Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — Investor Day (August 2025)
86 slides from Tmc The Metals's investor day presentation, Aug 4, 2025
Slide 1: Mission & Master-Plan
1 25 45 70 0 145 255 253 226 83 169 170 174 249 50 0 115 175 210 Master Headline | Arial 25, Bold Headline | Arial 21, Bold BLUE SUBHEAD | Arial 12, all caps Subhead | Arial 16, Bold Body Copy | Arial 14 For Bullets, use - 1 MISSION & MASTER-PLAN Gerard Barron, Chairman & CEO August 2025
Slide 2: Forward looking statements
2 25 45 70 0 145 255 253 226 83 169 170 174 249 50 0 115 175 210 Master Headline | Arial 25, Bold Headline | Arial 21, Bold BLUE SUBHEAD | Arial 12, all caps Subhead | Arial 16, Bold Body Copy | Arial 14 For Bullets, use - 2 This presentation contains “forward-looking statements” within the meaning
Slide 3: Cosmic origins of our metals
The metals in our nodules were not made on Earth. The lightest metals—like lithium—formed minutes after the Big Bang. Heavier ones, like manganese, were forged in stars through nuclear fusion. But to make metals like cobalt, nickel, and copper, you need something more violent: a supernova. Only the
Slide 4: From stars into nodules
Some of those metal atoms eventually found their way here. Gravity pulled them into Earth’s core. Volcanoes brought some back up. Mountains rose. Rain and rivers wore them down. Metals leached into the ocean. In seawater, they dissolved and drifted. Over millions of years, atom by atom, they precipi
Slide 5: From nodules into technium
This is where The Metals Company (TMC) enters this story. At TMC, our job is to recover these nodules, extract the metal, and put star-made metal to work in the technium. The technium is more than just technology—it’s the evolving system of tools, machines, infrastructure, and knowledge that shapes
Slide 6: Metal is everywhere in today's technium
Metal is everywhere in today’s technium. Our favorite four metals show up in many familiar places. - The Cybertruck you see on the road? It carries about 150 kilograms of nickel in its frame and battery—plus manganese for strength, cobalt for battery performance, copper for wiring. These metals give
Slide 7: Tomorrow's technium will demand more from materials
We may not know exactly what tomorrow’s technium will look like. But we know it will demand more from the materials that shape it. - Tomorrow’s vehicles will be lighter, smarter, more electric. Built from stronger alloys and higher-performance batteries. Our metals could be in the frame, the drive u
Slide 8: Metal atoms don't wear out
The beautiful thing about metal atoms is—they don’t wear out. They can be used, recovered, and reused. Again and again. That nickel inside your car could serve your great-grandchildren a hundred years from now. And theirs, a hundred years after that. Nature figured this out long ago. Nutrients cycle
Slide 9: Our mission and master plan
Our mission is to deliver metals for a stronger future—used, recovered, and reused across generations. We could’ve started by positioning ourselves as a metal recycling company. It may have been better PR. But it would have distracted attention from the immediate problem. Today, recycled metals can’
Slide 10: We are here to stay
The old mining model is built on the “life of mine.” You extract, deplete, shut down or find a new resource to exploit. It’s finite by design. Our approach is different. We’re focused on the life of metal. We produce it and keep it moving through the technium. That means building in secondary produc
Slide 11: A new business model is needed
To become the company that stays, we would need to change the business model. The legacy model is simple: mine ore, produce metal and sell it. The metal leaves your hands—and your balance sheet. By contrast, we don’t want to lose sight of our metals, we want them to come back. A new model is needed:
Slide 12: Where MaaS works best
MaaS works best where two conditions are met: High metal content and strong manufacturer control over the product’s lifecycle. That’s what you see in the upper-right quadrant: EVs, drones, robots, certain types of defense equipment. These are metal-intensive assets that manufacturers typically track
