Here are 1-3 brief analogies for TMC The Metals:

• Albemarle for ocean-mined EV battery metals.

• SpaceX for deep-sea mining of critical minerals.

• The 'Rio Tinto of the deep ocean' for EV battery metals.

• Polymetallic Nodules: Raw mineral resources found on the deep seabed, rich in critical battery metals such as nickel, copper, cobalt, and manganese.

The Metals Company (symbol: TMC) is currently in the exploration and development phase of its deep-sea polymetallic nodule collection project. As such, it has not yet commenced commercial production or generated revenue from the sale of metals. Therefore, TMC does not currently have established "major customers" in the traditional sense of companies purchasing products from them.

However, TMC has publicly identified its target customer base as other companies within the critical metals supply chain, particularly those supporting the transition to a green economy. Based on its investor disclosures and business strategy, TMC anticipates its future customers will primarily fall into the following categories:

• Original Equipment Manufacturers (OEMs): Specifically, automotive manufacturers producing electric vehicles (EVs) that require nickel, cobalt, and manganese for their battery chemistries, and other OEMs in the broader renewable energy and technology sectors.
• Battery Manufacturers: Companies specializing in the production of EV batteries and other energy storage solutions, which require a secure and sustainably sourced supply of critical raw materials.
• Integrated Metals Companies and Refiners: Firms involved in the processing, refining, and trading of base and critical metals. These companies would purchase TMC's polymetallic nodules or intermediate products for further conversion into market-ready metals suitable for various industrial applications.

• Allseas Group S.A. (Private Company)

Gerard Barron, Chief Executive Officer and Chairman of the Board

Gerard Barron is the Co-Founder, Chairman, and CEO of The Metals Company, a role he has held since 2017. He was appointed CEO in September 2021. A seasoned entrepreneur, he launched his first venture while still in university in Australia. In 2001, he founded Adstream Holdings Pty Ltd., a global advertising technology and services provider, and served as CEO until 2013, expanding it to over 40 offices in 30 countries and generating over $100 million in annual revenue. He was an early investor in the deep-sea mining company Nautilus Minerals from 2001 to 2008. In 2011, he co-founded DeepGreen Metals, which later became The Metals Company, with the aim of sourcing battery metals from seafloor polymetallic nodules. DeepGreen Metals merged with Sustainable Opportunities Acquisition Corp to go public on Nasdaq in 2021.

Craig Shesky, Chief Financial Officer

Craig Shesky is the Chief Financial Officer of The Metals Company, joining full-time in 2021. He brings over 15 years of experience in public investing, metals research, and investment banking in New York. Prior to joining TMC, he spent 12 years at King Street Capital Management, most recently as a senior analyst focused on global metals & mining investments. His experience includes analyzing electrification trends, battery chemistries, and their impact on critical base metal supply and demand, with expertise in nickel and copper. He also worked for two years as a top-tier analyst on the insurance & asset management investment banking team at Morgan Stanley. Raised in an iron mining family, he worked in Cleveland-Cliffs iron mines during college summers. In 2020, he established a Special Purpose Vehicle (SPV) to invest in DeepGreen (now The Metals Company) after extensive due diligence.

Erika Ilves, Chief Strategy Officer

Erika Ilves serves as the Chief Strategy Officer of The Metals Company.

Anthony O'Sullivan, Chief Development Officer

Anthony O'Sullivan is the Chief Development Officer for The Metals Company.

Dr. Gregory S. Stone Ph.D., Chief Ocean Scientist

Dr. Gregory S. Stone serves as the Chief Ocean Scientist for The Metals Company. He joined DeepGreen Metals (now The Metals Company) in 2018 as Chief Ocean Scientist and Board Director.

The Metals Company (TMC) faces several significant risks due to the nascent and controversial nature of the deep-sea mining industry. The most pressing risks include regulatory and legal uncertainties, its pre-revenue financial state, and substantial environmental and reputational challenges.

