0001104659-25-111264 | 10-Q | XBRL Viewer

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Investment in Low Carbon Royalties - Company's share of the net loss generated by Low Carbon Royalties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Investment in Low Carbon Royalties
Investment at the beginning of the period			$ 8,203	$ 8,429	$ 8,429
Equity-accounted investment loss	$ (500)	$ (58)	(438)	$ (197)	(226)
Return of capital			346
Dilution gain	2,967		2,967
Investment at the end of the period	$ 10,387		$ 10,387		$ 8,203

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

10.Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities outstanding at September 30, 2025, and December 31, 2024 are as follows:


	September 30		December 31
	2025		2024
Accounts Payable	$	3,767	$	6,198
Accrued Liabilities⁽¹⁾⁽²⁾		43,067		36,556
	$	46,834	$	42,754

⁽¹⁾As at September 30, 2025, accrued liabilities included $32.9 million related to Allseas (Note 6) (Dec 31, 2024 - $25.8 million).

⁽²⁾

As of September 30, 2025, accrued liabilities included $0.4 million in fees payable to a consultant, contingent on warrant exercise and recorded at fair value.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current
Cash	$ 115,648	$ 3,480
Receivables and prepayments	1,566	1,851
Total current assets	117,214	5,331
Non-current
Exploration assets	42,951	42,951
Equipment	597	771
Software development costs	2,082	1,928
Right-of-use asset	2,384	3,814
Investment	10,387	8,203
Total non-current assets	58,401	57,667
TOTAL ASSETS	175,615	62,998
Current
Accounts payable and accrued liabilities	46,834	42,754
Short-term debt		11,775
Total current liabilities	46,834	54,529
Non-current
Deferred tax liability	10,675	10,675
Royalty liability	145,000	14,000
Warrants liability	13,730	912
Total non-current liabilities	169,405	25,587
TOTAL LIABILITIES	216,239	80,116
EQUITY
Common shares (unlimited shares, no par value - issued: 408,855,173 (December 31, 2024 -340,708,460))	638,853	477,217
Additional paid in capital	232,607	138,303
Accumulated other comprehensive loss	(1,203)	(1,203)
Deficit	(910,881)	(631,435)
TOTAL EQUITY	(40,624)	(17,118)
TOTAL LIABILITIES AND EQUITY	$ 175,615	$ 62,998

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities
Accounts Payable	$ 3,767	$ 6,198
Accrued Liabilities	43,067	36,556
Accounts Payable and Accrued Liabilities	46,834	42,754
Accrued fees payable	400
Allseas
Accounts Payable and Accrued Liabilities
Accrued Liabilities	$ 32,900	$ 25,800

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
Condensed Consolidated Balance Sheets
Common shares, par value	$ 0	$ 0
Common shares, issued	408,855,173	340,708,460

Share-Based Compensation (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 28, 2025 shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) D $ / shares shares	Sep. 30, 2024 USD ($)
Share-Based Compensation
Number of additional shares added	40,000,000
Options outstanding	6,500,000	6,500,000		6,500,000
Options of additional grants		0
Grant date fair value (in Dollars per share) \| $ / shares				$ 4.1
Fair value of stock options vested \| $		$ 26,700
Granted	11,915,676
Sharebased Payment Arrangement Tranche One Member
Share-Based Compensation
Share based arrangement award vesting rights percentage				50.00%
Share price trading (in Dollars per share) \| $ / shares				$ 5
Number of consecutive trading days \| D				10
Market capitalization target \| $				$ 2,200,000
Number of market capitalization consecutive days \| D				10
Grant date fair value (in Dollars per share) \| $ / shares		$ 5.82
Sharebased Payment Arrangement Tranche Two Member
Share-Based Compensation
Share based arrangement award vesting rights percentage				50.00%
Share price trading (in Dollars per share) \| $ / shares				$ 7
Number of consecutive trading days \| D				10
Market capitalization target \| $				$ 3,000,000
Number of market capitalization consecutive days \| D				10
Grant date fair value (in Dollars per share) \| $ / shares		$ 5.58
Employee stock option
Share-Based Compensation
Share based compensation expense \| $		$ 27,200		$ 28,300
Employee stock option \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense \| $		25	$ 0	200	$ 0
Employee stock option \| General and administration expenses
Share-Based Compensation
Share based compensation expense \| $		$ 27,200	$ 500	$ 28,100	$ 900
Director \| Share-Based Payment Arrangement, Employee
Share-Based Compensation
Options outstanding	5,000,000
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan		110,262,856		110,262,856
Number of additional shares authorized subject to approval to share holders				40,000,000
Units sign-on grant		12,247,208		12,247,208
Common Shares issued and outstanding percentage				4.00%
2021 Incentive Equity Plan \| Non-employee directors
Share-Based Compensation
Common shares reserved for issuance		2,243,853		2,243,853

