Exhibit 96.1

AMC Consultants Pty Ltd ABN 58 008 129 164   Level 12, 477 Collins Street Melbourne Vic 3000 Australia   T        +61 3 8601 3300 E         melbourne@amcconsultants.com   amcconsultants.com

Report 

Technical Report Summary of Prefeasibility Study of NORI Area D, Clarion Clipperton Zone

TMC the metals company Inc.

AMC Project 0225054

30 July 2025

Effective Date: 4 August 2025

Qualified Persons:

AMC Consultants Pty Ltd

MARGIN - Marine Geoscience Innovation

APYS Subsea Ltd

Canadian Engineering Associates Ltd

Lanasera Pty Ltd

Anthony O’Sullivan, Chief Development Officer, TMC the metals company Inc.

Dr. Michael Clarke, Environmental Manager, TMC the metals company Inc.

Rutger Bosland, Chief Innovation and Offshore Technology Officer, TMC the metals company Inc.

Adam Price, Project Controls Manager, TMC the metals company Inc.

Contents

Tables

Figures 

List of acronyms

List of elements

List of units

The world’s largest undeveloped deposit of manganese, nickel and cobalt and significant copper resource is hosted by polymetallic nodules (nodules) located on the seafloor in the Clarion-Clipperton Zone (CCZ) of the north-east Pacific Ocean. TMC the metals company Inc. (TMC) has identified the potential to recover metals from polymetallic nodules to support increasing demand from electrification, electric vehicle battery and stainless-steel demand. TMC, working with offshore partner Allseas SA (Allseas) and onshore partner Pacific Metals Co Ltd (PAMCO), has developed and demonstrated nodule collection and processing systems that can generate nickel, copper, cobalt and manganese products with little to no solid waste.

Four consortia of offshore development companies demonstrated the technical feasibility of collecting, lifting, and converting nodules into metals in the 1970s, but development of the industry was frustrated by the absence of regulation and a governing body. In 1994, the United Nations (UN) established the International Seabed Authority (ISA) pursuant to the UN Convention on the Law of the Sea (UNCLOS). The ISA governs the development of seabed

resources for UNCLOS member states in the territories beyond the exclusive economic zones governed by coastal states. This international territory is known as the Area.

In 2010, the ISA adopted Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area. In July 2011, the ISA granted TMC subsidiary, Nauru Ocean Resources Inc (NORI) an exploration contract covering four areas in the CCZ (NORI Area A, B, C, and D (the Property)). The NORI Exploration Contract was granted by the ISA for a period of 15 years which may be extended for periods of five years at a time, provided NORI has made efforts in good faith to comply with the requirements of the plan of work. The Exploration Contract does not confer any commercial production rights. A separate Plan of Work for exploitation must be submitted and approved by the ISA Council in accordance with the Mining Code before any commercial recovery may occur.

NORI is sponsored, under the ISA, to carry out its mineral exploration activities in the Property by the Republic of Nauru, pursuant to a certificate of sponsorship signed by the Government of Nauru on 11 April 2011.

The ISA is in the process of negotiating the exploitation regulations for development of seabed resources from the CCZ and other resources in the Area. At the time of this report, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

In 1980, the United States (U.S.) enacted the Deep Seabed Hard Mineral Resources Act ((DSHMRA) 30 U.S.C. §1401 et seq.) authorizing the National Oceanic and Atmospheric Administration (NOAA) to issue licenses for exploration and permits for commercial recovery from the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure that U.S. entities can participate in seabed mining despite the United States not being a party to the UNCLOS or the 1994 Implementation Agreement.

TMC, through its wholly owned subsidiary The Metals Company USA LLC (TMC USA) applied for exploration licences and commercial recovery permits over the NORI D area under DSHMRA. The relevant applications are summarized below:

These applications are still under review and commencement of Commercial Recovery by TMC USA is subject to approval of the license and permit under DSHMRA.

