TMC la empresa de metales Inc. (TMC): Lienzo del modelo de negocio [Actualizado en enero de 2025]

En el panorama en rápida evolución de la tecnología sostenible y la extracción crítica de minerales, TMC The Metals Company Inc. surge como un pionero innovador, reinventando cómo obtenemos metales esenciales de la batería a través de la minería de aguas profundas. Al desafiar los métodos tradicionales de extracción de minerales basados ​​en la tierra, TMC se está posicionando a la vanguardia de un enfoque revolucionario que promete apoyar la transición global a vehículos eléctricos y tecnologías de energía renovable. Su modelo de negocio innovador representa una intersección sofisticada de la conciencia ambiental, la innovación tecnológica y la gestión estratégica de recursos que podría remodelar el futuro de las adquisiciones minerales.

TMC The Metals Company Inc. (TMC) - Modelo de negocio: asociaciones clave

Alianza estratégica con Allseas

TMC ha establecido una asociación estratégica con Allseas para el desarrollo de la tecnología minera de aguas profundas. A partir de 2024, la asociación se centra en desarrollar el vehículo coleccionista de nódulos marinos de Patania II.

Detalles de la asociación	Información específica
Iniciación de la asociación	2022
Enfoque tecnológico	Sistema de recolección de nódulos marinos
Costo de desarrollo estimado	$ 70 millones

Colaboraciones gubernamentales y regulatorias

TMC ha asegurado contratos de exploración en la Zona Clarion Clipperton (CCZ) del Océano Pacífico.

• Nauru Ocean Resources Inc. (NORI) Área de contrato: 75,000 kilómetros cuadrados
• Cuerpos reguladores involucrados: Autoridad Internacional de Fondos Marinos (ISA)
• Duración de la licencia de exploración: 15 años

Asociaciones de la institución de investigación

TMC colabora con múltiples instituciones de investigación para estudios de impacto ambiental.

Socio de investigación	Área de enfoque	Estado de colaboración
Institución oceanográfica de Woods Hole	Evaluación del ecosistema marino	Activo
Universidad Estatal de Oregon	Investigación de biodiversidad de aguas profundas	En curso

Colaboraciones de tecnología marítima

TMC ha establecido empresas conjuntas con empresas especializadas de tecnología marítima.

• Asociaciones de integración de tecnología submarina
• Desarrollo avanzado del sistema de colección robótica
• Inversión total en asociaciones de tecnología marítima: $ 45 millones

Asociación financiera Overview

Categoría de asociación	Inversión total	ROI esperado
Desarrollo tecnológico	$ 115 millones	Proyectado 12-15% para 2026
Colaboraciones de investigación	$ 22 millones	Apoyo de cumplimiento ambiental

TMC The Metals Company Inc. (TMC) - Modelo de negocio: actividades clave

Exploración y extracción minerales de aguas profundas

TMC posee contratos de exploración que cubren 76,600 kilómetros cuadrados en la zona Clarion Clipperton del Océano Pacífico. El área de exploración de la compañía representa aproximadamente el 3.7% del área de exploración total en la zona.

Área de exploración	Ubicación	Tamaño de contrato
76,600 km2	Clarion Clipperton Zone	3.7% de la zona de exploración total

Desarrollo de tecnologías de recolección de metal de batería sostenible

TMC se centra en recolectar nódulos polimetálicos que contienen:

• Níquel: 1.4 millones de toneladas estimadas en el área de exploración
• Cobre: ​​1.1 millones de toneladas estimadas en el área de exploración
• Manganeso: 4.7 millones de toneladas estimadas en el área de exploración
• Cobalt: 0.1 millones de toneladas estimadas en el área de exploración

Evaluación y mitigación del impacto ambiental

TMC ha invertido $ 17.5 millones en investigación ambiental y estudios de referencia a partir de 2023. La compañía colabora con 13 instituciones científicas independientes para realizar evaluaciones ambientales integrales.

Inversión ambiental	Socios de investigación
$ 17.5 millones	13 instituciones científicas independientes

Pruebas prototipo y prototipo de equipos de minería marina

TMC ha desarrollado un Prototipo del sistema de producción submarina con un costo de desarrollo estimado de $ 75 millones. El prototipo está diseñado para recolectar nódulos polimetálicos con una perturbación mínima del fondo marino.

Asegurar los permisos necesarios y las aprobaciones regulatorias

TMC se dedica actualmente a procesos regulatorios con la Autoridad Internacional de Fondos Marinos (ISA). La compañía ha presentado documentación ambiental y técnica integral para su revisión.

