NEW YORK, Nov. 13, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) ("TMC" or the "Company"), a leading developer of the world's largest resource of critical metals essential to energy, defense, manufacturing and infrastructure, today provided a corporate update and third quarter results for the period ending September 30, 2025.
Q3 2025 Financial Highlights
-- Total cash of approximately $115.6 million at September 30, 2025
-- $11.5 million cash used in operations for the quarter ended September 30,
2025
-- Operating loss of $55.4 million, net loss of $184.5 million and net loss
per share of $0.46 for the quarter ended September 30, 2025. During the
quarter, results were primarily affected by non-cash and non-recurring
items, including share-based compensation impacted by one-time grants,
fair value changes in the royalty and warrant liabilities, and the
recognition of warrant costs associated with updated sponsorship
agreements.
TMC Chairman and CEO Gerard Barron, commented: "The completion of our Pre-Feasibility Study and Initial Assessment comes amid a surge of public and private investment into critical minerals, energy and defense supply chains. These studies mark a major milestone for TMC, providing the foundation for the strategic and policy engagements now taking shape around this once-in-a-generation opportunity. We come to these engagements from a position of strength, with $121 million of cash currently on the balance sheet following warrant exercises after quarter end and total liquidity today of $165 million, including undrawn credit facilities--so we've no need to come to the public markets anytime soon.
Despite the recent U.S. government shutdown, we've continued to see clear signals of support for our vision of responsibly unlocking critical minerals from the deep sea. I'm encouraged by reports that NOAA's proposed consolidated application rule is now under White House review -- a measure that would streamline and consolidate the seabed mineral exploration and commercial recovery permitting process, bringing greater regulatory clarity to this industry. And with last week's announcement by the USGS adding copper to the nation's list of critical minerals, all four of our metals are now officially recognized as critical to the U.S. economy and national security.
Onshore, our development team continues to innovate, and I'm proud that we've successfully produced battery-grade manganese sulfate from a nodule-derived manganese silicate product in bench-scale trials -- further evidence of our ability to deliver the materials that modern industries demand. As the planet's largest source of manganese, polymetallic nodules hold vast potential to supply sectors from steelmaking and infrastructure to energy, defense and automotive manufacturing, where we're seeing automakers increasingly pivot toward manganese-rich cathode chemistries for next-generation EVs.
On the environmental front, our pioneering research program has built an unmatched dataset that continues to demonstrate that many of the concerns raised about the impacts of collecting polymetallic nodules are overstated. The data and validated models show that, at commercial scale, the impacts throughout the water column will be minimal and manageable. This growing body of science gives me great confidence that we can deliver the metals society needs with responsibility and transparency at every step."
Operational Highlights
TMC Releases Two Economic Studies with Combined NPV of $23.6B and Declares World-First Nodule Reserves
On August 4, TMC announced the publication of two technical economic assessments prepared in accordance with Subpart 1300 of Regulation S-K highlighting a total combined project value of $23.6 billion, showing economic viability of its NORI-D Project and significant scalability across other NORI and TOML areas. The studies included a world-first Pre-Feasibility Study $(PFS)$ for a polymetallic nodule project in the NORI-D area with a Net Present Value $(NPV)$ of $5.5 billion, and world-first declaration of Mineral Reserves for a polymetallic nodule project with 51 million tonnes (Mt) of probable mineral reserves. TMC expects to start commercial production in the fourth quarter of 2027 if we receive a commercial recovery permit.
TMC Pioneers Process to Produce Battery-Grade Manganese Sulfate from Seafloor Nodules, Opening New Frontier for Potential U.S. Manganese Independence
In October, TMC successfully produced battery-grade manganese sulfate from its intermediate manganese silicate product during bench-scale trials at its partner Kingston Process Metallurgy's (KPM) operating facility in Ontario. North America remains almost entirely reliant on foreign sources of manganese, most of which is refined overseas. The planet's largest source of manganese, nodules hold significant potential to supply a range of key industries from steelmaking and infrastructure to energy, defense and automotive manufacturing, with many automakers moving toward manganese-rich cathode chemistries for their next-generation electric vehicles.
NOAA Confirms Full Compliance of TMC USA's Exploration License Applications and Begins Certification Process
On August 11, our subsidiary The Metals Company USA, LLC ("TMC USA") received notice of full compliance from NOAA on its exploration applications, and confirmation that TMC USA has priority right over both exploration areas. Both applications entered the certification stage in late July. The news follows earlier determinations of substantial compliance in May 2025, demonstrating a systematic regulatory process under DSHMRA.
