Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — Q1 2025 Earnings Presentation
36 slides from Tmc The Metals's earnings presentation, May 14, 2025
Slide 1: Unlocking the World's Largest Undeveloped Resource of Metals
The Metals Company (Nasdaq: TMC) – Unlocking the World’s Largest Undeveloped Resource of Metals for Energy, Defense, Manufacturing and Infrastructure May 14, 2025
Slide 2: Forward looking statements
2 Nasdaq: TMC Forward looking statements. This presentation contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to future events, TMC the metals company Inc.
Slide 3: $37 million Registered Direct Offering funds us beyond potential permit
3 Nasdaq: TMC $37 million Registered Direct Offering funds us beyond potential grant of commercial recovery permit. Issuer TMC the metals company Inc. (Nasdaq: TMC) 12.33 million common shares, with each share accompanied by a Class C Securities warrant $3.00 per common share and warrants exercisabl
Slide 4: Agenda
4 Nasdaq: TMC Agenda. TMC USA applications and U.S. regulatory headlines 5 Benefits of the nodule resource 11 NOAA and DSHMRA: U.S. seabed mining code 14 Onshore processing update 17 Environmental impact statement 18 Timing of PFS and project economics update 20 Financial highlights 22 Appendix 26
Slide 5: TMC USA has filed the world's first commercial recovery permit application
5 Nasdaq: TMC TMC USA has filed the world’s first commercial recovery permit application and two exploration license applications under existing U.S. seabed mining code. Commercial Recovery Permit Application Exploration License Applications
Slide 6: NOAA is reviewing TMC USA applications pursuant to DSHMRA
6 Nasdaq: TMC NOAA is reviewing TMC USA applications pursuant to its authority under DSHMRA. Regulator National Oceanic and Atmospheric Administration (NOAA) Regulatory basis - The Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA) - NOAA Implementing Regulations for Exploration Licenses (1981)
Slide 7: President Trump's Executive Order of April 24, 2025
7 Nasdaq: TMC President Trump’s Executive Order of April 24, 2025, calls for America’s return to leadership in the offshore minerals industry. On April 24, 2025, President Trump signed an Executive Order — ‘Unleashing America’s Offshore Critical Minerals and Resources’ — directing the Commerce Secre
Slide 8: Positive statements from NOAA, Commerce and State Departments
8 Nasdaq: TMC NOAA, Commerce and State Departments have made positive statements on the Executive Order and U.S. seabed mining permitting process. NOAA press release on Executive Order U.S. Commerce Dept. statement to NY Times Sec. of State Rubio on Executive Order April 2025 March 2025 April 2025 “
Slide 9: The Economist: Trump is right to support deep sea nodule production
9 Nasdaq: TMC The Economist: Trump is right to support deep sea nodule production. Donald Trump is Right to Go After A Trump Executive Order Will Metals in the Deep Sea Unleash a Global Deep-sea Mining Boom ‐ In a Leader published on May 1, The Economist’s second ‐ “The Clarion-Clipperton Zone (CCZ)
Slide 10: TMC Chairman & CEO in Congress
10 Nasdaq: TMC TMC Chairman & CEO in Congress: Nodules can revitalize American industry. TMC CEO Testifies Days After Trump Commits Before Congress: to Seabed Mining, Two Deep-Sea Minerals Sides Face Off Key to U.S. Industrial Future ‐ Following the Congressional hearing, the New York Times publishe
Slide 11: Nodule composition fits high-nickel and LMR batteries
11 Nasdaq: TMC Nodule composition fits well with high-nickel batteries and newly-announced lithium manganese rich (LMR) batteries being developed by GM, LG, Ford and others. Metal Metal weight contained value1 MANGANESE requirements in cells Mn 10% Co 10% 28% Mn 65% COBALT 11% NICKEL 43% Ni 80% Ni 3
Slide 12: Nodules contain four critical metals
12 Nodules contain four critical metals for American manufacturing, defense, infrastructure and future technologies. All four metals are on the U.S. critical minerals & materials lists. 28 27 29 25 Ni Nickel Co Cobalt Cu Copper Mn Manganese 58.693 58.933 63.546 54.938 Alloy steel Aircraft engines Ai
Slide 13: Access to a billion tonnes of nodules would be transformational for the U.S.
