Exhibit 96.2

 

MINERAL RESOURCE ESTIMATE FOR

THE EL3 COOK ISLANDS

POLYMETALLIC NODULE DEPOSIT

Initial Assessment and Technical Report Summary for the EL3 Cook Islands Polymetallic Nodule Deposit, South Pacific Ocean

 

Report prepared for (Registrant):		MOANA MINERALS LTD
		Grand Central Building
		Main Road
		Avarua
		Rarotonga, Cook Islands

 

Date & Signature

Report issued by

RSC Consulting Ltd

24 Smith Street, Dunedin 9016, New Zealand

Postal Address: PO Box 5647, Dunedin, 9054, New Zealand

Report prepared for

 

Client name		MOANA MINERALS LTD
Project name		EL3 COOK ISLANDS POLYMETALLIC NODULE DEPOSIT
Contact name		Hans Smit
Contact title		President and CEO
Contact address		Grand Central Building, Main Road, Avarua, Rarotonga, Cook Islands

Report Information

 

File name		250711 RSC Moana Technical Report
Effective date		December 31, 2025
Report status		Final

Date & Signature

 

Contributing author (QP)		Signature		Date
Prepared by Qualified Persons from the following Third-Party firm:		/s/ RSC Consulting Ltd		May 6, 2026
RSC Consulting Ltd

		MINERAL RESOURCE ESTIMATE FOR THE EL3 COOK ISLANDS POLYMETALLIC NODULE DEPOSIT MOANA MINERALS LTD.

 

 

Contents
Date & Signature
List of Tables			7
List of Figures			9
Acronyms			12
1.   Executive Summary			15
1.1  Property Description & Ownership			15
1.2  Geology & Mineralization			15
1.3  Status of Exploration			16
1.4  Development & Operations			16
1.5  Mineral Resource Estimate			16
1.6  Mineral Reserve Estimate			18
1.7  Capital & Operating Costs			18
1.8  Economic Analysis			18
1.9  Permitting Requirements			18
1.10  Conclusions & Recommendations			18
2.   Introduction			20
2.1  Registrant Information			20
2.2  Terms of Reference & Purpose			20
2.3  Sources of Information			20
2.4  Qualified Persons			20
2.5  Personal Inspection Summary			21
2.6  Previously Filed Technical Report Summary Reports			21
3.   Property Description			22
3.1  Location			22
3.2  Mineral Tenure			22
3.3  Royalties & Encumbrances			23
3.4  Environmental Liabilities & Permits			23
4.   Accessibility, Climate, Local Resources, Infrastructure & Physiography			25

 

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4.1  Accessibility			25
4.2  Climate			25
4.3  Bathymetry			26
4.4  Local Resources & Infrastructure			26
5.   History			27
5.1  Tenure & Operating History			27
5.2  Exploration History			27
5.3  Production History			30
5.4  Historical Mineral Resource Estimates
5.4.1 2017 MRE
5.4.2 2023 MRE
6.   Geological Setting, Mineralization & Deposit			31
6.1  Regional Geology			31
6.1.1 Global Distribution of Nodules			31
6.1.2 Tectonic Setting			32
6.1.3 Ocean Currents			33
6.1.4 Seabed Morphology			34
6.2  Local & Property Geology			36
6.3  Mineralization			38
6.4  Mineral Deposit Model & Known Comparable Deposits			38
7.   Exploration			42
7.1  Bathymetry			42
7.1.1 Geomorphological Domains			43
7.2  Seabed Sampling			45
7.2.1 Research Cruise 1 (RC01)			45
7.2.2 Expedition 1, Leg 2			45
7.2.3 Expedition 2			45
7.2.4 Expedition 3			45
7.2.5 Expedition 4			46
7.3  Nodule Abundance			46
7.4  Nodule Moisture & Density			49

 

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7.5  Nodule Geochemistry			49
7.5.1 Chemical Analysis			49
7.5.2 Mineralogical Characteristics			52
7.6  Nodule Morphology			54
7.7  Sediment Geochemistry			54
8.   Sample Preparation, Analyses & Security			57
8.1  Sampling			57
8.1.1 Freefall Grab			57
8.1.2 Box Core			58
8.1.3 Multicore			59
8.1.4 Benthic Sled			59
8.1.5 Remotely Operated Vehicle			60
8.2  Sample Preparation			61
8.2.1 Onboard Sample Preparation			61
8.2.2 BC Processing			61
8.2.3 FFG Processing			62
8.2.4 Nodule Removal			62
8.2.5 Nodule Washing			64
8.2.6 Onshore Sample Preparation			65
8.3  Analysis			65
8.3.1 Wet Nodule Weight			65
8.3.2 Wet Nodule Abundance			66
8.3.3 Dry Nodule Weight & Moisture Content			66
8.3.4 Laboratory Assay			67
8.4  Density & Moisture Content			67
8.5  Security			68
8.6  Data Quality			69
8.6.1 Data Quality Objective			69
8.6.2 Quality Assurance			69
8.6.2.1 Location Data			69
8.6.2.2 Density & Moisture Content			70
8.6.2.3 Primary Sample			70

 

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8.6.2.4  Sample Preparation & First Split			71
8.6.2.5  Nodule Abundance			72
8.6.2.6  Second Split			72
8.6.2.7  Third Split			72
8.6.2.8  Analytical Process			72
8.6.3 Quality Control			73
8.6.3.1  Location Data			73
8.6.3.2  Density & Moisture Data			74
8.6.3.3  Primary Sample			74
8.6.3.4  First Split			75
8.6.3.5  Nodule Abundance			76
8.6.3.6  Second Split			77
8.6.3.7  Third Split			78
8.6.3.8  Analytical Process			78
8.6.4 Quality Acceptance Testing			81
8.6.4.1  Location Data			82
8.6.4.2  Density & Moisture Data			82
8.6.4.3  Primary Sample			83
8.6.4.4  First Split			90
8.6.4.5  Nodule Abundance			90
8.6.4.6  Second Split			92
8.6.4.7  Third Split			92
8.6.4.8  Analytical Process			93
8.7  Summary			95
9.   Data Verification			96
10.  Mineral Processing & Metallurgical Testing			97
10.1.1 BGRIMM Testing			97
10.1.2 ALS Testing			98
11.  Mineral Resource Estimates			100
11.1  Informing Data			100
11.1.1 Data Handling			100
11.1.1.1  Sample Compositing			100
11.1.1.2  Sample Quality Rank			100
11.1.1.3  Exclusion of Repeat Samples			101
11.1.1.4  Handling of BC_017			101

 

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11.1.2 Location Data			101
11.2  Interpretation & Model Definition			101
11.2.2.1  Abundance			102
11.2.2.2  Geochemistry			103
11.2.4 Alternative Interpretations			104
11.3  Summary Statistics & Data Preparation			104
11.3.1 Sample Support			104
11.3.2 Estimation Domain Statistics			104
11.4  Spatial Analysis & Variography			107
11.4.1 Variogram Analysis			107
11.5  Block Model			110
11.6  Search Neighborhood Parameters			111
11.7  Estimation			111
11.7.1 Domain			111
11.8  Validation			113
11.9  Sensitivity Testing			114
11.10 Multi-Factor Scorecard Modeling			116
11.11 Classification			117
11.11.1 Cut-Off Grade
11.11.2 Mining & Metallurgical Methods & Parameters			120
11.11.3 RPEEE			121
11.11.4 Comparison with Historical Estimate
11.11.4.1 2017 OML MRE
11.11.4.2 2023 SBMA Estimate
11.12 Risks			122
12.  Mineral Reserves Estimates			127
13.  Mining Methods			128
14.  Processing & Recovery Methods			129
15.  Project Infrastructure			130
16.  Market Studies			131
17.  Environmental Studies, Permitting & Plans, Negotiations, or Agreements with Local Individuals or Groups			132

 

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17.1.1 Exploration Environment Programs & Impacts
17.1.2 Environmental Impacts from Minerals Harvesting
17.2  Environmental Studies
17.2.1 Benthic Zone
17.2.2 Pelagic & Surface Zones
18.  Capital & Operating Costs			133
19.  Economic Analysis			134
20.  Adjacent Properties			135
20.1  CIC Limited			135
20.2  Cook Islands Investment Corporation Seabed Resources Limited
21.  Other Relevant Data & Information			137
22.  Interpretation & Conclusions			138
23.  Recommendations			140
24.  References			141
25.  Reliance on Information Provided by the Registrant			146
26.  Certificate of Qualified Person: René Sterk
27.  Certificate of Qualified Person: Sean Aldrich

 

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List of Tables
Table 1-1: Mineral Resource statement at a nodule abundance cut-off of 12.5 kg/m2			16
Table 3-1: Status of MML’s license			23
Table 5-1: Summary of historical sample type by expedition			27
Table 5-2: JICA-MMAJ navigation systems			29
Table 5-3: Mineral Resource statement for 2017 MRE prepared for OML
Table 5-4: Mineral Resource statement for the 2023 MRE prepared for SBMA
Table 6-1: Summary of global nodule grades			31
Table 6-2: Summary of global nodule grades			41
Table 7-1: Summary of slope analysis			43
Table 7-2: Summary of nodule abundance data			47
Table 7-3: Summary of nodule chemical analysis			50
Table 7-4: Summary statistics for sediment geochemistry and grain size			54
Table 8-1: Analytical methods used by ALS Brisbane			67
Table 8-2: Explanation of the Westgard rules			81
Table 8-3: Summary of BC video review for BC sampler bouncing and other quality factors			86
Table 8-4: Summary of primary sample quality based on video footage review			86
Table 8-5: Precision summary for replicate and repeat nodule weight measurements			91
Table 8-6: Precision summary for third-split repeat pairs			93
Table 8-7: Performance summary of MME3NDLB0 submitted for the EL3 Project			94
Table 8-8: Summary of data quality for EL3 for the purpose of resource estimation and classification			95
Table 11-1: Primary sample quality rank based on sampling video footage			101
Table 11-2: Summary statistics of abundance estimation domains			105
Table 11-3: Summary statistics of geochemistry domains			105
Table 11-4: Abundance variogram parameters			107
Table 11-5: Variogram parameters for Cu, Mn, Ni, Co, and Fe			108
Table 11-6: Block model description			110
Table 11-7: Search neighborhood parameters			111
Table 11-8: Estimated block summary statistics			112
Table 11-9: Mean comparison of sample and estimate block grades			113
Table 11-10: Comparison of mean abundance block grade			115
Table 11-11: Data quality multi-factor rankings applied to the samples			116
Table 11-12: Weighting system used to determine overall score			116
Table 11-13: Mineral Resource statement at nodule abundance cut-off of 12.5 kg/m2			119
Table 11-14: Average production estimate. From Smit (2024)			119
Table 11-15: Summary of tons and grade at a cut-off of 10, 12.5 and 15 kg/m2			120

