Main menu
Edison Group
  • Home
  • Equities

    Equities

    View All Equities

    Equities by Sector

    Pharnext

    MCap

    EUR1m

    Last close

    EUR0.10

    ▲ 0.06 (150.00%)

    Actinogen Medical

    MCap

    AUD48m

    Last close

    AUD0.03

    ▲ 0.01 (50.00%)

    DFR Gold

    MCap

    CAD13m

    Last close

    CAD0.10

    ▲ 0.03 (42.86%)

  • Sectors

    Sectors

  • Investment Strategy

    Investment Strategy

    View All

    Latest

  • Thematics

    Thematics

    View All Thematics

    Latest

The Metals Company (NASDAQ: TMC)

Currency in USD

Last close As at 27/09/2023

USD1.01

▲ −0.06 (−5.61%)

Market capitalisation

USD303m

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

View More

Metals & Mining | Update

The Metals Company — Two steps forward, one step back

Metals & Mining | Update

The Metals Company — All set for a pivotal year

Metals & Mining | edison tv

The Metals Company – executive interview

Flash note

The Metals Company — Positive on-site field trials of mining equipment
Visit Website

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Craig Shesky

    CFO

  • Gerard Barron

    Chairman & CEO

Balance Sheet

Forecast net cash (US$m)

34.7

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (20.5) (26.8) 0.0
Relative (18.0) (25.9) (14.5)
52 week high/low US$2.8/US$0.6

Financials

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 establishment of the International Seabed Authority to initiate the requisite 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

Research

thematic

Consumer

IPO apocalypse

thematic

TMT

ESG, moving beyond the box tick

thematic

Metals & Mining

Five (more) things every investor should know about lithium and Lepidico

thematic

Metals & Mining

Decarbonisation – A potential opportunity for aluminium producers

thematic

Metals & Mining

The PGM markets – Outlook and price forecasts

thematic

Metals & Mining

Alliance Mineral Assets secures strategic investment from Galaxy and Jiangxi

thematic

Metals & Mining

Piedmont Lithium increases its mineral resource estimate by 21%

thematic

Metals & Mining

Gold stars and black holes

thematic

Metals & Mining

Mining sector report: Gold: The value of gold and other metals

thematic

Healthcare

ASX Spotlight Conference – London, 6 March 2014

thematic

Metals & Mining

Making a case for uranium: Life after Fukushima

thematic

Metals & Mining

Indaba special, 2014

thematic

Healthcare

ASX Small to Mid Caps Conference – London, 7 March 2013

thematic

Metals & Mining

Asia-Pacific resources quarterly: February 2013 edition

thematic

Metals & Mining

Indaba special, 2013

thematic

Metals & Mining

Edison mining quarterly: October 2012

thematic

Metals & Mining

Mining catalyst: China’s new stimulus

thematic

Metals & Mining

Asia-Pacific resources quarterly: August edition

thematic

Metals & Mining

Asia-Pacific resources quarterly

thematic

Metals & Mining

Edison mining quarterly: April 2012

thematic

Metals & Mining

Macro Outlook – Price weakness on the cards

thematic

Metals & Mining

Indium and gallium overview

thematic

Metals & Mining

Switzerland: Global Resources Investing Conference