TMC

TMC the metals company Inc. reported past second-quarter 2026 results showing a net loss of US$60.12 million versus US$74.34 million a year earlier, and a basic loss per share of US$0.14 versus US$0.20. Over the first half of 2026, the company also narrowed its net loss to US$80.72 million from US$94.93 million, suggesting some progress in managing expenses while it remains pre-revenue. We’ll now examine how this narrower quarterly net loss might influence TMC the metals’ investment narrative and future risk-reward profile. Uncover the next big thing with 22 elite penny stocks that balance risk and reward. To own TMC, you need to believe deep sea nodules can become a permitted, commercially viable source of battery metals before funding or environmental headwinds bite. The latest quarter’s narrower net loss helps slightly on the cash burn story, but it does not materially change that the key near term catalyst is NOAA’s commercial recovery permit process, nor that the biggest risk remains delays, restrictions or denial in that permitting path. In that context, NOAA’s May 2026 confirmation that TMC’s consolidated application is in full compliance looks far more important than a single quarter’s loss improvement. It is this step into the certification and Environmental Impact Statement stages that frames whether later investments in the Allseas collection system and any Brownsville processing hub can move forward on the timelines analysts had in mind. Yet beneath the permit headline, one funding related risk investors should be aware of is... Read the full narrative on TMC the metals (it's free!) TMC the metals' narrative projects $450.3 million in revenue and $93.8 million in earnings by 2029. This implies an earnings increase of about $389 million from -$295.5 million today. Uncover how TMC the metals' forecasts yield a $11.20 fair value, a 134% upside to its current price. Before this result, the most optimistic analysts were modeling about US$1.1 billion of revenue and roughly US$161.8 million of earnings by 2029, which is a far more upbeat story than the consensus view and rests heavily on timely permitting progress and rapid scale up that this latest loss figure may cause you to reassess. Explore 6 other fair value estimates on TMC the metals - why the stock might be worth less than half the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your TMC the metals research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision. Our free TMC the metals research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate TMC the metals' overall financial health at a glance. These stocks are moving-our analysis flagged them today. Act fast before the price catches up: Find 48 companies with promising cash flow potential yet trading below their fair value. The latest GPUs need a type of rare earth metal called Neodymium and there are only 28 companies in the world exploring or producing it. Find the list for free. AI is about to change healthcare. These 41 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TMC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Make better investment decisions with Simply Wall St's easy, visual tools that give you a competitive edge. TMC the metals (NasdaqGS:TMC) reported second quarter 2026 results with a net loss of US$60.12 million and a basic loss per share of US$0.14, both narrower than in the same period a year earlier. See our latest analysis for TMC the metals. TMC the metals' recent earnings release comes after a sharp 1 day share price return of 20.65% and a 30 day share price return of 30.52%. However, the share price remains down 29.35% year to date and the 1 year total shareholder return is slightly negative, despite a very large 3 year total shareholder return. If the recent move in TMC the metals has you looking across the mining and metals space, this can be a useful moment to check a focused list of rare earth and related producers through the 28 best rare earth metal stocks The sharp rebound in TMC the metals after its earnings update sits against a year to date decline and an ongoing net loss. Does that mix still leave more potential upside than downside at the current share price? The most followed valuation narrative currently points to a fair value of $11.20 for TMC the metals compared with the last close at $4.79. This is a wide gap that rests heavily on future project economics. Read the complete narrative. Want to see how TMC the metals gets from zero revenue to that kind of cash generation potential? The narrative focuses on rapid top line growth, rising margins and a rich earnings multiple to bridge that valuation gap. Result: Fair Value of $11.20 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the bullish TMC the metals story still leans on timely NOAA permitting and on access to more than US$400 million of potential warrant funding not falling short. Find out about the key risks to this TMC the metals narrative. With both risks and rewards in play for TMC the metals, it can be useful to act promptly and review the numbers independently. Take a closer look at the 2 key rewards and 4 important warning signs If TMC the metals has your attention today, broaden your watchlist with a few targeted stock ideas that could sharpen your next move. Spot potential value opportunities early by scanning companies flagged as 48 high quality undervalued stocks before they attract wider attention. Strengthen your defense with steady income prospects by focusing on businesses in the 12 dividend fortresses that prioritize regular cash returns to shareholders. Prioritize resilience and capital preservation by starting with companies highlighted in the 76 resilient stocks with low risk scores which may help you avoid unnecessary surprises. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TMC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Net Loss: Reported a net loss of approximately $60.1 million, or $0.14 per share, in Q2 2026, compared to a net loss of $74.3 million, or $0.20 per share, in Q2 2025. Exploration and Valuation Expenses: Totaled $56.1 million in Q2 2026, up from $10.5 million in the same period last year. General and Administrative Expenses: Increased to $15.6 million in Q2 2026 from $11.5 million in Q2 2025. Other Nonoperating Items: Recorded a gain of $11.6 million in Q2 2026, compared to a loss of $52.3 million in Q2 2025. Cash Used in Operating Activities: Net cash used in operating activities was $20.1 million in Q2 2026, versus $10.7 million in Q2 2025. Free Cash Flow: Negative $20.2 million in Q2 2026, compared to negative $10.7 million in Q2 2025. Liquidity: Stood at $143 million at June 30, 2026, including $44 million available from the Baronis undrawn credit facility. Accounts Payable and Accrued Liabilities: Balance at June 30, 2026, was $52.1 million, including $40.5 million owed to Allseas. Warning! GuruFocus has detected 3 Warning Signs with TMC. Is TMC fairly valued? Test your thesis with our free DCF calculator. Release Date: August 13, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TMC The Metals Co Inc (NASDAQ:TMC) is advancing its U.S. permitting process, with NOAA expected to publish its USA-A application in the Federal Register and issue a notice of intent for USA-B's environmental impact statement imminently. The company has secured a development and operating agreement with Allseas, which is funding a significant portion of preproduction costs and moving the first commercial collection system into procurement, with fabrication slated for Q4 2026. TMC The Metals Co Inc (NASDAQ:TMC) is building a robust American supply chain through partnerships with innovative firms like Mariana Minerals and Eco Minerals, enhancing capabilities in processing, refining, and offshore services. The company's resource base is substantial, with a combined estimated NPV of $23.6 billion from its PFS and initial assessment, indicating significant long-term value potential. TMC The Metals Co Inc (NASDAQ:TMC) is receiving strong support from the U.S. administration, including participation in a White House roundtable on critical minerals and ongoing discussions with multiple agencies for potential funding. TMC The Metals Co Inc (NASDAQ:TMC) faces delays in NOAA permitting, with certification for USA-A now expected in October 2026, pushing back the timeline for a permanent grant beyond Q1 2027. The company's stock has lagged this year, reflecting market undervaluation and investor concerns, despite the resource's potential. TMC The Metals Co Inc (NASDAQ:TMC) reported a net loss of $60.1 million in Q2 2026, with increased exploration and evaluation expenses, including $37.5 million in charges owed to Allseas. The ISA has made only incremental progress on its mining code, with no target date for completion, creating regulatory uncertainty for international operations. The company's