TMC the metals company Inc
NASDAQ:TMC
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TMC the metals company Inc
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TMC the metals company Inc
TMC the metals co., Inc. is engaged in nodule collecting and onshore processing systems. The company is headquartered in Vancouver, British Columbia and currently employs 31 full-time employees. The company went IPO on 2020-06-26. The firm is focused on metal recovery from polymetallic nodules to support demand from battery and electric vehicle production through the development of a process that produces metals from the polymetallic nodules with zero solid processing waste. Its products include nickel sulfate, cobalt sulfate, copper and manganese. The firm's polymetallic nodule collection reduces the environmental and social impact of primary metal production, and a flow sheet that it expects could lead to the substantial reduction or elimination of tailings.
TMC the metals co., Inc. is engaged in nodule collecting and onshore processing systems. The company is headquartered in Vancouver, British Columbia and currently employs 31 full-time employees. The company went IPO on 2020-06-26. The firm is focused on metal recovery from polymetallic nodules to support demand from battery and electric vehicle production through the development of a process that produces metals from the polymetallic nodules with zero solid processing waste. Its products include nickel sulfate, cobalt sulfate, copper and manganese. The firm's polymetallic nodule collection reduces the environmental and social impact of primary metal production, and a flow sheet that it expects could lead to the substantial reduction or elimination of tailings.
Regulatory progress: The company's consolidated NOAA application was deemed substantially compliant and management now expects grant of the commercial recovery permit within the next 12 months.
Permitting-driven timetable: TMC continues to target system commissioning for its offshore collection system (Hidden Gem) and related long-lead engineering; earlier slides and comments reference a commissioning target of Q4 2027 for the system.
Onshore processing push: TMC is conducting site-specific feasibility for a potential 12 million tpa nodule industrial park near Brownsville, Texas, and has added Mariana Minerals to the owners team to accelerate feasibility and execution.
Commercial arrangements: Management said commercial terms with strategic offshore partner Allseas (Artis/Allseas referenced) are agreed in principal for a nominal 3 million wet tonnes per annum collection system; a definitive agreement expected shortly.
Finance / liquidity: Year-end cash was $117.6 million (expected ~ $110 million at March 31, 2026); liquidity (cash plus unsecured borrowing capacity) was $162 million at year-end and expected to be ~ $154 million at March 31, 2026 — management said no imminent need to raise public capital.
2025 financials: Q4 net loss widened to $40.4 million ($0.08/share) driven by higher G&A and share-based compensation; free cash outflow for full-year 2025 was $43.1 million, roughly flat to 2024.
Technical / environmental work: Management emphasized completion of a large EIA/EIS data set and publication of pre-feasibility and initial assessment studies (combined NPV cited as $23.6 billion) as the basis for commercial viability claims.
