---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-024088"
form_type: "8-K"
ticker: "TMC"
cik: "0001798562"
company_name: "TMC the metals Co Inc."
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T05:16:04.551006+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TMC forms strategic partnership with Low Carbon Royalties, receives 35% stake and $5M cash for NORI royalty

## Summary
- TMC contributed a 2% gross overriding royalty on its NORI project to Low Carbon Royalties in exchange for a 35% equity interest and $5M cash.
- TMC can repurchase up to 75% of the royalty at a capped return between years 2 and 10; if fully repurchased, royalty reduces to 0.5%.
- TMC CEO Gerard Barron joins LCR board; LCR also holds a 1.6% royalty on a producing natural gas field in Latin America.
- The partnership provides non-dilutive funding for TMC's NORI-D project development without issuing new equity.
- LCR is led by Brian Paes-Braga, Managing Partner of SAF Group, and aims to finance low-carbon energy and transition metals.

## SEC filing metadata
- accession: 0001104659-23-024088
- form_type: 8-K
- ticker: TMC
- cik: 0001798562
- company_name: TMC the metals Co Inc.
- filed_at: 2023-02-22T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1798562/000110465923024088/0001104659-23-024088-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1798562/000110465923024088/tm237472d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-024088
- JSON: https://secwatch.observer/filing/0001104659-23-024088.json
- Plain text: https://secwatch.observer/filing/0001104659-23-024088.txt

## Key facts
- Material Agreements
  TMC the metals Co Inc. entered into Partnership with Low Carbon Royalties Inc. valued at US$5,000,000 cash (effective 2023-02-21).
  - Action: entry
  - Counterparty: Low Carbon Royalties Inc.
  - Value: US$5,000,000 cash
  - Effective: 2023-02-21
  source text: On February 21, 2023, TMC the metals company Inc. (the “Company”) and its wholly-owned subsidiary, Nauru Ocean Resources Inc. (“NORI”), entered into a strategic partnership with Low Carbon Royalties Inc. (“Low Carbon Royalties”), a private corporation formed under the laws of British Columbia, Canada to finance low carbon emitting energy production and technologies (natural gas, nuclear, renewables), transition metals and minerals required for energy storage and electrification (Cu, Li, Ni, Co, Mn), and the evolving environmental markets (the “Partnership”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1798562/000110465923024088/0001104659-23-024088-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.