Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Investor Presentation (April 2024)
31 slides from Tmc The Metals's investor presentation, April 2024
Slide 1: Unlocking the World's Largest Estimated Undeveloped Source of Battery Metals
The Metals Company (Nasdaq: TMC) – Unlocking the World’s Largest Estimated Undeveloped Source of Battery Metals April 2024
Slide 2: Forward looking statements
2 Nasdaq: TMC Forward looking statements. This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to future events, TMC the metals company Inc.
Slide 3: Why explore the seafloor? Most of the planet's nickel, cobalt & manganese
3 Nasdaq: TMC Why explore the seafloor? That’s where most of the planet’s nickel, cobalt & manganese is. Nickel Cobalt Manganese Million metric tons Million metric tons Million metric tons 94 306 7,706 95 Indonesia - 21 Australia - 20 1,504 Russia - 7 Brazil - 16 DRC 3.6 Australia 230 RSA 520 Cuba -
Slide 4: What a polymetallic nodule field looks like
4 Here is what a polymetallic nodule field looks like.
Slide 5: Why nodules?
Why nodules? Polymetallic Far offshore Very deep One new nodule project Far away from people, The deeper you go, can replace three new mines no physical impact on the less life you will find. on land. communities. Unattached Portable No tailings, near No overburden to remove, no Once nodules are tra
Slide 6: Nodule composition is well suited for battery metal needs
6 Nasdaq: TMC Nodule composition is well suited for battery metal needs. Metal Metal contained value1 MANGANESE requirements 6.6 kg 7.1 kg 28% COBALT 11% 56 kg NICKEL 43% POLYMETALLIC SEAFLOOR NODULE 53 kg ELECTRIC CAR 18% COPPER 75kWh battery with NMC811 chemistry 1 Contained metal value of polymet
Slide 7: TMC estimated resource could supply U.S. demand for nickel, cobalt and manganese
7 Nasdaq: TMC TMC estimated resource alone has The Metals Company the potential to supply U.S. demand for nickel, cobalt and manganese. 15,700,000 t Ni / 2,400,000 t Co / 13,300,000 t Cu / 350,000,000 t Mn Total Resource Estimated In situ quantities of nickel, copper, cobalt and manganese equivalent
Slide 8: Ranked #1 and #2 largest undeveloped nickel projects
8 Nasdaq: TMC TMC: ranked in 2022 and 2023 as #1 and #2 largest undeveloped nickel projects on the planet1; the alternative to Russian- and Chinese-funded supply. World’s largest nickel projects – 2023 World’s largest nickel operations ranked by resource Total est. resources (inferred, indicated & m
Slide 9: TMC is an outlier on nickel equivalent grade and resource
9 Nasdaq: TMC Some nickel projects have high grade, some have a large resource, but TMC is an outlier Nickel Equivalent Grade (%) vs. Resource (Billion Pounds) - among peers with the Bubble Size Reflects Relative Enterprise Value1 largest NiEq resource Avg: and highest NiEq grade2 3.50% 15.7Blbs TMC
Slide 10: Technical resource statements issued on NORI + TOML
10 Nasdaq: TMC TMC: technical resource statements issued on NORI + TOML, with an in situ estimated resource of Ni, Cu, Co and Mn sufficient to electrify the entire U.S. passenger car fleet1. TMC exploration contract area NORI2 TOML3 Marawa Sponsoring Republic of Kingdom of Republic of State Nauru To
Slide 11: Project milestones achieved since 2019
11 Nasdaq: TMC CBS 60 Minutes revisited their initial 2019 story on seafloor nodules. What project milestones has TMC achieved since then? THEN: November 2019 NOW: March 2024 Key de-risking milestones achieved Resource statements: COMPLETE ✓ Two SEC S-K 1300 resource statements in 2021 ✓ Initial Ass
Slide 12: Recent media coverage notes impacts are relatively low
12 Nasdaq: TMC Recent media coverage notes impacts are relatively low, and that commercial operations are inevitable. Contractors like The Metals Company ‘It’s time to mine the seabed’: “Clearly now, we are reaching — the only firm to test a full deep-sea Getting nickel from the deep a very high lev
Slide 13: Increasing U.S. interest in marine minerals
13 Nasdaq: TMC Recent headlines point to increasing U.S. interest in and prioritization of marine minerals to support national and energy security. U.S Lawmakers Push for Deep-Sea Mining Former National Security, Defense Officials Funding in New Bill Push for Ratification of UN Treaty to Boost Mar 2
Slide 14: Pilot collection system test and environmental monitoring completed Dec 2022
14 Nasdaq: TMC Pilot collection system test and initial environmental impact monitoring campaign completed in Dec 2022. PILOT COLLECTOR SYSTEM TEST PROGRAM IN 2022 January Riser acceptance test February Thruster re-lift, dockside vessel commissioning, review of nodule offloading & handling test prog
Slide 15: First Integrated Collection System Trial Since 1970s
NORI & Allseas - First Integrated Collection System Trial Since 1970s: https://vimeo.com/778303976/28d019f234
Slide 16: Environmental Impact Statement based on large deep-sea dataset
16 Nasdaq: TMC Environmental Impact Statement: based on one of the largest ever deep-sea datasets ever compiled. Campaign 4D Campaign 5C Campaign 7C Campaign 5A Campaign 5D Campaign 7B 1&2 Campaign 4E Campaign 5E Campaign 8A Campaign 5B Campaign 7A 1&2 Campaign 8B * Assuming the average length of a
