
TMCTMC the metals company Inc.
Industry Mining materials Updated 28 Sep 2026 Price 23 Oct 2026
If management hits its targets, one share by the end of 2028
$2.43 → $3.04
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
Dates slip; the money comes from somewhere else. Two of eleven settled promises held. The permit and first-production dates are still open, and both have been reworded.
| Promise | Made in | What happened | |
|---|---|---|---|
| PAMCO trial done early '25 | Q3 '24 | Feb '25 | Held |
| No raise in the near term (Nov '25) | Q3 '25 | none since | Held |
| Study before the June '25 filing | Q4 '24 | 4 Aug '25 | Late |
| New shelf and ATM by end '25 | Q2 '25 | shelf Mar '26; no ATM | Late |
| NOAA rule around Dec '25 | Q3 '25 | 21 Jan '26 | Late |
| Allseas deal 'in the coming days' | Q4 '25 | 45 days; cost split changed | Late |
| Mariana feasibility agreement | Q4 '25 | work began, no agreement | Late |
| Cash use under $5M a quarter | Q3 '24 | $9–20M a quarter | Dropped |
| $37M raise funds it to the permit | Q1 '25 | Korea Zinc added $85M; no permit | Open |
| Permit by Q1 '27 | Q4 '25 | 'a few months' late, no quarter | Open |
| First production Q4 '27 | Q2 '25 | now 'commissioning to begin' | Open |
| US government support in 2026 | Q4 '25 | talks, no award | Open |
| NORI's ISA application, 27 Jun '25 | Q3 '24 | filed with NOAA instead | Missed |
| ISA Mining Code in 2025 | Q3 '24 | no target date | Missed |
| Brownsville land 'in the near future' | Q4 '25 | no lease | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
NOAA permitPage one since Q4 '25
ISAFirst seen Q3 '24
LiquidityOff page one Q4 '25
Study NPVOff page one Q1 '26
Peer valueFirst seen Q3 '24
EnvironmentFirst seen Q3 '24
US policyFirst seen Q3 '24
ProcessingFirst seen Q3 '24
AllseasFirst seen Q2 '25
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
U.S. permitting through NOAA (DSHMRA)
“Another path forward has emerged, and we are going to take it.”
Deck TMC Fourth Quarter 2024 Corporate Update · p. 7 ·
U.S. permitting through NOAA (DSHMRA)
“TMC USA has filed the world’s first commercial recovery permit application and two exploration license applications under existing U.S. seabed mining code.”
Deck TMC First Quarter 2025 Corporate Update · p. 5 ·
U.S. permitting through NOAA (DSHMRA)
“We are systematically moving through an enforceable and transparent U.S.”
Deck TMC Second Quarter 2025 Corporate Update · p. 9 ·
U.S. permitting through NOAA (DSHMRA)
“We are systematically moving through an enforceable and transparent U.S.”
Deck TMC Third Quarter 2025 Corporate Update · p. 9 ·
U.S. permitting through NOAA (DSHMRA)
“❑ Commercial Recovery Permit grant in less than one year from today with regular public updates on milestones including full compliance, certification, EIS”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 4 ·
U.S. permitting through NOAA (DSHMRA)
“Consolidated application: the path to permit is clear, with EL/CRP grant expected in Q1 2027.”
Deck TMC First Quarter 2026 Corporate Update · p. 4 ·
U.S. permitting through NOAA (DSHMRA)
“U.S. permitting: NOAA is making steady progress. There have been administrative delays of a few months, but CRP still expected well in advance of vessel commissioning.”
Deck TMC Second Quarter 2026 Corporate Update · p. 4 ·
ISA application and ISA gridlock
“‒ NORI has set the date of June 27, 2025 for its expected submission of the Application to the ISA, after discussions with Nauru”
Deck TMC Third Quarter 2024 Corporate Update · p. 6 ·
ISA application and ISA gridlock
“Mining Code, and no agreement on NORI application review process.”
Deck TMC Fourth Quarter 2024 Corporate Update · p. 10 ·
ISA application and ISA gridlock
““Since 2019, the ISA Council has missed two self -imposed deadlines to complete its work on the regulations…””
Deck TMC Third Quarter 2025 Corporate Update · p. 11 ·
ISA application and ISA gridlock
“‐ In a further sign of the Authority’s inertia, the Council agreed to devise a roadmap towards a roadmap for the adoption of the Mining Code”
Deck TMC Second Quarter 2026 Corporate Update · p. 19 ·
Liquidity and funding
“TMC liquidity (cash plus borrowing capacity) of ~$49 million at”
Deck TMC Third Quarter 2024 Corporate Update · p. 4 ·
Liquidity and funding
“TMC liquidity (cash plus borrowing capacity) of $62 million at Dec.”
