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‘Hidden Gem’ Arrives in Rotterdam to be Transformed into Nodule Collection Vessel for The Metals Company

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The Metals Company (Nasdaq: TMC) today announced that the 228-meter-long former drill ship renamed the Hidden Gem has arrived in Rotterdam, The Netherlands to begin its conversion into what is expected to be the first ship classified as a sub-sea mining vessel by the American Bureau of Shipping. TMC’s strategic partner Allseas acquired the former ultra-deep-water drill ship, which can accommodate 200 people, in March of 2020, as her configuration is well-suited for modifications that will enable the deployment at sea of a 4.5 kilometer-long riser to bring polymetallic nodules up from the seafloor.

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Hidden Gem vessel (Photo: Business Wire)

In partnership with The Metals Company (formerly DeepGreen Metals Inc.), Allseas is developing a deep-sea mineral collection system to responsibly recover polymetallic nodules from the ocean floor and transfer them to the surface for transportation to shore. The nodules contain high grades of nickel, manganese, copper and cobalt—key metals required for building electric vehicle batteries and renewable energy technologies.

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

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

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 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 and commercial 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 Group S.A. is a world-leading contractor 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 presentation 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. These forward-looking statements include, without limitation, TMC’s expectations with respect to its exploration ship, the use and functionality of its equipment and its partnership with Allseas and the timing of the pilot nodule collection tests. 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: the inability to maintain the listing of TMC’s shares on Nasdaq; the ability to recognize the anticipated benefits of the recently completed business combination, which may be affected by, among other things, the commercial and technical feasibility of seafloor polymetallic nodule mining and processing; the supply and demand for battery metals; the future prices of battery metals; the timing and content of ISA’s exploitation regulations that will create the legal and technical framework for exploitation of polymetallic nodules in the Clarion Clipperton Zone; government regulation of deep seabed mining operations and changes in mining laws and regulations; environmental risks; the timing and amount of estimated future production, costs of production, capital expenditures and requirements for additional capital; cash flow provided by operating activities; TMC’s ability to raise financing in the future; unanticipated reclamation expenses; claims and limitations on insurance coverage; the uncertainty in mineral resource estimates; the 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 connection with the business combination, potential litigation risks, and dependence on key management personnel and executive officers; and other risks and uncertainties indicated from time to time in the proxy statement/prospectus relating to the recently completed business combination, including those under “Risk Factors” therein, and in other 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.

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Contact information

Chelsea Lauber | Antenna Group | tmc@antennagroup.com

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