TMC Announces Strategic Investment from Korea Zinc — a World-Leader in Non-Ferrous Metal Refining and pCAM Technology — to Advance Development of Deep-Seabed Critical Minerals in the U.S.

Core Viewpoint - TMC the metals company Inc. has announced a strategic investment of approximately $85.2 million from Korea Zinc, aimed at enhancing the supply chain for critical metals in the United States, particularly in the context of energy, defense, manufacturing, and infrastructure [1][4][6]. Investment Details - Korea Zinc will purchase 19.6 million common shares at $4.34 per share and will receive a three-year warrant for an additional 6.9 million shares at an exercise price of $7.00 per share [2][5]. - Upon closing, Korea Zinc will hold approximately 5% of TMC's outstanding common shares, making it one of the largest strategic shareholders [2][5]. Strategic Partnership - The partnership is expected to facilitate the establishment of processing and refining capabilities in the U.S., leveraging Korea Zinc's expertise in non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology [3][5]. - Korea Zinc's R&D team is currently evaluating nodule material from TMC to validate processing pathways and explore potential synergies [3][5]. Market Position and Future Outlook - The investment positions TMC to potentially meet U.S. demand for refined nickel, cobalt, and manganese while bypassing the Chinese supply chain [4][6]. - TMC is preparing to release a pre-feasibility study (PFS) in the third quarter of 2025, which is expected to outline the commercial recovery permit application process [6]. Company Background - TMC focuses on lower-impact critical metals sourced from seafloor polymetallic nodules, aiming to supply metals with net positive environmental impacts compared to conventional production methods [7]. - Korea Zinc is a leading non-ferrous metal smelting company, processing over 1.2 million tons of various metals annually, and is committed to building a sustainable and resilient supply chain [8].