Shares of TMC the metals company Inc. (NASDAQ:TMC) jumped 11% on Monday following the release of two major economic studies, which together estimated a combined project value of $23.6 billion and included the historic declaration of the world’s first polymetallic nodule mineral reserves.
The deep-sea mining firm published a Pre-Feasibility Study (PFS) for its NORI-D project, which estimates a Net Present Value (NPV) of $5.5 billion and an Internal Rate of Return (IRR) of 27%. The report includes the identification of 51 million tonnes of probable polymetallic nodule reserves, marking a world-first for this type of subsea resource.
In addition, TMC issued an Initial Assessment covering other areas within its NORI and TOML license zones. This assessment projects an after-tax NPV of $18.1 billion and a 36% IRR, strengthening the commercial case for the company’s broader resource portfolio.
TMC stated that, pending receipt of a commercial permit, it aims to commence production by Q4 2027. From 2031 through 2043, the company anticipates steady-state output of 10.8 million tonnes of wet nodules annually. These are expected to yield roughly 97,000 tonnes of nickel, 2.39 million tonnes of manganese, 70,000 tonnes of copper, and 7,400 tonnes of cobalt each year.
These developments follow TMC USA’s April 2025 filing for a commercial recovery permit under the U.S. Deep Seabed Hard Mineral Resources Act, along with applications for two additional exploration licenses.
To optimize capital efficiency, TMC intends to pursue a lean investment strategy, utilizing existing offshore and onshore assets. Initial processing will be carried out using established rotary kiln electric furnace (RKEF) facilities in Japan and Indonesia.
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