Deck TMC Fourth Quarter 2024 Corporate Update · p. 33 ·
Liquidity and funding
“Direct Offering funds us beyond potential grant of commercial recovery permit.”
Deck TMC First Quarter 2025 Corporate Update · p. 3 ·
Liquidity and funding
“TMC liquidity (pro forma cash plus borrowing capacity) of $165 million at June 30, 2025.”
Deck TMC Second Quarter 2025 Corporate Update · p. 23 ·
Liquidity and funding
“TMC has liquidity of $165M as of November 13 excluding in-the-money warrants, with no need to tap the public markets in the near term.”
Deck TMC Third Quarter 2025 Corporate Update · p. 4 ·
Liquidity and funding
“TMC had liquidity of $162M as of December 31 excluding in -the-money warrants, with no need to tap the public markets in the near term.”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 18 ·
Liquidity and funding
“TMC had liquidity of $164M (cash plus borrowing capacity) as of March 31, 2026.”
Deck TMC First Quarter 2026 Corporate Update · p. 19 ·
Liquidity and funding
“was $143 million at June 30, 2026.”
Deck TMC Second Quarter 2026 Corporate Update · p. 25 ·
PFS and IA project economics
“We have now completed the PFS for the NORI-D Project.”
Deck TMC Third Quarter 2024 Corporate Update · p. 12 ·
PFS and IA project economics
“Two new economic reports show the value and commercial viability of these low-cost nodule projects.”
Deck TMC Second Quarter 2025 Corporate Update · p. 4 ·
PFS and IA project economics
“Two new economic studies show the value and commercial viability of our projects.”
Deck TMC Third Quarter 2025 Corporate Update · p. 18 ·
PFS and IA project economics
“✓ World-first PFS for nodule project + IA = $23.6B NPV”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 4 ·
PFS and IA project economics
“Project economics: Two studies cover total estimated 1.6 billion tonne resource, with combined NPV of $23.6 billion.”
Deck TMC First Quarter 2026 Corporate Update · p. 17 ·
PFS and IA project economics
“Project economics: Two studies cover total estimated 1.6 billion tonne resource, with combined NPV of $23.6 billion.”
Deck TMC Second Quarter 2026 Corporate Update · p. 22 ·
Valuation against nickel peers
“And yet, TMC is valued at a fraction of other pre-production nickel developers, most of which are yet to be fully permitted.”
Deck TMC Third Quarter 2024 Corporate Update · p. 9 ·
Valuation against nickel peers
“Based on comparable companies, we believe we are still undervalued.”
Deck TMC Second Quarter 2025 Corporate Update · p. 22 ·
Valuation against nickel peers
“Based on comparable companies, we believe we are still undervalued.”
Deck TMC Third Quarter 2025 Corporate Update · p. 22 ·
Valuation against nickel peers
“Based on comparable companies, we believe we are still undervalued.”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 17 ·
Valuation against nickel peers
“We believe TMC is undervalued at 8% of SEC -compliant”
Deck TMC Second Quarter 2026 Corporate Update · p. 24 ·
Environmental impact evidence
“Our EIS is focusing on addressing six primary concerns. Preliminary results are encouraging on every one of them.”
Deck TMC Third Quarter 2024 Corporate Update · p. 17 ·
Environmental impact evidence
“Our EIS is addressing six primary concerns. Results are encouraging on every one of them.”
Deck TMC Fourth Quarter 2024 Corporate Update · p. 25 ·
Environmental impact evidence
“Our EIS is addressing six primary concerns. Results are encouraging on every one of them.”
Deck TMC First Quarter 2025 Corporate Update · p. 19 ·
Environmental impact evidence
“After a decade of environmental research, the results are in —and with our EIA complete, we’ve begun sharing key takeaways in new video series.”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 14 ·
U.S. critical-minerals policy
“With the U.S. election now over and Republicans controlling the White House and Congress, multiple pending actions are set to accelerate in 2025.”
Deck TMC Third Quarter 2024 Corporate Update · p. 14 ·
U.S. critical-minerals policy
“Order of April 24, 2025, calls for America’s return to leadership in the offshore minerals industry.”
