Entitled ‘Unleashing America's Offshore Critical Minerals and Resources', the Executive Order directs Commerce Secretary Lutnick to expedite deep seabed mineral exploration licenses and commercial recovery permits in international waters under the existing U.S. seabed mining codeThe Order also directs the Secretaries of Defense and Energy to address the feasibility of using the National Defense Stockpile for nodule-derived minerals and of entering into offtake agreements, while reviewing and revising domest ...

Editor's note: Seeking Alpha is proud to welcome FR Insights as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access.Technology innovation and commercialization analyst focused on energy, natural resources, and space sectors. Focus on frontier mining, including marine minerals, lunar resources, and uranium. Over 13 years of experience across startups, think t ...

Nodule collector vehicle Gerard Barron and Rutger Bosland inspect the Allseas-designed collector vehicle after NORI's test mining campaign in 2022. Rutger Bosland, the engineer and technical lead who oversaw the design, build and successful test deployment of Allseas’ integrated nodule collection system, joins TMC to lead offshore innovation and scale its technologies for commercial productionAs Chief Innovation and Offshore Technology Officer (CIOTO), Rutger will focus on the Company’s efforts to optim ...

Core Insights - TMC the metals company Inc. has appointed Rutger Bosland as Chief Innovation and Offshore Technology Officer to enhance its nodule collection technologies ahead of the first planned commercial production of deep-sea polymetallic nodules [1][3] Company Developments - Rutger Bosland brings nearly two decades of experience from Allseas, where he led the development of TMC's nodule collection system and the conversion of a deep-water drillship into the world's first subsea mining vessel [2][6] - The company's NORI and TOML projects are recognized as the two largest undeveloped nickel projects globally, with a higher nickel equivalent grade than any other major undeveloped nickel project on land [3] - In 2022, TMC's NORI subsidiary successfully collected over 3,000 tons of nodules from the seafloor, demonstrating the efficiency and responsibility of its technology [3] Regulatory and Strategic Initiatives - TMC has initiated a process with NOAA to apply for exploration licenses and commercial recovery permits under the Deep Seabed Hard Mineral Resources Act of 1980 [4] - The company aims to supply critical metals for infrastructure and power generation while ensuring minimal environmental impact [5]

Group 1 - The Trump administration is drafting an executive order to allow the U.S. to stockpile metal resources from the Pacific seabed, aiming to counter China's dominance in battery metals and rare earth supply chains [1] - The news has positively impacted stock prices, with TMC the Metals rising over 20% and MP Materials increasing nearly 11% in pre-market trading [1] - The seabed contains polymetallic nodules rich in nickel, cobalt, copper, manganese, and trace rare earth minerals, which are essential for electric vehicle batteries and military equipment [1] Group 2 - The executive order would enable U.S. companies to bypass the International Seabed Authority (ISA) and obtain permits from the National Oceanic and Atmospheric Administration, avoiding controversies related to unregulated deep-sea mining [2] - Deep-sea mining has faced opposition due to high costs, lack of understanding of deep-sea ecosystems, and environmental concerns, leading to a lack of formal regulations from ISA [2] - The U.S. has not ratified the United Nations Convention on the Law of the Sea (UNCLOS) but is still expected to adhere to its principles and obligations [3]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $16.1 million, or $0.05 per share, compared to a net loss of $33.5 million, or $0.11 per share for the same period in 2023, indicating a significant improvement in financial performance [66] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 and reduced costs in environmental studies [66][67] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation and consulting costs [67] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3,000 tons of nodules to the surface, demonstrating advancements in operational capabilities [15] - The company has conducted 23 offshore research campaigns, significantly more than most contractors, showcasing its commitment to extensive research and development [16] Market Data and Key Metrics Changes - The company highlighted the geopolitical significance of deep-sea mining, noting that China is actively pursuing deep-sea mining partnerships, which could impact market dynamics and competition [30][31] - Increased interest from major economies in deep-sea resources could positively affect the total addressable market for the company's services [31] Company Strategy and Development Direction - The company announced a strategic shift to pursue commercial production through the U.S. regulatory framework, specifically the Deep Seabed Hard Mineral Resources Act (DSHMRA), as a response to delays in the International Seabed Authority (ISA) mining code [19][20] - The company aims to leverage its extensive environmental data and research to support its applications under the DSHMRA, positioning itself as a leader in responsible deep-sea mining [18][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's readiness to begin production, citing a wealth of environmental impact data and a robust regulatory framework under DSHMRA [18][19] - The management acknowledged the challenges posed by the ISA's delays but emphasized the potential for the U.S. to regain leadership in the deep-sea mining industry [32][34] Other Important Information - The company has gathered nearly one petabyte of environmental data, which is expected to support its applications and enhance public trust in its operations [59] - The company entered into a registered direct offering, issuing 19.9 million common shares and 9.95 million Class B warrants, raising gross proceeds of $19.9 million [69] Q&A Session Summary Question: Clarification on DSHMRA and License Areas - The company clarified that the DSHMRA allows access to high seas minerals, and while specific areas for application are still under discussion, they aim to utilize prior work done in the region [73][76][78] Question: Participation of Allseas in DSHMRA - Management confirmed that Allseas can legally participate as a partner, provided the production vessel is U.S. flagged [81] Question: NOAA Process vs. ISA Pathway - The company views the NOAA process as a new, advantageous path that complements the ISA process, leveraging existing environmental work [87][88] Question: Timeline for Economic Study - The economic study is expected to be completed in the first half of the year, ahead of the applications to the U.S. [96] Question: Environmental Impact Study Completion - The environmental impact study is progressing alongside the economic feasibility study, with data collection ongoing [100][102] Question: Termination of Contract with Third Sponsor State - The decision to terminate the contract was based on prioritizing resources towards more promising blocks, NORI and TAMO, which require focused investment [106][108] Question: Service Business Revenue Expectations - Management expressed optimism about the service business, anticipating revenue opportunities in the coming years due to the company's expertise and ongoing inquiries [110][112]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $16.1 million, or $0.05 per share, compared to a net loss of $33.5 million, or $0.11 per share for the same period in 2023, indicating a significant reduction in losses [66] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 and lower costs in mining technology and process development [66][67] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation and consulting costs [67] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3,000 tons of nodules to the surface, and processed them into high-grade nickel-copper-cobalt alloy and manganese silicate [15] - The company has conducted 23 offshore research campaigns, significantly more than most contractors, demonstrating its commitment to environmental studies and resource evaluation [16] Market Data and Key Metrics Changes - The company is preparing to submit applications for commercial production under the U.S. regulatory framework, which has been in place since the 1980s, indicating a strategic shift in its operational approach [19][20] - The geopolitical landscape is shifting, with increased interest in deep-sea mining from countries like China, South Korea, Japan, and India, which could positively impact the total addressable market for the company's services [31][34] Company Strategy and Development Direction - The company aims to leverage its extensive environmental data and research to pursue commercial production through the U.S. regulatory framework, which is viewed as more favorable than the current ISA process [19][42] - The focus is on responsible extraction of polymetallic nodules with minimal environmental impact, positioning the company as a leader in sustainable deep-sea mining [10][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's readiness to begin production, citing extensive environmental data and a well-designed system to minimize impacts [18][59] - The management highlighted the importance of U.S. leadership in the deep-sea mining industry, especially in light of geopolitical tensions and the need for metal independence [33][34] Other Important Information - The company has gathered nearly one petabyte of environmental data, which is one of the largest datasets compiled for deep-sea mining, supporting its application for commercial recovery [59] - The company has initiated a formal process of pre-application consultation with NOAA, which is expected to facilitate the permitting process [21][46] Q&A Session Summary Question: Clarification on DSHMRA and license areas - Management clarified that the U.S. will argue for access to high seas under the Freedom of the Seas Treaty, and the specific areas for application are still under discussion [75][77] Question: Participation of Allseas in the U.S. application - Management confirmed that Allseas can legally participate as a partner, provided the production vessel is U.S. flagged [82] Question: Impact of NOAA process on permitting - Management indicated that the NOAA process is viewed as an advantageous new path, not a complete shift from the ISA pathway [88] Question: Timeline for economic study and application submission - Management expects the economic study to be completed in advance of the U.S. applications, which are planned for June [97] Question: Environmental impact study completion - Management stated that the environmental writing is progressing rapidly and is expected to align with the economic feasibility study [102] Question: Termination of contract with a third sponsor state - Management explained that the decision was based on prioritizing resources on more promising blocks, NORI and TAMO, which require focused investment [106][108] Question: Future revenue from service business - Management expressed optimism about the service business, highlighting the expertise built around environmental work programs and resource definition [112]

