TMCWW

• Pivot to The United States over seven months ago, with support from President Trump's executive order, NOAA applications, investments from partners like Korea Zinc, Hess family, and Allseas. • Published SEC-compliant technical reports showing over $23 billion in total resource value. • Progress with NOAA regulator continues, and tailwinds for critical minerals from capital providers are clear. • Hidden Gem vessel to play key part in Japanese nodule collection trials. • Achieved world-firsts including first SEC and Canadian compliant resource statements, first PFS for a nodule project, first reserves for a nodule project, and successful conversion of nodule-derived manganese silicate into battery-grade manganese sulfate. • Extensive investment in scientific research provides comprehensive deep-sea dataset, and proven flow sheet opens door to high-value products.

• Confident in a commercial recovery permit in 2027. • Robust cash position with approximately $165 million of liquidity today, no immediate need to tap public capital markets. • Potential for over $432 million in incoming cash from warrant exercises, including in-the-money warrants and others with favorable exercise prices.

No detailed product segment financial performance with absolute terms and revenue contribution % provided as the transcript focuses on overall company operations and projects rather than specific product segments.

• Risks associated with regulatory processes, including uncertainties in NOAA's review and permitting timelines. • Potential differences between anticipated and actual results as actual outcomes may materially differ from forward-looking statements. • Uncertainties in warrant exercise outcomes and market conditions affecting cash inflows from warrants.

Q: Can you repeat the number of potential incoming cash if all warrants are exercised?

A: Total potential additional proceeds would be over $432 million, including $11.50 strike price public and private warrants from the SOAC Deep Green business combination with an expiration date of September 2026.

Q: Is the Hidden Gem vessel's work for Japan pro bono?

A: Certainly not pro bono. Allseas has a direct contract with the funding foundation, and TMC will get some financial benefit.

Q: How does the NOAA's streamlining of regulation process work, especially combining exploration and commercial exploitation licenses?

A: Previously, you had to have an exploration license before a commercial recovery permit, but now regulations are being adjusted. TMC is unique as it has a prepared commercial recovery permit application with data, and the streamlining is to address current circumstances where applicants may already have the necessary work done.

Q: Will the exploration permit be granted at the same time as the production permit? If not, when is the exploration permit anticipated?

A: While there's a possibility of the streamlined process accelerating grant of both, even if sequential, it's still consistent with the Q4 2027 production start date. More data will be provided as NOAA path progresses.

Q: What opportunities are there for funding and permitting construction of refining facilities in the US?

A: TMC notes refining capacity assumptions in the prefeasibility study and initial assessment, focused on the 2030s and beyond. The US has a gap in certain metals, and TMC's unique nodule resource and flexibility in product formats position it well to access capital providers like the US government and private markets.