TMC 1Q26 Earnings; Important Steps Towards Operating Plan

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TMC 1Q26 Earnings; Important Steps Towards Operating Plan

Company Report

May 18, 2026 The Metals Company Inc (TMC)

Rating: TMC 1Q26 Earnings; Important Steps Towards Operating PlanOUTPERFORM

Price:

$5.42 TMC reported its FY1Q26 results, with the company continuing to advance the

12-Month Price Target: two most important pieces of the story: accelerating the permitting process and

$10.00 commercial readiness. The quarter was highlighted by NOAA's determination

on April 28, 2026 that TMC's consolidated exploration license and commercial

recovery permit application for its designated area is in full compliance with

Analysts the requirements of the Deep Seabed Hard Mineral Resources Act and its

Sam Brandeis implementing regulations, moving the application into the certification stage and

(212) 222-3005 toward Federal Register publication. TMC's subsidiaries NORI and TOML alsosam.brandeis@wedbush.com

Dan Ives completed the submission of extensive environmental datasets to the International

(212) 344-2073 Seabed Authority's DeepData database, covering a decade of exploration activities

Dan.Ives@wedbush.com in the Clarion-Clipperton Zone.

TMC ended the quarter with approximately $119.7 million of cash and no financial

Company Information debt, with roughly $164 million in current liquidity available from cash on hand and

Market Cap (M) $2,348 credit facilities. The company believes that cash on hand, along with the undrawn

Enterprise Value (M) $2,582 unsecured credit facility, will be more than sufficient to meet its working capitalShares Outst (M) 405.5

52-Week Range $3.31 - $11.35 and capital expenditure requirements for at least the next 12 months from today.

The company reported EPS of ($0.05), in line with the Street's ($0.05) estimate,