Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — Q4 2025 Earnings Presentation
34 slides from Tmc The Metals's earnings presentation, Mar 27, 2026
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 March 27, 2026
Slide 2: Forward looking statements
2 Nasdaq: TMC Forward looking statements. This p resentation contains " forward-looking" statements within the meaning o f the Private Securities Litigation Reform A ct of 1995 and other applicable U.S. securities laws. These statements may be i dentified by words such as "believes," "e
Slide 3: Agenda
3 Nasdaq: TMC Agenda. 2025 year-in-review and milestones ahead in 2026 4 Partnership updates: offshore and onshore 5 Industry news •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ 9 U.S. permitting update 12 Project economics and valuation 15 Liquidity and financial highlights 18 Appendix 27
Slide 4: One year ago today, our U.S. pivot provided a new roadmap for TMC
4 Nasdaq: TMC One year ago today, our U.S. pivot provided a new roadmap for TMC. The next year is focused on accelerated execution. 2025 2026 ✓ Pivot to established U.S. permitting process under ❑ Commercial Recovery Permit grant in less than one NOAA year from today with regula
Slide 5: With new partners and further commitments, we are marching toward commercial production
5 Nasdaq: TMC With new partners and further commitments from existing partners, we are marching toward commercial production. OFFSHORE ONSHORE PRODUCTION PRODUCTION SMELTER & CONVERTERS REFINERY Global leader in developing integrated nodule mining, Pioneered the development of l
Slide 6: Development of offshore production system moving ahead, commissioning targeted for Q4 2027
6 Nasdaq: TMC Development of offshore production system moving ahead, with commissioning targeted for Q4 2027. ‐ We have reached agreement on material terms to complete the development, engineering and start operation of the world’s first commercial nodule production system with
Slide 7: Site-specific feasibility study for domestic processing in Brownsville, Texas
7 Nasdaq: TMC For the U.S. to establish a domestic processing ecosystem for nodules, it first requires a site-specific feasibility study. TMC USA is progressing this work in Brownsville, Texas. ‐ TMC USA currently holds an exclusive r ight of negotiation with the Port of Brow
Slide 8: Strategic Partnership Agreement with Mariana Minerals
8 Nasdaq: TMC We have signed a Strategic Partnership Agreement for Mariana Minerals to progress feasibility work on the Brownsville site as part of our owner’s team. About Mariana Minerals: - Co-founder & CEO Turner Caldwell (pictured) is a former Tesla executive - ~200 staff (5
Slide 9: The Metals Royalty Co. (TMCR) begins trading on the Nasdaq on April 8
9 Nasdaq: TMC The Metals Royalty Co. (TMCR) begins trading on the Nasdaq on April 8. TMC owns ~25% of TMCR. ‐ The Metals Royalty Co. is expected to begin public trading in early April (Nasdaq: TMCR). TMCR has a 2.0% Gross Overriding Royalty (GORR) on the NORI area from a 2023 tr
Slide 10: Bringing seabed mineral expertise to the Defense Industrial Base Consortium
10 Nasdaq: TMC TMC is bringing its expertise across the entire seabed mineral value chain to the Department of War’s Defense Industrial Base Consortium. ‐ On March 13, 2026, TMC joined the Defense Industrial Base Consortium (DIBC) 29 28 27 25 Cu Ni Co Mn Copper Manganese ‐ A pub
Slide 11: With the ISA in gridlock, allies are forming partnerships with the U.S.