liquidity stands at $143 million, but it is not pursuing capital market transactions until further updates on government funding, which may limit financial flexibility. Q: Can you provide more color on the massive services agreement with Mariana Minerals for the processing part in Brownsville, including the timeline for spending and what we should use in our models?A: Gerard Barron (Chairman & CEO) explained that while the agreement was signed recently, the relationship with Mariana's principal goes back to 2018. Mariana, backed by top Silicon Valley names and having recently raised $310 million, will act as part of the "owners team" to address permitting, construction, and eventually operations. They bring expertise in automation and software controls, which is key to bringing mineral processing back to the U.S. with modern technology. Craig Shesky (CFO) added that while they can't provide quarter-by-quarter specifics, the initial costs are expected to be relatively modest, in the mid-single-digit millions over multiple quarters, serving as a necessary down payment for feasibility work that is a prerequisite for government funding. Q: Can you clarify what the government support may look like and when it may come in? Is the objective to support your first production efforts or to establish a larger processing hub for U.S. seabed operations?A: Gerard Barron (Chairman & CEO) stated that the administration wants to take a leadership role in critical minerals. TMC has highlighted that there is nowhere in the U.S. to process these materials, as options are limited to Asia (Japan or Indonesia, which often involve Chinese ownership or lower standards). The goal is to put processing capacity on the ground in the U.S.A. Craig Shesky (CFO) added that even the initial 3 million tons per year from the Hidden Gem could satisfy a quarter to a third of domestic needs for nickel and cobalt. The unique scalability of the Nodal City site, unlike land-based mining, is a key strategic advantage for establishing a major processing hub. Q: Regarding the Metals Royalty Company, what might drive you to buy back some of that royalty, and are there other decision-making processes beyond the financial aspects?A: Gerard Barron (Chairman & CEO) described it as a great business partnership with Brian Pasrago, who has been a supporter for a decade. The buyback happens naturally as TMC pays royalties, which shift towards the repurchase price. TMC remains a large shareholder and is supportive of the company's growth, including its recent purchase of an iron ore royalty. The relationship is seen as super positive, and the buyback is a natural process rather than a separate strategic decision. Q: Regarding the Eco Minerals agreement, would the contemplated joint campaign later this year be to your zone or Eco's zone?A: Gerard Barron (Chairman & CEO) confirmed it will go to both. On TMC's side, the work will focus on areas within the USA-A application where they have baseline data but want to increase resource certainty. This additional survey work is needed to potentially move more resources into the measured category and increase reserve numbers. While out there, Eco Minerals will also do work on some of their ground, subject to permissions. Q: Have you seen or heard any recent announcements from the Chinese government or Chinese companies about offshore mining activity?A: Gerard Barron (Chairman & CEO) noted that while he couldn't cite specific sources on the call, press-published activity trackers show that Chinese deep-sea survey vessels and mining contractors have been very busy in the area. It remains a priority for them, and they are pushing the ISA hard, appearing frustrated with the pace of progress in Kingston. The level of activity in looking for seafloor resources was described as "staggering." Q: Do you have an exclusive offshore mining arrangement with Allseas, or can they work with other companies?A: Gerard Barron (Chairman & CEO) confirmed the arrangement is exclusive. The only time it becomes non-exclusive is if Allseas wanted to put another system in the water and TMC declined. Since TMC wants to have many systems in the water, the likelihood of that happening is very low. Q: Regarding the costs related to vessel construction, do you feel you have accrued for all those costs going forward, or will there be quarterly capital or call expenses to Allseas?A: Craig Shesky (CFO) explained that Allseas has been a good partner, accepting some payment in shares. As of June 30, approximately half of the total amount owed to Allseas is payable only upon commercial production beginning. TMC will continue to expect to pay additional amounts for the development of the Hidden Gem system, but they expect to come in lower than the offshore development number from the pre-feasibility study. Allseas will also be funding a large portion of the preproduction development costs. Q: Can you share where the vessel construction will take place?A: Gerard Barron (Chairman & CEO) stated that the company has not disclosed the location at this time. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is pivoting toward an integrated American supply chain, connecting offshore collection with domestic processing at a proposed 'Nodule City' hub in Brownsville, Texas. The partnership with Mariana Minerals serves as an 'owner's team' to leverage automation and AI-driven software controls, aiming to reshore mineral processing with higher efficiency than legacy manual methods. Performance attribution for the quarter was heavily influenced by a $37.5 million charge related to the Allseas development agreement, though $34.8 million of this is deferred until production commences. The company is leveraging a first-mover advantage to shape a domestic ecosystem, including potential service offerings for other American operators through agreements like the Eco Minerals MMSA. Strategic positioning is reinforced by 'whole of government' support for deep seabed mining as a national security priority, contrasting with institutional delays at the International Seabed Authority (ISA). Operational progress with Allseas has moved from engineering into the procurement phase for critical long-lead systems, including the riser and collector umbilical. NOAA permit certification for the USA-A application is now expected in October 2026 due to administrative delays, pushing the likely permit grant beyond the first quarter of 2027. Fabrication of the commercial production system is scheduled to run from Q4 2026 through Q3 2027, with offshore installation and commissioning targeted for Q4 2027. Management assumes that even with NOAA delays, permits will arrive in time for vessel commissioning, maintaining the overall project timeline. Future capital commitments for the Brownsville processing site remain strictly contingent on securing U.S. government support and completing site-specific feasibility work. The company does not intend to pursue further capital market transactions until updates regarding confidential funding processes with U.S. agencies are publicly released. The board decided not to extend the expiration of September 2026 warrants to avoid diluting shareholders through cashless exercise of private warrants. Management acknowledged the stock has lagged, citing a market cap that is undervalued relative to the estimated $23.6 billion combined resource NPV. A $18.5 million gain was recorded from The Metals Royalty Company (TMCR) following a finance offering that exceeded TMC's carrying value per share. The ISA's lack of a target date for a mining code and attempts by China and Russia to seek restrictive legal opinions represent ongoing institutional headwinds. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Mariana Minerals acts as an expert 'owner's team' to avoid massive internal hiring, focusing on automation and software-first processing plant execution. Initial costs are described as 'modest' mid-single digit millions over multiple quarters, serving as a prerequisite for government funding applications. The joint campaign planned for later this year aims to increase resource certainty and move more tonnage into the 'measured' and 'reserve' categories. TMC will provide permitting and environmental expertise in exchange for preferential pricing on vessel and AUV services. Discussions with multiple agencies focus on establishing a domestic alternative to Asian processing, which currently lacks U.S. environmental and safety standards. Management emphasized that even initial production of 3 million tons could satisfy 25% to 33% of domestic nickel and cobalt demand. The arrangement is exclusive unless TMC declines to put additional systems in the water, which management views as unlikely. Allseas is funding a significant portion of pre-production development costs, which are recoverable through future production revenues.