Slide 13: How much metal can be recovered
Even if we aim to recover 100% of the metal value from our primary production— physics, economics, and time won’t let us. About 20% would be locked into long-life products, like manganese in structural steel. We plan to produce a lot of manganese, and it’s not possible to place all of our manganese
Slide 14: MaaS revenue profile versus selling metal
MaaS business model would generate a different revenue profile compared to simply selling metal. To illustrate this point, let’s assume the same amount of primary production per year valued at 100 units and a life of mine of 30 years: - In the legacy model, 100% of the metal is sold upfront. By year
Slide 15: Why MaaS could unlock a higher valuation multiple
Legacy base metal producers typically trade 1x Net Asset Value. MaaS, on the other hand, could unlock a higher valuation multiple. Here’s why: 1. Asset-backed growth. Metal stays on the balance sheet. We retain ownership and build an inventory of critical assets. A strong balance sheet can be turned
Slide 16: Vertical integration
MaaS model requires vertical integration. Our goal is to minimize the distance between us and the manufacturers of end-use products. Ideally, we take our nickel, cobalt, copper—and some manganese—all the way to precursor Cathode Active Materials, or pCAM. Many pCAM customers are themselves verticall
Slide 17: Long-term partnerships: Allseas and Korea Zinc
Delivering this level of vertical integration at speed requires long-term partnerships. Our alliance with Allseas set the blueprint. From day one, we aligned on long-term ambition. Both sides took significant risks. Allseas backed that commitment with equity—today, they’re our second-largest shareho
Slide 18: Mission and master plan: Chapter One
We’ve gone through how we think about our mission and the planned evolution of our business. Now let’s change gears and zoom in on Chapter One: Producing metals with better impacts on people and nature. A lot has changed in just the last six months. 18 25 45 70 0 145 255 253 226 83 169 170 174 249 5
Slide 19: Nodule project risks versus nickel laterite
From a risk perspective, nodule projects are different. If you compare a nodule project to a nickel laterite project, we have some clear advantages: - Lower resource risk—we know exactly where the nodules are and what they contain. - Lower impact risk—despite the controversy, real-world data tell us
Slide 20: Resource: Estimated 1.6 billion tonnes of nodules
Let’s briefly elaborate on each of our risks, starting with resource. We currently estimate over 1.6 billion wet tonnes of nodules across our contract areas. To put that in perspective—that’s about the same weight as 8,000 Statues of Liberty or 10 Great Pyramids of Giza. [Nodules are less dense than
Slide 21: We can see it
Unlike most land-based mining ventures, we can see our resource. Over the past 15 years, we’ve assembled a large dataset. - We’ve mapped nearly 180,000 square kilometers of the seafloor in high-resolution. That’s roughly the size of Washington state. - We’ve also captured more than 5,000 square kilo
Slide 22: Four metals in one ore, low variability
Polymetallic nodules pack four metals in a single rock. On land, producing this mix of metals typically requires at least three different mines. Because these nodules form over millions of years through metal precipitation from seawater, their composition is remarkably consistent. You could travel f
Slide 23: Nodule grades versus land-based grades
Grades in nodules are better than averages on land. What you see here is a long-term decline in land-based ore grades. For decades, the highest-grade deposits have been mined first, and what’s left is increasingly lower quality. That’s especially true in nickel, where Western developers were serious
Slide 24: Grade and size of resource versus peers
If you compare the total estimated resource held by TMC, it’s truly in a league of its own. We’re talking about a 3% nickel equivalent grade—more than double the average of undeveloped projects worldwide. And if you look at the size of the nickel equivalent resource, it is not just slightly bigger.
