Added to YB: 2025-05-29
Pitch date: 2025-05-27
TMC [bearish]
TMC the metals company Inc.
-40.68%
current return
Author Info
Iceberg Research identifies substantial earnings misrepresentation and accounting irregularities in financial statements issued by public companies. Sign up for the newsletter.
Company Info
TMC the metals company Inc., a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California.
Market Cap
$2.0B
Pitch Price
$4.72
Price Target
N/A
Dividend
N/A
EV/EBITDA
-24.42
P/E
-12.79
EV/Sales
N/A
Sector
Metals and Mining
Category
N/A
The Metals Company ($TMC): a Remake of the Nautilus Fiasco
TMC short: Deep-sea mining co facing major economic hurdles. Offshore costs ~4x higher per Allseas ($136-170/ton vs $36); processing costs 57% higher per PAMCO. NPV est. -$721M vs TMC's +$6.8B. Metal prices down 60-68% since 2022. Like predecessor Nautilus that failed, TMC lacks PFS despite 14yrs. Pilot test showed 44% lower collection rate than claimed.
Read full article (23 min)