At the time of writing this report, TMC USA does not hold any exploration licenses or commercial recovery permits under the DSHMRA framework. However as stated above, TMC USA has submitted applications for such rights, and subject to regulatory review and approval, anticipates that any future commercial recovery activities would be conducted pursuant to a permit issued by NOAA under the U.S. legal regime. Any reference in this Technical Report Summary to activities proposed to be conducted by TMC USA is inherently uncertain and should be considered forward-looking in nature. No assurance can be given that any permit under DSHMRA will be issued, or that if issued, such permit will contain terms and conditions commercially or operationally viable for the Project.

TMC, in conjunction with Allseas, PAMCO, and specialist service providers, has now completed a pre-feasibility study (PFS) to evaluate collection and processing systems and the technical and economic viability of collecting, transporting and processing nodules from NORI Area D and marketing the products. As part of that PFS, TMC commissioned AMC Consultants Pty Ltd (AMC) to provide specialist independent advice throughout the PFS, develop an updated estimate of Mineral Resources contained in NORI Area D, undertake evaluation of relevant modifying factors required to convert Mineral Resources to Mineral Reserves at a minimum of a PFS level of assessment, and compile a Technical Report Summary, compliant with SEC Regulation S-K (subpart 1300), to report the updated Mineral Resource and the initial Mineral Reserve.

A phased development is outlined for NORI Area D. Each offshore collection system comprises collectors on the seafloor, a vertical transport system, and production vessel that will collect polymetallic nodules. The nodules will be transferred from the production vessel to a transfer vessel. The transfer vessel will load bulk carriers, and the polymetallic nodules will be shipped to on-shore processing facilities, where established processing technology will be used to produce manganese silicate, a feedstock for silico-manganese alloy production used in steel making, and nickel-cobalt-copper alloy and nickel-cobalt-copper matte, which is used in energy, defense, manufacturing, and infrastructure.

TMC, Allseas, and AMC have developed a mine plan for NORI Area D including an Initial Mining Area. The Initial Mining Area was selected based on similarity to the Test Mining Area and includes planned initial runs 19 and 20.

A converted drillship, the Hidden Gem, reclassed as the world’s first deepwater mining ship, was used by NORI to support successful test mining in 2022 (Test Mining), where 3,000 wet metric tonnes (wmt) of nodules were lifted to the surface. Learnings from the Test Mining and further testing and modelling completed by Allseas has informed development of the commercial-scale system, which will initially involve further modification of the Hidden Gem to incorporate two 15 m collectors (one operating on the seabed and one on deck being maintained) to commence production with an annual production rate of 1.5 million wet metric tonnes per annum (Mwmtpa). Production will be upgraded to two collectors operating in parallel on the seabed once operating procedures are refined (3.0 Mwmtpa per production vessel). This PFS envisages that subsequently, three further production vessels will be progressively deployed to achieve a nominal production rate of 12 Mwmtpa and average annual production of 10.5 Mwmtpa nodules (allowing for 5 yearly vessel dry dock inspections). This phased approach to development allows TMC USA to manage risk by progressively developing engineering and operating systems and adopting an adaptive management approach to environmental management. This development plan is preliminary in nature and subject to significant regulatory, technical, and financing contingencies.

In November 2023, TMC signed a binding memorandum of understanding (MOU) with PAMCO to complete a feasibility study (PAMCO FS) to process nodules through their Hachinohe facility to produce nickel-cobalt-copper alloy and nickel-cobalt-copper matte, and manganese silicate product. This followed flowsheet definition and piloting at 70 mt scale by TMC, in association with Hatch Pty Ltd (Hatch), FLSmidth Inc. (FLS) and XPS Expert Process Solutions (XPS, is a subsidiary of Glencore) and completion of a PFS by PAMCO, during which a 22 mt nodule sample was tested.

TMC and PAMCO together conducted the first commercial scale calcining operations on nodules. NORI supplied 2,000 wmt of nodules from their Test Mining, with roughly 500 wmt of calcined material generated. A subsequent commercial scale smelting test using PAMCO’s 4,000 kVA furnace, previously used for fly ash processing, was completed in Q1 2025.