 

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Table 11-16: Risk assessment criteria			123
Table 11-17: List and analysis of risks			124
Table 23-1: Proposed Phase 1 and 2 expenditures in USD			140

 

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List of Figures
Figure 3-1: Location of the Project (EL3) in the South Pacific Ocean			22
Figure 4-1: Bathymetric map of the Project area			26
Figure 5-1: Historical samples and cruise tracks within the Project area			28
Figure 5-2: Standard survey station layout conducted by JICA			28
Figure 5-3: Standard sampling layout conducted by JICA at each station			29
Figure 5-4: High-resolution bathymetric map over the 16-159 Area			30
Figure 5-5: Plan view of nodule abundance block model
Figure 5-6: Plan view of estimation block grade and sample data
Figure 6-1: Fe-Mn crust and nodule samples collected from around the world			31
Figure 6-2: Tectonic setting of the Cook Islands EEZ and surrounding seabed			32
Figure 6-3: Volcanic chains and hotspot tracks			33
Figure 6-4: Schematic of ocean currents in and near the EEZ			34
Figure 6-5: Seabed geomorphology for the Cook Islands and surrounds			35
Figure 6-6: Gravy cores collected by JICA-MMAJ in the 16-159 Area
Figure 6-7: Sub-bottom profiles from JICA-MMAJ (2001)			37
Figure 6-8: Nodules recovered from the Project area. Mineralization nucleated around a megalodon tooth			39
Figure 6-9: (a) Schematic illustrating the formation of Mn-oxides and Fe-oxyhydroxides			40
Figure 7-1: MBES survey lines			42
Figure 7-2: Project bathymetry			43
Figure 7-3: Geomorphological domain maps for EL3			44
Figure 7-4: Photographs of before and after moving BC samplers			46
Figure 7-5: BC and FFG samples collected by MML			48
Figure 7-6: Nodule density			49
Figure 7-7: Map of nodule geochemistry			51
Figure 7-8: Photographs of characterized nodules			52
Figure 7-9: QEMSCAN map for Nodule 1			53
Figure 7-10: SEM photomicrographs of Nodule 1			53
Figure 7-11: Examples of the different nodule morphologies recovered from EL3			55
Figure 7-12: Sediment geochemistry maps			56
Figure 8-1: FFG being recovered at night			57
Figure 8-2: Front and side profile of the BC			58
Figure 8-3: Multicore recovered to deck with samples. From van Eck (2023a)			59
Figure 8-4: The benthic sled unloading nodules on the aft deck			60
Figure 8-5: ROV launching of starboard side of the MV Anuanua Moana during EXP2 (van Eck, 2023b)			61
Figure 8-6: Examples of tray photographs collected			62

 

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Figure 8-7: Removing the surface nodules and sediment of a BC sample			63
Figure 8-8: FFG sampler sitting in the FFG cradle			63
Figure 8-9: Nodule washing station			64
Figure 8-10: Sample collected from FFG_0069, with an Fe-Mn outer microbotryoidal layer			65
Figure 8-11: Scales used during E1L2 (left) and EXP4 (right)			66
Figure 8-12: Nodule drying process at ALS Brisbane			67
Figure 8-13: Nodules from E1L2 were stored in a locked container at MML’s warehouse facilities			69
Figure 8-14: Difference in x and y coordinates (in m) plotted against time			73
Figure 8-15: Relative difference plot comparing FFG repeat samples collected during E1L2			75
Figure 8-16: Relative difference plot comparing nodule abundance grades in FFG and BC repeat samples			75
Figure 8-17: Reference weight data plotted in sequence			76
Figure 8-18: Relative difference of nodule weight replicate data			77
Figure 8-19: Relative difference plot for at-sea vs on-land nodule weights			77
Figure 8-20: Relative difference plot over sample sequence (proxy time) for Co grades			78
Figure 8-21: Shewhart control plots for reference material MME3NDLB0			80
Figure 8-22: OREAS C27h blank data			81
Figure 8-23: Scatter plots comparing the ship’s DGPS data (x axis) with the handheld GPS data (y axis)			82
Figure 8-24: Scatter plot for nodule abundance between FFG repeat samples collected during E1L2			83
Figure 8-25: BC/FFG nodule abundance ratio vs sea state			84
Figure 8-26: Scatter and QQ plots for nodule abundance for BC and FFG repeat samples collected during EXP4			85
Figure 8-27: Photographs of BC_015			85
Figure 8-28: Comparison photographs of nodules collected by FFG_087			87
Figure 8-29: Maps displaying the ‘failed’ FFG samples and sediment strength data collected at 3 and 12 cm depths			88
Figure 8-30: Scatter plot comparing BC and FFG repat pairs			89
Figure 8-31: Comparison between the BC top shot and seabed image for BC_016			89
Figure 8-32: Scatter and QQ plot of replicate weight data			91
Figure 8-33: Scatter and QQ plot comparing at-sea and on-land nodule weights			92
Figure 8-34: Scatter and QQ plots comparing third-split repeat pairs for Co			93
Figure 10-1: Simplified flowsheet of extraction and recovery of Co, Ni, Cu, and Mn from Cook Islands nodules			98
Figure 10-2: Simplified flowsheet of extraction and recovery of Co, Ni, Cu, and Mn from Cook Islands nodules			99
Figure 11-1: Estimation domains for nodule abundance			103
Figure 11-2: Geochemistry estimation domains for Co and Fe			103
Figure 11-3: Histogram of High Abundance estimation domain (left) and Low Abundance estimation domain (right)			105
Figure 11-4: Histogram of Cu (top left), Mn (top right), and Ni (bottom center) estimation domains			106
Figure 11-5: Histograms of low (left) and high (right) Co estimation domains			106
Figure 11-6: Histograms of low (left) and high (right) Fe estimation domains			107

 

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Figure 11-7: Experimental semi-variogram models for (A) High Abundance domain, (B) Low Abundance domain			108
Figure 11-8: Experimental semi-variogram models for (A) Cu, (B) Mn, and (C) Ni			109
Figure 11-9: Experimental semi-variograms models			110
Figure 11-10: Contact analysis plots			112
Figure 11-11: Plan view of estimated block grades and sample data for abundance			113
Figure 11-12: Swath plots comparing sample (blue) and estimated (red) abundance grades			114
Figure 11-13: Scatter plot comparing block abundance grade			115
Figure 11-14: Plan view of estimated multifactor scorecard			117
Figure 11-15: Abundance block model outlining the classification of the Mineral Resource			118
Figure 11-16: RSC’s risk score matrix			123
Figure 17-1: Net organic export in the Cook Islands and CCZ
Figure 17-2: Schematic section of ocean zones and areas
Figure 20-1: Map of licenses and reserved areas in the Cook Islands EEZ			135
Figure 22-1: Areas of exploration potential			139

 

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kyr		thousand years		QEMSCAN		quantitative evaluation of minerals by
L		liter				scanning electron microscopy
La		lanthanum		QP		Qualified Person
LARS		launch and recovery system		QQ		quantile-quantile
LC		long core		RALS		riser and lift system
LED		light-emitting diode		Rb		rubidium
LOI		loss on ignition		RBF		radial basis functions
LOQ		limit of quantification		RC01		Research Cruise 1
Lu		lutetium		REEs		rare earth elements
m		meter		REY		rare earth elements and yttrium
Ma		million years ago		RL		reduced level
MBES		multibeam echosounder		RMSCV		root mean square coefficient of variation
MC		multicore		ROV		remotely operated vehicle
MFES		multi-frequency exploration system		RPEEE		reasonable prospects for eventual
Mg		magnesium				economic extraction
mi		miles		RSC		RSC Consulting Ltd
ml		milliliter		SBMA		Seabed Minerals Authority
mm		millimeter		SD		standard deviation
MMAJ		Metal Mining Agency of Japan		SEC		South Equatorial Current
MML		Moana Minerals Limited		SEM		scanning electron microscope
Mn		manganese		S		sulfur
Mo		molybdenum		Sc		scandium
MRE		mineral resource estimate		Si		silicon
Mt		megaton		Sm		samarium
MV		motor vessel		Sn		tin
Na		sodium		SOP		standard operating procedure
Nb		niobium		Sr		strontium
Ni		nickel		t		ton
NNSS		Navy Navigation Satellite System		Ta		tantalum
NOAA		National Oceanic and Atmospheric		Tb		terbium
		Administration		Th		thorium
OML		Ocean Minerals LLC		Ti		titanium
O		oxygen		Tl		thallium
P		phosphorous		Tm		thulium
Pb		lead		TMS		tether management system
PFS		Pre-Feasibility Study		TRS		Technical Report Summary
Pr		praseodymium		U		uranium
QA		quality assurance		USBL		ultra-short baseline
QAT		quality assurance testing		UTM		Universal Transverse Mercator
QC		quality control

 

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V		vanadium
W		tungsten
XRD		X-ray diffraction
XRF		X-ray fluorescence
Y		yttrium
Yb		ytterbium
Zn		zirconium

 

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1. Executive Summary

Moana Minerals Limited (MML) commissioned RSC to prepare a technical report, compliant with S-K 1300 standards, on its polymetallic nodule project (Project) located within the Cook Island exclusive economic zone (EEZ). RSC prepared an independent technical report in accordance with the JORC Code (2012) in July 2024. RSC was engaged by MML to report the mineral resource in this report, conforming to the United States Securities and Exchange Commission’s (SEC) Modernized Property Disclosure Requirements for Mining Registrants, as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300), and Item 601 (b)(96) Technical Report Summary (TRS). No Mineral Reserve estimate is reported in this Report.

The effective date of this TRS report is December 31, 2025. All material assumptions underlying the MRE are current as of the effective date of the report.

The interpretations and conclusions reached in this Report are based on current scientific understanding and the best evidence available to RSC at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high the probabilities might be, make no claim for absolute certainty.

The ability of any person to achieve forward-looking production and economic targets depends on numerous factors beyond RSC’s control and that RSC cannot anticipate. These factors include, but are not limited to, site-specific mining and geological conditions, management and personnel capabilities, availability of funding to properly operate and capitalize the operation, variations in cost elements and market conditions, developing and operating the mine efficiently, unforeseen changes in legislation, and new industry developments. Any of these factors may substantially alter the performance of any mining operation.

