The Metals Company: License to Drill

TMC controls two of the world’s largest undeveloped nickel projects, with an estimated 1.6 billion tonnes of polymetallic nodules. These nodules contain high grades of four metals in a single resource (nickel, cobalt, copper, and manganese) offering unique supply diversification in one operation. This unique position could potentially give TMC a significant advantage in supplying the growing demand for the metals that underpin electric vehicles, clean energy and defense technologies, as well as broader infrastructure.

Compared to traditional land-based mining, deep-sea nodule collection by TMC shows dramatically lower CO2 emissions, no toxic tailings, and minimal disruption to biodiversity. Their pilot test in 2022 demonstrated sediment recovery within 12 months, and life cycle assessments show industry-low environmental footprints across multiple categories. Third-party lifecycle assessments show that nickel, cobalt and copper from TMC’s first NORI-D project would outperform key land-based production routes with upwards of 90% fewer carbon emissions and, thanks to their efficient processing flowsheet design, near-zero solid waste.

As China accelerates deep-sea mining and land-based processing dominance, TMC positions itself as a Western-aligned alternative with U.S. regulatory backing. The Trump administration has revived the long-dormant DSHMRA by issuing an executive order fast-tracking seabed mining applications. TMC became the first to formally apply under this pathway, providing a legal and political opening that could reshape global seabed access and set a precedent for other U.S.-aligned mining ventures.

The Metals Company submitted an application to the Trump administration to mine critical minerals in the Pacific seabed. They expect an initial determination for whether the commercial application meets U.S. regulatory requirements within 60 days, after which an environmental and technical review of the full application would commence. This would make TMC the first company in history authorized to mine deep-sea nodules under a national framework. It would legitimize their operational strategy and trigger planning for initial production.

If NOAA permits are granted by early 2026, TMC could start operations as soon as 2027. The company has already completed system tests, processing validation, and environmental studies—minimising pre-production requirements.

TMC intends to secure further offtake agreements and strategic partnerships to process nodules in developing states. Finalization of off-take agreements with downstream customers and processors: Securing commercial buyers for processed metals will demonstrate market demand and improve project bankability. Early agreements, particularly with Western governments or automakers, would support long-term revenue visibility.

As the global transition to renewable energy and electric vehicles accelerates, the demand for key battery metals will continue to rise, driving long-term growth for companies in this sector. TMC aims to bring the TOML-F contract area into production following the completion of its Environmental Impact Statement, and to begin exploration on additional areas within the NORI and TOML contract areas. Commencement of first commercial mining operation in the CCZ: This will represent the culmination of TMC's 14+ years of development. Operational success will validate the technical model and trigger a re-rating of risk and potential returns across the sector.

Despite robust environmental datasets, unknowns remain. Opponents argue mining could harm undiscovered species and fragile ecosystems. Regulatory bodies may act cautiously or delay permits based on precautionary principles. Proceeding with mining before fully grasping its potential environmental impact or establishing international regulations to limit the damage is already drawing criticism from other governments and conservation groups.

The company’s success hinges on regulatory approvals from either the ISA or the U.S. government. The ISA has delayed rulemaking for over a decade, while the U.S. route, though promising, is untested and politically sensitive.

TMC is pre-revenue and heavily reliant on external capital. While recent raises ($19.9 million in Feb 2025) provide short-term liquidity, more funding is needed to reach production, raising dilution and insolvency risks.