As of the effective date of this Report, no binding commercial agreement has been entered into for the processing of NORI nodules by PAMCO, and all references to tolling or processing in Japan are forward-looking and contingent on further negotiation, permitting, and technical validation.

Existing capacity to process and refine nodules does not currently exist in the United States, and this has informed TMC’s strategy to use PAMCO and Indonesia to generate matte. In early years of operation, the matte will be sold to customers who will then process in their existing refineries. Beginning in Year 6 of operations, TMC USA intends to begin processing matte at a newly built US-based refinery. The refining facility will produce nickel sulfate, cobalt sulfate, copper cathode, and ammonium sulfate.

TMC recently completed a study evaluating possible refinery site locations in the U.S. The study also included a preliminary refinery design, plant layout, permitting and construction execution schedule schedules and 2025 basis capital and operating costs.

For the PFS, TMC has adopted an execution strategy in the economic analysis based on capital-light strategic partnerships. The PFS indicates that development of the NORI Area D Property is technically and economically viable.

The CCZ is located in international waters between Hawaii and Mexico. The western end of the CCZ is approximately 1,000 km south of the Hawaiian island group. From here, the CCZ extends over 4,500 km east-northeast, in an approximately 750 km wide trend, with the eastern limits approximately 2,000 km west of southern Mexico. The region is well-located to ship nodules to the American continent or across the Pacific to Japan and Indonesia. NORI Area D, for which the Mineral Resource and Mineral Reserve were estimated, covers 25,160 km² and is the easternmost of the four NORI exploration areas. Its center point is at latitude 10° 29’ N and longitude 116° 57’ W, approximately 850 km due west of the nearest land—the uninhabited Clipperton Island.

The principal regulatory environments governing the international seabed area include:

Part XI of the Convention and the 1994 Implementation Agreement deals with mineral exploration and exploitation in the Area, providing a framework for entities to obtain legal title to areas of the seafloor from the ISA for the purpose of exploration and eventually exploitation of resources.

The Convention entered into force on 16 November 1994. As of October 2024, the Convention had been signed by 169 States Parties¹ and the European Union. The United States of America is currently not a party to the Convention.

The Deep Seabed Hard Mineral Resources Act, enacted in 1980 by the U.S., authorizes the issuance of Exploration Licenses and Commercial Recovery Permits over the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure U.S. entities can participate in seabed mining despite not being party to UNCLOS.

To date, the ISA has issued regulations on prospecting and exploration for polymetallic nodules in the Area.

At the time of this report, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

Consequently, TMC, through its wholly owned subsidiary TMC USA on 28 April 2025 submitted applications for two exploration licenses and a commercial recovery permit under the U.S. regulatory regime governed by DSHMRA.

These applications are still under review and TMC’s claim to these areas under DSHMRA are subject to approval of these licenses and permits by NOAA. NOAA has advised TMC USA that the exploration license applications are substantially complete, which provides TMC USA with the priority right to areas subject to application, which includes NORI Area D, for the duration of the application process. TMC hold minerals rights to the NORI Area D through their subsidiary NORI under an Exploration Contract with the ISA.

Seafloor polymetallic nodules occur in all oceans, but the CCZ hosts a relatively high abundance of particularly nickel and copper-rich nodules. The CCZ seafloor forms part of the Abyssal Plains, which are the largest physiographic province on Earth.

The average depth of the seafloor in the Project Area is 3,800 to 4,200 m. The Abyssal Plains are traversed by ridges, with amplitude of 50 to 300 m (maximum 1,000 m) to the west and wavelength of 1 to 10 km. The Abyssal Plains are punctuated by inactive volcanoes rising 500 to 2,000 m above the seafloor.