1.1 Property Description & Ownership

The Project is located within the EEZ of the Cook Islands, in the South Pacific Ocean. While the Project is confined to the boundary of EL3, the project is part of a wider known deposit of polymetallic nodules found within the Cook Islands’ EEZ. The Project is located on the seabed, more than 5,000 m below sea level.

EL3 was granted to Moana Minerals Limited (MML) — a wholly owned Cook Islands registered company subsidiary of Ocean Minerals, LLC (OML) — on 23 February 2022, by the Seabed Minerals Authority (SBMA) on behalf of the Cook Island Government. The license is valid for a term of five years. An application for license renewal can be made at least 90 days before the expiry of the license, in line with Section 63 of the Seabed Minerals (Exploration) Regulations (2020).

1.2 Geology & Mineralization

Polymetallic nodules are part of a spectrum of ferromanganese precipitates that are found throughout the world’s oceans. The Cook Islands are distinctive in having relatively ancient and stable ocean crust, coupled with very low-modelled net export of organic material to the seabed, and the interpreted influence of a long-lived deep-water ocean current.

Most of the Project area consists of relatively flat abyssal plains, with sea knolls and seamounts scattered across the Project area, but with a higher concentration in the center and center-west.

Polymetallic nodule abundance and element grades vary throughout the Project area but are more consistent compared to the wider EEZ. ‘Nodule abundance’ is the term used to describe the number of nodules found in a given sample area; it is measured in kilograms per square meter because nodules typically form on the seabed as a single layer, several centimeters thick, so are, in effect, a two-dimensional deposit. The nodule abundance in the Project ranges from 0–50.8 kg/m2 and has an average abundance of 26.9 kg/m2. Nodule abundance is typically higher in areas of abyssal plains.

Polymetallic nodules in the Cook Islands are geochemically unique, compared to other deposits, due to their low Mn/Fe ratio and elevated Co grades. The average Mn/Fe ratio is 0.83, which indicates the nodules are formed via hydrogenetic processes. This is supported by nodule morphology (relatively smooth texture), and the low number of buried nodules recovered — most nodules are found on the surface of the seabed.

 

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1.3 Status of Exploration

Exploration has been conducted to at least some extent across the entire Project. The eastern and southern quadrants are the most explored, as MML has conducted sampling on a nominal 12-km grid. By contrast, the northwestern quadrant is the least explored and was sampled on ~50-km sample spacing by the Japan International Cooperation Agency (JICA).

1.4 Development & Operations

Since 2019, MML has conducted at least five cruises. MML used freefall grab (FFG), box core (BC), multicore (MC), and benthic sled (BS) sampling tools to collect polymetallic nodule samples, supported by remotely operated vehicle (ROV) surveys.

1.5 Mineral Resource Estimate and Initial Assessment

The Mineral Resources for the Project are summarized in Table 1-1. The data informing the MRE consists of declustered samples collected by JICA and during Research Cruise 1 (RC01), as well as samples collected during Expedition 1 Leg 2 (E1L2) and Expedition 4 (EXP4) for which no sampling issues were indicated. All samples were reprojected to Universal Transverse Mercator (UTM) zone 4S. The reduced level (RL) was set to 0. No corrections were applied to the geochemical or nodule abundance data. In RSC’s opinion, the quality of the data provided by MML is fit for purpose and suitable for use in the mineral resource estimation.

Table 1-1: Mineral Resource statement at a nodule abundance cut-off of 12.5 kg/m2.

 

Classification		Abundance (wet) kg/m2				Nodules (wet) Mt				Metal Grade
										Co (%)				Cu (%				Fe (%)				Mn (%)				Ni (%)
Indicated			26.7				417				0.49				0.15				18.9				15.6				0.27
Inferred			26				102				0.5				0.1				19				16				0.2

Notes:

 

1.	Mineral Resources have an effective date of December 31, 2025..

 

2.	Mineral Resources are reported using the S-K 1300 definitions.

 

3.	Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

 

4.	The third-party firm responsible for the MRE is RSC.

 

5.	Numbers have been rounded as required by reporting guidelines and may result in apparent summation differences.

 

6.	Abundance is the wet weight (kilograms) of polymetallic nodules per square meter.

 

7.	The estimate of tons and abundance is provided at a cut-off abundance of 12.5 kg/m2.

 

8.	The estimate is reported where the modifying factor of slope has been considered, and the proportion of slope >10° is applied locally to each block within the Low Abundance domain.

The controls on mineralization are consistent across the Project area and fit in with the wider EEZ geological framework. At deposit scale, variation in Cu, Mn and Ni grades is low and RSC did not identify any sub-populations. Variations in Co, Fe and Mo and nodule abundance were identified, with an area of low grade and low abundance associated with areas of relief (e.g. around the central seamount and eastern ridge geomorphological domains).

 

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Experimental semi-variograms were modelled with relatively low g0 values and one or two spherical structures. All variograms display reasonable structure for global estimation and are compatible with the classification of Indicated and Inferred Mineral Resources. A block size of 6,250 m × 6,250 m was selected for estimation, based on sample spacing and existing mineral resource models. Sub-blocking of 3,125 m × 3,125 m was applied to gain a better definition of the license boundary and of the geomorphological domain. Estimation was done using ordinary kriging. Validation methods included visual review and comparison of means as well as validation plots. Sensitivity testing through variance of the parameter settings found the estimate to be robust. A multifactor scorecard was also applied to data quality to support the classification of the estimate.

The MRE is supported by consideration of minerals harvesting (mining) and metallurgical processing methods. In assessing the reasonable prospects for eventual economic extraction (RPEEE), RSC has considered conceptual mining, metallurgical, and economic parameters as well as environmental and social aspects.

1.5.1 Cut-Off Abundance & RPEEE

The Mineral Resource has been reported at a nodule cut-off abundance of 12.5 kg/m2 . This cut-off abundance was selected based on the consideration of previous studies of comparable deposits (Aldrich and Sterk, 2017), as well as considering assumed mining parameters with respect to the RPEEE.

When assessing the cut-off abundance, a base case, which would result in a moderate internal rate of return, and a breakeven scenario were reviewed. Using a projected production rate of 289 kg/s for the base case, and a 12-m wide collector harvesting at a rate of 1.0 m/s and an efficiency of 86%, would require a nodule abundance of 28 kg/m2 .

To break even, using the same assumed mining parameters, a cut-off of 12.5 kg/m2 is required. RSC notes that applying a cut-off abundance of 12.5 kg/m2 results in an average abundance for the MRE of 25 kg/m2 and notes that a blending mining program could be used to satisfy the production targets by mining both low and high grades. In that context, RSC considers that a cut-off abundance of 12.5 kg/m2 would be reasonable.

Portions of the deposit that do not have RPEEE are not included in the Mineral Resource. In assessing the reasonable prospects, RSC has evaluated conceptual mining, metallurgical and economic parameters as well as environmental and social aspects. The Mineral Resource reported here is a realistic inventory of mineralization which, under assumed and justifiable technical, economic and developmental conditions, might, in whole or in part, become economically extractable.

In accessing RPEEE, RSC has considered all the available baseline studies and evaluated the political and world view on marine mining. Although it may take time to develop laws and appropriate mitigation measures for environmental risks, on balance, it is more likely than not that economic extraction may become reasonable in the reasonably foreseeable future.

1.5.2 Initial Assessment Summary

RSC has conducted an Initial Assessment of the MML polymetallic MRE reported in this TRS to determine its economic potential. The results are summarized in Table 1-2. As the Project is still at an early stage, neither an economic and cash flow analysis nor cash flow analysis have been completed on the MRE disclosed in this TRS. However, RSC has completed a high-level preliminary technical and economic study of the economic potential of either all or parts of mineralization to support the disclosure of Mineral Resources.

Table 1-2: Initial Assessment summary for the MML polymetallic nodule project.

 

Factor		Initial Assessment
Site Infrastructure		The project is located in the central west of the Cook Islands EEZ and ~5,000 m below the sea surface. Therefore, all exploration and potential extraction occur from vessels. The vessels have their own power and water supplies and provide accommodation for all crew. Access to the Project is through the waters of the Cook Islands rather than access roads.
Mine Design & Planning		Any future mining would take place from production and support vessels. Mining would occur on the surface of the seafloor. MML has not conducted a scoping study or preliminary economic assessment to design a mine plan, but is working with Boskalis to develop concept nodule collectors. The current nodule collector designed is assumed to operate at a production rate of 259 t/h.   MML has partnered with Transocean to develop a nodule harvesting system. In 2019, MML conducted a Mining System Scoping Study and continues to update the study to reflect updates and changes made since 2019 and improve the accuracy of input parameters and results of trials performed by other contractors in the industry (e.g. TMC and Allseas).   MML’s concept nodule harvesting system comprises a remotely operated nodule collector, which is connected to a surface vessel by a suspended pipe. Up to three nodule collectors would be provided, to ensure that spares are available to swap in and out to maintain production at 100% capacity with minimal downtime while collectors are subject to regular maintenance.   Nodules would be transported via a riser and lift system that uses multiple mechanical lift pumps to transport the nodules as part of a slurry to the surface. Once onboard the surface vessel, the nodules would be dewatered, with water and any remaining sediment returned to the deep sea. Nodules would be transferred to bulk carriers for transport to processing facilities.
Processing Plant		Currently, no polymetallic nodule project has reached extraction; therefore, no processing plants to handle polymetallic nodules are in operation. New processing plants would have to be designed and built, or existing facilities would need to be repurposed.   MML has conducted metallurgical testing on Cook Island nodules, which indicates good extraction using the Cuprion process. However, larger-scale testing is required to demonstrate economic viability. For Cook Islands nodules, Co is expected to be the most valuable metal, with demand currently driven by its use in special steels used in the aviation industry as well as battery cathodes.

