November 26, 2025

TMC on U.S. Permitting, Funding Outlook & 2027 Production Path | Craig Shesky

21 minutes

In this episode we sit down with Craig Shesky, CFO of The Metals Company (TMC), following his participation at Benchmark Minerals Week in Los Angeles. With growing global interest in critical minerals, deep-sea resources, and U.S. strategic supply chains, we discuss what investors should understand about the evolving regulatory landscape, funding outlook, and TMC's path toward its target of commercial production in Q4 2027.

Chapters

(00:00) Introduction

(02:26) TMC Update Overview

(03:25) Benchmark Week Insights

(06:29) NOAA Rule & Permitting

(08:37) US-Japan Rare Earth Partnership

(09:58) Copper Added to US Mineral List

(11:08) Cash Position & Funding

(12:51) Path to 2027 Production

(16:32) Government Coordination on Minerals

(18:54) Industry Funding Landscape

(20:18) Closing Remarks

Episode Summary

We begin with the latest insights from Dmitry Silversteyn of Water Tower Research, whose updated note on TMC highlights the company's current cash position, warrant structure, and capital requirements for upgrading the Hidden Gem vessel alongside Allseas. Craig provides additional context on how TMC views funding needs, potential warrant proceeds, and the company's confidence in maintaining its development timeline.

From Benchmark Week, Craig shares observations on industry sentiment, increased attendance at deep-sea mining sessions, and the level of interest from battery manufacturers, automakers, and institutional investors. We also discuss the role of the International Seabed Authority, emerging U.S. regulatory approaches, and the implications of NOAA's draft rule aimed at streamlining seabed exploration and commercial recovery permits.

Our conversation explores a number of themes important to investors:

- U.S. and allied government coordination on critical minerals

- The growing strategic interest in seabed resources

- TMC's position within the broader EV and energy-transition supply chain

- Copper's inclusion on the U.S. Critical Minerals List

- Funding pathways from federal agencies and potential strategic partners

- Key milestones to watch as TMC progresses toward 2027

We also touch on recent geopolitical developments, major capital commitments into minerals and metals globally, and what these signals mean for deep-sea mining as an emerging industry.

Sponsors

- Lithium Royalty Corp (TSX: LIRC) - diversified lithium royalty portfolio.

(Website: https://www.lithiumroyaltycorp.com/ | X: https://x.com/Lithium_Royalty)

- USCF Investments - commodity-focused ETFs (e.g., CPER copper, ZSB battery metals, USG gold, SDCI diversified commodities).

(Website: https://www.uscfinvestments.com/ | X: https://x.com/USCFInvestments)

Links

- Read Matt's research blog: https://blog.rkequity.com/

- Sign up for the Lithium-Ion Bull newsletter/Matt's Blogs: https://rkequity.com/

Have a question? Drop us an email: [email protected]

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Podcast:

Apple Podcast: https://podcasts.apple.com/us/podcast/lithium-ion-rocks/id1457969172

Spotify: https://open.spotify.com/show/0KiMIZOPaDg8ENfPJMSINq

X (Twitter):

Howard: https://x.com/LithiumIonBull

Rodney: https://x.com/RodneyHooper13

Matt: https://x.com/matt_fernley

_________________________________________________

DISCLAIMER

NOT INVESTMENT ADVICE. DO YOUR OWN RESEARCH

Howard, Matt and Rodney are not financial advisors nor broker-dealers, this video is for information purposes only and should not be considered investment or financial advice. Please do your own independent research and read the disclaimer at the end of the video or on RK Equity's website https://www.rkequity.com

Intro and outro audio credit: Jamie Klein

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