Basis of Presentation (Policies)

9 Months Ended

Sep. 30, 2025

Basis of Presentation

Basis of Presentation

These unaudited condensed consolidated interim financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) for interim financial statements. Accordingly, certain information and footnote disclosures required by U.S. GAAP have been condensed or omitted in these unaudited condensed consolidated interim financial statements pursuant to such rules and regulation. In management’s opinion, these unaudited condensed consolidated interim financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company’s statement of financial position, operating results for the periods presented, comprehensive loss, shareholder’s equity and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2025 or for any other period. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024. The Company has applied the same accounting policies as in the prior year.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the notes thereto. Significant estimates and assumptions reflected in these condensed consolidated interim financial statements include, but are not limited to, the evaluation of going concern, the valuation of share-based payments, including valuation of stock options (Note 14), valuation of warrants (Note 13), the valuation of the Royalty liability (Note 7) and the valuation of leases (Note 6). Actual results could differ materially from those estimates.

Fair Value of Financial Instruments

Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value.

The Company measures fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. In accordance with US GAAP, the Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value:

●

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

●

Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.

●

Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2025, and 2024.

As at September 30, 2025, and December 31, 2024, the carrying values of cash, receivables, short-term debt, accounts payable and accrued liabilities approximate their fair values due to the short-term nature of these instruments. The financial instruments also include royalty liability, accrued liabilities and warrants which are recorded at fair value as disclosed in Note 7, Note 10 and Note 13, respectively.

Recent Accounting Pronouncements Issued and Adopted

There were no recent accounting pronouncements issued and adopted by the Company during the period.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Share-Based Compensation - Summarizing the movements in stock options (Details) - shares		3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 28, 2025	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Share-Based Compensation
Granted	6,500,000	6,500,000	6,500,000
Short-Term Incentive Plan
Share-Based Compensation
Number of beginning balance			14,300,575	15,074,240
Expired				(57,893)
Exercised			(3,642,048)	(715,772)
Number of ending balance		10,658,527	10,658,527	14,300,575
Long-term Incentive Plan
Share-Based Compensation
Number of beginning balance			9,644,874	9,783,922
Expired				(139,048)
Exercised			(568,833)
Number of ending balance		9,076,041	9,076,041	9,644,874
2021 incentive plan
Share-Based Compensation
Number of beginning balance			3,940,000
Granted			7,750,000	3,940,000
Forfeited			(500,000)
Number of ending balance		11,190,000	11,190,000	3,940,000

Share-Based Compensation - Fair value of each tranche and derived service (Details) - Restricted Stock Units ("RSUs") - Director And Consultants	9 Months Ended
	Sep. 30, 2025 $ / shares
Sharebased Payment Arrangement Tranche One Member
Share-Based Compensation
Fair Value per RSU	$ 4.97
Derived Service Period	4 months 20 days
Sharebased Payment Arrangement Tranche Two Member
Share-Based Compensation
Fair Value per RSU	$ 4.8
Derived Service Period	7 months 6 days
Sharebased Payment Arrangement Tranche Three Member
Share-Based Compensation
Fair Value per RSU	$ 4.62
Derived Service Period	10 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2025

Loss per Share

Schedule of anti-dilutive common equivalent shares


	Nine months ended	Nine months ended
	September 30,	September 30,
	2025	2024
Outstanding options to purchase common shares	30,924,568	27,943,343
Outstanding RSUs	57,299,944	35,733,505
Outstanding shares under ESPP	6,982	11,027
Outstanding warrants	59,280,282	30,730,770
Outstanding Special Shares and options to purchase Special Shares	136,011,413	136,239,964
Total anti-dilutive common equivalent shares	283,523,189	230,658,609

Warrants - Fair value measurements assumptions (Details) - Private Warrants	Sep. 30, 2025 $ / shares Y	Dec. 31, 2024 $ / shares Y
Exercise price
Warrants
Measurement input	11.5	11.5
Share price
Warrants
Measurement input	6.37	1.12
Volatility
Warrants
Measurement input	1.0379	1.0897
Term (years)
Warrants
Measurement input \| Y	0.94	1.69
Risk-free rate
Warrants
Measurement input	0.0363	0.0414
Dividend yield
Warrants
Measurement input	0	0

