Highlights from TMC’s Q2 update:
- On August 11, 2025, TMC USA received notice of full compliance from the National Oceanic and Atmospheric Administration (NOAA) on its exploration applications, and reconfirmation that TMC USA has priority right over both exploration areas
- Both applications entered the certification stage in late July, which we expect to be approximately 100 days
- In light of recent U.S. regulatory developments, TMC expects to commence commercial production from the NORI-D Area in the fourth quarter of 2027 if we receive a commercial permit before scaling to an average annual production rate of 10.8 million tonnes of wet nodules per annum (Mtpa) at steady state (2031 through 2043) production, with an expected 18-year life of mine (LOM);
Meanwhile, after missing deadlines in 2020 and 2023, the International Seabed Authority (ISA) again failed to deliver a Mining Code as communicated in their 2023 roadmap during the second part of their 30th session in July 2025. No new roadmap or new target date for adopting the final Mining Code has been agreed. The next ISA meeting is scheduled for March 2026. (Hence the importance of direct permitting through the US/NOAA.)
Bud's Offshore Energy (BOE) 