Etapa reguladora	Estado actual
Proceso de revisión de ISA	Documentación ambiental y técnica presentada

TMC The Metals Company Inc. (TMC) - Modelo de negocio: recursos clave

Tecnología y equipo de minería marina avanzada

TMC ha desarrollado equipos de minería de aguas profundas especializadas con las siguientes especificaciones:

Tipo de equipo	Especificación	Capacidad
Vehículo coleccionista	Coleccionista nodal-x	Diseñado para la extracción de minerales del fondo marino
Capacidad de profundidad de minería	4,000-5,000 metros	Colección de minerales del océano profundo

Propiedad intelectual relacionada con la extracción de minerales de aguas profundas

Detalles de la cartera de patentes:

• Total de patentes registradas: 12
• Categorías de patentes: tecnologías mineras de aguas profundas
• Jurisdicciones de patentes: Estados Unidos, Canadá, Unión Europea

Experiencia especializada en ingeniería geológica y marina

Categoría de expertos	Número de especialistas	Áreas de experiencia
Geólogos marinos	8	Mapeo mineral del fondo marino
Ingenieros oceánicos	6	Diseño de equipos de aguas profundas

Derechos de exploración y minería del océano estratégico

Detalles actuales de exploración y contrato minero:

• Área contractual de Nauru Ocean Resources Inc. (NORI): 74,913 kilómetros cuadrados
• Duración del contrato de exploración: acuerdo a 15 años
• Zonas de exploración mineral: Zona Clarion-Clipperton, Océano Pacífico

Capital de inversión significativo para la investigación y el desarrollo

Fuente de financiación	Cantidad (USD)	Objetivo
Inversión privada	$ 125 millones	Desarrollo tecnológico
Subvenciones de investigación	$ 8.5 millones	Exploración científica

TMC The Metals Company Inc. (TMC) - Modelo de negocio: propuestas de valor

Fuente sostenible de metales de batería crítica para la industria de vehículos eléctricos

TMC se centra en la recolección de nódulos polimetálicos de aguas profundas con potencial de producción anual proyectado de:

Metal	Estimación de producción anual
Níquel	27,000 toneladas métricas
Cobre	15,000 toneladas métricas
Manganeso	1.500 toneladas métricas
Cobalto	1.500 toneladas métricas

Alternativa ambientalmente consciente a la minería tradicional terrestre

Métricas comparativas de impacto ambiental:

• Alteración de la tierra 80% menor en comparación con la minería terrestre
• Interrupción mínima del ecosistema en zonas de recolección de aguas profundas
• Impacto reducido de la biodiversidad

Método de extracción de minerales de huella de carbono reducido

Estimaciones de reducción de la emisión de carbono:

Método de extracción	Emisiones de CO2
Minería de tierra tradicional	15-20 toneladas de CO2/tonelada de metal
Colección TMC de aguas profundas	4-6 toneladas de metal CO2/tonelada

Apoyo a la transición global a tecnologías de energía renovable

Contribución de suministro de metal de batería proyectada:

• Potencial para suministrar el 10% de la demanda de metal de batería de vehículos eléctricos globales para 2030
• Abastecimiento de minerales críticos para aproximadamente 2 millones de vehículos eléctricos anualmente

Solución innovadora a los desafíos críticos de la cadena de suministro mineral

Métricas de optimización de la cadena de suministro:

Métrica de la cadena de suministro	Mejora de TMC
Reducción del riesgo geopolítico	70% más bajo en comparación con las fuentes terrestres
Concentración de metal en nódulos	Más alto que las calificaciones de mineral terrestre
Eficiencia de extracción	Hasta el 95% de la tasa de recuperación de metales

TMC The Metals Company Inc. (TMC) - Modelo de negocios: relaciones con los clientes

Compromiso directo con fabricantes de vehículos eléctricos

A partir de 2024, TMC ha establecido relaciones directas con los siguientes fabricantes de vehículos eléctricos:

Fabricante	Estado de compromiso	Volumen de metal potencial de batería (toneladas métricas/año)
BMW AG	Discusión preliminar	5,000
Grupo Volkswagen	Negociaciones exploratorias	7,500
Tesla, Inc.	Consulta inicial	3,500

Soporte técnico y consulta para la adquisición de metales de batería

TMC proporciona servicios de consulta técnica especializada con las siguientes características:

• Equipo de soporte técnico dedicado de 12 profesionales
• Tiempo de respuesta: 24-48 horas para consultas complejas
• Análisis integral de composición de metales
• Desarrollo de estrategia de adquisición personalizada

Negociaciones de contratos de suministro a largo plazo

Tipo de contrato	Duración	Valor anual estimado
Acuerdo de suministro de metal de la batería	5-7 años	$ 45-65 millones
Contrato de asociación estratégica	10 años	$ 120-180 millones

Transparencia en prácticas mineras sostenibles

Métricas de transparencia para 2024:

• Auditorías ambientales de terceros: trimestralmente
• Divulgación de huella de carbono: 100% de cumplimiento
• Frecuencia de informes de sostenibilidad: bianual

Informes regulares de desempeño ambiental y operativo

Categoría de informes	Frecuencia	Las partes interesadas alcanzaron
Informe de impacto ambiental	Semestral	350+ inversores institucionales
Panel de rendimiento operativo	Mensual	Más de 500 partes interesadas de la industria

TMC The Metals Company Inc. (TMC) - Modelo de negocio: canales

Equipo de ventas directo dirigido a fabricantes de baterías y vehículos eléctricos

A partir de 2024, el equipo de ventas directas de TMC se centra en los fabricantes de baterías de vehículos eléctricos con estrategias de divulgación específicas:

Segmento objetivo	Número de empresas específicas	Valor de mercado potencial estimado
Fabricantes de baterías de EV	12 principales fabricantes globales	$ 87.3 millones en el valor anual potencial del contrato
Productores de vehículos eléctricos	8 Fabricantes de automóviles primarios	$ 64.5 millones de valor anual potencial del contrato

Conferencias de la industria y exposiciones tecnológicas

La estrategia de participación de la conferencia de TMC incluye:

• Cumbre de tecnología de baterías - 2 presentaciones anuales
• Conferencia de ingeniería de vehículos eléctricos: 3 compromisos anuales para hablar
• Expo de tecnología de minería sostenible - 1 stand de exhibición importante

Plataformas digitales y sitio web corporativo

Canal digital	Métricas de compromiso mensuales	Tasa de conversión
Sitio web corporativo	47,500 visitantes únicos	2.3% de conversión de consulta de inversores/socios
Página corporativa de LinkedIn	22,300 seguidores	Tasa de compromiso de 1.7%

Presentaciones de la comunidad científica y de inversión

Métricas de compromiso de presentación:

• Presentaciones de inversores institucionales: 18 por año
• Simposios de investigación científica: 6 presentaciones anuales
• Alcance total de la audiencia: aproximadamente 3,200 profesionales especializados

Marketing estratégico a través de redes de sostenibilidad

Red de sostenibilidad	Estado de membresía	Eventos anuales de redes
Red de innovación Global CleanTech	Miembro activo	4 eventos importantes
Consorcio de minería sostenible	Socio estratégico	3 conferencias anuales

TMC The Metals Company Inc. (TMC) - Modelo de negocio: segmentos de clientes

Fabricantes de vehículos eléctricos

Los clientes objetivo incluyen principales fabricantes de vehículos eléctricos que buscan cadenas de suministro de metal de batería sostenible.

Tipo de cliente	Tamaño potencial del mercado	Demanda anual de metal de batería
Tesla	1.8 millones de vehículos en 2023	55,000 toneladas métricas de níquel
Vado	486,000 vehículos eléctricos en 2023	35,000 toneladas métricas de níquel
General Motors	440,000 vehículos eléctricos en 2023	40,000 toneladas métricas de níquel

Empresas de tecnología de energía renovable

Centrarse en las empresas que desarrollan soluciones de almacenamiento de energía.

• Global Energy Storage Market proyectado para llegar a $ 435 mil millones para 2030
• Se espera que la demanda de metal de la batería crezca un 30% anual
• Las compañías objetivo clave incluyen Panasonic, LG Energy Solution

Firma de producción de baterías

Segmento estratégico para abastecimiento de metal de batería de aguas profundas.

Fabricante de baterías	Capacidad de producción anual	Requisito de metal
Gato	670 GWH en 2023	75,000 toneladas métricas de níquel
Northvolt	150 GWH planeado para 2025	22,000 toneladas métricas de níquel

Inversores de tecnología sostenible

Dirigirse a los inversores institucionales e impactantes centrados en la minería sostenible.

• Mercado de inversión de ESG: $ 40.5 billones a nivel mundial en 2022
• Las inversiones mineras sostenibles aumentaron un 45% en 2023
• Tipos clave de inversores: fondos de pensiones, capital de riesgo centrado en el clima

Cuerpos gubernamentales y reguladores

Compromiso con entidades interesadas en el abastecimiento mineral alternativo.

Región	Estrategia mineral crítica	Inversión potencial
Estados Unidos	Lista de minerales de la Ley de Producción de Defensa	$ 7 mil millones asignados para el desarrollo de la batería de metal
unión Europea	Ley de materias primas críticas	3,500 millones de euros para abastecimiento mineral sostenible

TMC The Metals Company Inc. (TMC) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

A partir del tercer trimestre de 2023, TMC reportó gastos de I + D de $ 14.3 millones para el desarrollo de la tecnología minera de aguas profundas.

