TMC the metals company (TMC) Investor presentation summary

Strategic resource opportunity

• Seafloor hosts vast quantities of nickel, cobalt, and manganese, surpassing global land reserves, making it a critical source for battery metals and the energy transition.

• Polymetallic nodules offer high grades of nickel, copper, cobalt, and manganese, with minimal waste and no tailings, supporting sustainable extraction.

• Nodule resources are sufficient to electrify the entire U.S. passenger car fleet, with technical resource statements confirming large-scale reserves in the Clarion-Clipperton Zone.

• The company’s projects are ranked among the largest undeveloped nickel resources globally, providing a high-grade alternative to Russian and Chinese supply.

Project milestones and financials

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

• Liquidity stands at ~$49 million as of September 30, 2024, with pro forma liquidity of ~$75 million after credit facility upsizing.

• Completed pre-feasibility study (PFS) for the NORI-D project, advancing towards feasibility and production decisions.

• Commercial-scale nodule processing trial underway in Japan, with initial production of high-temperature material and further trials ongoing.

Environmental and regulatory progress

• Environmental Impact Statement (EIS) based on extensive deep-sea datasets, addressing concerns such as plumes, noise, biodiversity, carbon, and habitat destruction with encouraging preliminary results.

• Life cycle assessment shows nickel from nodules could have dramatically lower CO2 emissions and environmental impacts compared to land-based sources.

• Regulatory oversight by the International Seabed Authority (ISA), with the Mining Code targeted for adoption in 2025 after over a decade of negotiations.

• NORI-D exploitation contract application scheduled for June 27, 2025, with a defined review process involving the ISA Council and Legal & Technical Commission.