ADDED
As of March 27, 2026, the registrant had 433,188,187 common shares outstanding.
As used in this Annual Report, Mtpa refers to millions of tonnes per year, dmtu refers to dry metric tonne unit, TWh refers to trillion-watt hours, CO 2 e refers to metric tonnes of carbon dioxide emissions equivalents, kt refers to thousand of tonnes, m 2 refers to square meters, Mwmtpa refers to million wet metric tonnes per year, kg/m 2 refers to kilograms per square meters, t refers to tonnes, and w/w refers to weight for weight.
Unless otherwise indicated or required by the context, as used in this Annual Report, critical metals refers to the four metals (nickel, copper, cobalt and manganese) and the additional rare earth elements contained in polymetallic nodules.
Polymetallic nodules are discrete rocks that sit unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, copper, cobalt and manganese, alongside meaningful concentrations of rare earth elements (REE) in a single rock.
We believe significant quantities of newly mined metal are required because existing metal stocks are insufficient to meet rapidly rising demand.
The four metals and REEs contained in the polymetallic nodules are on the U.S.
Department of Interior s 2025 List of Critical Minerals, with end-uses in strategic sectors including semiconductors and AI data centers, steel manufacturing, the defense and marine industrial base.
Nickel was included on the list of 13 minerals selected by the U.S.
Department of War in March 2026 for targeted procurement efforts through the Defense Industrial Base Consortium.
If we are able to collect polymetallic nodules from the seafloor on a commercial scale, we plan to use such nodules to initially produce nickel-, cobalt- and copper-bearing intermediate and metal cathode products as well as a manganese silicate product of approximately 40% manganese comparable to medium-grade manganese ore.
REMOVED
As of March 20, 2025, the registrant had 347,910,742 common shares outstanding.
As used in this Annual Report, Mtpa refers to millions of tonnes per year, dmtu refers to dry metric tonne unit, TWh refers to trillion-watt hours, CO 2 e refers to metric tonnes of carbon dioxide emissions equivalents and w/w refers to weight for weight.
Unless otherwise indicated or required by the context, as used in this Annual Report, critical metals refers to the four metals contained in polymetallic nodules, nickel, copper, cobalt and manganese.
Polymetallic nodules are discrete rocks that sit unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, copper, cobalt and manganese in a single rock.
We believe these four metals contained in the polymetallic nodules are critical for energy infrastructure and industrial manufacturing.
If we are able to collect polymetallic nodules from the seafloor on a commercial scale, we plan to use such nodules to produce three types of metal products: (i) feedstock for battery cathode precursors (nickel and cobalt sulfates, or intermediary nickel-copper-cobalt matte, or nickel-copper-cobalt alloy) for electric vehicles ( EV ) and energy storage markets, (ii) copper cathode for EV wiring, energy transmission and other applications, and (iii) manganese silicate for manganese alloy production required for steel production.
Significant quantities of newly mined metal are required because existing metal stocks are insufficient to meet rising demand.
Exploration and exploitation of seabed minerals in international waters is regulated by the International Seabed Authority ( ISA ), an intergovernmental organization established pursuant to the 1994 Agreement Relating to the Implementation of UNCLOS.
The ISA grants contracts to sovereign states or to private contractors who are sponsored by a sovereign state.
The ISA requires that a contractor obtain and maintain sponsorship by a host nation that is a member of the ISA and signatory to UNCLOS, and such nation must maintain effective supervision and regulatory control over such sponsored contractor.