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TMC the metals company Inc. filed an automatic shelf registration on Form S-3 as a well-known seasoned issuer to register an unlimited aggregate amount of common shares, preferred shares, debt securities, warrants and units for offering from time to time after effectiveness. The shelf permits offerings by the company or by selling securityholders; prospectus supplements will state specific terms and whether the company receives proceeds. As context, there were 433,188,187 common shares issued and outstanding as of March 30, 2026, the last reported sale price of the common shares was $4.10 per share and the public warrants last traded at $0.271 per warrant on March 30, 2026. The prospectus incorporates technical reports on the NORI Area D pre-feasibility study and TOML/NORI initial assessment and discloses NOAA and ISA regulatory pathways for deep-seabed minerals under DSHMRA and UNCLOS-related regimes.
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.
TMC the metals company Inc. reported fourth quarter and full year 2025 results alongside major permitting and strategic updates. The company ended December 31, 2025 with cash of $117.6 million and cites total liquidity of $162 million, expecting around $154 million at March 31, 2026.
TMC posted a net loss of $40.4 million ( $0.08 per share) for Q4 2025, versus a loss of $16.1 million ( $0.04 per share) a year earlier. For full year 2025, net loss widened to $319.8 million ( $0.83 per share) from $81.9 million ( $0.25 per share) in 2024, driven by a $131 million increase in NORI royalty liability and a non‑recurring $38 million warrant charge.
General and administrative expenses rose sharply to $99.8 million in 2025 from $30.6 million, largely due to accelerated share‑based compensation. At year‑end, total equity was a deficit of $33.4 million. Strategically, TMC advanced a U.S. permitting path with NOAA’s “substantial compliance” determination on its consolidated deep‑seabed mining application, secured exclusive lease‑option rights for a potential processing hub in Brownsville, Texas, and entered a strategic partnership with Mariana Minerals. TMC also highlighted expected 2026 Nasdaq trading of The Metals Royalty Co., in which it holds an equity stake and royalty repurchase rights.
TMC the metals Co Inc. Chief Financial Officer Craig Shesky reported selling a total of 345,619 common shares of TMC in open-market transactions on March 24–26, 2026 at average prices around $4.53–$4.74 per share. According to the filing, these sales were executed as automatic “sell to cover” transactions to satisfy tax withholding obligations arising from the vesting of restricted stock units granted on March 20, 2023, March 20, 2024 and March 20, 2025, and are described as non-discretionary. Following these transactions, Shesky directly holds 1,425,841 common shares of TMC.
TMC director Craig Shesky reported the sale of Common Stock in two transactions on 03/24/2026 and 03/25/2026.
The filing shows 51,941 shares sold on 03/24/2026 for $246,107.65 and 78,186 shares sold on 03/25/2026 for $358,297.02. The excerpt also records vesting of 215,492 restricted stock units on 03/20/2026 granted under the issuer's equity compensation plan.
TMC the metals Co Inc. affiliate transaction report: a holder disclosed a sale of 51,941 shares of Common Stock on 03/24/2026 for $246,107.65. The filing also shows restricted stock units vested on 03/20/2026 granted under the issuer's equity compensation plan.
TMC the metals Co Inc. Chief Financial Officer Craig Shesky exercised restricted stock units into 562,539 common shares on March 20, 2026. These RSUs come from long-term incentive grants made in 2023, 2024, and 2025 that vest over three years. After these conversions, he directly holds 1,771,460 common shares and continues to participate in the company’s multi-year RSU vesting program tied to ongoing service.
TMC the metals Co Inc. submitted a Form 144 notice regarding the proposed sale of 51,941 shares of Common Stock that vested as restricted stock unit awards on 03/20/2026. The filing lists these shares as securities to be sold and notes they were granted under the issuer's equity compensation plan.
TMC the metals company Inc. reported that the U.S. National Oceanic and Atmospheric Administration (NOAA) has determined the consolidated application filed by its subsidiary, TMC USA, for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act is in substantial compliance with U.S. regulations.
The application, the first submitted under NOAA’s new consolidated process, covers about 65,000 km2 of polymetallic nodule areas in the Clarion Clipperton Zone, compared with 25,000 km2 in TMC USA’s initial 2025 commercial recovery permit bid. TMC noted this process is intended to streamline review by using exploration-phase data, and that public comment periods for related exploration license applications TMC USA A and B have been completed.
TMC the metals company’s Chief Financial Officer Craig Shesky reported an insider transaction involving stock options and special share classes. On February 10, 2026, he exercised stock options to acquire 63,204 common shares for cash at an exercise price of $0.65 per share, bringing his directly held common shares to 1,208,921.
Under the option terms, he was also issued, for no additional consideration, multiple series of Special Shares: 1,379 Class A, 2,758 each of Classes B and C, 5,516 each of Classes D, E and F, and 6,895 each of Classes G and H. These Special Shares each automatically convert into common shares on a one-for-one basis if the stock trades at or above specified price thresholds ranging from $15.00 for Class A to $200.00 for Class H over defined 20-out-of-30 trading-day periods, or upon certain change-of-control events.