The Metals Company (US: TMC)

Currency in USD

Last close As at 25/01/2023


0.02 (1.72%)

Market capitalisation


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.

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.

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Craig Shesky


  • Gerard Barron

    Chairman & CEO

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 60.9 (7.8) (34.0)
Relative 54.1 (11.4) (28.4)
52 week high/low US$3.2/US$0.6


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


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