Transocean Ltd. (RIG)

[Mother Lode]

Moana Minerals Limited is wholly-owned subsidiary of Ocean Minerals LLC, and is a deepwater critical metals exploration and development company incorporated in the Cook Islands with offices and operations based in Rarotonga, Cook Islands. The company has 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 Cook Islands. This deposit, reported in accordance with NI 43-101 and JORC standards, reports 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 tests have indicated rare earth element volumes in excess of 600,000 tonnes (aggregate REE basket tonnage), also contained within the nodules.

Moana Minerals Limited holds an Exploration License for 23,630 square kilometers within the Cook Islands EEZ, where the company continues to conduct further exploration activities aimed at securing environmental approvals to perform commercial operations and increasing confidence levels and size of the reported mineral resource. 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 scal