TMC the metals Co Inc. (TMC) SEC Filings & Earnings Calls

Company is pre-revenue; commercial deep seabed mining operations not yet commenced; regulatory and operational risks remain high.

“as the Company prepares to launch the world’s first commercial-scale deep seabed mineral operations” · word for word

Dependence on regulatory approvals from NOAA and international bodies.

“TMC USA’s applications for exploration and commercial recovery of seabed minerals through NOAA’s regulatory pathway”

Regulatory and environmental review process still ongoing; final permits not yet granted.

“NOAA's review will continue under DSHMRA and its implementing regulations and is now expected to proceed through remaining steps.” · word for word

Regulatory process still ongoing; final license not yet granted.

“NOAA will publish for public comment a draft EIS and draft Terms, Conditions and Restrictions.” · word for word

Significant net loss and cash burn; no revenue yet

“Net loss of $60.1 million; cash used in operations $20.1 million in Q2 2026.”

Regulatory and permitting uncertainty for deep-sea mining operations

“Permit expected in advance of targeted Q4 2027 offshore collection system commissioning; NOAA review ongoing.”

Dependence on U.S. government funding; not pursuing other capital market transactions until funding processes completed

“Company does not currently intend to pursue other capital market transactions until such time as one or more of these processes are completed.” · word for word

Regulatory Approval Risk

“The permit issuance remains subject to the successful completion of all remaining review stages under DSHMRA, including certification (with interagency consultation), preparation of an Environmental Impact Statement, a public comment period, and NOAA's final determination.” · word for word

ISA Non-Compliance Risk

“The ISA has an ongoing inquiry into the possible non-compliance of NORI and TOML with their respective exploration contracts, which NORI and TOML dispute and which is the subject of proceedings before the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea.” · word for word

Going Concern / Liquidity Risk

“We have yet to generate any revenue from our business operations. We are a development company and the recovery of our investment in mineral exploration contracts and attainment of profitable operations are dependent upon many factors.” · word for word

Litigation Risk

“On January 23, 2023, investors in the 2021 private placement from the Business Combination filed a lawsuit against the Company...The Plaintiffs are seeking to recover compensable damages caused by the alleged wrongdoings.” · word for word

Regulatory and commercial uncertainty in deep-sea mining

“The filing does not mention regulatory approvals or commercial production timelines; the shares were issued under a commercial arrangement that may depend on future milestones.”

Regulatory and commercial uncertainty in deep-sea mining

“The filing does not mention regulatory approvals or commercial production timelines; the shares were issued under a commercial arrangement that may depend on future milestones.”

No revenue and reliance on future regulatory approvals

“We have yet to generate any revenue from our business operations. We are a development company and the recovery of our investment in mineral exploration contracts and attainment of profitable operations is dependent upon many factors including, among other things, the development of a commercial production system for collecting polymetallic nodules from the ” · word for word

Financing risk and potential dilution

“We will, however, need and are seeking additional financing to fund our continued operations over time. These financings could include additional public or private equity, debt financings, equity-linked financings or other sources of financing, including through government-based funding, non-dilutive asset, royalty or project-based and/or asset-based financi” · word for word

Pre-revenue company with significant net loss; reliance on regulatory approvals and project financing for commercial operations.

“Net loss of $20.6 million; no revenue; regulatory process still ongoing with expected permit by Q1 2027.”

Pre-revenue development stage with significant net losses

“Our net loss for the year ended December 31, 2025 was $319.8 million, a $237.9 million, or 290.5%, increase from our net loss for the year ended December 31, 2024 of $81.9 million.” · word for word

Dependence on regulatory approvals for commercial production

“The news followed earlier determinations by NOAA in May 2025 that the applications were in substantial compliance, which we believe demonstrates a systematic regulatory process under DSHMRA as we target a fourth quarter 2027 commissioning, subject to timely obtaining all necessary regulatory approvals.” · word for word

Related party transactions and potential conflicts of interest

“On March 22, 2024, we entered into an Unsecured Credit Facility (the "2024 Credit Facility") with Gerard Barron and ERAS Capital LLC, the family fund of our director, Andrei Karkar.” · word for word

Regulatory Uncertainty - No Commercial Precedent

“No seafloor polymetallic nodule deposit has ever been commercially collected, and our offshore collection technology and development plans and processes may not be sufficient to accomplish our objectives.” · word for word

Dependence on Strategic Partners

“Our business is substantially dependent on our strategic relationship with Allseas. If we and Allseas are unable to successfully maintain and expand this relationship, our business may be materially harmed.” · word for word

Need for Additional Capital

“Our business is capital intensive, and we will be required to raise additional funds in the future to accomplish our objectives. This additional financing may not be available on acceptable terms or at all.” · word for word

Environmental and Social License Risks

“Negative perceptions related to the offshore collection of polymetallic nodules could have a material adverse effect on our business.” · word for word

Litigation Exposure

“We are involved in litigation that may adversely affect us.” · word for word

No revenue; pre-revenue explorer with significant operating losses and cash burn.

“Operating loss $44.7M; net loss $40.4M; cash used in operations $11.4M in Q4.”

Domestic processing hub investment conditional on U.S. government support; no capital commitments made.

“Investment decision conditional on U.S. government support; no capital commitments made by TMC USA.”

Permitting timeline uncertain; reliance on regulatory milestones.

“Expects permit within a year but subject to NOAA determination and EIS.”

Going concern risk

“We will however need and are seeking additional financing to fund our continued operations over time.” · word for word

Regulatory approval risk

“NORI’s exploration contract expires on July 21, 2026. NORI is required to submit an application for extension no later than six months before the expiration of the contract.” · word for word

Dilution risk

“On June 16, 2025, we entered into a Securities Purchase Agreement with Korea Zinc Company, Ltd. ... to issue and sell to Korea Zinc 19,623,376 of our common shares and accompanying warrants ... for gross cash receipt of $85.2 million.” · word for word

Significant net loss driven by non-cash items including share-based compensation and fair value changes

“Net loss of $184.5 million; affected by non-cash and non-recurring items”

Regulatory uncertainty remains despite progress; commercial production dependent on permit

“Expects to start commercial production in Q4 2027 if we receive a commercial recovery permit”

Pre-revenue company with ongoing cash burn; $11.5M used in operations in Q3

“$11.5 million cash used in operations for the quarter” · word for word