TMC The Metals Company Inc. (TMC): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da tecnologia sustentável e da extração mineral crítica, a TMC The Metals Company Inc. surge como um pioneiro inovador, reimaginando a forma como obtemos metais essenciais de bateria através da mineração de profundidade. Ao desafiar os métodos tradicionais de extração mineral terrestre, o TMC está se posicionando na vanguarda de uma abordagem revolucionária que promete apoiar a transição global para veículos elétricos e tecnologias de energia renovável. Seu modelo de negócios inovador representa uma interseção sofisticada da consciência ambiental, inovação tecnológica e gerenciamento estratégico de recursos que poderiam potencialmente remodelar o futuro das compras minerais.

TMC The Metals Company Inc. (TMC) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Allseas

A TMC estabeleceu uma parceria estratégica com a AllSeas para o desenvolvimento da tecnologia de mineração de profundidade. A partir de 2024, a parceria se concentra no desenvolvimento do veículo coletor de nódulos de Patania II do fundo do mar.

Detalhes da parceria	Informações específicas
Iniciação de parceria	2022
Foco em tecnologia	Sistema de coleta de nódulos do piso do mar
Custo estimado de desenvolvimento	US $ 70 milhões

Colaborações governamentais e regulatórias

A TMC garantiu contratos de exploração na Zona Clarion Clipperton (CCZ) do Oceano Pacífico.

• Nauru Ocean Resources Inc. (NORI) Área de contrato: 75.000 quilômetros quadrados
• Órgãos regulatórios envolvidos: Autoridade Internacional do Espaço do Mar (ISA)
• Duração da licença de exploração: 15 anos

Parcerias de instituição de pesquisa

A TMC colabora com várias instituições de pesquisa para estudos de impacto ambiental.

Parceiro de pesquisa	Área de foco	Status de colaboração
Woods Hole Oceanographic Institution	Avaliação do ecossistema marinho	Ativo
Universidade Estadual de Oregon	Pesquisa de biodiversidade profunda	Em andamento

Colaborações de tecnologia marítima

A TMC estabeleceu joint ventures com empresas de tecnologia marítima especializadas.

• Parcerias de integração de tecnologia submarina
• Desenvolvimento avançado do sistema de coleta robótica
• Investimento total em parcerias de tecnologia marítima: US $ 45 milhões

Parceria financeira Overview

Categoria de parceria	Investimento total	ROI esperado
Desenvolvimento de Tecnologia	US $ 115 milhões	Projetado 12-15% até 2026
Colaborações de pesquisa	US $ 22 milhões	Apoio à conformidade ambiental

TMC The Metals Company Inc. (TMC) - Modelo de negócios: Atividades -chave

Exploração e extração de minerais profundos

A TMC possui contratos de exploração que cobrem 76.600 quilômetros quadrados na zona Clarion Clipperton, do Oceano Pacífico. A área de exploração da empresa representa aproximadamente 3,7% da área total de exploração na zona.

Área de exploração	Localização	Tamanho do contrato
76.600 km2	Zona Clarion Clipperton	3,7% da zona de exploração total

Desenvolvendo tecnologias sustentáveis ​​de coleta de metais de bateria

O TMC está focado na coleta de nódulos polimetálicos contendo:

• Níquel: 1,4 milhão de toneladas estimadas na área de exploração
• Cobre: ​​1,1 milhão de toneladas estimadas na área de exploração
• Manganês: 4,7 milhões de toneladas estimadas na área de exploração
• Cobalto: 0,1 milhão de toneladas estimadas na área de exploração

Avaliação e mitigação de impacto ambiental

A TMC investiu US $ 17,5 milhões em pesquisa ambiental e estudos de linha de base em 2023. A Companhia colabora com 13 instituições científicas independentes para realizar avaliações ambientais abrangentes.

Investimento ambiental	Parceiros de pesquisa
US $ 17,5 milhões	13 instituições científicas independentes

Teste de protótipo e protótipo de equipamento de mineração marinha

TMC desenvolveu um Protótipo do sistema de produção submarina com um custo estimado de desenvolvimento de US $ 75 milhões. O protótipo foi projetado para coletar nódulos polimetálicos com o mínimo de distúrbio do fundo do mar.

