Core Insights - Global Sea Mineral Resources (GSR) has signed a Memorandum of Understanding (MOU) with Deep Ocean Resources Development Co., Ltd. (DORD) to explore co-development opportunities for polymetallic nodule resources in the Clarion-Clipperton Zone (CCZ) [1] Group 1 - GSR is a deep-sea exploratory subsidiary of DEME [1] - The MOU aims to conduct a joint demonstration test for resource development [1] - GSR will provide technical knowledge and operational expertise to support DORD's program [1]

Core Insights - The company is focusing on a faster regulatory and development pathway for deep seabed minerals under the U.S. permitting regime, moving away from reliance on the International Seabed Authority [5][6] - The company has reported significant economic outputs from its studies, including a combined estimated net present value of $23.6 billion and projected revenues of approximately $369 billion [6] - The company is developing a potential nodule processing hub in Texas, with a pre-feasibility study underway for a 12 million tonnes per annum capacity [9][12] Regulatory and Environmental Developments - The company is nearing completion of its environmental impact statement process, supported by a large environmental data set built over 15 years [2] - A consolidated application submitted to NOAA was deemed "substantially compliant," with expectations for a commercial recovery permit within the next 12 months [4] - The company's consolidated application has expanded the expected commercial recovery area from 25,000 square kilometers to approximately 65,000 square kilometers [3] Financial Performance - For Q4 2025, the company reported a net loss of $40.4 million, attributed to increased general and administrative expenses [17] - Free cash outflow for Q4 was $11.5 million, with a total of $43.1 million for the full year 2025 [18] - The company reported a year-end 2025 cash balance of $117.6 million, with liquidity expected to be about $154 million by March 31, 2026 [16] Strategic Partnerships and Operations - The company has reached a commercial agreement with Allseas for the development of the "Hidden Gem" offshore system, designed for a nominal capacity of 3 million tonnes per annum [7] - Management is exploring tolling options for the Texas processing hub and has secured an exclusive right over a potential lease option at the Port of Brownsville [9][11] - The company has joined the Defense Industrial Base Consortium to support supply chain vulnerabilities in the defense sector [15]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported a net loss of $40.4 million or $0.08 per share, compared to a net loss of $16.1 million or $0.04 per share in Q4 2024 [26] - Exploration and evaluation expenses increased to $10.6 million from $8.3 million year-over-year, while general and administrative expenses rose significantly to $34.1 million from $8.1 million [26][27] - Free cash outflow for Q4 2025 was $11.5 million, a decrease from $13.8 million in Q4 2024, while the full year free cash outflow was $43.1 million compared to $44 million in 2024 [28][29] Business Line Data and Key Metrics Changes - The company is focusing on the development of a nodule processing and refining hub in Brownsville, Texas, which is expected to enhance operational efficiency and reduce costs [8][9] - A commercial agreement with Allseas for the development and operation of the Hidden Gem offshore system is in progress, targeting a nominal capacity of 3 million wet tonnes per annum [10][11] Market Data and Key Metrics Changes - The U.S. has emerged as a leading jurisdiction for seabed mineral development, with a regulatory framework that offers clarity and a credible path to commercialization [16][17] - The company has expanded its expected commercial recovery area from 25,000 sq km to approximately 65,000 sq km under the new NOAA consolidated application process [17][18] Company Strategy and Development Direction - The company aims to dominate the onshore processing and refining of polymetallic nodules to counter China's control over critical minerals production [8][9] - A new strategic partnership with Mariana Minerals is expected to enhance project execution and feasibility studies for the processing plant [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in securing the commercial recovery permit from NOAA within the next 12 months, which is crucial for advancing their projects [19][20] - The company anticipates a significant re-rating in its valuation story as it progresses towards commercial production [24] Other Important Information - The company reported a year-end 2025 cash balance of $117.6 million, with liquidity defined as cash plus borrowing capacity at $162 million [25][30] - The Metals Royalty Company is set to begin trading on Nasdaq under the ticker TMCR, which could provide future capital options for the company [14][15] Q&A Session Summary Question: Impact of the Brownsville hub on shipping expenses - Management indicated that processing nodules in Brownsville could be cheaper than in China or Indonesia due to lower energy costs, although specific numbers were not provided [38][39] Question: Key permits and timelines for infrastructure - The key permit is the commercial recovery permit from NOAA, which is essential for moving forward with plans [42][43] Question: Timing for feasibility study completion - The feasibility study is expected to be ready by the end of October, with Mariana Minerals playing a significant role [46] Question: Processing facility options - The plan is to build a pyro processing facility in Brownsville, leveraging expertise from technical partners [48] Question: Timeline for Hidden Gem commissioning - Management confirmed that commissioning is still targeted for Q4 2027, with plans to start production with one collector [51][53]

