Name of the Project
NORI-D project.

Location
Clarion Clipperton Zone (CCZ) of the Pacific Ocean.

Project Owner/s
Canadian deep-sea mining exploration company The Metals Company (TMC).

TMC’s major shareholder and strategic partner Allseas is expected to lead the offshore delivery of the project, overseeing engineering, procurement, fabrication, commissioning and operations of the nodule collection system.

Project Description
TMC has conducted a world-first prefeasibility study (PFS) for a polymetallic nodule project in the NORI-D area, a geological submarine fracture zone located in the Pacific Ocean between Mexico and Hawaii.

The PFS technical report summary (TRS), published on August 4, 2025, marks a world-first declaration of mineral reserves for deep-sea polymetallic nodules, with 51-million tonnes of probable mineral reserves.

The PFS outlines a phased development plan for offshore collection and onshore processing of polymetallic nodules, targeting production ramp-up to 12-million tonnes a year of wet nodules within the first five years. This production rate supports a projected 18-year mine life for the project.

It also proposes steady-state production of 97 000 t/y of nickel, 2.4-million tonnes a year of manganese, 70 000 t/y of copper and 7 400 t/y of cobalt.

Yearly production is estimated at 10.8-million tonnes at steady state (from 2031 to 2043) over the life-of-mine (LoM). Initial processing is assumed to rely on proven rotary kiln electric furnace infrastructure, in Japan and Indonesia, to produce nickel/cobalt/copper alloy and matte intermediates, with final refining at future US-based facilities to deliver battery-grade nickel and cobalt products.

Alongside the August 2025 PFS, TMC announced the publication of an initial assessment for the remainder of its resource in the NORI and TOML blocks in the CCZ. This includes a measured and indicated mineral resource of 73-million tonnes of wet nodules grading 1.30% nickel, 0.20% cobalt, 1.2% copper and 30.2% manganese with an abundance of 12.8 kg/m². The inferred mineral resource is estimated at 1.21-billion tonnes of wet nodules grading 1.30% nickel, 0.20% cobalt, 1.1% copper and 28.7% manganese with an abundance of 11.6 kg/m².

The initial assessment presents a development plan for the NORI and TOML polymetallic nodule projects, encompassing a 23-year mining operation using advanced second-generation offshore collection systems with remotely operated collector vehicles and production vessels. It projects the collection of about 670-million tonnes of wet polymetallic nodules across the NORI and TOML contract areas, with average grades of 1.3% nickel, 0.2% cobalt, 1.1% copper and 28.8% manganese.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The PFS estimates an after-tax net present value (NPV) of $5.5-billion and an internal rate of return (IRR) of 27%, with a capital payback of seven years. The initial assessment on the NORI and TOML blocks supports an after-tax NPV of $18.1-billion and after-tax IRR of 35.6%, with a capital payback of two years. The combined net present value of the proposed projects is estimated at $23.6-billion.

Capital Expenditure
Offshore development capital expenditure (capex) is estimated at $492-million. Onshore refinery development capex is estimated at $4.4-billion. The initial assessment estimates capital expenditure for the NORI and TOML blocks at $8.85-billion.

Planned Start/End Date
TMC expects to start commercial production in the fourth quarter of 2027.

Latest Developments
None stated.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
TMC, email investors@metals.co or email media@metals.co.