TMC the metals company (TMC) investor relations material

Strategic resource overview

• Polymetallic nodules offer high concentrations of nickel, cobalt, copper, and manganese, with grades significantly above typical terrestrial deposits, and can be efficiently collected from the seafloor using proven technology.

• The resource base is extensive, with 1.6 billion tons of nodules and additional exploration upside, and SEC-compliant statements show a net present value of $23.6 billion for priority areas.

• The project is moving from resource definition to commercial viability, with the first reserves ever reported for a polymetallic nodule project and a modular, scalable development plan.

• Upgrading resource certainty is capital-efficient due to the two-dimensional nature of the deposit, allowing for predictable and cost-effective expansion.

• The regulatory environment is maturing, with a clear U.S. permitting pathway through NOAA and growing industry competition.

Permitting and commercialization milestones

• Both commercial recovery applications are in the Federal Register and undergoing public comment, with NOAA leading a rigorous, multi-step review process.

• The permitting process is advancing, supported by significant environmental research investment and an executive order encouraging federal agency support.

• The first commercial system, targeting 3 million wet tons per annum, is in active engineering and procurement, with vessel commissioning aimed for Q4 2027.

• Confidence in permit approval is high, enabling parallel preparation of offshore systems and onshore processing infrastructure.

• Key near-term catalysts include certification of the consolidated application and progress on government funding for the Brownsville processing site.

Onshore processing and strategic partnerships

• The Port of Brownsville site, nearly 1,500 acres, is positioned to become a major U.S. processing and refining hub, with flexibility to serve multiple operators.

• Advanced negotiations are underway for U.S. government funding to build the facility, with no plans to raise market capital until government support is secured.

• The facility is designed for scalability and optionality, with partnerships and technology enabling toll processing for other producers.

• Collaboration with Japanese partners provides a capital-light processing alternative, aligning with U.S.-Japan critical minerals agreements.

• The site is strategically located near other advanced technology and energy projects, supporting broader U.S. reindustrialization goals.