Company: TMCWW
Filing Date: 2025-04-08
Form Type: PRE 14A
Source: 0001104659-25-032724
Chunk: 63

Company: TMC the metals Co Inc.
Filing Date: 2025-04-08
Form: PRE 14A
Chunk 63
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 is owned by Stonehaven, of which Mr. May is Deputy Chairman, under which Robertsbridge provides environmental consulting services to us. Consulting services during each of the years ended December 31, 2024 and December 31, 2023 totaled $122,050 and $304,065, respectively.

In addition, on February 26, 2024, we entered into a consulting agreement with Mr. May for certain consulting services which terminated at the 2024 Annual Meeting. Under this consulting agreement, we paid consulting fees to Mr. May of $8,750 per month and granted Mr. May RSUs for 17,241 common shares that vested on March 1, 2025.

#### Allseas
On March 29, 2019, we entered into a strategic alliance with Allseas to develop a system to collect, lift and transport nodules from the seafloor to shore and agreed to enter into a nodule collection and shipping agreement whereby Allseas would provide commercial services for the collection of the first 200 million metric tonnes of polymetallic nodules on a cost plus 50% profit basis. In furtherance of this agreement, on July 8, 2019, we entered into a Pilot Mining Test Agreement with Allseas (“PMTA”), which was amended on five occasions through February 2023, to develop and deploy a PMTS, successful completion of which is a prerequisite for our application for an exploitation contract with the ISA. Under the PMTA, Allseas agreed to cover the development cost of the project in exchange for a payment from us upon successful completion of the pilot trial of the PMTS in NORI Area D.

On March 16, 2022, Nauru Ocean Resources Inc. (“NORI”) and Allseas entered into a non-binding term sheet for the development and operation of a commercial nodule collection system. The pilot nodule collection system developed and tested by Allseas is expected to be upgraded to a commercial system with a targeted production capacity of 1.3 million tonnes of wet nodules per year with expected production readiness by the fourth quarter of 2024. NORI and Allseas intended to equally finance all costs related to developing and getting the first commercial system into production that were estimated at less than EUR100 million. It was anticipated that NORI would not have to make any payments related to the commercial system to Allseas until March 31, 2023. Once in production, NOR