Strategic Alliance with Allseas and Affiliates - Net Amount Of The Right-Of-Use Asset (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Right-of-use Asset
Beginning Balance			$ 3,814	$ 5,721	$ 5,721
Lease expense during the period	$ (500)	$ (500)	(1,430)	$ (1,430)	(1,907)
Ending Balance	$ 2,384		$ 2,384		$ 3,814

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2025

Fair Value of Financial Instruments

Fair Value of Financial Instruments

4.Fair Value of Financial Instruments

●

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

●

Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2025, and 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities

Schedule of accounts payable and accrued liabilities


	September 30		December 31
	2025		2024
Accounts Payable	$	3,767	$	6,198
Accrued Liabilities⁽¹⁾⁽²⁾		43,067		36,556
	$	46,834	$	42,754

⁽¹⁾As at September 30, 2025, accrued liabilities included $32.9 million related to Allseas (Note 6) (Dec 31, 2024 - $25.8 million).

⁽²⁾

As of September 30, 2025, accrued liabilities included $0.4 million in fees payable to a consultant, contingent on warrant exercise and recorded at fair value.

Warrants

9 Months Ended

Sep. 30, 2025

Warrants

Warrants

13.Warrants

Public Warrants

As at September 30, 2025, 15,000,000 Public Warrants were outstanding (December 31, 2024 – 15,000,000). Public Warrants may only be exercised for a whole number of shares. The exercise price for the Public Warrants is $11.50 per common share. The Public Warrants will expire on September 9, 2026 or earlier upon redemption or liquidation.

As at September 30, 2025, the value of outstanding Public Warrants of $19.5 million was recorded in additional paid in capital.

Private Warrants

As at September 30, 2025, 9,500,000 Private Warrants were outstanding (December 31, 2024 – 9,500,000). The exercise price for the Private Warrants is $11.50 per common share. The Private Warrants will expire on September 9, 2026 or earlier upon redemption or liquidation.

As at September 30, 2025, the fair value of outstanding Private Warrants of approximately $13.7 million is recorded as warrants liability. The following table presents the changes in the fair value of warrants liability:


	Private
	Warrants
Warrants liability as at December 31, 2024	$	912
Increase in fair value of warrants liability		12,818
Warrants liability as at September 30, 2025	$	13,730

As at September 30, 2025, the fair value of the Private Warrants was estimated using the following assumptions:


	September 30,			December 31,
	2025			2024
Exercise price	$	11.50		$	11.50
Share price	$	6.37		$	1.12
Volatility		103.79	%		108.97	%
Term		0.94	years		1.69	years
Risk-free rate		3.63	%		4.14	%
Dividend yield		0.0	%		0.0	%

Class A Warrants

The exercise price for the Class A Warrants is $2 per common share. The Class A Warrants will expire on December 31, 2027 or earlier upon redemption or liquidation. A continuity schedule summarizing the movement in Class A Warrants is below:


		Number of Class A
		Warrants
Outstanding – December 31, 2023		3,980,770
Issued		2,250,000
Outstanding – December 31, 2024		6,230,770
Exercised⁽¹⁾		(1,888,270)
Outstanding – September 30, 2025		4,342,500

During the third quarter of 2025, 1,638,270 Class A Warrants were exercised for which the Company received the exercise amount of $3.6 million in the second quarter of 2025.

As at September 30, 2025, the value of the outstanding 4,342,500 Class A Warrants amounting to $3.6 million was recorded in additional paid in capital.

Class B Warrants

As a part of the 2024 Registered Direct Offering (Note 11), the Company issued 7,450,000 Class B Warrants in the last quarter of 2024, to purchase common shares at an exercise price of $ 2.00 per share. The Class B Warrants will expire 5 years from the issuance date or earlier upon redemption or liquidation. A continuity schedule summarizing the movement in Class B Warrants is below:


		Number of Class B
		Warrants
Outstanding – December 31, 2024		7,450,000
Issued		2,500,000
Exercised⁽¹⁾		(8,860,000)
Outstanding – September 30, 2025		1,090,000

(1)

Of the total 8,860,000 Class B Warrants exercised in the first nine months of 2025, 5,035,000 Class B warrants were exercised through a cashless exercise against which 3,533,096 common shares were issued.

