Recent developments include Q1 2026 earnings calls, strategic partnership agreements, regulatory application progress, and market positioning as a leader in deep-sea mining.

• TMC held Q1 2026 earnings calls providing business updates and financial results [N1][N2][N3].
• The company announced a new electric vehicle supply chain initiative leveraging deep-sea mining resources [N4].
• TMC continues to be recognized as a leader in deep-sea mining, though competitive dynamics may evolve [N5].
• Political and regulatory developments in Washington, including executive orders and congressional hearings, have increased focus on deep-sea mining [N6].
• Retail investor sentiment has turned bullish despite the stock being down 17% year-to-date [N7].
• Deep-sea mining received a political tailwind, highlighting the need for a long-term investment perspective [N8].

TMC's large polymetallic nodule resource aligns with U.S. national security and economic priorities, potentially reducing dependence on foreign sources for critical metals. Strategic partnerships and demonstrated pilot technologies support the feasibility of commercial-scale operations. The company's integrated supply chain approach, including potential U.S.-based processing and refining, could create a secure and efficient source of critical metals. Political and regulatory developments, including expedited permitting processes and executive orders, provide a supportive environment for deep-sea mining. Market demand for nickel, cobalt, copper, manganese, and rare earth elements across strategic sectors underpins the potential value of TMC's resource.

TMC faces significant regulatory risks, including uncertainty in obtaining commercial recovery permits and environmental approvals under U.S. and international regimes. The company requires substantial additional financing to advance development and commercial operations, with no assurance of availability on acceptable terms. Operational challenges include scaling offshore collection systems and establishing onshore processing facilities, with reliance on partners and unproven technologies. Market acceptance of novel manganese silicate products is uncertain, and commodity price volatility could impact economic viability. Ongoing litigation and potential delays in regulatory or project milestones could adversely affect business prospects.

TMC's moat derives from its unique access to one of the world's largest undeveloped polymetallic nodule resources in international waters, combined with its strategic positioning under U.S. regulatory regimes distinct from the International Seabed Authority. The company's integrated approach spans offshore collection technology, onshore processing, and refining, supported by partnerships with established industry players such as Allseas, PAMCO, Korea Zinc, Mariana Minerals, and Glencore. The near-zero solid waste processing flowsheet and focus on critical minerals essential to multiple strategic sectors further strengthen its competitive position. Regulatory progress and exclusive exploration contracts provide barriers to entry for competitors in this emerging deep-sea mining sector.

• Regulatory Approval Risk: TMC must obtain commercial recovery permits and environmental approvals under U.S. DSHMRA and maintain compliance with ISA contracts. Delays or denials could impede commercial production.
• Financing Risk: The company requires additional capital to fund development and operations. Failure to secure financing on acceptable terms could force reduction or termination of operations.
• Operational Risk: Development and commissioning of offshore collection systems and onshore processing facilities involve technical and execution challenges, including reliance on partners and new technologies.
• Market Acceptance Risk: The novel manganese silicate product may face slow market acceptance, and competition from alternative metal sources could affect demand and pricing.
• Legal and Litigation Risk: Ongoing litigation matters exist, and while no material proceedings currently threaten operations, future legal challenges could impact financial condition.

• TMC the metals Co Inc. is a deep seabed minerals developer focused on collection, processing, and refining of polymetallic nodules from the Clarion Clipperton Zone (CCZ) in international waters of the Eastern Pacific Ocean approximately 1,500 miles southwest of San Diego, California.
• Polymetallic nodules contain nickel, copper, cobalt, manganese, and rare earth elements (REEs) in a single rock, all classified as critical minerals by the U.S. Department of Interior's 2025 List of Critical Minerals.
• The company aims to build a 'metal commons' stock of metals for sustainable use and reuse over generations, addressing rising demand and insufficient existing metal stocks.
• TMC holds exploration contracts under two regulatory regimes: the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA) administered by NOAA, and the International Seabed Authority (ISA) under UNCLOS, with a focus on advancing commercial production under the U.S. DSHMRA pathway.
• TMC USA submitted a consolidated exploration license and commercial recovery permit application to NOAA covering approximately 65,000 km2 with estimated mineral resources including 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese.
• The company has strategic partnerships with Allseas (offshore engineering and nodule collection system development), Pacific Metals Co. Ltd. (PAMCO) for onshore processing feasibility studies in Japan, Korea Zinc for refining and precursor cathode active material technology, Mariana Minerals for potential U.S. onshore processing and refining facilities, and Glencore International AG holding offtake rights to 50% of NORI nickel and copper production.
• TMC has developed and tested a pilot nodule collection system and is modifying it into a commercial production system.
• The company has completed prefeasibility and feasibility studies for processing nodules, including a near-zero solid waste flowsheet demonstrated at pilot and industrial scale facilities.
• TMC signed a Strategic Partnership Agreement with Mariana Minerals in March 2026 to develop a feasibility study for a nodule processing and refining facility in Brownsville, Texas.
• The company plans a phased ramp-up with offshore production using the Hidden Gem vessel upgraded to 3.0 Mtpa wet nodules capacity and additional vessels to reach approximately 12 Mtpa steady state production.
• TMC reported cash and equivalents of $119.7 million and current assets of $122.8 million against current liabilities of $56.5 million as of March 31, 2026, with a current ratio of 2.17 and cash ratio of 2.12.
• For the quarter ended March 31, 2026, TMC reported a net loss of $20.6 million and basic and diluted EPS of $0.05.
• The company is pre-revenue with minimal reported revenue of $410,000 as of June 30, 2024, reflecting its development stage.
• TMC's metals are used in strategic sectors including semiconductors, AI data centers, steel manufacturing, defense, marine industrial base, energy infrastructure, aerospace, batteries, and chemical industries.
• The company faces regulatory risks including the need to obtain commercial recovery permits and environmental approvals under U.S. and international regimes.
• TMC is exposed to financing risks as it requires additional capital to fund development and commercial operations, with no assurance of obtaining financing on acceptable terms.
• The company faces operational risks related to the development and commissioning of offshore collection systems and onshore processing facilities, including reliance on partners and technology development.
• TMC is subject to market risks including commodity price volatility, competition from alternative metal sources, and potential delays in market acceptance of novel manganese silicate products.
• The company is involved in ongoing litigation matters as disclosed in SEC filings but no material legal proceedings currently threaten operations.
• Retail investor sentiment has shown bullish shifts despite stock price declines in 2026, and the company has received political and regulatory attention supportive of deep-sea mining initiatives in the U.S.
• Recent news highlights include Q1 2026 earnings call transcripts and business updates, strategic partnerships, regulatory developments, and market positioning as a deep-sea mining leader.