TMC the metals company Inc.

About

The Metals Company is developing the world’s largest estimated resource of metals required for electric vehicles and low-carbon energy, focusing on polymetallic nodules that can provide essential battery metals with a low environmental footprint.

Verified company data

Cash position

$3.76

Shares outstanding

433188187

Mineral resource

Nauru Ocean Resources, Inc. (NORI) has a polymetallic nodule exploration contract in the Clarion Clipperton Zone (CCZ) representing 22% of The Metals Company’s estimated resource in the CCZ. The NORI license area is ranked as having the largest undeveloped nickel deposit in the world.

Projects

["NORI-D Project – Nauru Ocean Resources Inc.\n\nNauru Ocean Resources, Inc., is a wholly-owned subsidiary of The Metals Company.\n\nIn 2011, the International Seabed Authority (ISA) granted a polymetallic nodule exploration contract in the Clarion Clipperton Zone (CCZ) to NORI, sponsored by the government of the Republic of Nauru. Since then, in close partnership with Nauru and working with leading researchers and institutions, NORI has progressed with a comprehensive seabed-to-surface research program in one of its designated areas, NORI-D. Representing 22% of The Metals Company’s estimated resource in the CCZ, the NORI license area is ranked as having the largest undeveloped nickel deposit in the world.\n\nKey Project Milestones\n\nSince 2012, NORI has completed 22 offshore research campaigns to define the nodule resource, develop an environmental baseline of the NORI-D area, and monitor the impacts of the pilot collection system test it conducted in 2022. In collaboration with independent scientists and expert industry contractors, NORI has gathered a wide range of meteorological and oceanographic measurements and data, including on biodiversity, deep-sea food chains, ecosystem function, geochemistry, and nutrient cycles. NORI expects to submit an application to the ISA for an exploitation contract for NORI-D prior to the ISA’s March 2025 session.\n\nBelow, our current progress report:\n\nCOMPLETED: Sponsorship Agreement\n\nCOMPLETED: Exploration Contract\n\nCOMPLETED: SK1300 NORI Technical Resource Statement; SK-1300 NORI-D Project Initial Assessment (PEA) (Excel tables)\n\nSUBMITTED: Collector Test Environmental and Social Impact Assessment\n\nAPPROVED: Pilot Nodule Collector System Test\n\nCOMPLETED: Pilot Nodule Collector System Test\n\nCOMPLETED: Collector Test and Monitoring\n\nJune 27, 2025: Exploitation contract application submission expected\n\nRegulatory Context: UNCLOS and ISA\n\nExploration and exploitation of seabed minerals in international waters (The Areas Beyond National Jurisdiction – often referred to as “The Area”) is regulated by the International Seabed Authority (ISA). It is an autonomous intergovernmental organization enabled by the 1994 Agreement Relating to the Implementation of the United Nations Convention on the Law of the Sea (UNCLOS) (the 1994 Agreement).\n\nHeadquartered in Jamaica, ISA organizes and controls all mineral-resources-related activities in “The Area” (where UNCLOS applies) for the benefit of humankind. This also means that the ISA does not organize, regulate or control onshore facilities or activities which fall within the jurisdiction of their host countries. The ISA is financed and governed by 167 Member States and the European Union.\n\nThe ISA has issued a total of 19 polymetallic nodule exploration contracts covering approximately 1.28 million km2, or 0.4 percent of the global seafloor. Of these contracts, 17 are located in the CCZ, which has a width comparable to the continental USA. Three of the contracts in the CCZ are affiliated with TMC, which includes NORI.\n\nSponsoring State: The Republic of Nauru\n\nNauru is an island nation located in the South Pacific, it’s fringed by a coral reef that acts as the island’s main defense from rising sea levels. Colonial exploitation of Nauru’s rich phosphate reserves created a legacy of environmental degradation that left the entire interior of the island uninhabitable and unsuitable for agriculture. As a result of this legacy, Nauru is dedicated to ensuring that future extractive activities are done responsibly. Nauru is a party to UNCLOS and a member of the ISA whose mandate is to organize, regulate and control mineral-related activities in the international seabed area for the benefit of humankind. The country has implemented legislation that governs its participation in this industry, and is the first sponsoring state to access the developing state land bank in an effort to diversify its economy and contribute to the transition to clean energy.\n\nStakeholder Engagement & Consultation\n\nNORI is committed to open and transparent stakeholder engagement to ensure that we operate in a socially and environmentally responsible manner.\n\nThe following principles inform NORI’s stakeholder engagement:\n\n- Proactive engagement and listening: We seek and welcome diverse thoughts, opinions, and experiences to help us make better decisions and outcomes.\n- Accessibility: We are committed to reducing barriers to participation and will offer a variety of channels and methods to encourage equitable engagement.\n- Responsiveness: We will consider, respond, and incorporate stakeholder feedback where we can and if not possible, explain why. We will be clear about how we incorporate feedback into our planning and decision making.\n- Transparency: We are transparent – we are open, true, and direct with stakeholders about our company, operations, and decisions and provide accurate information. We are committed to providing opportunities for external monitoring.\n- Grievances: We ensure that there is an accessible and responsive means for stakeholders to raise concerns and grievances about the project through its life.\n- Reporting: We track, measure and report on our stakeholder performance to learn, adapt and improve our approaches.\n\nEnvironmental and Social Impact Assessment\n\nIn international waters far from human communities, the NORI-D Polymetallic Nodule Project presents a fascinating challenge for the development of a Social Impact Assessment (SIA). We are delighted to partner with Prizma LLC, an independent ESG, impact assessment and sustainability advisory practice with deep experience in natural resources.\n\nOn May 5th, 2022, NORI co-hosted with Prizma LLC a scoping workshop in Vancouver, BC, to explore the fascinating challenge of developing a Social Impact Assessment (SIA) for NORI-D. We will offer additional opportunities to engage on the SIA and related work over the coming months and will update this page as more information becomes available.\n\nNORI-D SIA Updates\n\nScoping study and Stakeholder Consultation for the Social Impact Assessment\n\nAs part of NORI’s Environmental and Social Impact Assessment, we engaged Prizma LLC to undertake an independent Social Impact Assessment (SIA) of the NORI-D Nodule Collection Project. On December 15, 2022, the SIA Scoping Document was published for public comment. Following an open and transparent public disclosure and consultation process, we are pleased to publish the Scoping Report and Engagement Record for the NORI-D SIA to summarize the process and comments received as well as responses provided. Following the release of the study as well as stakeholder consultation, we are also pleased to share the resulting Terms of Reference for the impact assessment phase.\n\nNORI is planning additional engagement activities to meet and hear from stakeholders. This will include a side event at the session of the ISA Council in Kingston on March 28, 2023, as well as a webinar to summarize the scoping and planned meetings with Pacific stakeholders in April/May (dates TBC). We hope to see you there and, in the meantime, we hope you will consider the materials below.\n\nDownload: Scoping Report and Engagement Record for the Social Impact Assessment for the NORI-D Nodule Collection Project\n\nDownload: Terms of Reference for the NORI-D SIA"]

Verified data last updated: 2026-07-17