March 27, 2026 25 45 70 •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ The Metals Company (Nasdaq: TMC) – Unlocking the World's Largest Undeveloped Resource of Metals for Energy, Defense, Manufacturing and Infrastructure 2 Nasdaq: TMC Forward looking statements. 0 145 255 253 226 83 169 170 174 249 50 0 115 175 210 Master Headline | Arial 25, Bold Headline | Arial 21, Bold BLUE SUBHEAD | Arial 12, all caps Subhead | Arial 16, Bold Body Copy | Arial 14 For Bullets, use - 115 175 210 25 45 70 0 145 255 253 226 83 169 170 174 249 50 0 ...

Core Viewpoint - Deep Sea Minerals Corp. has submitted an application to NOAA for an exploration license to pursue polymetallic nodules in the Clarion-Clipperton Zone, marking a significant step in the regulatory process for subsea mineral exploration [1][2][3] Company Overview - Deep Sea Minerals Corp. is focused on subsea mineral exploration and development, aiming to support the supply of critical minerals through the acquisition and exploration of deep-sea mineral assets [5] - The company's strategy involves identifying jurisdictions with potential polymetallic nodule systems, which are important for various industries including defense, clean energy, and advanced electronics [6] Application Details - The application submitted by the company's U.S. subsidiary includes technical, environmental, and operational information as required by NOAA, such as baseline environmental data and proposed monitoring measures [2][3] - The application outlines a phased approach that begins with data collection and environmental assessment, with future exploration activities contingent on regulatory approvals [3][4] Regulatory Process - NOAA will review the application for completeness and compliance, which includes opportunities for public comment and interagency consultation [4]

Core Viewpoint - TMC The Metals Company is poised to operate under a new legal framework for deep-sea mining in the U.S., potentially accelerating its ability to extract valuable polymetallic nodules, despite ongoing regulatory uncertainties with the International Seabed Authority [1][4]. Group 1: Regulatory Environment - The deep-sea mine contains billions of dollars' worth of polymetallic nodules but has faced regulatory delays due to the lack of finalized rules from the International Seabed Authority (ISA) [1]. - The U.S. has opted not to join the ISA and is establishing its own rules for deep-sea mining, with TMC's application being the first to comply with these new regulations [3]. - The accelerated timeline set by the U.S. may pressure the ISA to finalize its own rulebook for deep-sea mining [4]. Group 2: Financial Overview - TMC's current stock price is approximately $6.11, with a market capitalization of about $2.5 billion, reflecting a 37% decline from its initial price of $10 due to regulatory uncertainties [5][6]. - The company is still in a pre-revenue stage, with no expected earnings for at least another year, leading to significant uncertainty regarding its future profitability [6]. - The potential market opportunity for TMC could be substantial if it successfully begins commercial-scale harvesting of nodules, but its current financials offer little assurance [8]. Group 3: Investment Considerations - TMC stock is considered risky, appealing primarily to aggressive investors interested in speculating on the future of the U.S. metal supply chain [8]. - Investors seeking stability may prefer safer stock options instead of investing in TMC [8].

