Mining minerals

Moana Minerals Limited, a Wholly Subsidiary of Ocean Minerals LLC, Announces Award of Exploration Permit by Cook Islands Seabed Minerals Authority

GEORGE TOWN, Cayman Islands, February 24, 2022 /PRNewswire/ — Moana Minerals Limited (the “Company” or “Moana”)a the cook islands registered company and wholly owned subsidiary of parent company Ocean Minerals LLC (“OML”), today announced the award of an exploration permit by the Cook Islands Seabed Minerals Authority. Moana Minerals Ltd. is one of the first companies to hold an exploration permit in the the cook islands.

“The growing demand for ethically sourced cobalt, nickel and other critical raw materials is undeniable and unlikely to be met by land-based mining supplies alone. Land-based mining companies, battery manufacturers and even some automakers are looking for new sources of battery metals and minerals from the seabed may be that source of supply,” said Hans Smith, Chairman and CEO of OML. “As we work with the Cook Islanders and the Seabed Minerals Authority to conduct the environmental studies and technology development necessary for the responsible recovery of these resources, Moana will position itself as a responsible industry leader,” Smit added.

This exploration license grants Moana exclusive rights for a period of five years to explore for polymetallic nodules rich in cobalt and nickel in an area of ​​23,630 square kilometers entirely within the limits of the exclusive economic zone of the islands. Cook. During the exploration period, Moana will collect baseline environmental data from the deep sea ecosystem to form a basis for an Environmental and Social Impact Assessment (ESIA), recover quantities of nodules for studies metallurgical processing and will collect additional geological samples to increase size and confidence. of its resource estimate which, based on existing data, is estimated to be the largest undeveloped cobalt resource in the world. Moana will be in regular communication with the the cook islands community and the Seabed Minerals Authority to share updates on its program, including data collected during exploration.

This award also triggers the closing of a definitive agreement between Moana’s parent company, Ocean Minerals LLC, and Transocean Limited (NYSE: RIG), pursuant to which Transocean will acquire a minority non-controlling interest in Ocean Minerals LLC.

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About Ocean Minerals LLC

Ocean Minerals LLC is a deepwater critical metals exploration and development company incorporated in the Cayman Islands. The company’s subsidiaries, including Moana Minerals Limited, made a discovery of high-grade polymetallic nodules (cobalt, nickel, copper, manganese and rare earths) and sedimentary muds (rare earths) containing critical and strategic metals. These discoveries are entirely within the Exclusive Economic Zone (EEZ) of the the cook islands.

For more information about Ocean Minerals LLC, please visit the company’s website at: www.omlus.com

About Moana Minerals Limited

Moana Minerals Limited is a wholly owned subsidiary of Ocean Minerals LLC, and is a deepwater critical metals exploration and development company incorporated in the the cook islands with offices and operations based in Rarotonga, the cook islands. The company made a high-grade discovery of polymetallic nodules containing cobalt, nickel, copper, manganese and rare earth elements entirely within the Exclusive Economic Zone (EEZ) of the the cook islands. This deposit, reported in accordance with NI 43-101 and JORC standards, yields an inferred resource containing over 1 million tonnes of cobalt, 470,000 tonnes of nickel, 260,000 tonnes of copper and 31 million tonnes of manganese. Additionally, independent metallurgical laboratory testing indicated rare earth element volumes in excess of 600,000 tonnes (total REE basket tonnage), also contained in the nodules.

Moana Minerals Limited holds an exploration license for 23,630 square kilometers in the Cook Islands EEZ, where the company continues to carry out further exploration activities aimed at obtaining environmental clearances to conduct commercial operations and to raise levels of confidence and the size of the declared mineral resources. In parallel, and in partnership with Transocean, the Company is advancing work to develop recovery systems to mine and process these high-quality seafloor polymetallic nodules on a commercial scale.

For more information about Moana Minerals Limited, please visit the company’s website at: www.moana.co.ck

SOURCEMoana Minerals Limited