Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — Investor Day (August 2025)
33 slides from Tmc The Metals's investor day presentation, August 2025
Slide 1: Zero to One: Project Economics
1 ZERO TO ONE: PROJECT ECONOMICS Craig Shesky, CFO August 2025
Slide 2: 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 3: Going from Zero to One
3 Going from Zero to One. 1 HORIZONTAL INNOVATION n Focus: Capital-light start Focus: Cost optimization Repurposing existing assets Building fit-for-purpose assets VERTICAL INNOVATION OFFSHORE OFFSHORE $93 <$35 collection opex / wet tonne* collection opex / wet tonne - 3 Mtpa modified drillships wit
Slide 4: What are the economics of developing a 1.6 billion tonne resource?
4 What are the economics of developing a 1.6 billion tonne resource? 1,634 million tonne existing estimated resource ~300 million tonne resource potential (mgmt. estimate) Source: SEC Regulation S-K (Subpart 1300) Compliant NORI Clarion Clipperton Zone Mineral Resource Estimate, AMC, 17 March 2021.
Slide 5: Our answer is subject to strict 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. S-K 1300 is the
Slide 6: Project economics: three types of studies
6 Project economics: three types of studies. CONFIDENCE LEVEL SEC Regulations Subpart S-K 1300 STUDY IA PFS FS Initial Assessment Pre-feasibility Study Feasibility Study CONCEPT What it could be What it should be What it will be OBJECTIVE Early-stage conceptual assessment Realistic economic and engi
Slide 7: We've published two new studies
7 We’ve published two new studies. PFS IA ✓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 o
Slide 8: PFS $5.5 billion NPV
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 9: PFS is now our highest confidence study
9 PFS is now our highest confidence study. NPV:: $5,502 million PFS 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 o
Slide 10: PFS: Recovering 46% of the total resource
10 PFS: Recovering 46% of the total resource. NORI-D recoverable nodules 356 Million wet tonnes Inferred Collection factors 254 Nodules left Collection between and factors inside collector passes More nodules left Enviro Indicated behind due to geo- obstacles, wider New set-asides & Inferred 164 pas
Slide 11: PFS: World's first polymetallic nodule reserves
11 PFS: World’s first polymetallic nodule 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 “resources” to “reserves.” Th
Slide 12: PFS: Start capital-light, then build
12 PFS: Start capital-light, then build. $492 M CAPEX Contracted service Offshore development CAPEX Contracted service $4.4 B RKEF lines (x9) Tolling CAPEX Refineries (x2) Onshore refinery development CAPEX (94% spent in 2030s) Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NOR
Slide 13: PFS: Pacific spread of production assets
13 PFS: Pacific spread of productions assets. RKEF PROCESSING United States Japan Pacific Ocean REFINING Gulf of America COLLECTION RKEF PROCESSING Indonesia Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025
Slide 14: PFS: nodule collection & transport
14 PFS: nodule collection & transport. Video link: https://vimeo.com/1104220688/8fe4846c39?share=copy
Slide 15: PFS: Starting small, steady-state by 2031
15 PFS: Starting small, steady-state by 2031. Mtpa 14 12 10 8 6 4 2 0 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 Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August
Slide 16: PFS: Steady state product mix and volumes
16 PFS: Steady state product mix and volumes. $595 RKEF Refinery Co – 9% Cu – 17% Mn – 28% Ni – 45% Revenue Only 50% of collected & $ per dry tonne processed nodules are refined. If of nodules, 2031- 100% were refined, average 2043 average revenue per tonne of dry nodules would be ~$640. Source: SK-
Slide 17: PFS: Assumed commodity prices
17 PFS: Assumed commodity prices. $/t $/dmtu Nickel Manganese 50,000 7.5 Forecast simple Forecast simple 45,000 7.0 40,000 annual average: annual average: 6.5 35,000 $19,601 $5.41 6.0 30,000 5.5 25,000 20,000 5.0 15,000 4.5 10,000 4.0 5,000 3.5 0 3.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Slide 18: PFS: what offshore operation will cost
