Michael B. Hess
appointed Michael B. Hess and Alex Spiro as directors, effective June 16, 2025
Highest-materiality recent filing
TMC Q1 net loss $20.6M flat YoY; signs Allseas commercial nodule deal, NOAA advances permit
Net loss $20.6M ($0.05/share) vs $20.6M ($0.06/share) prior year; cash $119.7M, no financial debt.
NOAA finds TMC USA's deep-sea mining application in full compliance; permit expected by Q1 2027
NOAA determined TMC USA's consolidated application under DSHMRA is in full compliance, following substantial compliance in March.
TMC reports FY 2025 net loss $319.8M, advances US deep-sea mining permitting and Brownsville hub
Q4 2025 net loss $40.4M ($0.08/sh) vs $16.1M ($0.04/sh) in Q4 2024; FY net loss $319.8M ($0.83/sh) vs $81.9M ($0.25/sh) in 2024.
NOAA finds TMC's consolidated deep-sea mining application in substantial compliance
Application covers ~65,000 km² in Clarion Clipperton Zone, up from ~25,000 km² in April 2025.
Application covers ~65,000 km² (up from ~25,000 km²) in the Clarion Clipperton Zone with 619 Mt wet nodules resource plus 200 Mt upside.
TMC completes vertical amalgamation with subsidiary DGM to simplify structure
Effective Jan 1, 2026, TMC amalgamated with wholly owned subsidiary DeepGreen Metals ULC.
TMC Q3 net loss $184.5M ($0.46/sh); cash $115.6M; nodule reserve declared
Net loss $184.5M ($0.46/sh) vs $20.5M ($0.06/sh) YoY; operating loss $55.4M.
TMC shareholders approve increase in equity plan share pool to 110.3M shares
Share pool raised from 70,262,856 to 110,262,856 shares under amended 2021 Incentive Equity Plan.
TMC reports Q2 net loss $74.3M; publishes NORI-D PFS with $5.5B NPV, targets Q4 2027 production
Q2 2025 operating loss $22M, net loss $74.3M ($0.20/share); cash $115.8M at June 30, 2025.
TMC releases PFS and IA with combined NPV of $23.6B; declares world-first nodule reserves
PFS for NORI-D shows after-tax NPV $5.5B, IRR 27%, 51 Mt probable reserves with 18-yr mine life.
TMC enters revised sponsorship with Tonga, issues warrant for 1M shares at $5.87
TOML subsidiary enters revised sponsorship agreement with Kingdom of Tonga, replacing 2021 agreement.
TMC closes $85.2M private placement with Korea Zinc and $37M direct offering
Closed private placement with Korea Zinc on June 25, 2025: 19,623,376 shares and warrant for 6,868,181 shares; gross proceeds $85.2M.
Board size increased to 10; Michael Hess (CIO of Hess Capital) and Alex Spiro (litigator/investor) appointed as directors effective June 16, 2025.
TMC secures $85.2M strategic investment from Korea Zinc; closes June 26
Korea Zinc to buy 19.6M shares at $4.34 share/unit and receive warrants for 6.9M shares at $7.00, gross proceeds $85.2M.
TMC revises Nauru sponsorship, issues 9.1M warrants; hires Hess with large equity awards
Revised Sponsorship Agreement with Nauru guarantees financial benefits from commercial production; warrant issued for 9,146,268 shares at $4.72.
NOAA determined TMC USA's exploration license apps for USA-A and USA-B areas are in substantial compliance under DSHMRA.
appointed Michael B. Hess and Alex Spiro as directors, effective June 16, 2025
appointed Michael B. Hess and Alex Spiro as directors, effective June 16, 2025
Max materiality 0.90 · Median 0.75 · Most common event other_material