TMC the metals company (TMC) Investor presentation summary

Addressing the metals bottleneck for energy transition

• Seafloor polymetallic nodules offer a solution to the critical metals shortage needed for batteries, with nodules containing high grades of nickel, copper, cobalt, and manganese, and minimal environmental and social impact compared to land mining.

• Seafloor resources hold significantly larger estimated reserves of nickel, cobalt, and manganese than global land reserves, supporting the scale required for electrification and decarbonization.

• Nodules are collected rather than mined, require no deforestation or displacement, and generate near-zero waste, aligning with sustainability goals.

Resource scale, composition, and market positioning

• Estimated in situ resources could supply the entire U.S. passenger vehicle fleet with battery metals, far surpassing current U.S. land-based projects.

• Ranked as the world’s largest undeveloped nickel project, offering a high-grade alternative to Russian and Chinese supply.

• Technical resource statements confirm sufficient nickel, copper, cobalt, and manganese to electrify 280 million vehicles.

Project milestones and financials

• Over $500 million raised to date, with key milestones achieved: resource definition, pilot collection, onshore processing, and environmental campaigns.

• Successful pilot collection in 2022 lifted over 3,000 wet tonnes of nodules, validating collection technology.

• NORI-D project estimated at $6.8 billion NPV, rising to $8.5 billion at current metal prices.

• Liquidity of ~$40 million as of June 30, 2024, with increased credit facility support from major shareholders.