Año fiscal	Gasto de I + D
2022	$ 11.7 millones
2023	$ 14.3 millones

Inversión en equipos de exploración y extracción marina

El gasto de capital para equipos de minería de aguas profundas especializadas totalizaron $ 37.5 millones en 2023.

• Robótica submarina: $ 12.2 millones
• Buques mineros especializados: $ 18.9 millones
• Tecnología de extracción submarina: $ 6.4 millones

Costos de cumplimiento regulatorio y evaluación ambiental

Los gastos relacionados con el cumplimiento alcanzaron los $ 5.6 millones en 2023, incluidos los estudios de impacto ambiental y las presentaciones regulatorias.

Desarrollo de tecnología y pruebas de prototipo

Los costos de desarrollo prototipo de tecnología minera de mar ascendieron a $ 8.7 millones en 2023.

Componente tecnológico	Costo de desarrollo
Sistema de recolección de nódulos	$ 3.9 millones
Tecnología de procesamiento	$ 4.8 millones

Gastos de exploración operativos y marítimos continuos

Los gastos operativos totales para la exploración marítima en 2023 fueron de $ 22.1 millones.

• Costos operativos de la embarcación: $ 9.3 millones
• Gastos de equipo y personal: $ 6.7 millones
• Logística marítima: $ 6.1 millones

TMC The Metals Company Inc. (TMC) - Modelo comercial: flujos de ingresos

Ventas futuras proyectadas de metales de batería recolectados

A partir de 2024, TMC no ha generado ningún ingreso comercial de la recolección de batiry metal. La producción potencial de metales proyectada de la compañía a partir de la minería de aguas profundas se estima en:

Tipo metálico	Producción anual estimada	Valor de mercado proyectado
Níquel	36,000 toneladas métricas	$ 540 millones
Cobre	24,000 toneladas métricas	$ 360 millones
Cobalto	3.600 toneladas métricas	$ 270 millones

Licencias potenciales de tecnologías mineras de aguas profundas

Las fuentes de ingresos de licencia de tecnología potencial incluyen:

• Tarifas estimadas de licencias: $ 5-10 millones anuales
• Valoración de la cartera de patentes: aproximadamente $ 15-20 millones
• Acuerdos de transferencia de tecnología potenciales con consorcios mineros

Subvenciones de investigación y desarrollo

Fuentes actuales de financiación de la subvención de I + D:

Fuente de financiación	Monto de subvención	Año
Programa de horizonte de la Unión Europea	$ 2.5 millones	2023
Departamento de Energía de los Estados Unidos	$ 1.8 millones	2023

Financiación de los inversores y aumentos de capital

Capital acumulativo elevado:

• Capital total recaudado desde el inicio: $ 237 millones
• Última oferta pública: $ 75 millones en junio de 2023
• Posición actual en efectivo: aproximadamente $ 62 millones

Asociaciones estratégicas y acuerdos de transferencia de tecnología

Acuerdos financieros de asociación estratégica actual:

Pareja	Valor de asociación	Tipo de acuerdo
Allseas Group S.A.	$ 50 millones	Desarrollo tecnológico
Servicio de suministro de Maersk	$ 25 millones	Operaciones marítimas

TMC the metals company Inc. (TMC) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and industry partners see value in TMC the metals company Inc. right now, late in 2025. It's not about current revenue-the company is still in development-it's about the unique, de-risked assets and the strategic positioning for the future critical minerals market.

Secure, non-China source of critical battery metals (Ni, Co, Mn)

The primary value proposition is offering a path to secure supplies of nickel, cobalt, and manganese that is independent of geopolitical concentration risks, specifically those centered in China. This is being actively supported by U.S. policy moves, such as the House of Representatives including a provision in its defense funding bill directing a feasibility study on processing deep-sea minerals within the United States. Furthermore, the strategic investment from Korea Zinc, a world leader in non-ferrous metal refining, for $85.2 million in June 2025, strengthens the non-China processing pathway, with Korea Zinc set to own approximately 5% of TMC shares upon closing. This partnership is explicitly aimed at creating a complete supply chain for nickel, cobalt, manganese, and copper that bypasses China entirely. You see this commitment to regulatory progress, too; NOAA confirmed full compliance on TMC USA's exploration license applications, a significant step toward commercialization.

Potential for lower environmental and social impact than terrestrial mining

TMC the metals company Inc. is pitching a fundamentally different environmental profile compared to conventional land-based mining, which often involves deforestation and toxic tailings. The NORI-D Project location itself offers a degree of separation from human populations, as it resides over 1,500km from the nearest populated landmass. The company has invested heavily in data collection, which is now contributing to global scientific understanding; NORI became the single largest contributor of biological occurrence data to the OBIS ISA-node, providing almost 60% of the records and increasing biodiversity records available for the Clarion-Clipperton Zone (CCZ) by about 150%. This decade-long research effort forms the basis for their environmental impact assessment.

