The Metals Company (Nasdaq: TMC), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided a corporate update on the expected submission date of the application to the ISA for an exploitation contract, and an expanded company strategy.
Gerard Barron, TMC Chairman and CEO, commented: “After many years of conversations with current and prospective shareholders, it remains clear that the key catalyst everyone is waiting for is the delivery of the Mining Code. Following discussions with Member States and the incoming ISA Secretary-General during the UN General Assembly in September, I remain confident that the work on the Mining Code remains on track. These discussions have also informed the decision to submit the NORI application in June 2025, in consultation with Nauru. Investors can be assured that we will not be raising funds for CAPEX related to the Hidden Gem vessel until we see sufficient regulatory progress, whether through delivery of the Mining Code or additional clarity on the ISA’s review of our application based on the draft regulations.”
Following discussions between TMC subsidiary Nauru Ocean Resources Inc (NORI) and its sponsoring state, the Republic of Nauru, NORI has set the date of 27 June 2025 for the expected submission of its ISA exploitation application
Given it is unlikely the ISA would consider an application prior to its March 2025 session, the Republic of Nauru has requested in a formal letter that the ISA clarify the submission and review process during the March session, with the goal of providing certainty for all stakeholders and allowing for review to begin immediately after NORI’s submission under an agreed-upon process
Following the expected submission of NORI’s application, the company expects quarterly cash use of less than US$5M as the application is reviewed, and does not expect to raise funds for capital expenditures relating to the preparation of the Hidden Gem vessel for commercial production until increased regulatory certainty is achieved or non-dilutive financing is secured
The company has started to explore a new strategy to (1) develop a services business for seafloor resource development and (2) optimize and diversify its resource portfolio within international waters and in certain national jurisdictions
“TMC’s value proposition extends beyond a narrow focus on the Mining Code and NORI application. We are now in a strong position to leverage our investment of over US$0.5B and capabilities developed over the last decade-plus, as the eyes of the world’s largest economies turn to the seafloor to produce the metals needed for the energy transition, defense, infrastructure and the needs of a growing world population. I look forward to providing further colour on this strategy.” Added Gerard.
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