TMC The Metals Company Inc. (TMC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la technologie durable et de l'extraction des minéraux critiques, TMC The Metals Company Inc. émerge comme un pionnier révolutionnaire, réinventeur de la façon dont nous approfondissons les métaux essentiels de la batterie grâce à l'exploitation en profondeur. En remettant en question les méthodes traditionnelles d'extraction minérale terrestre, TMC se positionne à l'avant-garde d'une approche révolutionnaire qui promet de soutenir la transition mondiale vers les véhicules électriques et les technologies d'énergie renouvelable. Leur modèle commercial innovant représente une intersection sophistiquée de la conscience environnementale, de l'innovation technologique et de la gestion des ressources stratégiques qui pourraient potentiellement remodeler l'avenir de l'approvisionnement minéral.

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec Allseas

TMC a établi un partenariat stratégique avec ALLSEAS pour le développement de la technologie d'extraction en haute mer. En 2024, le partenariat se concentre sur le développement du véhicule de collecteur de nodules de la mer de Patania II.

Détails du partenariat	Informations spécifiques
Initiation du partenariat	2022
Focus technologique	Système de collecte des nodules Seafloor
Coût de développement estimé	70 millions de dollars

Collaborations gouvernementales et réglementaires

TMC a obtenu des contrats d'exploration dans la zone Clarion Clipperton (CCZ) de l'océan Pacifique.

• Nauru Ocean Resources Inc. (Nori) Zone de contrat: 75 000 kilomètres carrés
• Organes réglementaires impliqués: Autorité internationale des fonds marins (ISA)
• Durée de licence d'exploration: 15 ans

Partenariats d'institution de recherche

TMC collabore avec plusieurs institutions de recherche pour les études d'impact environnemental.

Partenaire de recherche	Domaine de mise au point	Statut de collaboration
Institution océanographique de Woods Hole	Évaluation des écosystèmes marins	Actif
Université d'État de l'Oregon	Recherche de biodiversité en haute mer	En cours

Collaborations technologiques maritimes

TMC a établi des coentreprises avec des sociétés de technologie maritime spécialisées.

• Partenariats d'intégration de la technologie sous-marine
• Développement de système de collecte robotique avancé
• Investissement total dans les partenariats technologiques maritimes: 45 millions de dollars

Partenariat financier Overview

Catégorie de partenariat	Investissement total	ROI attendu
Développement technologique	115 millions de dollars	Prévu 12-15% d'ici 2026
Collaborations de recherche	22 millions de dollars	Support de conformité environnementale

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: Activités clés

Exploration et extraction minérales en haute mer

TMC détient des contrats d'exploration couvrant 76 600 kilomètres carrés dans la zone Clarion Clipperton de l'océan Pacifique. La zone d'exploration de l'entreprise représente environ 3,7% de la zone d'exploration totale de la zone.

Zone d'exploration	Emplacement	Taille du contrat
76 600 km2	Zone Clarion Clipperton	3,7% de la zone d'exploration totale

Développer des technologies de collecte de métaux de batterie durable

Le TMC se concentre sur la collecte de nodules polymétalliques contenant:

• Nickel: 1,4 million de tonnes estimées dans la zone d'exploration
• Cuivre: 1,1 million de tonnes estimées dans la zone d'exploration
• Manganèse: 4,7 millions de tonnes estimées dans la zone d'exploration
• Cobalt: 0,1 million de tonnes estimées dans la zone d'exploration

Évaluation et atténuation de l'impact environnemental

TMC a investi 17,5 millions de dollars dans la recherche environnementale et les études de base en 2023. La société collabore avec 13 institutions scientifiques indépendantes pour effectuer des évaluations environnementales complètes.

Investissement environnemental	Partenaires de recherche
17,5 millions de dollars	13 institutions scientifiques indépendantes

Test de prototype et de prototype de l'équipement d'extraction marine

TMC a développé un prototype de système de production sous-marine avec un coût de développement estimé de 75 millions de dollars. Le prototype est conçu pour collecter des nodules polymétalliques avec une perturbation minimale du fond marin.

Sécuriser les permis et approbations réglementaires nécessaires

TMC est actuellement engagé dans des processus réglementaires avec l'International Sea Feld Authority (ISA). La Société a soumis une documentation globale et technique complète pour examen.