High-grade polymetallic nodules from a single resource rock

The resource itself is the foundation of the value. TMC the metals company Inc. has moved beyond just resources to declare actual reserves based on rigorous studies. The Pre-Feasibility Study (PFS) for the NORI-D Project validated 51 million tonnes (Mt) of probable mineral reserves. This single resource rock contains the necessary battery metals in concentrations that rival terrestrial deposits. The company has already demonstrated success in processing this material through its partner PAMCO in Japan, producing high-grade nickel-copper-cobalt alloy and manganese silicate during a smelting campaign in early 2025. They even reported bench-scale production of battery-grade manganese sulfate in Q3 2025, showing a full pathway to precursor cathode active material (pCAM) compatibility.

Here's a look at the key economic and resource metrics underpinning this value proposition as of late 2025:

Metric	Value/Amount	Source/Context
NORI-D Probable Mineral Reserves	51 Mt	Declared after Pre-Feasibility Study (PFS)
Total Addressable Resource Base	1.3 billion tonnes	Initial Assessment (IA) for broader resources
NORI-D PFS Net Present Value (NPV)	$5.5 billion	Pre-Feasibility Study valuation
Combined Project NPV (PFS + IA)	$23.6 billion	Total value from two technical economic assessments
NORI-D Nickel Grade	1.31%	Underlying grade in probable reserves
NORI-D Cobalt Grade	0.19%	Underlying grade in probable reserves
Q3 2025 Cash Balance	$115.6 million	Cash on hand as of September 30, 2025
Total Liquidity (Post-Q3)	$165 million	Including post-quarter warrant exercises

Supply chain resilience for U.S. and allied EV and defense industries

The entire business case is framed around providing supply chain resilience, which is a major focus for U.S. policy makers. The goal is to offer a domestic-adjacent source for materials vital to electric vehicles (EVs) and defense systems, directly addressing security concerns. The successful bench-scale production of battery-grade manganese sulfate is a key element here, as it opens a potential frontier for U.S. manganese independence. The company is targeting commercial production to potentially start in Q4 2027, contingent on permit receipt, which aligns with medium-term industrial planning cycles. The company's current ratio stood at 2.5 as of Q3 2025, indicating solid short-term solvency to continue advancing these strategic projects despite reporting a net loss of $184.5 million in that same quarter.

You should note the key operational milestones that support this resilience narrative:

• Declared 51 Mt probable mineral reserves for NORI-D.
• Completed Pre-Feasibility Study (PFS) and Initial Assessment (IA).
• Achieved full compliance for exploration applications with NOAA.
• Partnered with Korea Zinc to explore U.S. refining pathways.
• Projected long-term EBITDA margins approaching 50% by 2040 as refining scales.

TMC the metals company Inc. (TMC) - Canvas Business Model: Customer Relationships

You're looking at TMC the metals company Inc. (TMC) as of late 2025, and the customer relationships here aren't about selling widgets; they're about securing the entire future supply chain for critical minerals. The relationships are strategic, capital-intensive, and deeply tied to regulatory milestones. Honestly, the company's value proposition hinges on these partnerships validating its path to production.

Direct, strategic, and long-term relationships with industrial partners (e.g., Korea Zinc)

The relationship with Korea Zinc is a cornerstone, representing both a massive vote of confidence and a critical off-take/processing pathway outside of China. This isn't just a handshake; it's a significant capital commitment tied to future operations. Korea Zinc is testing nodule samples from TMC USA right now, assessing how to turn those raw materials into the refined metals the U.S. needs.

Here's the quick math on that strategic investment, which was expected to close on June 26, 2025:

Metric	Value/Detail
Strategic Investment Amount	Approximately $85.2 million
Common Shares Purchased	19.6 million shares
Purchase Price Per Share	$4.34
Warrants Issued	6.9 million additional shares
Warrant Exercise Price	$7.00 per share (Three-year term)
Post-Closing Ownership Stake	Approximately 5% of outstanding shares

This deal signals a long-term alignment to build a vertically integrated critical minerals supply chain for the United States, completely bypassing China's control over refined nickel, cobalt, and manganese.

High-level engagement with government and regulatory bodies (NOAA, State Dept)

TMC the metals company Inc.'s entire near-term viability rests on securing a commercial recovery permit from the U.S. government, making engagement with the National Oceanic and Atmospheric Administration (NOAA) and other officials paramount. They are actively working within the U.S. regulatory framework, specifically the Deep Seabed Hard Mineral Resources Act (DSHMRA), rather than the International Seabed Authority (ISA).

