Metals Company Reports Q2 EPS, Receives Notice of Full Compliance from NOAA

TMC USA has received notice of full compliance from NOAA on its exploration applications, and reconfirmation of priority rights over exploration areas. This follows earlier determinations of substantial compliance in May 2025, with the company targeting Q4 2027 production start. TMC Chairman and CEO Gerard Barron commented on the publication of their PFS for the NORI-D Project, highlighting the potential of a clear, capital-efficient path to first production and the scale and durability of their portfolio with a combined NPV of $23.6B.

NEW YORK, July 2, 2025 — TMC USA Inc. (Nasdaq: TMC), a leading developer of critical metals essential to energy, defense, manufacturing, and infrastructure, has received notice of full compliance from the National Oceanic and Atmospheric Administration (NOAA) on its exploration applications. This confirmation reaffirms TMC USA's priority rights over the exploration areas, following earlier determinations of substantial compliance in May 2025.

The company is targeting the fourth quarter of 2027 for the start of production, with a clear regulatory path under the Deep Seabed Hard Minerals Resources Act (DSHMRA). TMC Chairman and CEO Gerard Barron commented on the publication of the Pre-Feasibility Study (PFS) for the NORI-D Project, highlighting the potential of a clear, capital-efficient path to first production and the scale and durability of their portfolio, with a combined Net Present Value (NPV) of $23.6 billion.

The PFS, released on August 4, 2025, marks a world-first declaration of Mineral Reserves for a polymetallic nodule project in the NORI-D area, with 51 million tonnes (Mt) of probable mineral reserves and an estimated NPV of $5.5 billion. The company expects to conduct additional detailed survey and mine planning for the 274 Mt of wet nodules identified.

TMC USA's strategic equity investment by Korea Zinc, a world leader in non-ferrous metal refining and precursor Cathode Active Material (pCAM) technology, further strengthens the company's route to market. The investment, announced on June 16, 2025, totaled approximately $85.2 million and included warrants exercisable at $7.00 per share.

The company's recent notice of full compliance from NOAA on its exploration applications is a significant milestone in the U.S. regulatory process. Each step reduces risk, sharpens the execution timeline, and strengthens the investment case. TMC USA is now focused on securing the necessary permits and licenses to commence commercial production from the NORI-D Area in the fourth quarter of 2027.

References:
[1] https://investors.metals.co/news-releases/news-release-details/metals-company-announces-second-quarter-2025-corporate-update-0