Research from Water Tower Research, Water Tower Research

Water Tower Research

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>TMC reported 1Q26 results that included accelerating regulatory progress, a definitive commercial agreement with Allseas, and continued advancement of its downstream US processing strategy.</li><li>Management commentary reflected increasing confidence around a pathway toward commercial production beginning in late 2027.</li><li>The quarter also marked a broader shift in investor messaging from exploration-stage optionality toward execution and commercialization. </li></ul>

TMC reported 1Q26 results that included accelerating regulatory progress, a definitive commercial agreement with Allseas, and continued advancement of its downstream US processing strategy.Management commentary reflected increasing confidence around a pathway toward commercial production beginning in late 2027.The quarter also marked a broader shift in investor messaging from exploration-stage optionality toward execution and commercialization. 

TMC: Commercialization Momentum Builds as NOAA and Allseas De-Risk Critical Minerals Platform

<ul><li>4Q25 reflects non-cash costs, while liquidity remains a core strength. </li><li>TMC reported a 4Q25 operating loss of $44.7MM and net loss of $40.4MM, driven primarily by higher share-based compensation and increased legal and consulting expenses tied to permitting and strategic initiatives. </li><li>The 2025 net loss of $319.8MM was heavily affected by non-cash items, including a $131MM increase in royalty liability and warrant-related charges. </li></ul>

4Q25 reflects non-cash costs, while liquidity remains a core strength. TMC reported a 4Q25 operating loss of $44.7MM and net loss of $40.4MM, driven primarily by higher share-based compensation and increased legal and consulting expenses tied to permitting and strategic initiatives. The 2025 net loss of $319.8MM was heavily affected by non-cash items, including a $131MM increase in royalty liability and warrant-related charges. 

TMC: Pivoting from Development to Execution as Drive Toward Production Accelerates

<ul><li>Critical minerals supply chain crisis drives DSM urgency. The surge in demand for battery metals from EVs, AI datacenters, and renewable energy is creating structural deficits in nickel, cobalt, copper, and manganese that terrestrial mining cannot address.</li><li>TMC targets first commercial production from its NORI-D area in 4Q27, positioning the company to help address critical supply shortages as China controls 95% of manganese, 65% of cobalt, and 35% of nickel processing globally.</li><li>US regulatory framework creates clear path forward. TMC USA filed the first consolidated application with the National Oceanic and Atmospheric Administration (NOAA) covering ~65,000 km² (up from 25k km² in earlier application) in the Clarion-Clipperton Zone (CCZ) with an est. resource of 619M tons of wet nodules, representing a world-first submission under the streamlined US framework that materially reduces regulatory uncertainty vs. the International Seabed Authority (ISA) process.</li></ul>

Critical minerals supply chain crisis drives DSM urgency. The surge in demand for battery metals from EVs, AI datacenters, and renewable energy is creating structural deficits in nickel, cobalt, copper, and manganese that terrestrial mining cannot address.TMC targets first commercial production from its NORI-D area in 4Q27, positioning the company to help address critical supply shortages as China controls 95% of manganese, 65% of cobalt, and 35% of nickel processing globally.US regulatory framework creates clear path forward. TMC USA filed the first consolidated application with the National Oceanic and Atmospheric Administration (NOAA) covering ~65,000 km² (up from 25k km² in earlier application) in the Clarion-Clipperton Zone (CCZ) with an est. resource of 619M tons of wet nodules, representing a world-first submission under the streamlined US framework that materially reduces regulatory uncertainty vs. the International Seabed Authority (ISA) process.

TMC: As the World Moves Toward DSM, NOAA Streamlines Regs to Advance Domestic Resource Independence

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 (TMC) has finalised its application and review process for US commercial licence award for deep-sea mining and has subsequently filed a commercial application. These are positive steps by the company towards its intention to commence commercial operations in Q427.</p>

The Metals Company (TMC) has finalised its application and review process for US commercial licence award for deep-sea mining and has subsequently filed a commercial application. These are positive steps by the company towards its intention to commence commercial operations in Q427.

The Metals Company — Permitting progress

<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

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: Commercialization Momentum Builds as NOAA and Allseas De-Risk Critical Minerals Platform

The quarter also marked a broader shift in investor messaging from exploration-stage optionality toward execution and commercialization.

Water Tower Research

TMC: Pivoting from Development to Execution as Drive Toward Production Accelerates

The 2025 net loss of $319.8MM was heavily affected by non-cash items, including a $131MM increase in royalty liability and warrant-related charges.

Water Tower Research

TMC: As the World Moves Toward DSM, NOAA Streamlines Regs to Advance Domestic Resource Independence

The surge in demand for battery metals from EVs, AI datacenters, and renewable energy is creating structural deficits in nickel, cobalt, copper,...

Water Tower Research

The Metals Company — Permitting progress

The Metals Company (TMC) has finalised its application and review process for US commercial licence award for deep-sea mining and has subsequently...

Edison Investment Research

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

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