TMC the metals Co Q2 FY26 earnings call TMC

TMC USA is advancing two applications (USA-A and USA-B) under the US regulatory regime. USA-A, covering 65,000 sq km, is expected to be posted in the Federal Register imminently, initiating public comment. USA-B, covering 122,000 sq km, is moving into formal environmental review with NOAA expected to publish its notice of intent for an EIS. While NOAA certification for USA-A is now expected in October 2026, delaying the permit grant beyond Q1 2027, the company still anticipates the permit well before vessel commissioning in Q4 2027.

The agreement with Allseas establishes the framework for developing and operating the first commercial nodule production system, designed for 3 million wet tonnes per year. The program is moving into procurement and subcontracting, with basic engineering complete for critical long-lead systems. Fabrication is scheduled from Q4 FY26 through Q3 FY27, leading to installation and commissioning targeted for Q4 FY27. Allseas is funding a significant portion of preproduction development costs, recoverable through production revenues.

TMC is working to integrate an American deep seabed critical mineral supply chain from offshore collection to onshore processing and refining. This includes partnerships with innovative American start-ups like Mariana Minerals and established industry participants across various sectors. The objective is to build an integrated supply chain, including US-built autonomous vessels, domestic processing of base metals and rare earth-bearing streams, and potentially serving other American operators.

TMC USA holds an exclusive right of negotiation for a lease option at the Port of Brownsville, Texas, for a proposed site called 'Nodule City'. This location provides direct access to the shipping channel and sufficient land (1,466 acres) for an integrated processing and refining ecosystem. Pre-feasibility engineering for a potential 12 million tonne per annum industry park is nearing completion, with feasibility-level engineering for the first smelting stage underway with Mariana Minerals' leadership. Any future capital commitment is contingent on US government support.

The US administration is 100% committed to reshoring critical mineral supply chains. President Trump recently convened a roundtable on critical minerals, expressly including deep seabed mining, and announced $3 billion in new investments. TMC is actively engaged in confidential funding processes with multiple US agencies to support nodule processing and refining in the United States, reinforcing the strategic importance of the industry.

The US reiterated its position on regulating seafloor mining in international waters, not considering itself bound by ISA rules. The ISA made only incremental progress on its mining code, while an effort by China, Russia, and Greenpeace to seek an ITLOS advisory opinion targeting deep-sea mining outside UNCLOS/ISA failed. The Seabed Disputes Chamber of ITLOS prescribed provisional measures protecting NORI and TOML's rights to due process, leading to the ISA Council approving a 5-year extension of NORI's exploration contract.

Combined estimated resource NPV from the PFS ($5.5 billion) and initial assessment ($18.1 billion) is $23.6 billion. Undiscounted, the studies point to approximately $369 billion in revenue and over $200 billion of EBITDA across the life of both projects. Management believes TMC's stock is undervalued relative to its resource, and they are working to ensure equity markets more appropriately value the company as it moves towards commercial recovery.