• Allseas-designed pilot nodule collector vehicle was deployed from the Hidden Gem vessel and lowered to the seafloor
• All critical functions of the pilot collector vehicle were successfully tested ahead of full pilot nodule collection trials in the Clarion Clipperton Zone of the Pacific Ocean later this year
• Upcoming trials in TMC’s NORI-D contract area are expected to include deployment of a four-kilometer-long riser, an umbilical that provides power and control during seafloor operations, and a 500-meter-long flexible jumper hose to connect to the collector vehicle

The Metals Company (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest estimated undeveloped source of critical battery metals, today announced the successful deployment and wet-test commissioning of the pilot robotic nodule collector vehicle together with the Company’s strategic partner and shareholder, Allseas Group S.A. (“Allseas”).

During the harbor wet-test commissioning undertaken at the Port of Rotterdam, the Allseas-designed pilot collector vehicle underwent extensive equipment testing and all systems were shown to be fully functional. Key features and functions of the robotic vehicle including pumps, nozzles, manual and auto operating modes were successfully put through their paces while multiple operators gained extensive training on the equipment.

“This is an important milestone and I am grateful to have such a competent and capable partner in Allseas to get us this far,” said Gerard Barron, CEO & Chairman of The Metals Company. “With Allseas managing the design, assembly and testing of the pilot collection system, I believe we have the best minds in the business on the case. We expect to learn a great deal from the testing program this year. So far, things have gone smoothly but I am sure the Allseas team will have their share of challenges to solve along the way. Allseas and TMC share a desire to advance the NORI project swiftly and in a capital-conscious manner. We anticipate that the pilot system being tested by Allseas will be the basis for our first commercial production system — and last week we announced a non-binding term sheet outlining the overall framework and potential commercial terms for such an upgrade.”

With initial wet-testing of the pilot collector vehicle now complete, Allseas engineers will begin preparations for full pilot nodule collection trials over an 8 km² section of the NORI-D contract area in the Clarion Clipperton Zone of the Pacific Ocean later this year. These trials are an integral part of the International Seabed Authority’s regulatory and permitting process and the environmental impact data collected both during and after this nodule collection test work will form the basis of the application for an exploitation contract by TMC’s wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI).

Since 2019, Allseas and TMC have been working together to develop a pilot system to responsibly collect unattached polymetallic nodules from the seafloor and lift them to the surface for transportation to shore. Nodules contain high grades of nickel, manganese, copper and cobalt — key metals required for building electric vehicle batteries and renewable energy technologies.

Development of technologies to collect polymetallic nodules first began in the 1970s when oil, gas and mining majors including Shell, Rio Tinto (Kennecott) and Sumitomo, successfully conducted pilot test work in the CCZ recovering over ten thousand tons of nodules. In the decades since, the ISA was established to develop the regulatory framework to govern mineral extraction in the high seas while technology development efforts have largely focused on scaling proven nodule collection technologies and optimizing for minimal seafloor disturbance and environmental impact.

About The Metals Company

TMC the metals company Inc. (The Metals Company) is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration 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.

About Allseas

Allseas is a world-leading contractor in the offshore energy market, with dynamism, rapid progress and pioneering spirit at its core. Allseas specialise in offshore pipeline installation, heavy lift and subsea construction. The company employs over 4000 people worldwide and operates a versatile fleet of specialised heavy-lift, pipelay and support vessels, designed and developed in-house.

More information about Allseas is available at www.allseas.com

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, including related to the advancement of the NORI project, the success of the pilot system and matters related to the potential commercial terms for our first commercial production system. 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: Allseas ability to conduct a full pilot nodule collection trial in the Clarion Clipperton Zone; TMC’s ability to enter into definitive agreement(s) with Allseas with respect to the proposed strategic alliance to develop and operate a commercial collection system on terms and conditionals substantially similar to those set forth in the non-binding terms sheet; the successful completion of the pilot collection tests; TMC’s ability to obtain exploitation contracts for its areas in the CCZ; 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 collective, development and processing operations; fluctuations in transportation costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties, including those under Item 1A “Risk Factors” in TMC’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, filed by TMC with the Securities and Exchange Commission (“SEC”) on November 15, 2021, and in TMC’s other future filings with the SEC. TMC cautions that the foregoing list of factors is not exclusive. 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.