Interested in TMC the metals company Inc.? Here are five stocks we like better. U.S. permitting is progressing, but timelines slipped. NOAA has completed key compliance reviews for TMC’s USA-A application, with publication and certification expected in 2026; the company no longer expects a permanent permit in the first quarter of 2027 but still targets approval before vessel commissioning. Offshore mining development is moving into procurement. TMC and Allseas are advancing a system designed to collect 3 million wet tons of nodules annually, with fabrication planned from late 2026 through the third quarter of 2027 and commissioning targeted for the fourth quarter of 2027. TMC remains pre-revenue and reported higher costs. The company posted a second-quarter net loss of $60.1 million, used $20.1 million in operating cash, and had $143 million in liquidity at June 30; it said cash should cover commitments for at least the next 12 months. 3 Stocks Taking Very Different Routes Through the Summer Rally TMC the metals (NASDAQ:TMC) said its two U.S. seabed-mining applications are advancing through regulatory milestones while its offshore collection system moves into procurement ahead of targeted commissioning in the fourth quarter of 2027. During its second-quarter 2026 corporate update call, Chairman and Chief Executive Officer Gerard Barron said TMC USA’s consolidated USA-A application covers about 65,000 square kilometers and seeks both an exploration license and a commercial recovery permit. The National Oceanic and Atmospheric Administration, or NOAA, has completed substantial-compliance and full-compliance determinations for the application, according to the company. → Lumentum Just Delivered the AI Growth Investors Wanted TMC Stock: Why This Pre-Revenue Miner Is Worth Watching Barron said publication of USA-A in the Federal Register is expected imminently, which would begin the public-comment process. NOAA has advised the company that certification is now expected in October 2026, delayed by administrative issues rather than an issue with the application, he said. As a result, TMC no longer expects a permanent grant during the first quarter of 2027, though Barron said the company still expects a permit before its targeted vessel commissioning date. The company’s USA-B application covers approximately 122,000 square kilometers. NOAA is expected to publish a notice of intent to prepare an environmental impact statement for that application after certifying it in May, Barron said. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal TMC Forges a New EV Supply Chain at the Bottom of the Sea TMC said its May agreement with Allseas established a framework for completing development, commissioning and operation of its first commercial nodule-production system. The initial configuration is designed to collect 3 million wet tons of polymetallic nodules annually and would include two collector vehicles, launch and recovery systems, a riser system, the Hidden Gem production vessel and a transfer vessel. Basic engineering has been completed for long-lead equipment including the riser, launch and recovery systems, and collector umbilical, Barron said. The next procurement packages include compressor equipment, navigation equipment, riser-handling equipment, a derrick upgrade, and storage and offloading systems. → Ryman Checks Into a $1.38B Hospitality Upgrade Fabrication is expected to run from the fourth quarter of 2026 through the third quarter of 2027, followed by installation and commissioning targeted for the fourth quarter of 2027. Barron said Allseas is expected to fund a significant portion of pre-production development costs, with recovery through production revenues. Chief Financial Officer Craig Shesky said the company has not yet accrued the full amount it expects to spend with Allseas before production. TMC expects additional development costs, although Shesky said the company and Allseas expect the offshore development cost to come in below the estimate included in last year’s pre-feasibility study. In response to an analyst question, Barron said TMC’s arrangement with Allseas is exclusive for offshore mining. It could become nonexclusive only if Allseas sought to deploy another system and TMC declined. TMC is evaluating a U.S. processing and refining hub at the Port of Brownsville, Texas, which it calls “Nodule City.” The company holds an exclusive right to negotiate a lease option for land at the port, but Barron said no investment decision has been made and future capital commitments would depend on U.S. government support. The company is evaluating 1,466 acres across two parcels, including 735 acres on the shipping channel and an adjacent 731 acres. Pre-feasibility engineering for a possible 12-million-tonne-per-year industrial park is nearing completion, while feasibility-level engineering for an initial smelting stage is underway with Mariana Minerals, according to Barron. The company said a fully loaded bulk carrier carrying roughly 60,000 tonnes of nodules would travel about 3,800 nautical miles from the Clarion-Clipperton Zone to Brownsville through the Panama Canal under its base-case route. It is also analyzing a route around Cape Horn. Barron said TMC is engaged in funding discussions with multiple U.S. agencies identified in President Trump’s executive order related to critical minerals. However, Shesky clarified that an August 7 White House roundtable did not include an express investment in nodule collection. TMC said it does not currently intend to pursue other capital-markets transactions until it can provide further public updates on those processes. Shesky said Mariana Minerals’ initial work is expected to involve “mid-single digit millions” of dollars over multiple quarters. The work is intended to advance feasibility studies needed before potential government funding, he said. TMC also announced a mutual master services agreement with Eco Minerals, a U.S. exploration company pursuing its own NOAA application. Under the agreement, Eco Minerals may provide vessel charter, autonomous underwater vehicle equipment, marine surveys and related services, subject to availability. TMC would make available resource-definition, environmental-impact-assessment and permitting services. Barron said the parties could conduct a joint campaign later this year, including additional survey work in TMC’s area to increase resource certainty and potentially work in Eco Minerals’ area if permissions are received. Shesky said the U.S. has reiterated its longstanding position that, because it is not a party to the United Nations Convention on the Law of the Sea, it does not consider itself bound by seabed-mining rules administered by the International Seabed Authority, or ISA. TMC is pursuing its U.S. permitting path under the Deep Seabed Hard Mineral Resources Act, or DISHRA, while continuing to engage with the ISA. The ISA made incremental progress on its mining code during its July session but did not establish a target date for completion, Shesky said. He also said an effort supported by China, Russia and Greenpeace to seek an International Tribunal for the Law of the Sea advisory opinion on deep-sea mining outside the UNCLOS and ISA framework did not advance. Separately, Shesky said the Seabed Disputes Chamber of ITLOS ordered provisional measures regarding the rights of TMC subsidiaries NORI and TOML in ISA proceedings. The ISA Council subsequently approved a five-year extension of NORI’s exploration contract by consensus, he said. TMC reported a second-quarter net loss of approximately $60.1 million, or $0.14 per share, compared with a net loss of $74.3 million, or $0.20 per share, in the same period of 2025. Exploration and evaluation expenses totaled $56.1 million, compared with $10.5 million a year earlier. General and administrative expenses were $15.6 million, compared with $11.5 million in the prior-year quarter. Net cash used in operating activities was $20.1 million, compared with $10.7 million in the prior-year quarter. Free cash flow was negative $20.2 million, compared with negative $10.7 million a year earlier. The increase in exploration and evaluation expenses primarily reflected $37.5 million of charges owed to Allseas following the May development and operating agreement. Of that amount, $34.8 million represents deferred costs payable on a tonnage basis after production begins, while $2.4 million was settled in shares on July 2. TMC reported liquidity of $143 million as of June 30, including $44 million available under an undrawn Barron and ERAS credit facility. Accounts payable and accrued liabilities totaled $52.1 million, including $40.5 million owed to Allseas. The company said it believes cash on hand will be sufficient to meet working-capital and capital-expenditure commitments for at least the next 12 months. Shesky also said TMC will not seek to extend warrants from its 2020 SPAC transaction that are scheduled to expire in September 2026. The board concluded that extending the 15 million public warrants would also require an extension of 9.5 million private warrants that can be exercised cashlessly and could dilute shareholders without providing additional cash proceeds, he said. TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TMC the metals Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

