TMC, a developer of critical metals, has released the technical report summary for the pre-feasibility study (PFS) concerning its NORI-D Polymetallic Nodule Project, situated in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean.
This PFS is notable as it is the first-ever declaration of probable mineral reserves for deep-sea polymetallic nodules, prepared in compliance with Subpart 1300 of SEC Regulation S-K.
In addition, TMC has published an initial assessment regarding the remaining resources in the NORI and TOML blocks within the CCZ.
These reports follow TMC USA’s application submitted in April 2025 for a commercial recovery permit under the US Deep Seabed Hard Mineral Resources Act, along with two exploration licence applications.
The publication of these reports coincides with a “strategic investment” from Korea Zinc, a company involved in non-ferrous metal smelting.
These developments are said to underscore TMC's position in the exploration of significant undeveloped deposits of critical minerals.
The move reflects a growing interest in the economic potential and development framework of the NORI-D Project amid ongoing efforts to enhance critical mineral supply chains in the US and allied nations.
TMC chairman and CEO Gerard Barron said: “The combined net present value of $23.6bn of the two studies should give investors a better idea of the economic potential of our total estimated resource.
“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 tonnes with a potential commercially viable path to production, with more to follow as we advance our mine planning work.
“The phased project development plan will target initial production from the Hidden Gem vessel, with an estimated $113m of development capital expenditure each from TMC and Allseas. First production is targeted for Q4 [fourth quarter] 2027.
“This PFS brings us one step closer to responsible production, potentially opening the door to new pools of capital from strategic and government sources, and reinforces TMC’s leadership in this emerging industry.”