Garantir as licenças necessárias e aprovações regulatórias

Atualmente, o TMC está envolvido em processos regulatórios com a International Seabed Authority (ISA). A Companhia enviou uma documentação ambiental e técnica abrangente para revisão.

Estágio regulatório	Status atual
Processo de revisão do ISA	Documentação ambiental e técnica enviada

TMC The Metals Company Inc. (TMC) - Modelo de negócios: Recursos -chave

Tecnologia e equipamento avançado de mineração marinha

A TMC desenvolveu equipamentos especializados de mineração no mar com as seguintes especificações:

Tipo de equipamento	Especificação	Capacidade
Veículo coletor	Colecionador nodal-x	Projetado para extração mineral do fundo do mar
Capacidade de profundidade de mineração	4.000-5.000 metros	Coleção mineral do oceano profundo

Propriedade intelectual relacionada à extração mineral de profundidade

Detalhes do portfólio de patentes:

• Total de patentes registradas: 12
• Categorias de patentes: Tecnologias de mineração em mar profundo
• Jurisdições de patentes: Estados Unidos, Canadá, União Europeia

Especializada experiência em engenharia geológica e marinha

Categoria especialista	Número de especialistas	Áreas de especialização
Geólogos marinhos	8	Mapeamento mineral do fundo do mar
Engenheiros do Oceano	6	Projeto de equipamento do mar profundo

Direitos estratégicos de exploração oceânica e mineração

Detalhes atuais do contrato de exploração e mineração:

• Nauru Ocean Resources Inc. (NORI) Área de contrato: 74.913 quilômetros quadrados
• Duração do contrato de exploração: Contrato de 15 anos
• Zonas de exploração mineral: Zona Clarion-Clipperton, Oceano Pacífico

Capital de investimento significativo para pesquisa e desenvolvimento

Fonte de financiamento	Quantidade (USD)	Propósito
Investimento privado	US $ 125 milhões	Desenvolvimento de Tecnologia
Bolsas de pesquisa	US $ 8,5 milhões	Exploração científica

TMC The Metals Company Inc. (TMC) - Modelo de negócios: proposições de valor

Fonte sustentável de metais críticos de bateria para indústria de veículos elétricos

O TMC concentra-se na coleção de nódulos polimetálicos profundos com potencial de produção anual projetado de:

Metal	Estimativa de produção anual
Níquel	27.000 toneladas métricas
Cobre	15.000 toneladas métricas
Manganês	1.500 toneladas métricas
Cobalto	1.500 toneladas métricas

Alternativa ambientalmente consciente à mineração terrestre tradicional

Métricas comparativas de impacto ambiental:

• 80% mais baixo distúrbio da terra em comparação com a mineração terrestre
• Interrupção mínima do ecossistema em zonas de coleta do Deep-Sea
• Impacto reduzido da biodiversidade

Método de extração mineral de pegada de carbono reduzida

Estimativas de redução de emissão de carbono:

Método de extração	Emissões de CO2
Mineração de terras tradicional	15-20 toneladas de CO2/ton metal
Coleção TMC Deep-Sea	4-6 toneladas de CO2/ton metal

Apoiar a transição global para tecnologias de energia renovável

Contribuição projetada para suprimentos de metal de bateria:

• Potencial para fornecer 10% da demanda global de metal da bateria de veículos elétricos até 2030
• Minerais críticos Ocendência para aproximadamente 2 milhões de veículos elétricos anualmente

Solução inovadora para desafios críticos da cadeia de suprimentos minerais

Métricas de otimização da cadeia de suprimentos:

Métrica da cadeia de suprimentos	Melhoria do TMC
Redução de risco geopolítico	70% menor em comparação com fontes terrestres
Concentração de metal em nódulos	Mais do que as notas de minério terrestre
Eficiência de extração	Até 95% de taxa de recuperação de metal

TMC The Metals Company Inc. (TMC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com fabricantes de veículos elétricos

A partir de 2024, a TMC estabeleceu relacionamentos diretos com os seguintes fabricantes de veículos elétricos:

Fabricante	Status de engajamento	Potencial volume de metal da bateria (toneladas métricas/ano)
BMW AG	Discussão preliminar	5,000
Grupo Volkswagen	Negociações exploratórias	7,500
Tesla, Inc.	Consulta inicial	3,500

