TMC metals : First Quarter 2026 Corporate Update (7420c7)

Published: 2026-05-14 16:42:04 ET TMC

Published on 05/14/2026 at 04:42 pm EDT

May 14, 2026

3 Nasdaq: TMC

Offshore: U.S. permitting update 4

Offshore: Allseas agreement and first production system 5

Offshore: American offshore minerals industry 12

Onshore: Mariana Minerals partnership and domestic processing 14

Project economics 17

Liquidity and financial highlights 19

Appendix 23

4 Nasdaq: TMC

2026

Completed milestones

Upcoming milestones

JAN 22, 2026

Application submission

MAR 9, 2026

Substantial compliance

APR 28, 2026

Full compliance

Application posted to

Federal Register

60 days

Public comments on application

Inter-agency review &

certification

Notice of Intent (NOI) for NEPA

EIS posted to Federal Register

Draft EIS (DEIS) for EL & CRP

posted to Federal Register

60 days

Public comments on DEIS & TCRs

Final determination with

final EIS & TCRs

Final EIS & TCRs published to

Federal Register

*EL - Exploration License; CRP - Commercial Recovery Permit; EIS - Environmental Impact Statement; TCR - Terms, Conditions and Restrictions.

Source: NOAA consolidated application process; NOAA implementing regulations for NEPA

5 Nasdaq: TMC

OFFSHORE COLLECTION ONSHORE PROCESSING & REFINING

Largest strategic investor in TMC.

40+ years of operations in the deep sea. Strong track record of pioneering new technologies (e.g., heavy lift).

Invested in offshore production vessel (Hidden Gem) for exclusive use by TMC USA.

Successful pilot of nodule collection technology for TMC in 2022, proving technology at industrial scale, lifting 3,000t of nodules to the surface.

Pilot system being upgraded to commercial system design, Hidden Gem ready for upgrades and commissioning in Q4 2027.

Strategic partner, owner's team. Well-funded AI-driven startup focused on software-enablement of permitting, construction, commissioning and operations of mineral projects; founded by formers from Tesla, Redwood, BASF, Lithium Americas, Exxon--with U.S. mineral processing project development experience.

XPS, a Glencore subsidiary, managed the smelting of nodule-derived calcine in

its facility in Sudbury, ON, as part of TMC's pilot plant program.

Nickel, Copper: 50% offtake over part of TMC contract areas since 2012

Calcined and smelted 2,000 tonnes of nodules in industrial RKEF facilities in Hachinohe, Japan. Developed shared IP.

Refined nodule-derived matte into Ni, Co & Cu products as part of TMC USA's pilot plant program.

Strategic investor in TMC. Proprietary Direct Reduction Smelter (DRS) tech that could be adapted to nodules to reduce OPEX.

Built all-in-one nickel refinery in South Korea.

Leading minerals process engineering group. Developed low risk, near-zero solid waste flowsheet, engineering & economic inputs into TMC's PEA and PFS.

Global leader in developing integrated nodule mining, processing & refining projects with a multi-year lead to production relative to domestic and global competition. Defined resource and reserves. Piloted offshore tech. Completed the world's largest and only EIA for a DSM project. Delivered PEA and PFS (with probable reserves).

Pioneered the development of low risk, near-zero solid waste flowsheet, assembled and managed partnerships to deliver a comprehensive de-risking program. Developed a new, high-value-in-use manganese product. The only company in the world to collect 3,000t sample, enabling industrial scale testing onshore. Completed pilot and industrial scale trials.

6 Nasdaq: TMC

- On May 11, we signed an agreement with Allseas to complete development, commissioning and operation of the first commercial nodule production system

- Nameplate production capacity of 3.0 million wet tonnes of nodules per annum, per the operating configuration and initial development phase outlined in our Pre-Feasibility Study TRS (Aug 2025)

- Configuration will comprise two nodule collector vehicles and their Launch and Recovery Systems (LARS), a riser system, the surface production vessel Hidden Gem, and a transfer vessel

- Allseas will fund a significant portion of pre-production development costs, recoverable through production revenues

- System commissioning expected to begin in Q4 2027

Source: TMC press release dated May 11, 2026.

7 Nasdaq: TMC

Collecting Nodules

Initial Separation and Sizing

Pumping to Surface Separation from Sediment Return of Separated Water Temporary Storage

Transfer to Transport Vessel Transfer to Bulk Carrier Transport to Onshore Facility

Environment al Monitoring

Waste Removal

Refueling

Transfer of Crew and Supplies

14 Onshore Processing Facility

- Scope: Integrated collection, lifting, transfer, transport and delivery to shore. Real-time environmental monitoring and adaptive management

- Target production: Gradual ramp up to 3 million wet tonnes of nodules

- Operating model: Integrated offshore transfer and support vessel network enables continuous nodule transport operations

- Uptime: Expected 273 days per year

Source: PFS Aug 2025; Agreement with Allseas May 2026.