Slide 17: Plume monitored during pilot collection system test
17 We successfully monitored the plume during our pilot collection system test.
Slide 18: Twelve month post collection test environmental campaign complete
Twelve month post collection test environmental campaign on NORI-D now complete. Video available here: https://vimeo.com/903774715?share=copy
Slide 19: Seafloor plume observed data contradicts prior speculation
Seafloor plume: in-field observed data and modeling are contradicting prior speculation by opposition groups. Good enough for swimming Good enough for drinking if it were freshwater Natural sedimentation level © DHI Video available at: https://vimeo.com/851319010/79c7c9ff18?share=copy
Slide 20: Trawling impacts 175x more seafloor than nodule collection
20 Nasdaq: TMC Trawling today impacts 175x more seafloor every year than potential Future seafloor use Offshore wind 2050: seafloor use2 nodule collection tomorrow. Global seafloor Current seafloor use Trawling: annual seafloor use1 0.42 m km2 = 6 squares Nodule collection: annual seafloor use3 361m
Slide 21: Nodules are found in an ecosystem with least life
Nodules are found in an ecosystem with least life... Living biomass density by biome Mean kg of contained carbon / m? 50 45 17.5 gigatons total (3%) 533 gigatons total (97%) Nodules Ss «és ‘Source: Terrestrial biomass estimates from Houghton, R.A., and S. J. Gostz (2008), New satellites help quantif
Slide 22: And low levels of biodiversity
And low levels of biodiversity. Species richness by biome Estimated number of species, excluding microbial life Already described —_ Total estimated 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 ~250,000 species described ~2.2 million species estimated Nodules ~1.7 million spec
Slide 23: Nickel from NORI-D could have lower lifecycle impacts
23 Nasdaq: TMC Benchmark: Nickel from NORI-D could have dramatically lower lifecycle impacts including substantially lower CO2e emissions. Global Warming Potential Kilogram of CO2e emissions per kilogram of nickel in nickel sulfate Lowest impact value 102.0 64.4 29.2 28.5 19.2 13.9 8.0 6.2 Laterite
Slide 24: Binding MoU with PAMCO to process nodules in Japan
24 Nasdaq: TMC NORI-D Project: binding MoU with PAMCO to explore processing at existing RKEF facility in Japan, in line with our capital-light strategy. A Binding Memorandum of Understanding (MoU) with the Pacific Metals Company (PAMCO) of Japan was signed in November 2023 - PAMCO intends to process
Slide 25: Nodules turned into nickel sulfate
25 Nasdaq: TMC NORI-D Project: we have also now demonstrated we can turn nodules into nickel sulfate, indicative of battery market suitability pending confirmation of preliminary assays. - NORI has produced what is believed to be the first nickel sulfate ever generated from polymetallic nodules - Th
Slide 26: Regulated by the International Seabed Authority
26 Nasdaq: TMC Regulated by the International Seabed UNCLOS Parties Authority established UNCLOS Signatories in 1994 by UNCLOS. - The International Seabed Authority (ISA) was established in 1994 by the United Nations Convention on the Law of the Sea (“UNCLOS”) and regulates seabed minerals beyond na
Slide 27: ISA progress toward final regulations
27 Nasdaq: TMC ISA making progress toward final regulations, while TMC subsidiary NORI reserves legal rights to submit application before final regulations are in place. Timeline 2011 Fiji requests the ISA to prepare workplan for adopting the Mining Code 2012 ISA Secretariat prepares a workplan for
Slide 28: Expected NORI-D application process
28 Nasdaq: TMC Expected NORI-D application process: if LTC recommends approval, two-thirds majority of ISA Council needed to overturn. Exploitation Contract Application Review Process 30 days 7 days 90 days 7 days 30 days 120 days 60 days 344 days Secretary Legal & Applicable sections SG will provid
Slide 29: NORI-D estimated at $6.8 billion NPV
29 Nasdaq: TMC Based on SEC-compliant NORI-D Financial Model2 Initial Assessment, NORI-D $ billions unless otherwise noted project estimated at $6.8 Estimated March 21 Initial Current prices, Increase billion NPV (est. $8.1 billion Prices Assess. w/CRU price forecast all other inputs unchanged using
Slide 30: Could become second lowest-cost nickel producer
30 Nasdaq: TMC At steady state production, we could become the second lowest-cost nickel producer in the world. Nickel C1 cost curve on a by-products’ basis1 C1 Cash Cost represents all direct costs, including mining, processing, freight, SG&A minus revenue from by-products 10.0 5.0 C1 cash cost, $
Slide 31: Year-end liquidity of ~$61 million pro forma
31 Nasdaq: TMC TMC year-end liquidity of ~$61 million, pro forma for new $20M ERAS/Barron unsecured credit facility, ERAS $9M Registered Direct Offering funds received Jan. 2024 and extension of Allseas credit facility. USD Millions 225.0 200.0 175.0 Add'l capacity on new S-3 universal shelf filing
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