Suporte técnico e consulta para compras de metal da bateria

O TMC fornece serviços especializados de consulta técnica com as seguintes características:

• Equipe de suporte técnico dedicado de 12 profissionais
• Tempo de resposta: 24-48 horas para consultas complexas
• Análise abrangente de composição de metal
• Desenvolvimento de estratégia de compras personalizada

Negociações de contrato de oferta de longo prazo

Tipo de contrato	Duração	Valor anual estimado
Contrato de suprimento de metal da bateria	5-7 anos	US $ 45-65 milhões
Contrato de Parceria Estratégica	10 anos	US $ 120-180 milhões

Transparência em práticas de mineração sustentável

Métricas de transparência para 2024:

• Auditorias ambientais de terceiros: trimestralmente
• Divulgação da pegada de carbono: 100% de conformidade
• Frequência de relatórios de sustentabilidade: Biannual

Relatórios regulares de desempenho ambiental e operacional

Categoria de relatório	Freqüência	As partes interessadas alcançaram
Relatório de Impacto Ambiental	Semestral	Mais de 350 investidores institucionais
Painel de desempenho operacional	Mensal	500 mais de partes interessadas da indústria

TMC The Metals Company Inc. (TMC) - Modelo de Negócios: Canais

Equipe direta da equipe de vendas direcionada aos fabricantes de bateria e veículos elétricos

A partir de 2024, a equipe de vendas direta da TMC se concentra nos fabricantes de baterias de veículos elétricos com estratégias específicas de divulgação:

Segmento de destino	Número de empresas direcionadas	Valor potencial estimado de mercado
Fabricantes de baterias EV	12 principais fabricantes globais	US $ 87,3 milhões em potencial valor de contrato anual
Produtores de veículos elétricos	8 fabricantes de automóveis primários	US $ 64,5 milhões em potencial valor de contrato anual

Conferências do setor e exposições tecnológicas

A estratégia de participação da conferência do TMC inclui:

• Cúpula de tecnologia da bateria - 2 apresentações anuais
• Conferência de Engenharia de Veículos Elétricos - 3 compromissos anuais de falar
• Expo Sustainable Mining Technology - 1 cabine de exposição principal

Plataformas digitais e site corporativo

Canal digital	Métricas mensais de engajamento	Taxa de conversão
Site corporativo	47.500 visitantes únicos	2,3% de conversão de investidores/consultas de parceiro
Página corporativa do LinkedIn	22.300 seguidores	1,7% de taxa de engajamento

Apresentações da comunidade científica e de investimento

Métricas de engajamento de apresentação:

• Apresentações institucionais de investidores: 18 por ano
• Simpósios de pesquisa científica: 6 apresentações anuais
• Alcance total do público: aproximadamente 3.200 profissionais especializados

Marketing estratégico por meio de redes de sustentabilidade

Rede de Sustentabilidade	Status de associação	Eventos anuais de networking
Rede Global de Inovação de CleanTech	Membro ativo	4 grandes eventos
Consórcio de Mineração Sustentável	Parceiro estratégico	3 conferências anuais

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

Fabricantes de veículos elétricos

Os clientes -alvo incluem os principais fabricantes de veículos elétricos que buscam cadeias sustentáveis ​​de suprimentos de metal de bateria.

Tipo de cliente	Tamanho potencial de mercado	Demanda anual de metal da bateria
Tesla	1,8 milhão de veículos em 2023	55.000 toneladas de níquel
Ford	486.000 veículos elétricos em 2023	35.000 toneladas de níquel
General Motors	440.000 veículos elétricos em 2023	40.000 toneladas de níquel

Empresas de tecnologia de energia renovável

Concentre -se nas empresas que desenvolvem soluções de armazenamento de energia.

• O mercado global de armazenamento de energia projetado para atingir US $ 435 bilhões até 2030
• A demanda de metal da bateria que se espera que cresça 30% anualmente
• As principais empresas -alvo incluem Panasonic, LG Energy Solution

Empresas de produção de baterias

Segmento estratégico para fornecimento de metal de bateria profundo.

Fabricante de bateria	Capacidade de produção anual	Requisito de metal
Catl	670 GWh em 2023	75.000 toneladas de níquel
Northvolt	150 GWh planejado até 2025	22.000 toneladas de níquel

Investidores de tecnologia sustentável

Os investidores institucionais e de impacto se concentraram na mineração sustentável.