Industry Updates
NOAA Sends Draft Seabed Mining Rule to White House to Streamline Process
On October 30, Politico reported that NOAA had sent to the White House its draft deep-sea mining rule that would consolidate the license and permit review process and provide for simultaneous issuance of seabed mineral exploration licenses and commercial recovery permits. The move followed an earlier stakeholder comment period which closed on September 5, 2025.
U.S. and Japan Partner to Develop Rare Earths from Seabed Minerals in the Pacific
On November 6, Reuters reported that the United States and Japan were partnering on the development of rare earths from seabed minerals located in the waters around Minamitori Island in the Pacific. The news highlights how the U.S. is moving with purpose to lead in the deep-sea minerals industry alongside key allies.
All Four Metals Contained in Nodules are now on the Department of the Interior's U.S. Critical Minerals List
In November, the U.S. Department of the Interior and U.S. Geological Survey released an updated U.S. Critical Minerals List where, among other changes, copper was added to the list. As outlined in our recent Pre-Feasibility Study, 17% of expected life-of-mine revenue is derived from copper. With this recent addition, all four key metals found in nodules are now on the U.S. Critical Minerals List.
Financial Results Overview
At September 30, 2025, we held cash of approximately $115.6 million. We believe that our cash balance will be sufficient to meet our working capital and capital expenditure commitments for at least the next twelve months from today.
We reported a net loss of approximately $184.5 million, or $0.46 per share for the quarter ended September 30, 2025, compared to net loss of $20.5 million, or $0.06 per share, for the quarter ended September 30, 2024. During the quarter, results were primarily affected by non-cash and non-recurring items, including share-based compensation impacted by one-time grants, fair value changes in the royalty and warrant liabilities, and the recognition of warrant costs associated with updated sponsorship agreements.
Exploration and evaluation expenses during the quarter ended September 30, 2025 were $9.6 million compared to $11.8 million for the quarter ended September 30, 2024. The decrease in the exploration and evaluation expenses in the third quarter of 2025 was due to the decrease in environmental studies costs and mining, technological and process development costs as the comparative period included costs associated with Campaign 8 which was completed in the first quarter of 2024 and nodule transport costs to the PAMCO facility in Japan.
General and administrative expenses were $45.7 million for the quarter ended September 30, 2025, compared to $8.1 million for the quarter ended September 30, 2024. The increase primarily reflects higher share-based compensation costs, resulting from the amortization of the fair value of RSUs and options granted to directors, employees, and consultants during the third quarter of 2025, as well as higher consulting and legal fees. The increase in general and administrative expenses was partially offset by lower exploration and evaluation costs.
Following the release of two economic studies in the quarter ended September 30, 2025, the fair value of the royalty liability was increased by $131 million, from $14 million to $145 million.
Conference Call
We will hold a conference call today at 4:30 p.m. ET to provide an update on recent corporate developments and third quarter 2025 financial results.
Third Quarter 2025 Conference Call Details
Date: Thursday, November 13, 2025 Time: 4:30 p.m. ET Audio-only Dial-in: Register Here Virtual webcast with slides: Register Here
The virtual webcast will be available for replay in the 'Investors' tab of the Company's website under 'Investors' > 'Media' > 'Events and Presentations', approximately two hours after the event.
About The Metals Company
The Metals Company is a developer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at www.metals.co.
Contacts
Media | media@metals.co
Investors | investors@metals.co
Forward-Looking Statements
This press release contains "forward-looking" statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "could," "expects," "may," "plans," "possible," "potential," "will" and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements with respect to the Company's strategy to pursue commercial recovery of seafloor polymetallic nodules under the U.S. regulatory regime; the outcome and timing of regulatory reviews of its applications submitted pursuant to the Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA); the progression of the Company's applications through NOAA's certification process and expected review timelines; the potential adoption of final exploitation regulations by the International Seabed Authority (ISA); the impact of the executive action by the U.S. government in support of domestic seabed mineral development including the proposed NOAA rule currently under White House review; the expected use of proceeds from the Company's 2025 financings and other capital sources;; the timing and success of environmental assessments, feasibility studies, technical and processing trials, including bench-scale production of battery-grade manganese sulfate; the potential economic outcomes described in the Company's Pre-Feasibility Study and Initial Assessment; the expected commencement of commercial production in the fourth quarter of 2027 if required permits are obtained; the belief that our cash balance will be sufficient to meet our working capital and capital expenditure commitments for at least the next twelve months from the date of this press release; and the Company's operational and financial plans, including the potential development of a commercial-scale offshore nodule collection system and related onshore processing facilities. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: the outcome and timing of regulatory reviews by NOAA under DSHMRA; the ability to obtain an exploitation contract from the ISA or permits from the U.S. government; risks related to the Company's dual-path permitting strategy; changes in environmental, mining and other applicable laws and regulations; the timing and results of environmental assessments and technical studies; the development, testing and scaling of offshore collection systems; risks related to strategic partnerships and technology sharing; uncertainties relating to processing nodules at commercial scale; metals price volatility; the sufficiency of the Company's cash and ability to secure additional financing on acceptable terms or at all; dependence on third parties, including Allseas Group S.A. and PAMCO; the outcome of any pending or future litigation; and other risks and uncertainties described in greater detail in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission (SEC) on March 27, 2025, and in subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, including the Company's Quarterly Reports on Form 10-Q for the quarter ended March 31, 2025 filed on May 14, 2025, and for the quarter ended June 30, 2025 filed on August 14, 2025. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
FINANCIAL INFORMATION
Item 1. Financial Statements
TMC the metals company Inc.