Deck TMC First Quarter 2025 Corporate Update · p. 7 ·
U.S. critical-minerals policy
“The problem: today, America depends entirely on imports for primary Ni, Mn and Co.”
Deck TMC Third Quarter 2025 Corporate Update · p. 5 ·
U.S. critical-minerals policy
“‐ On March 13, 2026, TMC joined the Defense Industrial”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 10 ·
U.S. critical-minerals policy
“‐ On August 7, 2026, President Trump convened a roundtable at the U.S. Department of State with 200+ mining executives, educators and investors, announcing ~$3 billion of new critical minerals and battery investment — and also expressly discussed recovery of polymetallic nodules from the deep seabed”
Deck TMC Second Quarter 2026 Corporate Update · p. 17 ·
Onshore processing, from PAMCO tolling to a U.S. site
“The world’s first commercial-scale nodule processing trial is underway at PAMCO’s facility in Japan.”
Deck TMC Third Quarter 2024 Corporate Update · p. 13 ·
Onshore processing, from PAMCO tolling to a U.S. site
“᠆ By utilizing PAMCO’s existing facility, TMC can eliminate the need for upfront onshore capital expenditures as part of its capital-light approach”
Deck TMC First Quarter 2025 Corporate Update · p. 17 ·
Onshore processing, from PAMCO tolling to a U.S. site
“RKEF plants (PAMCO/Japan, Indonesia)”
Deck TMC Second Quarter 2025 Corporate Update · p. 14 ·
Onshore processing, from PAMCO tolling to a U.S. site
“For the U.S. to establish a domestic processing ecosystem for nodules, it first requires a site -specific feasibility study. TMC USA is progressing this work in Brownsville, Texas.”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 7 ·
Onshore processing, from PAMCO tolling to a U.S. site
“Onshore: Site-specific feasibility studies are a prerequisite for any”
Deck TMC First Quarter 2026 Corporate Update · p. 14 ·
Onshore processing, from PAMCO tolling to a U.S. site
“Nodules to be shipped to the USA for processing via the Panama Canal.”
Deck TMC Second Quarter 2026 Corporate Update · p. 12 ·
Allseas offshore production system
“TMC payback to Allseas once in production”
Deck TMC Second Quarter 2025 Corporate Update · p. 4 ·
Allseas offshore production system
“Development of offshore production system moving ahead, with commissioning targeted for Q4 2027.”
Deck TMC Fourth Quarter 2025 Corporate Update · p. 6 ·
Allseas offshore production system
“Allseas to complete development and operate first commercial offshore system.”
Deck TMC First Quarter 2026 Corporate Update · p. 6 ·
Allseas offshore production system
“‐ System commissioning expected to begin in Q4 2027 9”
Deck TMC Second Quarter 2026 Corporate Update · p. 9 ·
What they keep talking about · 9
The themes that show up deck after deck, and the ones that disappear.
- NOAA permit
- First in the March '25 deck ('another path forward'), the opening slide from Q4 '25. The grant date went from under a year (Mar '26) to Q1 '27 (May '26) to 'administrative delays of a few months' and no quarter (Aug '26).
- ISA
- The plan of record in Nov '24, with a June '25 filing date; from March '25 only the slow alternative, down to the Council's 'roadmap towards a roadmap' (Aug '26).
- Liquidity
- On every deck: ~$49M (Sep '24) to $165M (Nov '25) on Korea Zinc and the May '25 raise, then $143M (Jun '26). On the opening slide until Q3 '25, at the back since.
- Study NPV
- $23.6B of combined NPV on every deck since Aug '25, unchanged; 'combined NPV today' became 'combined NPV' in 2026.
- Peer value
- 'We believe we are still undervalued' against nickel developers, on five decks; the peer source switched from Cantor Fitzgerald to 'consensus estimates' in Q2 '26.
- Processing
- Capital-light tolling at PAMCO in Japan (2024–25) became a Brownsville, Texas site from Q4 '25, contingent on US government support.
- Allseas
- Production 'Q4 2027' from Aug '25; the long-form deal signed May '26, with Allseas now funding 'a significant portion' recoverable from production.
- New
- Q2 '26: dated permitting steps (August and October '26 estimates) and a scale-up from 3 to 7 Mt a year.
- Quiet
- The six-concern environmental slide ran to Q1 '25; the equity-raised table last appeared in Q2 '25; ATM and shelf capacity stopped being charted after Q1 '25.
