（原标题：专访中国海洋大学教授陈旭光：深海采矿要来了吗？） 深海采矿正由勘探逐步转向开发阶段。 陈旭光是中国海洋大学二级教授、博士生导师，长期从事海洋岩土及海底工程方向研究，也是国内首位 深海采矿方向的国家杰出青年基金获得者。他向经济观察报表示："当前技术已发展到能够实现深海采 矿的水平，同时社会对深海金属的需求快速增长，这让深海采矿重新成为行业关注的重点。" 陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律层面的问题，距离商业化依然存在距离。 国内深海采矿始于20世纪70年代末80年代初。1983年，我国启动海底矿区勘查工作，原国家冶金工业部 开始组织所属长沙矿冶院，开始研究多金属结核（海底矿物的一种）的开采、提升和冶炼技术。 陈旭光进一步表示，对我国而言，深海采矿还能弥补陆上矿产资源的不足。以钴为例，全球钴资源具有 分布高度集中的特点，在已探明陆地钴储量中，刚果（金）储量占比超过50%，而中国仅占比约1.7%。 然而，深海采矿仍长期陷于争议之中。 截至目前，已有37个国家宣布支持暂停、预防性暂停或禁止深海采矿。这些国家主张，在充分认识深海 采矿对环境的影响，健全开发规章，明确支撑规章的科学证据之前， ...

陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律 层面的问题，距离商业化依然存在距离。 作者：潘俊田 封图：图虫创意 深海采矿正由勘探逐步转向开发阶段。 陈旭光是中国海洋大学二级教授、博士生导师，长期从事海洋岩土及海底工程方向研究，也是国内 首位深海采矿方向的国家杰出青年基金获得者。他向经济观察报表示："当前技术已发展到能够实 现深海采矿的水平，同时社会对深海金属的需求快速增长，这让深海采矿重新成为行业关注的重 点。" 陈旭光说，当前深海采矿仍面临一系列成本效益、环境与法律层面的问题，距离商业化依然存在距 离。 深海采矿已来，但仍有争议 深海蕴含着丰富的金属资源。海底储存着铜、钴、镍、锰、铅、铂、锌、金、银等60多种金属。 根据中国大洋矿产资源研究开发协会数据，海底矿产资源量约3万亿吨，可采潜力约750亿吨。其 中锰、铜、钴、镍、铝、铅总储量分别是陆地资源的779倍、36倍、5250倍、405倍、75倍和33 倍。 近年来，多种金属价格大幅上涨，铜、钴等更是"炙手可热"，价格飙涨数倍。价格的上涨，让深 海采矿在经济性上具备了可行性。 据陈旭光介绍，早在19世纪末20世纪初，国际上就已经发现海底存在矿产资 ...

Financial Data and Key Metrics Changes - In Q3 2025, the company reported a net loss of $184.5 million, or $0.46 per share, compared to a net loss of $20.5 million, or $0.06 per share for the same period in 2024 [25] - Free cash flow for Q3 2025 was negative $11.5 million, compared to negative $5.9 million in Q3 2024, primarily due to higher environmental, personnel, and corporate payments [28][29] - The company has approximately $165 million of liquidity, with potential additional proceeds from in-the-money warrants exceeding $50 million [6][30] Business Line Data and Key Metrics Changes - Exploration and evaluation expenses decreased to $9.6 million in Q3 2025 from $11.8 million in Q3 2024, while general and administrative expenses increased to $45.7 million from $8.1 million in the same period [26] - The revenue mix is expected to be 45% from nickel products, 28% from manganese, 17% from copper, and 9% from cobalt during steady-state production [23] Market Data and Key Metrics Changes - The company highlighted that America is critically dependent on foreign sources for metals, with imports for manganese, cobalt, and nickel at roughly 100% [7][8] - The U.S. government is taking steps to address vulnerabilities in rare earths and base metals, indicating a strategic shift towards domestic resource development [8][9] Company Strategy and Development Direction - The company is focused on a U.S. pivot aimed at achieving a commercial recovery permit by 2027, with ongoing discussions with NOAA and the U.S. government [5][6] - The strategy includes building a comprehensive ecosystem around the nodule resource, emphasizing partnerships and technological advancements [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the U.S. pivot leading to a commercial recovery permit and highlighted the importance of national security and energy independence [5][8] - The company is optimistic about its regulatory path and the potential for significant cash inflows from warrant exercises [6][33] Other Important Information - The company has achieved several industry firsts, including the first SEC-compliant resource statements and the first production of nodule-derived manganese sulfate [13][18] - The pre-feasibility study indicates a combined project net present value of $23.6 billion, with a clear path to first production [22][24] Q&A Session Summary Question: Clarification on potential incoming cash from warrants - Management confirmed that total potential proceeds from warrants could exceed $432 million, with a strong liquidity position of $165 million [33] Question: Financial benefits from the Hidden Gem vessel's deployment to Japan - Management clarified that TMC will receive financial benefits from the contract between Allseas and the foundation funding the program, indicating it is not pro bono work [34] Question: Streamlining of NOAA's regulation process - Management explained that the combination of exploration and commercial recovery licenses is intended to facilitate the regulatory process, as TMC already has a prepared application for a commercial recovery permit [36][37] Question: Timing of exploration and production permit grants - Management indicated that the timeline for the exploration permit is aligned with the anticipated production start date of Q4 2027, regardless of whether the permits are granted sequentially [41][42]

