Company: TMCWW
Filing Date: 2025-01-08
Form Type: CORRESP
Source: 0001104659-25-002048
Chunk: 2

Company: TMC the metals Co Inc.
Filing Date: 2025-01-08
Form: CORRESP
Chunk 2
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lic nodules found in the CCZ, nickel, manganese, cobalt and copper. Some of these changes have resulted, and may continue to result, in decreased use of nickel, manganese, cobalt and/or copper in these industries and end markets. For instance, the adoption of lithium iron phosphate , or LFP, battery chemistries has grown substantially from 4% of the batteries used in passenger EVs in 2015 to an estimated 42% in 2023. The continuation of this trend in the use of LFP battery chemistries will decrease the overall demand for nickel- and cobalt-rich battery chemistries in EV use. Additionally, copper is increasingly being substituted with aluminum or other materials in electrical and infrastructure applications, potentially reducing the overall market demand for copper.

Although we are actively monitoring these technological changes and shifts in end-market demand and taking steps designed to diversify the potential applications and markets for our metals, as these industries shift to new or substitute technologies or products or if these industries and end markets otherwise
use less of the metals that we intend to collect and process, and our diversification efforts are not successful, there could be a decline in demand for our metal products.
If the demand for our metal products decreases, it will have a material adverse effect on our business and the results of our operations
and financial condition.

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