 

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Factor		Initial Assessment
Environmental Compliance & Permitting		There are no registered environmental liabilities in the Project area.   Activities under the Environmental Act and Environment (Seabed Minerals Activities) Regulations (2023) are managed under a tiered system: Tier 1 activities are managed under the exploration license, Tier 2 activities require Environmental Consent, and Tier 3 activities require an Environmental Permit after submission of an Environmental Impact Assessment (EIA).   For exploration activities, MML must provide environmental notice (e.g. environmental significance declaration) and an objectives plan prior to each cruise to the National Environmental Service and SBMA.   For activities including (trial) mining and mineral harvesting, MML needs to undertake an environmental risk assessment, environmental scoping exercise and EIA, and provide an Environmental Impact Statement (EIS), Environmental Management System including an Environmental Management and Monitoring Plan (EMMP), and closure plan. Environmental and compliance permitting is managed by the National Environment Services and the Seabed Minerals Authority.   Due to the nature of mineralization, no tailings will be produced during nodule harvesting. Any seawater collected during the harvesting process will be returned to the sea.
Other Relevant Factors		It is the opinion of RSC that all material information has been stated in the above sections of this TRS.
Capital Costs		No capital costs have been estimated for the Project.
Operating Costs		No operating costs have been estimated for the Project.
Economic Analysis		No economic or cash flow analysis for the Project has been completed as of the effective date of this Report.

1.6 Mineral Reserve Estimate

Not applicable to this TRS.

1.7 Capital & Operating Costs

Not applicable to this TRS.

1.8 Economic Analysis

Not applicable to this TRS.

1.9 Permitting Requirements

Not applicable to this TRS.

1.10 Conclusions & Recommendations

1.10.1 Conclusions

RSC has completed an MRE for MML’s polymetallic nodule project within EL3. RSC reviewed the available data, including historical sampling collected by JICA, samples collected by MML, SOPs, and QC data.

RSC conducted a review of the data quality (Section 8.6) and identified issues with the FFG and BC data. Video footage of the sampling was a critical component of the quality review process, as it allowed RSC to identify samples without sampling issues, and separate these from samples where issues had occurred.

Polymetallic nodule abundance and element grades vary throughout the Project area but are more consistent compared to the wider EEZ. The average nodule abundance in the Project area is 26.9 kg/m2; however, nodule abundance is higher in areas of abyssal plains. The nodules found in the Cook Islands are geochemically unique compared to other deposits due to their low Mn/Fe ratio and elevated Co grades. The average Mn/Fe ratio is 0.83, which indicates the nodules are formed via hydrogenetic processes. This is supported by nodule morphology (relatively smooth texture), and the low number of buried nodules recovered — most nodules are found on the surface of the seabed.

 

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RSC estimated nodule abundance and elemental concentrations using ordinary kriging. A range of block sizes and search parameters were assessed and optimized. A range of sensitivity testing was performed which indicated the estimation was sound and robust. The Mineral Resource has been classified following S-K 1300 definitions. The classification of the resource is based on sample quality, confidence in geological understanding, and on the quality of the estimate itself, as broadly determined during the validation process. Based on the review of all provided data and information, RSC regards the data as fit for the purpose of classifying Indicated and Inferred Mineral Resources.

RSC is of the opinion that the Indicated and Inferred Mineral Resource classifications are appropriate based on the informing data and underlying understanding of the mineralization and nodule abundance within the EL3 area at this stage of the Project. Furthermore, RSC is of the opinion that the EL3 area is of sufficient grade, quantity, and coherence to have RPEEE at this stage of the Project development. Further work is required, particularly additional sampling at a closer spacing, to enable detailed interpretation of domaining of the mineralization to inform advanced mine studies and economic evaluation.

The exploration potential for polymetallic nodules in the Cook Islands EEZ is significant, especially within EL3, as indicated by exploration by JICA and MML. A large proportion of EL3 has been explored by 12-km grid sampling; however, the area in the north, particularly the northwest, remains under investigated.

1.10.2 Recommendations

Future exploration work should aim to:

 

•

increase sample density in the northwest, where the current sample spacing is ~50 km; and

 

•

increase sample density in the north, where the current sample spacing is ~25 km.

This exploration work would provide the basis for upgrading the Inferred portion of the Mineral Resource to indicated, on the condition that the quality of the data collected supports the upgrade. Infill sampling in the north will also provide additional sample support and validation to the historical sampling conducted by JICA.

With further exploration (i.e. infill sampling), and some management of the risks identified in Section 11.12, areas of the Project could be upgraded to the Measured category.

In addition, RSC makes the following recommendations.

•

Move BC operations to the port-side winch to reduce the impact of pitching and sea state on the BC sampler.

 

•

Modify the FFG basket to stop nodules rolling over the top of the basket.

 

•

Improve the quality of top shots by creating a shroud that sits on top of the BC to provide shade and prevent glare. The camera should also be mounted on a frame and connected to a computer. This will allow the geologists or camera operators to preview the photograph and review the quality of the photograph without having to remove the camera from the mount.

 

•

Ensure that all future samplers are equipped with a video camera to capture sampling footage.

 

•

Collect additional BC and FFG repeat pairs to increase the total number of sample pairs in order to statistically prove the robustness of both sampling methods.

 

•

Undertake polymetallic nodule sampling in the northwestern corner of EL3 to decrease sample spacing and increase confidence in the geological and grade continuity of this region of the Project area.

 

•

To undertake additional exploration with the purpose of upgrading a portion of the Mineral Resources to Measured, MML should undertake sampling based on a maximum sample spacing of 6 km × 6 km. Sampling strictly on a 6 km × 6 km grid does not guarantee MML a Mineral Resource classified in the Measured category, and classification of a mineral resource is based on a several factors including but not limited to sample spacing, data quality, grade and geological continuity and RPEEE.

RSC recommends the following plan of work, broken down into two phases of work, where the Phase 2 program is dependent on the success of Phase 1. Estimated costs are in USD.

Table 1-3: Proposed Phase 1 and 2 expenditures in USD.

 

Phase		Field		Details		Estimated Cost (USD)
1		Exploration/Sampling		Conduct a cruise to sample the northwestern corner of EL3 to decrease sample spacing and increase the geological and grade continuity of this region of the Project. Collect environmental sample data during the cruise to help inform environmental baseline studies.		500,000
Phase 1 Total						500,000
2		Exploration/Sampling		Conduct a cruise to collect close-space samples with the objective of defining a Mineral Resource in the Measure category.		1,5000,000
2		Mineral Resource		Conduct a Mineral Resource summary based on the sample data collected during the Phase 1 cruise.		75,000
Phase 2 Total						1,575,000

 

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2. Introduction

2.1 Registrant Information

Moana Minerals Limited (the Company, MML, or the Registrant), is a Cook Islands company and a wholly owned subsidiary company of Ocean Minerals, LLC (OML). MML is completing exploration work on the EL3 property (the Property), located in the EEZ of the Cook Islands in the South Pacific Ocean. This Initial Assessment and TRS were prepared for MML by RSC Consulting Ltd (RSC). The purpose of this TRS is to support MML’s disclosure of a Mineral Resource estimate (MRE) for the EL3 property for the year ending December 31, 2025. No Mineral Reserve estimate is reported in this Report. This TRS has been prepared in accordance with the U.S. Securities and Exchange Commission’s (SEC) Subpart 1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations and Item 601(b)(96) of Regulation S-K, Technical Report Summary.

2.2 Purpose & Terms of Reference

The purpose of this TRS is to report Mineral Resources for MML’s EL3 property.

The effective date of this TRS report is December 31, 2025. All material assumptions underlying the MRE are current as of the effective date of the report.

This TRS uses US English spelling and a combination of metric and imperial units of measure.

Tonnages are expressed as metric tons (t), unless otherwise stated. All currency amounts are in United States dollars (USD) unless otherwise stated. Except where noted otherwise, coordinates in this TRS are presented in metric units, using the WGS UTM Zone 4S coordinate system. The purpose of this TRS is to report Mineral Resources for MML’s EL3 property.

The interpretations and conclusions reached in this Report are based on current scientific understanding and the best evidence available to RSC at the time of writing. It is the nature of all scientific conclusions that they are founded on an assessment of probabilities and, however high the probabilities might be, make no claim for absolute certainty.

The ability of any person to achieve forward-looking production and economic targets depends on numerous factors beyond RSC’s control and that RSC cannot anticipate. These factors include, but are not limited to, site-specific mining and geological conditions, management and personnel capabilities, availability of funding to properly operate and capitalize the operation, variations in cost elements and market conditions, developing and operating the mine efficiently, unforeseen changes in legislation, and new industry developments. Any of these factors may substantially alter the performance of any mining operation.

2.3 Sources of Information

The information in this TRS is based on data supplied by MML.

MML provided the following data via access to its SharePoint folders:

 

•

standard operating procedures and method statements;

 

•

deployment data;

 

•

geological data including deck logging sheets, weighing log sheets, nodule description logs, and sedimentary logs;

 

•

a media drive including sampling videography, deck photographs, and tray photographs;

 

•

surveying data;

 

•

a GIS database; and

 

•

assay certificates.

RSC has endeavored to confirm the authenticity and completeness of the technical data upon which the Report is based by making all reasonable enquiries within the time available.

2.4 Qualified Persons

This Report was prepared by RSC, a third-party consulting firm comprising mining experts in accordance with §229.1302(b)(1)1. MML has determined that RSC meets the

 

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qualifications and relevant experience specified under the definition of Qualified Person (QP) in § 229.1300. Any references to the Qualified Person or QP in this report, are references to RSC and not to any individual employed at RSC.

2.5 Personal Inspection Summary

An RSC QP was onboard the MV Anuanua Moana for E1L2 from 13–26 May 2023. The QP monitored geological sampling and preparation and reviewed standard operating procedures (SOPs) and quality control (QC) processes. The QP did not conduct a further site visit; however, an RSC consultant was onboard MV Anuanua Moana for EXP4 from 8–30 November 2023. The RSC consultant remained on site in Rarotonga for an additional 10 days to conduct check measurements.

The RSC QP conducting the personal inspection meets the definition of QP defined in Subpart 229.1300 of Regulation SK, Disclosure by Registrants Engaged in Mining Operations (S-K 1300).

2.6 Previously Filed Technical Report Summary Reports

This is the first TRS filed for the EL3 property.

 

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3. Property Description

3.1 Location

The Project is located within the EEZ of the Cook Islands, in the South Pacific Ocean (Figure 3-1). While the Project is confined to the boundary of EL3, which covers an area of 9,118 mi2, the Project is part of a wider known deposit of polymetallic nodules found within the Cook Islands’ EEZ. The Project is located on the seabed, more than 5,000 m below sea level. The Project is located 323 miles from Avarua, Rarotonga, 163 miles from Aitutaki, and 2,370 miles from Auckland, New Zealand.

The center of the Project is located at 16.5° S and 159.5° W.

 

Figure 3-1: Location of the Project (EL3) in the South Pacific Ocean.

