TMC the metals company Inc. (TMC): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, The Metals Company Inc. (TMC), that perfectly illustrates the high-stakes game of deep-sea resource development right now. Honestly, seeing a $184.5 million net loss in Q3 2025 tells you this is a pre-revenue explorer, but don't let that distract you from the main event: the projected $23.6 billion Net Present Value (NPV) of their projects. My take, based on a decade analyzing similar ventures, is that TMC's entire model hinges on de-risking massive partnerships-like the one with Korea Zinc-to secure a non-China source of critical battery metals. Dive into the canvas below to see exactly how they plan to bridge that gap from exploration rights to commercial reality by their target date.

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

You're mapping out the core relationships for The Metals Company Inc. (TMC) as of late 2025, and these partnerships are absolutely central to their path to commercialization. Honestly, without these specific agreements, the whole plan for sourcing critical minerals outside of established supply chains just doesn't hold up. Here's the breakdown of the key players and the numbers that define those relationships.

The Metals Company Inc. (TMC) relies on a few critical external entities to handle everything from deep-sea collection to onshore refining. These aren't just handshake deals; they involve significant capital and operational commitments.

Offshore Collection and Downstream Processing Alliances

The physical act of getting the material and turning it into a usable product requires deep expertise, which The Metals Company Inc. (TMC) sources through two major partners. The Allseas Group S.A. relationship focuses on the collection hardware, while Korea Zinc Company, Ltd. is the crucial link to the market for refined metals.

For instance, the agreement with Allseas Group S.A. is tied to the Hidden Gem vessel. As consideration for the exclusivity term, The Metals Company Inc. (TMC) issued 4,150,000 Common Shares to Allseas Group S.A. The goal is scaling up the Project Zero Offshore System, which is now expected to reach a capacity of 3 million wet tonnes annually, a significant jump from the initially planned 1.3 million tonnes.

The strategic investment from Korea Zinc Company, Ltd. is a massive vote of confidence, especially given their role in downstream processing. This partnership is designed to build a vertically integrated pipeline for critical materials, specifically targeting U.S. supply chains. Korea Zinc Company, Ltd. is probably the only company outside of China with the capability to take The Metals Company Inc. (TMC) USA's materials and turn them into the required metal product formats.

The Metals Company Inc. (TMC) and PAMCO have been working on the onshore side, demonstrating the viability of processing the nodules using existing infrastructure in Japan. In February 2025, they successfully smelted 450 tonnes of calcine material into 35 tonnes of high-grade nickel-copper-cobalt alloy and 320 tonnes of manganese silicate products. This was part of a feasibility program processing a 2,000-tonne sample of polymetallic nodules.

Here is a snapshot of the financial and operational scale of these key alliances:

Sovereign and Regulatory Support

Securing the contract areas and navigating the U.S. regulatory environment are non-negotiable steps, and these are managed through sovereign relationships and direct engagement with U.S. agencies.

The Metals Company Inc. (TMC) maintains its exploration rights through its sponsoring states. The rights held via Tonga Offshore Mining Ltd. (TOML) cover a massive 74,713-sq.-km block of the Clarion-Clipperton Zone (CCZ) seabed. The Republic of Nauru, through Nauru Ocean Resources (NORI), sponsors the other key contract area.

Engagement with U.S. government agencies is critical for the commercial recovery permit under the Deep Seabed Hard Minerals Resources Act. The Metals Company Inc. (TMC) USA received notice of full compliance from the National Oceanic and Atmospheric Administration (NOAA) on its exploration applications on August 11, 2025, following an earlier determination of substantial compliance in May 2025. This regulatory clarity is a big deal, as the company is now targeting a Q4 2027 production start. Furthermore, the Pre-Feasibility Study (PFS) for the NORI-D Project, which feeds into these regulatory discussions, highlighted a potential combined Net Present Value (NPV) of $23.6 billion across its portfolio, with the NORI-D Project specifically showing an NPV1 of $5.5 billion.

The key regulatory and sovereign milestones include:

• Republic of Nauru and Tonga as sponsoring states for CCZ contract areas.
• NOAA granted full compliance notice for exploration applications on August 11, 2025.
• Substantial compliance determination from NOAA occurred in May 2025.
• Targeted commercial production start date is Q4 2027.
• The NORI-D Project PFS indicated an NPV1 of $5.5 billion.

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

You're hiring before product-market fit, so the focus for TMC the metals company Inc. (TMC) right now is purely on de-risking the regulatory and technical path to production. Here's the quick math on what they are actively doing as of late 2025, grounded in their Q3 2025 disclosures.

Deep-sea polymetallic nodule exploration and resource definition

TMC the metals company Inc. (TMC) is focused on converting exploration data into formally recognized mineral assets. They have published 2 SEC-compliant technical reports, which collectively show a total resource value of more than $23 billion. The combined net present value (NPV) of two economic studies stands at $23.6 billion.

