Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Investor Presentation (April 2025)
32 slides from Tmc The Metals's investor presentation, April 2025
Slide 1: The Metals Company (Nasdaq: TMC)
The Metals Company (Nasdaq: TMC) – Unlocking the World’s Largest Untapped Source of Critical Metals for Infrastructure, Defense and Energy April 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: First principles
First principles: get critical minerals from the areas of the planet with the least life, rather than the most life.
Slide 4: Why nodules?
4 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 Onc
Slide 5: Groundbreaking milestones since inception
5 Nasdaq: TMC We have achieved groundbreaking milestones since inception in 2011, materially de-risking execution....but one key hurdle has remained. One key milestone Key milestones achieved since 2011: has remained outside our control: Two Resource Statements, 1.6 Billion Tonnes of Nodules The ISA
Slide 6: Another path forward has emerged
6 Nasdaq: TMC Another path forward has emerged, and we are going to take it. Our subsidiary, The Metals Company USA LLC, is filing applications in Q2 2025 that could allow us to begin production in international waters under the existing U.S. seabed Mining Code.
Slide 7: TMC USA is filing applications
7 Nasdaq: TMC TMC USA is filing applications for exploration and commercial recovery licenses in the high seas, to be reviewed by NOAA under the existing U.S. seabed mining code. - TMC management and outside counsel have conducted thorough legal diligence on the Deep Seabed Hard Mineral Resources Ac
Slide 8: Why is the U.S. so interested?
8 Nasdaq: TMC Why is the U.S. so interested in seafloor resources? Because critical minerals are the missing ingredient for re-industrialization. Here, China dominates. United States Extraction – top 3 countries China Processing – top 3 countries Share in total production, 20231 Share in total produ
Slide 9: China wants to dominate deep sea mining
9 Nasdaq: TMC China wants to dominate deep sea mining and is using it to alter geopolitics in the Pacific, spurring action in the U.S. and beyond. 2001-18 2019 Apr 2024 Jul 2024 Feb/Mar 2025 Launch of Sanya Deep Sea China Minmetals and Beijing Industrial Innovation China signs agreement with the Coo
Slide 10: The world's top industrial economies
10 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. India has submitted two ISA applications for seabed mineral exploration, and recently conducted pilot technology tr
Slide 11: Why explore the seafloor?
11 Nasdaq: TMC Why explore the seafloor? That’s where most of the planet’s nickel, cobalt & manganese is. Nickel Cobalt Manganese Million metric tons Million metric tons Million metric tons 94 306 7,706 94 Indonesia - 21 Australia - 20 1,300 Russia - 7 Brazil - 16 DRC 3.6 Australia 230 RSA 520 Cuba
Slide 12: Access to a billion tonnes of nodules
12 Nasdaq: TMC Access to a billion tonnes of nodules would be transformational for the U.S. across several metals deemed critical by USGS. 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 C
Slide 13: TMC ranked largest undeveloped nickel projects
13 Nasdaq: TMC TMC: ranked in 2022 and 2023 as #1 and #2 largest undeveloped nickel projects on the planet1; the high- grade alternative to Russian- and Chinese-funded supply. World’s largest nickel projects – 2023 World’s largest nickel operations ranked by resource Total est. resources (inferred,
Slide 14: Technical resource statements issued
14 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 15: NORI-D financial model
15 Nasdaq: TMC Based on NORI S-K 1300 Technical NORI-D Financial Model2 Report published March 2021, NORI-D $ billions unless otherwise noted project estimated at $6.8 billion NPV. Estimated Prices March 21 Initial Assess. w/CRU price forecast Nickel $16,106/t Copper $6,787/t Cobalt $46,416/t Estima
Slide 16: Valued at a fraction of peers
16 Nasdaq: TMC And yet, TMC is valued at a fraction of other pre-production nickel developers, many of which are yet to be fully permitted. Market cap/Net Asset Value of nickel developers 0.7 0.6 0.5 0.4 Peer Avg: 0.32x 0.3 0.2 0.1 0 Power Centaurus Magna Bravo Lifezone Chalice Premium FPX Canada Ta
Slide 17: Regulatory uncertainty is the key depressor
17 Nasdaq: TMC Regulatory uncertainty is likely the key depressor of TMC value, as the ISA has failed to deliver on its own timelines for Mining Code adoption. Informal survey of TMC analysts & institutional investors What moves the needle for TMC stock? Average ranking of milestones by importance.
Slide 18: U.S. companies and government agencies were nodule pioneers
18 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 19: U.S. seabed Mining Code
19 Nasdaq: TMC Instead, the U.S. developed a robust seabed Mining Code allowing exploration and commercial production 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 explorat
Slide 20: Regulatory path can be unlocked
20 Nasdaq: TMC We believe our regulatory path can finally be unlocked by using the existing U.S. seabed Mining Code for the high seas, and legal experts agree. [Watch the Video] “The Deep Seabed Hard Mineral Resources Act was legislation that Congress passed and the president signed at or around the
Slide 21: USA vs. ISA
21 Nasdaq: TMC USA vs. ISA: comparison of seabed mining regulations. REGULATOR International Seabed Authority (ISA) National Oceanic & Atmospheric Administration (NOAA - lead agency) MINING CODE UNCLOS 1982 >> DSHMRA 1980 Implementation Agreement, 1994 Exploration Regulations, 2000 NOAA implementing
Slide 22: Pilot collection system test program
22 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 23: Click for Video
Click for Video: NORI & Allseas - First Integrated Collection System Trials Since 1970s https://vimeo.com/778303976/28d019f234
Slide 24: 3,000 wet tonnes in 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 25: PAMCO has demonstrated it can smelt nodules
25 Nasdaq: TMC PAMCO has demonstrated it can smelt TMC nodules into high-grade metal alloy and manganese silicate at its existing facility, eliminating the need to build new infrastructure. ᠆ In January, PAMCO successfully demonstrated our initial production flowsheet using a 2,000-tonne sample of n
Slide 26: World first commercial-scale processing
World first commercial-scale processing of deep-sea nodules: https://vimeo.com/1006584942/41cae98a9d
Slide 27: Benchmark lifecycle impacts
27 Nasdaq: TMC Benchmark: Nickel from NORI-D could have dramatically lower lifecycle impacts including substantially lower CO2e emissions.1 Global Warming Potential Kilogram of CO2e emissions per kilogram of nickel in nickel sulfate Lowest impact value 102.0 64.4 29.2 28.5 19.2 13.9 8.0 6.2 Laterite
Slide 28: Environmental Impact Statement
28 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 29: Our EIS is addressing six primary concerns
29 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 km2 beyond mining sites.” over a 1,000 km a
Slide 30: A tale of two tracks
30 A tale of two tracks: ecosystem recovery measured after 40+ years but could be faster with our technology. Archimedes-screw Added buoyancy and 80cm drivetrain results in deep furrows and significant 3cm low-impact Coandǎ nozzles reduce depth of sediment depth of sediment sediment disturbance dept
Slide 31: TMC liquidity
31 Nasdaq: TMC TMC liquidity (cash plus borrowing capacity) of $62 million at Dec. 31, 2024, or $48 million pro forma for credit facility amendments and full receipt of RDO proceeds in Q1 2025. USD Millions 200.0 - Increased principal amount of our unsecured ERAS/Barron facility credit facility by $
Slide 32: Thank you
Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us
The Metals Company — Investor Presentation (April 2025) on 6ix