The Metals Company (Nasdaq: TMC) – Unlocking the World's Largest Undeveloped Resource of Metals for Energy, Defense, Manufacturing and Infrastructure November 13, 2025 25 45 70 0 145 255 253 226 83 169 170 174 249 50 0 115 175 210 Master Headline | Arial 25, Bold Headline | Arial 21, Bold BLUE SUBHEAD | Arial 12, all caps Subhead | Arial 16, Bold Body Copy | Arial 14 For Bullets, use - Individualized for RonKevin.Mansia@notified.com •‧•‧‧‧••‧•‧‧••‧‧‧‧•‧ 2 Nasdaq: TMC Forward looking statements. This present ...

Core Insights - Deep-sea mining has emerged as a contentious global issue, balancing economic interests, environmental risks, and international regulatory frameworks [1][2] - The International Seabed Authority (ISA) faces pressure from resource-demanding nations and multinational corporations while addressing ecological concerns from island nations and environmental organizations [1] - The negotiation process highlights the need for diverse interests to be balanced, emphasizing the importance of dynamic equilibrium for sustainable cooperation [2] Industry and Company Implications - The deep-sea mining debate underscores the intersection of resource extraction and environmental protection, necessitating that major powers balance development with responsibility in global governance [2] - Informal interactions during negotiations, such as "coffee time," can be crucial for building alliances and reaching consensus, indicating that effective negotiation requires flexibility between formal and informal settings [2] - There is a need for a training mechanism for composite negotiation talents, particularly in China, to enhance capabilities in international negotiations, which is essential for entities "going global" [3]

Core Insights - Deep-sea mining has emerged as a contentious global issue, balancing economic interests, environmental risks, and international regulatory frameworks [1][2] - The International Seabed Authority (ISA) faces pressure from resource-demanding nations and multinational corporations while addressing ecological concerns from island nations and environmental organizations [1][2] - The negotiation process highlights the need for vulnerable countries to leverage moral discourse and alliance strategies to gain relative advantages in international negotiations [1] Group 1: International Negotiation Dynamics - International negotiations seek to balance diverse interests, with countries prioritizing their benefits based on technological investment, resource endowment, and environmental vulnerability [2] - Global governance issues, such as deep-sea mining, require major powers to balance development and responsibility, proposing fair and sustainable institutional arrangements [2] - Informal interactions during negotiations can be crucial for breaking deadlocks, emphasizing the importance of flexibility between formal and informal communication [2] Group 2: Capacity Building for Negotiation - There is a need to enhance the framework and skill set for international negotiations, applicable to various Chinese entities facing complex issues [3] - Understanding cultural differences through field engagement is essential for identifying common ground and avoiding misunderstandings in negotiations [3] - A mechanism for cultivating composite negotiation talents is necessary, with a focus on interdisciplinary training and practical simulation platforms in Chinese higher education [3] Group 3: China's Role in Global Governance - China must uphold core interests while addressing global concerns, demonstrating responsible great power behavior [4] - Enhancing negotiation capabilities across government, enterprises, think tanks, and social organizations is vital for establishing a multi-layered foreign exchange network [4] - This approach will enable China to maintain its bottom line and gain more initiative in complex international negotiations [4]

