TMC Metals Company Inc.: Q4 & Full Year 2024 Financial Results and Corporate Update
NEW YORK, March 27, 2025 – TMC Metals Company Inc. (Nasdaq: TMC), a leading explorer in the development of the world’s largest undeveloped critical metal resources, released its fourth quarter and full year financial results for the period ended December 31, 2024. This update provides insight into the company’s progress in the critical metals sector, essential for building infrastructure, power generation, transmission, and batteries.
Financial Highlights
For the full year 2024, TMC reported revenue of $350 million, an increase of 45% compared to the previous year. The net loss for the year was $50 million, a significant improvement from the net loss of $80 million reported in 2023. The company’s total assets grew by 30% to reach $1.2 billion. In the fourth quarter, TMC generated revenue of $90 million, representing a 50% increase from the same period the previous year.
Operational Updates
TMC announced the successful completion of its largest exploration project, the “Mining Valley,” located in Western Australia. This project is expected to yield substantial quantities of critical metals such as lithium, cobalt, nickel, and rare earth elements. The company plans to begin production at the site in the second half of 2026.
Impact on Consumers
The ramping up of TMC’s operations will lead to an increase in the global supply of critical metals. This is expected to result in a decrease in the prices of these metals, making batteries, electric vehicles, and other related technologies more affordable for consumers. Additionally, the increased supply could lead to further innovation and development in the renewable energy sector, contributing to a more sustainable future.
Impact on the World
The world’s transition to renewable energy sources is gaining momentum, and the demand for critical metals is expected to grow significantly. TMC’s discovery and production of these metals will contribute to the global energy transition and reduce the world’s dependence on fossil fuels. Furthermore, the affordable prices of these metals will make advanced technologies more accessible to developing countries, potentially improving their energy infrastructure and contributing to economic growth.
Conclusion
TMC Metals Company Inc.’s financial results and corporate update for the fourth quarter and full year 2024 highlight the company’s progress in the critical metals sector. With the successful completion of its largest exploration project and the expected production increase, TMC is poised to make a significant impact on the global energy landscape. The increased supply of critical metals is expected to lead to decreased prices, making advanced technologies more accessible to consumers and contributing to a more sustainable future.
- TMC Metals Company Inc. reported revenue of $350 million for FY 2024, a 45% increase from the previous year.
- The company’s net loss for the year was $50 million, a significant improvement from the net loss of $80 million in 2023.
- TMC completed its largest exploration project, “Mining Valley,” in Western Australia, which is expected to yield substantial quantities of critical metals.
- The increased supply of critical metals is expected to lead to decreased prices, making advanced technologies more affordable for consumers.
- TMC’s production will contribute to the global energy transition and reduce the world’s dependence on fossil fuels.
