Mr. James Deckelman reports

DEEP SEA MINERALS CORP. ESTABLISHES COOK ISLANDS SUBSIDIARY TO ADVANCE CONCESSION APPLICATION PROCESS

Deep Sea Minerals Corp. has established a wholly owned subsidiary in the Cook Islands as part of its continuing evaluation of a potential application for exploration rights within the Cook Islands exclusive economic zone (EEZ).

The establishment of a local subsidiary is a procedural step aligned with the company's previously disclosed intention to pursue opportunities in the Cook Islands and is intended to support engagement with the Cook Islands Seabed Minerals Authority and other relevant stakeholders.

As noted in the company's Feb. 11, 2026, strategic update, Deep Sea Minerals has been assessing multiple regulatory pathways, including those in the Cook Islands and the United States, as part of a broader effort to evaluate offshore critical mineral opportunities.

Cook Islands jurisdiction context

The Cook Islands is among a limited number of jurisdictions that have developed a dedicated legislative and regulatory framework for seabed mineral activities. The Cook Islands Seabed Minerals Authority oversees licensing, environmental management and stakeholder engagement processes associated with offshore mineral development.

The country's EEZ has been the subject of government-supported scientific programs focused on polymetallic nodules, which are known to contain nickel, cobalt, manganese and copper, metals commonly associated with defence and other industrial applications. While offshore mineral development remains at an early stage globally, the Cook Islands has taken steps to establish environmental safeguards, as well as defined permitting processes and regulatory expectations. The company views these as relevant in the context of evaluating potential project pathways.

Subsidiary formation and application readiness

The newly formed subsidiary is expected to serve as the company's local operating entity in the Cook Islands, and to facilitate administrative, regulatory and stakeholder-related activities associated with a potential application.

"This step is part of the procedural groundwork required to evaluate a potential application in the Cook Islands," said James Deckelman, chief executive officer of Deep Sea Minerals. "Our approach remains focused on understanding regulatory requirements, engaging with relevant authorities, and assessing technical and environmental considerations."

Broader market context

Global demand for certain minerals, including nickel, cobalt, manganese and copper, has increased in recent years, driven in part by electrification trends, infrastructure development and manufacturing requirements. At the same time, supply chain diversification and security have become areas of focus for numerous governments. Seabed mineral resources have been discussed as a potential supplementary source of these materials; however, the sector remains subject to evolving regulatory frameworks, environmental considerations and technological development. Within this context, the company continues to assess jurisdictions where regulatory processes are defined and where baseline scientific data are available.

Next steps

Deep Sea Minerals will continue its technical, regulatory and stakeholder engagement efforts in relation to the Cook Islands. The company has not yet submitted an application in the Cook Islands and will provide further updates as its evaluation progresses.

Other corporate updates

Deep Sea Minerals announces that Denise Lok has resigned as a director and an officer of the company to pursue other opportunities. The company would like to thank Ms. Lok for her contributions to the company. The company is pleased to announce the appointment of Steven Nguyen as the chief financial officer, corporate secretary and a director of the company to fill the vacancies.

About Deep Sea Minerals Corp.

Deep Sea Minerals is a subsea mineral exploration and development company focused on evaluating opportunities to support the future supply of critical minerals through the acquisition, exploration and development of deep-sea mineral assets.

The company's strategy is centered on identifying jurisdictions and geological settings with potential exposure to polymetallic nodule systems, which are recognized for containing combinations of metals that may be relevant to defence, industrial manufacturing, clean energy infrastructure, advanced electronics and artificial-intelligence-related supply chains. These seabed resources represent a largely undeveloped component of the global mineral supply base and are the subject of increasing policy, scientific and regulatory attention worldwide.

As part of this process, the company has commenced early stage engagement with selected governments and regulatory bodies in the Pacific Ocean region to assess potential pathways for future exploration initiatives, subject to applicable international, national and environmental frameworks.

We seek Safe Harbor.