Core Viewpoint - TMC the metals company has made significant progress in obtaining regulatory approval for deep-sea mining in the Pacific Ocean, with its application deemed "in substantial compliance" by NOAA [1][2]. Regulatory Changes - In January, NOAA revised the Deep Seabed Hard Mineral Resources Act to streamline the permitting process by combining exploration and commercial recovery licenses into a single application [2]. - The revision was proposed following an executive order by President Trump aimed at enhancing the deep-sea mining industry and reducing reliance on China for critical minerals [3]. Company Developments - TMC submitted a consolidated application under the new regulations, becoming the first company to do so, which replaces its previous application from April 2025 [3]. - The consolidated application covers a commercial recovery area of approximately 65,000 km², more than double the previous area of 25,000 km² [6]. Resource Estimates - The licensed area is estimated to contain 619 million tonnes of wet nodules, with potential exploration upside of an additional 200 million tonnes [6]. - TMC aims to extract essential battery metals such as manganese, nickel, copper, and cobalt from polymetallic nodules in the Clarion-Clipperton Zone [5]. Market Reaction - Following the announcement, TMC's shares rose by up to 4%, reaching $6.00 per share, resulting in a market capitalization of $2.42 billion [6]. Environmental Concerns - TMC's mining efforts have faced opposition from environmental groups, particularly Greenpeace, which argues that the company's application violates international law and existing contracts [7][8]. - Greenpeace has called for the International Seabed Authority to take action against TMC, alleging breaches of core contractual obligations under the United Nations Convention on the Law of the Sea [10].

Core Viewpoint - The Metals Company Inc. shares are experiencing a significant increase in value following the NOAA's determination that the company's seabed mining application is in substantial compliance with federal requirements [1][2]. Group 1: NOAA Determination - The NOAA's determination pertains to a consolidated application submitted by The Metals Company USA LLC for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act [2]. - The application encompasses approximately 65,000 square kilometers in the Clarion Clipperton Zone in the Pacific Ocean, targeting the exploration and recovery of polymetallic nodules [3]. - The estimated resource in the area includes 619 million tonnes of wet nodules, with potential exploration upside of an additional 200 million tonnes [3]. Group 2: Company Response - Gerard Barron, Chairman and CEO of The Metals Company, emphasized that NOAA's determination reflects the extensive work undertaken by the team and partners to understand and responsibly develop the resource [4]. Group 3: Stock Performance - The Metals Company shares are currently trading 1.57% higher at $5.83, indicating positive market momentum following the NOAA announcement [5].

Core Insights - The Metals Company has experienced significant stock volatility in 2026, with a year-to-date decline of over 4% despite an initial rise of more than 13% [1] - The company focuses on harvesting polymetallic nodules from the seafloor to produce critical metals, distinguishing itself from traditional mining methods [2] - Investors who purchased shares three years ago have seen substantial returns, with an initial investment of $1,000 growing to approximately $5,800 by February 19 [3] Company Developments - The Metals Company has faced challenges due to unclear international regulations on deep-sea mining but has made progress with an application for a consolidated exploration license and commercial recovery permit [3] - The company has garnered strong investor interest as it approaches the launch of commercial operations, indicating potential growth opportunities for long-term investors [3][4] Investment Considerations - While there is growth potential as the company nears commercial operations, there are also significant risks, including uncertainty about the start of operations and profitability [4] - Investors are advised to consider alternative metal stocks if they have lower risk tolerances, as the market remains volatile [4]

Company Overview - TMC the metals company Inc. is focused on the exploration and development of polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean, founded in 2011 and headquartered in Vancouver, Canada [4] Financial Metrics - TMC reported approximately $165 million in liquidity and has the potential to secure over $400 million in additional proceeds through warrant exercises, enhancing its funding runway [3] - The company has an estimated in-situ resource value exceeding $23 billion and projected revenues of nearly $600 per dry ton of nodules during steady-state production anticipated between 2031 and 2043 [3] Market Position and Growth Potential - Alliance Global increased its price target on TMC to $12.25 from $6.50 while maintaining a Buy rating, indicating growing confidence in the company's regulatory and operational progress [1] - TMC is seen as retaining a first-mover advantage in the emerging deep-sea mining sector, positioning it to capitalize on early-stage supply opportunities in critical minerals essential for global electrification trends [1] - TMC's EPS growth of 28.26% over the past three years ranks it 7th among the 11 best Canadian growth stocks to buy according to hedge funds [4] Strategic Developments - The participation of TMC's Hidden Gem vessel in Japanese nodule collection trials indicates expanding international collaboration and potential commercial validation [3] - Evolving regulatory frameworks are viewed as a structural tailwind for the industry, which could accelerate project timelines and enhance investor visibility [1]