中国将加强找矿行动陆海统筹，统筹深海资源调查—— 找矿走向深蓝 本报记者 孔德晨 在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 为何要向深海找矿产？ 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海采矿对于战略矿产资 ...

在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 看高端装备与智能制造——深海机器人、耐高压材料、精密传感、智能控制系统等技术，将提升我国高 端装备的可靠性与智能化水平； 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海 ...

转自：人民日报海外版 在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要的金属元素。"中国海洋大学教授陈旭 光介绍，深海采矿对于战略矿产资源供应链自主可控至关重要。国内一些战略金属矿产的对外依存度甚 至超过石油，比如钴的对外依存度达到近99%，即使像铜这样相对常见的金属，对外依存度也达到 77%。 除去供应链安全的考虑，深海采矿的经济价值同样诱人。"在已经发现的深海矿区，矿藏品位普遍相比 陆地矿藏高出一个数量级。"陈旭 ...

在中国国际海事会展上拍摄的深海采矿系统。新华社记者 张建松摄 中国人民大学公共管理学院教授、国家社科基金重大专项首席专家刘大海接受记者专访时表示，深海采 矿活动既包括沿海国在其大陆架上行使主权权利的资源勘探开发，也包括在国际海底区域这一国际公域 内、经由国际海底管理局规范的矿产资源开采。 为何要向深海找矿产？ 首先，我国一些金属矿产的对外依存度较高，这是发展深海找矿的重要动因。深海金属矿藏主要分为四 类：多金属结核、富钴结壳、金属硫化物和深海稀土。这些复杂的名称背后，往往蕴含着生产、生活所 必需的金属元素。 近日，在山东一家机器人公司的装配车间，工人在装配深海作业机器人。朱春晓摄（人民视觉） 在海底，蕴藏着数万亿吨富含锰、铜、钴、镍等关键金属的多金属结核。它们躺在几千米深的海床上， 外观像密密麻麻的土豆。 随着全球对镍、钴、铜等关键金属的需求激增，拾起海底"土豆"正成为各国科技与战略竞争的新领域。 近年来，"奋斗者"号深潜器、深海采矿试验系统等重大装备陆续投入使用，中国已迈入深海作业能力的 第一梯队。找矿，正走向深蓝。 海底宝藏多 如何定义深海采矿？ "比如多金属结核所含的锰、钴、镍、铜，是新能源产业发展需要 ...

Core Viewpoint - The Norwegian government has reached an agreement with left-wing parties to postpone the first round of deep-sea mining licenses until at least 2029, emphasizing the need for further research and regulatory framework improvement while maintaining its long-term policy goals [1] Group 1: Regulatory Changes - The decision to delay exploration and extraction activities for four years is part of budget negotiations [1] - Environmental organizations, such as the World Wildlife Fund, welcomed the postponement, viewing it as a positive step for environmental protection [1] Group 2: Resource Significance - The Norwegian continental shelf is rich in strategic mineral resources, including cobalt, copper, zinc, and rare earth elements, which are crucial for green technologies like batteries and wind power [1] - Despite the postponement of deep-sea mining plans, global competition for Arctic mineral resources continues to intensify [1] Group 3: Regional Resource Distribution - The distribution of mineral resources in the Arctic is uneven but holds significant strategic value, with Greenland rich in rare earth elements and northern Sweden's mining areas producing both copper and rare earth minerals [1] - Other regions contain various minerals such as germanium, gallium, antimony, titanium, tungsten, and precious metals [1]

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]

Financial Highlights - TMC has $165 million in liquidity as of November 13, 2025, excluding in-the-money warrants [8] - Potential proceeds from Class A and Class C warrants that are in-the-money today is approximately $54 million [14] - Q3 2025 operating loss was $55.3 million, compared to $19.9 million in Q3 2024 [84] - The company's cash balance increased mainly due to proceeds from warrants and stock options, with $7.1 million in proceeds in Q3 2025 and $12.8 million in October 2025 [11, 12] Resource and Production - A billion-tonne resource could supply the US with manganese for 330 years, cobalt for 95 years, nickel for 210 years, and copper for 5 years [18, 20] - The company estimates first production in Q4 2027 [65] - The PFS NPV is $5.5 billion, and the IA NPV is $18.1 billion, resulting in a combined NPV of $23.6 billion [62, 67] - The Pre-Feasibility Study (PFS) projects revenue of $595 per dry tonne of nodules, with an EBITDA of $254 per dry tonne (43% margin) [72, 73] Regulatory and Strategic - The US depends entirely on imports for primary nickel, manganese, and cobalt, and 45% for copper [15, 16] - NOAA is streamlining the review of applications for Exploration Licenses (ELs) and Commercial Recovery Permits (CRPs) [32] - The United States and Japan will collaborate on developing rare earth minerals from Japan's seafloor [25]

近日，由中国石油大学(北京)牵头研制的全球首台套设计水深6000m级深海采矿非金属非粘结智能柔性 混输管在我国南海海域成功通过100米级海上试验验证，标志着具有我国自主知识产权的深海多金属结 核非金属光纤传感器内置柔性混输管关键技术装备取得重大突破。 本次非金属柔性混输管的海试由长沙矿冶研究院有限责任公司作为海试牵头单位与总指挥单位，从10月 9日开始码头安装调试，27日由广州码头启航至三亚海域，并于31日完成柔性管道海上安全布放回收与 全部试验任务，试验区水深103m，非金属非粘结智能柔性管总长250m，首次验证了我国深海采矿全软 管输送性能、管体水下空间构型与阻塞的实时健康监测能力，试验中矿浆最大输送体积浓度达15%，矿 石粒径20mm，稳定输送流量为457方/h，实现了设计水深6000m级深海采矿非金属智能柔性管从设计方 法、关键超耐磨材料研发、加工工艺与核心制造装备，以及海试评价从"0"到"1"的技术突破，取得了从 技术探索迈向海试验证的胜利，为我国6000m级深海多金属结核采矿输送系统的联动海试提供了核心关 键技术与装备。 在此大背景下，由中国石油大学(北京)牵头，联合天津大学、大连理工大学、长沙矿 ...

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 Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]