TMC the metals company (TMC) Strategy Day presentation summary

Project overview and resource base

• Developing a 1.6 billion tonne polymetallic nodule resource in the Clarion Clipperton Zone, with 1,639 Mt total estimated and 834 Mt recoverable nodules across NORI and TOML areas.

• Two technical studies: a Pre-feasibility Study (PFS) for NORI-D and an Initial Assessment (IA) for TOML and other NORI areas, both SK-1300 compliant and signed off by multiple Qualified Persons.

• Combined post-tax NPV of $23.6B and IRR up to 36% for the full resource base.

Technical and economic highlights

• PFS covers 352 Mt resource (164 Mt recoverable), with 51 Mt probable reserves—the world’s first for polymetallic nodules.

• Steady-state production (2031–2043): 11 Mtpa wet nodules, yielding 97 ktpa nickel, 2,389 ktpa manganese, 70 ktpa copper, and 7.4 ktpa cobalt.

• IA covers 1,276 Mt resource (670 Mt recoverable), with steady-state production of 40 Mtpa wet nodules starting 2037.

• Revenue per dry tonne of nodules: $595 (PFS), $605 (IA); EBITDA margin: 43% (PFS), 57% (IA).

Cost structure and capital plan

• Offshore OPEX: $179/dry tonne; onshore OPEX: $141/dry tonne (steady state 2031–2043).

• Nickel C1 cash cost: $1,065/t, placing the project in the 1st quartile of the global cost curve.

• Initial offshore CAPEX: $492M; onshore refinery CAPEX: $4.4B (mostly spent in the 2030s).

• Project Zero start-up: $113M pre-production CAPEX, targeting Q4 2027 for first production.