TMC the metals company Inc. (TMC) Q3 2026 Earnings Report

The call was broadly constructive, highlighting progress toward NOAA certification, a materially lower-capital offshore start, environmental research milestones, Brownsville engineering progress, Japan processing optionality, and improved net loss. However, the call also acknowledged a delayed permitting decision, uncertainty around Brownsville timing and funding, higher exploration and cash costs, a revised lower initial production rate, unresolved PAMCO cost sharing, and sharply reduced valuation metrics. The highlights significantly outweighed the lowlights, although execution remains dependent on permitting, government support, and staged development.

Management expects NOAA to decide on certification by mid-December, after the first of several 60-day public comment periods, and, assuming a positive certification decision in mid-December, the application will proceed into environmental review. Offshore, TMC and Allseas plan to begin at approximately 1 million tonnes annually, with the potential to increase up to 1.5 million in year 2, while maintaining the planned annual production profile toward 12 million tonnes across 4 production vessels; estimated upfront capital required to reach first production is reduced from roughly $800 million, of which TMC's share was approximately $500 million, to roughly $300 million shared between the parties, with potential to reach positive EBITDA even at the lower production volumes targeted during the first 2 years. TMC may use PAMCO's facility in Hachinohe, Japan, where the Japanese government has put in place a financing plan to cover up to half of modification costs, while Brownsville feasibility level engineering is underway across nearly 1,500 acres, with no investment decision made and any future capital commitment contingent on U.S. government support. Management said cash on hand is sufficient to meet working capital and CapEx commitments for at least the next 12 months from today; TMC liquidity was $123 million as of September 30, 2026, including $44 million available from its undrawn credit facility.