American Marconi Wireless News - Deep Sea Rare Minerals, Inc. Completes Pre-FEED Study and Announces Plan to Advance to Next Engineering and Design Phase for Polymetallic Nodule Collection System

The Company intends to proceed to subsequent engineering and design phases as it continues to evaluate the potential development of a PMN collection system. Any future commercial operations remain subject to, among other things, the completion of engineering studies, the availability of financing, and the receipt of required regulatory approvals.

As part of the pre-FEED study, the Company identified the following preliminary design parameters for a potential PMN collection system:

• Selection of Soil Machine Dynamics Ltd. ("SMD") to support the design of a 6,000-meter-rated subsea collector system. SMD is a designer and manufacturer of work-class remotely operated vehicle systems.

• Selection of Oil States International, Inc. ("OSI") to support the design of a riser and vertical transport system through their OSI Minerals group. OSI has led the market for seafloor to surface transport technology since 2022 with their Merlin™ Deepsea Minerals Riser packages and has achieved world-record water depths with recent system deployments.

• Preliminary design target of approximately 1.0 to 1.5 million wet metric tons of PMNs per year.

• Conceptual support for operation from third-party or otherwise available vessels of approximately 130 to 150 meters in length.

• Incorporation of key environmental design features and considerations to include:

  • a closed-loop riser system intended to avoid mid-water discharge and mixing of surface and bottom waters

  • a trackless collector concept intended to reduce seafloor disturbance

  • all-electric ROV and nodule collector systems intended to drastically reduce subsea noise and improve energy efficiency

  • No submerged pumps or use of air-lift system in vertical riser to reduce subsea noise

These design parameters are preliminary in nature and remain subject to change as engineering work progresses.

Based on the pre-FEED study results, which required substantial investment and more than 1,000 engineering hours, DSRM plans to advance to the next engineering and design phase. This phase is expected to further refine system specifications, manufacturing approaches, and cost estimates over approximately 90 to 120 days.

Anthony "Tony" Romeo, Chief Executive Officer of DSRM, stated: "We are encouraged by the progress achieved during the pre-FEED phase. This work marks an important engineering milestone in the Company's evaluation of a potential polymetallic nodule collection system. We remain focused on advancing our engineering efforts while continuing to assess regulatory, environmental, and commercial considerations."

Important Regulatory Notes and Forward-Looking Statements.

This press release contains forward-looking statements within the meaning of applicable U.S. securities laws. Forward-looking statements include, among others, statements regarding the Company's plans, objectives, strategies, expectations, intentions, engineering and design activities, anticipated timelines, and potential future operations of Deep Sea Rare Minerals, Inc. and its subsidiaries, including Deep Sea Recovery, LLC, related to the potential exploration, evaluation, and long-term development of polymetallic nodule resources.

These statements are based on current assumptions, expectations, and projections and are not guarantees of future performance. Forward-looking statements involve significant risks, uncertainties, and contingencies that are difficult to predict and that may cause actual results to differ materially from those expressed or implied.

These risks and uncertainties include, but are not limited to, engineering, technological, and manufacturing challenges; the performance, reliability, and integration of subsea systems and equipment; the timing, scope, outcome, or denial of regulatory approvals, permits, and authorizations from U.S. and international authorities; environmental assessments, baseline studies, impact evaluations, and evolving regulatory frameworks governing deep-seabed minerals; changes in governmental policy or political priorities; commercial, operational, financial, and logistical considerations; the availability and cost of capital and future financing needs; market conditions, commodity price fluctuations, and supply-chain uncertainty; and potential delays associated with third-party engineering, fabrication, or testing.

There can be no assurance that this next phase will be completed on the expected timeline or at all. No commercial operations may occur unless and until all applicable permits, approvals, and authorizations are obtained, and there can be no assurance that such approvals will be obtained on a timely basis or at all. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update or revise any forward-looking statements except as required by applicable law. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities.

About Deep Sea Rare Minerals, Inc.

Deep Sea Rare Minerals, Inc. is a U.S.-based holding company focused on the responsible evaluation and potential development of subsea mineral resource opportunities through its subsidiaries, subject to applicable regulatory requirements, environmental review, and financing considerations. www.deepsearareminerals.com

Media Contact: Deep Sea Rare Minerals, Inc.
Email: [email protected]

SOURCE: Deep Sea Rare Minerals, Inc.

View the original press release on ACCESS Newswire

L.Harper--AMWN