TMC the metal company (US:TMC)2025-11-13 21:30Financial 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]