The Metals Company (NASDAQ:TMC) has released a pre-feasibility study (PFS) for its NORI-D project in the Clarion-Clipperton Zone. This study is the world’s first declaration of probable mineral reserves for polymetallic nodules in international waters.

“The PFS takes our NORI-D Project economics up the confidence curve and contains the declaration of mineral reserves -- these are our first 50+ million tons with a potential commercially viable path to production, with more to follow as we advance our mine planning work,” said CEO Gerard Barron.

He added that the combined net present value of $23.6 billion across two studies gives investors a clearer picture of the project’s scale.

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The PFS and accompanying Initial Assessment outline 73 million tons of measured and indicated wet nodules grading 1.30% nickel, 0.20% cobalt, 1.2% copper, and 30.2% manganese. An additional 1.2 billion tons are classified as inferred, grading 1.30% nickel, 0.20% cobalt, 1.1% copper, and 28.7% manganese. The NORI-D project is projected to generate an after-tax NPV of $18.1 billion and an IRR of 35.6%.

The press release also outlined a $85 million investment from Korea Zinc, which in June acquired a 5% equity stake in TMC through the purchase of 19.6 million shares at $4.34 each. The deal also includes a warrant for an additional 6.9 million shares at $7, exercisable over three years.

While the technical and financial potential of the project is drawing investor interest, the regulatory path forward remains uncertain. In March, TMC USA formally applied for a commercial recovery permit under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA), sidestepping the International Seabed Authority (ISA), which has yet to finalize exploitation rules for international waters.

President Donald Trump’s April executive order fast-tracked U.S. licensing, triggering pushback from ISA member states and environmental groups. TMC’s move has raised concern among delegates at the ISA’s recent 30th session in Kingston, Jamaica.

“The deep seabed must be governed not for the few, but for the benefit of all humankind,” ISA Secretary-General Leticia Carvalho said. “We are shaping a future that is equitable, science-based, and firmly anchored in international law,” she added. ISA will hold its next session in the first quarter of 2026.

Despite a regulatory grey area, TMC aims to begin production by late 2027 using the Hidden Gem vessel, jointly developed with offshore engineering firm Allseas. Companies are expected to contribute $113 million each toward development capex.

TMC stock is trading lower by 0.80% to 5.60 premarket at last check Tuesday. According to Benzinga Pro, the stock is up 404% year-to-date and has a market cap of $2.26 billion.

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