$TMC $23.6B NPV! World’s First Nodule Reserves | Craig Shesky

In this episode, Rodney and I sit down with Craig Shesky, CFO of The Metals Company (TMC), to unpack the key takeaways from TMC’s recent Nasdaq Strategy Day, the release of its first-ever nodule reserves, and the detailed Pre-Feasibility Study (PFS). Howard opens with a recap of the event’s unique mix of investor engagement, global shareholder turnout, and industry partnerships, while Rodney leads Craig through the numbers, timelines, and business strategy.

Craig outlines the PFS results, including an 18-year mine life, $5.5 billion NPV, low C1 cash costs for nickel due to strong byproduct credits, and the plan for capital-light development using existing assets. The discussion covers the expected Q4 2027 production start date, the role of key partners like Allseas and Korea Zinc, and the roadmap for building U.S.-based refining capacity.

We also examine commodity price sensitivities, how TMC’s position on the cost curve offers resilience in volatile markets, and the opportunities arising from global supply challenges—particularly in nickel. Craig provides insight into the Phase Two Initial Assessment for expanded resource areas, projecting significant additional NPV potential, and shares the latest on the commercial recovery permit process, including regulatory engagement at multiple levels of the U.S. government.

Whether you’re a long-term TMC shareholder or following the critical minerals space for the first time, this conversation offers a clear, grounded look at the company’s strategy, economic outlook, and operational milestones ahead.

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CHAPTERS 📖
(00:00) Introduction
(07:21) PFS Overview and First-Ever Nodule Reserves
(10:24) Capital-Light Development Model and Partnerships
(15:01) Commodity Price Sensitivity and Market Outlook
(18:12) Timeline to First Commercial Production in 2027
(21:00) Phase Two Expansion and Initial Assessment Highlights
(25:06) Commercial Recovery Permit Application Update
(26:14) Closing Remarks

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Links 🌍

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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