TMC the metals company Inc.

TMC reported Q2 2026 net loss of approximately $60.1 million, or $0.14 per share, versus a net loss of $74.3 million, or $0.20 per share, in Q2 2025. Exploration and evaluation expenses were $56.1 million versus $10.5 million a year ago, G&A was $15.6 million versus $11.5 million, and other items produced an $11.6 million gain versus a $52.3 million loss last year. Net cash used in operating activities was $20.1 million versus $10.7 million in Q2 2025, and free cash flow was -$20.2 million versus -$10.7 million. Liquidity stood at $143 million at June 30, 2026, including $44 million available from the Barron and ERAS undrawn credit facility. Management said cash on hand should be sufficient for at least the next 12 months. Forward-looking milestones include NOAA certification for USA-A expected in October 2026, with no longer expecting a permanent grant in Q1 2027, and vessel commissioning still targeted for Q4 2027.

Gerard Barron emphasized that TMC is trying to build an integrated U.S. critical minerals supply chain, not just a single offshore collection system or onshore plant. He framed the recent U.S. regulatory milestones and government engagement as validation that the administration is supportive of reshoring deep-sea mineral processing, and he stressed the strategic importance of Brownsville and potential partnerships with companies like Mariana Minerals and Eco Minerals. His tone was upbeat and constructive, though he acknowledged NOAA is moving slower than desired and that timing on permitting has slipped.

Craig Shesky focused on the financial and regulatory mechanics. He clarified that the company’s discussions with U.S. agencies do not include an express investment for nodule collection, reaffirmed the legal rationale for TMC’s U.S. permitting pathway, and said the ISA remains slow to advance its mining code. On the numbers, he cited Q2 2026 net loss of $60.1 million, liquidity of $143 million at June 30, 2026, and $52.1 million of accounts payable and accrued liabilities, including $40.5 million owed to Allseas. He also explained that $37.5 million of Q2 exploration costs were tied to Allseas, with $34.8 million deferred until production and $2.4 million settled in shares on July 2, 2026; he said the company is not pursuing a warrant extension because it would likely not add meaningful cash and would dilute shareholders.

Analysts asked how the Mariana Minerals Brownsville work will be paced and funded; management said the near-term spend is modest, in the mid-single-digit millions over multiple quarters, and is mainly feasibility work tied to future government support. Questions on the Eco Minerals agreement focused on whether joint campaigns would cover TMC’s areas and Eco’s areas; management said it would involve both, with an aim to improve reserve data on TMC acreage. Analysts also pressed on Allseas exclusivity and future vessel-construction costs; management said the Allseas relationship is exclusive unless TMC declines a second system, and that additional pre-production costs remain, though they expect them to come in below earlier estimates. There was also a question about where the vessel will be built, but management did not disclose that location.