The Metals Company

What The Metals Company does

The Metals Company (Nasdaq: TMC) is a Vancouver-headquartered, British Columbia-incorporated public company developing the extraction and processing of polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean to supply nickel, cobalt, copper, and manganese for electric vehicles, energy storage, and defense applications. Through wholly-owned subsidiaries NORI (sponsored by Nauru), TOML (sponsored by Tonga), Marawa (sponsored by Kiribati), and TMC USA LLC, TMC controls three ISA exploration contract areas plus consolidated U.S. license applications covering approximately 187,000 km² with an estimated 1.02 billion tonnes of nodule resources. The company has been pre-revenue since its September 2021 SPAC merger and recorded a 2025 net loss of approximately $320 million against $119 million in cash (Q1 2026 disclosure), with commercial production targeted for late 2027.

The company's core technology is an Allseas-engineered offshore collection system — the Hidden Gem surface vessel with two Coanda-effect collector vehicles operating at depths exceeding 4 km, paired with a gravity-based hopper separation system that releases 95-98% of entrained sediment at the seafloor and discharges return water at 2,000 m depth. The integrated Adaptive Path Mining approach could reduce fuel use by up to 30% versus 1970s prototypes. Planned downstream products include battery-grade nickel and cobalt chemicals, copper cathode, and manganese alloy feedstock, to be processed at a secured Port of Brownsville, Texas facility and through tolling arrangements in Japan and Indonesia. The commercial model is capital-light: Allseas funds a significant portion of development costs recoverable through production revenues; Korea Zinc (an ~5% shareholder via $85.2M investment) anchors U.S. refining capacity; Glencore holds an offtake agreement for metals extracted from the CCZ; and TMCR (a Nasdaq-listed royalty vehicle) holds a 2% gross overriding royalty on the NORI project.

Name

The Metals Company

Legal name

TMC The Metals Company Inc.

Website

https://metals.co

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Deep-sea polymetallic nodule mining and battery metals extraction

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Secondary Smelting, Refining, and Alloying of Nonferrous Metal (except Copper and Aluminum) (331492)

SIC

Secondary Smelting & Refining Of Nonferrous Metals (3341), Metal Mining (1000)

akta.pro primary industry

Precious & Specialty Metal Recovery (Smelting, Refining, Hydrometallurgy) (EUAIAIAD)

akta.pro secondary industries

Metals Recovery from C&D (Ferrous/Non-ferrous) (EUAIAHAF), Metals Recovery & Scrap Processing (from C&D) (BPALAJAF)

Keywords

• Deep-sea mining
• Polymetallic nodules
• Battery metals extraction
• Critical minerals supply
• Nickel cobalt copper

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Offtake sales of polymetallic nodule-derived metals: Future revenue stream from selling battery-grade chemicals (nickel, cobalt, copper), copper cathode for electric wiring, and manganese feedstock for steel manufacturing. Glencore has agreed to purchase the metals TMC extracts from the seabed once commercial production begins. The NORI-D project targets 97,000 tonnes of nickel and 70,000 tonnes of copper annually by late 2027.
2. Royalty income via The Metals Royalty Company (TMCR): TMCR holds a 2% gross overriding royalty on The Metals Company's NORI deep-sea nodule project. TMC royalties flowing through TMCR create a structural royalty and streaming revenue stream separate from direct production revenues.
3. Long-term offtake agreements and strategic processing partnerships: Pre-revenue company building offtake commitments with refiners and processors. Korea Zinc partnership involves developing processing and refining capacity in the United States for critical minerals from seafloor polymetallic nodules. Glencore offtake agreement covers metals extracted from the seabed.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

The Metals Company is developing commercial-scale offshore recovery of polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean to supply battery-grade nickel, cobalt, copper, and manganese for the EV and energy transition markets. Its planned product set includes battery-grade chemicals for lithium-ion batteries, copper cathode for electric wiring and transmission, and manganese alloy feedstock for steel manufacturing. Operations are conducted through ISA-sponsored subsidiaries (NORI, TOML, Kiribati) and a parallel U.S. regulatory pathway via TMC USA LLC, with offshore collection by the Allseas Hidden Gem vessel system and onshore processing planned at Brownsville, Texas.

