The Metals Company (NASDAQ: TMC)

Last close As at 23/05/2024

USD1.52

0.07 (4.83%)

Market capitalisation

USD488m

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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Metals & Mining | Update

The Metals Company — Growing up

Metals & Mining | Flash note

The Metals Company — Entering a pivotal year

Metals & Mining | Update

The Metals Company — Two steps forward, one step back

Metals & Mining | Update

The Metals Company — All set for a pivotal year

Nickel Refinery covered in dust_ Metal company

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Harry Kilby

Analyst

Key Management

  • Craig Shesky

    CFO

  • Gerard Barron

    Chairman & CEO

Balance Sheet

Forecast net debt (US$m)

39.2

Forecast gearing ratio (%)

129

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (8.4) 13.4 108.6
Relative (11.9) 9.6 64.1
52 week high/low US$2.8/US$0.7

Financials

TMC has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California containing polymetallic nodules rich in nickel, cobalt, manganese and copper. The International Seabed Authority, established by the UN, is mandated to establish deep sea exploitation regulations. This is scheduled to be completed by July 2024, with TMC planning to submit an application shortly afterwards. With a c 12-month application process, management is planning on commencing commercial operations at the end of Q126.

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 0.0 (84.4) (86.0) (32.0) N/A N/A
2023A 0.0 (59.7) (61.9) (20.0) N/A N/A
2024E 0.0 (50.0) (50.0) (16.0) N/A N/A
2025E 0.0 (39.6) (40.0) (12.0) N/A N/A

Research

Update

Metals & Mining

The Metals Company — All set for a pivotal year

edison tv

Metals & Mining

The Metals Company – executive interview

Flash note

Metals & Mining

The Metals Company — Two more positive steps

Initiation

Metals & Mining

The Metals Company — Mining battery metals for electric vehicles

Thematics

thematic

Metals & Mining

Shades of the 1970s

thematic

Metals & Mining

Critical minerals: The investment vacuum

samuel-scrimshaw-kp_87tExCwI-unsplash

thematic

Metals & Mining

Lithium’s adolescence

thematic

Metals & Mining

Lepidico: Offer closes, oversubscribed

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