The Metals Company

US: TMC

Market Cap$239m

Last Close $1.05

The Metals Company is a deep-sea minerals exploration company focused on the collection, processing and refining of polymetallic nodules, containing nickel, copper and cobalt, found on the seafloor in international waters of the Clarion Clipperton Zone, 1,300 nautical miles off the coast of Southern California.

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Investment summary

The Metals Company (TMC) has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California, as well as developing its operational and commercial capabilities. The region, which contains polymetallic nodules rich in nickel, cobalt, manganese and copper, has been explored since the 1970s but required the establishing of the International Seabed Authority to initiate the requisite regulation. TMC is looking to be awarded the first commercial deep-sea exploitation licence to mine the nodules. Assuming the award of a licence, TMC is aiming to commence commercial operations in H224.

Y/E Dec
Revenue (US$m)
EBITDA (US$m)
PBT (US$m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A N/A N/A N/A N/A N/A N/A
2021A 0.0 (115.7) (107.9) (46.93) N/A N/A
2022E 0.0 (39.9) (40.0) (12.75) N/A N/A
2023E 0.0 (39.7) (40.0) (8.51) N/A N/A
Industry outlook

The decarbonisation of the automotive sector is gathering pace with sales doubling in 2021 to nearly 10% of the global market. This seismic shift will require a significant increase in the availability of nickel, cobalt and manganese for the batteries required to power electric vehicles. We estimate TMC’s total nickel resources could electrify 230 million cars.

Last updated on 28/09/2022
Content on The Metals Company
The Metals Company – Two more positive steps
Metals & mining | research Flash note | 16 August 2022
The Metals Company – Mining battery metals for electric vehicles
Metals & mining | research Initiation | 12 July 2022
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Sector
Metals & mining
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Share price graph
Balance sheet
Forecast net cash (US$m) 39.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 30.0 (2.8) (79.9)
Relative* 41.8 (0.1) (76.5)
52-week high/low US$5.2/US$0.8
*% relative to local index
Key management
Gerard Barron Chairman & CEO
Craig Shesky CFO