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Moana Minerals Limited Announces Award of Exploration License by the Cook Islands Seabed Minerals Authority

Moana Minerals Limited (the "Company" or "Moana"), a Cook Islands registered company and a wholly owned subsidiary of parent company Ocean Minerals LLC ("OML"), announced the award of an Exploration License by the Cook Islands Seabed Minerals Authority. Moana Minerals Ltd. is one of the first companies to hold an Exploration License in the Cook Islands.

This Exploration License provides Moana with exclusive rights to explore for polymetallic nodules within an area measuring 23,630 square kilometers entirely within the boundaries of the Cook Islands Exclusive Economic Zone. During the exploration period, Moana will collect environmental baseline data from the deep-sea ecosystem to form a basis for an Environmental and Social Impact Assessment (ESIA), recover quantities of nodules for metallurgical processing studies, and collect additional geologic samples to increase the size and confidence of its resource estimate which, based on existing data, is estimated to be the largest undeveloped cobalt resource in the world. Moana will be in regular communications with the Cook Islands community and the Seabed Minerals Authority to share updates on its program, including data gathered during exploration.

This award also triggers the closing of a definitive agreement entered into between Moana's parent company, Ocean Minerals LLC, and Transocean Limited (NYSE: RIG), under which Transocean will acquire a non-controlling minority equity interest in Ocean Minerals LLC.

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