Key Highlights

  • TMC the metals company (NASDAQ:TMC) held cash of USD 98.7 million at June 30, 2026, down from USD 117.6 million at year-end 2025, and reported Liquidity of USD 143 million including a USD 44 million undrawn facility.
  • The second-quarter 2026 net loss was USD 60.1 million, or USD 0.14 per share, versus USD 74.3 million, or USD 0.20, a year earlier; exploration and evaluation expense was USD 56.1 million.
  • NOAA found the USA-A application fully compliant on April 28, 2026, and published a Notice of Intent for an environmental impact statement on USA-B on August 17, 2026; no permit has been granted.
  • Published market data lists the shares at USD 2.33, up 0.65%, with an 88.54% one-year EPS change; the snapshot date is not shown and the EPS figure was not matched to a filing.

Permit Process Moves, but No Licence Is Granted

TMC the metals company (NASDAQ:TMC) aims to collect polymetallic nodules from the Pacific seabed for nickel, cobalt, copper and manganese. The company said NOAA found its consolidated USA-A application fully compliant on April 28, 2026, and the proposed commercial recovery area grew from about 25,000 square kilometers to about 65,000, with an estimated 619 million wet tonnes of nodules. For USA-B, NOAA certified the application on May 26, 2026 and published its Notice of Intent for an environmental impact statement on August 17. Remaining steps include certification of USA-A, a draft environmental statement for public comment and a final NOAA decision.

Cash Burn, Allseas Obligations and the Equity Deficit

The June 30, 2026 Balance Sheet showed total Assets of USD 180.9 million, liabilities of USD 208.3 million and an equity Deficit of USD 27.4 million, including a USD 145.0 million Royalty liability. Of exploration and evaluation expense, USD 37.5 million related to Allseas, with USD 34.8 million deferred and payable on tonnage after production starts. TMC the metals company (NASDAQ:TMC) had 441,135,482 shares outstanding on August 11, 2026. Management said cash covers Working Capital and capex commitments for at least 12 months and that it planned no other capital-markets transactions until further public updates.

Aggressive Earnings Label, Timeline Slippage and What Is Unverified

The 88.54% one-year EPS change on the screen is not supported by the filing basis seen here: the second-quarter loss per share narrowed from USD 0.20 to USD 0.14, which is a loss shrinking, not growth from profit, and changes measured from a negative base can look extreme. On the call of August 13, management said it no longer expects a permanent permit in the first quarter of 2027, though it still expects one before offshore commissioning, targeted for the fourth quarter of 2027. TMC the metals company (NASDAQ:TMC) also expected USA-A certification in October 2026, and whether that happened was not verified. Market cap was not verified.

Where Things Stand

Roughly a year of stated cash cover, according to the company, but not more than that is verified. TMC the metals company (NASDAQ:TMC) reported USD 98.7 million of cash at June 30, 2026 and management said it covers commitments for at least 12 months, while the quarterly loss was USD 60.1 million, partly from non-cash and deferred items tied to Allseas. The permit timeline has slipped, no permit is granted, and the company is talking with U.S. agencies about funding. The 0.65% screen move is unverified. Third-quarter results and any USA-A certification news are the next items to check.