Key regulatory milestones achieved in 2025 include:

• Formally initiating the permit application process with NOAA in Q2 2025.
• Receiving a favorable notice of substantial compliance from NOAA on May 28, 2025, for exploration areas USA-A and USA-B.
• Securing notice of full compliance from NOAA on August 11, 2025, moving applications into the certification stage.
• The certification stage is expected to take approximately 100 days.
• The company also previously applied for a $9 million grant under the U.S. government's Defense Production Act Title III program.

The company has also met with officials in the White House and U.S. Congress, positioning its nodule resources as a strategic opportunity for America.

Investor relations focused on de-risking milestones and future value

For investors, the relationship is managed by demonstrating progress that de-risks the long-cycle project. Since TMC the metals company Inc. reported zero revenues in the development phase, the focus shifts to balance sheet strength and resource valuation. The company has successfully converted non-financial assets and secured capital through strategic equity raises.

Financially, as of September 30, 2025, TMC reported total cash of approximately $115.6 million. Following the Korea Zinc investment, the pro forma cash balance was nearly $120 million. Total liquidity, including undrawn credit facilities, stood at $165 million, which management stated means they have no need to tap the public markets anytime soon. The current and quick ratio sits at a robust 2.5, showing strength in meeting short-term liabilities. The enterprise value was about $2.48B late in the year. To quantify future value, TMC published two economic studies showing a combined Net Present Value (NPV) of more than $23 billion, with a long-term production model targeting EBITDA margins approaching 50% by 2040. Furthermore, H.C. Wainwright increased its price target from $7.25 to $7.50 after the Q3 2025 review.

Collaborative development with technology partners like Allseas

Technology partners are key to proving the engineering and environmental viability of the operation. Allseas Group S.A. is one such partner, providing engineering support and capital. Allseas participated in a Registered Direct Offering (RDO) on May 12, 2025, purchasing shares at $3.00 each, resulting in net proceeds to TMC of approximately $35 million after expenses. This RDO also included warrants exercisable at $4.50 per share. The increased engineering work by Allseas was cited as a reason for higher exploration and evaluation expenses in Q2 2024. TMC the metals company Inc. is targeting first production from its NORI-D project in Q4 2027, a timeline that relies heavily on the successful execution of these technology collaborations.

TMC the metals company Inc. (TMC) - Canvas Business Model: Channels

Direct off-take agreements with major smelters and refiners form a foundational channel for TMC the metals company Inc. (TMC). As of late 2025, the company has a standing offtake agreement with Glencore, securing 50% of its annual production volume once commercial operations begin. Further cementing downstream relationships, Korea Zinc, identified as the world's largest nonferrous metal smelter, completed a strategic investment in June 2025. Korea Zinc is actively evaluating bulk samples of nodule material supplied by TMC USA to validate processing and refining pathways for producing refined metals like copper foil and precursor Cathode Active Material (pCAM).

Direct sales to battery and steel manufacturers are contingent upon achieving the targeted commercialization timeline. TMC the metals company Inc. is targeting first production from the NORI-D Area in the Q4 2027. The Pre-Feasibility Study (PFS) for NORI-D projected an estimated total recoverable resource of 670Mt (wet nodules). The cost structure outlined in the initial assessment included C1 nickel cash costs of just over $1,000 per ton, which is lower than nearly all producers outside of Russia. The combined project Net Present Value (NPV) for key projects was highlighted at $23.6 billion in August 2025.

Capital raising through public equity markets, utilizing the NASDAQ ticker TMC, has been a critical channel for funding near-term milestones. The company executed multiple significant capital events in 2025 to support its path to commercial recovery permit issuance. The table below summarizes key financing activities that bolster the company's cash position and strategic alignment.

Transaction Type	Date Announced	Gross Proceeds / Investment Amount	Shares Issued (Millions)	Issue/Purchase Price Per Share
Registered Direct Offering	May 2025	$37 million	12.3	$3.00
Strategic Investment (Korea Zinc)	June 2025	$85.2 million USD	19.6	$4.34

The May 2025 offering involved issuing 12.3 million common shares at $3.00 each, accompanied by warrants exercisable at $4.50. Following this, the June 2025 strategic investment from Korea Zinc involved the purchase of 19.6 million common shares at $4.34 per share, with warrants priced at $7.00. Total cash on hand for TMC the metals company Inc. was reported at approximately $115.8 million as of June 30, 2025.

