FREE

All Trends Point to 2026 Production Timeline

We recently had an opportunity to speak with CEO Gerard Baron and CFO Craig Shesky about a range of topics, including the progress TMC is making in preparing its application submittal to the ISA, the company’s accomplishments and milestones, and the state of the deep-sea mining industry in general. This report contains a transcript of the conversation, which can be accessed on demand. Link is accessible in our full report. Moving the ball down the field. TMC, together with its partner SGS, has further validated its process flowsheet by producing nickel sulfate and cobalt sulfate from Ni-Co-Cu-matte produced by its partner PAMCO, thereby demonstrating the ability to process this intermediate material into battery-grade metals. Baron also discussed the significance of the latest appointees to TMC’s Board of Directors, as well as the progress the company is making in preparation of the Environmental Impact Statement (EIS) that will form the foundation of its application to the ISA for a mining permit. Environmentally advantaged multi-metal resource. With more attention focusing on the environmental and social cost of terrestrial mining, especially nickel and cobalt, and the impact of geopolitical events on metal prices, TMC’s vast resource of multiple (four to be exact) metals, collecting and processing polymetallic nodules off the seafloor in politically stable geography, combined with the natural hedge provided by producing four metals, whose prices may not move in tandem, would position TMC as an environmentally responsible source of critical metals with production costs in the lowest quartile of terrestrial miners and refiners, adding to the attractiveness of its NORI-D resource. Early 2026 production goal looks attainable. The ISA remains on track to deliver the final regulatory rules for deep-sea mining in international waters at some point in 2025. Meanwhile, TMC continues to work on completing its EIS, as well as the definitive feasibility study (DFS) that will form the basis of its exploitation application to the ISA. It therefore appears that the company will be able to file its application in early 2025, whether the final code is issued or not. Given the existing ISA application approval mechanism even in the event the issuance of a final code is held up, TMC will be in a position to begin nodule collection and processing in 1H26, thereby graduating from a resource developer to a commercial miner. Acceptance of DSM bodes well for asset-level financing efforts. As both developed and emerging economy governments and large industry participants warm up to the idea of environmentally responsible metal sourcing off the ocean floor, TMC’s talks with potential financial partners are moving further along, suggesting a funding event in the quarters ahead that would firm up company’s capital position and complete the derisking process when it comes to both operational and financial viability.