TMC the metals company Inc.

What they do

TMC is focused on collecting, processing, and refining polymetallic nodules from the seafloor in international waters of the CCZ, targeting nickel, copper, cobalt, manganese, and rare earth elements. The company holds exploration contracts through subsidiaries NORI and TOML and is progressing toward commercial recovery permits. It plans to produce nickel-, cobalt-, and copper-bearing intermediates and a manganese silicate product, with potential future expansion into battery-grade sulfates and pCAM. TMC is in the development stage, having recently completed a pre-feasibility study and initial assessment.

Revenue drivers

• Polymetallic nodule collection and processing — Core business: collect seafloor nodules and process them into critical metals (nickel, copper, cobalt, manganese). No commercial production yet; primary planned revenue from metal sales.
• Offshore vessel and survey services — Under a Mutual Master Services Agreement with Eco Minerals, TMC will provide environmental and regulatory advisory services and may jointly pursue third-party opportunities, potentially generating service revenue.
• Potential offtake and partnership agreements — Non-binding offtake with Eco Minerals for processing in a planned U.S. facility with Mariana Minerals, subject to definitive agreements and financing; could generate revenue from processing or tolling.

Recent performance

For Q2 2026, TMC reported a net loss of $60.1 million and net loss per share of $0.14, with $20.1 million cash used in operations. The company had cash and credit facilities of approximately $143 million as of June 30, 2026. Historical annual net losses have ranged from $73.8 million (2023) to $319.8 million (2025), with no revenue except minimal quarterly amounts in 2023 and 2024. Cash used in operations has steadily declined from $56.1 million (2021) to $42.9 million (2025).

Strategy

TMC is focused on obtaining commercial recovery permits under DSHMRA through NOAA, targeting Q4 2027 offshore collection system commissioning. The company is developing a processing and refining industry park at the Port of Brownsville, Texas, via a Master Services Agreement with Mariana Minerals. It is collaborating with Allseas to develop the Hidden Gem commercial nodule collection system (3.0 million wet tonnes per annum) and expanding offshore capabilities through the Eco Minerals agreement. Management is actively engaging with multiple U.S. agencies for government funding under Executive Order 14285 and does not intend to pursue other capital market transactions until those processes conclude.

Risks

• Regulatory uncertainty — The company has not yet obtained commercial recovery or onshore processing permits, and regulatory approval under DSHMRA or ISA is uncertain.
• No commercial precedent — No seafloor polymetallic nodule deposit has ever been commercially collected, and the technology may not work as planned.
• Resource estimate risk — Mineral resource and reserve estimates are based on assumptions that could prove inaccurate, and there is no guarantee of economic viability.
• Funding dependency — The company's plans depend on government funding; if not secured, it may need alternative capital, which it currently does not intend to pursue.

Outlook

Management expects NOAA permit approval ahead of the targeted Q4 2027 commissioning of the offshore collection system. The company is actively pursuing U.S. government funding and will provide more detail as processes complete. ISA approved a five-year extension of NORI's exploration contract, and ITLOS provisional measures recognized due process rights, potentially clarifying the regulatory landscape.