TMC the metals company (TMC) Investor presentation summary

Market opportunity and resource potential

• Seafloor contains vast resources of nickel, cobalt, and manganese, surpassing global land reserves for these metals.

• Polymetallic nodules offer high grades of four critical metals: nickel, copper, cobalt, and manganese, with minimal waste and no tailings.

• Nodule composition aligns with battery, infrastructure, defense, and energy transition needs, supporting electric vehicles and renewable energy sectors.

• Portfolio ranked as the largest undeveloped nickel project globally, with resources sufficient to electrify the entire U.S. passenger car fleet.

Project milestones and financials

• Raised approximately $530 million to date, completing resource definition, pilot collection, and onshore processing tests.

• NORI-D project estimated at $6.8 billion NPV, with a 60% EBITDA margin based on technical reports.

• Completed pre-feasibility study for NORI-D, advancing towards feasibility and production decisions.

• Liquidity of $75 million pro forma as of September 2024, supported by increased credit facilities.

Regulatory and geopolitical landscape

• Regulatory uncertainty, especially around the ISA Mining Code, is a key factor affecting valuation.

• Adoption of the Mining Code and grant of exploitation contracts are top priorities for stakeholders.

• Timeline targets Mining Code adoption in 2025, with NORI exploitation contract application set for June 27, 2025.

• U.S. and other major economies are accelerating actions on seafloor resources, with supportive legislative and policy developments.