8 Nasdaq: TMC

Nodule Offloading

Nodule Transfer to Bulk Carrier

Crew, Fuel and Supplies

Offshore offloading systems enable nodules to be transferred directly from the production vessel to a dedicated transfer vessel while collection operations continue

Dynamic positioning and coordinated marine operations support safe station-keeping and vessel-to-vessel transfer activities offshore

A transfer vessel shuttles nodules from the offshore production vessel to bulk carriers, with boom-assisted offloading operations conducted while slow-steaming alongside

Integrated logistics planning and modelling used to optimize vessel routing, transfer timing, fleet utilization and offshore operating efficiency

Offshore supply vessels provide fuel, equipment, consumables and personnel transfer services from the San Diego logistics base to the offshore production field, including crew transfer via motion-compensated gangway systems

Operations planning and simulation tools coordinate vessel movements, maintenance activities, personnel rotations and offshore support capacity across the operating fleet

Source: PFS Aug 2025; Agreement with Allseas May 2026.

9 Nasdaq: TMC

Source: PFS Aug 2025; Agreement with Allseas May 2026.

10 Nasdaq: TMC

May 2026

Allseas contract award

Q3 2026

Procurement & subcontracting

Q4 2026-Q3 2027

Fabrication & system integration

Q4 2027

Installation and commissioning

Basic engineering is complete for critical long-lead systems including:

Riser

Launch and Recovery Systems

(LARS)

Umbilical

Tendering and supplier engagement activities expected to commence shortly

Contracts will be awarded for:

- LARS compressor spread

- Navigation equipment

- Riser

- Jumpers

- Riser handling equipment

- Derrick upgrade

- Storage & offloading system

- Collector umbilical

Fabrication and integration work will bring together the major components of the commercial production system

Subsystem assembly, interface management, integration testing, and readiness activities to ensure the system is prepared for commissioning and offshore operations

Source: Agreement with Allseas May 2026.

11 Nasdaq: TMC

Offshore unit cost

First system

Logistics

Eliminate the function of transfer vessel with DP bulk carriers

Energy

Replace airlift with hydraulic riser Replace marine fuel with nuclear

Autonomy

Introduce next-gen supply vessels

Reduce offshore crew

Scale

From 3 Mtpa to 7 Mtpa with 3x20m collectors

Offshore unit cost

Optimized system

Source: TMC Project team

12 Nasdaq: TMC

9 American companies focused on offshore minerals in the high seas & EEZ, including 4 public companies ($TMC, $LMT, $OMEX / AOMC, $SEAS)

13 properties under NOAA license or application

~1.5 million km2 area under license / application by American companies (EEZ + high seas)

$5-8 trillion in estimated contained mineral

value across American-held licenses / applications

Potential for U.S. mineral dependence dominance in base metals & rare earths.

Source: Company press releases and NOAA announcements; TMC analysis of resource exploration potential

13 Nasdaq: TMC

U.S. government actions:

Feb 27, 2026: Defense Industrial Base (DIBC) issued Request for Project Proposals (RPP-CM-26-01) titled "Domestic Processing Capabilities of Critical Minerals" listing 13 minerals including nickel and 4 REEs

Jan 14, 2026: Presidential Proclamation "Adjusting Imports of Processed Critical Minerals and Their Derivative Products into the United States" specifically called out national security implications of 100% net-import reliance for 12 critical minerals including manganese and cobalt and 50% or more net-import reliance for 29 critical minerals including nickel and copper.

Nickel 58.693

Copper 63.546

Manganese 54.938

Cobalt 58.933

21, 39 , 57-71

REE

Nov 7, 2025: USGS / DOI publishes the U.S. Critical Minerals List 2025 listing 60 minerals including all elements of interest contained in nodules.

2016-2024: Strong bi-partisan consensus around the strategic importance of building domestic processing

and refining capacity for base metals and REEs.

Trade restrictions by other governments:

May 2025: President of Gabon restricts exports of manganese ore (64% of U.S. imports) starting Jan 1, 2029.

Apr 2025: China imposes export controls on seven medium- and heavy-rare earth elements (71% of U.S. imports).

February 2025: Democratic Republic of Congo imposes export ban on cobalt (~70% of global production)

Jan 2020: Government of Indonesia bans exports of raw nickel ore (world's largest nickel producer)

Source: U.S. government policy documents; 2025-2026 case studies of weaponization of dominant positions in critical minerals supply chains by adversarial parties.

