TMC reports Q2 net loss $74.3M; publishes NORI-D PFS with $5.5B NPV, targets Q4 2027 production

TMC the metals Co Inc.

2025-Q2 EPS reported $0.27

Q2 2025 operating loss $22M, net loss $74.3M ($0.20/share); cash $115.8M at June 30, 2025.
Published world-first PFS for NORI-D: NPV $5.5B, 51Mt probable reserves, targeting Q4 2027 production start.
Initial Assessment of broader NORI/TOML areas: NPV $18.1B; combined $23.6B across both studies.
NOAA confirmed full compliance of TMC USA exploration license applications; now in certification stage (~100 days).
Strategic investments: Korea Zinc $85.2M ($4.34/share) and RDO $37M ($3.00/share) bolster cash.

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