3.2 Mineral Tenure

EL3 was granted to MML, a wholly owned subsidiary Cook Islands registered company of Ocean Minerals, LLC (OML), on 23 February 2022 by the Seabed Minerals Authority (SBMA) on behalf of the Cook Island Government (Table 3-1). The license is valid for a term of five years. An application for license renewal can be made at least 90 days before the expiry of the license in line with Section 63 of the Seabed Minerals (Exploration) Regulations (2020).

 

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MML must comply with the Seabed Minerals Act (2019), Seabed Mineral (Exploration) Regulations (2020), and license’s term including continuously and actively conduct exploration in accordance with the approved work plan and comply with expenditure commitments outlined in the approved work plan. Failure to do so may lead to action being taken by the Authority (SBMA) under the Act, including but not limited suspension or cancellation of License.

MML submits detailed annual reports to the SBMA, which include financial statements on levels of expenditure on EL3. In the opinion of RSC, MML has made efforts in good faith to comply with the requirements of the approved work plan.

Table 3-1: Status of MML’s license.

 

License

License Name

Ownership

Commodities

Grant Date

Expiry Date

Size (mi2)

EL3

Exploration License 3

100% Moana Minerals Ltd

Polymetallic nodules

February 23, 2022

February 23, 2027

9,118

3.3 Royalties & Encumbrances

Royalties are dealt with in the Seabed Minerals (Royalties) Regulations 2013. The regulations state that holders of a mining license are liable for a royalty equal to 3% of the export value of minerals recovered under a mining license. The export value of minerals recovered is the free-on-board (FOB) price received. Transfer pricing considerations are included in Income Tax (Transfer Pricing) Regulations 2014.

Under the Seabed Minerals Act 2019, any royalties paid to the Crown or the Authority (Seabed Minerals Authority; SBMA) are to be managed by the Ministry of Finance and Economic Management separately from other public money within an established sovereign wealth fund.

The Income Tax Act (consolidated as of 2019) contains provisions concerning various tax issues, including:

 

•

tax payable by local companies (20%; all license holders are required to be local companies) as well as foreign contractors (28%);

 

•

deductions and exempt income (for example, deductions related to ongoing exploration and remedial work and environmental funds);

 

•

ring-fencing of accounts and income to jurisdiction;

 

•

write-downs and capital gains tax;

 

•

withholding tax; and mi2

 

•

additional profits tax, including adjustments and instalments.

3.4 Environmental Liabilities & Permits

There are no registered environmental liabilities in the Project area.

Activities under the Environmental Act and Environment (Seabed Minerals Activities) Regulations (2023) are managed under a tiered system: Tier 1 activities are managed under the exploration license, Tier 2 activities require Environmental Consent, and Tier 3 activities require an Environmental Permit after submission of an Environmental Impact Assessment (EIA).

For exploration activities, MML must provide environmental notice (e.g. environmental significance declaration) and an objectives plan prior to each cruise to the National Environmental Service and SBMA.

 

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For activities including (trial) mining and mineral harvesting, MML would need to undertake an environmental risk assessment, environmental scoping exercise and report, environmental impact assessment, environmental impact statement, environmental management system including an environmental management and monitoring plan, and closure plan. Guidelines regarding the various environmental assessments, plans and statements are reported on the SBMA website; however, some plans are still in the drafting process.

3.5 Significant Encumbrances to the Project

RSC is not aware of any significant encumbrances to the Project, and the exploration license remains in good standing as of the effective date of this TRS.

3.6 Other Significant Factors or Risks

RSC is not aware of any significant factors or risks that may affect access, title to the right, or ability to perform work on the Project.

 

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4. Accessibility, Climate, Local Resources, Infrastructure & Physiography

4.1 Accessibility

The Project area is only accessible via ship. Exploration operations are conducted by ocean-going vessels. There are no access restrictions within the Project. The area is open to shipping and fishing vessels; therefore, public notices to mariners are required to be filed for any deployment of equipment, moorings, or operations that could affect shipping.

Most vessel movements within the EEZ are through-traffic, typically traveling between the Americas and Southeast Asia, Australia, or traffic moving between island groups. Large numbers of vessels are tracked to the west of Cook Islands, in Samoa and to the east, near Tahiti. On a global scale, shipping and total vessel traffic in the EEZ are generally low, but commercial shipping is critical to the delivery of products to Cook Islands and the economy in general. Avatiu Harbour on Rarotonga is the main commercial harbor in Cook Islands and receives most of the SOLAS (Safety of Life at Sea Convention) vessels, including dry cargo, cruise ships and yachts.

Cook Islands Port Authority (CIPA) manages the international seaport in Rarotonga (Port of Avatiu) and is a 100% state-owned entity (Asian Development Bank, 2005). Reconstruction of Avatiu Harbour was completed in 2013 to provide a deeper harbor and increased capacity to cater for larger vessels. The Port of Avatiu is limited in size and infrastructure, which places restrictions on the size class of ships that can be accommodated. Two international shipping lines service Cook Islands on an approximate three-week cycle.

Island Councils administer unregulated harbor facilities on the other islands, with technical support provided by the Ministry of Infrastructure Cook Islands (ICI) and CIPA. Inter-island shipping is essential and is offered by the private sector, with the overall quality being at a low standard that requires improvement.

4.2 Climate

The Cook Islands lie within the extensive and persistent trade wind zone of the South Pacific. The area has a tropical, mild maritime climate (21–28°C) with a pronounced warmer, wet season during November to April, when two-thirds of the ~2,000 mm annual rain falls, and a cooler, dry season from May to October.

The warmer season coincides with the cyclone season for the South Pacific region. Cyclones tend to form to the far west of the northern Cook Islands and migrate toward the southeast, often reaching latitude 15°S if not further south.

The climate is often strongly influenced by large inter-annual variations and the El Niño Southern Oscillation phenomenon. During El Niño years, the southern Cook Islands experience a reduction of rainfall, by up to 60% of the annual rainfall, while in the northern Cook Islands rainfall increases by up to 200%. The situation reverses during the La Niña phase.

A climate risk study for the Cook Islands by Asian Development Bank (2005) focused on the potential for extreme wave and wind events primarily driven by tropical cyclones. Annually, the Cook Islands receive between zero and three cyclones, with an increase in tropical cyclone frequency during El Niño conditions.

 

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4.3 Bathymetry

High-resolution (35 m) bathymetry is available for the Project area. The Project area comprises mainly low-lying abyssal plains, with a prominent seamount in the center (Figure 4-1). The eastern margin is marked by a north-trending ridge. To the west, northeast-trending structures splay off the Aitutaki Fault. Guyots are scattered around the area, and the bathymetry varies from approximately -4,100 m at the highest point of the central seamount to -5,400 m in the southeast valley.

 

Figure 4-1: Bathymetric map of the Project area.

4.4 Local Resources & Infrastructure

The Project area is remote, with no services other than the equipment on board the vessel. The closest port is the Port of Avatiu, in Avatiu Harbour, Rarotonga. Ships can also anchor at the Arutanga Port, Aitutaki.

The island of Rarotonga hosts the Cook Islands international airport and has facilities including a hospital, food and trade stores, and has the highest population of the Cook Islands. The regional airport on Aitutaki operates daily flights to Rarotonga. Fuel is available in Rarotonga, although ships typically refuel in Papeete, Tahiti.

MML owns its own purposely fitted-out exploration vessel, MV Anuanua Moana, through its subsidiary Kiva Marine. The MV Anuanua Moana is equipped with three laboratories (geology, biology, chemistry), an online survey room, an electronic workshop, a tools container, a refrigerated container (reefer), a cool-water container, sampling equipment (box core, freefall grab, benthic sled), a remotely operated vehicle, multiple winch and crane systems, and bathymetric survey equipment. The vessel can house up to 42 personnel and transits at 12 knots.

 

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5. History

5.1 Tenure & Operating History

The first cruise programs dedicated to investigating nodules in the Cook Islands and adjacent regions were mounted in the mid-1970s by the New Zealand Oceanographic Institute. As a precursor to this, the Institute compiled all available data into maps of the nodule properties in the region, including their Mn, Fe, Ni, Co, and Cu contents, and their distribution (Glasby et al., 1974). Further cruises were undertaken in the late 1970s, targeting polymetallic nodules in the South Penrhyn Basin and Aitutaki Passage. Between 1976 and 1981, the Committee for Coordination of Joint Prospecting for Minerals Resources in South Pacific Offshore Areas (CCOP/SOPAC) carried out several cruises in the Cook Islands region. During these cruises, nodules were collected, and the results of their analyses served to define areas of potential economic interest to be surveyed in more detail by later cruises under the Japan-SOPAC Cooperative Study on Deep Sea Mineral Resources in the South Pacific (Cronan, 2013).

There have been several expeditions in the Cook Islands for polymetallic nodules, which are documented in (Tay et al., 2023b), with three historical cruises taking samples from within EL3.

5.2 Exploration History

The only exploration that predates that by MML took place between 1986 and 2000 and was carried out by JICA.

In response to the request of CCOP/SOPAC (see section 5.1), the Japanese Government conducted seabed mineral exploration in the South Pacific. Implementation of the survey was consigned to the Japan International Cooperation Agency (JICA) and the Metal Mining Agency of Japan (MMAJ) to execute the survey. JICA conducted three expeditions to the Project area using the RV Hakurei Maru No. 2 in 1986, 1990 and 2000 (Figure 5-1). An in-depth summary of the JICA sampling program is given in Tay et al. (2023a). A short summary is presented below.

Samples were collected by freefall grab (FFG), box core (BC), long core (LC) and armed dredge (AD; Table 5-1). Survey stations were placed based on datum lines every 1° (111 km) in latitude and longitude (Figure 5-2). Infill sites were placed on a 39.3-km grid. Three samples (FFG or BC) were collected at each survey station in the form of an inverted triangle (Figure 5-3). The base sampling point of each station was set at the southern apex of the triangle, and the two other samples were collected at the remaining apexes of the triangle. Sampling points were ~2.6 km apart. Sampling was conducted in a clockwise direction.

Table 5-1: Summary of historical sample type by expedition.

 

Cruise		No. of FFG Samples				No. of BC Samples				No. of LC Samples				No of AD Samples				Total Number of Samples
JICA 1986			27				0				0				0				27
JICA 1990			6				0				0				0				6
JICA 2000			27				2				2				2				33
Total Historical Samples			60				2				2				2				66

 

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Figure 5-1: Historical samples and cruise tracks within the Project area.

 

Figure 5-2: Standard survey station layout conducted by JICA.

