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Visual22 Oct 2025
Epiroc's cash spent on M&A
TMC the metals company (TMC) investor relations material
TMC the metals company Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary14 Aug, 2025
Executive summary
Released landmark technical studies, including a PFS and initial assessment, showing a combined NPV of $23.6B and IRRs of 27% (PFS) and 36% (IA), with first production targeted for Q4 2027.
Secured $85.2M from Korea Zinc and over $35M from a Registered Direct Offering, strengthening liquidity and adding a strategic partner with board observer rights.
Achieved full compliance for U.S. exploration licenses, submitted the first commercial recovery permit, and advanced regulatory milestones under DSHMRA.
Renewed sponsorship agreements with Nauru and Tonga, ensuring continuity of benefits and regulatory clarity.
Board expanded with appointments of Michael Hess, Alex Spiro, and Korea Zinc's CEO as observer, enhancing U.S. regulatory and capital market expertise.
Financial highlights
Q2 2025 net loss of $74.3M (20¢/share), up from $20.2M in Q2 2024, mainly due to a $33.1M non-cash Nauru warrant cost and $16.2M warrant liability revaluation.
Cash balance at June 30, 2025 was $115.8M, with pro forma liquidity of $120M–$165M including credit facilities.
Free cash outflow for Q2 2025 was $10.7M, an improvement from Q2 2024.
Exploration and evaluation expenses decreased year-over-year, while G&A expenses rose due to share-based compensation and consulting.
Total assets at June 30, 2025 were $173.7M, with liabilities of $91.9M and equity of $81.8M.
Outlook and guidance
First production from NORI-D targeted for Q4 2027, with steady-state production by 2031 and regulatory progress ongoing.
Cash reserves expected to cover working capital and capex for at least the next 12 months, but additional financing will be needed for long-term operations.
Capital-light approach leverages existing infrastructure and contracted services, minimizing upfront CAPEX.
Actively pursuing U.S. government funding and anticipating streamlined permitting under new rules.
Ongoing technical and economic studies to further define resources and update estimates.
Elaborate on potential U.S. refinery partnerships.
Detail NOAA's process for certifying applications.
Explain the impact of DSHMRA proposed amendments.
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2025 ThinkEquity Conference30 Oct, 2025
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Frequently asked questions
TMC the metals company Inc. is a Canada-based company focused on the exploration and development of deep-sea mineral resources. The company specializes in harvesting polymetallic nodules from the ocean floor, which contain key metals such as nickel, cobalt, copper, and manganese. These materials are critical for the production of batteries, electric vehicles, and renewable energy technologies. The company is headquartered in Vancouver, British Columbia, and its shares are listed on the NASDAQ.
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