Condensed Consolidated Balance Sheets
(in thousands of US Dollars, except share amounts)
(Unaudited)
As at As at
September 30, December 31,
ASSETS 2025 2024
Current
Cash $ 115,648 $ 3,480
Receivables and prepayments 1,566 1,851
117,214 5,331
Non-current
Exploration assets 42,951 42,951
Equipment 597 771
Software development costs 2,082 1,928
Right-of-use asset 2,384 3,814
Investment 10,387 8,203
58,401 57,667
TOTAL ASSETS $ 175,615 $ 62,998
------------------------------------- ------------ -----------
LIABILITIES
Current
Accounts payable and accrued
liabilities 46,834 42,754
Short-term debt - 11,775
46,834 54,529
Non-current
Deferred tax liability 10,675 10,675
Royalty liability 145,000 14,000
Warrants liability 13,730 912
169,405 25,587
TOTAL LIABILITIES $ 216,239 $ 80,116
------------------------------------- ------------ -----------
EQUITY
Common shares(unlimited shares, no
par value -- issued: 408,855,173
(December 31, 2024
--340,708,460)) 638,853 477,217
Additional paid in capital 232,607 138,303
Accumulated other comprehensive
loss (1,203) (1,203)
Deficit (910,881) (631,435)
TOTAL EQUITY (40,624) (17,118)
------------------------------------- ------------ -----------
TOTAL LIABILITIES AND EQUITY $ 175,615 $ 62,998
------------------------------------- ------------ -----------
TMC the metals company Inc.
Condensed Consolidated Statements of Loss and Comprehensive
Loss
(in thousands of US Dollars, except share and per
share amounts)
(Unaudited)
Three months ended Nine months ended
September 30, September 30,
---------------------------- ------------------------------
2025 2024 2025 2024
----------- ----------- ----------- -----------
Operating expenses
Exploration and
evaluation
expenses $ 9,633 $ 11,813 $ 29,644 $ 42,339
General and
administrative
expenses 45,726 8,149 65,705 22,600
------------------- ----------- ----------- ----------- -----------
Operating loss 55,359 19,962 95,349 64,939
Other items
Nauru and Tonga
Warrant costs 4,977 - 38,056 -
Equity-accounted
investment loss 492 58 438 197
Gain on dilution
of investment (2,967) - (2,967) -
Change in fair
value of royalty
liability 131,000 - 131,000 -
Change in fair
value of warrant
liability (3,852) (1,054) 12,818 (1,103)
Foreign exchange
loss 43 946 3,599 596
Interest income (1,339) (7) (1,505) (125)
Fees and interest
on borrowings
and credit
facilities 681 615 2,535 1,378
------------------- ----------- ----------- ----------- -----------
Net Loss and
comprehensive loss
for the period,
before tax $ 184,394 $ 20,520 $ 279,323 $ 65,882
------------------- ----------- ----------- ----------- -----------
Tax expense 123 - 123 -
Net Loss and
comprehensive loss
for the period,
after tax $ 184,517 $ 20,520 $ 279,446 $ 65,882
------------------- ----------- ----------- ----------- -----------
Net Loss per share
- Basic and
diluted $ 0.46 $ 0.06 $ 0.75 $ 0.21
------------------- ----------- ----------- ----------- -----------
Weighted average
number of common
shares
outstanding --
basic and
diluted 405,506,978 323,663,607 372,713,658 318,710,622
------------------- ----------- ----------- ----------- -----------
TMC the metals company Inc.
