Company: TMCWW
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047373
Chunk: 6

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 6
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 defined period) to 50% of the NORI nickel and copper production
if produced from a DeepGreen Engineering Pte. Ltd.-owned or controlled facility. In addition, the Company has worked with engineering
firm Hatch and consultants KPM to develop a near-zero solid waste flowsheet (i. e., the potential to process and refine nodules into critical
metals while leaving almost no solid waste streams behind). The primary processing stages of the flowsheet from nodule to NiCuCo matte
intermediate were demonstrated as part of its pilot plant program at FLSmidth and XPS’ facilities. The matte refining stages are
being tested at SGS Lakefield. The near-zero solid waste flowsheet provides a design that is expected to serve as the basis for its onshore
processing facilities. In November 2022, the Company entered into a non-binding memorandum of understanding (“ MoU”),
with Pacific Metals Co Ltd (“ PAMCO”), of Japan pursuant to which PAMCO completed prefeasibility work assessing the prospect
of processing nodules using their existing facilities. In November 2023, the Company entered into a binding MoU with PAMCO whereby
they committed to completing a feasibility study (expected to be completed by mid-2025) to toll treat 1.3 million tonnes of wet polymetallic
nodules per year at its Hachinohe, Japan smelting facility, provided the Company obtains commercial production rights. The toll treatment
is intended to take place on a dedicated Rotary Kiln Electric Arc Furnace (“ RKEF”), processing line and produce two products:
nickel-copper-cobalt alloy, an intermediate product used as feedstock to produce lithium-ion battery cathodes, and a manganese silicate
product used to make silico-manganese alloy, a critical input into steel manufacturing. In February 2025, PAMCO successfully processed
approximately 2,000 tonnes of nodules from the Company’s integrated pilot collection system on their existing RKEF line, producing
both nickel-copper-cobalt alloy and manganese silicate. The Company expects this relationship to progress to a definitive tolling agreement
in 2025, subject to successful evaluation study outcomes and agreement to mutually acceptable commercial terms. There can be no assurance
that the Company will enter into such definitive strategic alliance with PAMCO in a particular time period and with sufficient scale,
or at all, or on terms similar to those set forth in the binding MoU, or that