18 PFS: what offshore operation will cost. Nodule collection & transport OPEX $ per dry tonne of nodules, steady state 2031-2043 200 $179 180 Fuel (collection + 160 transport) 140 Transport vessels 120 Other 100 80 60 Collection vessels 40 20 0 NORI-D to Asia Note: $179 per dry tonne of nodules tran
Slide 19: PFS: nodule processing & refining
19 PFS: nodule processing & refining. Video link: https://vimeo.com/1104220892/1e38c1f1f4?share=copy
Slide 20: PFS: what onshore operations will cost
20 PFS: what onshore operations will cost. Processing & refining OPEX $ per dry tonne of nodules, steady state 2031-2043 160 $141 140 Refining 120 100 80 60 Processing 40 20 0 RKEF (Asia), refining (USA) Note: $141 per dry tonne of nodules translates to $102 per wet tonne of nodules. Does not includ
Slide 21: PFS: 1st quartile of the nickel cost curve
21 PFS: 1st quartile of the nickel cost curve. Nickel C1 Cost Curve 2025 $/t Ni Value-adjusted cash costs, excluding royalties 1st quartile 2nd quartile 3rd quartile 4th quartile $20k TMC: $1,065/t nickel C1 $10k cash costs incl. byproduct credits Other production TMC 0 200 400 600 800 1,000 1,200 1
Slide 22: PFS: Operating margins remain robust
22 PFS: Operating margins remain robust. Operating economics $ per dry tonne of nodules, steady state 2031-2043 $595 revenue 600 Royalties, Overhead & Other; 20 Onshore OPEX 500 141 400 Offshore OPEX 179 300 200 $254 (43%) 100 EBITDA 0 Note: EBITDA of $254 per dry tonne of nodules translates to $183
Slide 23: PFS: Strong project economics
23 PFS: Strong project economics. 2021 2025 IA 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 24: PFS: Sensitivity of $5.5B NPV
24 PFS: Sensitivity of $5.5B NPV. Nickel Sulfate Byproduct Price Manganese Product Price Collection Costs INDO - Matte Costs Nickel Product Price Project Capex Copper Cathode Byproduct Price Offshore Consumables Costs Cobalt Sulfate Byproduct Price Marine Fuel Consumable Price Transfer & Shipping Co
Slide 25: IA: Shows potential of the rest of our resource
25 IA: Shows potential of the rest of our resource. IA 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 sil
Slide 26: IA: Simplified logistics
26 IA: Simplified logistics. United States Pacific Ocean REFINING Gulf of America COLLECTION PROCESSING Indonesia Source: SK-1300 Initial Assessment of NORI and TOML, August 2025
Slide 27: PFS + IA = economic potential of 1.6Bt resource
27 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 project $69.9B
Slide 28: We are still undervalued
28 We are still undervalued. Market cap/NAV of nickel developers and explorers Market cap/NAV of nickel / copper producers 1.2 1.2 Average P/NAV: 1.0x 1.0 1.0 0.8 0.8 TMC illustrative valuation based on comps: (PFS NPV x 60%) + (IA NPV x 35%) = $10 billion 0.6 0.6 0.4 0.4 Average P/NAV: 0.35x 0.2 0.
Slide 29: How we get started: Project Zero
29 How we get started: Project Zero. $113M NODULE COLLECTION & TRANSPORT Allseas: Co-financing & contract Hidden Gem pre-production CAPEX (TMC initial share) + + $113M TMC payback to Allseas once in production 1.5mpta wet nodules to start, NODULE PROCESSING growing to 3mpta INTERMEDIATE REFINING, PC
Slide 30: Targeting Q4 2027 to start production
30 Targeting Q4 2027 to start production. 2025 2026 2027 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Permitting Provisional CRP? Final CRP? Offshore RFP Order long Start system packages lead items production RKEF (Japan) FID Ready for production Refinery & Ready for pCAM (Korea) production CRP: Commercial Recover
Slide 31: Strong data for a NEPA-compliant EIS
31 Strong data for a NEPA-compliant EIS. Seafloor plumes Midwater plumes Carbon Concern: “Seafloor plumes could travel Concern: “Midwater plumes could travel over a Concern: “Planet’s biggest carbon sink 10,000s km beyond mining sites.” 1,000 km and poison tuna fisheries.” could be disturbed.” In-fi
Slide 32: Zero to One
32 Zero to One. Valuable. Commercially viable. $5.5 B PFS NPV 51 Mt probable $18.1 B reserves IA NPV Low cost. Starting capital-light. Starting soon. $113M Q4 2027 estimated Hidden Gem first production pre-production CAPEX (TMC initial share) + + $113M TMC payback to Allseas once in production
Slide 33: Zero to One: Project Economics
33 ZERO TO ONE: PROJECT ECONOMICS Craig Shesky, CFO August 2025