TMC Provides Third Quarter 2026 Corporate Update

NEW YORK, Nov. 12, 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 provided a corporate update and third quarter financial results for the period ended September 30, 2026.

Q3 2026 Financial Highlights * Liquidity of approximately $123 million available from our cash on hand and our credit facilities as of September 30, 2026 * $19.4 million cash used in operations for the quarter ended September 30, 2026 * Net loss of $28.4 million and net loss per share of 6 cents for the quarter ended September 30, 2026 TMC USA’s Applications Continue Progressing Through NOAA Review * In a November 3, 2026 letter, the National Oceanic and Atmospheric Administration (“NOAA”) stated that it now expects to notify our subsidiary, The Metals Company USA (“TMC USA”), of its final determination as to certification of the TMC USA-A consolidated application by mid-December 2026, rather than the end of October * The letter references NOAA’s process, specifically the need for adequate time to review over 1,600 public comments received during the public comment period that closed on October 19. The letter does not identify any issue or deficiency with the application * Certification would be a major permitting milestone. It would reflect NOAA’s determination that TMC USA has the financial and technical capacity to carry out its proposed nodule collection operations in the USA-A area, and that its commercial recovery plan meets the statutory requirements * Based on NOAA guidance, the Company continues to expect issuance of the permit in advance of the targeted Q4 2027 offshore collection system commissioning; the Company believes the rigor of NOAA’s review supports the permit’s long-term durability and legal defensibility and reinforces the high standards applicable to all applicants Allseas Partnership: Secure First Production, Unlock Full-Scale Growth * TMC and Allseas are advancing a capital-light approach intended to enable the start of commercial operations upon potential permit grant, reduce upfront investment and operating costs through a simplified offshore system designed to meet the first two years’ production targets * A planned second production vessel is expected to be key to the Company's transition to full-scale operations, enabling Hidden Gem to undergo its full-capacity conversion in Year 3 while maintaining continuous production * The phased approach would enable TMC to scale production and investment progressively, aligned with operational performance and available funding, while preserving the original timeline to reach steady-state production of 12 million wet tonnes per annum U.S. Government Funding Update * The Company is actively engaged in funding processes with specific U.S. agencies named in Executive Order 14285 regarding plans to build nodule processing and refining capacity in the United States * While these processes continue confidentially, the Company does not currently intend to pursue other capital market transactions until such time as one or more of these processes are completed Gerard Barron, Chairman & CEO of TMC, commented: "Our Commercial Recovery Permit application for USA-A is going through a thorough review at NOAA. Recent developments give us confidence that we could have the permit in hand by this time next year. Our focus is on being ready to mobilize for production directly after we receive it.