Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Q2 2025 Earnings Presentation
35 slides from Tmc The Metals's earnings presentation, Aug 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 August 14, 2025
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,” “could,” “expects,”
Slide 3: First ever Strategy Day in New York and Nasdaq closing bell
3 Nasdaq: TMC This month, TMC partners, investors and long-time supporters joined us in New York for our first ever Strategy Day, and to ring the NASDAQ closing bell. - On August 4, almost 150 of our team, strategic partners, research analysts and investors gathered in New York City for TMC’s first
Slide 4: Two new economic reports show value and commercial viability
4 Nasdaq: TMC Two new economic reports show the value and commercial viability of these low-cost nodule projects. Valuable. Commercially viable. $5.5 B PFS NPV 51 Mt probable $18.1 B reserves IA NPV Low cost. Starting capital-light. Starting soon. $113M Q4 2027 estimated Hidden Gem first production
Slide 5: Agenda
5 Nasdaq: TMC Agenda. Summary of news since May quarterly update 6 NOAA regulatory progress 9 Pre-Feasibility Study (PFS) and Initial Assessment (IA) 11 Project economics, valuation and liquidity 21 Financial highlights 24 Appendix 27
Slide 6: Revised agreements with our Sponsoring States
6 Nasdaq: TMC Revised agreements with our Sponsoring States ensure they will continue to receive benefits today, and into the future. ᠆ TMC signed revised Sponsorship Agreements with the Republic of Nauru and Kingdom of Tonga, updating the terms of agreements signed in 2017 and 2021 respectively ᠆ P
Slide 7: Strategic investment from Korea Zinc
7 Nasdaq: TMC In June, TMC announced strategic investment from Korea Zinc. In August, we went to D.C. together to meet with key administration officials regarding investment opportunities. - A world leader in non-ferrous metal refining and precursor Cathode Active Material (pCAM), Korea Zinc is posi
Slide 8: Michael Hess and Alex Spiro join TMC's Board
8 Nasdaq: TMC Michael Hess and Alex Spiro join TMC’s Board as we move into the next phase of execution focused on the U.S. market. Michael Hess is an experienced investor and Alex Spiro is a high-profile U.S. attorney and operator in the energy sector, bringing deep investor with extensive regulator
Slide 9: Moving through the U.S. regulatory process through NOAA
9 Nasdaq: TMC We are systematically moving through an enforceable and transparent U.S. regulatory process through NOAA. April 24 April 27 May 28 July 7 August 11 September 5 President Trump signs TMC applies for Commercial NOAA confirms NOAA proposes NOAA confirms full NOAA to close Executive Order
Slide 10: NOAA responding to expedited permitting under Executive Order
10 Nasdaq: TMC NOAA has been responding to expedited permitting tasked by President Trump’s Executive Order on seafloor resources. NOAA press release on Executive Order NOAA policy and procedures for NEPA NOAA proposed rule on Consolidated April 20251 compliance Permitting June 20252 July 20253 “In
Slide 11: Project economics: three types of studies
11 Nasdaq: TMC Project economics: three types of studies. CONFIDENCE LEVEL SEC Regulations Subpart S-K 1300 STUDY IA PFS FS Initial Assessment Pre-feasibility Study Feasibility Study CONCEPT What it could be What it should be What it will be OBJECTIVE Early-stage conceptual assessment Realistic econ
Slide 12: Two new economic studies published on August 4
12 Nasdaq: TMC Two new economic studies published on August 4. PFS IA ✓SEC S-K 1300 compliant ✓Compiled by AMC ✓Commodity prices / payables from Benchmark Minerals & CRU ✓Offshore costing by Allseas ✓RKEF costing by PAMCO (Japan) and SMM (Indonesia) ✓Refinery costing by internationally- recognized e
Slide 13: Two studies cover total resource, combined NPV $23.6 billion
13 Nasdaq: TMC Two studies cover total estimated resource, with combined NPV today 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 applied for an additional exploration area surrounding NORI-D and TOML-F with a
Slide 14: PFS: now our highest confidence study
14 Nasdaq: TMC PFS: now our highest confidence study. PFS NPV:: $5,508 million IRR: 27% Area:: 25,160 km2 NORI-D Resource: 352 Mt (347 Mt Indicated, 5 Mt Measured) Recoverable: 164 Mt, incl. 51 Mt probable reserves Production start: Q4 2027 Life of Mine: 18 years Steady state production (2031-2043):
Slide 15: PFS: reaching steady-state production by 2031
15 Nasdaq: TMC PFS: reaching steady-state production by 2031. Mtpa 14 12 10 8 6 4 2 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NOR
Slide 16: PFS: Steady-state product mix and volumes
16 Nasdaq: TMC PFS: Steady-state product mix and volumes. $595 RKEF Refinery Co – 9% Cu – 17% Mn – 28% Ni – 45% Revenue Only 50% of collected & $ per dry tonne processed nodules are refined. If of nodules, 2031- 100% were refined, average 2043 average revenue per tonne of dry nodules would be ~$640.
