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Highlights

  • TMC ended Q2 2025 with approximately USD 115.8 million in cash, reporting a net loss of USD 74.3 million for the quarter.

  • NOAA confirmed full compliance for TMC USA’s exploration applications, reconfirming priority rights over both areas and moving to the certification stage.

  • Two economic studies valued at a combined USD 23.6 billion outlined the potential viability and scalability of the NORI-D Project and other resources.

TMC the metals company Inc. (Nasdaq:TMC), a developer of one of the world’s largest estimated undeveloped critical metals resources, has released its corporate update and second quarter financial results for the period ending June 30, 2025.

Q2 2025 Financial Performance

As of June 30, 2025, TMC held approximately USD 115.8 million in cash. The company used USD 10.6 million in operations during the quarter, reporting an operating loss of USD 22 million and a net loss of USD 74.3 million, or USD 0.20 per share.

Regulatory Progress

On August 11, 2025, TMC USA received notice from the National Oceanic and Atmospheric Administration (NOAA) confirming full compliance with its exploration license applications under the Deep Seabed Hard Minerals Resources Act. This confirmation reconfirms the company’s priority rights over both exploration areas. The applications entered the certification stage in late July 2025, a process expected to take approximately 100 days. The development follows determinations of substantial compliance in May 2025 and supports the company’s plan to begin production in Q4 2027, subject to obtaining a commercial permit.

Economic Studies and Mineral Reserves

On August 4, 2025, TMC published two SEC S-K 1300-compliant technical report summaries with a combined Net Present Value (NPV) of USD 23.6 billion.

The Pre-Feasibility Study (PFS) for the NORI-D Project declared 51 million tonnes of probable mineral reserves, marking the first-ever declaration of mineral reserves for a polymetallic nodule project. The study identified additional measured, indicated, and inferred resources of 274 million tonnes of wet nodules. Subject to permitting, production from the NORI-D Area is expected to commence in Q4 2027, ramping to 10.8 million tonnes per annum at steady state from 2031 to 2043, with an 18-year mine life.

Expected steady-state annual output includes 97 kilotonnes of nickel, 2,389 kilotonnes of manganese, 70 kilotonnes of copper, and 7.4 kilotonnes of cobalt. Projected after-tax Internal Rate of Return (IRR) is 27%, with a steady-state average EBITDA margin of 43%.

The Initial Assessment evaluated remaining resources in the NORI A–C and TOML A–F areas, excluding NORI-D, estimating an NPV of USD 18.1 billion and recoverable resources of 670 million tonnes. The projected after-tax IRR is 36%, with a steady-state EBITDA margin of 57%.

Strategic Investments

On June 16, 2025, Korea Zinc invested USD 85.2 million for 19.6 million common shares at USD 4.34 per share, including warrants to purchase an additional 6.9 million shares at USD 7.00 per share.
On May 12, 2025, a Registered Direct Offering raised USD 37 million, led by Hess Capital, SAF Group, and Allseas Group S.A., with net proceeds of approximately USD 35 million after expenses.