Tmc The Metals Company Inc. · NASDAQ:TMC
Tmc The Metals — The Metals Company — Q2 2026 Earnings Presentation
35 slides from Tmc The Metals's earnings presentation, Aug 13, 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 August 13, 2026
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," "expects," "plans,"
Slide 3: Agenda
3 Nasdaq: TMC Agenda. U.S. permitting: Progress and upcoming milestones from NOAA 4 Project: Progress offshore and onshore, focus on U.S. supply chain 6 ISA: USA (re-)statements, ISA inertia 18 Project economics 22 Liquidity and financial highlights 25 Appendix 29 ‧•‧••‧•‧‧•••‧‧
Slide 4: U.S. permitting: NOAA is making steady progress
4 Nasdaq: TMC U.S. permitting: NOAA is making steady progress. There have been administrative delays of a few months, but CRP still expected well in advance of vessel commissioning. Exploration License Consolidated Application for Application Exploration License and Commercial R
Slide 5: U.S. permitting: several important milestones ahead for consolidated application
5 Nasdaq: TMC U.S. permitting: several important milestones ahead for our consolidated application. Completed milestones Upcoming milestones JAN 22, 2026 Application posted to Federal Application submission Register – IMMINENT MAR 9, 2026 60 days Substantial compliance Public co
Slide 6: Partnerships: moving toward commercial production
6 Nasdaq: TMC Partnerships: with new partners and new commitments from existing partners, we are moving toward commercial production. OFFSHORE COLLECTION ONSHORE PROCESSING & REFINING Global leader in integrated nodule mining, processing & Pioneered a low risk, near-zero solid w
Slide 7: Partnerships: TMC USA working with American startups and industry
7 Nasdaq: TMC Partnerships: TMC USA is working with American startups and industry to develop integrated American supply chain for offshore minerals. OFFSHORE: EXPLORATION & COMMERCIAL RECOVERY ONSHORE: PROCESSING & REFINING U.S. flagging and redomiciling of offshore contractors
Slide 8: Offshore: new partnership with Eco Minerals
8 Nasdaq: TMC Offshore: new partnership with U.S. exploration company Eco Minerals for mutual offshore exploration services, including campaign with TMC later this year. ‐ On July 22, 2026, TMC and Eco Minerals signed a Mutual Master Services Agreement (“MMSA”) for both parties
Slide 9: Offshore: Allseas finalizing procurement packages for commercial production system
9 Nasdaq: TMC Offshore: Allseas finalizing procurement packages for the commercial production system. ‐ On May 11, we signed an agreement with Allseas to complete development, commissioning and operation of the first commercial nodule production system ‐ Supplier engagement acti
Slide 10: Offshore: engineering for key long-lead packages is complete
10 Nasdaq: TMC Offshore: engineering for key long-lead packages is complete, enabling procurement, supplier engagement and subcontracting. May 2026 Allseas contract award 2H 2026 Procurement & subcontracting Q4 2026–Q3 2027 Fabrication & system integration Q4 2027 Installation a
Slide 11: Offshore: scoping levers to reduce offshore unit costs
11 Nasdaq: TMC Offshore: We are also scoping levers to reduce offshore unit costs after the start of first commercial operation. Offshore unit cost Logistics Eliminate the function of transfer First vessel with DP bulk carriers system Energy Replace airlift with hydraulic riser
Slide 12: Offshore logistics: nodules shipped to Nodule City, Brownsville, Texas
12 Nasdaq: TMC Nodules Offshoretologistics: be Nodule City shipped to the USA Brownsville, Texas for processing via the Panama Canal. USA-A Nodule Field CCZ ‧•‧••‧•‧‧•••‧‧‧‧•‧••
Slide 13: Offshore logistics: exclusive right of negotiation on lease option for Nodule City
13 Nasdaq: TMC Offshore TMC logistics: USA has an exclusive right of negotiation on a lease option for ‘Nodule City’ in Brownsville, Texas. ‧•‧••‧•‧‧•••‧‧‧‧•‧•• NODULE CITY
Slide 14: Onshore: site-specific feasibility studies are well advanced
14 Nasdaq: TMC Onshore: site-specific feasibility studies are required for U.S. government support and are well advanced. Primary site under consideration is in the Port of Brownsville, Texas where TMC USA holds an exclusive right of negotiation on a lease option for land su
Slide 15: A closer look at Nodule City
15 A closer look Engineering at Progress – Overall Site Nodule City. Layout ‧•‧••‧•‧‧•••‧‧‧‧•‧••
Slide 16: Nodule City requires large scale equipment
16 Nodule City requires large scale equipment. ‧•‧••‧•‧‧•••‧‧‧‧•‧•• SPACEX FALCON 9 ELECTRIC ARC FURNACE BUILDING SHIP UNLOADER STATUE OF LIBERTY TOTAL HEIGHT:70M / 229.5 ft TOTAL HEIGHT:54M / 177.2ft TOTAL HEIGHT:84M / 275.6 ft TOTAL HEIGHT:93M / 305.1 ft
Slide 17: U.S.: White House mining roundtable signals whole-of-government support
17 Nasdaq: TMC U.S.: White House mining roundtable at the State Department signals whole- of-government support for U.S. minerals including deep-sea resources, with TMC CEO attending. ‐ On August 7, 2026, President Trump convened a roundtable at the U.S. Department of State with
Slide 18: U.S.: position on seabed mining reiterated at the ISA and U.N.
