• The financing is led by Michael Hess, Chief Investment Officer of Hess Capital, and Brian Paes-Braga, Managing Partner at SAF Group and Head of SAF Growth
• It comprises a Registered Direct Offering at $3.00 per share and warrants exercisable at $4.50 per share, with mandatory exercise if shares trade above $7.00 per share for 20 consecutive days
• Proceeds are expected to be sufficient to fund operations through the potential issuance of a commercial recovery permit
• The investor group brings decades of experience in large-scale resource development and deep global relationships across industry, government and capital markets

NEW YORK, May 12, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (NASDAQ:TMC) ("TMC" or the "Company"), a leading explorer of the world's largest undeveloped resource of critical metals essential to energy, defense, manufacturing, and infrastructure, today announced a $37 million registered direct offering through a securities purchase agreement with Michael Hess and his affiliated private investment vehicles. Brian Paes-Braga, Managing Partner at SAF Group and a long-time supporter of TMC, is participating alongside Mr. Hess in the offering. An existing strategic TMC investor is also participating in the offering.

Pursuant to the agreement, TMC will issue 12.3 million common shares at $3.00 per share, with each share accompanied by a Class C warrant to purchase one additional share at an exercise price of $4.50 per share. The warrants have a three-year term and include a compulsory exercise provision if the stock trades above $7.00 per share for 20 consecutive trading days. Gross proceeds are expected to total approximately $37 million before expenses. Proceeds will be used to advance the Company's commercial development plans and for general corporate purposes and are expected to be sufficient to fund operations through the potential issuance of a commercial recovery permit. The offering is expected to close on or about May 22, 2025, subject to customary closing conditions.