Étape réglementaire	État actuel
Processus de révision ISA	Documentation environnementale et technique soumise

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: Ressources clés

Technologie et équipement avancés de l'exploitation marine marine

TMC a développé un équipement d'exploitation spécialisée en profondeur avec les spécifications suivantes:

Type d'équipement	Spécification	Capacité
Véhicule collecteur	Collectionneur nodal-x	Conçu pour l'extraction minérale du fond marin
Capacité de profondeur minière	4 000 à 5 000 mètres	Collection de minéraux en océan profond

Propriété intellectuelle liée à l'extraction minérale en haute mer

Détails du portefeuille de brevets:

• Brevets totaux enregistrés: 12
• Catégories de brevets: technologies minières en haute mer
• Juridictions des brevets: États-Unis, Canada, Union européenne

Expertise spécialisée en génie géologique et maritime

Catégorie d'experts	Nombre de spécialistes	Domaines d'expertise
Géologues marins	8	Cartographie minérale du fond marin
Ingénieurs océaniques	6	Conception d'équipement en haute mer

Exploration stratégique de l'exploration et des droits minières

Détails actuels de l'exploration et de l'exploitation minière:

• Nauru Ocean Resources Inc. (Nori) Zone de contrat: 74 913 kilomètres carrés
• Durée du contrat d'exploration: accord de 15 ans
• Zones d'exploration minérale: zone Clarion-Clipperton, Océan Pacifique

Capital d'investissement important pour la recherche et le développement

Source de financement	Montant (USD)	But
Investissement privé	125 millions de dollars	Développement technologique
Subventions de recherche	8,5 millions de dollars	Exploration scientifique

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: propositions de valeur

Source durable de métaux de batterie critiques pour l'industrie des véhicules électriques

TMC se concentre sur la collection de nodules polymétalliques profondes avec un potentiel de production annuel projeté de:

Metal	Estimation de production annuelle
Nickel	27 000 tonnes métriques
Cuivre	15 000 tonnes métriques
Manganèse	1 500 tonnes métriques
Cobalt	1 500 tonnes métriques

Alternative soucieuse de l'environnement à l'exploitation foncière traditionnelle

Métriques d'impact environnemental comparatives:

• 80% de perturbation des terres plus faible par rapport à l'exploitation terrestre
• Perturbation minimale de l'écosystème dans les zones de collecte en haute mer
• Impact réduit de la biodiversité

Méthode d'extraction minérale réduite de l'empreinte carbone

Estimations de réduction des émissions de carbone:

Méthode d'extraction	Émissions de CO2
Extraction des terres traditionnelles	15-20 tonnes CO2 / tonne métal
Collection TMC Deep-Sea	4 à 6 tonnes CO2 / tonne métal

Soutenir la transition mondiale vers les technologies d'énergie renouvelable

Contribution d'alimentation en métal de batterie projetée:

• Potentiel de fournir 10% de la demande de métal de batterie de véhicules électriques mondiales d'ici 2030
• L'approvisionnement en minéraux critiques pour environ 2 millions de véhicules électriques par an

Solution innovante aux défis critiques de la chaîne d'approvisionnement minéraux

Mesures d'optimisation de la chaîne d'approvisionnement:

Métrique de la chaîne d'approvisionnement	Amélioration du TMC
Réduction du risque géopolitique	70% inférieur par rapport aux sources terrestres
Concentration de métal dans les nodules	Plus élevé que les grades de minerai terrestre
Efficacité d'extraction	Jusqu'à 95% de taux de récupération des métaux

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: relations clients

Engagement direct avec les fabricants de véhicules électriques

En 2024, TMC a établi des relations directes avec les fabricants de véhicules électriques suivants:

Fabricant	Statut d'engagement	Volume potentiel de la batterie en métal (tonnes métriques / an)
BMW AG	Discussion préliminaire	5,000
Groupe Volkswagen	Négociations exploratoires	7,500
Tesla, Inc.	Consultation initiale	3,500

Support technique et consultation pour Battery Metal Procurement

TMC fournit des services de consultation technique spécialisés avec les caractéristiques suivantes:

• Équipe de support technique dédiée de 12 professionnels
• Temps de réponse: 24 à 48 heures pour des demandes complexes
• Analyse complète de la composition des métaux
• Développement de stratégie d'approvisionnement personnalisée

Négociations à long terme des contrats d'approvisionnement

Type de contrat	Durée	Valeur annuelle estimée
Contrat d'alimentation en métal de batterie	5-7 ans	45 à 65 millions de dollars
Contrat de partenariat stratégique	10 ans	120 à 180 millions de dollars

Transparence dans les pratiques minières durables

Métriques de transparence pour 2024:

• Audits environnementaux tiers: trimestriel
• Divulgation d'empreinte carbone: 100% de conformité
• Fréquence de rapports sur la durabilité: Biannuel

Rapports de performance environnementaux et opérationnels réguliers

Catégorie de rapport	Fréquence	Les parties prenantes atteintes
Rapport d'impact environnemental	Semestriel	350+ investisseurs institutionnels
Tableau de bord des performances opérationnelles	Mensuel	Plus de 500 parties prenantes de l'industrie

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: canaux

Équipe de vente directe ciblant les constructeurs de batteries et de véhicules électriques

En 2024, l'équipe de vente directe de TMC se concentre sur les fabricants de batteries de véhicules électriques avec des stratégies de sensibilisation spécifiques:

Segment cible	Nombre de sociétés ciblées	Valeur marchande potentielle estimée
Fabricants de batteries EV	12 fabricants mondiaux majeurs	87,3 millions de dollars de valeur de contrat annuelle potentielle
Producteurs de véhicules électriques	8 fabricants automobiles primaires	64,5 millions de dollars de valeur de contrat annuelle potentielle

Conférences de l'industrie et expositions technologiques

La stratégie de participation à la conférence de TMC comprend:

• Summit sur la technologie de la batterie - 2 présentations annuelles
• Conférence sur l'ingénierie des véhicules électriques - 3 parlants annuels
• Expo de la technologie des mines durables - 1 cabine d'exposition majeure

Plateformes numériques et site Web d'entreprise

Canal numérique	Métriques d'engagement mensuel	Taux de conversion
Site Web de l'entreprise	47 500 visiteurs uniques	2,3% Conversion de l'enquête sur les investisseurs / partenaires
Page d'entreprise LinkedIn	22 300 abonnés	Taux d'engagement de 1,7%

Présentations de la communauté scientifique et d'investissement

Métriques d'engagement de la présentation:

• Présentations des investisseurs institutionnels: 18 par an
• Symposiums de recherche scientifique: 6 présentations annuelles
• Total de public: environ 3 200 professionnels spécialisés

Marketing stratégique à travers des réseaux de durabilité

Réseau de durabilité	Statut d'adhésion	Événements de réseautage annuels
Réseau mondial d'innovation CleanTech	Membre actif	4 événements majeurs
Consortium minière durable	Partenaire stratégique	3 conférences annuelles

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: segments de clientèle

Fabricants de véhicules électriques

Les clients cibles comprennent les principaux fabricants de véhicules électriques à la recherche de chaînes d'alimentation en métal à batterie durable.

Type de client	Taille du marché potentiel	Demande annuelle de métal de batterie
Tesla	1,8 million de véhicules en 2023	55 000 tonnes métriques de nickel
Gué	486 000 véhicules électriques en 2023	35 000 tonnes métriques de nickel
General Motors	440 000 véhicules électriques en 2023	40 000 tonnes métriques de nickel

Sociétés de technologie des énergies renouvelables

Concentrez-vous sur les entreprises qui développent des solutions de stockage d'énergie.

• Le marché mondial du stockage d'énergie prévoyait pour atteindre 435 milliards de dollars d'ici 2030
• La demande de métal de batterie devrait augmenter de 30% par an
• Les sociétés cibles clés incluent Panasonic, LG Energy Solution

Entreprises de production de batteries

Segment stratégique pour l'approvisionnement en métaux de batterie en haute hauteère.

Fabricant de batteries	Capacité de production annuelle	Besoin de métaux
Catl	670 GWh en 2023	75 000 tonnes métriques de nickel
Volant nord	150 GWh prévu d'ici 2025	22 000 tonnes métriques de nickel

Investisseurs en technologie durable

Ciblant les investisseurs institutionnels et impacts axés sur l'exploitation durable.