 

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Figure 5-3: Standard sampling layout conducted by JICA at each station.

Sample locations were collected by different satellite systems for each expedition, with accuracy improving with each survey (Table 5-2). Sample locations were determined by the ship’s location during deployment. It is noted that sampling equipment can drift (including tethered sampling methods). Sample location precision is estimated to be in the order of 100–500 m against sample spacing of ~25 km.

Table 5-2: JICA-MMAJ navigation systems.

 

Expedition		Satellite system		Comments
1986		Navy Navigation Satellite System (NNSS) or Transit		Corrected positions between updates from the NNSS (Doppler rangefinder) indicate a surface accuracy of 200–500 m. The system likely used WGS72 as the geographic coordinate system (GCS).
1990		GPS + NNSS		GPS is likely Navstar. Accuracy of the system at the time of surveying is likely to be ~ 200 m. WGS84 as GCS.
2000		GPS + GLONASS		Accuracy of the system at the time of surveying is likely to be 20–60 m. WGS84 as GCS.

During the 1986 and 1990 cruises, the samples were assayed by X-ray fluorescence (XRF) onboard the vessel for Cu, Co, Fe, Mn and Ni. Samples collected during the 2000 cruise were analyzed at ALS Chemex, Canada, by inductively coupled plasma emission spectroscopy for Cu, Co, Fe, Mn, Ni, Ti, Si, Al, Ca, Na, K, and P.

JICA expeditions were also equipped with deep-sea cameras that collected a photograph of the mineralized seabed prior to a sample being collected.

For the 1986 expedition, the RV Hakurei Maru No.2 was equipped with a multi-frequency exploration system (MFES) to collect high-resolution bathymetry data of an area of the Cook Islands EEZ known as the Central Area or 16-159 (Figure 5-4).

 

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Figure 5-4: High-resolution bathymetric map over the 16-159 Area produced from MFES data collected during the JICA 2000 cruise.

5.3 Production History

To date, there has been no commercial production of nodules from the Project area.

 

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6. Geological Setting, Mineralization & Deposit

6.1 Regional Geology

6.1.1 Global Distribution of Nodules

Polymetallic nodules with various grades of base metals are found in submarine settings worldwide (Monget, 2015). This widespread distribution was recognized by the early 1970s when Kennecott Exploration surveyed all the major ocean basins (Figure 6-1). Nodules form at a wide range of depths, from 4,000–6,000 m below sea level in the mid Pacific to 200 m below sea level in the Gulf of Bothnia (Boström et al., 1982) and 30 m in the Baltic Sea (Anufriev and Boltenkov, 2007). The location of nodule formation is reflected in nodule chemistry. Nodules with relatively high Co grades are found within the EEZ (Table 6-1), often accompanied by high nodule abundances.

 

Figure 6-1: Fe-Mn crust and nodule samples collected from around the world. The Cook Islands EEZ is outlined in orange.

Sourced from Kennecott Corporation (1965) and Monget (2022).

Table 6-1: Summary of global nodule grades. From Tay et al. (2023b).

 

Element (wt.%)		All Pacific Ocean				Cook Islands				South Penrhyn Basin–Aitutaki Passage				Clarion- Clipperton Zone				Atlantic Ocean				Indian Ocean
Mn			20.1				16.3				16.2				26.3				13.3				15.3
Fe			11.4				15.8				16.5				6.6				17.0				14.2
Ni			0.76				0.44				0.37				1.20				0.32				0.43
Cu			0.54				0.27				0.21				0.98				0.13				0.25
Co			0.27				0.38				0.42				0.20				0.27				0.21

 

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6.1.2 Tectonic Setting

The Cook Islands include some of the oldest seafloor known (90–124 Ma) (Müller et al., 2016). To the northwest, the Manihiki Plateau is dated at ~124–123 Ma (Taylor, 2006; Timm et al., 2011) and might be part of a much larger submarine large igneous province that rifted apart shortly after its formation. The plateau has boundary faults and horsts on its northern and eastern sides as well as internal and broadly sub-parallel rift zones (Figure 6-2) (Winterer et al., 1974). Dating of the region is compromised by a lack of detailed seabed magnetic data, and much of the formation formed during the Cretaceous long normal period (Chron 34, 124.6–84 Ma).

 

Figure 6-2: Tectonic setting of the Cook Islands EEZ and surrounding seabed.

Volcanic edifices are superimposed onto the seabed geology (Figure 6-3). These include isolated chains of seamounts and knolls as well as more continuous volcanic rises. The chains are in a variety of orientations, but predominantly west-northwest trending and some are interpreted to have resulted from hotspot activity (Wessel and Kroenke, 2008; Jackson et al., 2020). Knolls and seamounts are found on the plateau as well as the abyssal plain, not least in the western Manihiki Plateau.

 

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Figure 6-3: Volcanic chains and hotspot tracks. Tracks after Wessel and Kroenke (2008) and Jackson et al. (2020). Refer to Figure 6-2 for the names of other features.

6.1.3 Ocean Currents

Two major oceanic currents supplying well-oxidized bottom water are thought to influence mineralization in the EEZ (Glasby et al., 1986). The westward-flowing Southern Equatorial Current system (Figure 6-4) is derived from a divergence along the equator that leads to the upwelling of nutrient-rich waters, stimulating high biological productivity. The current system is the northern limb of an anticlockwise circulating gyre within which the EEZ sits. Biological productivity in the southern part of the EEZ is low (Lutz et al., 2007; Cronan, 2013).

The Antarctic Bottom Water, which flows between the seafloor and ~3,500 m, has been inferred to flow to the northeast along the Aitutaki Passage (Usui, 1983), along the ridge immediately south of the Nova-Canton Trough (Yamazaki, 1992), and around the northeastern margin of the Manihiki Plateau to enter the North Penrhyn Basin (Figure 6-4). Increased flow of the Antarctic Bottom Water during the Paleogene or Cretaceous has been attributed to the formation of polymetallic nodules (Usui, 1994).

 

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Figure 6-4: Schematic of ocean currents in and near the EEZ. Source: Cronan (2013).

6.1.4 Seabed Morphology

The 2021 GEBCO grid was used as the basis for a 1:4,000,000 scale geomorphological map of the Cook Islands seabed

(Figure 6-5). This was supplanted with multi-beam echosounder bathymetric data, regional magnetic field data, and mapping

from the literature review.

Mapped units comprise the following:

 

•

Abyssal plains: areas with limited relief except for abyssal hill traces and small knolls. Typically presented as “basins” bound by major features, e.g. transform fracture zones, plateaus, and volcanic rises. Interpreted to be the domain containing significant polymetallic nodules within the EEZ.

 

•

Abyssal plain lows: restricted areas of abyssal plains characterized by slightly greater depth (100–300 m) than adjacent plains.

 

•

Knolls: probable volcanic edifices <1,000 m, found on plains and plateaus. Only the larger knolls were mapped, either as singular (usually circular) or compound forms. Found among seamount chains but may form their own chains.

 

•

Seamounts: probable volcanic edifices >1,000 m, found on plains and plateaus. Typically form chains of various orientations, including the Hawaiian-Emperor orientation. Chains often grade into volcanic rises. Mapped as singular (usually circular) and compound forms. Islands within the EEZ are mapped seamounts that breach the sea surface. The existence of flat-topped edifices located on the Manihiki Plateau may support a past shallower position.

 

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•

Volcanic rises: typically, elongated rises of probable volcanic origin. Merge into volcanic chains and compound forms of seamounts. Some are very extensive, including the Boudeuse Volcanic Rise at the eastern limit of the Penrhyn Basin. Volcanic chains are lineaments of interrupted alignments of seamounts and knolls.

 

•

Plateaus: extensive areas of seafloor elevated (500–2,000 m) relative to plains. Do not present evidence of abyssal hills; all units are likely to be part of the much older Manihiki Plateau, which is known to have significant sediment cover (in some places ~1 km thick). Some parts of the plateaus have more knolls; it is not known if this is due to later volcanic activity or differing amounts of sediment cover.

 

•

Tectonic rises: typically, elongate rises of probable tectonic origin along the northern and eastern edges of the Manihiki Plateau and along the Manihiki-Palmerston Fracture Zone, which trends to the southeast of the plateau.

 

•

Troughs: narrow/elongated and typically aligned depressions that are 500–1,000 m deep. Typically cut both plains and plateaus.

 

•

Mapped faults: mapped breaks in the seabed bathymetry either at a high angle to prevailing abyssal hill traces or of too great a magnitude to be the normally faulted escarpments of abyssal hills.

 

Figure 6-5: Seabed geomorphology for the Cook Islands and surrounds. Source: Browne et al. (2023). EEZ: exclusive economic zone; ECS: Extended Continental Shelf application.

 

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6.2 Local & Property Geology

The majority of the Project area consists of relatively flat abyssal plains, with sea knolls and seamounts randomly scattered across the Project, but with a higher concentration in the center and center-west of the Project.

Brown clay is the predominant sediment type (Figure 6-6). Deposition began during the pre-late Miocene, with the surface sediment likely to be deposited within the last 500 kyr (JICA-MMAJ, 2001). Sub-bottom profiling indicates that abyssal plains are covered by unconsolidated sediments, ≤20 m thick, and rarely exceed 40 m. The central seamount is classified as acoustic type d1 (see JICA-MMAJ, 2001), which represents exposed rocks. There is an acoustic transition zone (type d2) between the flat plains and seamount/knoll zones that is inferred as exposed rocks, which may be covered by consolidated sediment or crust-like material (Figure 6-7) (JICA-MMAJ, 2001). Any sediment in this area, if present, would be thin.

 

Figure 6-6: Gravity cores collected by JICA-MMAJ in the 16-159 Area or Central Area, which overlaps with the Project area. Brown clay and insoluble brown clay are the most common types of sediment. From JICA (1984).

 

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Figure 6-7: Sub-bottom profiles from JICA-MMAJ (2001).

 

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6.3 Mineralization

The mineralization occurs at the water-sediment interface on the seafloor, in the form of polymetallic nodules that are significantly enriched in Co, Ni, and Cu. Locally, a minority component of the nodules occurs within the sediment, up to 30 cm deep. Polymetallic nodules are ubiquitous on the abyssal plains surrounding the Cook Islands, mostly at depths between 4,800 and 5,200 m (Kenex, 2014), in the shape of nodules fields that are continuous on a scale of tens of kilometers, essentially forming 2D deposits that trace the sediment-water interface.

