#33 Craig Shesky on The Metals Company’s Financial Case for Deep Sea Mining

I speak with Craig Shesky, Chief Financial Officer of The Metals Company.

Craig walks me through the financial and regulatory architecture behind TMC’s plans: what a pre-feasibility study actually means, what SEC reporting requires, and why the company is pursuing a U.S. regulatory pathway.

This episode is about the mechanics — and the scrutiny — of trying to move a controversial resource project toward commercial reality.

Note that this episode was recorded on Feb 2, 2026.

We discuss:

* What it means to be SEC-regulated — and why TMC believes public-market scrutiny strengthens its case

* The US path via DSHMRA and NOAA, and whether a future U.S. administration could reverse course

* What a Pre-Feasibility Study (PFS) is — and what it is not

* Ramp-up plans: one vessel → four vessels

* Processing strategy: Japan (Pacific Metals), possible Indonesia processing, potential U.S. refining

* The manganese question, Nickel-equivalent grade, and multi-metal economics

Referenced materials

TMC Pre-Feasibility Study and Initial Assessment - https://investors.metals.co/news-releases/news-release-details/tmc-releases-two-economic-studies-combined-npv-236b-and-declares

Benchmark Mineral Intelligence Life Cycle Assessment (2023) - https://metals.co/bmi-lca-report/

Deep Seabed Hard Mineral Resources Act (DSHMRA)NOAA overview: https://oceanservice.noaa.gov/deep-seabed-mining

Timestamps

00:00 Introduction to Deep Sea Mining and TMC04:36 Craig’s Journey to TMC10:21 Navigating Controversies16:15 Understanding SEC Regulations and Compliance19:25 Collaboration vs Competition in the Industry25:29 Regulatory Challenges and the American Regulatory Pathway48:48 Understanding the Pre-Feasibility Study55:33 TMC’s Operational Plan for Nodule Collection01:01:59 Future Processing Plans and Market Dynamics01:04:26 Trade-offs in Deep Sea Mining01:16:07 Scrutiny and Public Perception01:22:11 The Future of Deep Sea Mining

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