On June 17, 2025, the Company waived the limitation set forth in the Class B Warrants with respect to the cashless exercise thereof so that the holders of the Class B Warrants may now exercise the Class B Warrants through a cashless exercise, whether or not a registration statement registering the issuance of the common shares underlying the Class B Warrants under the Securities Act of 1933, as amended, is then effective or available. As a result of the waiver, each Class B Warrant may now be immediately exercised by way of a cashless exercise, meaning that the holder may elect to not pay a cash purchase price upon exercise and instead receive upon such exercise the net number of common shares determined according to the formula set forth in the Class B Warrants, subject to the other terms and conditions of the Class B Warrants.

During the third quarter of 2025, 2,525,000 Class B Warrants were exercised.

As at September 30, 2025, the value outstanding of 1,090,000 Class B Warrants amounting to $0.7 million was recorded in additional paid in capital.

Class C Warrants

In the second quarter of 2025, as a part of the 2025 Registered Direct Offering (Note 11), the Company issued 10,003,333 Class C Warrants to purchase common shares at an exercise price of $4.50 per share with an expiration date of May 12, 2028.

On July 1, 2025, the Company received the final balance of committed funding of approximately $7 million from the 2025 Registered Direct Offering and issued the remaining 2,330,000 Class C Warrants. The fair value of the remaining Class C Warrants was calculated using a Monte Carlo simulation resulting with a fair value of $3.01 per warrant. The fair value of the Class C Warrants issued during the third quarter was estimated using the below assumptions:


	July 1,
	2025
Exercise price	$	4.50
Share price	$	5.94
Volatility		106.26	%
Term		2.88	years
Risk-free rate		3.68	%
Dividend yield		0.0	%

The Class C Warrants contain a call provision under which if the Volume Weighted Average Price “VWAP” for 20 consecutive trading days exceeds $7.00, and the warrant holder does not possess material non-public information provided by the Company, the Company may call for cancellation the unexercised warrants, offering $0.0001 per Warrant Share. If conditions for the call are met, the unexercised portion of these warrants may be cancelled ten trading days after the call notice is received.

Similar to issuance in the second quarter of 2025, the Company classified the Class C Warrants issued in the third quarter of 2025 as equity (per ASC 815) and recorded the value amounting to $2.4 million as additional paid in capital.

A continuity schedule summarizing the movement in Class C Warrants is below:


		Number of Class C
		Warrants
Outstanding – December 31, 2024		—
Issued		12,333,333
Exercised⁽¹⁾		—
Outstanding – September 30, 2025		12,333,333

As at September 30, 2025, the outstanding 12,333,333 Class C Warrants were valued at $12.5 million, and were recorded in additional paid in capital.

Warrants issued to Korea Zinc

As part of the Korea Zinc Agreement (Note 11), the Company on June 25, 2025 issued 6,868,181 warrants to Korea Zinc to purchase the common shares of the Company at an exercise price of $7.00 per share with an expiration date of June 25, 2028.

The fair value of the warrants issued to Korea Zinc was determined using a Monte Carlo simulation on June 25, 2025, resulting with a fair value of $3.35 per warrant.

Similar to the Class A, Class B and Class C Warrants, the Company classified the warrants issued to Korea Zinc as equity (per ASC 815) and, recorded the value of the warrants issued during the second quarter of 2025 amounting to $11.5 million as additional paid in capital.

A continuity schedule summarizing the movement in Warrants issued to Korea Zinc is below:


		Number of
		Warrants
Outstanding – December 31, 2024		—
Issued		6,868,181
Exercised⁽¹⁾		—
Outstanding – September 30, 2025		6,868,181

Warrants issued to Republic of Nauru

In accordance with the revised sponsorship agreement dated May 29, 2025, between the Nauru Seabed Minerals Authority, the Republic of Nauru (the “Republic”) and NORI, the Company on May 30, 2025 issued 9,146,268 warrants (“Nauru Warrants”) to the Republic to purchase the common shares of the Company at an exercise price of $4.72 per share with an expiration date of May 30, 2030. The Nauru Warrants cannot be exercised through a cashless or net exercise.

The fair value of the Nauru Warrants was calculated using a Black-Scholes valuation on May 30, 2025, resulting with a fair value of $3.60 per warrant.

