Here are the 10-K annual reports from TMC the metals company Inc. (TMC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow TMC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full TMC filings page.
TMC the metals company Inc. describes its plan to develop deep-sea polymetallic nodules in the Clarion Clipperton Zone to supply nickel, copper, cobalt, manganese and rare earth elements for U.S. strategic sectors such as batteries, steel, defense and data centers. The company pursues a dual regulatory path, maintaining ISA exploration contracts through subsidiaries NORI and TOML while applying under the U.S. Deep Seabed Hard Mineral Resources Act for exploration licenses and a commercial recovery permit covering 65,187 square kilometers (TMC USA-A) and additional ground (TMC USA-B).
A 2025 pre-feasibility study for NORI Area D declared the first mineral reserves for a seafloor polymetallic nodule project, with 51 million tonnes of probable reserves and larger measured, indicated and inferred resources across NORI and TOML areas. TMC outlines a phased production strategy targeting up to 12 million tonnes of wet nodules per year at steady state, initially using the Hidden Gem vessel and toll processing in Japan and Indonesia, and later adding integrated U.S. processing in Texas.
The report emphasizes life cycle assessments suggesting lower environmental footprints versus many land-based routes, including reduced biomass disturbance, near-zero solid processing waste, and shorter supply chains into the United States. Key partnerships include Allseas for offshore collection systems, PAMCO for smelting trials and feasibility work, Korea Zinc for refining and pCAM opportunities, Glencore for 50% offtake on NORI nickel and copper, and Mariana Minerals to help design and potentially develop a U.S. processing facility in Brownsville, Texas.