• Mercado de investimentos ESG: US $ 40,5 trilhões globalmente em 2022
• Os investimentos em mineração sustentável aumentaram 45% em 2023
• Principais tipos de investidores: fundos de pensão, capital de risco focado no clima

Órgãos governamentais e regulatórios

Engajamento com entidades interessadas em fornecimento de minerais alternativos.

Região	Estratégia mineral crítica	Investimento potencial
Estados Unidos	Lista de minerais da Lei de Produção de Defesa	US $ 7 bilhões alocados para o desenvolvimento de metal da bateria
União Europeia	Lei Crítica de Matérias -Cradas	€ 3,5 bilhões para fornecimento mineral sustentável

TMC The Metals Company Inc. (TMC) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

A partir do terceiro trimestre de 2023, a TMC registrou despesas de P&D de US $ 14,3 milhões para o desenvolvimento de tecnologia de mineração em mar.

Ano fiscal	Despesas de P&D
2022	US $ 11,7 milhões
2023	US $ 14,3 milhões

Investimento de equipamentos de exploração e extração marinha

As despesas de capital para equipamentos de mineração especializados em mar de profundidade totalizaram US $ 37,5 milhões em 2023.

• Robótica submarina: US $ 12,2 milhões
• Navios de mineração especializados: US $ 18,9 milhões
• Tecnologia de extração subaquática: US $ 6,4 milhões

Custos regulatórios de conformidade e avaliação ambiental

As despesas relacionadas à conformidade atingiram US $ 5,6 milhões em 2023, incluindo estudos de impacto ambiental e submissões regulatórias.

Desenvolvimento de tecnologia e teste de protótipo

Os custos de desenvolvimento de protótipos para a tecnologia de mineração profunda totalizaram US $ 8,7 milhões em 2023.

Componente de tecnologia	Custo de desenvolvimento
Sistema de coleta de nódulos	US $ 3,9 milhões
Tecnologia de processamento	US $ 4,8 milhões

Despesas de exploração operacional e marítima em andamento

As despesas operacionais totais para exploração marítima em 2023 foram de US $ 22,1 milhões.

• Custos operacionais de embarcações: US $ 9,3 milhões
• Despesas de tripulação e pessoal: US $ 6,7 milhões
• Logística marítima: US $ 6,1 milhões

TMC The Metals Company Inc. (TMC) - Modelo de negócios: fluxos de receita

Vendas futuras projetadas de metais de bateria coletados

A partir de 2024, a TMC não gerou nenhuma receita comercial com a coleta de metal da bateria. A potencial produção de metal projetada da empresa a partir da mineração de profundidade é estimada em:

Tipo de metal	Produção anual estimada	Valor de mercado projetado
Níquel	36.000 toneladas métricas	US $ 540 milhões
Cobre	24.000 toneladas métricas	US $ 360 milhões
Cobalto	3.600 toneladas métricas	US $ 270 milhões

Licenciamento potencial de tecnologias de mineração de profundidade

Os fluxos potenciais de receita de licenciamento de tecnologia incluem:

• Taxas de licenciamento estimadas: US $ 5 a 10 milhões anualmente
• Avaliação do portfólio de patentes: aproximadamente US $ 15-20 milhões
• Acordos de transferência de tecnologia em potencial com consórcios de mineração

Subsídios de pesquisa e desenvolvimento

Fontes de financiamento atuais de P&D:

Fonte de financiamento	Valor de concessão	Ano
Programa de horizonte da União Europeia	US $ 2,5 milhões	2023
Departamento de Energia dos Estados Unidos	US $ 1,8 milhão	2023

Financiamento para investidores e aumentos de capital

Capital cumulativo levantado:

• Capital total levantado desde o início: US $ 237 milhões
• Última oferta pública: US $ 75 milhões em junho de 2023
• Posição de caixa atual: aproximadamente US $ 62 milhões

Parcerias estratégicas e acordos de transferência de tecnologia

Acordos financeiros de parceria estratégica atuais:

Parceiro	Valor da parceria	Tipo de contrato
Allseas Group S.A.	US $ 50 milhões	Desenvolvimento de Tecnologia
Serviço de suprimento da Maersk	US $ 25 milhões	Operações 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.