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Hidden Gem Production Vessel
Launching the Collector Vehicle
NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), a leading developer of the world’s largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today announced that it had signed the Contract for Development Work and Commercial Production (the "Agreement") with Allseas for the development, commissioning and operation of the first commercial nodule collection system in preparation for the commencement of nodule recovery operations in the Clarion Clipperton Zone of the Pacific Ocean.
Drawing on more than four decades of offshore engineering experience and the successful 2022 pilot nodule recovery test in which 3,000 tonnes of nodules were lifted to the surface, Allseas will complete the procurement, integration and operation of what the Company expects will be the world’s first commercial nodule production system. The system will comprise two nodule collector vehicles and their Launch and Recovery Systems (LARS), a riser system, the surface production vessel Hidden Gem, and a transfer vessel. Collected nodules will be transferred to bulk carriers at sea and then transported to designated ports for processing.
TMC and Allseas first entered into a Strategic Alliance Agreement in 2019 and have worked together since to advance a clear pathway to commercial nodule recovery operations. Under the new Agreement, Allseas will fund a significant portion of development costs, recoverable through production revenues, further aligning both parties around successful commercial operations.
Gerard Barron, Chairman and CEO of The Metals Company, commented: “This Agreement with Allseas is now the contractual cornerstone of our strategic alliance with Allseas: it establishes a clear commercial framework for how we complete the development and commissioning of our first commercial scale nodule recovery system and start offshore nodule recovery operations. In addition to being our largest strategic shareholder, Allseas has been an outstanding, mission-aligned technical partner. They didn’t just prove their system works; they worked closely with us to take every opportunity to further refine the design to minimize the environmental footprint based on the extensive baselining and monitoring of the field test and are willing to help us finance system development costs. Together, we are moving from firsts in deep-sea science and engineering towards first commercial recovery operations.”
The offshore production system is designed for a nameplate production capacity of 3.0 million wet tonnes per annum (Mtpa) and reflects the operating configuration and initial phase of the development program outlined in TMC's SEC-compliant S-K 1300 Technical Report Summary of Preliminary Feasibility Study of NORI Area D (PFS) published in August 2025. The system is expected to operate with two tracked collector vehicles working in parallel on the seafloor, delivering nodules to the surface production vessel before transport to shore for processing.
In preparation for offshore production, Allseas has completed conceptual and basic engineering for several key long-lead components, including the four-kilometer-long riser pipe, LARS, the umbilical connecting the collector vehicles to the Hidden Gem, and other key components.
The development of the first commercial nodule recovery system marks a defining moment for Allseas and the Company, which has delivered many of the nodule industry’s firsts since its founding in 2011.
Resource & Economics
Nodule Collection
Nodule Processing & Refining
Permitting & Environmental Impact Assessment for Nodules
About The Metals Company
The Metals Company is a developer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at www.metals.co.
Contacts
Media | media@metals.co
Investors | investors@metals.co
Forward-Looking Statements
This press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as believes, could, expects, may, plans, possible, potential, will and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the expected development, commissioning and commercial framework of the Contract for Development Work and Commercial Production with Allseas, including the scope of the offshore collection system and the development and production program thereunder; the anticipated system design, production capacity and configuration of the offshore collection system, including the nominal production capacity of 3.0 million wet tonnes per annum; the completion of conceptual and basic engineering for key long-lead components and the expected timing of further tendering, vendor engagement and subcontract awards by the end of Q3 2026; the expected timing of system commissioning in Q4 2027, subject to receipt of required permits and regulatory approvals; the anticipated operational roles and funding contributions of Allseas and the Company under the Agreement; and the expectation that the Agreement will result in the world’s first commercial nodule production system. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: NOAA's review of the consolidated application and any determinations made during that review, including with respect to the scope of any exploration license or commercial recovery permit that may ultimately be granted; the outcome and timing of regulatory reviews by NOAA under the Deep Seabed Hard Mineral Resources Act of 1980 and the regulations promulgated thereunder; the ability to obtain an exploitation contract from the International Seabed Authority or other permits from the U.S. government; risks related to the Company's dual-path permitting strategy; the successful continuation of the Company’s alliance with Allseas, including under the Contract for Development Work and Commercial Production, and Allseas’ ability to perform as expected under its arrangements with the Company; the performance of other contractors and the terms on which they agree to provide services; the development, testing, integration, scaling, commissioning and operation of the offshore collection system and its key components; risks related to strategic partnerships and technology sharing; changes in environmental, mining and other applicable laws and regulations; the availability of and access to capital on acceptable terms, including for amounts needed to fund the Company’s share of development costs and operational costs under the Contract for Development Work and Commercial Production with Allseas; and other risks and uncertainties described in greater detail in the section entitled Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of new information, future events, changed circumstances or otherwise, except as required by law.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4a660397-c88d-4499-884e-c8c40302f8e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/43325342-1b3a-4427-9978-a0139394dc54
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