The Nauru Warrants cannot be exercised until the following conditions have been met:

●

A subsidiary of the Company other than NORI obtains a permit, license or other authorization from the US for the conduct of deep seabed mineral activities; and

●

The subsidiary other than NORI commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization.

During the second quarter of 2025, the Company recorded the fair value of the Nauru Warrants amounting to $33.1 million as additional paid in capital. Since the Company receives no form of consideration from the Republic in return for issuing the Nauru Warrants, the entire fair value of the Nauru warrants amounting to $33.1 million was recorded as an expense in the second quarter of 2025 under Nauru and Tonga Warrant Cost in the Condensed Consolidated Statements of Loss and Comprehensive Loss.

Warrants issued to the Kingdom of Tonga

In accordance with the revised sponsorship agreement dated August 4, 2025, between the Tonga Seabed Minerals Authority (the “State”) and TOML, the Company issued on August 4, 2025 1,000,000 warrants (“Tonga Warrants”) to the State to purchase the common shares of the Company at an exercise price of $ 5.87 per share with an expiration date of August 4, 2033. The Tonga Warrants cannot be exercised through a cashless or net exercise.

The fair value of the Tonga Warrants was calculated on issuance using a Black-Scholes valuation, 2025, resulting with a fair value of $5 per warrant. The fair value of the Tonga Warrants was estimated using the following assumptions:


	August 4,
	2025
Exercise price	$	5.87
Share price	$	5.65
Volatility		112.33	%
Term		8 years
Risk-free rate		4.00	%
Dividend yield		0.0	%

The Tonga Warrants cannot be exercised until the following conditions have been met:

●

A subsidiary of the Company other than TOML obtains a permit, license or other authorization from the US for the conduct of deep seabed mineral activities; and

●

The subsidiary other than TOML commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization.

The Tonga Warrants were not determined to be liabilities under ASC 480 as they were not mandatorily redeemable. The Company classified the Tonga Warrants as equity (per ASC 815), as the warrants require physical settlement and were also considered to be indexed to the Company’s share, wherein, upon exercise, a fixed number of common shares would be issued on payment of a fixed exercise price. As at September 30 2025, the Company recorded the fair value of the Tonga Warrants amounting to $5 million as additional paid in capital. Since the Company receives no form of consideration from the State in return for issuing the Tonga Warrants, the entire fair value of the Tonga Warrants was recorded as an expense in the third quarter of 2025 under Nauru and Tonga Warrant Costs in the Condensed Consolidated Statements of Loss and Comprehensive Loss.

Financing Activity

9 Months Ended

Sep. 30, 2025

Financing Activity

Financing Activity

11.Financing Activity

2024 Registered Direct Offering

In the last quarter of 2024, the Company entered into a securities purchase agreement with certain investors, pursuant to which the Company agreed to sell and issue, in a registered direct offering (the “2024 Registered Direct Offering”) 19,900,000 common shares and issue Class B Warrants to purchase 9,950,000 Common Shares (“Class B Warrants”). On February 6, 2025, the Company received the final balance of committed funding from the 2024 Registered Direct Offering of $5 million and issued 5,000,000 common shares and 2,500,000 Class B Warrants. Out of the total $5 million net proceeds received in the three months ended March 31, 2025, the net proceeds attributable to common shares were $2.2 million and the net proceeds attributable to Class B Warrants were $2.8 million (Note 13).

2025 Registered Direct Offering

On May 12, 2025, the Company entered into a securities purchase agreement with certain new and existing investors pursuant to which the Company in consideration of gross proceeds of $37 million, agreed to sell and issue, in a registered direct offering (the “ 2025 Registered Direct Offering”), an aggregate of 12,333,333 common shares of the Company, and accompanying Class C warrants to purchase an aggregate of 12,333,333 common shares to such new and existing investors (Note 13). Each Common Share and the accompanying Class C Warrant to purchase a Common Share were sold at a price of $3.00.

As of June 30, 2025, the Company received gross proceeds of $30 million and issued 9,000,000 million common shares and 10,003,333 Class C Warrants. During the third quarter of 2025, the Company received the final committed balance of $7 million and issued 3,333,334 common shares and 2,330,000 Class C Warrants. The total expenses related to the 2025 Registered Offering were $0.3 million resulting in net proceeds of $36.7 million.