13 Nasdaq: TMC Access to a billion tonnes of nodules would be transformational for the U.S. Number of years of current U.S. consumption that could be supplied by a billion tonnes of nodules 456 165 81 4 years years years years 25 27 28 29 Mn Manganese CoCobalt Ni Nickel Cu Copper 54.938 58.933 58.69
Slide 14: U.S. companies and agencies were nodule pioneers from the 1970s
14 Nasdaq: TMC U.S. companies and government agencies such as NOAA were nodule pioneers beginning in the 1970s. But while 168 nations ceded control of seabed mining in international waters to the ISA, the U.S. did not. US Government Legislation: Congress adopted the Deep Seabed Hard Mineral Resource
Slide 15: U.S. developed its own seabed mining code
15 Nasdaq: TMC Instead, the U.S. developed its own seabed mining code regulating exploration and commercial recovery in international waters. Deep Seabed Hard Mineral Resources Act (DSHMRA 1980) and NOAA’s implementing regulations DSHMRA was designed to allow U.S. citizens to engage in the explorati
Slide 16: FAQs on TMC USA and DSHMRA compliance with international law
16 Nasdaq: TMC FAQs on TMC USA and DSHMRA This slide is for informational purposes only and does not constitute legal advice. The content is compliance with international law. based on interpretations of current U.S. and international legal frameworks and is subject to change. Investors should seek
Slide 17: Site visit at PAMCO's commercial operating facility in Japan
17 Nasdaq: TMC In April, equity analysts, traders and downstream consumers attended a site visit at PAMCO’s commercial operating facility in Japan. ᠆ In April 2025, TMC and PAMCO welcomed over 50 representatives including equity research analysts, commodity traders, steelmakers and battery metal con
Slide 18: Environmental Impact Statement based on one of the largest deep-sea datasets
18 Nasdaq: TMC Environmental Impact Statement (EIS): based on one of the largest deep-sea datasets ever compiled. Campaign 4D Campaign 5C Campaign 7C Campaign 5A Campaign 5D Campaign 7B 1&2 Campaign 4E Campaign 5E Campaign 8A Campaign 5B Campaign 7A 1&2 Campaign 8B
Slide 19: Our EIS is addressing six primary concerns
19 Our EIS is addressing six primary concerns. Results are encouraging on every one of them. Seafloor plumes Midwater plumes Carbon Concern: “Seafloor plumes could travel Concern: “Midwater plumes could travel Concern: “Planet’s biggest carbon sink 10,000s km beyond mining sites.” over a 1,000 km an
Slide 20: Project economics: standards-compliant studies
20 Nasdaq: TMC Project economics: As an SEC-regulated resource company, we must issue standards-compliant studies. PROJECT DEVELOPMENT SEC Regulations Subpart S-K 1300 IA PFS FS Initial Assessment Pre-feasibility Study Feasibility Study CONCEPT What it could be What it should be What it will be OBJE
Slide 21: Our pivot to the U.S. introduced new assumptions
21 Nasdaq: TMC Our pivot to the U.S. introduced new assumptions that deviate from our previously planned PFS, including vessel flagging requirements and a lower topline royalty. US pivot IA PFS New assumptions Initial Assessment Pre-feasibility study under the U.S. regulatory regime, May 2021 Planne
Slide 22: TMC liquidity of $44 million, $81 million pro forma
22 Nasdaq: TMC TMC liquidity (cash plus borrowing capacity) of $44 million at March 31, 2025 and $81 million pro forma for Registered Direct Offering. USD Millions 180.0 160.0 - The $37 million RDO, when combined with $55 million 140.0 potential future proceeds from associated warrants at $4.50, wou
Slide 23: Income statement highlights: three months ended March 31, 2025