The continuity of the mineralization on a regional scale (10s of km) is one of the main characteristics of this deposit type and a direct result of the factors controlling the mineralization also operating a regional scale (see section 6.4). Within areas that are conducive to nodule formation, smaller-scale (several 100s of m) features can be present (e.g. knolls, escarpments, sub-circular depression and grooves) that prevent or negatively influence nodule formation. In general, within the abyssal plains, the areal extent of these smaller-scale features tends to be marginal compared to the areal extent of the nodule field.

Because the thickness of the mineralized layer (up to several decimeters) is five orders of magnitude less than the lateral extent of the nodule fields (several 10s of km), no meaningful cross sections can be drafted. The closest alternative to a cross section is formed by a series of stratigraphic columns as presented in Figure 6-6.

Four main parameters determine the environment of deep-sea nodule growth:

 

•

local sedimentation rate;

 

•

sedimentary facies related to carbonate compensation depth (CCD) and biological productivity in surface waters;

 

•

relative topography; and

 

•

bottom current activity (Halbach et al., 1981; von Stackelberg and Beiersdorf, 1991).

Variations in these parameters result in the growth of two different kinds of nodules: hydrogenetic and diagenetic. Nodules in Cook Island waters, including the Project area, are typically derived from hydrogenetic growth. The process for the formation of any type of ferromanganese precipitate is distinct from the process of enriching them in base metals such as Co, Ni and Cu.

Sedimentary hiatuses are an important control on the formation of nodules. Hydrogenetic nodule activity typically occurs in areas of negligible rates of sedimentation (von Stackelberg and Beiersdorf, 1991; Hein et al., 2020). Nodule formation also requires operating mechanisms that prevent the nodules from being buried or becoming a solid crust. Biological activity and seabed currents are the dominant controls on nodule formation in the area (Parianos et al., 2021).

Nodule abundance is influenced by local and regional topography as well as seafloor morphology. Abyssal plains are typically associated with abundant nodule formation (average grade 28.7 kg/m²). These flat plains consist of soft pelagic clays, where the sedimentation rate is low. The size, shape, and abundance of nodules vary as the topography becomes more complex, i.e. on seamounts or sloped terrain.

Nodules with a relatively high Co grade (>0.26% Co) are found in the central Cook Islands (including the Project area). The higher grades are likely due to a high proportion of hydrogenetic growth, promoting the relative accumulation of Co ions in the oxic vernadite crystal structure (Fe is >13%) and a highly oxygenated bottom water mass (assumed to be the Antarctic Bottom Water). Similar controls on mineralization are described for ferromanganese crusts on seamounts and guyots where Co grades are typically >0.5% and have reported >1% Co (Hein and Morgan, 1999; Hein and Koschinsky, 2014).

In the northeastern Cook Islands, higher Ni and Cu grades are associated with higher primary productivity (surface plankton). Net export of this may have also helped lead to sub-oxic conditions and higher Ni and Mn grades, similar to those described in the CCZ (Lipton et al., 2016).

6.4 Mineral Deposit Model & Known Comparable Deposits

Polymetallic nodule deposits form at almost all depths and latitudes in all the world’s oceans and seas, including the CCZ, Peru Basin, Central Indian Ocean, Southwest Atlantic Ocean, and the Arctic Ocean. The Cook Islands deposit is distinguished by the high Co grades (>0.26%) and high nodule abundances (>20 kg/m²).

Polymetallic nodule deposits mainly occur below the CCD (~3,500–4,000), in areas with low sedimentation rates typically associated with argillaceous and siliceous oozes in abyssal plains of oceanic basins. A sedimentation rate of <10 mm/kyr is required to prevent the growing nodules from being buried, considering their extremely slow growth rate (Hein et al.,

 

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2020). Bioturbation likely plays an important role in keeping nodules at the sediment-water interface. Nodules can also be found in the top decimeters of sediment (Heath, 1979; Piper and Fowler, 1980; Kerr, 1984; Sanderson, 1985; McCave, 1988; Banerjee, 2000; Dorgan et al., 2005; Hoffert, 2008). The accumulation and degradation of organic matter at the sediment-water interface is a source of the nodule’s elemental content (e.g. Mn, Fe, Co, Ni, Cu) (von Stackelberg and Beiersdorf, 1991; Skornyakova and Murdmaa, 1992; von Stackelberg, 2000; Hoffert, 2008).

Polymetallic nodules exhibit concentric layering, which indicates a gradual accretion over time. The layers are composed of various amounts of Mn- and Fe-rich minerals of different types and textures. Manganese is very mobile in seawater and can readily oxidize to Mn2+. Polymetallic nodules usually grow around a nucleus of a variable nature, such as a rock fragment, volcanic material, bone, tooth, or other nodules (Figure 6-8). The growth rate is estimated to be ~1–10 mm/myr based on nodule geochronology (Somayajulu, 1967; Guichard et al., 1978; Macdougall, 1979; Finney et al., 1984; Anufriev et al., 1996; Bollhöfer et al., 1999). This growth rate is 1,000 times slower than the rate of sedimentation, which raises the problem of maintaining nodules at the sediment-water interface. Variations in nodule growth rate can be linked to changes in climate including periods of glaciation (Segl et al., 1989; Han et al., 2003).

 

Figure 6-8: Nodules recovered from the Project area. Mineralization nucleated around a megalodon tooth.

Most nodules are formed by a combination of hydrogenetic and diagenetic growth. In the first case, the minerals precipitate from cold ambient seawater, and in the second from pore waters within the sediment (Hein and Koschinsky, 2014; Hein et al., 2020). The metals in seawater are concentrated by adsorption onto ultrafine particles of Fe- and Mn-oxides (nanoparticles) that are attracted electrostatically to one another in the water column. The Mn-oxide particles have a negative surface charge and so scavenge other trace elements as they form, especially positively charged ions such as Co, Ni and Cu that are also present in seawater in trace concentrations. The Fe-oxide particles, in contrast, have a slight positive surface charge and attract negative ions in seawater, such as the oxyanions Mo, V, As, and some REEs (Figure 6-9). Diagenetic precipitation within the sediment occurs under oxic or suboxic conditions from pore fluids that consist of seawater modified by chemical reactions within the sediment. In the Cook Islands, nodules that are derived from a hydrogenetic process are common, whereas nodules found in the CCZ typically represent a mixed origin. These ‘mixed’ nodules usually show an equatorial rim that separates the hydrogenetic from the diagenetic hemisphere (Halbach et al., 1981).

 

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Figure 6-9: (a) Schematic illustrating the formation of Mn-oxides and Fe-oxyhydroxides. Positively charged ions are attracted to the negatively charged surface of Mn-oxides, whereas negatively charged ions sorb onto the surface of positively charged Fe-oxides and oxyhydroxides. (b) Schematic illustrating the formation of hydrogenic, diagenetic and mixed-type nodules and the variation in chemistry. From Hein et al. (2020).

The polymetallic nodules in the Project area are part of the wider Cook Island polymetallic nodule deposit. The largest known deposit is located between the Clarion and Clipperton Fracture Zones in the North Pacific Ocean, between Hawaii and Mexico. Of all nodule deposits globally, the CCZ nodule deposit has been the most extensively researched. The deposit was first identified in the late 1880s, and commercial-focused exploration began in the 1960s. Exploration is now overseen by the International Seabed Authority, which regulates deep sea exploration in international waters. As of June 2024, the International Seabed Authority has issued 17 exploration contracts.

Nodule abundance and geochemistry vary both between and within deposits. A summary of global nodule geochemical grades is presented in Table 6-2.

 

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Table 6-2: Summary of global nodule grades. Modified from McKelvey et al. (1983). Data for the Cook Islands and South Penrhyn Basin–Aitutaki Passage are summarized from the dataset used in this Project.

 

Element (wt.%)		All Pacific Ocean				Cook Islands				South Penrhyn Basin–Aitutaki Passage				Clarion- Clipperton Zone				Atlantic Ocean				Indian Ocean
Mn			20.1				16.3				16.2				26.3				13.3				15.3
Fe			11.4				15.8				16.5				6.6				17.0				14.2
Ni			0.76				0.44				0.37				1.20				0.32				0.43
Cu			0.54				0.27				0.21				0.98				0.13				0.25
Co			0.27				0.38				0.42				0.20				0.27				0.21

 

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7. Exploration

7.1 Bathymetry

In 2023 (Expedition 1, Leg 1), high-resolution (35 m) bathymetric and backscatter data were collected using a hull-mounted Kongsberg EM 304 Mk 11 multibeam echosounder (MBES) with an operating frequency of 20–32 kHz. As each line of data was collected, it was processed immediately to check for any gaps and the overall quality of the data, enabling almost real-time data collection corrections to be conducted.

Survey lines were run east–west (Figure 7-1). A line spacing of 5,000 m was selected based on the average beam swath size of 6,000 m to ensure there was adequate overlap between lines. North–south cross lines in the center of the Project were collected as verification. Infill lines were collected to fill any holes in the data.

A total of 5,007 line-km of survey data was collected including 561.63 km of infill and crossline data. Survey lines were conducted at a speed of 8 knots. The MBES was operated at 26 kHz nominal frequency with 65° total swath angle, resulting in ~7,200 m swath in the deepest areas and ~5,100 m swath in the shallowest areas encountered. Data coverage overlap between lines was between 25%–30%.

Bathymetric and backscatter data were processed using Caris HIPS 11.4.22. Bathymetry data were re-processed to produce slope maps for EL3.

 

Figure 7-1: MBES survey lines.From van Eck (2023a).

 

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The bathymetry outlines the seamounts in the center of the Project area, as well as ridges to the east and west.

A slope analysis was run on the bathymetric data. To remove the background “noise”, a gaussian filter was applied to the data and resampled at 500-m resolution. The analysis was run at slope thresholds of 5°, 7°, and 10° (Figure 7-2). Eighty-nine per cent of the Project area has a slope of <10° (Table 7-1).

 

Figure 7-2: Project bathymetry.

Table 7-1: Summary of slope analysis.

 

Slope Threshold		Area greater than slope threshold				Percentage of area below slope threshold
5°			5,255				78	%
7°			3,783				84	%
10°			2,576				89	%

7.1.1 Geomorphological Domains

Odyssey Marine used the backscatter, slope and rugosity data to create a geomorphological domain map for EL3 (Figure 7-3). This resulted in the classification of 11 geomorphological domains: abyssal hill, bench, caldera, depression, guyot, hill, incline, plain, ridge, seamount and valley (Figure 7-3A). The predominant geomorphological domain is abyssal plains, which is typically associated with high nodule abundance.