Condensed Consolidated Statements of Changes in Equity
(in thousands of US Dollars, except share amounts)
(Unaudited)
Common
Shares
---------------------
Three months Accumulated
ended Additional Other
September 30, Preferred Special Paid in Comprehensive
2025 Shares Amount Shares Shares Capital Loss Deficit Total
-------------- ----------- -------- --------- -------- ------------ ------------- --------- ---------
July 1, 2025 397,155,318 $606,246 $ - $ - $ 203,181 $ (1,203) $(726,364) $ 81,860
Exercise of
stock
options 3,498,760 10,110 - - (7,989) - - 2,121
Issuance of
shares and
warrants
under 2025
Registered
Direct
Offering, net
of expenses 3,333,334 6,509 - - 461 - - 6,970
Exercise of
Class A
warrants 1,638,270 4,743 - - (4,743) - - -
Exercise of
Class B
warrants 2,525,000 7,778 - - (2,778) - - 5,000
Nauru and
Tonga Warrant
cost - - - - 4,977 - - 4,977
Conversion of
restricted
share units,
net of shares
withheld for
taxes 704,491 3,467 - - (3,467) - - -
Share-based
compensation
and expenses
settled with
equity - - - - 42,965 - - 42,965
Loss for the
period - - - - - - (184,517) (184,517)
-------------- ----------- ------- -------- ------- -------- ------------ -------- --------
September 30,
2025 408,855,173 $638,853 $ - $ - $ 232,607 $ (1,203) $(910,881) $ (40,624)
-------------- ----------- ------- -------- ------- -------- ------------ -------- --------
Common
Shares
------------- --------------------- ---
Three months Accumulated
ended Additional Other
September 30, Preferred Special Paid in Comprehensive
2024 Shares Amount Shares Shares Capital Loss Deficit Total
------------- ----------- -------- ----------- --------- ------------ ------------- --------- --------
July 1, 2024 322,241,883 $460,573 $ - $ - $ 125,300 $ (1,216) $(594,264) $ (9,607)
Conversion of
restricted
share units,
net of
shares
withheld for
taxes 188,293 384 - - (384) - - -
Shares issued
from ATM 1,617,000 2,279 - - - - - 2,279
Exercise of
stock
options 84,720 130 - - (76) - - 54
Share
purchase
under
Employee
Share
Purchase
Plan - - - - - - - -
Share-based
compensation
and expenses
settled with
equity - - - - 6,312 - - 6,312
Foreign
currency
translation
adjustment - - - - - 13 - 13
Loss for the
period - - - - - - (20,520) (20,520)
------------- ----------- ------- --- ------ ----- -------- ------------ -------- -------
September 30,
2024 324,131,896 $463,366 $ - $ - $ 131,152 $ (1,203) $(614,784) $(21,469)
------------- ----------- ------- --- ------ ----- -------- ------------ -------- -------
TMC the metals company Inc.
Condensed Consolidated Statements of Changes in Equity
(in thousands of US Dollars, except share amounts)
(Unaudited)
Common
Shares
---------------------
Nine months Accumulated
ended Additional Other
September 30, Preferred Special Paid in Comprehensive
2025 Shares Amount Shares Shares Capital Loss Deficit Total
----------- -------- ---------- -------- ------------ ------------- --------- --------
January 1,
2025 340,708,460 $477,217 $ - $ - $ 138,303 $ (1,203) $(631,435) $(17,118)
Issuance of
shares and
warrants to
Korea Zinc,
net of
expenses 19,623,376 71,686 - - 13,432 - - 85,118
Issuance of
shares and
warrants
under 2025
Registered
Direct
Offering,
net of
expenses 12,333,334 24,149 - - 12,548 - - 36,697
Issuance of
shares and
warrants
under 2024
Registered
Direct
Offering,
net of
expenses 5,000,000 2,237 - - 2,763 - - 5,000
Shares issued
from ATM 7,542,996 14,784 - - - - - 14,784
Exercise of
Class A
warrants 1,888,270 5,467 - - (1,690) - - 3,777
Exercise of
Class B
warrants 7,358,096 14,229 , , (6,579)) - - 7,650
Conversion of
restricted
share units,
net of
shares
withheld for
taxes 10,177,224 17,509 - - (17,509) - - -
Exercise of
stock
options 4,210,884 11,563 - - (8,980) - - 2,583
Share
purchase
under
Employee
Share
Purchase
Plan 12,533 12 - - (2) - - 10
Nauru and
Tonga
Warrant
Cost - - - - 38,056 - - 38,056
Share-based
compensation
and expenses
settled with
equity - - - - 62,265 - - 62,265
Loss for the
period - - - - - - (279,446) (279,446)
