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Currency in USD
Last close As at 17/03/2023
USD0.83
▲ −0.04 (−4.49%)
Market capitalisation
USD226m
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.
Analyst, Industrials
Craig Shesky
CFO
Gerard Barron
Chairman & CEO
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | (24.6) | 21.7 | (71.5) |
| Relative | (22.1) | 18.3 | (68.6) |
| 52 week high/low | US$2.8/US$0.6 |
The Metals Company (TMC) has been exploring the Clarion Clipperton Zone, a deep seabed off the coast of Western California. The region, which contains polymetallic nodules rich in nickel, cobalt, manganese and copper, has been explored since the 1970s but required the establishing of the International Seabed Authority to initiate the requisite regulation. TMC is looking to be awarded the first commercial deep-sea exploitation licence to mine the nodules. TMC is aiming to commence commercial operations in H224. The current on-site development campaign is planning for 3Mt of nodules to be lifted from the sea floor to sea level.
| Y/E Dec | Revenue (US$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 |
