The Metals Company Announces Third Quarter 2025 Corporate Update

Core Insights - TMC the metals company Inc. has reported significant progress in its development of critical metals, with a focus on deep-sea polymetallic nodules, which are essential for energy, defense, and manufacturing sectors [1][3] - The company has completed a Pre-Feasibility Study and Initial Assessment, marking a major milestone and positioning itself strongly amid increasing public and private investments in critical minerals [3][4] - TMC's financial position is robust, with $121 million in cash and total liquidity of $165 million, indicating no immediate need for public market financing [3][15] Financial Highlights - For Q3 2025, TMC reported a net loss of approximately $184.5 million, or $0.46 per share, compared to a net loss of $20.5 million, or $0.06 per share, in Q3 2024 [9][16] - The company had cash reserves of approximately $115.6 million as of September 30, 2025, and used $11.5 million in operations during the quarter [9][15] - Exploration and evaluation expenses decreased to $9.6 million from $11.8 million year-over-year, attributed to reduced environmental study costs [17] Operational Highlights - TMC announced two economic studies with a combined Net Present Value (NPV) of $23.6 billion, demonstrating the economic viability of its NORI-D Project [7] - The company declared a world-first of 51 million tonnes of probable mineral reserves for its polymetallic nodule project [7] - TMC successfully produced battery-grade manganese sulfate from nodule-derived manganese silicate, showcasing its capability to meet modern industry demands [5][8] Industry Developments - The U.S. government is showing support for seabed mineral exploration, with NOAA's proposed rule under White House review to streamline the permitting process [4][12] - All four metals contained in TMC's nodules have been added to the U.S. Critical Minerals List, enhancing their strategic importance [14] - The U.S. and Japan are collaborating on developing rare earths from seabed minerals, indicating a strategic move towards leading in the deep-sea minerals industry [13]