 

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RSC simplified the domain map to aid with geological domaining (Figure 7-3B).

 

Figure 7-3: Geomorphological domain maps for EL3. A) Geomorphological domain map created by Odyssey Marine; B) simplified version created by RSC.

 

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7.2 Seabed Sampling

7.2.1 Research Cruise 1 (RC01)

At the end of 2019, MML’s parent company OML conducted its first expedition to what is now called EL3. Using the MV Grinna II, a short campaign of FFG sampling was conducted, resulting in the collection of 50 FFG samples at five sites. At each site, 10 FFG samplers were deployed one after the other. After the tenth FFG sampler was deployed, the ship turned around to prepare for the recovery of all 10 grabs. All FFG samplers were successful, collecting over 250 kg of nodules.

Two nodules were sent off for X-ray diffraction (XRD), quantitative evaluation of minerals by scanning electron microscopy (QEMSCAN^®) and scanning electron microscope (SEM) imaging.

7.2.2 Expedition 1, Leg 2

Expedition 1, Leg 2 (E1L2) was conducted during May–June 2023. The expedition focused on refining sampling practices, data management associated with BC, FFG and benthic sled deployments. A key objective was working through obtaining environmental data without compromising the quality of either the geological/resource or the environmental data.

Sampling was conducted on an 8-km grid. Sites were grouped in threes, forming eight triads. At each site, two FFG samplers were deployed. In total, there were 17 successful FFG samplers from 20 deployments sampling nine discrete sites.

Five BC deployments were conducted in a dice five pattern; however, only two successfully returned a sampling containing polymetallic nodules. Failed BC deployments were a result of either incorrect set-up of the trigger mechanism or the vessel applying horizontal force on the trigger mechanism. Video footage indicates the BC was penetrating the seabed sediment.

Nodules and sediment were sampled from the FFG and BC samples as outlined in section 8.

7.2.3 Expedition 2

Expedition 2 (EXP2) was conducted in August 2023. During the expedition, the ROV conducted three operational dives, up to -5,065 m depth, with the longest dive lasting 11 hours and 50 minutes. Tests were also run on the ROV to ensure that all systems (lights, cameras, and manipulator arm) were working.

The benthic sled was deployed twice, collecting an estimated 100 kg bulk sample for metallurgical purposes. The MBES runs continuously when the ship is operating, resulting in an additional 672 line-km of bathymetric data.

7.2.4 Expedition 3

Expedition 3 (EXP3) was conducted in late August 2023. The benthic sled was deployed 12 times, collecting a 5.6-t bulk nodule sample. An additional 1,349 line-km of bathymetric data were collected by MBES.

 

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7.2.5 Expedition 4

From November to December 2023, Expedition 4 (EXP4) was conducted in EL3. Sampling was conducted predominantly by FFG (80 deployments including two failed deployments) and supported by BC (19 deployments including two failed deployments), resulting in the collection of 477.8 kg of nodules. In addition to geological sampling, environmental and geotechnical sampling was conducted collecting environmental DNA (eDNA), sedimentary geochemistry and geotechnical samples. The CTD (conductivity, temperature, depth) probe was deployed 33 times. The ROV was deployed seven times recording 22 line-km of footage before it was retired due to rough weather and mechanical breakdowns. The benthic sled was not deployed during EXP4.

7.3 Nodule Abundance

The burial depth of surface noodles, as measured as the proportion of the nodule resting below the surface sediment, ranges from 25–50% (Figure 7-4) (Biesheuvel, 2023). Due to the soft nature of the upper sediment, during transportation of the BC sample from the recovery site to the processing site, surface nodules often sank into the sediment by approximately a quarter of the height of the nodule.

 

Figure 7-4: Photographs of before and after moving BC samplers. A) Close up photograph of nodules from BC_022 just after dewatering at the recovery site on the aft deck. B) Close up from BC_022 after moving the BC sampler to the processing site next to the Geology Lab. C) Top shot of BC_021 before moving. D) Top shot of BC_021 after moving. The nodules have sunk and many of the small nodules are no longer visible.

 

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Nodules within the Project area predominantly lie on the surface of the seafloor. From E1L2, 0.5% of the nodules were defined as buried nodules; whereas 0.8% of the nodules recovered from BC samples were classified as buried nodules.

Nodule abundance is summarized in Table 7-2 and Figure 7-5A. Following the data quality review (see section 8.6.4.3), 31% of the samples were observed losing nodules from the FFG basket or bouncing on the seafloor. These samples were classified as “failed” as the data collected did not reflect the primary sample (Figure 7-5B). Table 7-2 summarizes all data collected and nodule abundance, excluding the samples that failed.

Table 7-2: Summary of nodule abundance data.

 

				RC01				E1L2				E1L2				EXP4				EXP4
				All Data				All Data				Excl. Failed Samples				All Data				Excl. Failed Samples
		No. of Samples			—				2				2				19				14
BC Surface		Mean			—				31.1				31.1				19.7				20.4
Abundance		Minimum			—				29.0				29.0				0				0
		Maximum			—				33.2				33.2				36.7				36.7
		No. of Samples			—				1				1				14				12
BC Buried		Mean			—				0.36				0.36				0.24				0.24
Abundance		Minimum			—				0.36				0.36				0.01				0.01
		Maximum			—				0.36				0.36				3.32				1.13
BC Total		No. of Samples			—				2				2				19				14
Abundance		Mean			—				31.3				31.3				19.9				20.7
		No. of Samples			50				16				16				77				58
		Mean			32.1				32.2				32.2				23.5				27.1
FFG Abundance		Minimum			17.8				18.5				18.5				0				0
		Maximum			42.7				37.8				37.8				49.3				49.3
Total Abundance		No. of Samples			50				18				18				96				17
		Mean			32.1				32.1				32.1				23.0				25.9

 

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Figure 7-5: BC and FFG samples collected by MML. A) Nodule abundance; B) quality rank based on sampling video.

 

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7.4 Nodule Moisture & Density

As nodules form at the bottom of the seafloor in a wet environment, they contain a high primary moisture content (natural inherent moisture content). The moisture content of two sub-samples (BC_012 and BC_024) was calculated once on shore in Rarotonga. After a drying period of 66 hours, only small nodules (initial weight <60 g) had fully dried, indicating polymetallic nodules require a very long drying time. The average moisture content of the small nodules is 28.9%.

All samples were dried at ALS Brisbane, after which the moisture content was calculated. Moisture content varies from 18.9–45.2% and averages 25.1%.

Wet density was calculated on a sub-sample of individual nodules, and averaged 1,943 kg/m3 (Figure 7-6).

 

Figure 7-6: Nodule density. From Biesheuvel (2023).

7.5 Nodule Geochemistry

7.5.1 Chemical Analysis

Chemical analysis indicates the nodules primarily consist of Fe, Mn, Si, Al, Ca, Mg, Ti and K but are also enriched in Co, Cu, Ni and REEs (Figure 7-7). Compared to typical deep-sea nodules (Table 6-1), the nodules from EL3 contain higher concentrations of Fe and Co but lower concentrations of Mn (Table 7-3). The nodules also contain relatively high concentrations of REEs (mean REY = 2,336 ppm), which is predominantly Ce (mean = 1,513 ppm). The Mn/Fe ratio is low (0.8), which supports hydrogenetic nodule formation.

 

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Table 7-3: Summary of nodule chemical analysis.

 

Analyte		Unit		Analytical Method		Number of Samples				Mean				Minimum				Maximum
Al2O3		%		ME-XRF26s			112				5.98				3.72				14.4
CaO		%		ME-XRF26s			112				2.78				2.39				3.21
Co		%		ME-XRF26s			112				0.47				0.03				0.72
Cu		%		ME-XRF26s			112				0.15				0.04				0.26
Fe		%		ME-XRF26s			112				18.7				9.1				20.8
K2O		%		ME-XRF26s			112				0.90				0.62				2.19
MgO		%		ME-XRF26s			112				2.07				1.86				3.65
Mn		%		ME-XRF26s			112				15.5				1.98				20.2
Mo		ppm		ME-4ACD81			112				245				24				371
Ni		%		ME-XRF26s			112				0.27				0.04				0.46
REY		ppm		ME-MS81			112				2,336				722				2,919
SiO2		%		ME-XRF26s			112				16.2				10.1				41.2
TiO2		%		ME-XRF26s			112				2.75				1.65				3.43

 

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Figure 7-7: Map of nodule geochemistry. A) Co, B) Cu, C), Fe, D) Mn, E) Ni, and F) Mo.

 

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7.5.2 Mineralogical Characteristics

Two randomly selected nodules from the RC01 cruise (Figure 7-8) were subjected to chemical analysis (8-Peroxide ICPMS) and mineral characterization (XRD, QEMSCAN, and SEM imaging) by XPS Expert Process Solutions (XPS, 2020).

 

Figure 7-8: Photographs of characterized nodules. Left: Nodule 1; Right: Nodule 2 (XPS, 2020).

Mineralogical characterization was conducted using QEMSCAN, XRD, and SEM imaging at the XPS mineral science facility in Sudbury, Ontario.

The QEMSCAN analysis provided a detailed mapping of the internal surface of Nodule 1 (Figure 7-9). This illustrates that the nodule is dominated by a mixture of Mn-Fe, Fe-Mn, and Fe-Si oxides with minor Si and Ca, varying in composition moving from the center to the outer regions. The center of the nodule is dominated by K-Al-Si clays (~illite), with Fe and Mn enrichment. The clay matrix includes minor apatite and fine Cu-sulfides (mean 10 µm).

XRD analysis on both Nodule 1 and 2 indicated a high degree of amorphicity of the Fe and Mn compounds, which is likely related to the small particle size and poor ordering (low crystallinity). Some peaks are related to K-Al-Si clays and/or zeolite minerals at the center of the nodule.

SEM imaging in backscattered electron mode (BSE) further facilitated micro-characterization of Nodule 1. An overview of the Mn-nodule is illustrated in Figure 7-10 (top left), with the darker center representing predominant K-Al-Si illite clays enriched in Fe and Mn. This central region is surrounded by brighter Mn and Fe outer radial growth. The upper right image shows an exposure surface with clay lamination and Fe-Si oxides. The bottom two photomicrographs in Figure 7-10 illustrate the sharp contact between the fine-grained clays and the Mn-Fe oxide outer radial section. Additionally, fine bright particles within the clay matrix represent Cu-bearing sulfides and pyrite.

 

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