Core Insights - TMC the metals company Inc. has released a Technical Report Summary (TRS) for its Pre-Feasibility Study (PFS) on the NORI-D Polymetallic Nodule Project, marking a world-first declaration of Probable Mineral Reserves for deep-sea polymetallic nodules [1][5][7] - The PFS indicates a projected After-tax Net Present Value (NPV) of $5.5 billion and an After-tax Internal Rate of Return (IRR) of 27% for the NORI-D Project, with a mine life of 18 years [5][41] - An Initial Assessment (IA) for the remaining resources in the NORI and TOML blocks shows a measured and indicated mineral resource of 73 million tonnes (Mt) and an inferred resource of 1,206 Mt, supporting an After-tax NPV of $18.1 billion and an After-tax IRR of 35.6% [2][41] Project Overview - The NORI-D Project is expected to commence commercial production in Q4 2027, targeting an average annual production rate of 10.8 million tonnes of wet nodules [5][7] - The project is designed to leverage existing offshore and onshore infrastructure, adopting a capital-light approach to minimize upfront costs [13][18] - Initial processing will utilize rotary kiln electric furnace (RKEF) technology in Japan and Indonesia, with plans for future refining facilities in the U.S. [15][21] Economic Potential - The combined project value of the NORI-D Project and the remaining resources is estimated at $23.6 billion, highlighting significant economic viability and scalability [5][7] - The PFS outlines a phased development plan, with an expected steady-state production rate of 97 kilotonnes per annum (ktpa) nickel, 2,389 ktpa manganese, 70 ktpa copper, and 7.4 ktpa cobalt [5][41] - The IA indicates a total estimated resource Net Project Value of $18.1 billion, with a steady-state average EBITDA margin of 57% [41][52] Resource Details - The PFS identifies 51 million tonnes of probable mineral reserves, with an additional 113 million tonnes of recoverable nodules expected from detailed survey and mine planning [5][26][30] - The total mineral resource estimate for NORI-D, excluding reserves, is approximately 274 million tonnes of wet nodules, classified into measured, indicated, and inferred categories [27][30] - The IA outlines the potential for collecting approximately 670 million tonnes of wet polymetallic nodules across the NORI and TOML contract areas [41][46] Environmental and Operational Strategy - The project emphasizes responsible production with a focus on minimizing environmental impact through advanced modeling and seafloor mapping [34][36] - TMC plans to employ proven technologies for processing, aiming for high metallurgical recoveries and low solid waste generation [37][40] - The operational strategy includes real-time environmental monitoring and adaptive management practices to ensure sustainable growth [31][34]