18 Nasdaq: TMC U.S.: position on seabed mining — consistent for decades — was re- iterated twice in the past month at the ISA and the U.N. "For the United States, responsible seabed “…As a non-party to the Law of the Sea mineral development is a strategic national Convention, th
Slide 19: ISA: While USA delivers regulatory milestones, ISA makes roadmaps
19 Nasdaq: TMC ISA: While USA delivers regulatory milestones, ISA makes roadmaps to make roadmaps. ‐ At the ISA’s 31st session in July, the ISA “I cannot help but recall Dickens once more — not the opening of A Tale of Two Cities I invoked before this Council in March, but Bleak
Slide 20: ISA: alliance between China, Russia, and Greenpeace failed
20 Nasdaq: TMC ISA: during the July session, an alliance between China, Russia, and Greenpeace failed in seeking an advisory opinion with the goal of isolating the U.S., an attempted action which alarmed many other States. ‐ China, Russia and Greenpeace voiced support for an ITL
Slide 21: ISA: NORI and TOML continue to assert their rights
21 Nasdaq: TMC ISA: NORI and TOML continue to assert their rights; an international tribunal ruled in their favor and NORI contract was then extended. ‐ On July 18, at a hearing in Hamburg, the International Tribunal of the Law of the Sea unanimously ordered the ISA to respect N
Slide 22: Project economics: two studies cover 1.6 billion tonne resource
22 Nasdaq: TMC Project economics: Two studies cover total estimated 1.6 billion tonne resource, with combined NPV 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 applie
Slide 23: Project economics: PFS + IA economic potential of 1.6Bt resource
23 Nasdaq: TMC Project economics: 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 (re
Slide 24: TMC undervalued at 8% of SEC-compliant NPV
24 Nasdaq: TMC We believe TMC is undervalued at 8% of SEC-compliant $23.6B NPV, vs. 58% average for nickel developers. Market cap / NAV of nickel developers and explorers Market cap / NAV of nickel and copper producers 1.3 1.3 1.2 1.2 1.1 1.1 Avg. nickel/copper producer P/NAV: 1
Slide 25: TMC liquidity was $143 million at June 30, 2026
25 Nasdaq: TMC TMC liquidity (cash plus borrowing capacity) was $143 million at June 30, 2026. USD Millions 200.0 - The decrease in the cash balance compared to $119.7 Class A warrants million at March 31, 2026 was partially driven by sell-to-cover $8.6 3 taxes of $9 million pai
Slide 26: Income statement highlights: three months ended June 30, 2026
26 Nasdaq: TMC Income statement highlights: three months ended June 30, 2026. Significant increase in exploration and evaluation expenses primarily reflecting $37.2 million in charges owed to Allseas following the execution of the development and operating agreement. Of this amo
Slide 27: Cash flow highlights: three months ended June 30, 2026
27 Nasdaq: TMC Cash flow highlights: three months ended June 30, 2026. Cash used in operating activities of $20.1 million in the second quarter of 2026 included $9 million of withholdings related to equity awards collected at the end of March 2026 and remitted in early April 202
Slide 28: Balance sheet highlights: period ended June 30, 2026
28 Nasdaq: TMC Balance sheet highlights: period ended June 30, 2026. The decrease in our cash balance of $20.9 million in the second quarter of 2026 included $9 million of withholdings related to equity awards collected at the end of March 2026 and remitted in early April 2026. The significant chang
Slide 29: Appendix
‧•‧••‧•‧‧•••‧‧‧‧•‧•• APPENDIX
Slide 30: Appendix: non-GAAP reconciliation
30 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 31: TMC has delivered most of our industry's firsts
31 Nasdaq: TMC TMC has delivered most of our industry’s firsts offshore and onshore. OFFSHORE ONSHORE ✓ 1st NI 43-101 nodule resource statement ✓ 1st production of NiCuCo alloy since the 1970’s ✓ 1st S-K 1300 nodule resource statement ✓ 1st production of NiCuCo matte ✓ 1st S-K 1
Slide 32: Why nodules?
32 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 33: President Trump's Executive Order of April 24, 2025
33 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 34: Environmental impact assessment results video series
34 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 Full Video
Slide 35: Thank you
‧•‧••‧•‧‧•••‧‧‧‧•‧•• Investor Contact investors@metals.co Media Contact Thank you. media@metals.co Follow us