Core Viewpoint - TMC the metals company Inc. has appointed Michael Hess and Alex Spiro to its Board of Directors to advance its plans for commercial recovery of polymetallic nodules in international waters under U.S. regulations [1][4]. Group 1: Appointments and Expertise - Michael Hess brings over 15 years of experience in evaluating, financing, and developing energy infrastructure, having co-founded the Bison Companies and currently serving as Chief Investment Officer of Hess Capital [2][5]. - Alex Spiro, a well-known litigator and investor, has extensive experience in corporate governance, public markets, and regulatory affairs, advising major corporations on high-priority issues [3][5]. - The appointments are seen as strategic moves to strengthen TMC's Board as the company focuses on its U.S. strategy and accelerates progress toward commercial recovery of polymetallic nodules [5]. Group 2: Strategic Importance - TMC aims to unlock a multi-generational domestic supply of critical metals essential for energy, defense, manufacturing, and infrastructure, aligning with America's strategic interests [3][4]. - The company is responding to a new Executive Order that designates seabed minerals as critical to U.S. national, economic, and energy security, which also authorizes the expediting of the permitting process [4][5].

Financial Highlights - TMC secured a $37 million Registered Direct Offering (RDO) to fund operations beyond potential commercial recovery permit issuance[5, 6] - TMC's liquidity, including cash and borrowing capacity, was $44 million as of March 31, 2025, and $81 million pro forma for the RDO[101] - In Q1 2025, Exploration and evaluation expenses were $9.5 million, compared to $18.1 million in Q1 2024[108] - Net loss for Q1 2025 was $20.6 million, a decrease from $25.2 million in Q1 2024[108] Regulatory and Operational Updates - TMC USA filed the world's first commercial recovery permit application and two exploration license applications under existing U S seabed mining code[10] - NOAA is reviewing TMC USA applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA)[14] - President Trump's Executive Order of April 24, 2025, supports America's leadership in the offshore minerals industry and directs expedited permitting under DSHMRA[19] Resource and Environmental Considerations - TMC USA's application area contains 1635 billion wet tonnes of nodule resource, including 155 Mt of Nickel, 128 Mt of Copper, 20 Mt of Cobalt and 345 Mt of Manganese[14] - The company's Environmental Impact Statement (EIS) addresses six primary concerns, with encouraging results on seafloor plumes, midwater plumes, noise, biodiversity loss, carbon disturbance, and habitat destruction[83, 84, 85, 87, 92, 93] - Nodule collection in the CCZ could change the habitat of 018% of the seafloor at most, with life returning to the test area after one year[93] Strategic Positioning - Polymetallic nodules contain four critical metals, with contained value percentages of 28% Nickel, 11% Copper, 43% Manganese, and 18% Cobalt[36] - Access to a billion tonnes of nodules could supply 456 years of U S Manganese consumption, 165 years of Cobalt, 81 years of Nickel, and 4 years of Copper[49, 50]