* As part of TMC's pilot-scale nodule processing, SGS and TMC produced the

    world's first nickel sulfate from deep-seafloor polymetallic nodules,
    indicating TMC's resource is suitable for battery markets
  * The nickel sulfate was produced in a testing program conducted in
    collaboration with SGS and other industry leaders applying TMC's efficient
    flowsheet design that processes high-grade nickel matte direct to nickel
    sulfate (without making nickel metal) and produces fertilizer products
    instead of solid waste or tailings
  * TMC holds exploration rights to the world's two largest-ranked undeveloped
    nickel deposits (https://www.mining.com/featured-article/ranked-worlds-

biggest-nickel-projects/), which could offer a less impactful alternative to market dominant rainforest-sourced nickel laterites, potentially alleviating stress on ecosystems and local communities
NEW YORK, April 23, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc.
(Nasdaq: TMC) ("TMC" or the "Company"), an explorer of the world's largest
estimated undeveloped source of critical battery metals, today announced that it
has successfully produced the world's first nickel sulfate derived exclusively
from seafloor polymetallic nodules. The sulfate was generated during bench-scale
testing of its hydrometallurgical flowsheet design in partnership with SGS
Canada Inc., at their Lakefield, Ontario facility.
Undertaken on samples of nickel-cobalt-copper matte produced by TMC in 2021, the
Extractive Metallurgy team at SGS tested TMC's efficient flowsheet to process
high-grade nickel matte directly to nickel sulfate without making nickel metal,
while producing fertilizer byproducts instead of solid waste or tailings.
Following the successful nickel sulfate production, SGS continues testing to
produce what TMC believes will be the world's first cobalt sulfate from
polymetallic nodules.
Dr. Jeffrey Donald, TMC Head of Onshore Development, said: "The production of
the world's first nickel sulfate from deep-seafloor nodules is an important
milestone, confirming that our custom flowsheet configuration can be deployed to
process these remarkable rocks into final products suitable for use in
batteries. This work was executed in close collaboration with SGS and other
industry leaders to demonstrate the ability to refine nodules to high value
products. The data collected will inform further engineering decisions to move
this towards commercial scale, and TMC continues to expect that initial
production will begin with a capital-light approach by leveraging the existing
processing facilities of strategic partners, such as PAMCO
(https://investors.metals.co/news-releases/news-release-details/tmc-and-pamco-
sign-binding-mou-complete-feasibility-study). With the commencement of this new
industry now being seen as imminent by countries and companies alike, this
represents not just a major achievement for TMC but for the entire deep-seafloor
minerals industry."
SGS North America Senior Director, Metallurgy & Consulting, Stephen Mackie,
said: "As a trusted partner, SGS is proud to be working with The Metals Company
to execute a key part of their initiative. The test work completed to-date for
TMC has proven to be quite successful and we are excited on continuing our
relationship with them on future phases of work."
TMC's NORI and TOML projects are ranked (https://www.mining.com/featured-
article/ranked-worlds-biggest-nickel-projects/) as the world's #1 and #2 largest
undeveloped nickel projects according to Mining.com, containing in situ
quantities of nickel, cobalt, copper and manganese sufficient to meet the needs
of 280 million electric vehicles - roughly the size of the entire U.S. light
vehicle fleet. With analysts warning that the quantities of critical battery
metals like nickel and cobalt available from domestic or allied partners will be
insufficient to meet U.S. demand from the energy transition, there is increased
interest in and prioritization of marine minerals to support energy and national
security.
In March, members of the House of Representatives introduced draft legislation
(https://investors.metals.co/news-releases/news-release-details/tmc-commends-us-
congress-bill-provide-financial-diplomatic-or) calling for the U.S. to "provide
financial, diplomatic, or other forms of support for seafloor nodule collection,
processing and refining." In November 2023, TMC signed a Memorandum of
Understanding (https://investors.metals.co/news-releases/news-release-
details/tmc-and-pamco-sign-binding-mou-complete-feasibility-study) with Pacific
Metals Corporation (PAMCO) to complete a feasibility study to process 1.3
million tonnes of wet polymetallic nodules (PMN) per year into high-grade
nickel-copper-cobalt alloy / matte and manganese silicate, which are feedstock
for the production of lithium-ion batteries, electrical infrastructure and
steel.
About The Metals Company
The Metals Company is an explorer of lower-impact battery metals from seafloor
polymetallic nodules, on a dual mission: (1) supply metals for the global energy
transition with the least possible negative impacts on planet and people and (2)
trace, recover and recycle the metals we supply to help create a metals commons
that can be used in perpetuity. The Company through its subsidiaries holds
exploration and commercial rights to three polymetallic nodule contract areas in
the Clarion Clipperton Zone of the Pacific Ocean regulated by the International
Seabed Authority and sponsored by the governments of Nauru, Kiribati and the
Kingdom of Tonga. More information is available at www.metals.co
(http://www.metals.co).
More Info
Media | media@metals.co
Investors | investors@metals.co
Forward Looking Statements
Certain statements made in this press release are not historical facts but are
forward-looking statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Forward-looking statements
generally are accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would," "plan,"
"predict," "potential," "seem," "seek," "future," "outlook" and similar
expressions that predict or indicate future events or trends or that are not
statements of historical matters. The forward-looking statements contained in
this press release include, without limitation, statements that waste streams
could be reduced by using deep-sea nodules. These forward-looking statements
involve significant risks and uncertainties that could cause the actual results
to differ materially from those discussed in the forward-looking statements.
Most of these factors are outside TMC's control and are difficult to predict.
Factors that may cause such differences include, but are not limited to: any
future results of processing of the polymetallic nodules, including but not
limited to the successful production of nickel and/or cobalt sulfate or the
ability to commercially produce such products ; regulatory uncertainties and the
impact of government regulation and political instability on TMC's resource
activities; changes to any of the laws, rules, regulations or policies to which
TMC is subject; the impact of extensive and costly environmental requirements on
TMC's operations; environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the CCZ and recovery rates of impacted ecosystems;
TMC's ability to develop minerals in sufficient grade or quantities to justify
commercial operations; the lack of development of seafloor polymetallic nodule
deposit; uncertainty in the estimates for mineral resource calculations from
certain contract areas and for the grade and quality of polymetallic nodule
deposits; risks associated with natural hazards; uncertainty with respect to the
specialized treatment and processing of polymetallic nodules that TMC may
recover; risks associated with collection, development and processing
operations; fluctuations in transportation costs; testing and manufacturing of
equipment; risks associated with TMC's intellectual property; and other risks
and uncertainties, including those in the "Risk Factors" sections, included in
the final prospectus and definitive proxy statement, dated and filed with the
Securities and Exchange Commission (the "SEC") on August 12, 2021 relating to
the business combination, in TMC's Annual Report on Form 10-K for the year ended
December 31, 2023, filed by TMC with the SEC on March 25, 2024, and in TMC's
other future filings with the SEC, including TMC's Quarterly Reports on Form 10-
Q. TMC cautions readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. TMC does not undertake or
accept any obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances on which any
such statement is based except as required by law.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/77762066-d649-
46e5-8ef5-12fcd0c04b55
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