* As reported by the Wall Street Journal

    (https://www.wsj.com/articles/congress-to-fund-u-s-deep-sea-mining-project-
    8c930869?st=fnpobisjmzcnxy0&reflink=article_whatsapp_share), the House
    version of the fiscal year 2025 National Defense Authorization Act (NDAA)
    calls for $2 million allocated to the Defense Department's Industrial Base
    Policy Office to study the feasibility of developing domestic capacity to
    refine polymetallic nodule-derived intermediates to high-purity nickel,
    copper and cobalt products. The legislation also proposes to examine
    existing supply chains for such intermediates.
  * In addition, TMC's U.S. subsidiary has an outstanding application seeking a
    $9 million grant under the Pentagon's Defense Production Act Title III
    program for feasibility work on a domestic refinery for nodule-derived
    intermediate products.
  * With TMC's commercial-scale nodule collection from its NORI-D Area targeted
    to begin at the end of Q1 2026 and a binding memorandum of understanding in
    place with Pacific Metals Co. of Japan for primary processing, the prospect
    of refining the resulting NiCuCo intermediate product to high-purity
    products in the United States could bolster domestic production of clean
    energy, infrastructure and defense technologies.

NEW YORK, May 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 welcomed the introduction
of legislation by the U.S. House of Representatives calling for financial
support from the Defense Department's Industrial Base Policy office to "assess
the feasibility of improving domestic capabilities for refining polymetallic
nodule-derived intermediates into high-purity nickel, cobalt sulfate, and
copper."
Led by the House Armed Services Committee, the proposed legislation would
support the realization of nickel refining capacity in the United States, to
build resilient supply chains and revitalize American manufacturing per
Executive Order 14017. A wide variety of Congress members and former military
officials have urged the Administration to consider polymetallic nodules as a
component of its national critical mineral strategy.
TMC CEO and Chairman, Gerard Barron, commented: "This is a big step in the right
direction for the United States towards securing a stable supply of responsibly-
sourced critical minerals. The U.S. House of Representatives has, through the
National Defense Authorization Act for fiscal year 2025, designated $2 million
for feasibility work for developing domestic polymetallic nodule intermediate
refining capacity to produce high-purity nickel, cobalt, and copper. TMC remains
acutely focused on starting production through our capital-light approach
utilizing existing assets, but this encouraging policy action lays the
foundation for the U.S. to catch up to China in the critical minerals race and
establish metal independence."
In addition, TMC's U.S. subsidiary has an outstanding application seeking a $9
million grant under the Pentagon's Defense Production Act Title III program for
feasibility work on a domestic refinery for nodule-derived intermediate
products. If the outcome is favorable, TMC's U.S. subsidiary may pursue larger
grants and/or loans through the Department of Energy's Loan Programs Office,
Export-Import Bank and other departments to fund construction of a refinery
later this decade.
In March, TMC welcomed the introduction of the Responsible Use of Seafloor
Resources Act (RUSRA) (https://investors.metals.co/news-releases/news-release-
details/tmc-commends-us-congress-bill-provide-financial-diplomatic-or) by
members of the House of Representatives calling for the U.S. to "support
international governance of seafloor resource exploration and responsible
polymetallic nodule collection by allied partners" and to "provide financial,
diplomatic, or other forms of support for seafloor nodule collection, processing
and refining." That same month, TMC also applauded a letter from around 350
former U.S. government officials and military officers
(https://investors.metals.co/news-releases/news-release-details/tmc-applauds-
350-former-us-political-and-military-leaders-urging) - including former
Secretary of State Hillary Clinton - urging the U.S. Senate to re-evaluate a
formal vote on ratifying the United Nations Convention of the Law of the Sea
(UNCLOS) treaty. Earlier, congressional leaders and several members of the House
Armed Services Committee (https://investors.metals.co/news-releases/news-
release-details/congressional-leaders-urge-president-biden-and-department) urged
President Biden to assess domestic processing of seafloor polymetallic nodules
as a means to secure key energy transition metals and "close national security
vulnerabilities." Within the last month, two (https://www.isa.org.jm/news/china-
minmetals-corporation-launches-stakeholder-consultation-on-environmental-impact-
statement-for-polymetallic-nodule-collector-test/) contractors
(https://www.isa.org.jm/news/beijing-pioneer-hi-tech-development-corporation-
ltd-launches-stakeholder-consultation-on-environmental-impact-statement-for-
polymetallic-nodule-mining-component-test/) sponsored by the government of China
announced plans to conduct nodule collection trials in 2025 in international
waters.
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).
Contacts
Media | media@metals.co
Investors | investors@metals.co
Forward Looking Statements
This press release contains "forward-looking" statements and information within
the meaning of the Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as "aims," "anticipates," "believes,"
"could," "estimates," "expects," "forecasts," "goal," "intends," "may," "plans,"
"possible," "potential," "seeks," "will" and variations of these words or
similar expressions, although not all forward-looking statements contain these
words. Forward-looking statements in this press release include, but are not
limited to, TMC's expectations with respect to a successful grant application
under the Pentagon's Defense Production Act Title III program for feasibility
work on a domestic refinery for nodule-derived intermediate products . The
Company may not actually achieve the plans, intentions or expectations disclosed
in these forward-looking statements, and you should not place undue reliance on
these forward-looking statements. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in these
forward-looking statements as a result of various factors, including, among
other things: the Company's strategies and future financial performance; the
International Seabed Authority's ("ISA") ability to timely adopt the Mining Code
and/or willingness to review and/or approve a plan of work for exploitation
under the United Nations Convention on the Laws of the Sea (UNCLOS); the
Company's ability to obtain exploitation contracts or approved plans of work for
exploitation for its areas in the Clarion Clipperton Zone; regulatory
uncertainties and the impact of government regulation and political instability
on the Company's resource activities; changes to any of the laws, rules,
regulations or policies to which the Company is subject, including the terms of
the final Mining Code, if any, adopted by ISA and the potential timing thereof;
the impact of extensive and costly environmental requirements on the Company's
operations; environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the Clarion Clipperton Zone and recovery rates of
impacted ecosystems; the Company's ability to develop minerals in sufficient
grade or quantities to justify commercial operations; the lack of development of
seafloor polymetallic nodule deposit; the Company's ability to successfully
enter into binding agreements with Allseas Group S.A. and other parties in which
it is in discussions, if any; 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 the Company may recover; risks associated with collective, development and
processing operations, including with respect to the development of onshore
processing capabilities and capacity and Allseas Group S.A.'s expected
development efforts with respect to the Project Zero offshore system; the
Company's dependence on Allseas Group S.A.; fluctuations in transportation
costs; fluctuations in metals prices; testing and manufacturing of equipment;
risks associated with the Company's limited operating history, limited cash
resources and need for additional financing; risks associated with the Company's
intellectual property; Low Carbon Royalties' limited operating history and other
risks and uncertainties, any of which could cause the Company's actual results
to differ from those contained in the forward-looking statements, that are
described in greater detail in the section entitled "Risk Factors" in TMC's
Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed
with the Securities and Exchange Commission (SEC), including the Company's
Annual Report on Form 10-K for the year ended December 31, 2023 filed with the
SEC on March 25, 2024, as amended. Any forward-looking statements contained in
this press release speak only as of the date hereof, and the Company expressly
disclaims any obligation to update any forward-looking statements contained
herein, whether because of any new information, future events, changed
circumstances or otherwise, except as otherwise required by law.
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