14 Nasdaq: TMC

- One of the sites currently being considered by TMC USA is

located in the Port of Brownsville where TMC USA holds

an exclusive right of negotiation with the Port of Brownsville on a lease option for land sufficient to develop a domestic processing and refining ecosystem for TMC USA and other American operators, with the ultimate decision conditional on U.S. government support.

- The area covers a total of 1,466 acres of land in two separate land parcels (735 acres on the Brownsville Shipping Channel and an adjacent 731 acres). A prefeasibility study is already under way for a 12 Mtpa industry park.

- No capital commitment right now, and future capital commitment

would be contingent on gov't support.

Source: TMC Project team

15 Nasdaq: TMC

About Mariana Minerals:

Co-founder & CEO Turner Caldwell is a former Tesla executive

~200 staff (20% software engineers), 4 projects and 2

pilot facilities (San Francisco and Houston)

Mariana Minerals delivered an initial report on the potential domestic processing and refining of nodules in 2025

Key terms:

High-level framework agreement aligning on partnership objectives, roles, governance and timelines

Mariana will deliver software-driven management

throughout EPC (CapitalProjectOS) and operations

(PlantOS), subject to definitive agreements

Next steps:

Definitive Feasibility Study Agreement

Materials Testing Agreement (AI-process controls pilot)

Source: Mariana Minerals' team.

16 Nasdaq: TMC

- The Metals Royalty Co. began public trading on April 8 (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 (currently

~25% ownership in TMCR which has a market capitalization of

~$760M).

- 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%

- TMCR recently announced the acquisition of a royalty interest on the Mesabi Metallics iron ore project in Minnesota - one of the United States' only large-scale sources of merchant DR-grade iron ore pellets, with production targeted the second half of 2026 - alongside a concurrent equity financing. A corporate update webinar held on May 13, 2026 is available for replay at themetalsroyaltyco.com.

Source: Investor presentation at https://www.themetalsroyaltyco.com/

17 Nasdaq: TMC

PFS

$5.5 billion NPV

$18.1 billion NPV

Not covered by PFS / IA, no QP-verified resource estimate yet

Note: TMC USA applied for an additional exploration area surrounding NORI-D and TOML-F with an expected exploration potential. These areas are excluded from the PFS and IA as no resource definition

work has been undertaken by TMC USA on these areas yet.

Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025; SK-1300 Technical Report Summary, Initial Assessment of NORI and TOML areas, August 2025

18 Nasdaq: TMC

Approach

2025

PFS

Capital-light

2025

Contracted

Resource base

363 Mt

164 Mt

$5.5B

27%

$69.9B

$595

$29.2B

$254 43%

$1,065

$2,569

1,276 Mt

670 Mt

$18.1B

36%

$298.9B

$605

$171.9B

$347 57%

-$6,939

-$5,903

Recoverable nodules in wet tonnes

Post-tax NPV8

IRR (real terms)

Revenue over life of project

Revenue per tonne of dry nodules, steady state

EBITDA over life of project

EBITDA per tonne of dry nodules, steady state

EBITDA margin per tonne, steady state

C1 Cash cost per tonne of nickel incl. byproduct credits

All-In Sustaining Cost (AISC) per tonne of nickel incl. byproduct credits

PFS + IA = economic potential of 1.6Bt resource.

Combined

1,639 Mt

834 Mt

$23.6B

$368.8B

$201.1B

Note: 'Steady state' defined as 2031-2043 for 2025 PFS and 2039-2058 for 2025 IA.

Source: SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025; SK-1300 Technical Report Summary, Initial Assessment of NORI and TOML areas, August 2025

19 Nasdaq: TMC

The increase in the cash balance compared to $117.6 million at December 31, 2026 was partially driven by

$9 million received on March 31, 2026 related to sell-to-cover tax transactions on stock-based compensation granted in prior years which was then remitted to tax authorities shortly after quarter end.

($mm)

Q1 2026

Q1 2025

Change

Exploration and evaluation expenses

13.3

9.5

3.8

General and administrative expenses

20.7

8.5

12.2

Operating loss

34.0

18.0

16.0

Equity-accounted investment loss

2.9

Gain on dilution of investment

(4.6)

Change in fair value of warrants liability

(10.7)

0.5

(11.2)

Foreign exchange loss (gain)

(0.7)

1.1

(1.8)

Interest expense (income)

(1.1)

Fees and interest on borrowings and credit facility

0.7

1.0

(0.3)

Other items

(13.5)

2.6

(16.1)

Net loss

20.5

20.6

(0.1)

Loss per share ($)

0.05

0.06

(0.01)

Disclaimer

TMC the metals company Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:40 UTC.