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Exploration Contracts | 12 Months Ended
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Dec. 31, 2024
Exploration Contracts. |
Exploration Contracts |
10. | Exploration Contracts
Significant Exploration Agreements NORI Exploration Contract: The Company’s wholly-owned subsidiary, NORI, was granted the NORI Exploration Contract on July 22, 2011 under the sponsorship of Nauru. The contract application fee of $0.3 million, provides NORI with exclusive rights to explore for polymetallic nodules in the NORI Area for an initial term of 15 years (renewable for successive five-year periods) subject to complying with the exploration contract terms (Note 21) and provides NORI with the priority right to apply for an exploitation contract to collect polymetallic nodules in the same area. NORI has a right to renounce, without penalty, in whole or part of its rights in the NORI Area at any time and therefore does not have a fixed commitment with relation to the NORI Exploration Contract (Note 21). TOML Exploration Contract: TOML was granted the TOML Exploration Contract on January 11, 2012 under the sponsorship of Tonga. The TOML Exploration Contract provides TOML with exclusive rights to explore for polymetallic nodules in the TOML Area for an initial term of 15 years (renewable for successive five-year periods) subject to complying with the exploration contract terms and a priority right to apply for an exploitation contract to collect polymetallic nodules in the same area. On March 31, 2020, the Company entered into an acquisition agreement with Deep Sea Mining Finance Ltd. to acquire TOML and other related entities in the group (the “TOML Acquisition”). Total purchase price of the TOML Acquisition, before transaction costs, was $32.0 million comprising of $42.7 million for exploration contracts offset by $10.7 million for deferred tax liability. TOML holds an ISA exploration contract in the CCZ (“TOML Exploration Contract”) and some exploration related equipment. Reconciliation – Exploration Contracts A reconciliation of the Company’s capitalized exploration contracts is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ |  | Marawa |  | ​ | ​ |  | ​ | ​
​ | ​ | NORI | ​ | Option | ​ | TOML | ​ | ​ | ​
​ | ​ | Contract | ​ | Agreement | ​ | Contract | ​ | Total
December 31, 2023 |  | $ | 250 | ​ | $ | 199 | ​ | $ | 42,701 | ​ | $ | 43,150
Termination of Marawa Agreement | ​ | ​ | — | ​ | ​ | (199) | ​ | ​ | — | ​ | ​ | (199)
December 31, 2024 |  | $ | 250 | ​ | $ | — | ​ | $ | 42,701 | ​ | $ | 42,951
​ The detail of exploration and evaluation expenses is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | NORI |  | Marawa |  | TOML |  | ​ | ​
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the year ended December 31, 2024 | ​ | Contract | ​ | Agreement | ​ | Contract | ​ | Total
Environmental Studies | ​ | $ | 2,891 | ​ | $ | 270 | ​ | $ | 73 | ​ | $ | 3,234
Exploration Labor | ​ | ​ | 8,706 | ​ | ​ | 85 | ​ | ​ | 633 | ​ | ​ | 9,424
Share-Based Compensation (Note 17) | ​ |  | 9,638 | ​ |  | 14 | ​ |  | 799 | ​ |  | 10,451
Mining, Technological and Process Development | ​ | ​ | 21,173 | ​ | ​ | — | ​ | ​ | 1,219 | ​ | ​ | 22,392
Prefeasibility Studies | ​ | ​ | 1,120 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,120
Sponsorship, Training and Stakeholder Engagement | ​ | ​ | 2,353 | ​ | ​ | 115 | ​ | ​ | 601 | ​ | ​ | 3,069
Permit Application Activities | ​ | ​ | 297 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 297
Other | ​ |  | 640 | ​ |  | — | ​ |  | 16 | ​ |  | 656
​ | ​ | $ | 46,818 | ​ | $ | 484 | ​ | $ | 3,341 | ​ | $ | 50,643
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | NORI |  | Marawa |  | TOML |  | ​ | ​
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the year ended December 31, 2023 | ​ | Contract | ​ | Agreement | ​ | Contract | ​ | Total
Environmental Studies | ​ | $ | 16,421 | ​ | $ | — | ​ | $ | — | ​ | $ | 16,421
Exploration Labor | ​ | ​ | 7,268 | ​ | ​ | 227 | ​ | ​ | 711 | ​ | ​ | 8,206
Share-Based Compensation (Note 17) | ​ |  | 4,444 | ​ |  | 146 | ​ |  | 443 | ​ |  | 5,033
Mining, Technological and Process Development | ​ | ​ | 13,694 | ​ | ​ | — | ​ | ​ | 1,262 | ​ | ​ | 14,956
Prefeasibility Studies | ​ | ​ | 1,345 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,345
Sponsorship, Training and Stakeholder Engagement | ​ | ​ | 2,248 | ​ | ​ | 202 | ​ | ​ | 996 | ​ | ​ | 3,446
Other | ​ | ​ | 433 | ​ | ​ | — | ​ | ​ | 9 | ​ | ​ | 442
​ | ​ | $ | 45,853 | ​ | $ | 575 | ​ | $ | 3,421 | ​ | $ | 49,849
​

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