Added to YB: 2025-08-20
Pitch date: 2025-08-18
TMC [neutral]
TMC the metals company Inc.
+39.79%
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
$4.75
Price Target
N/A
Dividend
N/A
EV/EBITDA
-24.42
P/E
-12.79
EV/Sales
N/A
Sector
Metals and Mining
Category
special_situation
The pre-feasibility study assumptions confirm that TMC’s economics don’t work
TMC (update - short): NPV -$1.5bn vs claimed $5.5bn. Costs surged 152% offshore & nodule production cut 35%. Uses aggressive metal price forecasts (cobalt +68%) & unrealistic assumptions: 0% US royalties, 8% discount rate (same as land mines), 97% Ni recovery vs industry 83%. Legal barriers for UNCLOS partners. Suspicious pre-PFS options activity.
Read full article (12 min)