“Hidden Gem” arrives in Rotterdam to be transformed into a nodule collection vessel for The Metals Company


NEW YORK–(COMMERCIAL THREAD) – The Metals Company (Nasdaq: TMC) today announced that the former 228-meter-long drillship renamed Hidden Gem has arrived in Rotterdam, the Netherlands, to begin its conversion into what is expected to be the first vessel classified as an underwater mining vessel by the American Bureau of Shipping. TMC’s strategic partner Allseas acquired the old ultra-deep water drilling vessel, which can accommodate 200 people, in March 2020, as its configuration is well suited to the modifications that will allow the deployment at sea of ​​a 4 , 5 kilometers long to bring up the polymetallic nodules from the seabed.

In partnership with The Metals Company (formerly DeepGreen Metals Inc.), Allseas is developing an offshore mineral collection system to responsibly collect polymetallic nodules from the ocean floor and transfer them to the surface for transport to the coast . The nodules contain high levels of nickel, manganese, copper and cobalt, key metals necessary for the construction of electric vehicle batteries and renewable energy technologies.

“We are very happy to see the hidden gem here in Europe and to see Allseas making such progress with it,” said Gerard Barron, President and CEO of The Metals Company. “The vessel has successfully embarked on the maintenance phase of the dry dock, which bodes well for a smooth and timely conversion ahead of our pilot mining project in 2022.”

The Metals Company recently completed its SPAC merger and public listing on Nasdaq and its strategic partner Allseas, a global leader in offshore engineering, congratulated the company. “As a significant existing investor in the company and an investor in PIPE, we are further strengthening our strategic relationship with The Metals Company. We share their vision of developing the world’s largest esteemed source of battery metals, which will be essential in the green transition, ”said Edward Heerema, Founder and Chairman of Allseas.

TMC and Allseas expect the vessel to be operational for pilot nodule collection tests by mid-2022.

About The Metals Company

The Metals Company is a Canadian explorer of low impact battery metals from polymetallic seabed nodules, with a dual mission: (1) to provide 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 and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton area 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 Group SA is a leading global contractor in the installation of offshore pipelines, the transport of heavy loads and underwater construction. The company employs more than 4,000 people worldwide and operates a versatile fleet of specialized heavy lift, pipe-laying 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 presentation are not historical facts but are forward-looking statements for the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually accompanied by words such as “believe” , “May,” “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict “,” potential “,” appear “,” research “,” future “,” prospect “and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include , without limitation, TMC’s expectations regarding its exploration vessel, the use and functionality of its equipment and its partnership with Allseas and the timing of the pilot nodule collection tests. significant risks and uncertainties that could cause actual results to differ materially from those discussed in forward-looking statements. Most of these factors are beyond TMC’s control and are difficult to predict. Factors that could cause such differences include, but are not limited to: the inability to maintain the listing of TMC shares on the Nasdaq; the ability to recognize the anticipated benefits of the recently completed business combination, which may be affected, inter alia, by the commercial and technical feasibility of extracting and processing polymetallic nodules from the seabed; supply and demand for battery metals; future prices of battery metals; the timing and content of the ISA operating regulations which will create the legal and technical framework for the exploitation of polymetallic nodules in the Clarion Clipperton area; government regulation of deep seabed mining operations and changes in mining laws and regulations; environmental risks; the timing and amount of estimated future production, production costs, capital expenditures and additional capital requirements; cash flows generated by operating activities; TMC’s ability to raise funding in the future; unforeseen reclamation expenses; claims and limitations of insurance coverage; uncertainty in mineral resource estimates; uncertainty in geological, hydrological, metallurgical and geotechnical studies and opinions; infrastructure risks; TMC’s ability to enforce the obligations of non-performing investors under subscription agreements in the context of the business combination, potential litigation risks and reliance on key executives and officers; and other risks and uncertainties indicated from time to time in the Proxy Circular / Prospectus relating to the recently completed business combination, including those mentioned in the “Risk Factors” section and in other filings. with the SEC. TMC cautions that the above list of factors is not exclusive. TMC cautions readers not to place undue reliance on forward-looking statements, which speak only as of the date they are posted. TMC does not undertake or accept any obligation or commitment to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based.


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