1. Regulatory and Legal Uncertainty: The foremost risk for TMC is the absence of a finalized regulatory framework for deep-sea mining. The International Seabed Authority (ISA), which governs mining in international waters, has not yet completed its rulebook. While TMC is pursuing a parallel permitting pathway through the U.S. to bypass ISA, this approach faces potential international legal challenges and political pushback. The inability to secure necessary exploitation licenses under a clear regulatory regime could halt commercial operations entirely.
2. Financial Health and Funding: TMC is currently a pre-revenue company incurring significant operating losses, with a net loss of $184.5 million in the third quarter of 2025. The company has a high cash burn rate and relies on securing substantial future financing to fund its operations and transition to commercial production. This dependence on future funding raises concerns about potential share dilution for existing investors and the company's long-term financial viability if it cannot achieve profitability.
3. Environmental Concerns and Reputational Risk: Deep-sea mining is a highly contentious activity due to warnings of irreversible ecological damage to poorly understood deep-sea ecosystems. Strong environmental opposition persists, and the company faces the risk of consumer boycotts from end-users, such as electric vehicle manufacturers, if deep-sea metals are perceived as environmentally harmful. Such reputational damage could significantly impact market access and the demand for TMC's polymetallic nodules, regardless of regulatory approvals.

The most significant clear emerging threat for TMC The Metals (TMC) is the ongoing regulatory uncertainty and growing global opposition to deep-sea mining. Numerous nations, environmental organizations, and some major corporations have called for a moratorium or a "precautionary pause" on deep-sea mining due to environmental concerns. The International Seabed Authority (ISA) has repeatedly failed to finalize the mining code, leaving the industry in limbo. This lack of clear regulations, coupled with increasing political pressure for a ban or delay, poses an existential threat to TMC's ability to commence commercial operations and secure market acceptance for its deep-sea sourced metals.

TMC The Metals Company (TMC) focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor. These nodules are rich in critical metals such as nickel, cobalt, copper, and manganese.

The addressable markets for TMC's main products and services are global, with the following estimated market sizes:

• Deep-Sea Polymetallic Nodule Collection Market: The global deep-sea polymetallic nodule collection market was valued at US$38 million in 2024 and is projected to reach US$123 million by 2031, growing at a Compound Annual Growth Rate (CAGR) of 18.6% during the forecast period from 2025 to 2031. Another estimate indicates the global deep-sea mining market, where polymetallic nodules are a significant segment, recorded a valuation of US$3.92 billion in 2024 and is projected to reach US$40.79 billion by 2032, with a CAGR of 34.02% from 2025 to 2032. Polymetallic nodules constituted 50% of the deep-sea mining market share in 2024.
• Nickel Market: The global nickel market size was valued at approximately USD 41.62 billion in 2024 and is projected to reach USD 83.77 billion by 2034, demonstrating a CAGR of 7.25% from 2025 to 2034. Asia-Pacific is a dominant region in the global nickel market.
• Cobalt Market: The global cobalt market size was estimated at USD 16.96 billion in 2024 and is projected to reach USD 25.91 billion by 2030, with a CAGR of 6.7% from 2025 to 2030. Asia-Pacific held a 51.95% share of the global cobalt market in 2024.
• Copper Market: The global copper market size was estimated at USD 241.88 billion in 2024 and is projected to reach USD 339.95 billion by 2030, growing at a CAGR of 6.5% from 2025 to 2030. The Asia Pacific region dominated the copper market, holding the largest revenue share of 74.7% in 2024.
• Manganese Market: The global manganese market was valued at USD 28.9 billion based on a five-year historical analysis. More recent projections indicate the market size was USD 31.15 billion in 2024 and is poised to grow to USD 56.82 billion by 2032, at a CAGR of 7.8% during the forecast period (2025-2032). Asia Pacific is estimated to have the largest market share and the highest CAGR for the manganese market.

