$TMC This may be one of the most MISPRICED assets in the public markets today. Investors often underestimate the importance of a Pre Feasibility Study (PFS) in mining. A PFS is NOT speculation. It is a detailed engineering and economic framework that defines viability through production assumptions, costs, capex, and revenue under defined commodity prices. The Metals Company published its PFS on 8/6/2025 via SEC SK 1300, estimating an NPV of approximately $26.3B under base assumptions. With ~433M shares outstanding, that implies about $55 per share of modeled value. Today the market prices it at roughly ~10% of that implied value. That $26.3B NPV is NOT static. Since the PFS: 1. New resource zones are being integrated into updated models 2. Commodity assumptions for Ni, Cu, Co, Mn have shifted materially 3. The Brownsville refinery adds downstream value not fully reflected in the base case Each factor is incremental UPSIDE to NPV. The key disconnect is no longer geological. It is REGULATORY TIMING. The market prices TMC as if commercialization may never occur, while NOAA progression through compliance and certification places the project inside formal environmental review. This creates a valuation gap driven almost entirely by PERMIT RISK discounting. Historically, mining equities DO NOT re rate slowly through late stage permitting. They TEND TO re price SHARPLY as uncertainty compresses, often BEFORE final approval. AS permitting continues to advance, the market will NOT wait for final approval to re rate the asset. Short interest of ~31M shares WILL further amplify upside during catalyst shifts. The Brownsville refinery, if funded, could also be a MAJOR inflection point. It may support a scenario approaching ~1.5 x current base case NPV, or roughly $83 per share under favorable assumptions. Today, not 2 years from now. More importantly, it is not just incremental. It structurally transforms the project into an end to end industrial chain. That matters because it: 1. REDUCES downstream execution risk 2. STRENGTHENS commercialization credibility 3. ACCELERATES re rating toward production reality. In effect, a funded refinery begins to shift valuation toward partial commercialization de risk, as refining capacity is often viewed as the missing bridge between extraction approval and industrial scale production. @themetalsco #DSM #Criticalminerals #copper #REE #metalsprocessing #TMC #Nickel #cobalt #manganese

EU CRMA approval boosts midstream rare earth projects, aiming to cut China’s supply chain dominance. metalnomist.com/2025/05/eu-c… #RareEarths, #CriticalRawMaterialsAct, #EUCRMA, #MagnetMetals, #ChinaRareEarth, #LKAB, #SupplyChainSecurity, #MetalsProcessing, #TheMetalnomist, #CleanTech

Greenwave is on track to generate revenues of more than $40 million driven by volume of #steel and #copper processed in 2024. Dive into the article via @Benzinga to learn how we are growing and increasing processing volume: bit.ly/3VW9akj $GWAV #MetalsProcessing

🚨 North American steel producer Nucor Steel Berkeley has ordered an automotive-grade continuous galvanizing line (CGL) from Primetals Technologies. 👉 More: fal.cn/3wXFf #metalsprocessing #automation #heavyindustry #steelsheet

When you think of metal processing, think NMC, one of the largest independent operators of steel service centers in the US. Here’s why. #SteelServices #SteelServiceCenters #MetalsProcessing #NMC nationalmaterial.com/steel-p…

How did steel rise to the top becoming integral in our culture, landmarks and identity? Take an abbreviated history tour on steel here. #Blog #MetalsProcessing #SteelProcessing #SteelIndustry #NMC nationalmaterial.com/metals-…

A leader in supply chain management, learn more about what NMC can do for you. #SupplyChainManagement #SteelServices #MetalsProcessing #NMC nationalmaterial.com/#single…

National Material Company is #hiring for a Territory #SalesManager in the Midwest (IN, OH, MI). Experience in #Steel and #Metals preferred. Click the link for more info! #SalesJobs #OpenJobs #MetalsProcessing #SteelProcessing #SteelIndustry #NMC linkedin.com/jobs/view/32608…

Hot rolled steel is just one feature of NMC’s far-ranging capabilities. Learn more about hot rolled steel. #HotRolledSteel #SteelServices #MetalsProcessing #SteelProcessing #SteelIndustry #NMC nationalmaterial.com/steel-p…

Want a better understanding of coil or flat sheet weight? NMC is your resource. Try out their calculators! #SteelCalculations #SteelServices #MetalsProcessing #SteelProcessing #SteelIndustry #NMC nationalmaterial.com/steel-c…

Questions about advanced high strength steel for your project? Reach out. #AdvancedHighStrengthSteel #MetalsServiceCenter #MetalsProcessing #Mexico #NMM #MexicanMetalslProcessor nmm.com.mx/contact-us/

What can NMM’s cut-to-length lines handle? Explore the possibilities here. #Blog #NMM #RBI #CutToLength #MetalsProcessing #MexicanSteelProcessor #Aluminum #StainlessSteel nmm.com.mx/rbi-cut-to-length…

From small sizes to large sizes and bundles - Alro Steel can cut structural materials to the size you need and deliver next day! buff.ly/3AgWQAL #alrosteel #metals #metalsprocessing

See why NMC leads the industry in supplying, servicing, and processing steel. #SupplyChainManagement #SteelServices #MetalsProcessing #SteelProcessing #SteelIndustry #NMC nationalmaterial.com/steel-p…

While our sister companies in the US are celebrating Flag Day, let’s learn about Mexico’s flag history. en.wikipedia.org/wiki/Flag_o… #FlagDay #MexicanFlagHistory #NMM #MetalsProcessing #MexicanSteelProcessor

Take a tour through our flag’s intriguing history. history.com/news/what-is-fla… #FlagDay #NMC #MetalsProcessing #SteelServices

Wondering about galvanized steel? Check out our sister company National Galvanizing in this retro-spotlight. #GalvanizedSteel #MetalsProcessing #SteelProcessing #NMC #NG nationalmaterial.com/2019/05…

The steel industry has made strides in reducing their carbon footprint. Happy World Environment Day! nationalmaterial.com/sustain… #WorldEnvironmentDay #MetalsProcessing #SustainableSteel #SteelIndustry #NMC

Here’s a list of 6 benefits NMM provides as a metals service center. #MetalsServiceCenter #MetalsProcessing #Mexico #NMM #MexicanMetalslProcessor nmm.com.mx/http-nmm-com-mx-s…

It’s the GDIS 2022 Symposium today! Checkout the newest tech, tools and topics in steel design. #GDIS #AutomotiveSteel #AmericanIronandSteelInstitute #SteelProcessing #MexicanSteelProcessor #MetalsProcessing steel.org/steelmarkets/autom…