Seafloor polymetallic nodules rest on the seafloor at the seawater - sediment interface. They are composed of nuclei and concentric layers of manganese and iron hydroxides and are formed by precipitation of metals from surrounding seawater and sediment pore waters. Nickel, cobalt and copper are also precipitated and occur within the structure of the manganese and iron minerals.

Nodules are abundant in abyssal areas with oxygenated bottom waters and low sedimentation rates (less than 10 cm per thousand years). Nodules generally range from about 1 to 12 cm in their longest dimension. Nodules of 1 to 5 cm are typically the most common in NORI Area D, where they have been classified as Type 1 nodules.

The specific conditions of the CCZ (water depth, latitude, and seafloor sediment type) are considered to be the key controls for the formation of polymetallic nodules.

Information on the mineralization within NORI Area D comprises a combination of sampling undertaken by NORI as well as free-fall grab sampler (FFG) and box core sampler (BC) data supplied by the ISA at the time of the NORI Area D exploration application. Additional regional data, assembled by the ISA as part of its Geological Model Project during 2008 to 2010 (ISA 2010), are available. The data provides significant coverage over NORI Area D and indicates a high abundance of nodules in this region, as has been confirmed by NORI's exploration.

1  https://itlos.org/en/main/the-tribunal/states-parties/

NORI completed offshore exploration campaigns in 2012, 2013, 2018, 2019, 2020, 2021, 2022, and 2023 / 2024. During these campaigns, a variety of resource evaluation data was collected including:

The nodules in the box cores were collected and their characteristics measured and recorded in detail. Samples of nodules were collected in duplicate and for initial campaigns assayed at two reputable, well-qualified laboratories: ALS Limited (ALS) and Bureau Veritas SA (Bureau Veritas). Subsequently, samples were assayed at ALS, with every tenth samples checked by Bureau Veritas. Certified reference material, and blank samples were inserted to provide additional levels of quality control. No significant issues were identified with the assay results.

The backscatter data and the sidescan sonar and seafloor photography indicate strong continuity of nodule abundance across NORI Area D. There is a clear relationship between nodule long axis length and nodule weight and, therefore, it is possible to estimate nodule abundance from photographs. Several estimation techniques were tested, and methodologies were developed that are suitable for closely packed (Type 1) and less closely packed (Type 2 and 3) nodules.

Interpretation of detailed AUV derived bathymetric data identified geo-obstacles that have the potential to impact nodule collection efficiency. A computer model was developed to predict where these features are likely to occur. The model used data about slopes, ruggedness, and other landscape details and identified patterns linked to geological structures like ridges and volcanic seamounts. The model, correlating well with observed data, highlights geological trends influencing obstacle distribution and informs mine-planning by predicting regions likely to impact collector performance.

Mineral Resources were estimated using a two-dimensional block model. Estimates of nodule abundance and nickel, manganese, cobalt, and copper grades were performed using kriging. A variety of methods was used to validate the estimates, including conditional simulation. The estimates of nodule abundance were used to calculate the tonnage of the Mineral Resources.

Bathymetric mapping enabled the interpretation of parts of seafloor that are possibly too steep for recovery of nodules using the systems considered in this Technical Report summary. Seafloor areas with slopes steeper than 6° were excised from the 2024 Mineral Resource estimate.

The Mineral Resource at 30 June 2025, at an abundance cut-off of 4 wet kg/m², and in accordance with SEC Regulation S-K (subpart 1300) (S-K 1300) is stated inclusive of those Mineral Resources converted to Mineral Reserves in Table 1.1. Estimates are reported on a wet nodule abundance basis, assuming 28% moisture content (mass of water)/(mass of solids + water).

Notes:

The Mineral Resource at 30 June 2025, at an abundance cut-off of 4 wet kg/m², and in accordance with SEC Regulation S-K (subpart 1300) (S-K 1300) exclusive of those Mineral Resources converted to Mineral Reserves is stated in Table 1.1. Estimates are reported on a wet nodule abundance basis, assuming 28% moisture content (mass of water)/(mass of solids + water).