NEW YORK, Aug. 13, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading developer of the world’s largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today provided a corporate update and second quarter financial results for the period ended June 30, 2026. Q2 2026 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approximately $143 million as of June 30, 2026 $20.1 million cash used in operations for the quarter ended June 30, 2026, which included $9 million in withholdings related to equity awards collected at the end of March 2026 and remitted in early April 2026 Net loss of $60.1 million and net loss per share of $0.14 for the quarter ended June 30, 2026 U.S. Government Funding Update The Company is actively engaged in funding processes with multiple U.S. agencies named in President Trump's Executive Order 14285 regarding plans to build nodule processing and refining capacity in the United States While these processes continue confidentially, the Company does not currently intend to pursue other capital market transactions until such time as one or more of these processes are completed The Company will provide more substantive detail at the appropriate time TMC USA’s Applications Continue Progressing Through NOAA Review TMC USA’s consolidated USA-A application and USA-B exploration license application continue to progress through NOAA’s review under DSHMRA and its implementing regulations Based on NOAA guidance, the Company continues to expect the permit in advance of targeted Q4 2027 offshore collection system commissioning; the rigor of NOAA’s review supports the permit’s long-term durability and legal defensibility and reinforces the high standards applicable to all applicants The Company’s USA-A area covers approximately 65,000 km² with an estimated 619 million tonnes of wet nodules and potential exploration upside of an additional 200 million tonnes; the USA-B area covers approximately 122,000 km² and hosts an estimated 1.02 billion tonnes of polymetallic nodules Strategic Partnerships Progress Key Offshore and Onshore Developments On July 21, 2026, TMC USA entered into a Master Services Agreement with Mariana Minerals for a phased program to advance a proposed polymetallic nodule processing and refining industry park at the Port of Brownsville, Texas, beginning with mobilization, concept development and technical design work to establish plant feasibility and design basis — building on the internal prefeasibility study commissioned by TMC USA from a third-party engineering firm Allseas continued engineering, project management and vessel-use activities during the second quarter of 2026 under its definitive agreement with TMC to develop, commission and operate the Hidden Gem commercial nodule collection system, designed for a nameplate capacity of 3.0 million wet tonnes per annum On July 22, 2026, TMC signed a Mutual Master Services Agreement (“MMSA”) with U.S. exploration company Eco Minerals intended to expand TMC’s offshore capabilities through exclusive vessel charter access and advanced seafloor mapping, sampling and autonomous survey services, while enabling the companies to jointly pursue third-party opportunities. Under the agreement, TMC will provide Eco Minerals with environmental and regulatory advisory services. Under a separate MoU, TMC USA has provided Eco Minerals with a non-binding offtake for Eco Minerals’ nodules to be processed in TMC USA’s planned U.S. facility with Mariana Minerals, subject to definitive agreements, government financing and required approvals. U.S. Reaffirms Its Right to Exercise High Seas Freedoms as ITLOS Protects NORI and TOML’s Due Process Rights Last month at the ISA proceedings in Kingston, Jamaica, the United States strongly reiterated that it is not a party to UNCLOS and does not regard Part XI or the 1994 Agreement as customary international law On July 18, 2026, the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea (“ITLOS”) prescribed provisional measures recognizing the rights of the Company’s subsidiaries, Nauru Ocean Resources Inc. (“NORI”) and Tonga Offshore Mining Limited (“TOML”), to due process and fair treatment in their proceedings against the ISA ISA Approves NORI’s Exploration Contract Extension On July 20, 2026, the ISA Council approved by consensus a five-year extension of NORI's exploration contract in the Clarion-Clipperton Zone Gerard Barron, Chairman & CEO of TMC, commented: “The regulatory picture is becoming clearer as our applications continue to progress through NOAA’s review process. There has been a delay of a few months in the USA-A consolidated application certification process, but we remain confident that the permit will arrive well in advance of offshore vessel commissioning by the end of 2027, which we believe remains the critical path for production start. The rigor of NOAA’s review is ultimately helpful for the permit’s legal defensibility in the coming decades. The United States has strongly reiterated through its engagement at the ISA its longstanding position that it is not a party to UNCLOS, and that ‘the United States is not bound by Convention rules dealing with seabed mining through the International Seabed Authority.’ That clarity matters as America moves to develop these critical seabed resources responsibly under U.S. law. Our planned operations are taking shape offshore and onshore. Allseas is moving from commercial framework to execution, carrying out the engineering, project management and vessel work needed to transform the Hidden Gem from a successful pilot into an integrated commercial production system. We believe our agreement with Eco Minerals gives us greater access to survey vessel and AUV capacity needed to explore effectively, while opening the door to joint projects and potential processing collaboration as those opportunities mature. Onshore, TMC USA is moving forward with Mariana Minerals as part of its owner’s team for a phased program at the Port of Brownsville, beginning with concept development and technical design work to establish plant feasibility, design basis, key trade-offs and targets for the operating agreement. As I’ve said before, our future onshore capital spending domestically is contingent on a majority of the funding coming from U.S. government sources. The momentum is continuing with advanced funding processes in progress with multiple U.S. agencies. Finally, I was pleased to be invited to Washington, D.C. last week for the President’s American Mining Roundtable, which included significant airtime for seafloor resources and further underscored what the U.S. State Department reiterated in July at the ISA meeting: ‘responsible seabed mineral development is a strategic national security and economic priority.’ A secure U.S. critical seabed minerals supply chain is moving from policy ambition to physical execution, and TMC is proud to play a leading role.” Operational Highlights TMC USA Enters into MSA with Mariana Minerals On July 21, 2026, TMC USA entered into a Master Services Agreement with Mariana Minerals for a phased program to advance a proposed polymetallic nodule processing and refining industry park at the Port of Brownsville, Texas, beginning with mobilization, concept development and technical design work to establish plant feasibility and design basis, as well as a trade-off and opportunity assessment program for Phase 1, Stage 1 of the proposed onshore nodule processing facility in the Port of Brownsville, Texas. TMC and Eco Minerals Enter Exclusive Offshore Survey and Exploration Services Agreement On July 22, 2026, TMC and Eco Minerals entered into a Mutual Master Services Agreement under which Eco Minerals will serve, subject to vessel availability, as TMC’s exclusive provider of vessel charter and marine survey services, including advanced seafloor mapping, sampling and autonomous survey capabilities. TMC will provide Eco Minerals with environmental and regulatory advisory services, drawing on its offshore assessment and permitting experience. The companies may jointly pursue third-party survey and exploration services opportunities. The agreement builds on an existing memorandum of understanding identifying TMC as a potential processing partner for Eco Minerals, subject to a standards-compliant prefeasibility study, due diligence, definitive agreements and required regulatory approvals. TMC USA’s USA-A and USA-B Applications Continue Through DSHMRA Review NOAA’s review of TMC USA’s consolidated USA-A exploration license and commercial recovery permit application and USA-B exploration license application continues under DSHMRA and its implementing regulations. NOAA formally certified the USA-B application on May 26, 2026; certification is an intermediate eligibility determination, not the final issuance of a license or permit. The rigor of NOAA’s review supports the long-term durability and legal defensibility of any licenses or permits issued and reinforces the high standards applicable to all applicants. The USA-A application area covers approximately 65,000 km² of seafloor and contains an estimated 619 million tonnes of polymetallic nodules, with potential upside of approximately 200 million additional tonnes; the USA-B application area covers approximately 122,000 km² of seafloor and hosts an estimated 1.02 billion tonnes of polymetallic nodules based on TMC’s Technical Report Summary for the Initial Assessment published in August 2025. International Tribunal for the Law of the Sea Unanimously Orders ISA to Respect NORI and TOML’s Due Process Rights. NORI Exploration Contract Renewed On July 18, 2026, the Seabed Disputes Chamber of ITLOS ordered the prescription of provisional measures to protect the rights of our subsidiaries, NORI and TOML, in their proceedings against the ISA. In the first contentious cases ever decided by the Chamber under Part XI of UNCLOS, the Chamber confirmed its jurisdiction, recognized that NORI and TOML have rights to due process and fair treatment, found a real and imminent risk of irreparable prejudice to those rights, and prescribed provisional measures requiring the ISA to act in accordance with the applicable legal framework, including rules of due process. Following the ruling, the ISA Council approved by consensus a five-year extension of NORI’s exploration contract in the Clarion-Clipperton Zone. Together, TMC believes these decisions provide greater regulatory certainty for NORI and its Sponsoring State, Naoero (formerly known as Nauru), and demonstrate that ITLOS is a vital part of the institutional machinery established under UNCLOS, ensuring critical oversight and accountability. NOAA Certifies TMC USA’s USA-B Exploration License Application On May 26, 2026, NOAA formally certified the USA-B exploration license application submitted by our U.S. subsidiary, TMC USA. Certification is an intermediate determination by NOAA confirming an applicant’s eligibility (based on financial responsibility, technological capability, prior obligations, and plan adequacy) for an exploration license or commercial recovery permit, but it is not the final issuance of that license or permit. TMC and Allseas Sign Commercial Agreement for the First Offshore Nodule Recovery Operation On May 11, 2026, we announced that we had signed a Contract for Development Work and Commercial Production with our strategic partner and investor Allseas, a global leader in offshore pipeline installation, heavy lift and subsea construction, for the development, commissioning and operation of the first commercial polymetallic nodule collection system. The agreement establishes the commercial framework for advancing offshore nodule recovery operations and builds on the successful pilot collection test completed in 2022. The commercial system is expected to have a nameplate production capacity of 3.0 million wet tonnes of nodules per annum, with commissioning targeted to begin in Q4 2027, subject to regulatory approvals. NOAA Determines TMC USA’s Consolidated Deep-Seabed Mining Application for USA-A Area is in Full Compliance On April 28, 2026, NOAA determined that the consolidated application by our subsidiary, TMC USA, for