NORI

• 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 Mn^1
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• NORI-D PFS (22% of estimated wet TMC resource) has a $5.5B NPV8%² and total combined IA project value of $23.6B³
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• 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 life<sup>2

1</sup> 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

• 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)
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• NORI contains an estimated 873M tonnes¹
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• 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

• TMC the metals company Inc. (NASDAQ: TMC) has raised >$600M to date
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• 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)
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• Capital-light start-up: $113M Hidden Gem pre-production CAPEX + $113M paid back to AllSeas Group once in production<sup>1

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