alloy and manganese silicate without new infrastructure.

• NORI-D project estimated at $6.8 billion NPV, with a capital-light approach leveraging existing assets and infrastructure.