an exploration license and commercial recovery permit for the USA-A area under DSHMRA is in full compliance with the requirements of the Act and its implementing regulations, marking a key step in the U.S. regulatory and permitting process. The news follows the earlier determination of substantial compliance of the application on March 6, 2026, and represents another step along the path of regulatory milestones. TMC Subsidiaries Submit Massive Deep-Sea Dataset to Public Database as Company Launches Video Series on Findings of Environmental Research On April 15, 2026, we announced that our subsidiaries, NORI and TOML, had submitted extensive environmental datasets to the ISA’s DeepData database, covering a decade of exploration activities in the Clarion-Clipperton Zone. The submission includes data from 777 equipment deployments and more than 4,800 environmental samples, generating approximately 76,000 biological records and 69,185 geochemical data points across the full water column and seafloor environment. Key findings are showcased in a new video series demonstrating how the data addresses environmental concerns and how innovation has reduced the impact footprint of TMC’s collection system versus legacy technology. Industry Update The Metals Royalty Co. (Nasdaq: TMCR) Begins Public Trading On April 8, 2026, The Metals Royalty Co. began public trading (Nasdaq: TMCR). TMCR has a 2.0% Gross Overriding Royalty on the NORI area from a 2023 transaction which was previously announced. As part of the agreement, TMC was granted an equity stake in TMCR, which currently represents 22.4% of TMCR’s outstanding equity following our additional investment in TMCR in May 2026. TMC retains the right to repurchase up to 75% of the NORI Royalty at an agreed capped return, exercisable in two transactions, between the second and the tenth anniversary of the agreement. If both repurchase transactions are executed, TMCR’s remaining gross overriding royalty on the NORI project revenue will be 0.5%. U.S. Department of State Commentary at ISA and UN Meetings The U.S. has once again reminded the world of the strategic opportunity presented by the responsible development of deep seabed minerals, and its clear and longstanding legal right to regulate their exploration and commercial recovery in the high seas. In a statement delivered last month at the ISA, the U.S. State Department commented:“For the United States, responsible seabed mineral development is a strategic national security and economic priority; we view seabed minerals in the broader context of critical mineral supply chain security. Global demand for critical minerals is rising rapidly, and diversified supply chains are necessary for geopolitical and economic stability. Humankind depends on modern technologies. It is prudent that we acknowledge that ocean resources can meet this demand with impacts significantly lower than many land-based alternatives.” Financial Results Overview At June 30, 2026, we held cash of approximately $98.7 million and held no financial debt. We believe that our cash position will be sufficient to meet our working capital and capital expenditure commitments for at least the next twelve months from today. We reported a net loss of approximately $60.1 million, or $0.14 per share, for the quarter ended June 30, 2026, compared to a net loss of $74.3 million, or $0.20 per share, for the quarter ended June 30, 2025. Exploration and evaluation expenses during the quarter ended June 30, 2026 were $56.1 million compared to $10.5 million for the quarter ended June 30, 2025. The second quarter of 2026 included $37.2 million in settlement of initial costs and other negotiated costs owed to Allseas following the signing of a development and operating agreement, higher share-based compensation expense and an increase in prefeasibility study costs. General and administrative expenses were $15.6 million for the quarter ended June 30, 2026, compared to $11.5 million for the quarter ended June 30, 2025, reflecting higher share-based compensation and payroll costs. Conference CallWe will hold a conference call on August 13, 2026, at 4:30 p.m. ET to provide an update on recent corporate developments and second quarter 2026 financial results. Second Quarter 2026 Conference Call Details The virtual webcast will be available for replay in the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event. The Metals Company is a developer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at www.metals.co. Contacts Media | [email protected]  Investors | [email protected] Forward-Looking StatementsThis press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as anticipates, believes, could, estimates, expects, intends, may, plans, possible, potential, should, will, would and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company's strategy to pursue exploration and commercial recovery of seafloor polymetallic nodules under the U.S. regulatory regime; the anticipated certification, public notice, public comment, environmental review, including the EIS process, and final determination process for the consolidated application submitted to NOAA under DSHMRA and for the USA-B exploration license application, including the scoping and EIS process initiated by the Notice of Intent; the anticipated scope, timing and outcome of NOAA's review of the consolidated application and the USA-B exploration license application; the Company's expectation that the NOAA process will conclude in advance of offshore vessel commissioning; the expected development, commissioning and operation of the first commercial nodule collection system under the Agreement with Allseas, including the nameplate production capacity of 3.0 million wet tonnes per annum and the expected timing of system commissioning in Q4 2027; the phased program with Mariana Minerals to advance a proposed U.S.-based nodule processing and refining industry park at the Port of Brownsville, Texas, including the establishment of plant feasibility and design basis; the Company's expectation that future onshore capital spending will be contingent on a majority of the funding coming from U.S. government sources, and the status and outcome of funding processes with multiple U.S. government agencies; the Company's belief that its total liquidity will be sufficient to meet its working capital and capital expenditure commitments for at least the next twelve months; the Company's expectation that its first-mover positioning will enable it to help accelerate the development of a broader U.S.-led nodule industry, including the potential to process third-party nodules in the future; the anticipated benefits of the Mutual Master Services Agreement with Eco Minerals, including exclusive vessel charter access and survey capabilities, the joint pursuit of third-party opportunities and potential processing collaboration, in each case subject to vessel availability, definitive agreements, government financing and required approvals; the estimated resource potential of the USA-A and USA-B areas, including estimated nodule tonnages and potential exploration upside, and the resource estimates described in the Company's technical reports; the anticipated effect of the provisional measures prescribed by the Seabed Disputes Chamber of ITLOS and of the ISA Council's approval of the five-year extension of NORI's exploration contract, including the expectation that these decisions provide greater regulatory certainty. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: the scope, timing and outcome of NOAA's review of the consolidated application and the USA-B exploration license application, including the conduct of the environmental review under the National Environmental Policy Act, the nature and volume of public comments received, the absence of any mandatory statutory deadline under DSHMRA and the risk of further delay; the terms of any exploration license or commercial recovery permit ultimately granted, including the risk that the terms, conditions and restrictions imposed are more restrictive than anticipated; potential legal challenges in U.S. courts by third parties claiming to be adversely affected or aggrieved by NOAA's actions; the need for continued U.S. policy support and the effect of shifts in political priorities, legal interpretations or agency leadership, and opposition to deep-seabed mining from governments, non-governmental organizations and other third parties; the ability to obtain an exploitation contract from the International Seabed Authority or permits from the U.S. government, risks related to the Company's dual-path permitting strategy, the ISA's response to the provisional measures prescribed by the Seabed Disputes Chamber of ITLOS and the outcome of the proceedings brought by NORI and TOML against the ISA; the successful continuation of the Company's alliance with Allseas, including under the commercial agreement described in this press release, and Allseas' ability to perform as expected; the development, testing, integration, scaling, commissioning and operation of the offshore collection system and its key components; the performance of other contractors and counterparties, including the risks that the Mariana Minerals phased program does not proceed beyond its initial stage or does not establish plant feasibility on acceptable terms and that the definitive agreements contemplated with Eco Minerals are not entered into; changes in environmental, mining and other applicable laws and regulations; the availability of and access to capital on acceptable terms and the sufficiency of the Company's cash, including for amounts needed to fund its share of costs under the commercial agreement described in this press release, and the Company's dependence on U.S. government funding for a majority of onshore capital spending and the risk that U.S. government funding processes do not result in awards with terms, conditions or contingencies favorable to the Company; risks related to strategic partnerships and technology sharing; uncertainties relating to processing nodules at commercial scale and to the accuracy of resource estimates; metals price volatility; the outcome of any pending or future litigation; and other risks and uncertainties described in greater detail in the section entitled Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026, in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 14, 2026, and in the Company's subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. TMC the metals (NasdaqGS:TMC) has scheduled a conference call on Thursday, August 13, 2026, to discuss its second quarter 2026 financial results and recent corporate developments, with a virtual webcast and replay available. See our latest analysis