The resource base is substantial, with the TMC USA-A and USA-B exploration areas containing SEC SK 1300-compliant resources of 1,635 million wet tonnes of polymetallic nodules, plus an estimated 500 million tonnes of exploration upside. The pre-feasibility study for the NORI-D Project alone declared 51 million tonnes (Mt) of probable mineral reserves.

These resources are quantified for key metals:

• Estimated Nickel: approximately 15.5 million tonnes
• Estimated Copper: approximately 12.8 million tonnes
• Estimated Cobalt: approximately 2.0 million tonnes
• Estimated Manganese: approximately 345 million tonnes

Developing and testing the commercial nodule collection system

The development activity is moving from testing to commercial readiness, leveraging partnerships. The Allseas Hidden Gem vessel is scheduled to play a key part in Japanese nodule collection trials alongside the University of Tokyo, with the pilot set for early January 2027. This follows earlier deep-water trials in the Atlantic. The company has achieved the first production of most of the metal products it intends to produce.

Securing U.S. commercial recovery permits (DSHMRA application)

A critical activity is advancing the U.S. regulatory path under the Deep Seabed Hard Mineral Resources Act (DSHMRA). In April 2025, TMC USA submitted applications to the National Oceanic and Atmospheric Administration (NOAA) for two exploration licenses and one commercial recovery permit. The commercial recovery permit application covers a 25,160 square-kilometer area (TMC USA-A_2). The exploration areas (TMC USA-A and USA-B) total 199,895 square kilometers. A major milestone was reached on August 11, 2025, when TMC USA received notice of full compliance from NOAA on its exploration applications. The company is targeting commercial production by Q4 2027, contingent on permits.

Strategic capital raising and managing liquidity

Managing cash to fund these activities is paramount. At the end of Q3 2025, TMC the metals company Inc. (TMC) reported overall liquidity of approximately $165 million, with $115.6 million in cash on hand. This liquidity is considered more than sufficient to meet working capital and CapEx requirements for at least the next 12 months from that date.

The company is also executing on potential future inflows and recent investments:

Still, the net loss widened significantly to $184.5 million in Q3 2025, up from $20.5 million in Q3 2024.

Refining R&D, like producing battery-grade manganese sulfate

Research and development is heavily weighted toward downstream processing to secure offtake for the U.S. market. TMC the metals company Inc. (TMC) has achieved the successful conversion of nodule-derived manganese silica into.... The company has a clear pathway to produce key metals in sulfate form. This is relevant because the global Battery Grade Manganese Sulphate Market is anticipated to reach USD 0.62 billion in 2025. Exploration and evaluation expenses for Q3 2025 were $9.6 million, down from $11.8 million in Q3 2024.

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

You're looking at the core assets TMC the metals company Inc. (TMC) is counting on to build out its deep-sea mining operation. These aren't just paper assets; they are the physical and financial foundations supporting their path to commercial production, targeted for the fourth quarter of 2027.

The company's primary physical resource base is concentrated in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean, where they hold significant seabed rights.

• Exploration and commercial rights are held in two polymetallic nodule contract areas via International Seabed Authority (ISA) subsidiaries, covering approximately 150,000 km2 (about 60,000 mi2) in the CCZ.
• The initial focus for commercial recovery is the 25,000-km2 site known as NORI-D.
• The NORI-D Project has a declared 51 million tonnes of probable mineral reserves.
• The broader resource across the NORI and TOML blocks includes a measured and indicated mineral resource of 73M tons of wet nodules and an inferred mineral resource of 1206 Mt of wet nodules.

Technologically, TMC relies on its custom-built extraction system, which includes the proprietary deep-sea nodule collector, designed for non-invasive harvesting.

• The Hidden Gem vessel is central to the offshore operations.
• Partner Allseas, which owns the Hidden Gem, is credited with contributing as much as $289 million toward vessel-related startup capital costs under a strategic agreement.
• Offshore preproduction capital expenditures (CapEx) were modeled to be less than $500 million.

The economic viability of these resources is quantified through rigorous technical studies, which TMC uses to demonstrate scale and value to stakeholders.

Securing strategic equity capital has been key to de-risking the path to commercialization, with Korea Zinc being a major recent contributor.

This investment from Korea Zinc, a world leader in non-ferrous metal refining, positioned them as one of TMC's largest strategic shareholders, owning approximately 5% of the company's outstanding common shares upon closing.

• The Korea Zinc deal also included a three-year warrant to purchase 6.9 million common shares at an exercise price of $7.00 per share.
• TMC reported a strong liquidity position with approximately $165 million in cash as of late 2025, inclusive of recent warrant exercises.
• There is potential for over $400 million of incoming cash from warrant exercises, signaling that near-term balance sheet pressures are manageable despite zero revenues in the development phase.

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:

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:

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.

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.

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:

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:

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.