TMC the metals Co (TMC) Company Report

**TMC's U.S. subsidiary, TMC USA, submitted a consolidated application to the National Oceanic and Atmospheric Administration (NOAA) for an exploration license and a commercial recovery permit for polymetallic nodules in the Clarion Clipperton Zone (CCZ) in the Pacific Ocean. **
**This application is the first of its kind under NOAA’s new review process and covers a ~65,000 km2 exploration and commercial recovery area, significantly larger than the ~25,000 km2 commercial recovery area in TMC USA’s initial April 2025 application. **

7 days ago

Press Release

TMC USA Files Consolidated Deep-Seabed Mining Application, Expanding Permit Area

TMC

New Projects/Investments

TMC USA, a subsidiary of TMC, has submitted the first consolidated application to the National Oceanic and Atmospheric Administration (NOAA) for an exploration license and commercial recovery permit for polymetallic nodules in the Clarion Clipperton Zone (CCZ).
This application expands the proposed commercial recovery area from approximately 25,000 km2 to 65,000 km2.
The expanded area holds an estimated resource of 619 million tonnes (Mt) of wet nodules, with a potential exploration upside of an additional 200 Mt.
The company asserts that the application is backed by peer-reviewed research indicating that environmental impacts from mining are confined to the directly mined area.

Jan 22, 2026, 1:31 PM

8-K

TMC USA Submits First Consolidated Deep-Seabed Mining Application to NOAA

TMC

New Projects/Investments

TMC USA has submitted the first consolidated exploration license and commercial recovery permit application to the National Oceanic and Atmospheric Administration (NOAA) under its new process, which is expected to reduce permitting timelines.
The application covers an expanded ~65,000 km2 commercial recovery area in the Clarion Clipperton Zone (CCZ), an increase from the previous ~25,000 km2 application.
This area is estimated to contain 619 million tonnes (Mt) of wet nodules, with a potential exploration upside of an additional 200 Mt, for a total of over 800 million tonnes of critical metals.
TMC USA is confident in its ability to proceed with commercial operations, citing its scientific, technical, and financial capabilities, and peer-reviewed research demonstrating that environmental impacts are confined to the directly mined area.

Jan 22, 2026, 12:41 PM

Press Release

TMC welcomes NOAA rule modernizing deep-seabed mining permits

TMC

New Projects/Investments

TMC the metals company Inc. (TMC) welcomed a new rule issued by the National Oceanic and Atmospheric Administration (NOAA) on January 21, 2026, which modernizes regulations for deep seabed mineral exploration and commercial recovery.
The final rule establishes a consolidated application and review process for exploration licenses and commercial recovery permits under the Deep Seabed Hard Mineral Resources Act (DSHMRA).
This new framework allows applicants to rely on exploration-phase environmental, geological, and engineering data in commercial recovery applications, which is expected to reduce duplication, improve regulatory efficiency, and reduce the time required to secure a commercial recovery permit.
TMC USA intends to submit a consolidated application pursuant to these updated regulations, which align with the company's long-term strategy for a thoughtful transition from exploration to commercial production.

Jan 21, 2026, 5:00 PM

Press Release

TMC Highlights Permitting Progress and Significant Project Value in Q3 2025

TMC

New Projects/Investments

Guidance Update

TMC is advancing through the U.S. regulatory process, with proposed amendments to streamline permitting sent to the White House on October 29, 2025, and potential approval anticipated in November 2025.
New economic studies (PFS + IA) reveal a combined post-tax Net Present Value (NPV) of $23.6 billion and projected total revenue of $368.8 billion over the life of the project from a 1.6 billion-tonne resource.
In Q3 2025, TMC achieved an industry first by directly converting nodule-derived manganese silicate to manganese sulfate, securing all necessary feedstocks for precursor Cathode Active Materials (pCAM) for NMC battery chemistry.
The company's billion-tonne resource offers a multi-generational supply of critical metals like Nickel, Manganese, and Cobalt, for which the U.S. currently has 100% import dependence.

