Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Q3 2025 Earnings Presentation
31 slides from Tmc The Metals's earnings presentation, Nov 13, 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 November 13, 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: Agenda
3 Nasdaq: TMC Agenda. Current liquidity and capital market update 4 U.S. focus on critical minerals and seafloor resources 5 NOAA regulatory progress 10 TMC innovation: leading the industry through world-firsts 13 Project economics and valuation 19 Financial highlights ••‧‧••‧•‧‧‧‧•‧••‧‧‧• 24 App
Slide 4: TMC has liquidity of $165M as of November 13
4 Nasdaq: TMC TMC has liquidity of $165M as of November 13 excluding in-the- money warrants, with no need to tap the public markets in the near term. USD Millions 225 - The increase in the cash balance vs. $116M at June 30 Class A warrants, $9M 1 is mainly due to proceeds from warrants and stock opt
Slide 5: The problem: America depends entirely on imports for primary Ni, Mn and Co
5 Nasdaq: TMC The problem: today, America depends entirely on imports for primary Ni, Mn and Co. Net imports of primary metal tonnage as % of U.S. apparent consumption, 2025 All four metals on DOI’s Final 2025 List of Critical Minerals 100% 100% 100% ••‧‧••‧•‧‧‧‧•‧••‧‧‧• 45% 25 27 28 29 Mn Mangan
Slide 6: The solution: a billion-tonne resource delivers multi-generational supply
6 Nasdaq: TMC The solution: a billion-tonne resource delivers a multi- generational supply for America. Approximate number of years of current U.S. consumption that could be supplied by a billion tons of nodules (primary production only) ••‧‧••‧•‧‧‧‧•‧••‧‧‧• 330 210 95 5 years years years years 2
Slide 7: U.S. government and financial institutions are investing in mineral security
7 Nasdaq: TMC U.S. government and financial institutions are investing in projects that underpin mineral security and industrial resilience. JPMorgan pledges $1.5 trillion investment in U.S. national security – Reuters, October 2025 Pentagon Buys Rare Earths Stake to Trump administration and private
Slide 8: The United States and Japan will work together on seafloor rare earths
8 Nasdaq: TMC The United States and Japan will work together to develop rare earth minerals from Japan’s seafloor. ‐ In November, Japan’s Prime Minister announced1 that the United States and Japan would partner on the development of rare earths from seafloor muds around Minamitori Island ‐ During a
Slide 9: Moving through an enforceable and transparent U.S. regulatory process through NOAA
10 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 November December President Trump TMC USA applies for Commercial NOAA NOAA proposes NOAA confirms full Public Potential Certi
Slide 10: NOAA reportedly submitted a new consolidated application process
11 In response to Trump’s Executive Order, NOAA has reportedly submitted a new consolidated application process to the White House to expedite permitting. NOAA acknowledges that since the adoption of the Regulations: - There has been significant technological advancements and extensive exploration,
Slide 11: Former ISA Secretary-General at Underwater Minerals Conference
12 Nasdaq: TMC Former ISA Secretary-General at Underwater Minerals Conference: U.S. seabed regulatory process is sophisticated, legally sound and formed the basis of ISA regulations. On November 11, 2025, former Secretary-General of the ISA, Michael Lodge, made a speech at the Underwater Minerals Co
Slide 12: So far, TMC has delivered many of our industry's firsts
13 Nasdaq: TMC So far, TMC has delivered many of RESOURCE & ECONOMICS ✓ 1st Canadian NI 43-101 nodule resource statement our industry’s firsts. ✓ 1st U.S. SEC S-K 1300 nodule resource statement ✓ 1st U.S. SEC S-K 1300 Preliminary Feasibility Study (PFS) ✓ 1st U.S. SEC S-K 1300 declared nodule reserv
Slide 13: The 1st generation of deep-sea miners tested 45 years ago were different
14 Nasdaq: TMC The 1st generation of deep-sea miners tested 45 years ago were…different. ••‧‧••‧•‧‧‧‧•‧••‧‧‧•
