Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Investor Presentation (February 2025)
35 slides from Tmc The Metals's investor presentation, February 2025
Slide 1: Unlocking the World's Largest Estimated Undeveloped Source of Battery Metals
The Metals Company (Nasdaq: TMC) – Unlocking the World’s Largest Estimated Undeveloped Source of Battery Metals February 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: Why explore the seafloor?
3 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 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: Nodule composition is well suited for battery metal needs
5 Nasdaq: TMC Nodule composition is well suited for battery metal needs. Metal Metal contained value1 MANGANESE requirements 6.6 kg 7.1 kg 28% COBALT 11% 56 kg NICKEL 43% POLYMETALLIC SEAFLOOR ELECTRIC CAR NODULE 53 kg 18% COPPER 75kWh battery with NMC811 chemistry 1 Contained metal value of polymet
Slide 6: Nodule composition is also well suited for infrastructure
6 Nasdaq: TMC Nodule composition is also well- suited for infrastructure, defense and the energy transition in general.
Slide 7: Ranked #1 and #2 largest undeveloped nickel projects
7 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, i
Slide 8: Technical resource statements issued on NORI + TOML
8 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 area
Slide 9: We have achieved significant milestones
9 Nasdaq: TMC We have achieved significant milestones, having already raised ~$530 million to progress our projects. What we have already raised1 What we have already done Key remaining items for NORI exploitation contract application Equity Resource definition / Initial Assessment: Year Raised Comm
Slide 10: Based on NORI S-K 1300 Technical Report
10 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 11: We have now completed the PFS for the NORI-D Project
11 Nasdaq: TMC We have now completed the PFS for the NORI-D Project. Source: NORI Project Team
Slide 12: TMC is valued at a fraction of other nickel developers
12 Nasdaq: TMC And yet, TMC is valued at a fraction of other pre-production nickel developers, most of which are yet to be fully permitted. Market cap/Net Asset Value of nickel developers 0.6 0.5 0.4 0.3 0.2 0.1 0 Chalice Magna Lifezone Canada Talon Metals Centaurus Premium FPX Nickel TMC* Mining Mi
Slide 13: Regulatory uncertainty is the key depressor of TMC value
13 Nasdaq: TMC Regulatory uncertainty is likely the key depressor of TMC value. Informal survey of TMC analysts & institutional investors What moves the needle for TMC stock? Average ranking of milestones by importance. 1 most important Adoption of the ISA Mining Code Strategic investment at asset l
Slide 14: Delay raising production capital until after regulatory certainty
14 Nasdaq: TMC Given this dynamic, it is prudent to delay the raising of production capital until after regulatory certainty. Production capital 27 June 2025 2H 2025 NORI Application ISA Mining Code Submission to the ISA; indicative goal for ISA Secretariat notifies adoption the Council within 3 bus
Slide 15: With the U.S. election over, pending actions set to accelerate in 2025
15 Nasdaq: TMC With the U.S. election now over and Republicans controlling the White House and Congress, multiple pending actions are set to accelerate in 2025. In 2020, deep-sea mapping and Last year, President Biden added 1 A letter from 30 House Republicans, co- technical innovation was made a mi
Slide 16: Trump's nominees are nodule champions
16 Nasdaq: TMC Trump’s nominees for UN Ambassador and Secretary of State are nodule champions, and we are close to advisors on trade, law and national security. The Commerce Department The State Department oversees oversees NOAA, responsible for US relations with the ISA and deep seabed hard mineral
Slide 17: Key economies announced actions in 2024 on seafloor resources
17 Nasdaq: TMC The world’s three most populous countries and other key industrial economies have announced key actions in 2024 on seafloor resources. Nat’l Defense Authorization Act Two Chinese contractors India has submitted two ISA Sweden granted an exploration for 2025 calls for feasibility launc
Slide 18: GSR pilot collector test
18 Nasdaq: TMC GSR pilot collector test. Source: First test of a manganese nodule collector in around four kilometers of water: research consortium successfully completes monitoring of environmental impacts in Video available at: https://vimeo.com/653068330/7f4d928878 the Pacific, BGR press release,
Slide 19: Pilot collection system test and environmental monitoring completed
19 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 20: NORI & Allseas video
Click for Video: NORI & Allseas - First Integrated Collection System Trials Since 1970s https://vimeo.com/778303976/28d019f234
Slide 21: 3,000 wet tonnes of polymetallic nodules
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 22: First commercial-scale nodule processing trial underway
22 Nasdaq: TMC The world’s first commercial-scale nodule processing trial is underway at PAMCO’s facility in Japan. ᠆ A world-first commercial-scale nodule processing trial on a 2,000-tonne sample of nodules has been underway at PAMCO’s Hachinohe facility in Japan since April ᠆ During the first phas
Slide 23: World first commercial-scale processing of deep-sea nodules
World first commercial-scale processing of deep-sea nodules: https://vimeo.com/1006584942/41cae98a9d
Slide 24: Turning nodules into nickel sulfate and cobalt sulfate
24 Nasdaq: TMC We have demonstrated we can turn nodules into nickel sulfate and cobalt sulfate, indicative of battery grade material. - NORI, in collaboration with SGS, has Nickel sulfate crystals from nodules Cobalt sulfate crystals from nodules produced what is believed to be the first nickel sulf
Slide 25: NORI-D nickel could have lower lifecycle impacts
25 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 26: Environmental Impact Statement based on large deep-sea dataset
26 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 27: EIS addressing six primary concerns
Our EIS is focusing on addressing six primary concerns. Preliminary 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 site
Slide 28: Seafloor plume: in-field observed data and modeling
Seafloor plume: in-field observed data and modeling are contradicting prior speculation by opposition groups, with 92-98% of sediment staying within 2 meters of seafloor and settling within ~24 hours. Good enough for swimming Good enough for drinking if it were freshwater Natural sedimentation level
Slide 29: Regulated by the International Seabed Authority
29 Nasdaq: TMC Regulated by the International Seabed UNCLOS Parties Authority established UNCLOS Signatories in 1994 by UNCLOS. - The International Seabed Authority (ISA) was established in 1994 by the United Nations Convention on the Law of the Sea (“UNCLOS”) and regulates seabed minerals beyond na
Slide 30: ISA working toward adopting the Mining Code in 2025
30 Nasdaq: TMC After over a decade of negotiations and multiple drafts, the ISA has published a consolidated regulatory text and reiterated in their last four meetings that they are working with a view to adopting the Mining Code in 2025. Fiji requests the ISA to prepare workplan for adopting the Mi
Slide 31: Appendix
APPENDIX
Slide 32: TMC liquidity
32 Nasdaq: TMC TMC liquidity (cash plus borrowing capacity) of ~$49 million at Sept. 30, 2024, and ~$75 million pro forma liquidity following credit facility upsize and registered direct offering. USD Millions - Increased borrowing limits from our unsecured 225.0 credit facilities by $10.5 million i
Slide 33: Timeline for development of Mining Code
33 Nasdaq: TMC Timeline for development of Mining Code is driven by ISA Council, with support from other primary organs. Council (Norway as President) Assembly The publication of the consolidated regulatory text in February 2024 marked the transition to the final phase of ᠆ Supreme / political organ
Slide 34: Current review process for NORI-D application and timeline
34 Nasdaq: TMC Current review process for NORI-D application and timeline based on consolidated draft text. Summary of Exploitation Contract Application Submission and Review Process NORI has the right to submit application based on Exploitation NORI SG checks for LTC reviews LTC rec. / Regulations,
Slide 35: Thank you
Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us
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