Sustainable Energy & Infrastructure Client Feature — August 2025

This month, we’re pleased to feature our client, The Metals Company (TMC). TMC is a leading explorer of the world’s largest undeveloped resource of critical metals essential to energy, defense, manufacturing, and infrastructure.

As an explorer of lower-impact critical metals from seafloor polymetallic nodules, TMC has a dual mission: (1) supply metals for energy, defense, manufacturing, and infrastructure with net positive impacts compared to conventional production routes, and (2) trace, recover, and recycle the metals that they supply to help create a metal commons that can be used in perpetuity.

The company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing.

In May, TMC announced a $37 million registered direct offering through a securities purchase agreement with Michael Hess and his associated private investment vehicles. The financing will be used to advance the company’s deep-sea commercial development plans for critical metals essential to various industries and for general corporate purposes.

This financing comprises a Registered Direct Offering at $3 per share and warrants exercisable at $4.50 per share, with mandatory exercise if shares trade above $7 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 also brings decades of experience in large-scale resource development and deep global relationships across industry, government, and capital markets.

TMC’s Chairman and CEO, Gerard Barron, commented: “In recent weeks, both our company and the industry have made major strides. On April 24th, President Trump issued an Executive Order to accelerate seabed mining through expedited permitting, evaluation of offtake rights, and potential federal investment. Just days later, TMC submitted the world’s first commercial recovery application for nodules in international waters — more than two months ahead of schedule. We’re thrilled to welcome Michael Hess as a strategic partner. He brings over 15 years of exploration and production experience, as both an investor and operator, along with deep relationships across the US.”

Michael Hess also commented: “It is exciting to support the emergence of an entirely new resource category of ocean minerals and to help accelerate its development in service of the national interest.”

Mintz is proud to support the team at The Metals Company, and we look forward to witnessing their continued growth and success in the sustainable energy field.

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