TMC the Metals Company Reports $319.8 Million Net Loss for Fiscal Year 2025

**TMC the metals company Inc. Reports Fiscal Year Performance**

TMC the metals company Inc., a deep-sea minerals developer, released its 10-K filing, detailing the company's financial and operational activities. The company, which focuses on the collection, processing, and refining of polymetallic nodules from the Clarion Clipperton Zone (CCZ), reported no revenue for the fiscal year. The company's net loss for the year ended December 31, 2025, was $319.8 million, a significant increase from the $81.9 million loss reported in the previous fiscal year. This increase was primarily attributed to higher general and administrative expenses, which included substantial share-based compensation costs, and the recognition of Nauru and Tonga warrant costs and a change in fair value of the royalty liability.

Compared to the previous fiscal year, exploration and evaluation expenses decreased from $50.6 million to $40.3 million, mainly due to reduced mining, technological, and process development costs. General and administrative expenses, however, saw a substantial increase, rising from $30.6 million to $99.8 million, largely due to increased share-based compensation and consulting fees. The company also reported a gain on dilution of investment of $5.6 million, and a change in fair value of warrants liability of $12.4 million. Fees and interest on borrowings and credit facilities increased to $3.2 million, up from $2.6 million in the previous year.

Operationally, TMC USA submitted a consolidated application to NOAA for an exploration license and a commercial recovery permit for polymetallic nodules in the CCZ. The application covers an area of approximately 65,000 square kilometers, with an estimated resource of 619 million tonnes of wet nodules. The company also continued to advance its strategic partnerships, including those with Allseas, PAMCO, Korea Zinc, and Mariana Minerals, focusing on offshore collection system development and onshore processing capabilities. The company also signed a Strategic Partnership Agreement with Mariana focusing on the potential development of a nodule processing and refining facility in the Port of Brownsville, Texas as part of our owner’s team.

As of the end of the fiscal year, TMC had 422,966,333 common shares outstanding. The company's financial strategy includes a focus on a "capital-light" approach, prioritizing key regulatory and technical milestones. The company anticipates a phased ramp-up strategy, with initial production commencing using the Hidden Gem vessel, which is expected to be upgraded to a maximum capacity of 3.0 Mtpa of wet nodules. The company is also evaluating alternative execution scenarios that would reduce the reliance on foreign processing by transporting polymetallic nodules directly to a fully integrated processing facility in the United States.