Alongside the PFS, TMC announced the publication of an Initial Assessment (IA) for the remainder of its resource in the NORI and TOML blocks in the CCZ, with a measured and indicated mineral resource of 73 Mt of wet nodules grading 1.30% nickel, 0.20% cobalt, 1.2% copper and 30.2% manganese with an abundance of 12.8 Kg/m2 and an inferred mineral resource of 1206 Mt of wet nodules grading 1.30% nickel, 0.20% cobalt, 1.1% copper and 28.7% manganese with an abundance of 11.6 Kg/m2 supporting an After-tax NPV of $18.1 billion and After-tax IRR of 35.6%.
The two mineral resource reports follow TMC USA’s April 2025 submission of an application for a commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act (DSHMRA), along with two exploration license applications. The reports also come on the heels of a strategic investment from Korea Zinc—one of the world’s largest and most respected non-ferrous metal smelting groups. Together, these milestones reinforce TMC’s first-mover advantage in unlocking the world’s largest estimated undeveloped deposit of critical minerals and reflect growing confidence in the NORI-D Project’s economics and development plan as the US and allied nations work to strengthen critical mineral supply chains.
Follow these links to read the reports: Technical Report Summary for the PFS; Technical Report Summary for the Initial Assessment of the remaining NORI and TOML resource.
Gerard Barron, Chairman and CEO of TMC, commented: “The combined net present value of $23.6 billion of the two studies should give investors a better idea of the economic potential of our total estimated resource. The PFS takes our NORI-D Project economics up the confidence curve and contains the declaration of mineral reserves—these are our first 50+ million tonnes with a potential commercially viable path to production, with more to follow as we advance our mine planning work. The phased project development plan will target initial production from the Hidden Gem vessel, with an estimated $113 million of development capital expenditure each from TMC and Allseas. First production is targeted for Q4 2027. This PFS brings us one step closer to responsible production, potentially opening the door to new pools of capital from strategic and government sources, and reinforces TMC’s leadership in this emerging industry.”