Slide 25: CCZ nodules are the highest grade
Could we see serious contenders emerge from other parts of the abyss? The reality is, not all nodules are created equal. The grade—and therefore the value—of nodules varies widely depending on where they’re found. This chart shows average nickel-equivalent grades across known deposits. You can see t
Slide 26: Nodule abundance within the CCZ
Even within the CCZ, not all nodule areas are created equal. When the grade is consistent, the differentiating factor is abundance. It tells us how much material we can recover per square meter of seafloor, and that has a direct impact on the efficiency of offshore operations. The often-quoted CCZ a
Slide 27: Strategic advantages of the resource
Our resource doesn’t just carry low geological risk—it comes with strategic advantages that set it apart from anything else out there. - It’s located far offshore and very deep, meaning it’s physically removed from human communities and in areas with very little life. - The nodules are unattached, s
Slide 28: Funding: going public did not start well
Lower resource risk alone does not necessarily translate into lower funding risk. We spent a decade defining and exploring a standout resource. Ahead of going public, we’d already raised over $200M—enough to give us confidence going into the SPAC. On paper, the SPAC combination was meant to bring in
Slide 29: TMC went public as the SPAC bubble imploded
TMC went public as the SPAC bubble was imploding. Losing 80-90% of SPAC cash-in-trust was becoming the norm. But our stock was hit harder than most because in addition to losing most of our SPAC’s cash-in-trust, we also encountered something few other SPACs did: two defaults in the PIPE. We went pub
Slide 30: Funding: catching up with peers
Given almost half of our future revenue is expected to come from nickel, nickel developers could be viewed as our peers—at least for now. And of course, nickel price is the factor that has a material impact on the fortunes of all nickel developers. Since we went public, our stock performance has bee
Slide 31: Capital-light strategy with partners
Our ability to raise capital without unacceptable levels of dilution was limited. So, we focused on reducing how much capital we’d need to reach production. That meant doubling down on our capital-light strategy and leaning on our partners. Together with our partners, we’ve advanced the project offs
Slide 32: Regulatory risk: ISA was a disappointment
While we were adapting to market realities—fighting for equity value and making real progress on limited capital—regulatory uncertainty remained a major drag on our stock price. Despite years of constructive engagement, it became clear by mid-last year that the ISA is unlikely to deliver a Mining Co
Slide 33: Partnerships with Nauru and Tonga
The ISA saga did have a silver lining: our enduring partnerships with Nauru and the Kingdom of Tonga. One part of the UNCLOS’ vision always resonated with us—ensuring developing nations benefit from the development of seabed resources in international waters. Our subsidiaries NORI and TOML have long
Slide 34: Pivot from ISA to USA
While the ISA continued to drift, we turned our attention to the one jurisdiction with a fully developed legal framework for seabed mining beyond national waters: the United States. The U.S. regime has been in place since 1989 under the Deep Seabed Hard Mineral Resources Act. But for decades, it sat
Slide 35: Expedited U.S. permitting timeline
In response to the Executive Order tasking the Department of Commerce to expedite the permitting of offshore mineral projects, NOOA published revisions to their regulations in July for public comment. While some level of uncertainty will remain about the final version of these regulations until the
Slide 36: U.S. permitting = new requirements
U.S. permitting comes with new requirements: - We’ll need U.S.-flagged mining and transport vessels; - We’ll need to process nodules in the U.S., unless we secure an exemption to process them outside the U.S. to get started. - If we do secure that exemption, we need to deliver assurances that proces
Slide 37: Onshore: we will build in the U.S.
While we may be allowed to start processing nodules in Japan at PAMCO’s facilities and process intermediates from PAMCO in Korea Zinc’s facilities in South Korea to begin with, our direction of travel is clear: the United States is our home, and we will build here. The challenge is formidable as we
Slide 38: It's time to build in America again
It’s time to build in America again. Most people forget that America was once a dominant force in global mining. From the late 19th century through the mid-20th, America led global production of copper, manganese, nickel, and cobalt. This was driven by vast domestic demand, strategic exports, and ri
Slide 39: Today, America depends on imports
