Metals Company reports Q2 EPS (20c), consensus (5c)

On August 11, 2025, TMC USA received notice of full compliance from the National Oceanic and Atmospheric Administration on its exploration applications, and reconfirmation that TMC USA has priority right over both exploration areas. Both applications entered the certification stage in late July, which we expect to be approximately 100 days. The news follows earlier determinations of substantial compliance in May 2025, demonstrating a systematic regulatory process under the Deep Seabed Hard Minerals Resources Act as the company targets Q4 2027 production start. TMC Chairman and CEO Gerard Barron commented: “The publication of our PFS for the NORI-D Project marks a defining moment for TMC-showing the potential of a clear, capital-efficient path to first production. Alongside our Initial Assessment of the broader NORI and TOML resource areas, these studies underscore the scale and durability of our portfolio, with a combined NPV of $23.6B. The strategic investment from Korea Zinc-one of the few companies outside China capable of refining our intermediate materials at scale-further strengthens our route to market. We also renewed our partnerships with Nauru and Tonga-reaffirming our commitment to delivering lasting benefits for Pacific nations.”