Equipment integration underway to accommodate pilot nodule collector vehicle and riser system engineered and currently being built by Allseas
Factory acceptance testing has commenced for system components that will be integrated into the vessel

NEW YORK-- September 24, 2021 -- The Metals Company (Nasdaq: TMC) today announced that the 228-meter-long former drill ship renamed the Hidden Gem has arrived in Rotterdam, The Netherlands to begin its conversion into what is expected to be the first ship classified as a sub-sea mining vessel by the American Bureau of Shipping. TMC’s strategic partner Allseas acquired the former ultra-deep-water drill ship, which can accommodate 200 people, in March of 2020, as her configuration is well-suited for modifications that will enable the deployment at sea of a 4.5 kilometer-long riser to bring polymetallic nodules up from the seafloor.

In partnership with The Metals Company (formerly DeepGreen Metals Inc.), Allseas is developing a deep-sea mineral collection system to responsibly recover polymetallic nodules from the ocean floor and transfer them to the surface for transportation to shore. The nodules contain high grades of nickel, manganese, copper and cobalt—key metals required for building electric vehicle batteries and renewable energy technologies.

“We are very happy to see the Hidden Gem over here in Europe and to see Allseas making such tremendous progress with her,” said Gerard Barron, Chairman and CEO of The Metals Company. “The vessel has successfully embarked on the dry dock maintenance phase, which bodes well for a smooth and timely conversion in advance of our pilot mining project in 2022.”

The Metals Company recently completed its SPAC merger and public listing on the Nasdaq and strategic partner Allseas, a global leader in offshore engineering, congratulated the company. “As a significant existing investor in the company and investor in the PIPE, we further strengthen our strategic relationship with The Metals Company. We share their vision to develop the world’s largest estimated source of battery metals, which will be critical in the green transition,” said Allseas Founder and President Edward Heerema.

TMC and Allseas expect the vessel to be operational for pilot nodule collection tests by mid-2022.