Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — Q1 2026 Earnings Presentation
30 slides from Tmc The Metals's earnings presentation, May 14, 2026
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, 2026
Slide 2: Forward looking statements
2 Nasdaq: TMC Forward looking statements. This presentation contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other applicable U.S. securities laws. These statements may be identified by words such as "believes," "expects," "plans,"
Slide 3: Agenda
3 Nasdaq: TMC Agenda. Offshore: U.S. permitting update 4 Offshore: Allseas agreement and first production system 5 Offshore: American offshore minerals industry 12 Onshore: Mariana Minerals partnership and domestic processing 14 ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ Project economics 17 Liquidit
Slide 4: Consolidated application: the path to permit is clear, with EL/CRP grant expected in Q1 2027
4 Nasdaq: TMC Consolidated application: the path to permit is clear, with EL/CRP grant expected in Q1 2027. Completed milestones Upcoming milestones JAN 22, 2026 Application posted to Application submission Federal Register MAR 9, 2026 60 days Substantial compliance Public comme
Slide 5: With new partners and commitments, we are moving toward commercial production
5 Nasdaq: TMC With new partners and new commitments from existing partners, we are moving toward commercial production. OFFSHORE COLLECTION ONSHORE PROCESSING & REFINING Global leader in developing integrated nodule mining, Pioneered the development of low risk, near-zero solid
Slide 6: Offshore: Agreement with Allseas to complete and operate first commercial offshore system
6 Nasdaq: TMC Offshore: We have agreed with Allseas to complete development and operate first commercial offshore system. ‐ On May 11, we signed an agreement with Allseas to complete development, commissioning and operation of the first commercial nodule production system ‐ Name
Slide 7: Offshore: First commercial operation involves coordinated deployment of multiple assets
7 Nasdaq: TMC Offshore: Our first commercial operation involves coordinated deployment of multiple assets. ‐ Scope: Integrated collection, lifting, transfer, transport and delivery to shore. Real-time environmental monitoring and adaptive management ‐ Target production: Gradual
Slide 8: Offshore: Support functions executed without interrupting nodule collection
8 Nasdaq: TMC Offshore: Support functions are executed without interrupting primary nodule collection operations. Nodule Offloading Nodule Transfer to Bulk Carrier Crew, Fuel and Supplies ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ - Offshore offloading systems enable nodules to be - A transfer vessel
Slide 9: Offshore: Simulations of three integrated logistics cycles
9 Nasdaq: TMC Offshore: Simulations of three integrated logistics cycles are used to optimize vessel coordination, timing and system resilience. ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ Source: PFS Aug 2025; Agreement with Allseas May 2026.
Slide 10: Offshore: Engineering for key long-lead packages is complete
10 Nasdaq: TMC Offshore: Engineering for key long-lead packages is complete, enabling procurement, supplier engagement and subcontracting. Q4 2027 May 2026 Q3 2026 Q4 2026–Q3 2027 Allseas contract award Procurement & subcontracting Fabrication & system integration Installation a
Slide 11: Offshore: Levers to reduce offshore unit costs
11 Nasdaq: TMC Offshore: We are also scoping levers to reduce offshore unit costs after the start of first commercial operation. Logistics Offshore unit cost Eliminate the function of transfer First vessel with DP bulk carriers system Energy Replace airlift with hydraulic riser
Slide 12: Offshore: EO 14285 spurred a new American offshore minerals industry
12 Nasdaq: TMC Offshore: EO 14285 spurred a new American offshore minerals industry. 9 American companies focused on offshore minerals in the high seas & EEZ, including 4 public companies ($TMC, $LMT, $OMEX / AOMC, $SEAS) 13 properties under NOAA license or application ~1.5 mill
Slide 13: Onshore: National security case for domestic nodule processing and refining
13 Nasdaq: TMC Onshore: The national security case for construction of domestic nodule processing and refining facilities has grown stronger. U.S. government actions: - Feb 27, 2026: Defense Industrial Base (DIBC) issued Request for Project Proposals (RPP-CM-26-01) titled “Domes
Slide 14: Onshore: Site-specific feasibility studies are a prerequisite for U.S. government support
14 Nasdaq: TMC Onshore: Site-specific feasibility studies are a prerequisite for any U.S. government support. ‐ One of the sites currently being considered by TMC USA is located in the Port of Brownsville where TMC USA holds an exclusive r ight of negotiation with the Port of
