The Metals Company (NASDAQ: TMC)

Currency in USD

Last close As at 06/12/2023


−0.04 (−3.39%)

Market capitalisation


The Metals Company (TMC) is focused on the collection, processing and refining of polymetallic nodules, containing nickel, copper and cobalt, found on the seafloor in the international waters of the Clarion Clipperton Zone, 1,300 nautical miles off the coast of Southern California.

The decarbonisation of the automotive sector is gathering pace with sales of electric vehicles (EVs) increasing 59% in 2022 to nearly 15% 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 EVs. We estimate that TMC’s total nickel resources could electrify 230m cars.

Latest Insights

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Nickel Refinery covered in dust_ Metal company

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Harry Kilby


Key Management

  • Craig Shesky


  • Gerard Barron

    Chairman & CEO

Balance Sheet

Forecast net cash (US$m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 5.6 (8.1) 40.7
Relative 0.7 (9.5) 23.2
52 week high/low US$2.8/US$0.6


TMC has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California. The region contains polymetallic nodules rich in nickel, cobalt, manganese and copper. It has been explored since the 1970s but requires the International Seabed Authority to initiate the requisite mining regulation, which has been delayed into 2024. TMC intends to submit an application for an exploitation licence in July 2024 and commence commercial nodule operations in Q425. Recent fund-raising and headroom provides TMC with the funds for the application and the required environmental impact statement.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 0.0 (115.7) (107.9) (51.02) N/A N/A
2022A 0.0 (170.5) (86.0) (32.46) N/A N/A
2023E 0.0 (46.2) (50.0) (16.33) N/A N/A
2024E 0.0 (60.0) (50.0) (15.91) N/A N/A



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