It won’t be easy. Today, America is critically dependent on foreign sources for the very metals it once produced in abundance. Manganese, cobalt, and nickel? America imports 100%. Even copper, once a cornerstone of U.S. industrial strength, is now nearly half imported. All four of these metals are n
Slide 40: A stronger America needs metal
Stronger America will need metal — and lots of it. It starts with energy. You can’t build anything — not AI data centers, ships, batteries, or factories — without reliable domestic power. That’s why the current administration declared a national energy emergency, triggering a wave of executive actio
Slide 41: TMC USA priority of right over 187,017 km2
That’s where our nodules come in. Under the U.S. law, TMC USA holds a priority right over almost 190,000 km2 of seabed in the Clarion Clipperton Zone — an area roughly the size of the state of Nebraska. Based on exploration data, this area contains an estimated 1.6 billion tonnes of wet nodules, wit
Slide 42: Multi-generational supply
A resource this size can deliver a multi-generational supply. Just one billion tons of nodules would be nothing short of transformational. Based on today’s levels of American consumption, it could supply: - Three centuries of manganese - Two centuries of cobalt - Almost a century of nickel and - 5 y
Slide 43: Jobs and GDP impact
If America were to deploy a billion tons of nodules over the next 30+ years, the impact would be profound. We estimate it could generate more than 100,000 new jobs across strategic sectors — from shipyards and port infrastructure to mineral processing, refining, and advanced manufacturing. It could
Slide 44: From 50,000-mile supply chain to 1,800 miles
Today, the U.S. relies on a sprawling, 50,000-mile supply chain dominated by China—one that stretches across continents, involves multiple handoffs, and leaves critical American industries exposed to geopolitical risk and bottlenecks. Now imagine a different path. By collecting polymetallic nodules
Slide 45: Steady state production at scale
If a billion-tonne nodule were developed over 30+ years, steady state production would deliver 40+ million tons of nodules per year. At this scale, TMC USA would put America to the top tier of global metals production. We’re talking about becoming the world’s #1-2 producer of nickel, manganese, and
Slide 46: Fleet needed for a billion tonnes
To recover a billion tons of nodules over 30+ years, we’d need to stand up a sizeable fleet — dozens of survey, supply, transfer, and production vessels, along with more than 60 bulk carriers. The demand driven by our operations could enable a rebirth of American maritime strength. This is not just
Slide 47: Offshore production vessel generations
Our 1st generation of production vessels—the first 4 vessels—will likely be drillship conversions, like the Hidden Gem. There are plenty of operational improvements for us to extract from this generation: enhancing reliability, maximizing uptime, reducing maintenance needs, lowering energy consumpti
Slide 48: Onshore processing plants and jobs
Onshore, if a billion-ton resource were processed in the United States in 30+ years—assuming 40+ million tons of nodules per year at peak production—we’d need 7 state-of-the-art integrated processing and refining plants. These facilities could be built on existing brownfield sites, strategically loc
Slide 49: Onshore innovation
Onshore, too, innovation is on order before any new construction in America: - We know there are opportunities to streamline our existing flowsheet as well as increase product format and feedstock optionality to derisk onshore operations. - Modular design is another non-negotiable. It will allow us
Slide 50: Next generation operations video
Several years ago, as a private company, we worked with the naval and industrial designers at BIG to conceptualize what the next generation of operations could look like. Here is a video that may no longer capture all of the details of our current thinking, but it certainly captures our direction of
Slide 51: Pivot to the US transformed our risk profile
A billion-tonne resource could be transformational for America. But pivoting to the US has also been transformational for us. We believe it has transformed the risk profile of our enterprise: - It has greatly reduced our regulatory risk. We traded the ISA’s never-finalized Mining Code for a real one
Slide 52: Focus on building and creating value
With our risk profile reduced, we can focus on building and creating value. - Primary production of metal based on our total estimated resource gives us a conventional valuation. We can improve it by recovering more of the already estimated resource and by developing additional resource potential. -
Slide 53: Mission & Master-Plan
53 25 45 70 0 145 255 253 226 83 169 170 174 249 50 0 115 175 210 Master Headline | Arial 25, Bold Headline | Arial 21, Bold BLUE SUBHEAD | Arial 12, all caps Subhead | Arial 16, Bold Body Copy | Arial 14 For Bullets, use - 53 MISSION & MASTER-PLAN Gerard Barron, Chairman & CEO August 2025
Slide 54: Zero to One: Project Economics
