TMC releases PFS and IA with combined NPV of $23.6B; declares world-first nodule reserves

TMC the metals Co Inc.

PFS for NORI-D shows after-tax NPV $5.5B, IRR 27%, 51 Mt probable reserves with 18-yr mine life.
Initial Assessment for TOML/NORI (excl. NORI-D) shows NPV $18.1B, IRR 36%, 670 Mt wet nodules over 23 yrs.
World-first declaration of polymetallic nodule mineral reserves; first production targeted Q4 2027.
Capital-light approach: initial $113M capex each from TMC and Allseas; tolling agreements with PAMCO.

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