Product overview

The Metals Company's product offering is a vertically integrated deep-sea mining operation centered on the extraction and processing of polymetallic nodules from the Clarion-Clipperton Zone of the Pacific Ocean. Its core resource asset is the NORI-D Project (operated through subsidiary Nauru Ocean Resources Inc.), supplemented by the TOML contract area (sponsored by the Kingdom of Tonga) and the U.S.-based USA A/USA B exploration areas. The raw product — polymetallic nodules rich in nickel, cobalt, copper, and manganese — is collected by the Nodule Collection System co-developed with Allseas and transported to the surface via the vessel Hidden Gem. Downstream products include battery-grade chemicals, copper cathode, and manganese alloy feedstock, planned for production at the Brownsville, Texas processing hub. Supporting the entire operation are the NORI Environmental and Social Impact Assessment research program, the Adaptive Management System digital twin for environmental monitoring, and engineered innovations like the Coanda-effect collector and next-generation 'Hopper 2.0' separator that reduce the environmental footprint of collection. TMC's offering is therefore a single integrated mining-to-metals platform rather than a suite of standalone modules, anchored by the NORI-D Project and the Hidden Gem/Allseas collection system.

Differentiator

Problem solved

Functional benefit

Brands

• NORI (Nauru Ocean Resources): Wholly-owned subsidiary brand representing the NORI exploration contract area in the Clarion-Clipperton Zone, including the flagship NORI-D project. NORI is sponsored by the Republic of Nauru.
• TOML (Tonga Offshore Mining Limited)
• The Metals Royalty Company (TMCR)

Quantifiable outcome

• $23.6 billion combined after-tax NPV across NORI-D PFS and NORI/TOML Initial Assessment
• +9 more outcomes

Named customers1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature6 records

Partnerships

Eleven partnerships are on record, tiered flagship / core commercial production partner, minor / exploratory, flagship / core offtake partner, moderate / esg advisory, major / corporate structure partner, core / sponsoring state, minor / investor relations, moderate / third-party validation, moderate / research collaboration and moderate / technical consulting.

• Allseasflagship / core commercial production partnerStrategic or Co-development Partner · 11 May 2026TMC and Allseas signed a Contract for Development Work and Commercial Production to develop, commission, and operate the world's first commercial nodule collection system in the Clarion Clipperton Zone. System has a nameplate production capacity of 3.0 million wet tonnes per annum, utilizing two collector vehicles and the surface vessel Hidden Gem, with commissioning expected to begin in Q4 2027. Allseas funds a significant portion of development costs recoverable through production revenues. Allseas successfully completed a 2022 pilot test lifting 3,000 tonnes of nodules.
• Deep Sea Rare Minerals, Inc.minor / exploratoryStrategic or Co-development Partner · 2 April 2026Deep Sea Rare Minerals and The Metals Company USA signed a non-binding Memorandum of Understanding (MoU) to explore collaboration opportunities in the U.S. deep-sea critical minerals sector, including potential polymetallic nodule processing and offshore exploration. The MoU sets a framework for further discussions on joint activities, which depend on due diligence, regulatory approvals, and technical feasibility, aiming to build a domestic supply chain for critical metals.
• Glencoreflagship / core offtake partnerChannel Partner/ Reseller/ DistributorLondon-listed Glencore has agreed to purchase the metals TMC extracts from the seabed under an offtake agreement covering production from the Clarion-Clipperton Zone. The company and Glencore are involved in extracting minerals critical for electric vehicles and energy transition efforts.
• Prizma LLCmoderate / esg advisoryImplementation/ SI/ Consulting PartnerPrizma LLC is an independent ESG, impact assessment and sustainability advisory practice engaged by NORI to undertake the Social Impact Assessment (SIA) of the NORI-D Nodule Collection Project. On May 5th, 2022, NORI co-hosted a scoping workshop with Prizma LLC in Vancouver, BC.
• The Metals Royalty Company (TMCR)major / corporate structure partnerStrategic or Co-development PartnerTMCR, founded by Brian Paes-Braga, debuted on NASDAQ as a permanent capital vehicle focused on critical minerals royalty and streaming arrangements, anchored by a 2% gross overriding royalty on The Metals Company's NORI deep-sea nodule project targeting 97,000 tonnes of nickel and 70,000 tonnes of copper annually by late 2027. TMCR concurrently raised an upsized $80 million PIPE financing and completed a $132.5 million Mesabi Royalty acquisition (iron ore in Minnesota).
• Government of the Republic of Naurucore / sponsoring stateOthersNauru is the sponsoring state for TMC subsidiary NORI under the International Seabed Authority framework, enabling exploration and exploitation of polymetallic nodules in the Clarion Clipperton Zone. Nauru is a party to UNCLOS and a member of the ISA. Nauru is the first sponsoring state to access the developing state land bank to diversify its economy and contribute to the clean energy transition.
• Government of the Republic of Kiribati and Kingdom of Tongacore / sponsoring stateOthersThrough its subsidiaries, The Metals Company holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati, and the Kingdom of Tonga. Tonga's recently elected prime minister welcomed a US deal to explore deep-sea minerals in March 2026.
• Analyst coverage consortium (Cantor Fitzgerald, Wedbush, ThinkEquity, Fearnley, Water Tower Research, Edison Group, Alliance Global Partners, H.C. Wainwright, Maxim Group)minor / investor relationsOthersEquity research coverage by multiple sell-side analyst firms including Matt O'Keefe (Cantor Fitzgerald), Dan Ives (Wedbush), Ashok Kumar (ThinkEquity), Sander Nilsen (Fearnley), Dmitry Silversteyn (Water Tower Research), David Larkam (Edison Group), Jake Sekelsky (Alliance Global Partners), Heiko F. Ihle (H.C. Wainwright), and Tate Sullivan (Maxim Group).
• Benchmark Mineral Intelligencemoderate / third-party validationImplementation/ SI/ Consulting PartnerCommissioned an independent lifecycle assessment of NORI-D Nodule Project that found nodule-derived products performed better in almost every impact category than all land-based routes chosen for comparison for nickel, copper and cobalt. Summary distributed by European Commission's Science for Environment Policy to over 19,500 policymakers, academics, and business people across Europe.
• CSIRO (Commonwealth Scientific and Industrial Research Organisation)moderate / research collaborationImplementation/ SI/ Consulting PartnerCSIRO collaborated with NORI on Integrated Ecosystem Assessment and Ecosystem-Based Management Framework for Polymetallic Nodule Mining in the CCZ, presented at the ISA Council 27th session Part III in Kingston, Jamaica (1 November 2022).
• DHI (water and environment consulting)moderate / technical consultingImplementation/ SI/ Consulting PartnerDHI presented on Sediment Plume Monitoring and Modelling for Impact Analysis of Deep-Sea Mining at the ISA Council 28th session Part I in Kingston, Jamaica (20 March 2023).