1 ZERO TO ONE: PROJECT ECONOMICS Craig Shesky, CFO August 2025 It’s a pleasure to be here with you all. First, I’d like to say: thank you for your patience. For the last several years, many of you have been building models based on assumptions from the 2021 NORI-D Initial Assessment, knowing that th
Slide 55: We are starting a new industry
2 We are starting a new industry. “To build a great company…you must start with a unique advantage and not be discouraged by lack of competition initially… Horizontal progress means copying things that work—going from 1 to n... Vertical progress means doing new things— going from 0 to 1. Vertical pr
Slide 56: Going from Zero to One
3 Going from Zero to One. HORIZONTAL INNOVATION VERTICAL INNOVATION Focus: Cost optimization Building fit-for-purpose assets OFFSHORE <$35 collection opex / wet tonne - 7 Mtpa vessels with 3 collectors - Hydraulic pump vertical transport - AI-optimized, autonomous operations - Nuclear power plant ON
Slide 57: Economics of developing a 1.6 billion tonne resource
4 What are the economics of developing a 1.6 billion tonne resource? 1,634 ~300 million tonne existing estimated resource million tonne resource potential (mgmt. estimate) So what are the economics of developing a resource of 1.6 billion tonnes? Let’s first do some level-setting on what areas we’re
Slide 58: SEC Regulation S-K 1300 standards
5 Our answer is subject to strict standards. SEC Regulation S-K 1300 - It’s the law. Publicly listed mining companies in the U.S. are legally required to follow SEC Regulation S-K 1300 when disclosing information about their mineral resources and reserves. - Aligns with global norms. SK 1300 is the
Slide 59: Project economics: three types of studies
6 Project economics: three types of studies. SEC Regulations Subpart S-K 1300 STUDY IA Initial Assessment PFS Pre-feasibility Study FS Feasibility Study CONCEPT What it could be What it should be What it will be OBJECTIVE Early-stage conceptual assessment of the potential economic viability of miner
Slide 60: We've published two new studies
7 We’ve published two new studies. ✓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 engineering company ✓Signed off by 9
Slide 61: Two studies cover total resource, combined NPV $23.6 billion
8 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 an expected ex
Slide 62: PFS is now our highest confidence study
9 PFS is now our highest confidence study. NPV:: $5,502 million IRR:2 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): 11 Mtpa of we
Slide 63: PFS: Recovering 46% of the total resource
10 PFS: Recovering 46% of the total resource. Recoverable nodules IA 2021 More nodules left behind due to geo-obstacles, wider passes between collector runs New set-asides & buffers around sensitive areas NORI-D recoverable nodules Million wet tonnes Inf. Resources cannot be considered in a PFS Tota
Slide 64: PFS: World's first polymetallic nodule reserves
11 PFS: World’s first polymetallic nodule reserves. 51 Mt probable reserves It’s a world first. No other company has ever declared probable mineral reserves for polymetallic nodules — this is historic. While others are exploring, TMC is setting the technical benchmark for deep-sea mining. From “reso
Slide 65: PFS: Start capital-light, then build
12 PFS: Start capital-light, then build. CAPEX Contracted service Contracted service $492 M Offshore development CAPEX RKEF lines (x9) Tolling Refineries (x2) CAPEX $4.4 B Onshore refinery development CAPEX (94% spent in 2030s) So how will we develop these commercially viable operations? The March 2
Slide 66: PFS: Pacific spread of production assets
13 Pacific Ocean PFS: Pacific spread of productions assets. Japan United States Indonesia Gulf of America REFINING COLLECTION RKEF PROCESSING RKEF PROCESSING Let’s now move to a map of what this PFS operation will look like. This map is the product of having to work within several constraints: - To
Slide 67: PFS: nodule collection & transport
14 PFS: nodule collection & transport. Now I’d like to play a short video to give you a sense of what these offshore operations will look like. Video narration: The process begins with our collector designed to pick up nodules from the sea floor with minimal disturbance. Our flow lift system aims a
Slide 68: PFS: Starting small, steady-state by 2031
15 PFS: Starting small, steady-state by 2031. 0 2 4 6 8 10 12 14 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 Mtpa (wet) We expect to start small in Q4 of 2027, gradually reach the nameplate capacity of
Slide 69: PFS: Steady state product mix and volumes
16 PFS: Steady state product mix and volumes. Mn – 28% Co – 9% Cu – 17% Ni – 45% Revenue $ per dry tonne of nodules, 2031- 2043 average $595 RKEF Refinery Only 50% of collected & processed nodules are refined. If 100% were refined, average revenue per tonne of dry nodules would be ~$640. We expect t
Slide 70: PFS: Assumed commodity prices
17 PFS: Assumed commodity prices. 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Nickel $/t 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 2015 2016 2