------------- ----------- -------- --------- ------- ------------ ------------- --------- --------
September 30,
2025 408,855,173 $638,853 $ - $ - $ 232, 607 $ (1,203) $(910,881) $(40,624)
------------- ----------- ------- --------- ------- -------- ------------ -------- -------
Common
Shares
--------------------- --------- -------
Nine months Accumulated
ended Additional Other
September 30, Preferred Special Paid in Comprehensive
2024 Shares Amount Shares Shares Capital Loss Deficit Total
----------- -------- --------- ------- ------------ ------------- --------- --------
January 1,
2024 306,558,710 $438,239 $ - $ - $ 122,797 $ (1,216) $(548,902) $ 10,918
Issuance of
shares and
warrants
under
registered
direct
offering,
net of
expenses 4,500,000 7,447 - - 1,553 - - 9,000
Conversion of
restricted
share units,
net of
shares
withheld for
taxes 9,078,432 10,869 - - (10,869) - - -
Shares issued
from ATM 3,251,588 4,866 - - - - - 4,866
Exercise of
stock
options 715,772 1,891 - - (1,428) - - 463
Share
purchase
under
Employee
Share
Purchase
Plan 27,394 54 - - (30) - - 24
Share-based
compensation
and expenses
settled with
equity - - - - 19,129 - - 19,129
Foreign
currency
translation
adjustment - - - - - 13 - 13
Loss for the
period - - - - - - (65,882) (65,882)
------------- ----------- -------- --------- ------- ------------ ------------- --------- --------
September 30,
2024 324,131,896 $463,366 $ - $ - $ 131,152 $ (1,203) $(614,784) $(21,469)
------------- ----------- ------- --------- ------- -------- ------------ -------- -------
TMC the metals company Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands of US Dollars)
(Unaudited)
Nine months ended Nine months ended
September 30, 2025 September 30, 2024
Cash provided by
(used in)
--------------------- ------------------- -------------------
Operating activities
Loss for the period $ (279,446) $ (65,882)
Items not affecting
cash:
Nauru and Tonga
Warrant Costs 38,056 -
Amortization 173 280
Accrued interest
on credit
facilities - 150
Lease expense 1,430 1,430
Share-based
compensation and
expenses settled
with equity 62,265 19,129
Equity-accounted
investment loss 438 197
Gain on dilution
of investment (2,967) -
Change in fair
value of royalty
liability 131,000 -
Change in fair
value of
warrants
liability 12,818 (1,103)
Unrealized
foreign exchange
movement 3,451 (334)
Interest paid on
amounts drawn
from credit
facilities and
short-term Debt (823) (73)
Changes in working
capital:
Receivables and
prepayments 284 (580)
Accounts payable
and accrued
liabilities 1,825 17,036
--------------------- ------------------- -------------------
Net cash used in
operating
activities (31,496) (29,750)
Investing activities
Acquisition of
equipment and
software (140) (465)
Proceeds from Low
Carbon Royalties
distribution 346 -
--------------------- ------------------- -------------------
Net cash generated
from (used in)
investing
activities 206 (465)
Financing activities
Proceeds from Korea
Zinc Private
Placement 85,165 -
Proceeds from
Registered Direct
Offerings 42,000 9,000
Expenses paid for
Registered Direct
Offerings (719) (142)
Proceeds from shares
issued from ATM 14,784 4,866
Proceeds from
exercise of Class A
warrants 3,777 -
Proceeds from
exercise of Class B
warrants 7,650 -
Repayment of drawn
amount on credit
facilities (4,275) -
Repayment of Allseas
Working Capital
Loan (7,500) (2,000)
Proceeds from
exercise of stock
options 2,583 463
Proceeds from
drawdown of credit
facilities - 4,175
Proceeds from
drawdown of Allseas
Debt Agreement - 7,000
Proceeds from
Employee Share
Purchase Plan 10 24
--------------------- ------------------- -------------------
Net cash provided by
financing
activities 143,475 23,386
Increase (Decrease)
in cash $ 112,185 $ (6,829)
Impact of exchange
rate changes on
cash (17) 347
Cash - beginning of
period 3,480 6,842
--------------------- ------------------- -------------------
Cash - end of period $ 115,648 $ 360
--------------------- ------------------- -----------
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