Nov 13, 2025, 9:30 PM

Presentation

The Metals Company Reports Q3 2025 Financials, Highlights Strong Liquidity and 2027 Production Target

TMC

Earnings

Guidance Update

New Projects/Investments

The Metals Company reported a net loss of $184.5 million, or $0.46 per share, for Q3 2025, compared to a net loss of $20.5 million, or $0.06 per share, in Q3 2024, primarily due to a $35 million increase in share-based compensation and a $131 million non-cash increase in the fair value of royalty liability.
The company maintains approximately $165 million in liquidity and anticipates over $400 million in potential incoming cash from warrant exercises, ensuring sufficient capital for at least the next 12 months.
TMC is confident in securing a U.S. commercial recovery permit in 2027, with commercial production targeted for Q4 2027, supported by NOAA's streamlined application review process.
The Pre-Feasibility Study (PFS) and initial assessment indicate a combined resource net present value (NPV) of $23.6 billion, and the company achieved the first production of battery-grade manganese sulfate from nodules.

Nov 13, 2025, 9:30 PM

Transcript

The Metals Company Reports Q3 2025 Financial Results and Provides Operational Updates

TMC

Earnings

New Projects/Investments

Guidance Update

The Metals Company reported a net loss of $184.5 million, or $0.46 per share, for Q3 2025, compared to a net loss of $20.5 million, or $0.06 per share, in Q3 2024, primarily due to a $131 million increase in the fair value of royalty liability and a $35 million increase in share-based compensation.
The company maintains a robust liquidity position with approximately $165 million and anticipates over $432 million in potential additional proceeds from warrant exercises, providing sufficient capital for at least the next 12 months.
TMC is targeting commercial production for Q4 2027, expressing confidence in securing a commercial recovery permit in 2027 through ongoing engagement with NOAA and the U.S. government on streamlined regulatory processes.
Operationally, TMC achieved the successful conversion of nodule-derived manganese silicate into battery-grade manganese sulfate, demonstrating its capability to produce nickel, cobalt, and manganese sulfates for EV battery feedstocks.

Nov 13, 2025, 9:30 PM

Transcript

The Metals Company Reports Q3 2025 Financial Results and Operational Updates

TMC

Earnings

Guidance Update

New Projects/Investments

The Metals Company (TMC) reported a net loss of $184.5 million, or $0.46 per share, for Q3 2025, primarily due to a $35 million increase in share-based compensation and a $131 million increase in the fair value of royalty liability.
TMC maintains a strong liquidity position with approximately $165 million and anticipates over $432 million in potential additional proceeds from warrant exercises, with the majority from warrants expiring in September 2026.
The company remains confident in securing a commercial recovery permit in 2027 and targets commercial production for Q4 2027, noting that the permit grant is no longer the critical path for this timeline.
Operationally, Allseas' Hidden Gem vessel will participate in Japanese nodule collection trials in early January 2027, and TMC successfully converted nodule-derived manganese silicate into battery-grade manganese sulfate.
SEC-compliant technical reports indicate a total resource value of more than $23 billion, with a combined project net present value (NPV) of $23.6 billion.

Nov 13, 2025, 9:30 PM

Transcript

TMC the metals company Inc. Announces Q3 2025 Corporate Update

TMC

Earnings

New Projects/Investments

Guidance Update

For the third quarter ended September 30, 2025, TMC reported a net loss of $184.5 million and a net loss per share of $0.46, with results primarily affected by non-cash and non-recurring items.
The company held $115.6 million in cash as of September 30, 2025, and believes this balance is sufficient to meet working capital and capital expenditure commitments for at least the next twelve months from November 13, 2025.
TMC announced the completion of two economic studies, including a Pre-Feasibility Study, with a combined project value of $23.6 billion and declared 51 million tonnes of probable mineral reserves.
Operationally, TMC successfully produced battery-grade manganese sulfate in bench-scale trials and anticipates starting commercial production in the fourth quarter of 2027, pending receipt of a commercial recovery permit.

Nov 13, 2025, 9:04 PM

8-K

TMC Announces Third Quarter 2025 Corporate Update and Financial Results

TMC

Earnings

New Projects/Investments

Guidance Update

TMC reported a net loss of $184.5 million and a net loss per share of $0.46 for the third quarter ended September 30, 2025.
As of September 30, 2025, the company held approximately $115.6 million in cash, with total liquidity increasing to $165 million after quarter-end, including undrawn credit facilities.
The company released economic studies indicating a combined project value of $23.6 billion and declared 51 million tonnes of probable mineral reserves, with commercial production expected in Q4 2027 if a commercial recovery permit is granted.
The fair value of the royalty liability increased by $131 million to $145 million during the quarter, following the release of the economic studies.
Regulatory developments include NOAA sending a draft deep-sea mining rule to the White House to streamline the permitting process, and the addition of copper to the U.S. critical minerals list, recognizing all four of TMC's metals as critical.