In its May 14, 2026 quarterly filing and related disclosures, TMC the metals Co Inc. reported continued progress toward commercial-scale production of polymetallic nodules from the deep seabed. Key developments include ongoing pilot testing of offshore collection technology, regulatory review of U.S. permit applications under NOAA's Deep Seabed Hard Mineral Resources Act (DSHMRA), and advancing feasibility studies for onshore processing partnerships. The company’s vertically integrated model encompasses offshore collection, onshore processing, and refining aimed at producing nickel-, cobalt-, and copper-bearing intermediate products. While regulatory and operational execution risks remain significant, near-term growth catalysts are centered on permit approvals and scaling pilot technologies to commercial operations.