11 Nasdaq: TMC With the ISA in gridlock, allies including Japan are forming partnerships with the U.S. on deep-sea mining. ‐ In March, the U.S. and Japan unveiled a new critical minerals action plan aimed at strengthening critical mineral supply chain resilience1 ‐ A core compon
Slide 12: NOAA revisions to accelerate permitting; TMC USA consolidated application
12 Nasdaq: TMC In January 2026, NOAA announced regulation revisions to accelerate permitting, and TMC USA filed a consolidated application which increases its commercial recovery area and reduces the expected permitting timeline. NOAA Accelerates Permitting Timeline for Deep TMC
Slide 13: Clear permitting path over the next twelve months
13 Nasdaq: TMC Clear permitting path: the next twelve months should see a steady cadence of public regulatory milestones leading up to commercial recovery permit grant, building on last year’s NOAA milestones. Under the new consolidated application process, TMC USA has clear lin
Slide 14: After a decade of environmental research, the EIA is complete
14 Nasdaq: TMC After a decade of environmental research, the results are in—and with our EIA complete, we’ve begun sharing key takeaways in new video series. Download a summary of the key findings from our EIA here. BENTHIC PLUME MID-WATER PLUME BIODIVERSITY & HABITAT •‧‧‧‧‧‧‧‧•
Slide 15: Two studies cover 1.6 billion tonne resource, combined NPV $23.6 billion
15 Nasdaq: TMC Two studies cover total estimated 1.6 billion tonne 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 addi
Slide 16: PFS + IA = economic potential of 1.6Bt resource
16 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 NPV 8 $5.5B $18.1B $23.6B IRR (
Slide 17: Based on comparable companies, we believe we are still undervalued
17 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 1.0 1.0 Avg. nickel/copper producer P/NAV: 0.9x 0.9 0.9 •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ 0
Slide 18: Liquidity of $162M as of December 31
18 Nasdaq: TMC TMC had liquidity of $162M as of December 31 excluding in-the-money warrants, with no need to tap the public markets in the near term. - As discussed in last several quarterly conference calls, we are filing today a new Form S-3 shelf registration statement in con
Slide 19: Income statement highlights: three months ended December 31, 2025
19 Nasdaq: TMC Income statement highlights: three months ended December 31, 2025. ($mm) Q4 2025 Q4 2024 Change Exploration and evaluation expenses 10.6 8.3 2.3 General and administrative expenses 34.1 8.1 26.0 Operating loss •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ 44.7 16.4 28.3 Equity-accounted i
Slide 20: Cash flow highlights: three months ended December 31, 2025
20 Nasdaq: TMC Cash flow highlights: three months ended December 31, 2025. ($mm) •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ Q4 2025 Q4 2024 Change Cash used in operating activities 11.4 13.8 (2.4) Capital expenditures 0.1 0.1 - Acquisition of equipment 0.1 0.1 - Free cash outflow 11.5 13.9 (2.4)
Slide 21: Income statement highlights: Year ended December 31, 2025
21 Nasdaq: TMC Income statement highlights: Year ended December 31, 2025. ($mm) 2025 2024 Change Exploration and evaluation expenses 40.3 50.6 (10.3) General and administrative expenses 99.8 30.7 69.1 Operating loss 140.1 81.3 58.8 Nauru and Tonga warrant costs 38.1 - 38.1 Equit
Slide 22: Cash flow highlights: Year ended December 31, 2025
22 Nasdaq: TMC Cash flow highlights: Year ended December 31, 2025. ($mm) 2025 2024 Change Cash used in operating activities •‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ 42.9 43.5 (0.6) Capital expenditures 0.2 0.5 (0.3) Acquisition of equipment and software 0.2 0.5 (0.3) Free cash outflow 43.1 44.0 (0.
Slide 23: Balance sheet highlights: Year ended December 31, 2025
23 Nasdaq: TMC Balance sheet highlights: Year ended December 31, 2025. Dec 31, 2025 Dec 31, 2024 Change Total Assets ($mm) 181.6 63.0 118.6 Cash 117.6 3.5 114.1 Accounts receivable and prepaid expenses 3.1 1.8 1.3 Exploration contracts 43.0 43.0 - Right of use asset 1.9 3.8 (1.9
Slide 24: 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: $2.1 million decrease due to lower Exploration and evaluation expenses 9.6 11.8 (2.2) environmental costs (Campaign 8 completion) General and administrative expen
Slide 25: Cash flow highlights: three months ended September 30, 2025
25 Nasdaq: TMC Cash flow highlights: three months ended September 30, 2025. Q3 2025 Q3 2024 Change ($mm) Cash used in operating activities: Cash used in operating activities 11.5 5.8 5.7 increase of $5.7 million due to higher environmental, legal, personnel and Capital expenditu
Slide 26: Balance sheet highlights: as at September 30, 2025
26 Nasdaq: TMC Balance sheet highlights: as at September 30, 2025. Sep 30, 2025 Dec 31, 2024 Change Short-term debt and drawn credit Total Assets ($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
Slide 27: Appendix
•‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ APPENDIX
Slide 28: 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 29: Appendix: non-GAAP reconciliation
29 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 30: Why nodules?
30 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 tai
Slide 31: 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’ — direct
Slide 32: So far, TMC has delivered many of our industry's firsts
32 Nasdaq: TMC So far, TMC has delivered many of RESOURCE & ECONOMICS ✓ 1st U.S. SEC S-K 1300 nodule resource statement our industry’s firsts. ✓ 1st U.S. SEC S-K 1300 Preliminary Feasibility Study (PFS) ✓ 1st U.S. SEC S-K 1300 declared nodule reserves ✓ 1st Canadian NI 43-101 nodule resource stateme
Slide 33: PFS: attractive revenue mix and margins
33 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
Slide 34: Thank you
•‧‧‧‧‧‧‧‧••‧‧‧••‧‧•‧ Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us
TMC the metals company — Q4 2025 Earnings Presentation on 6ix