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 ...

NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of the world’s largest undeveloped resource of critical metals for building infrastructure, power generation, transmission, and batteries, today provided a corporate update and fourth quarter and full year financial results for the period ended December 31, 2024. Q4 and FY 2024 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approxim ...

Core Viewpoint - TMC the metals company Inc. is advancing its efforts to secure exploration licenses and commercial recovery permits for deep-sea mineral resources under the U.S. Deep Seabed Hard Mineral Resources Act of 1980, believing that the U.S. regulatory framework offers a stable and predictable path for development [1][2][3]. Group 1: Regulatory Framework - TMC USA has initiated a formal process with NOAA to apply for exploration licenses and commercial recovery permits, citing the U.S. seabed mining code as the most favorable for timely permit acquisition [1][2]. - The Deep Seabed Hard Mineral Resources Act (DSHMRA) was enacted in 1980, granting NOAA the authority to regulate exploration and recovery activities in international waters, with implementing regulations established in 1981 and 1989 [6]. - NOAA's approach to regulation is science-based and flexible, allowing for necessary trade-offs while ensuring environmental protection [6]. Group 2: Company Commitment and Strategy - Over the past decade, the company has invested over $500 million to develop its nodule resource and has created the largest environmental dataset on the Clarion Clipperton Zone (CCZ) [3]. - The company is encouraged by the growing recognition in Washington of the strategic importance of deep-sea minerals for America's supply chain and is moving forward with urgency in its application process [3][5]. - TMC USA expects to submit applications to NOAA in the second quarter of 2025, reflecting its commitment to responsible development and environmental stewardship [3][5]. Group 3: Environmental Considerations - The company has designed an offshore collection system aimed at minimizing environmental impacts and has adhered to all necessary steps required by the International Seabed Authority [3]. - NOAA has developed a Programmatic Environmental Impact Statement for the CCZ, ensuring that environmental permitting decisions are based on comprehensive data [6].

Core Viewpoint - TMC the metals company Inc. is set to provide an update on its fourth quarter and full year 2024 financial results and recent corporate developments during a conference call on March 27, 2025 [1]. Group 1: Conference Call Details - The conference call will take place on Thursday, March 27, 2025, at 4:30 p.m. ET [2]. - Participants can join via audio-only dial-in or a virtual webcast, which will be available for replay approximately two hours after the event [2]. Group 2: Company Overview - The Metals Company focuses on exploring lower-impact critical metals sourced from seafloor polymetallic nodules, aiming to supply metals for infrastructure, power generation, transmission, and batteries [3]. - The company has a dual mission: to provide metals with net positive impacts compared to conventional production methods and to trace, recover, and recycle these metals to create a sustainable metals commons [3]. - TMC holds exploration and commercial rights to two polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean, regulated by the International Seabed Authority and sponsored by the Republic of Nauru and the Kingdom of Tonga [3].

Core Insights - TMC has successfully produced high-grade nickel-copper-cobalt alloy and manganese silicate from deep-seafloor polymetallic nodules during a smelting campaign, marking a significant milestone in its feasibility program [1][2][3] Group 1: Production and Processing - The company processed a 2,000-tonne sample of nodules at PAMCO's facility in Japan, utilizing a 3,000 kVA DC electric-arc furnace to produce the alloy and silicate [2][9] - The smelting campaign lasted 14 days, during which approximately 450 tonnes of calcine material were processed, confirming the feasibility of integrating nodule processing into existing metallurgical operations [2][9] - The manganese silicate produced is intended for use in steelmaking, offering significant cost advantages over conventional manganese ores [9] Group 2: Strategic Partnerships and Future Plans - TMC's collaboration with PAMCO allows the company to leverage existing processing capacity, avoiding high costs associated with building new plants, thus saving billions in capital expenditures [2][4] - The successful completion of the processing feasibility study positions TMC to submit the world's first exploitation application for commercial nodule production in international waters [3][9] - A Memorandum of Understanding was signed in November 2023 between TMC and PAMCO to process 1.3 million tonnes of wet polymetallic nodules annually, further solidifying their partnership [4][9] Group 3: Company Vision and Mission - TMC aims to supply lower-impact battery metals for the global energy transition while minimizing negative impacts on the environment and society [5] - The company holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone, regulated by the International Seabed Authority [5]

Group 1 - TMC the metals company experienced a significant stock price increase of 93%, rising from $0.74 on December 19, 2024, to $1.43 on January 27, 2025 [1] - The surge in stock price is attributed to growing optimism in the market regarding the company's prospects [1] Group 2 - The investment philosophy of the analyst focuses on value, particularly within the Metals & Minerals sector [1] - The analyst has over 5 years of experience in public markets and specializes in analyzing the dynamics of the Metals Trading industry [1]

Core Points - The Metals Company (TMC) is focused on exploring and refining polymetallic nodules to produce critical battery metals, including nickel, cobalt, and copper, which are essential for the energy transition [1][3] - Recent legislation signed into law mandates a feasibility study by the Defense Department to assess domestic refining capabilities for nodule-derived intermediates, aiming to enhance U.S. supply chains for critical minerals [5][14] - TMC's U.S. subsidiary has applied for a $9 million grant under the Defense Production Act to support the development of a domestic refinery for these materials [5] Company Overview - TMC operates in the Clarion Clipperton Zone of the Pacific Ocean, holding exploration and commercial rights to three contract areas regulated by the International Seabed Authority [3] - The company aims to supply battery metals with minimal environmental impact and to promote recycling and recovery of these metals for sustainable use [3] Legislative Support - The FY25 National Defense Authorization Act (NDAA) includes provisions for a feasibility study on refining nodule-derived intermediates, reflecting strong bipartisan support for enhancing domestic mineral supply chains [5][11] - Key lawmakers, including Rep. Rob Wittman and Rep. Brad Finstad, emphasize the importance of developing domestic refining capabilities to reduce reliance on foreign sources and enhance national security [6][7] Industry Context - The U.S. is seeking to secure a stable supply of responsibly sourced critical minerals, with a focus on reducing vulnerabilities in its battery supply chains, particularly in nickel refining [14] - The Responsible Use of Seafloor Resources Act has been introduced to support international governance and responsible collection of seafloor resources, indicating a strategic approach to resource management [2][12]