The Metals Company (TMC) is an exploration-stage company with no current revenue, and its future revenue growth is contingent upon several critical developments over the next 2-3 years.

Here are 3-5 expected drivers of TMC's future revenue growth:

1. Securing Regulatory Approvals and Exploitation Contracts: A primary driver for TMC's future revenue is obtaining the necessary regulatory approvals and exploitation contracts to commence commercial-scale deep-sea mining operations. The company plans to submit NORI's application for an exploitation contract to the International Seabed Authority (ISA) by June 27, 2025. Additionally, TMC is pursuing a dual-path regulatory strategy involving the U.S. Department of Commerce and NOAA under the DSHMRA, which could allow for production in international waters under existing U.S. seabed mining code. Successful navigation of these regulatory hurdles is essential for transitioning from exploration to commercial production.

2. Commercial-Scale Production and Extraction of Polymetallic Nodules: Once regulatory approvals are secured, the actual extraction and processing of polymetallic nodules from the Clarion Clipperton Zone (CCZ) seabed will be the direct source of revenue. These nodules contain critical metals such as nickel, copper, cobalt, and manganese, which are vital for electric vehicle batteries and other industrial applications. TMC anticipates generating revenue from these activities, with a projected revenue mix of approximately 45% from nickel, 28% from manganese, 17% from copper, and 9% from cobalt.

3. Establishing Strategic Partnerships for Processing, Refining, and Distribution: Collaborations for the processing, refining, and distribution of the harvested metals are crucial for market access and optimizing capital expenditure. As TMC transitions to commercial production, establishing these partnerships will be key to evolving its revenue streams and scaling up production capacity.

4. Increasing Global Demand for Battery Metals: The growing electric vehicle (EV) market and the expanding need for energy storage solutions are significantly increasing the demand for battery metals like nickel, cobalt, copper, and manganese, all of which are present in TMC's polymetallic nodules. This robust market demand is expected to positively influence the pricing and profitability of TMC's future products.

5. Technological Advancements in Deep-Sea Mining: Continuous innovation in deep-sea mining technology that enhances efficiency and minimizes environmental impact is a critical driver for TMC. The company's ability to develop and deploy efficient and environmentally responsible nodule extraction and processing technologies will directly impact its operational costs, scalability, and overall revenue potential.

Share Issuance

• In September 2025, TMC announced a plan to issue 40 million new shares under its 2021 Incentive Equity Plan to employees and executives as compensation, which could result in potential dilution of existing stocks.
• In May 2025, the company completed a $37 million registered direct offering, issuing 12.3 million common shares at $3.00 per share, each accompanied by a Class C warrant to purchase an additional share.
• In June 2025, as part of a strategic investment, Korea Zinc acquired 19.6 million common shares at $4.34 per share, along with three-year warrants for an additional 6.9 million shares at an exercise price of $7.00.

Inbound Investments

• In June 2025, TMC secured a strategic investment of approximately $85.2 million from Korea Zinc, which included the purchase of common shares and warrants, positioning Korea Zinc as one of TMC's largest strategic shareholders.
• In May 2025, the company received $37 million through a registered direct offering led by Michael Hess, Brian Paes-Braga, and Allseas Group S.A., with the proceeds intended to fund operations through the potential issuance of a commercial recovery permit.
• As a pre-revenue company, TMC's funding largely relies on private investments in public equity (PIPE) funding and secondary stock offerings to finance its operations.

Capital Expenditures

• Offshore pre-production capital expenditures were reduced to less than $500 million, with the majority of the $4.4 billion onshore capital expenditures for U.S. refinery capacity anticipated to be spent in the 2030s, after the project is generating significant revenue.
• As of July 4, 2025, TMC held approximately $120 million in cash, which management believes is sufficient to meet all working capital and capital expenditure requirements for at least the subsequent 12 months.
• Capital expenditures for the last 12 months were reported as $245,000.