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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>3Q25 results. TMC reported 3Q25 results, with an operating loss of $55.3 million versus $19.9 million in 3Q24, driven primarily by significantly higher share-based compensation associated with 3Q25 option and RSU grants, along with stepped-up legal and consulting expenses tied to US permitting activities.</li><li>Exploration and evaluation spending of $9.6 million decreased from $11.8 million a year ago due to lower environmental monitoring costs following the completion of Campaign 8 and reduced Allseas program expenses.</li><li>Solid liquidity position. Quarter-end cash stood at $115.6 million, rising to $121 million by mid-November with additional warrant and option exercises. </li></ul>

3Q25 results. TMC reported 3Q25 results, with an operating loss of $55.3 million versus $19.9 million in 3Q24, driven primarily by significantly higher share-based compensation associated with 3Q25 option and RSU grants, along with stepped-up legal and consulting expenses tied to US permitting activities.Exploration and evaluation spending of $9.6 million decreased from $11.8 million a year ago due to lower environmental monitoring costs following the completion of Campaign 8 and reduced Allseas program expenses.Solid liquidity position. Quarter-end cash stood at $115.6 million, rising to $121 million by mid-November with additional warrant and option exercises. 

TMC: With Plenty of Cash and Clear Regulatory Pathway, Start of Production Still on Track for 4Q27

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>The Metals Company’s (TMC’s) quarterly report provided no surprises as the company continues to progress its deep sea licensing application and associated operations. The cash position is significantly improved, ensuring sufficient funds for at least the next 12 months. Key remains the award of a licence and news of any progress from the US administration, which appears to be moving steadily forward.</p>

The Metals Company’s (TMC’s) quarterly report provided no surprises as the company continues to progress its deep sea licensing application and associated operations. The cash position is significantly improved, ensuring sufficient funds for at least the next 12 months. Key remains the award of a licence and news of any progress from the US administration, which appears to be moving steadily forward.

The Metals Company — Q3 balance sheet strength positive

<ul><li>2Q25 results. TMC reported its 2Q25 financials, that included slightly higher operating loss of $22M vs. $20.3M in year-ago period, as lower exploration and development activities were offset by higher consulting costs and increased share-based compensation.</li><li>Cash on hand of $115.8M was up sharply vs. $3.5M in 2Q24 reflecting strategic investment by Korea Zinc.</li><li>Solid cash position. Pro forma cash position of $120.7M includes $8.8M in proceeds from May RDO and exercised warrants and a repayment of $3.8M credit facility that took place in early July, 2025.</li></ul>

2Q25 results. TMC reported its 2Q25 financials, that included slightly higher operating loss of $22M vs. $20.3M in year-ago period, as lower exploration and development activities were offset by higher consulting costs and increased share-based compensation.Cash on hand of $115.8M was up sharply vs. $3.5M in 2Q24 reflecting strategic investment by Korea Zinc.Solid cash position. Pro forma cash position of $120.7M includes $8.8M in proceeds from May RDO and exercised warrants and a repayment of $3.8M credit facility that took place in early July, 2025.

TMC - Progress Toward Commercial License Continues with 4Q27 Production Goal in Sight

<ul><li>Last week, TMC hosted a Strategy Day geared toward retail investors, during which management unveiled the NORI-D PFS and an Initial Assessment (IA) of NORI (ex-NORI-D) and TOML resources.</li><li>It also provided an opportunity for investors and analysts to meet and interact with senior management, TMC’s board members, offshore and onshore partners Allseas and Korea Zinc, and representatives of sponsoring nations of Nauru and Tonga.</li><li>During the discussions, TMC provided a glimpse into its longer-term strategy of evolving from a polymetallic nodule collector to an integrated metal refiner and processor, as well as recycler, with the aim of recovering and recycling battery and scrap metals and selling recovered metals without the need to continually mine new deposits, highlighting once again the serious environmental and sustainability goals TMC is striving for.</li></ul>

Last week, TMC hosted a Strategy Day geared toward retail investors, during which management unveiled the NORI-D PFS and an Initial Assessment (IA) of NORI (ex-NORI-D) and TOML resources.It also provided an opportunity for investors and analysts to meet and interact with senior management, TMC’s board members, offshore and onshore partners Allseas and Korea Zinc, and representatives of sponsoring nations of Nauru and Tonga.During the discussions, TMC provided a glimpse into its longer-term strategy of evolving from a polymetallic nodule collector to an integrated metal refiner and processor, as well as recycler, with the aim of recovering and recycling battery and scrap metals and selling recovered metals without the need to continually mine new deposits, highlighting once again the serious environmental and sustainability goals TMC is striving for.

<p>The Metals Company’s (TMC’s) application for an exploitation licence through the US legislative framework provides the potential to accelerate the group’s plans and management now expects commercial operations to commence in Q327. The release of a technical report summary (TRS) of the pre-feasibility study (PFS) for the NORI-D block provides further granularity, particularly on the anticipated economics. The capital markets event provided additional context and insights into TMC’s long-term strategic direction and future potential</p>

The Metals Company’s (TMC’s) application for an exploitation licence through the US legislative framework provides the potential to accelerate the group’s plans and management now expects commercial operations to commence in Q327. The release of a technical report summary (TRS) of the pre-feasibility study (PFS) for the NORI-D block provides further granularity, particularly on the anticipated economics. The capital markets event provided additional context and insights into TMC’s long-term strategic direction and future potential

The Metals Company — Capital markets event adds positive colour

Canada

TMC the metals company Inc. operates as an electric vehicles battery metal company. The Company produces metals from polymetallic rocks to store clean energy and power electric vehicles. TMC the metals serves customers worldwide.

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TMC the metals co (TMC US)

TMC: With Plenty of Cash and Clear Regulatory Pathway, Start of Production Still on Track for 4Q27

3Q25 results. TMC reported 3Q25 results, with an operating loss of $55.3 million versus $19.9 million in 3Q24, driven primarily by significantly...

Water Tower Research

The Metals Company — Q3 balance sheet strength positive

The Metals Company’s (TMC’s) quarterly report provided no surprises as the company continues to progress its deep sea licensing application and...

Edison Investment Research

TMC - Progress Toward Commercial License Continues with 4Q27 Production Goal in Sight

ro forma cash position of $120.7M includes $8.8M in proceeds from May RDO and exercised warrants and a repayment of $3.8M credit facility that took...

Water Tower Research

The Metals Company, Inc: Beyond Nodules

Last week, TMC hosted a Strategy Day geared toward retail investors, during which management unveiled the NORI-D PFS and an Initial Assessment (IA)...

Water Tower Research

The Metals Company — Capital markets event adds positive colour

The Metals Company’s (TMC’s) application for an exploitation licence through the US legislative framework provides the potential to accelerate the...

Edison Investment Research

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