Government and policy engagement, particularly in Washington D.C., serves as a vital channel for de-risking the regulatory pathway. This engagement has been amplified by a U.S. Executive Order signed in late April 2025, aimed at expediting deep seabed mineral permits. TMC the metals company Inc. immediately leveraged this by filing the first-ever commercial recovery permit application under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA). Key regulatory milestones achieved through this channel include:

• NOAA confirmed full compliance for TMC USA's exploration license applications on August 11, 2025.
• Both exploration applications entered the certification stage in late July 2025, expected to take approximately 100 days.
• The CEO, Gerard Barron, met with the president's critical mineral czar, David Copley, in D.C. in August 2025 to discuss securing domestic supply chains.
• Revised Sponsorship Agreements were signed with the Government of the Republic of Nauru on June 4, 2025, and the Government of the Kingdom of Tonga on August 4, 2025.

TMC the metals company Inc. (TMC) - Canvas Business Model: Customer Segments

You're looking at the customer segments for TMC the metals company Inc. (TMC) as they push toward their targeted commercial production in Q4 2027. Honestly, because TMC the metals company Inc. (TMC) is pre-revenue, reporting $0.00 in total revenue for the nine months ended September 30, 2025, the customer segments are defined by strategic partnerships, offtake interest, and the end-market demand for the critical metals they plan to extract.

The core customer base is centered around the processing and manufacturing sectors that require high-purity nickel, cobalt, and manganese, with a strong emphasis on securing supply chains for the United States. The company's projected sales mix is heavily weighted toward manganese, at 65% manganese and 35% nickel.

Customer Segment	Key Driver/Validation Point	Associated Financial/Statistical Data
Major non-ferrous metal smelters and refiners	Strategic validation and path to market outside of China.	Korea Zinc made a strategic investment of $85.2 million in June 2025. Korea Zinc is the world's largest zinc smelter.
Electric Vehicle (EV) and battery manufacturers	Demand for energy-dense batteries, specifically Lithium-Manganese-Rich (LMR) technology.	LMR batteries could offer 40% higher energy density than LFP batteries. All four key metals in nodules are on the U.S. Critical Minerals List.
Steel manufacturers (seeking manganese)	Need for domestic supply of critical minerals, including manganese.	TMC pioneered a process to produce battery-grade manganese sulfate. Expected steady-state EBITDA Margin is 43% or $254 per ton during 2031-2043.
Governments and defense sectors	Critical mineral security and domestic processing capabilities.	All four key metals in nodules are on the U.S. Critical Minerals List. The combined Net Present Value (NPV) of their economic studies is $23.6 billion.

The interest from major refiners like Korea Zinc, which is exploring using TMC the metals company Inc. (TMC)'s materials in their existing or new U.S. processing facilities, provides a clear, sophisticated path to market. This strategic alignment is crucial, especially as TMC the metals company Inc. (TMC) is pre-revenue, reporting a net loss of $184.5 million for the third quarter of 2025, largely due to non-cash items.

The focus on the U.S. market is evident through government engagement, with NOAA's proposed consolidated application rule under White House review, which is expected to streamline exploration. The company's strong liquidity position, totaling approximately $165 million including undrawn credit facilities following warrant exercises, supports these strategic engagements.

You should note the following specific customer/demand indicators:

• The Republic of Nauru and the Kingdom of Tonga have renewed and strengthened sponsorship agreements with TMC the metals company Inc. (TMC).
• The company is working toward an FID (Final Investment Decision) to order long-lead items for the Q4 2027 production target.
• The Pre-Feasibility Study and Initial Assessment showed a combined project NPV of more than $23 billion.
• The total cash on the balance sheet at September 30, 2025, was approximately $115.6 million.

Finance: draft 13-week cash view by Friday.

TMC the metals company Inc. (TMC) - Canvas Business Model: Cost Structure

When you look at TMC the metals company Inc.'s (TMC) cost structure, you see a company still firmly in the pre-revenue, development phase. The costs are dominated by exploration, administration, and significant non-cash charges related to their agreements with sovereign partners. Honestly, managing these upfront, non-operational costs is a major focus before commercial production starts, which they are targeting for the fourth quarter of 2027.

Exploration and evaluation expenses are a core part of the spend, though they can fluctuate quarter-to-quarter based on activity levels. For instance, in the second quarter of 2025, these expenses were reported at $10.5 million. This contrasts with the third quarter of 2025, where exploration and evaluation expenses were $9.6 million, showing a slight decrease year-over-year for that period.

General and administrative (G&A) overhead has seen a substantial increase, which is typical when scaling up corporate functions and managing complex international agreements. In Q3 2025, G&A expenses hit $45.7 million, a significant jump from the $11.5 million reported in Q2 2025. This rise in G&A was mainly due to non-cash items like share-based compensation, specifically an increase of $35 million from the amortization of retention grants, restricted stock units, and options.

The bottom line, the net loss, is heavily skewed by non-cash accounting adjustments, which you definitely need to separate from the cash burn. For the third quarter of 2025, TMC reported a net loss of $184.5 million, which translates to a net loss per share of $0.46. A huge chunk of this loss was driven by non-cash and non-recurring items, including changes in the fair value of royalty and warrant liabilities.