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Glencore: London-listed mining and commodity trading major and TMC's named offtake counterparty for nodule-derived metals. Directly comparable as a global Ni/Co/Cu/Zn producer with diversified mining and trading operations, though Glencore is far broader in scope.
• Vale SA: Brazilian diversified miner and the world's largest nickel producer, with material cobalt and copper by-production. A direct comparable as a large-scale battery-metal supplier that competes with nodule-derived metals in EV cathode and stainless supply chains.
• BHP Group: One of the world's largest diversified miners with significant nickel (Western Australia), copper, and cobalt exposure. A direct upstream comparable in the global battery-metals supply pool TMC targets.
• Nornickel (Norilsk Nickel): Russian major producing roughly 10% of global primary nickel and significant cobalt and copper. Directly comparable as a large-scale integrated Ni/Co/Cu producer competing for the same battery-metal demand.
• Eramet: French miner producing nickel (New Caledonia, Indonesia), manganese, and mineral sands. Particularly relevant given Eramet's nickel-manganese co-production profile that mirrors TMC's planned Ni/Mn output.
• First Quantum Minerals: Canadian-listed copper and nickel miner with large-scale operations. Comparable as a producer of copper (and increasingly nickel) cathode targeting the same EV/electrification demand TMC addresses.
• Anglo American: Global diversified miner with significant copper, nickel (Brazil), and platinum-group metals exposure. Comparable as a large-scale battery-and-electrification-metals supplier competing for the same OEM and government offtake.

Direct peers

• Korea Zinc: South Korean non-ferrous metals refiner and smelter, TMC's largest strategic shareholder (~5% via $85.2M investment) and named refining partner for U.S.-based nodule processing capacity. Direct downstream comparable and co-developer of TMC's U.S. processing hub.

Emerging players

• Sherritt International: Canadian mid-cap miner producing nickel and cobalt from laterite operations in Cuba and a fertilizer business. Comparable as a smaller, single-commodity-focus Ni/Co producer serving the EV battery supply chain.

Others

• Trafigura: Private global commodity trader with significant non-ferrous metals and battery-metals trading operations, including cobalt trading. Comparable as a downstream counterpart and metals-marketing peer similar in function to Glencore, though private and broader in scope.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/themetalsco
• YouTubeyoutube.com/@themetalscompany
• Facebookfacebook.com/themetalscompany
• LinkedInlinkedin.com/company/18671150
• Instagraminstagram.com/metals.co

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries5 records

Funding overview

Funding rounds9 records

Investors6 records

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M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Metals Company