In this episode, Howard and Rodney speak with Craig Shesky, CFO of The Metals Company (NASDAQ: TMC), discussing recent developments and strategic direction in deep-sea mining. The conversation highlights TMC’s business model focused on collecting polymetallic nodules containing nickel, cobalt, manganese, and copper from the seabed in the Clarion Clipperton Zone, between Hawaii and Mexico.

Craig outlines TMC’s recent decision to pursue permitting through existing U.S. legislation—the Deep Seabed Hard Minerals Resource Act of 1980—instead of waiting for the International Seabed Authority (ISA) to finalize its mining code. He explains NOAA's (National Oceanic and Atmospheric Administration) role in this process and expects permitting completion by 2026.

The episode also covers TMC’s project economics, referencing Cantor Fitzgerald's analysis that values the company's NORI-D project alone at approximately $4 billion (NPV10), with projected production of 103,000 tons of nickel, 68,000 tons of copper, and 6,000 tons of cobalt annually at full capacity. The project's capital-light model anticipates upfront capital requirements of around $170 million, supported by partnerships with marine contractor Allseas and Japanese processing firm PCO.

Additionally, Craig addresses broader market dynamics for nickel, particularly Indonesia’s dominance and how TMC’s resource quality (around 3% nickel-equivalent grade) positions the company competitively. He further provides insights into TMC’s shareholder structure, recent funding activities—including a $17.5 million equity raise at $1 per share—and outlines near-term milestones, including submission of permitting applications and the anticipated release of an updated Pre-Feasibility Study (PFS).

Investors will find detailed discussions on regulatory considerations, environmental impact assessments, geopolitical implications, and financial outlooks that underscore TMC’s potential role in reshaping critical minerals supply chains amid increased geopolitical tensions.

CHAPTERS 📖
(00:00) Overview of The Metals Company
(07:32) Resource Quality, Commodity Exposure, and Profitability
(10:37) Proven Processing Strategy and International Partnerships
(12:39) Regulatory Challenges at the ISA vs. U.S. Framework
(18:36) U.S. Critical Mineral Strategy and TMC's Role
(21:27) Upcoming Milestones: Permitting, Applications, and PFS
(24:31) U.S. Permitting Process: NEPA and NOAA Oversight
(28:22) Strategic Positioning vs. Land-Based Mining Challenges
(31:42) Nickel Market Outlook: Indonesia, China, and TMC's Edge
(34:26) Closing Remarks
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Links 🌍

TMC Investor Deck: https://investors.metals.co/static-files/a3609ed1-fab9-4b97-a00f-63a255091de9

RK Equity Website: https://rkequity.com/
Patreon: https://www.patreon.com/rockstockchannel
Podcast:
Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172
Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq?si=a4ca356c45394648
X (Twitter):
Howard: https://twitter.com/LithiumIonBull
Rodney: https://twitter.com/RodneyHooper13

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DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Rodney and Howard are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity’s website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

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