The Metals Company (NASDAQ: TMC) has entered into a non-binding MOU with Pacific Metals Co of Japan to evaluate the toll treatment of 1.3 million tonnes of wet polymetallic nodules per year at PAMCO's Hachinohe smelting facility starting in 2025. 

The process is expected to produce two products: a nickel-copper-cobalt alloy used in Li-ion battery cathodes and a manganese silicate product used to make silico-manganese alloy for steel manufacturing. 

PAMCO will estimate the cost of processing polymetallic nodules through existing facilities and identify any additional equipment requirements, currently expected to be minimal.

With Japan being a key market for battery metals, this agreement positions TMC to become a major supplier of these critical metals to the region.

Gerard Barron, CEO & Chairman of The Metals Company, said: “We look forward to working with PAMCO on the upcoming study program, finalizing the agreements and ultimately processing nodules to provide the metals required for the energy transition.”

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules. The Company holds exploration and commercial rights to three polymetallic nodule contract areas in the Pacific Ocean.

Shares of The Metals Company trade on the NASDAQ under the ticker symbol TMC.