Sparks - The Metals Company

The Metals Company (TMC) today announced Liam Mallon’s appointment to its Board of Directors as it advances plans for commercial recovery of polymetallic nodules in international waters under the U.S. Deep Seabed Hard Mineral Resources Act of 1980 and its implementing regulations administered by the National Oceanic and Atmospheric Administration (“NOAA”). Mr. Mallon will lead the Board’s Sustainability and Innovation Committee at TMC, with a focus on driving innovations that improve offshore project economics and enable rapid scaling of offshore operations while carefully managing impacts. He is extremely well-placed for such a role, bringing a perspective that TMC expect to strengthen the Board’s oversight of execution, capital allocation, and risk  as the company works to translate its resource opportunity into long-term shareholder value. To understand how successful execution could significantly de-risk TMC, lower the implied discount rate see and increase the equity value towards our indicative $12.30 valuation see our recent report. We see this impressive appointment as a strong vote of confidence in TMC and expect Mr. Mallon’s appointment to contribute to the successful execution and de-risking that we expect to narrow the NPV gap.

Mr. Mallon brings more than four decades of global energy and offshore operating experience, including 35 years with Mobil and ExxonMobil. Before retiring in 2025, he served as President of ExxonMobil Upstream Company and Vice President of ExxonMobil Corporation. In that role he oversaw the company’s worldwide upstream portfolio spanning oil and gas exploration, development and operations including $20-30bn of annual capital deployment. He led a transformation of ExxonMobil’s upstream business, restructuring its operating model and doubling profitability and played a central role in portfolio strategy, M&A, and major growth projects, including ExxonMobil’s Guyana development and the $60 billion acquisition and integration of Pioneer Natural Resources. Throughout his career, Mr. Mallon also managed relationships with governments, national oil companies and ministries across major energy-producing regions.