Slide 14: Together with Allseas, we have introduced five major innovations
15 Nasdaq: TMC Together with Allseas, we have introduced five major innovations. ••‧‧••‧•‧‧‧‧•‧••‧‧‧•
Slide 15: Onshore near-zero solid waste processing and refining flowsheet
16 Nasdaq: TMC Onshore, we’ve pioneered and proven a near-zero solid waste processing & refining flowsheet. ••‧‧••‧•‧‧‧‧•‧••‧‧‧•
Slide 16: In Q3, we delivered a new industry first: manganese sulfate
17 Nasdaq: TMC In Q3, we delivered a new industry first: direct conversion of nodule-derived manganese silicate to manganese sulfate. - The manganese sulfate was produced during bench scale trials at our partner Kingston Process Metallurgy’s (KPM) operating facility in Ontario using nodule-derived m
Slide 17: TMC USA well positioned to lead and accelerate the U.S. DSM industry
18 Nasdaq: TMC After a decade of industry SURVEY TECH OPERATIONS firsts, TMC USA is well Current exploration relies on repurposed Survey vessel, asset & operator pool is and custom-built tech. We have already extremely limited. Synergies and speed are positioned to serve as the (1) shared our tech d
Slide 18: Two new economic studies show value and commercial viability
19 Nasdaq: TMC Two new economic studies show the value and commercial viability of our projects. Valuable. Commercially viable. $5.5 B 51 Mt PFS NPV probable $18.1 B reserves, IA NPV 1.6 Bt resource ••‧‧••‧•‧‧‧‧•‧••‧‧‧• Low cost. Starting soon. Q4 2027 est. first production
Slide 19: Two studies cover total estimated resource, combined NPV of $23.6 billion
20 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
Slide 20: PFS: attractive revenue mix and margins
21 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 $595 revenue Royaltie
Slide 21: PFS + IA = economic potential of 1.6Bt resource
22 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 $23.6B IRR (real terms) 27% 36% Revenue over life of pr
Slide 22: Based on comparable companies, we believe we are still undervalued
23 Nasdaq: TMC Based on comparable companies, we believe we are still undervalued. Market cap/NAV of nickel developers and explorers Market cap/NAV of nickel / copper producers 1.3 1.3 1.2 1.2 1.1 1.1 Average P/NAV: 1.03x 1.0 1.0 0.9 0.9 0.8 0.8 TMC illustrative valuation based on comps: 0.7 (PFS NP
Slide 23: Income statement highlights: three months ended September 30, 2025
24 Nasdaq: TMC Income statement highlights: three months ended September 30, 2025. ($mm) Q3 2025 Q3 2024 Change E&E: $2.1 million decrease due to lower Exploration and evaluation expenses 9.6 11.8 (2.2) environmental costs (Campaign 8 completion) General and administrative expenses 45.7 8.1 37.6 and
Slide 24: Cash flow highlights: three months ended September 30, 2025
25 Nasdaq: TMC Cash flow highlights: three months ended September 30, 2025. ($mm) Q3 2025 Q3 2024 Change Cash used in operating activities: Cash used in operating activities 11.5 5.8 5.7 increase of $5.7 million due to higher environmental, legal, personnel and Capital expenditures - 0.1 (0.1) corpo
Slide 25: Balance sheet highlights: as at September 30, 2025
26 Nasdaq: TMC Balance sheet highlights: as at September 30, 2025. Sep 30, 2025 Dec 31, 2024 Change Short-term debt and drawn credit Total Assets ($mm) 175.6 63.0 112.6 facility were fully repaid in 2025. Cash 115.6 3.5 112.1 Accounts receivable and prepaid expenses 1.6 1.8 (0.2) Exploration assets
Slide 26: Appendix
••‧‧••‧•‧‧‧‧•‧••‧‧‧• APPENDIX
Slide 27: Appendix: non-GAAP reconciliation
28 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 28: Why nodules?
29 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 ove
Slide 29: We have achieved groundbreaking milestones since inception in 2011
30 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: Ranked by Mining.com as #1 & #
Slide 30: President Trump's Executive Order of April 24, 2025
31 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’ — directing the Commerce Secr
Slide 31: Thank you
••‧‧••‧•‧‧‧‧•‧••‧‧‧• Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us