for TMC the metals. Recent trading has been volatile for TMC the metals, with the share price at US$4.57 after a 1 day share price return of 10.92% and a 7 day share price return of 28.37%. However, the year to date share price return is down 32.60% and the 3 year total shareholder return is about 3x, which points to strong long term gains despite recent weakness. If this earnings call has you watching metals and critical materials more closely, it could be a good time to scan the wider space using our rare earths stocks screener, starting with 28 best rare earth metal stocks. After a sharp rebound yet a year-to-date decline, TMC the metals now trades at a steep discount to the US$11 analyst target. Is that discount a clear opportunity or a warning that the market’s caution has substance? The most followed narrative for TMC the metals suggests a fair value of $11.20 compared with the last close of $4.57, which implies a wide valuation gap built on aggressive long term forecasts. Read the complete narrative. Want to understand why this narrative treats a pre revenue miner as a potential cash engine? The story leans on rapid revenue scaling, rising margins and a premium profit multiple that hinges on those projections lining up. Result: Fair Value of $11.20 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, TMC the metals still faces key hurdles, including securing a Commercial Recovery Permit and managing ongoing losses and cash burn that could require further funding. Find out about the key risks to this TMC the metals narrative. With both risks and rewards in play for TMC the metals, sentiment is clearly mixed, so it makes sense to look at the full risk and reward profile yourself. To see those details side by side, start with 2 key rewards and 4 important warning signs. If you want to keep sharpening your watchlist, use the Simply Wall St Screener to uncover stocks with solid fundamentals, income potential, and lower risk profiles in just a few minutes. Target reliable income by focusing on companies screened as potential 8 dividend fortresses that may appeal if you want yields with substance. Hunt for potential bargains using the screener containing 19 high quality undiscovered gems so you are not only looking where everyone else already is. Prioritise capital protection first by running through the 79 resilient stocks with low risk scores and see which stocks line up with a more cautious approach. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include TMC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in TMC the metals company Inc.? Here are five stocks we like better. TMC signed a new production agreement with Allseas to advance what it says will be the first commercial polymetallic nodule collection system. Management expects a commercial recovery permit in early 2027 and said integration and commissioning of the offshore system are targeted for late 2027. The company is working to reduce project costs and expand its production model through optimization efforts, larger future systems, and logistics changes such as direct offloading from the Hidden Gem vessel. TMC and Allseas are also evaluating autonomous operations and other technologies to improve efficiency. TMC is still developing its Brownsville processing plans, but the project remains contingent on support and no capital commitment has been made yet. The company reported Q1 2026 net loss of $20.6 million and liquidity of about $164 million, including an undrawn $44 million credit facility. TMC Forges a New EV Supply Chain at the Bottom of the Sea TMC the metals (NASDAQ:TMC) said its first-quarter 2026 update centered on accelerated execution toward commercial polymetallic nodule production, highlighted by a newly signed production agreement with offshore engineering partner Allseas. Chairman and Chief Executive Officer Gerard Barron said the agreement, signed May 11, is intended to enable the company to complete, commission and operate what it describes as the first commercial polymetallic nodule collection system. Barron said TMC continues to expect a commercial recovery permit during the first quarter of next year, while noting that certain comment periods in the regulatory process must remain open for 60 days. → Micron Investors Face a High-Stakes Moment After the Latest Rally MarketBeat Week in Review – 03/30 - 04/03 “If 2025 was about transformational, 2026 is about accelerated execution,” Barron said. He said TMC’s strategy has relied on partnerships across offshore operations, onshore processing and refining, and project execution, citing Allseas, PAMCO, Glencore’s XPS, Hatch and Korea Zinc among the groups that have worked with nodule-derived materials. Barron said Allseas has agreed to fund a “significant portion” of pre-production costs, with those costs to be repaid over time after production begins. During the question-and-answer session, Barron clarified that investors should “continue to plan on us sharing” offshore capital spending with Allseas. → How Bad Could Tesla’s Cybertruck Recall Be for Shares? The Metals Company: Unlocking a Klondike-Quality Mineral Rush Chief Innovation and Offshore Technology Officer Rutger Bosland described the planned offshore system as an integrated commercial production model designed for continuous operations. The system would collect nodules from the seafloor, lift them to the Hidden Gem production vessel, dewater and temporarily store them, and then transfer them to vessels for shipment to shore-based processing facilities. Bosland said the operating model includes offshore collection, vertical transport, transfer vessels, support vessels, environmental monitoring, adaptive management and downstream logistics. He said Allseas has substantially advanced and completed concept and basic engineering work for key long-lead packages, including the riser, launcher recovery system, umbilical and vessel integration works. → Reading the Stripes: Is The Industrial Recession Over? The company said that puts the program in position to move into procurement and subcontracting, with integration and commissioning of the offshore production system targeted for late 2027. In response to a webcast question, Barron said commissioning means getting equipment installed onboard, ensuring components work together and preparing for testing ahead of commercial production. Bosland said TMC and Allseas are evaluating potential future optimizations, including larger production systems, autonomous and remote vessel operations, alternative logistics configurations and nuclear-powered vessels. He also said direct offloading of nodules from the Hidden Gem to dynamically positioned bulk carriers could simplify offshore transfer activities and reduce transport costs. Asked by Water Tower Research analyst Dmitry Silversteyn about nearer-term cost reduction opportunities, Bosland said energy-use optimization and offshore logistics improvements could be implemented in the short term as the first vessel begins operating. Barron also discussed TMC USA’s exclusive right of negotiation with the Port of Brownsville in Texas over land that could support a large-scale metals processing and refining ecosystem. He said the proposed site covers about 1,466 acres across two parcels adjacent to the Brownsville shipping channel, with a pre-feasibility study underway for what he described as a potential 12 million-ton-per-year industrial park. He stressed that there is “no capital commitment today” and that further development would remain contingent on government support. Barron said TMC is evaluating Brownsville not only as a processing site for its initial production area, but as a potential platform for broader U.S. critical minerals supply chains. The company also said it entered a strategic partnership agreement with Mariana Minerals to advance potential processing and refining plans. Barron said Mariana’s team brings industrial project experience and software designed for large-scale mineral processing projects, including automation and AI-driven operational systems. In the Q&A session, Barron said TMC aims to fill as much of a potential 12 million-ton processing complex as possible from its own license areas, while keeping flexibility to process material from other operators. He said the company is in discussions with some parties that may want to provide capital to secure processing throughput. Chief Financial Officer Craig Shesky said TMC reported a first-quarter 2026 net loss of approximately $20.6 million, unchanged from the comparable period in 2025. Net loss per share was $0.05, compared with $0.06 in the year-earlier quarter. Exploration and evaluation expenses rose to $13.3 million from $9.5 million a year earlier, which Shesky attributed to higher share-based compensation from third-quarter 2025 awards, employee retention costs and higher pre-feasibility study refresh costs, partially offset by lower Allseas engineering costs. General and administrative expenses rose to $20.7 million from $8.5 million, primarily due to amortization of one-time executive retention share-based compensation grants issued in the third quarter of 2025. TMC recorded a $10.7 million gain on the change in fair value of warrants, reflecting a lower private warrant value due to a lower share price at the end of the quarter compared with year-end 2025 and a shorter maturity term. Shesky also cited higher interest income and a gain related to dilution of TMC’s ownership in The Metals Royalty Company, partly offset by equity-accounted investment losses. Liquidity stood at approximately $164 million as of March 31, 2026, including $44 million available under an undrawn unsecured credit facility from Barron and Aris Capital LLC. Shesky said the liquidity figure included $9 million received on the final day of the quarter from sell-to-cover tax transactions on stock-based compensation, which was remitted to tax authorities shortly after quarter-end. Net cash used in operating activities was $0.6 million in the quarter, compared with $9.3 million a year earlier. Excluding the timing effect of the tax withholding receipts, Shesky said cash used in operations would have been $9.6 million, in line with the first quarter of 2025. Shesky said The Metals Royalty Company began trading on Nasdaq on April 8. He said TMC currently holds a 25% equity stake in the royalty company, with an indicated value of nearly $200 million based on TMCR’s roughly three-quarters-of-a-billion-dollar market capitalization. The royalty company’s portfolio includes a 2% gross overriding royalty on the NORI area. Shesky said TMC retains the right to repurchase up to 75% of the NORI royalty over time at a capped return, which could reduce the royalty to 0.5%. Management also emphasized what it described as growing U.S. policy support for offshore minerals and domestic processing capacity. Barron said TMC continues to speak with government officials and agencies regarding the sector’s potential role in reducing U.S. dependence on imported critical minerals. Asked about political risk around the 2026 midterms and a potential change in Congress, management said the NOAA process is based on regulations established decades ago and does not depend on the outcome of the midterm elections. The company said it is proceeding through required public comment periods and regulatory steps. TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean. Its products are used in electric vehicles (EV), renewable energy storage markets, EV wiring, energy transmission, manganese alloy production required for steel production, and other applications. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "TMC the metals Q1 Earnings Call Highlights" was originally published by MarketBeat. 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This article first appeared on GuruFocus. Net Loss: $20.6 million in Q1 2026, same as Q1 2025. Net Loss Per Share: $0.05 in Q1 2026, compared to $0.06 in Q1 2025. Exploration and Evaluation Expenses: $13.3 million in Q1 2026, up from $9.5 million in Q1 2025. G&A Expenses: $20.7 million in Q1 2026, up from $8.5 million in Q1 2025. Gain on Change in Fair Value of Warrants: $10.7 million in Q1 2026. Net Cash Used in Operating Activities: $0.6 million in Q1 2026, compared to $9.3 million in Q1 2025. Free Cash Flow: Negative $0.6 million in Q1 2026, compared to negative $9.4 million in Q1 2025. Liquidity: $164 million as of March 31, 2026, including $44 million from an undrawn credit facility. Accounts Payable and Accrued Liabilities: $53.9 million as of March 31, 2026. Warning! GuruFocus has detected 3 Warning Signs with TMC. Is TMC fairly valued? Test your thesis with our free DCF calculator. Release Date: May 14, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. TMC The Metals Co Inc (NASDAQ:TMC) signed a production agreement with Allseas, enabling the completion and operation of the first commercial polymetallic nodule collection system. NOAA determined TMC's application for the TMC USA project to be in full compliance with regulatory requirements, marking a significant regulatory milestone. TMC has established strong strategic partnerships with industry leaders like Allseas, PAMCO, Glencore's XPS, Hatch, and Korea Zinc, enhancing its operational capabilities. The company has advanced its offshore production system, with key engineering activities completed, keeping it on track for integration and commissioning by late 2027. TMC's liquidity position is strong, with $164 million in liquidity as of March 31, 2026, including a $44 million undrawn credit facility. TMC reported a net loss of approximately $20.6 million in the first quarter of 2026, consistent with the previous year. Exploration and evaluation expenses increased to $13.3 million in Q1 2026 from $9.5 million in 2025, driven by higher share-based compensation and PFS costs. General and administrative expenses rose significantly to $20.7 million in Q1 2026 from $8.5 million in the previous year, primarily due to executive retention grants. The company faces potential political risks around the 2026 midterms and a transition to a new Congress in 2027, which could impact regulatory processes. TMC's offshore CapEx program, originally planned to be funded 50-50 with Allseas, may require more than 50% funding from Allseas, indicating potential financial strain. Q: What are your thoughts on the new entrants in the American offshore industry, and are you collaborating with them? A: Craig Shesky, CFO, mentioned that TMC is familiar with the new entrants and welcomes the capital flowing into the space. He noted that TMC has done significant work over the years, which positions them uniquely. There are opportunities for collaboration, especially in creating a dominant ecosystem for metal processing and refining in the U.S. Q: Can you provide more details on the feasibility study for the Texas Refinery Processing Refinery? A: Craig Shesky, CFO, stated that the focus is on detailed feasibility work for the potential processing and refining plants in Texas. This work is crucial for unlocking government capital for major projects. Updates may be provided in the future, but the current focus is on feasibility work to access government funding. Q: How are you planning to reduce operating costs for offshore collection and transfer in the near term? A: Rutger Bosland, Chief Innovation and Offshore Technology Officer, explained that short-term optimizations in energy use and offshore logistics are being implemented. These measures will be integrated as the first vessel begins operations. Q: Are you planning to fill the 12 million-ton capacity at the Brownsville facility with your own nodules, or will you allow third-party processing? A: Gerard Barron, CEO, stated that while TMC aims to utilize as much of the capacity as possible from their own license areas, they are open to third-party processing. This flexibility could lead to beneficial deals for the industry and TMC shareholders. Q: Will Allseas fund more than 50% of the offshore CapEx program? A: Gerard Barron, CEO, clarified that the funding arrangement remains a 50-50 split between TMC and Allseas. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

NEW YORK, May 14, 2026 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading developer of the world’s largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today provided a corporate update and first quarter financial results for the period ending March 31, 2026. Q1 2026 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approximately $164 million as of March 31, 2026 $0.6 million cash used in operations for the quarter ended March 31, 2026 Net loss of $20.6 million and net loss per share of $0.05 for the quarter ended March 31, 2026 TMC and Allseas Sign Commercial Agreement for the First Offshore Nodule Recovery Operation Allseas, a global leader in offshore pipeline installation, heavy lift and subsea construction, will complete the development of and operate the first commercial nodule collection system The commercial system will have a nameplate production capacity of 3.0 million wet tonnes per annum with the surface vessel Hidden Gem receiving nodules collected by two collector vehicles operating at depths of over four kilometers TMC and Allseas are advancing detailed engineering and offshore logistics planning to support reliable, continuous commercial-scale nodule collection operations, including the coordination of fuel supply, crew changes, nodule transfer and transport activities essential to transitioning from pilot operations to sustained commercial offshore production TMC expects system commissioning to begin in Q4 2027 National Oceanic and Atmospheric Administration (NOAA) Determines Consolidated Exploration License and Commercial Recovery Permit Application for TMC USA A is in Full Compliance Determination of full compliance represents another key step in a steady, transparent cadence of expected regulatory milestones: The consolidated application now moves into the certification stage and is expected to be posted to the Federal Register Following certification, a Notice of Intent to Prepare an Environmental Impact Statement will be published, followed by the development and then publication for public comment of a draft Environmental Impact Statement (EIS) and draft Terms, Conditions and Restrictions (TCRs) for TMC USA’s USA A project Following the public comment period, the EIS and TCRs will be finalized and NOAA is expected to make a final determination on issuing the license and permit TMC USA expects the process will conclude before the end of Q1 2027 Gerard Barron, Chairman & CEO of The Metals Company, commented: “The first months of 2026 have been defined by accelerated execution across every part of our business. On the regulatory front, NOAA’s determination that our consolidated application for TMC USA A is in full compliance under the Deep Seabed Hard Mineral Resources Act (DSHMRA) and NOAA implementing regulations gives us increasing confidence in a clear path toward potential commercial permit approval. Our new commercial production agreement with Allseas enables us to complete, commission and operate the first commercial polymetallic nodule collection system. Together with Allseas we are designing and integrating a complete offshore production and logistics network, including continuous transfer operations, support vessels, bulk transport coordination, environmental monitoring and adaptive management systems intended to support uninterrupted offshore nodule production at scale. Importantly, many of the critical long-lead engineering activities have already been completed, allowing procurement and subcontracting activities to accelerate through the balance of 2026. As we continue optimizing future system configurations — from larger collector spreads to autonomous operations and energy-efficiency improvements — we see multiple pathways to materially reduce unit costs and improve offshore productivity over time. Taken together, these milestones are supporting increasingly constructive discussions around project-level financing opportunities. We’re also encouraged to see growing interest from new entrants pursuing NOAA exploration applications under DSHMRA. Building a new industry requires more than one company, and after more than a decade spent pioneering the science, technology, environmental programs and permitting pathways for this sector, we believe we are uniquely positioned not only to maintain our first-mover advantage, but also to help accelerate development of a broader U.S.