DEEP SEA MINERALS CORP. RESPONDS TO REUTERS HEADLINE AND CLARIFIES STATUS OF NOAA EXPLORATION APPLICATION

Executive Summary

• Deep Sea Minerals clarifies that its deep-sea exploration license application with NOAA remains active and has successfully reached the "substantial compliance" stage, directly countering recent media reports suggesting the application was rejected.
• Reaching substantial compliance satisfies key threshold requirements for completeness and grants the Company priority of right for the applied-for concession, marking a significant procedural milestone toward final regulatory approval.
• The Company announced the appointment of Jeremy Perez, CPA, as an additional independent director and Chair of the Audit Committee, effective June 25, 2026, to strengthen financial oversight and support its Nasdaq listing objectives.

Key Details

• Regulatory Status: The exploration license application remains active within the NOAA regulatory review process; it has not been rejected, denied, dismissed, or withdrawn.
• Substantial Compliance Milestone: The application has advanced through the substantial compliance stage, indicating satisfaction of key threshold requirements for completeness and conformity.
• Priority of Right: Upon reaching substantial compliance, the Company obtains priority of right with respect to the applied-for concession covered by its application.
• Next Steps: The Company is actively working toward full compliance and continues constructive engagement with relevant regulatory authorities to secure final approval.
• Director Appointment: Jeremy Perez, CPA, appointed as an additional independent director and Audit Committee Chair, effective June 25, 2026.
• Appointment Rationale: Mr. Perez brings over 15 years of public audit and assurance experience, expertise in IFRS, U.S. GAAP, and ASPE, and familiarity with Canadian and U.S. markets to enhance governance, financial reporting, and audit committee functions, supporting the Company's previously submitted Nasdaq listing application.
• Audit Committee Reconstitution: The board has reconstituted the audit committee with Jeremy Perez as Chair, alongside members Geoff Balderson and Anthony Zelen.

Notable Quotes

• James Deckelman, CEO: “Recent media references have led to an incorrect impression that our exploration license application was rejected. That is not the case. Our application remains active, has passed substantial compliance, and continues to move through the regulatory pathway. We are focused on satisfying the remaining requirements and working toward full compliance and final application approval.”