Slide 17: PFS: 1st quartile of nickel cost curve
17 Nasdaq: TMC PFS: 1st quartile of nickel cost curve. $/t Ni 25,000 20,000 1st quartile 2nd quartile 3rd quartile 4th quartile Current Ni Price: $15,360/t 15,000 10,000 5,000 0 -5,000 TMC: $1,065/t -10,000 nickel C1 cash costs incl. -15,000 byproduct credits Laterite Nodules – TMC PFS Sulphide -20,
Slide 18: PFS: estimated EBITDA margin of 43% during steady state
18 Nasdaq: TMC PFS: estimated EBITDA margin of 43% during steady state production years. Operating economics $ per dry tonne of nodules, steady state 2031-2043 $595 revenue 600 Royalties, Overhead & Other; 20 Onshore OPEX 500 141 400 Offshore OPEX 179 300 200 $254 (43%) 100 EBITDA 0 Note: EBITDA of
Slide 19: PFS: start capital-light, then build
19 Nasdaq: TMC PFS: start capital-light, then build. $492 M CAPEX Contracted service Offshore development CAPEX Contracted service $4.4 B RKEF lines (x9) Tolling CAPEX Refineries (x2) Onshore refinery development CAPEX (94% spent in 2030s) Source: SK-1300 Technical Report Summary of Pre-feasibility
Slide 20: Initial Assessment: potential of the rest of the resource
20 Nasdaq: TMC Initial Assessment (IA): shows the potential of the rest of the resource. IA NPV: $18,081 million IRR: 36% Area: 124,383 km2 TOML + NORI excl. NORI-D Resource: 1,276 Mt resource Recoverable nodules: 670 Mt Production start: 2037 Life of Mine: 23 years Steady state production: 40 Mtpa
Slide 21: PFS + IA = economic potential of 1.6Bt resource
21 Nasdaq: TMC 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 NPV8 $5.5B $18.1B $23.6B IRR (real terms) 27% 36% Revenue over life of pr
Slide 22: Based on comparable companies, we believe we are still undervalued
22 Nasdaq: TMC Based on comparable companies, we believe we are still undervalued. Market cap/NAV of nickel developers and explorers Market cap/NAV of nickel / copper producers 1.2 1.2 Average P/NAV: 1.0x 1.0 1.0 0.8 0.8 TMC illustrative valuation based on comps: (PFS NPV x 60%) + (IA NPV x 35%) = $
Slide 23: TMC liquidity of $165 million at June 30, 2025
23 Nasdaq: TMC TMC liquidity (pro forma cash plus borrowing capacity) of $165 million at June 30, 2025. USD Millions 200.0 - S-3 shelf registration statement capacity has been used, and current ATM expires in Q4 2025. As 180.0 At-the-market previously disclosed, TMC expects to refresh the equity pro
Slide 24: Income statement highlights: three months ended June 30, 2025
24 Nasdaq: TMC Income statement highlights: three months ended June 30, 2025. ($mm) Q2 2025 Q2 2024 Change Exploration and evaluation expenses 10.5 12.4 (1.9) General and administrative expenses 11.5 7.9 3.6 Operating loss 22.0 20.3 1.7 Nauru warrant cost 33.1 - 33.1 Equity-accounted investment loss
Slide 25: Cash flow highlights: three months ended June 30, 2025
25 Nasdaq: TMC Cash flow highlights: three months ended June 30, 2025. ($mm) Q2 2025 Q2 2024 Change Cash used in operating activities 10.7 12.1 (1.4) Capital expenditures - 0.1 (0.1) Acquisition of equipment - 0.1 (0.1) Free cash outflow 10.7 12.2 (1.5)
Slide 26: Balance sheet highlights: quarter ended June 30, 2025
26 Nasdaq: TMC Balance sheet highlights: quarter ended June 30, 2025. June 30, 2025 Dec 31, 2024 Change Total Assets ($mm) 173.7 63.0 110.7 Cash 115.8 3.5 112.3 Accounts receivable and prepaid expenses 1.5 1.8 (0.3) Exploration assets 43.0 43.0 - Right of use asset 2.9 3.8 (0.9) Equipment 0.6 0.8 (0
Slide 27: Appendix
APPENDIX
Slide 28: Why nodules?
28 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 29: Groundbreaking milestones since inception in 2011
29 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 30: TMC USA filed world's first commercial recovery permit application
30 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 31: Site visit at PAMCO's commercial operating facility in Japan
31 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 32: PFS: nodule collection & transport
PFS: nodule collection & transport. Video link: https://vimeo.com/1104220688/8fe4846c39?share=copy
Slide 33: PFS: nodule processing & refining
PFS: nodule processing & refining. Video link: https://vimeo.com/1104220892/1e38c1f1f4?share=copy
Slide 34: Appendix: non-GAAP reconciliation
34 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 35: Thank you
Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us