Slide 15: Strategic Partnership Agreement with Mariana Minerals for Brownsville feasibility
15 Nasdaq: TMC Onshore: We have signed a Strategic Partnership Agreement for Mariana Minerals to progress feasibility work on the Brownsville site. About Mariana Minerals: - Co-founder & CEO Turner Caldwell is a former Tesla executive - ~200 staff (20% software engineers), 4 pro
Slide 16: The Metals Royalty Co. (TMCR) began public trading on April 8
16 Nasdaq: TMC The Metals Royalty Co. (TMCR) began public trading on April 8, and announced Mesabi Metallics iron ore royalty in May. TMC owns ~25% of TMCR. ‐ The Metals Royalty Co. began public trading on April 8 (Nasdaq: TMCR). TMCR has a 2.0% Gross Overriding Royalty (GORR) o
Slide 17: Project economics: Two studies cover 1.6 billion tonne resource, combined NPV $23.6 billion
17 Nasdaq: TMC Project economics: Two studies cover total estimated 1.6 billion tonne resource, with combined NPV of $23.6 billion. PFS $5.5 billion NPV IA ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ $18.1 billion NPV – Not covered by PFS / IA, no QP-verified resource estimate yet Note: TMC USA applie
Slide 18: Project economics: PFS + IA economic potential of 1.6Bt resource
18 Nasdaq: TMC Project economics: PFS + IA = economic potential of 1.6Bt resource. 2025 2025 PFS IA Combined Approach Capital-light Contracted Resource base 363 Mt 1,276 Mt 1,639 Mt Recoverable nodules in wet tonnes 164 Mt 670 Mt 834 Mt Post-tax NPV 8 $5.5B $18.1B $23.6B ‧‧••‧‧‧
Slide 19: TMC had liquidity of $164M as of March 31, 2026
19 Nasdaq: TMC TMC had liquidity of $164M (cash plus borrowing capacity) as of March 31, 2026. The increase in the cash balance compared to $117.6 million at December 31, 2026 was partially driven by $9 million received on March 31, 2026 related to sell- to-cover tax transaction
Slide 20: Income statement highlights: three months ended March 31, 2026
20 Income statement highlights: three months ended March 31, 2026. ($mm) Q1 2026 Q1 2025 Change Exploration and evaluation expenses 13.3 9.5 3.8 General and administrative expenses 20.7 8.5 12.2 Operating loss 34.0 18.0 16.0 ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ Equity-accounted investment loss
Slide 21: Cash flow highlights: three months ended March 31, 2026
21 Cash flow highlights: three months ended March 31, 2026. Cash used in operating activities was partially driven by $9 million received on March 31, 2026 related to sell-to-cover tax transactions on stock-based compensation granted in prior years which was then remitted to tax
Slide 22: Balance sheet highlights: period ended March 31, 2026
22 Balance sheet highlights: period ended March 31, 2026. Mar 31, 2026 Dec 31, 2025 Change Total Assets ($mm) 184.9 181.5 3.4 Cash 119.7 117.6 2.1 Accounts receivable and prepaid expenses 3.0 3.0 - Exploration contracts ‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ 43.0 43.0 - Right of use asset 1.4 1.9
Slide 23: Appendix
‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ APPENDIX
Slide 24: Appendix: non-GAAP reconciliation
24 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 25: Why nodules?
25 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 tai
Slide 26: President Trump's Executive Order of April 24, 2025 on offshore minerals leadership
26 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’ — direct
Slide 27: So far, TMC has delivered many of our industry's firsts
27 Nasdaq: TMC So far, TMC has RESOURCE & ECONOMICS ✓ 1st U.S. SEC S-K 1300 nodule resource statement delivered many of ✓ 1st U.S. SEC S-K 1300 Preliminary Feasibility Study (PFS) our industry’s firsts. ✓ 1st U.S. SEC S-K 1300 declared nodule reserves ✓ 1st Canadian NI 43-101 nodule resource stateme
Slide 28: After a decade of environmental research, the EIA is complete
28 Nasdaq: TMC After a decade of environmental research, the results are in—and with our EIA complete, we’ve begun sharing key takeaways in new video series. Download a summary of the key findings from our EIA here. BENTHIC PLUME MID-WATER PLUME BIODIVERSITY & HABITAT ‧‧••‧‧‧‧‧‧
Slide 29: PFS: attractive revenue mix and margins
29 Nasdaq: TMC PFS: attractive revenue mix and margins with potential to adjust product mix to improve both payables and margins over time. Revenue Operating economics $ per dry tonne of nodules, steady state 2031-2043 $ per dry tonne of nodules, steady state 2031-2043 $595 600
Slide 30: Thank you
‧‧••‧‧‧‧‧‧‧•••‧‧••‧‧ Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us
TMC the metals company — Q1 2026 Earnings Presentation on 6ix