TMC Welcomes Unanimous Decisions by International Tribunal for the Law of the Sea Ordering the ISA to Respect NORI and TOML’s Due Process Rights
Rhea-AI Summary
TMC (Nasdaq: TMC) announced that the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea unanimously ordered provisional measures to protect the due-process and fair-treatment rights of its subsidiaries Nauru Ocean Resources (NORI) and Tonga Offshore Mining (TOML) in their proceedings against the International Seabed Authority (ISA).
The Chamber instructed the ISA to act in accordance with the applicable legal framework, follow due-process requirements, and provide NORI and TOML sufficient clarity and information on procedures and inquiries, including NORI’s exploration contract extension application. Both sides were directed to cooperate and avoid actions that might aggravate the disputes.
Positive
- Unanimous ITLOS provisional measures affirm plausible due-process rights for NORI and TOML
- ISA ordered to follow applicable legal framework and due-process in NORI contract extension review
- ISA required to give NORI and TOML sufficient procedural clarity and information
- Judicial oversight confirmed as ISA conduct is subject to Seabed Disputes Chamber review
Negative
- Underlying disputes with ISA remain pending a final decision
- Real and imminent risk of irreparable prejudice to NORI and TOML rights was recognized
News Market Reaction – TMC
In the Jul 20 session, TMC declined 0.53%, reflecting a mild negative market reaction. Argus tracked a peak move of +4.9% during that session. Our momentum scanner triggered 19 alerts that day, indicating notable trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 13 | Production milestone | Positive | -5.2% | Mesabi Metallics completed its first production blast ahead of expected pellet production. |
| Jun 30 | Construction update | Positive | +4.7% | Mesabi project completion reached 95.5%, with commissioning targeted for July or August 2026. |
| Jun 01 | Royalty acquisition | Positive | +2.0% | TMCR closed the $132.5 million Mesabi royalty acquisition and exercised an additional purchase option. |
| May 28 | License certification | Positive | +7.9% | NOAA certified TMC USA's USA B exploration license application under federal seabed-minerals law. |
| May 14 | Q1 corporate update | Negative | -5.1% | TMC reported a $20.6 million net loss alongside liquidity and offshore development updates. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Four of the five recent news events aligned with their classified sentiment, while the July 13 production-blast announcement diverged with a negative reaction.
Key Terms
unclos regulatory
provisional measures regulatory
due process regulatory
irreparable prejudice regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
- In the first contentious decisions issued by the Seabed Disputes Chamber under Part XI of the United Nations Convention on the Law of the Sea (“UNCLOS”), judges ruled unanimously to prescribe provisional measures to protect the rights of TMC’s subsidiaries, NORI and TOML, in their proceedings against the International Seabed Authority (“ISA”)
- Judges concluded that NORI and TOML have rights to due process and fair treatment and that there is a real and imminent risk of irreparable prejudice to those rights pending a final decision
- The Chamber also ordered the ISA to respect the applicable legal framework and due-process requirements in considering NORI’s application to extend its exploration contract
- The Orders represent an important development for the rule of law within the international seabed minerals regime as ISA Member States and their sponsored entities have invested significant capital into offshore environmental research and technology trials with the expectation that the regulatory framework will be transparent, predictable, and fairly applied
NEW YORK, July 20, 2026 (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 welcomed the unanimous Orders of the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea (“ITLOS”) prescribing provisional measures to protect the rights of its subsidiaries, Nauru Ocean Resources Inc. (“NORI”) and Tonga Offshore Mining Limited (“TOML”), in their proceedings against the ISA.
The Chamber unanimously found that NORI and TOML have plausible rights to due process and fair treatment, that there is a real and imminent risk of irreparable prejudice to those rights pending a final decision, and that provisional measures were required. It ordered the ISA to act in accordance with the applicable legal framework, including the rules of due process, and to provide both contractors with sufficient clarity and information regarding the procedures and questions underlying the inquiry so that each can respond meaningfully and within a reasonable period.
The Chamber also ordered the ISA to respect the applicable legal framework and due-process requirements in considering NORI’s application to extend its exploration contract. In both cases, the Chamber directed the parties to cooperate and refrain from any action that might aggravate the disputes.
“Contractors like NORI and TOML who have together spent hundreds of millions of dollars on the promise of a fair regulatory framework should be informed of the factual and legal basis of any non-compliance inquiries, understand the procedure being applied, and receive a meaningful opportunity to respond,” said Gerard Barron, Chairman and CEO of The Metals Company. “The Chamber has now unanimously confirmed that those protections are not merely aspirational principles but legal rights deserving of protection.”
Mr. Barron continued: “These Orders confirm that the Chamber is a vital part of the institutional machinery established by UNCLOS and that the ISA’s conduct is subject to meaningful judicial oversight. Strong institutions, accountability, and the rule of law are critical to the ongoing development of the seabed minerals industry.”
As the first contentious decisions issued by the Seabed Disputes Chamber under Part XI of UNCLOS, the Orders represent an important development in the evolution of the international legal framework governing seabed minerals, establishing key principles concerning due process and reinforcing judicial oversight and guidance on the procedural protections applicable to ISA contractors.
NORI and TOML were represented before the Seabed Disputes Chamber by Watson Farley & Williams LLP, led by Nathan Eastwood as Agent, Counsel and Advocate, together with Samuel Wordsworth KC, Amy Sander KC, and Sean Aughey of Essex Court Chambers.
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 expectation that the ISA will comply with the Orders and act in accordance with the applicable legal framework and due-process requirements, including cooperating with NORI and TOML and refraining from actions that might aggravate the disputes; the expectation that NORI's application to extend its exploration contract will be considered by the ISA in accordance with those requirements; and the Company's expectation that the Orders will contribute to the development of a transparent, predictable, and fairly applied international regulatory framework for the seabed minerals industry. 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 of the final proceedings before the Seabed Disputes Chamber in the cases brought by NORI and TOML against the ISA; the ISA's response to and compliance with the Orders; the outcome and timing of NORI's exploration contract extension application; the evolution of the international legal and regulatory framework governing seabed minerals under UNCLOS and the ISA; 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, 2025, filed with the U.S. Securities and Exchange Commission on March 31, 2026, and in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed on May 14, 2026, and in subsequent Current Reports on Form 8-K filed with the SEC. 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.
