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 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.

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

NORI

Marawa

TOML

Exploration

Option

Exploration

For the year ended December 31, 2024

Contract

Agreement

Contract

Total

Environmental Studies

2,891

270

3,234

Exploration Labor

8,706

633

9,424

Share-Based Compensation (Note 17)

9,638

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

—

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