TMC the metals company Inc. reported a net loss of $60.1 million, or $0.14 per share, for the second quarter ended June 30, 2026, alongside available liquidity of approximately $143 million from cash on hand and credit facilities.

The second-quarter net loss improved from $74.3 million, or $0.20 per share, recorded in the same period of 2025. Exploration and evaluation expenses rose to $56.1 million during the quarter, up from $10.5 million a year earlier, driven by $37.2 million in settlement of initial costs and other negotiated costs owed to Allseas following a development and operating agreement, higher share-based compensation, and increased prefeasibility study costs. General and administrative expenses reached $15.6 million compared to $11.5 million in the prior-year period. Total cash held at June 30, 2026, stood at $98.7 million with no financial debt.

TMC’s consolidated USA-A exploration license and commercial recovery permit application, alongside its USA-B exploration license application, continue to move through review by the National Oceanic and Atmospheric Administration under the Deep Seabed Hard Mineral Resources Act. The USA-A area covers approximately 65,000 square kilometres with an estimated 619 million tonnes of wet nodules, while the USA-B area spans approximately 122,000 square kilometres and hosts an estimated 1.02 billion tonnes of polymetallic nodules.

“The regulatory picture is becoming clearer as our applications continue to progress through NOAA’s review process. There has been a delay of a few months in the USA-A consolidated application certification process, but we remain confident that the permit will arrive well in advance of offshore vessel commissioning by the end of 2027, which we believe remains the critical path for production start.” — Gerard Barron, Chairman & CEO

Onshore and offshore development continues across several fronts. TMC USA entered a Master Services Agreement with Mariana Minerals on July 21, 2026, for a phased program to advance a proposed polymetallic nodule processing and refining industry park at the Port of Brownsville, Texas. Allseas continued engineering and project management activities under its definitive agreement to develop and operate the Hidden Gem commercial nodule collection system, designed for a nameplate capacity of 3.0 million wet tonnes per annum with offshore commissioning targeted to begin in Q4 2027. Additionally, TMC signed a Mutual Master Services Agreement with Eco Minerals on July 22, 2026, for exclusive vessel charter access and survey services.

“Our planned operations are taking shape offshore and onshore. Allseas is moving from commercial framework to execution, carrying out the engineering, project management and vessel work needed to transform the Hidden Gem from a successful pilot into an integrated commercial production system. As I’ve said before, our future onshore capital spending domestically is contingent on a majority of the funding coming from U.S. government sources. The momentum is continuing with advanced funding processes in progress with multiple U.S. agencies.” — Gerard Barron, Chairman & CEO

Read the full announcement: TMC Provides Second Quarter 2026 Corporate Update