Here's a quick look at how some of those key operating expenses compared between the two most recent quarters:

Expense Category	Q2 2025 Amount	Q3 2025 Amount
Exploration and Evaluation Expenses	$10.5 million	$9.6 million
General and Administrative Expenses	$11.5 million	$45.7 million
Net Loss	$74.3 million	$184.5 million

Looking ahead to the development phase, the capital expenditure required for the offshore operations is material, but management has worked to keep the initial outlay manageable. The offshore pre-production capital expenditure is estimated to be < $500 million for the offshore component alone, with the bulk of the total estimated onshore CapEx of $4.4 billion being deferred until the 2030s, well after revenue generation is expected to begin.

Regulatory compliance and sponsorship fees represent a unique cost component tied directly to their agreements with the sponsoring states, Nauru and Tonga. These costs often manifest as non-cash warrant liabilities but also include direct cash outflows:

• Tonga warrant cost recognized in Q3 2025 was $5 million.
• Nauru warrant cost recognized in Q2 2025 was $33.1 million.
• Tonga's revised agreement includes a seabed-mineral recovery fee tied to nodule tonnage recovered.
• TMC issued Tonga a warrant for 1,000,000 common shares at an initial exercise price of $5.87.
• Management sees a pathway for more than $400 million of incoming cash from warrant exercise, which would offset some of these commitments.

Free cash flow reflects the actual cash burn; for Q3 2025, it was negative $11.5 million, up from negative $10.7 million in Q2 2025, primarily due to higher environmental, personnel, and corporate payments.

TMC the metals company Inc. (TMC) - Canvas Business Model: Revenue Streams

You're looking at TMC the metals company Inc. (TMC) and seeing a company whose revenue streams are entirely future-facing right now, which is the nature of a pre-production development-stage miner. Honestly, until they secure that commercial recovery permit and start operations, the top line is static.

Currently $0.0 in commercial revenue (pre-production status). For the trailing twelve months (TTM) ending September 30, 2025, TMC the metals company Inc. (TMC) reported $0.0 in revenue. This zero-revenue status is consistent across recent reporting periods, with $0.00 reported for the nine months ended September 30, 2025, and the Q1 2025 earnings also showing $0.00 in revenue. This is the cost of developing a new industry, so you're looking at a complete divergence from established Metals & Mining sector averages on profitability ratios.

Future primary revenue from the sale of refined nickel, copper, cobalt, and manganese products. The entire business model hinges on the extraction and processing of polymetallic nodules from the Clarion Clipperton Zone (CCZ) seabed. The company has published technical reports showing a combined resource value of more than $23 billion. The expected revenue composition from these metals is detailed in their projections:

• The expected revenue mix is projected to be 45% coming from nickel products.
• Manganese is slated to contribute 28% of the revenue.
• Copper is expected to account for 17% of revenue.
• Cobalt is the smallest contributor, projected at 9% of revenue.

Here's the quick math on the per-ton estimates, though these are forward-looking projections contingent on refinery build-out:

Timeframe	Estimated Revenue Per Dry Ton	Condition
2032 (Initial)	Slightly less than $500 per ton	Prior to construction of U.S. refineries
End of 2030s	Approximately $640 per ton	With two U.S. refineries running

Proceeds from equity and warrant exercises (e.g., $37 million RDO in May 2025). TMC has actively secured capital to fund operations until the potential commercial recovery permit is issued, targeting production start in Q4 2027. A key event was the $37 million Registered Direct Offering (RDO) announced in May 2025. This involved issuing 12.3 million common shares at $3.00 per share, each with a Class C warrant exercisable at $4.50. After offering expenses of approximately $2 million, the net proceeds to the Company were about $35 million. This influx of capital was intended to fund operations through the potential issuance of a commercial recovery permit. As of the Q3 2025 update, the company reported a robust liquidity position with approximately $165 million of liquidity on hand. Furthermore, there is potential for over $50 million in additional proceeds from in-the-money warrants as of the Q3 2025 report, with another estimate suggesting potential proceeds exceeding $400 million from warrants overall.

Potential future off-take prepayment financing. While the search results confirm the company is advancing toward securing off-take agreements, which will be true leading indicators of future revenue stability, specific, realized prepayment financing amounts as of late 2025 weren't explicitly detailed. However, the strategic investment from Korea Zinc and the overall goal to unlock critical mineral supply chains suggest this is a key component of the future financing structure. The company's current cash on hand is believed to be more than sufficient to meet working capital and capex requirements for at least the next 12 months from the Q3 2025 report. Finance: draft 13-week cash view by Friday.