• Marché des investissements ESG: 40,5 billions de dollars dans le monde en 2022
• Les investissements minières durables ont augmenté de 45% en 2023
• Types des investisseurs clés: fonds de pension, capital-risque axé sur le climat

Organes gouvernementaux et réglementaires

Engagement avec des entités intéressées par un autre approvisionnement en minéraux.

Région	Stratégie minérale critique	Investissement potentiel
États-Unis	Liste des minéraux ACT de la production de défense	7 milliards de dollars alloués au développement de métaux de batterie
Union européenne	Acte de matières premières critiques	3,5 milliards d'euros pour l'approvisionnement en minéraux durable

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Au troisième trimestre 2023, TMC a déclaré des dépenses de R&D de 14,3 millions de dollars pour le développement de la technologie minière en haute mer.

Exercice fiscal	Dépenses de R&D
2022	11,7 millions de dollars
2023	14,3 millions de dollars

Investissement d'équipement d'exploration et d'extraction maritime

Les dépenses en capital pour un équipement minier spécialisé en haute mer ont totalisé 37,5 millions de dollars en 2023.

• Robotique sous-marine: 12,2 millions de dollars
• Navires miniers spécialisés: 18,9 millions de dollars
• Technologie d'extraction sous-marine: 6,4 millions de dollars

Contacments de conformité réglementaire et d'évaluation environnementale

Les dépenses liées à la conformité ont atteint 5,6 millions de dollars en 2023, y compris les études d'impact environnemental et les soumissions réglementaires.

Développement technologique et tests de prototypes

Les coûts de développement de prototypes pour la technologie d'extraction en haute mer s'élevaient à 8,7 millions de dollars en 2023.

Composant technologique	Coût de développement
Système de collecte de nodules	3,9 millions de dollars
Technologie de traitement	4,8 millions de dollars

Dépenses d'exploration opérationnelles et maritimes en cours

Les dépenses opérationnelles totales pour l'exploration maritime en 2023 étaient de 22,1 millions de dollars.

• Coûts opérationnels des navires: 9,3 millions de dollars
• Dépenses d'équipage et de personnel: 6,7 millions de dollars
• Logistique maritime: 6,1 millions de dollars

TMC The Metals Company Inc. (TMC) - Modèle d'entreprise: Strots de revenus

Ventes futures projetées de métaux de batterie collectés

Depuis 2024, TMC n'a généré aucun chiffre d'affaires commercial à partir de la collection de métaux de batterie. La production potentielle de métal projetée de l'entreprise à partir de l'exploitation d'exploitation profonde est estimée à:

Type de métal	Production annuelle estimée	Valeur marchande projetée
Nickel	36 000 tonnes métriques	540 millions de dollars
Cuivre	24 000 tonnes métriques	360 millions de dollars
Cobalt	3 600 tonnes métriques	270 millions de dollars

Licence potentielle des technologies d'exploitation profonde

Les flux de licences technologiques potentiels comprennent:

• Frais de licence estimés: 5 à 10 millions de dollars par an
• Évaluation du portefeuille de brevets: environ 15-20 millions de dollars
• Accords de transfert de technologie potentiels avec des consortiums miniers

Subventions de recherche et développement

Sources de financement de la subvention R&D actuelles:

Source de financement	Montant d'octroi	Année
Programme Horizon de l'Union européenne	2,5 millions de dollars	2023
Département de l'énergie des États-Unis	1,8 million de dollars	2023

Financement des investisseurs et augmentation du capital

Capital cumulé levé:

• Capital total levé depuis la création: 237 millions de dollars
• Dernière offre publique: 75 millions de dollars en juin 2023
• Position de trésorerie actuelle: environ 62 millions de dollars

Partenariats stratégiques et accords de transfert de technologie

Arrangements financiers de partenariat stratégique actuels:

Partenaire	Valeur de partenariat	Type d'accord
Allseas Group S.A.	50 millions de dollars	Développement technologique
Service d'approvisionnement de Maersk	25 millions de dollars	Opérations maritimes

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.