TMC the metals company Inc (NASDAQ: TMC) is a deep-sea mining company focused on the exploration and planned commercial recovery of polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean. The company has no commercial revenue as of the fiscal year ended December 31, 2025, and is pre-production, funding operations through equity issuances including registered direct offerings, at-the-market equity programs, and warrant exercises. TMC holds exploration rights through subsidiaries NORI, sponsored by the Republic of Nauru, and TOML, sponsored by the Kingdom of Tonga, covering multiple contract areas in the CCZ under International Seabed Authority contracts. A separate subsidiary, TMC USA, has applied for a commercial recovery permit under the U.S. Deep Seabed Hard Mineral Resources Act. The target resource contains four metals: nickel, cobalt, manganese, and copper, with end markets in EV batteries, steel manufacturing, and industrial chemicals. Key strategic partners include Allseas for offshore nodule collection and Korea Zinc, a strategic investor, for processing and refining technology.

Revenue model

TMC generates no production revenue as of FY2025. The company is pre-revenue and finances itself through equity capital markets, including registered direct offerings and an at-the-market equity distribution agreement. Interest income of $2.8 million was earned in FY2025 from invested cash balances. Future revenue is intended to come from sale of polymetallic nodules and processed metals once commercial recovery permits are obtained.

Products and services

Polymetallic nodules containing nickel, cobalt, manganese, and copper. Target end-use applications include lithium-ion batteries for electric vehicles, steel manufacturing (manganese as alloying element, nickel for stainless steel), shipbuilding alloys, and industrial catalysts. The company also holds a 27.19% ownership interest in Low Carbon Royalties as of December 31, 2025.

Customers and end markets

No commercial customers as of FY2025. Intended end markets include EV battery manufacturers requiring nickel, cobalt, and manganese; steel producers; and industrial chemical processors. No customer concentration data is available given pre-revenue status.

Value-chain role

Exploration-stage resource developer occupying the upstream extraction role. Offshore nodule collection is being developed in partnership with Allseas. Onshore processing partnerships include PAMCO in Japan, which completed an industrial-scale nodule calcining and smelting campaign, and Korea Zinc, which is advising on nickel refining and direct-reduction smelter technology. TMC USA's owner's team includes Mariana for AI-enabled project execution.

Geographic exposure

Primary exploration areas are in the Clarion-Clipperton Zone of the Pacific Ocean. NORI contract areas (A, B, C, D) are sponsored by the Republic of Nauru. TOML contract area is sponsored by the Kingdom of Tonga. TMC USA is pursuing a commercial recovery permit under U.S. federal jurisdiction via NOAA. Processing partnerships involve facilities in Japan.

Competitors

Lockheed Martin (holds active DSHMRA exploration licenses USA-1 and USA-4, renewed until 2027)

Source: SEC 10-K, filed 2026-03-31

Industry: Metal Mining Peers: Teck Resources Ltd Zhen Ding Resources Inc