The Metals Company

Explorer of #1 and #2 largest nickel projects on earth, collecting unattached nodules from atop the seafloor

• Abundant – largest nickel projects on earth, largest battery metal source
  TMC is exploring the world’s largest estimated source of battery metals with enough nickel, copper, manganese and cobalt in situ to potentially electrify 280 million EVs, equivalent to the entire U.S. passenger vehicle fleet
• Secure
  Located on the abyssal seafloor in the international waters regulated by the International Seabed Authority, an inter-governmental organization established pursuant to the United Nations Convention on the Law of the Seas
• Low production cost
  Expecting to become the 2nd lowest cost nickel producer on the planet at steady state production on Project One, which represents full scale production on NORI-D reflecting high grades with four battery metals in high concentrations in a single resource (3.2% nickel equivalent grades)
• Low ESG cost
  Peer-reviewed research suggests that sourcing battery metals from nodules can significantly compress lifecycle ESG impacts vs. land-based ores, including near-zero solid processing waste, zero tailings and 90% less CO2 equivalent emissions (for more information, visit metals.co/research)
• ~$22 billion NPV for 1st project alone, ~100x current market cap
  $22 billion estimated net present value for NORI-D, TMC’s first project representing 22% of the company’s estimated resource, based on AMC Consultants’ 2021 Initial Assessment but updated for metal prices as of May 9, 2022 (all other assumptions unchanged). The NORI Initial Assessment can be found at investors.metals.co
• Tier 1 partners and investors
  Glencore, Allseas Group, Hatch, Epsilon Carbon