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $16.1 million or $0.05 per share, compared to a net loss of $33.5 million or $0.11 per share in Q4 2023 [54] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 [54] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation costs [55] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3 million tons of nodules to the surface [10] - The company has conducted 23 offshore research campaigns, significantly more than most contractors [11] Market Data and Key Metrics Changes - The company highlighted the geopolitical implications of deep-sea mining, noting that China is actively pursuing deep-sea mining partnerships in the Pacific [23] - Increased interest in deep-sea mining from South Korea, Japan, and India could positively impact the total addressable market for the company's services [24] Company Strategy and Development Direction - The company plans to submit applications for commercial production through the U.S. regulatory framework in Q2 2025, leveraging existing laws and regulations [13][12] - The company aims to establish metal independence for the U.S. and support reindustrialization efforts by accessing polymetallic nodules [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage environmental risks and emphasized the importance of a fair regulatory process [12][39] - The company believes that the U.S. is ready to retake its leadership role in the deep-sea mining industry, driven by national security concerns [25][26] Other Important Information - The company has amassed a significant amount of environmental impact data, totaling nearly one petabyte, to support its applications [47] - The company terminated its contract with a third sponsor state to focus resources on more promising blocks, Nori and Tomal [90] Q&A Session Summary Question: Can you clarify the DISHMA application process? - Management explained that the U.S. will utilize the Freedom of the High Seas to access mineral resources, and they are still in dialogue regarding specific areas for application [61][63] Question: Will AllSeas be able to participate in the new regulatory framework? - Management confirmed that AllSeas can participate, as the production vessel can be U.S. flagged [68] Question: Is the NOAA process a complete shift from the ISA pathway? - Management clarified that the NOAA process is viewed as an incremental path forward, building on previous work and existing regulations [74] Question: What is the timeline for the economic feasibility study? - Management expects the economic feasibility study to be completed in advance of the U.S. applications, with applications anticipated in June [80] Question: What areas will the U.S. application cover? - Management indicated that the specific areas for the U.S. application are still under consideration and may overlap with existing licenses [88] Question: Why was the contract with the third sponsor state terminated? - Management stated that the decision was based on prioritizing resources for the more promising Nori and Tomal blocks [90]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39281 Vancouver, British Columbia V6E 2J3 (Address of principal executive of ices) (Zip Code) (888) 458-3420 Secur ...

Q4 and FY 2024 Financial Highlights Gerard Barron, Chairman & CEO of The Metals Company commented: "Over the last decade, we've invested over half a billion dollars to understand and responsibly develop the nodule resource in our contract areas. We built the world's largest environmental dataset on the CCZ, carefully designed and tested an offshore collection system that minimizes the environmental impacts and followed every step required by the International Seabed Authority. But, despite collaborating in ...