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TMC CEO Testifies Before Congress: Deep-Sea Minerals Key to U.S. Industrial Future

1. CEO Barron testified on deep-sea mining's potential for U.S. mineral production. 2. TMC applied for exploration licenses and commercial recovery permits from NOAA. 3. Barron emphasized ending critical mineral dependence through seabed resources. 4. Historical context shows past U.S. leadership in mining and processing. 5. Deep-sea nodules may create 100,000 jobs and boost GDP by $300 billion.

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Why Bullish?

The focus on deep-sea mining could enhance TMC's market position and credibility. Historical mining trends show potential long-term profitability when regulations favor resource extraction.

How important is it?

The advancements TMC is making in obtaining permits highlights a significant shift in U.S. mineral strategy, likely to attract investor interest. The direct mention of TMC by key stakeholders enhances its legitimacy in the market sector.

Why Long Term?

Regulatory approvals and commercialization may take time but promise substantial future gains. The establishment of new mining operations can significantly reshape the industry landscape.

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CEO and Chairman Gerard Barron testified before the House Committee on Natural Resources on “Exploring the Potential of Deep-Sea Mining to Expand American Mineral Production”Mr. Barron highlighted the abundant, unattached polymetallic nodule resource as a platform to secure new supplies of critical minerals essential for U.S. infrastructure, defense, energy, and technology—and to drive reindustrialization across shipbuilding, port infrastructure, minerals processing, and manufacturingTMC USA announced last week that it submitted applications to the National Oceanic and Atmospheric Administration (NOAA) for two exploration licenses and one commercial recovery permit under the Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA) NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or the “Company”), an explorer of the world’s largest undeveloped resource of critical metals for infrastructure, defense, energy, and future technologies, today announced that its Chairman and CEO Gerard Barron testified before the U.S. House Natural Resources Subcommittee on Oversight and Investigations at a hearing titled, “Exploring the Potential of Deep-Sea Mining to Expand American Mineral Production” on April 29, 2025. Subcommittee Chairman Paul A. Gosar (R-Ariz) opened the session, saying, “I challenge my colleagues in this room to think about the widespread economic, energy, technology and national security implications of deep-sea mining and about our duty to ensure the United States, with its world-best environmental, humanitarian and labor standards, leads the charge to harvest seafloor critical minerals.” In his remarks as an expert witness for the House Majority at the Capitol Building hearing on Tuesday, TMC CEO and Chairman Gerard Barron emphasized that the United States must reclaim its leadership in deep-seabed mineral development to strengthen energy and supply chain security and reinforce national defense and manufacturing. He called attention to the strategic opportunity now before the country to responsibly unlock critical minerals from the deep seabed under existing U.S. law: by 1989, America had developed a robust regulatory regime for deep-seabed mining in the high seas that was fully consistent with international law, commercially viable, and environmentally responsible. “From the 1880s to 1970, America was a mining and processing powerhouse. Since, domestic production sank, leaving America dangerously dependent on adversaries. We can change this, without sacrificing American landscapes or communities. Four days sailing from San Diego lies the Clarion-Clipperton Zone, where polymetallic nodules sit 2.5 miles deep on the seafloor. Rich in nickel, cobalt, manganese, and copper, these nodules hold more of these minerals than all known land-based reserves combined.” Mr. Barron continued: “With seabed minerals, America can end critical mineral dependence; reclaim leadership in offshore innovation; inspire generations of American engineers, scientists, and mariners; and create over 100,000 American jobs and generate over $300 billion in GDP.” Mr. Barron also directed the Committee to his written submission “for a detailed rebuttal of common environmental myths used to confuse the public.” In his written testimony, publicly available at this link, Mr. Barron lays out in detail how “real-world data dispels every catastrophizing claim made by environmental activists.” Another expert witness, Dr. Thomas Peacock of MIT — one of the world’s leading experts on deep-sea sediment plume dynamics — also asked the Committee to be wary of misinformation. “I think the question I would like to be asked is, are the latest scientific findings being used to drive decisions and discussions about deep-sea mining…I think unfortunately it’s not the case. For example, we hear the topic of, ‘will deep-sea mining disturb carbon sequestration in the deep ocean? I think that was established in about 2020 that this is not an issue.” Dr. Peacock, who has studied sediment plumes for 10 years, went on to detail the misconceptions about plumes travelling thousands of miles, and how that is “simply not the case.” Just before the Oversight Subcommittee Hearing, TMC USA announced it had submitted the first-ever application for a commercial recovery permit for deep-sea polymetallic nodules under the U.S. Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA), marking a major milestone in establishing a U.S.-regulated supply of critical seabed minerals. The United States has a long-established leadership role in regulating deep-sea mining. Through DSHMRA, Congress affirmed deep-seabed mining as a freedom of the high seas and empowered NOAA to regulate U.S. exploration and commercial recovery. NOAA then developed a robust regulatory framework—adopting exploration regulations in 1981 and commercial recovery regulations in 1989—supported by extensive stakeholder consultations, environmental studies, and seven reports to Congress. NOAA’s science-based, flexible approach ensures rigorous environmental oversight while enabling responsible development of emerging offshore industries. About The Metals Company The Metals Company is an explorer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for building infrastructure, power generation, transmission, and batteries 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 “aims,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “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 regarding the Company’s plans to apply for and pursue licenses and permits under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA); the expected timing, process and outcome of any applications to the National Oceanic and Atmospheric Administration (NOAA); the strength, predictability, and enforceability of the U.S. regulatory regime; the potential for the United States to provide a viable permitting path for commercial recovery of deep-sea minerals; and the Company’s strategic, financial, and operational plans moving forward. 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: the Company’s strategies and future financial performance; the outcome of discussions and consultations with NOAA or other U.S. government officials; the Company’s ability to obtain required licenses and permits under DSHMRA or any other applicable U.S. laws or regulations; regulatory uncertainties and the impact of government regulation or political developments on the Company’s activities; the potential for legal or jurisdictional challenges to the Company’s rights or proposed operations in international waters; environmental risks and liabilities; the Company’s ability to develop sufficient data to support permit applications and satisfy environmental requirements; the Company’s ability to develop commercial operations, including onshore processing capabilities; risks associated with the Company’s limited operating history and need for additional financing; the outcome of discussions with other governments, regulators, stakeholders or contractors in the context of the Company’s international or ISA-based activities; and other risks and uncertainties, any of which could cause actual results to differ from those expressed or implied in the forward-looking statements. These risks are described in greater detail in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 27, 2025. 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 due to new information, future events, changed circumstances or otherwise, except as required by law.

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