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 13 Aug 2026
- Q1 2026 release · 8-K 14 May 2026
- Q4 2025 release · 8-K 27 Mar 2026
- Q3 2025 release · 8-K 13 Nov 2025
- Q2 2025 release · 8-K 14 Aug 2025
- Q1 2025 release · 8-K 14 May 2025
- Q4 2024 release · 8-K 27 Mar 2025
- Q3 2024 release · 8-K 14 Nov 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
8 calls · Q3 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q3 24 | Q4 24 | Q1 25 | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|---|---|---|
| Demand & customers | 12% | 17% | 20% | 10% | · | · | · | 8% |
| Growth & sales | 12% | 8% | 10% | · | · | · | · | · |
| Pricing & margins | 12% | · | · | · | · | · | 50% | 8% |
| Guidance & outlook | · | 17% | · | 10% | · | · | · | · |
| Capacity & supply | 12% | · | 10% | 10% | · | 29% | · | · |
| Capital & financing | · | · | 10% | 20% | · | · | · | 15% |
| Products & technology | 12% | · | 10% | 30% | · | · | 50% | 15% |
| Macro & regulation | 25% | 17% | 20% | 30% | 25% | · | · | 15% |
| Other | 62% | 50% | 60% | 20% | 75% | 71% | 50% | 54% |
| Questions | 8 | 12 | 10 | 10 | 4 | 7 | 2 | 13 |
| How much the CEO talked | 37% | 57% | 56% | 52% | 64% | 57% | 64% | 71% |
Who’s in charge, who’s selling
read from the filings · 7 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · live
The build is not funded, and the next money is new shares
Cash $98.7M at June '26, and the 10-Q says the company needs and is seeking more. Ready to use: an automatic shelf (Mar '26), a share plan raised by 40M shares in 2025 plus 4% each year, 52M awards and about 31M warrants outstanding. Shares are up 2.5 times since 2020.
Tier 2 · stable
The CEO and a director's fund are the standby lenders, for a fee
A $44M line from Barron and ERAS (Karkar's family fund, 14.8%), undrawn, charging 6.5% a year on the undrawn amount: $3.2M paid to the two in 2025. Karkar chairs the compensation committee and counts as independent.
Tier 2 · stable
Chair and CEO in one, and three directors who are paid advisers
Jurvetson, Hess and Spiro are paid in options and RSUs under consulting agreements; Hess may put up to $25M into the next raise. Six of the ten directors are independent.
Tier 2 · stable
Pay rides on price hurdles, and the officers sell
The CEO's 20M RSUs vest at $7.50, $10 and $12.50; compensation actually paid was $99.8M in 2025. Officers and a director sold $14.9M from Jul '25 to Sep '26, none under a pre-set plan; nobody bought.
Tier 3 · resolved
A restatement over the royalty, fixed
In Mar '24 the 2023 quarterly reports were declared unreliable: the NORI royalty had been booked as a sale, not as debt. The weakness was reported remediated in 2025; the controls have never been audited.
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Share plan +40M (Aug '25 meeting)Stock to pay staff and executives. Lets the company create new shares to hand out as pay. Every new share makes each existing share a slightly smaller slice of the company, so a no says shareholders think the dilution is too much. | 10.8M | — | — |
| Pay (advisory)Executive pay. Shareholders say whether they accept what the top executives were paid. The vote is advisory: the board can ignore it, but a large no is a public rebuke and boards usually change the pay plan after one. | — | 3.2M | 1.5% |
| Khama (audit)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 4.7M | 0.8M | 0.4% |
| Madsbjerg (nominating chair)A board seat. | 4.2M | 1.5M | 0.7% |
| Hall (audit chair)A board seat. | 4.2M | 0.7M | 0.3% |
| Spiro (paid adviser)A board seat. | — | 1.5M | 0.7% |
| Karkar (pay chair, lender)A board seat. | 0.3M | 0.9M | 0.4% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Jul 2025–Sep 2026 | Sold | Note |
|---|---|---|
| Ilves, chief strategy officer | $9.2M | 22 Sep '25, no plan; her retention grant came the next day |
| O'Sullivan, chief development officer | $4.0M | May–Dec '25; three sales reported late |
| Shesky, CFO | $1.6M | Mar '26, sell-to-cover for taxes |
| May, director | $0.1M | Jun '26, sell-to-cover; left the board Sep '26 |