23 Nasdaq: TMC Income statement highlights: three months ended March 31, 2025. ($mm) Q1 2025 Q1 2024 Change Exploration and evaluation expenses 9.5 18.1 (8.6) General and administrative expenses 8.5 6.6 1.9 Operating loss 18.0 24.7 (6.7) Equity-accounted investment loss - 0.1 (0.1) Change in fair va
Slide 24: Cash flow highlights: three months ended March 31, 2025
24 Nasdaq: TMC Cash flow highlights: three months ended March 31, 2025. ($mm) Q1 2025 Q1 2024 Change Cash used in operating activities 9.3 11.8 (2.5) Capital expenditures 0.1 0.3 (0.2) Acquisition of equipment 0.1 0.3 (0.2) Free cash outflow 9.4 12.1 (2.7)
Slide 25: Balance sheet highlights: quarter ended March 31, 2025
25 Nasdaq: TMC Balance sheet highlights: quarter ended March 31, 2025. Mar 31, 2025 Dec 31, 2024 Change Total Assets ($mm) 64.5 63.0 1.5 Cash 2.3 3.5 (1.2) Accounts receivable and prepaid expenses 5.0 1.8 3.2 Exploration assets 43.0 43.0 - Right of use asset 3.3 3.8 (0.5) Equipment 0.7 0.8 (0.1) Sof
Slide 26: Appendix
APPENDIX
Slide 27: Appendix: non-GAAP reconciliation
27 Nasdaq: TMC Appendix: non-GAAP reconciliation. Non-GAAP Financial Measures – Free Cash Outflow Free cash outflow is a non-GAAP financial measure. Free cash outflow is used in addition to and in conjunction with results presented in accordance with United States Generally Accepted Accounting Princ
Slide 28: We have achieved groundbreaking milestones since inception in 2011
28 Nasdaq: TMC We have achieved groundbreaking milestones since inception in 2011, materially de-risking execution...and we now have a clear permitting path as well. Permitting has been remaining hurdle, Key milestones achieved since 2011: and we now have a clear path: Two Resource Statements, 1.6 B
Slide 29: Why nodules?
29 Why nodules? Polymetallic Far offshore Very deep High grades of four critical Far away from people, The deeper you go, metals: nickel, copper, cobalt no physical impact on the less life you will find. and manganese. communities. Unattached Portable No tailings, near No overburden to remove, no On
Slide 30: Ranked #1 and #2 largest undeveloped nickel projects
30 Nasdaq: TMC TMC: ranked in 2022 and 2023 as #1 and #2 largest undeveloped nickel projects on the planet 1; the high- grade alternative to Russian- and Chinese-funded supply. World’s largest undeveloped nickel projects World’s largest nickel operations ranked by resource Total est. resources (infe
Slide 31: Technical resource statements issued on NORI + TOML
31 Nasdaq: TMC TMC: technical resource statements issued on NORI + TOML, with an in situ estimated resource of Ni, Cu, Co and Mn sufficient to electrify the entire U.S. passenger car fleet1. TMC exploration contract area NORI2 TOML3 Sponsoring Republic of Kingdom of State Nauru Tonga Exploration are
Slide 32: Pilot collection system test and environmental monitoring campaign completed in 2022
32 Nasdaq: TMC Pilot collection system test and initial environmental impact monitoring campaign completed in Dec 2022. Over ~3,000 wet tonnes of nodules lifted to surface. PILOT COLLECTOR SYSTEM TEST PROGRAM IN 2022 January Riser acceptance test February Thruster re-lift, dockside vessel commission
Slide 33: Slide 33
Slide 34: 3,000 wet tonnes of nodules in the hold of the Hidden Gem
3,000 wet tonnes of polymetallic nodules in the hold of the Hidden Gem vessel during the pilot collection system test in Q4 2022.
Slide 35: Top industrial economies announced key actions on seafloor resources
35 Nasdaq: TMC The world’s top industrial economies announced key actions in the last year on seafloor resources, potentially also growing the addressable market for services business. Two Chinese contractors launched stakeholder consultations for environmental impact statements for India has submit
Slide 36: Thank you
Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us
TMC the metals company — Q1 2025 Earnings Presentation on 6ix