Core Viewpoint - The rally in critical materials stocks, particularly TMC The Metals Company, is driven by the heightened focus on rare earths amid U.S.-China trade tensions and potential de-escalation of the trade war [1][2][5]. Group 1: Market Reactions - TMC shares surged by 20.3% following a significant drop the previous Friday, reflecting a recovery linked to President Trump's comments suggesting a de-escalation of trade tensions [1][5]. - The overall market saw a "risk-on" rally, particularly benefiting speculative and high-beta stocks like TMC, as investors reacted positively to the easing of trade war threats [5][6]. Group 2: Industry Context - China controls approximately 70% of the global supply of rare earths, which are essential for various industrial and military applications, highlighting the strategic importance of these materials [3]. - Despite TMC not mining rare earths, the company is positioned to benefit from the increasing demand for other critical minerals necessary for industrial uses [6]. Group 3: Company Profile - TMC is characterized as a high-risk investment, having experienced an extraordinary 855% gain in 2025, but it currently has no revenue and requires significant capital investment [7]. - The potential for deep-sea mining is substantial, with a 2024 analysis estimating the global addressable market for undersea metals could reach as high as $20 trillion [8].

Core Insights - The Earth contains approximately 40 trillion tons of gold, but over 99% of it is located in the core, making it inaccessible for mining [3] - The extractable gold is primarily found in the crust, with an estimated reserve of about 200,000 tons, which is a minuscule fraction of the total [3] - The average grade of gold ore is only 0.5 to 5 grams per ton, leading to high extraction costs [5] - Environmental regulations are becoming stricter, complicating gold mining operations [8] - Current gold recovery methods rely significantly on recycling, accounting for about one-third of global gold supply [10] Mining Challenges - Mining costs are exceedingly high due to the low concentration of gold in ores and the need to process large quantities of rock [5] - Extracting gold from seawater is economically unfeasible, as it requires filtering 250 million tons of seawater to obtain one kilogram of gold [6] - The depletion of easily accessible gold deposits and the increasing difficulty of finding new, high-quality mines are significant challenges [8] Future Prospects - Deep-sea mining may offer new opportunities, although the technology is still underdeveloped [11] - Asteroid mining presents a long-term potential solution, with some asteroids containing metals worth trillions, but current costs exceed potential returns [8][11] - Technological advancements in gold recovery and mining methods will be crucial for future supply [10][11] Conclusion - While gold is abundant in theory, the vast majority is inaccessible, maintaining its scarcity and value [13] - The industry faces significant challenges in extraction and environmental compliance, but future technological breakthroughs may change the landscape of gold availability [13]

Core Insights - The Indian government is accelerating deep-sea exploration in the Central Indian Ocean Basin to initiate polymetallic nodule mining [1] - There is a push for duty-free imports of high-capacity mining and beneficiation equipment [1]

Core Points - The third United Nations Ocean Conference opened on June 9 in Nice, France, marking the largest and highest-level ocean conference in recent years [2][3] - The BBNJ agreement, which aims to protect marine biodiversity in areas beyond national jurisdiction, has seen a significant increase in the number of ratifying countries, reaching 50 [1][6][7] - The conference produced the "Nice Ocean Action Plan," including a political declaration and over 800 voluntary commitments from various stakeholders [4] Group 1: BBNJ Agreement - The BBNJ agreement fills a governance gap by providing a framework for establishing marine protected areas in international waters, which currently account for less than 2% of the ocean [1][7] - As of the conference, 31 countries had ratified the agreement, with an additional 19 countries ratifying it during the conference, leaving only 10 more needed for it to come into effect [6][7][8] - The French President's special envoy projected that by September, there would be 70 ratifications, allowing for the first conference of parties to be held by 2028 [8] Group 2: Conference Participation and Outcomes - The conference attracted 15,000 representatives, including 55 heads of state and government, indicating a heightened global focus on ocean protection [3][4] - The "Nice Ocean Action Plan" aims to unify countries in urgent action for ocean protection, although it lacks binding commitments [4] - The conference also highlighted the need for precaution in deep-sea mining, with 37 countries advocating for a pause or ban on such activities due to environmental concerns [9][10]