-led nodule industry capable of restoring America’s dominance in critical minerals.” Operational Highlights TMC and Allseas Sign Commercial Agreement for the First Offshore Nodule Recovery Operation On May 11, 2026, TMC announced that we had signed a Contract for Development Work and Commercial Production with our strategic partner and investor Allseas, a global leader in offshore pipeline installation, heavy lift and subsea construction, for the development, commissioning and operation of the first commercial polymetallic nodule collection system. The agreement establishes the commercial framework for advancing offshore nodule recovery operations and builds on the successful pilot collection test completed in 2022. The commercial system is expected to have a nameplate production capacity of 3.0 million wet tonnes of nodules per annum, with commissioning targeted to begin in Q4 2027, subject to regulatory approvals. NOAA Determines TMC USA’s Consolidated Deep-Seabed Mining Application for USA A Area is in Full Compliance On April 28, 2026, NOAA determined that the consolidated application by our subsidiary, TMC USA, for an exploration license and commercial recovery permit for TMC USA A under DSHMRA is in full compliance with the requirements of the Act and its implementing regulations, marking a key step in the U.S. regulatory and permitting process. The news follows the earlier determination of substantial compliance on March 6, 2026, and represents another step along the path of regulatory milestones that the Company expects will result in a permit before the end of Q1 2027. TMC Subsidiaries Submit Massive Deep-Sea Dataset to Public Database as Company Launches Video Series on Findings of Environmental Research On April 15, 2026, TMC announced that our subsidiaries, Nauru Ocean Resources Inc. (“NORI”) and Tonga Offshore Mining Ltd. (“TOML”), had submitted extensive environmental datasets to the International Seabed Authority’s DeepData database, covering a decade of exploration activities in the Clarion Clipperton Zone (CCZ). The submission includes data from 777 equipment deployments and more than 4,800 environmental samples, generating approximately 76,000 biological records and 69,185 geochemical data points across the full water column and seafloor environment. Key findings are showcased in a new video series demonstrating how the data addresses environmental concerns and how innovation has reduced the impact footprint of TMC’s collection system versus legacy technology. The Metals Royalty Co. (Nasdaq: TMCR) Begins Public Trading On April 8, 2026, The Metals Royalty Co. began public trading (Nasdaq: TMCR). TMCR has a 2.0% Gross Overriding Royalty (GORR) on the NORI area from a 2023 transaction which was previously announced. As part of the agreement, TMC was granted an equity stake in TMCR, which currently represents ~25% of TMCR's outstanding equity. TMC retains the right to repurchase up to 75% of the NORI Royalty at an agreed capped return, exercisable in two transactions, between the second and the tenth anniversary of the agreement. If both repurchase transactions are executed, TMCR’s remaining gross overriding royalty on the NORI project revenue will be 0.5%. TMC USA Files First Consolidated Deep-Seabed Mining Application, Increasing Expected Commercial Recovery Permit Area to 65,000 km2 On January 22, 2026, we announced that TMC USA had submitted a consolidated application to NOAA for an exploration license and a commercial recovery permit for polymetallic nodules in an area named TMC USA A in international waters of the CCZ in the Pacific Ocean. The application represents the first consolidated exploration license and commercial recovery permit application submitted under NOAA’s new consolidated application and review process and increases the commercial recovery area from ~25,000 to ~65,000 km2, with an estimated resource of 619 million tonnes (Mt) of wet nodules and a potential exploration upside of an additional 200 Mt. TMC USA was able to apply under NOAA’s new consolidated process because it can demonstrate the scientific, technical and financial capability to pursue commercial recovery activities expeditiously. Industry Update One Year on from Presidential Executive Order ‘Unleashing America’s Offshore Critical Minerals and Resources’ The impact of last year’s Executive Order accelerating American leadership in deep-seabed minerals has been unprecedented. Clear policy signals and government prioritization of critical mineral security have invited a surge of industry interest: nine American companies are now advancing 13 offshore mineral properties under NOAA license or application, covering approximately 1.5 million km2 of seafloor. Capital has also followed, with TMC welcoming investment from strategic partners including Korea Zinc and the Hess family, and American Ocean Minerals Corporation (AOMC) announcing a merger with Odyssey Marine Exploration supported by a substantial capital raise. TMC USA advanced the first commercial-scale nodule project under NOAA’s updated regulatory framework, while TMC’s two SEC-compliant S-K 1300 Technical Report Summaries — including a $5.5 billion NPV PFS for our initial production area declaring the world’s first nodule reserves — demonstrated both the commercial viability of our initial production area and long-term scalability across our broader resource base. Amid this momentum, we believe TMC is well positioned to leverage its first-mover experience across permitting, environmental science, offshore operations and onshore processing to help accelerate the broader development of a U.S.-led nodule industry. TMC Welcomes NOAA Rule Modernizing Deep-Seabed Mining Permits for U.S. Companies in the High Seas On January 21, 2026, we welcomed the new rule issued by NOAA updating regulations governing deep-seabed mineral exploration and commercial recovery. The final rule establishes a consolidated application and review process under DSHMRA, allowing companies that have completed the necessary exploration, environmental, and technological development work to rely on exploration-phase data in commercial recovery applications, reducing duplication and improving regulatory efficiency. Financial Results Overview At March 31, 2026, we held cash of approximately $119.7 million and held no financial debt. The cash balance includes $9 million received on the last day of the quarter related to sell-to-cover tax transactions with respect to stock-based compensation granted in prior years which was then remitted to tax authorities shortly after quarter end. We believe that our total liquidity including cash and borrowing availability under our credit facility with ERAS Capital LLC and Mr. Barron, will be sufficient to meet our working capital and capital expenditure commitments for at least the next twelve months from today. We reported a net loss of approximately $20.6 million, or $0.05 per share for the quarter ended March 31, 2026, compared to net loss of $20.6 million, or $0.06 per share, for the quarter ended March 31, 2025. Exploration and evaluation expenses during the quarter ended March 31, 2026 were $13.3 million compared to $9.5 million for the quarter ended March 31, 2025. General and administrative expenses were $20.7 million for the quarter ended March 31, 2026 compared to $8.5 million for the quarter ended March 31, 2025, reflecting higher amortization of share-based compensation and higher personnel costs, offset by lower legal costs. Conference CallWe will hold a conference call today at 4:30 p.m. EDT to provide an update on recent corporate developments and first quarter 2026 financial results. First Quarter 2026 Conference Call Details  The virtual webcast will be available for replay in the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event. The Metals Company is a developer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at www.metals.co. Contacts Media | [email protected]  Investors | [email protected] Forward-Looking Statements This press release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as believes, could, expects, may, plans, possible, potential, will and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the Company's strategy to pursue commercial recovery of seafloor polymetallic nodules under the U.S. regulatory regime; the anticipated certification, public notice, public comment, environmental review, including the EIS process, and final determination process for the consolidated application submitted to NOAA under DSHMRA; the anticipated scope, timing and outcome of NOAA’s review of the consolidated application; the Company's expectation that the NOAA process will conclude before the end of Q1 2027; the expected initial operations of the Company in the event the consolidated application is approved; the expected development, commissioning and operation of the first commercial nodule collection system under the Agreement with Allseas, including the nameplate production capacity of 3.0 million wet tonnes per annum and the expected timing of system commissioning in Q4 2027; the design and integration of a complete offshore production and logistics network and the acceleration of procurement and subcontracting activities through the balance of 2026; the anticipated future system configurations and the potential for multiple pathways to potentially materially reduce unit costs and improve offshore productivity over time; the potential for project-level financing opportunities; the Company's belief that its total liquidity will be sufficient to meet its working capital and capital expenditure commitments for at least the next twelve months; the Company's expectation that its first-mover positioning will enable it to help accelerate the development of a broader U.S.-led nodule industry, including the potential to process third-party nodules in the future; the potential economic outcomes described in the Company’s technical reports. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: NOAA's review of the consolidated application and any determinations made during that review, including with respect to the scope of any exploration license or commercial recovery permit that may ultimately be granted; the outcome and timing of regulatory reviews by NOAA under DSHMRA; the ability to obtain an exploitation contract from the International Seabed Authority or permits from the U.S. government; risks related to the Company's dual-path permitting strategy; the successful continuation of the Company's alliance with Allseas, including under the new commercial agreement with Allseas described in this press release, and Allseas' ability to perform as expected; the development, testing, integration, scaling, commissioning and operation of the offshore collection system and its key components; the performance of other contractors and the terms on which they agree to provide services; changes in environmental, mining and other applicable laws and regulations; the availability of and access to capital on acceptable terms, including for amounts needed to fund the Company's share of development costs and operational costs under the commercial agreement described in this press release; risks related to strategic partnerships and technology sharing; uncertainties relating to processing nodules at commercial scale; metals price volatility; the sufficiency of the Company's cash and ability to secure additional financing on acceptable terms or at all; the outcome of any pending or future litigation; and other risks and uncertainties described in greater detail in the section entitled Risk Factors in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.