NORI

NORI is estimated to be one of the largest and highest grade undeveloped nickel-equivalent projects on the planet.

Located in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean in-between Hawaii and San Diego, the NORI concession covers approximately 74,830 km² at depths of 4,000-6,000 meters. Operated by TMC the metals company Inc. (NASDAQ: TMC), NORI hosts polymetallic nodules containing four metals the United States has designated as critical to energy security, defense, and reindustrialization. TMC filed the first consolidated U.S. commercial deep-seabed mining application in January 2026.

Royalty Overview

Royalty

2.00% gross overriding royalty ("GORR") on all metals and minerals at NORI areas

Operator

TMC the metals company Inc. (NASDAQ: TMC)

Jurisdiction

Clarion Clipperton Zone (CCZ) of the Pacific Ocean in-between Hawaii and San Diego

Metals

Nickel, Copper, Cobalt and Manganese

Estimated First Production

Q4 2027

Near-Term Catalysts

Commercial recovery permit

Project and Operator Highlights

World-Class Asset

NORI is estimated to be one of the largest and highest nickel-equivalent grade undeveloped nickel project on the planet with significant amounts of Ni, Cu, Co, and Mn1

NORI-D PFS (22% of estimated wet TMC resource) has a $5.5B NPV8%2 and total combined IA project value of $23.6B3

NORI-D PFS falls in the lowest quartile of the nickel cost curve with C1 cash costs of just $1,065/t Ni (net of by products) and 43% steady-state EBITDA margins ensuring high-margin royalty streams over an initial 18-year mine life2

1 Mining.com, “Ranked: World’s Biggest Nickel Projects,” May, 2023
2 See SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025
3 See SK-1300 Technical Report Summary, Initial Assessment of NORI and TOML areas, August 2025

Strategic Market Position and Impact

Generational supply for America – 1 billion tons of nodules estimated to supply current US consumption for 330 years (Mn), 210 years (Co), 95 years (Ni) and 5 years (Cu)

NORI contains an estimated 873M tonnes1

TMC submitted applications on Apr/25 to the National Oceanic and Atmospheric Administration (“NOAA”) for two exploration licenses and a commercial recovery permit under the Deep Seabed Hard Mineral Resources Act (“DSHMRA”)

1 See SK-1300 Compliant NORI Clarion Clipperton Zone Mineral Resource Estimate AMC, 17 March 2021

Strong Balance Sheet with Strategic Shareholder Support

TMC the metals company Inc. (NASDAQ: TMC) has raised >$600M to date

TMC holds total cash of ~US$116M as of Q3 2025 supported by recent strategic investments – $37M financing lead by Michael Hess and Brian Paes-Braga (May 2025) and $85.2M financing by Korea Zinc (June 2025)

Capital-light start-up: $113M Hidden Gem pre-production CAPEX + $113M paid back to AllSeas Group once in production1

1 See SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025

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