Slide 71: PFS: what offshore operation will cost
18 PFS: what offshore operation will cost. Collection vessels Other Transport vessels Fuel (collection + transport) 0 20 40 60 80 100 120 140 160 180 200 NORI-D to Asia Nodule collection & transport OPEX $ per dry tonne of nodules, steady state 2031-2043 $179 Note: $179 per dry tonne of nodules tran
Slide 72: PFS: nodule processing & refining
19 PFS: nodule processing & refining. I’d now like to again play a short video as the nodules continue their journey to the onshore component of operations: Video narration: The nodules will get transferred to a shuttle carrier and head to shore. Here, they'll be offloaded onto a conveyor and into a
Slide 73: PFS: what onshore operations will cost
20 PFS: what onshore operations will cost. Processing Refining 0 20 40 60 80 100 120 140 160 RKEF (Asia), refining (USA) Processing & refining OPEX $ per dry tonne of nodules, steady state 2031-2043 $141 Note: $141 per dry tonne of nodules translates to $102 per wet tonne of nodules. Does not includ
Slide 74: PFS: 1st quartile of the nickel cost curve
21 PFS: 1st quartile of the nickel cost curve. Source: CRU and TMC. TMC cost estimates have been provided by TMC and not independently verified by CRU. Underlying byproduct credit assessments align with CRU’s price assessments conducted in Q1 2024 for TMC to align with feasibility study. Production
Slide 75: PFS: Operating margins remain robust
22 PFS: Operating margins remain robust. Offshore OPEX 179 Onshore OPEX 141 Royalties, Overhead & Other; 20 0 100 200 300 400 500 600 Operating economics $ per dry tonne of nodules, steady state 2031-2043 $595 revenue $254 (43%) EBITDA Note: EBITDA of $254 per dry tonne of nodules translates to $183
Slide 76: PFS: Strong project economics
23 PFS: Strong project economics. 2021 IA 2025 PFS Approach New build1 Capital-light Recoverable nodules in wet tonnes 254 Mt 164 Mt Post-tax NPV (9% discount rate in 2021 IA; 8% in 2025 PFS) $6.8B $5.5B IRR (real terms) 29% 27% Revenue over life of project $95.1B $69.9B Revenue per tonne of dry nod
Slide 77: PFS: Sensitivity of $5.5B NPV
24 PFS: Sensitivity of $5.5B NPV. ($800.0) ($600.0) ($400.0) ($200.0) - $200.0 $400.0 $600.0 $800.0 Cobalt Product Price PAMCO - Matte Costs Sustaining Capex USA - Refined Costs Allseas Contractor Costs Overheads Costs Copper Product Price Transfer & Shipping Costs Marine Fuel Consumable Price Cobal
Slide 78: IA: Shows potential of the rest of our resource
25 IA: Shows potential of the rest of our resource. 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 of wet nodules - 8,170kt Mn in Mn silica
Slide 79: IA: Simplified logistics
26 Pacific Ocean IA: Simplified logistics. United States Indonesia Gulf of America REFINING COLLECTION PROCESSING Let’s now move to a map of what the Initial Assessment logistics are expected to look like. This map is fairly simple , with just two legs to the journey: - Nodules delivered from the CC
Slide 80: PFS + IA = economic potential of 1.6Bt resource
27 PFS + IA = economic potential of 1.6Bt resource. 2025 PFS 2025 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 project $69.9B
Slide 81: We are still undervalued
28 Source: Cantor Fitzgerald comparable company analysis, July 2025 * TMC current valuation based on combined PFS and IA NPVs of $23.6 billion and closing market capitalization as of August 1, 2025. We are still undervalued. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 TMC today* FPX Nickel Lifezone Metals Chalice M
Slide 82: How we get started
29 How we get started. $113M Hidden Gem pre-production CAPEX (TMC initial share) + + $113M TMC payback to Allseas once in production NODULE PROCESSING PAMCO: Tolling INTERMEDIATE REFINING, PCAM KZ: potential offtake / tolling Ktpa: thousands of tonnes per annum Mtpa: million of tonnes per annum Sour
Slide 83: Targeting Q4 2027 to start production
30 Targeting Q4 2027 to start production. CRP: Commercial Recovery Permit EIS: Environmental Impact Statement FID: Final Investment Decision pCAM: precursor Cathode Active Materials RKEF: Rotary Kiln Electric Arc Furnace TCRs: Terms, Conditions & Restriction Source: TMC management estimates 2025 202
Slide 84: Strong data for a NEPA-compliant EIS
31 Strong data for a NEPA-compliant EIS. Biodiversity loss Concern: “Mining could lead to the extinction of species unknown to science.” Our work is making deep-sea species known to science at an unprecedented rate. ~43% of the CCZ is already set aside for protection. Midwater plumes Concern: “Midwa
Slide 85: Zero to One
32 Zero to One. 51 Mt probable reserves Low cost. Starting capital-light. Starting soon. Valuable. Commercially viable. $113M Hidden Gem pre-production CAPEX (TMC initial share) + + $113M TMC payback to Allseas once in production Q4 2027 estimated first production $5.5 B PFS NPV $18.1 B IA NPV We’ve
Slide 86: Zero to One: Project Economics
33 ZERO TO ONE: PROJECT ECONOMICS Craig Shesky, CFO August 2025 33