Agreement with Korea Zinc

On June 16, 2025, the Company entered into a Securities Purchase Agreement (the “Korea Zinc Agreement”) with Korea Zinc Company, Ltd. (“Korea Zinc”), pursuant to which the Company in consideration of gross cash receipt of $85.2 million, agreed to issue and sell to Korea Zinc 19,623,376 common shares of the Company and accompanying warrants to purchase an aggregate of 6,868,181 common shares (Note 13). The purchase price per share and accompanying warrant was set at $4.34. During the second quarter of 2025, upon receipt of the entire purchase amount of $85.2 million, the Company issued 19,623,376 common shares and accompanying warrants to purchase an aggregate of 6,868,181 common shares. The total expenses related to the Korea Zinc agreement were $1.9 million paid in equity resulting in net proceeds of $83.3 million.

Pursuant to the Korea Zinc Agreement, subject to certain exceptions, Korea Zinc will have a right to participate in any public offering or private placement of any common shares or common share equivalents of the Company primarily for capital raising purposes (each a “Proposed Offering”) up to such amount of securities to maintain its percentage ownership in the Company at the time of such Proposed Offering. Such right to participate in future financings will expire upon the earlier to occur of (i) June 16, 2030, (ii) the date on which Korea Zinc owns less than all of the common shares it purchased and subscribed pursuant to the Korea Zinc Agreement and (iii) immediately after a closing of a Proposed Offering where Korea Zinc does not exercise its participation right in full. Additionally, the Korea Zinc Agreement provides that a representative of Korea Zinc may serve as a non-voting observer to the Company’s board of directors, which representative may have access to certain information and attend and provide input at meetings of the Company’s board of directors, subject to certain limitations.

Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Public Warrants
Warrants
Number of warrants outstanding	15,000,000	15,000,000
Exercise price of warrants	$ 11.5
Value of outstanding warrants	$ 19.5
Private Warrants
Warrants
Number of warrants outstanding	9,500,000	9,500,000
Exercise price of warrants	$ 11.5

General and Administrative Expenses (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
General and Administrative Expense
General and administrative expenses		$ 45,726	$ 8,149	$ 65,705	$ 22,600
Options outstanding	6,500,000	6,500,000		6,500,000
Granted	11,915,676
Options
General and Administrative Expense
Share based compensation expense	$ 34,700
Restricted stock units
General and Administrative Expense
Share based compensation expense		$ 15,000	$ 5,600	$ 26,600	$ 14,100
Granted	9,750,000	21,214,317	293,258	34,240,884	32,707,638	33,079,041
Share-based Compensation
General and Administrative Expense
General and administrative expenses		$ 37,873	$ 2,871	$ 45,343	$ 7,087
Professional and Consulting Fees
General and Administrative Expense
General and administrative expenses		4,603	2,607	11,678	6,884
Investor Relations
General and Administrative Expense
General and administrative expenses		806	376	1,493	1,354
Office and Sundry
General and Administrative Expense
General and administrative expenses		511	573	1,499	1,733
Salaries and Wages
General and Administrative Expense
General and administrative expenses		1,233	1,347	4,039	4,314
Director Fees
General and Administrative Expense
General and administrative expenses		180	147	580	553
Transfer Agent and Filing Fees
General and Administrative Expense
General and administrative expenses		210	74	424	248
Travel and Other
General and Administrative Expense
General and administrative expenses		$ 310	$ 154	$ 649	$ 427

Contingent Liabilities (Details) - USD ($) $ in Millions	Aug. 04, 2025	May 29, 2025
Minimum \| Nauru
Contingent Liabilities
Continuity benefits, estimate of possible expense		$ 265
Minimum \| Tonga
Contingent Liabilities
Continuity benefits, estimate of possible expense	$ 75
Maximum \| Nauru
Contingent Liabilities
Continuity benefits, estimate of possible expense		$ 515
Maximum \| Tonga
Contingent Liabilities
Continuity benefits, estimate of possible expense	$ 200

Segmented Information (Tables)

9 Months Ended

Sep. 30, 2025

Segmented Information

Schedule of company's long-lived assets


	September 30,		December 31
Equipment	2025		2024
Nauru	$	597	$	771
Tonga		—		—
Total	$	597	$	771


	September 30,		December 31,
Software development costs	2025		2024
Singapore		2,082		1,928
Total	$	2,082	$	1,928

Strategic Alliance with Allseas and Affiliates - Credit Facility with Allseas Affiliate (Details) $ in Thousands					3 Months Ended		9 Months Ended		12 Months Ended
	May 12, 2025 USD ($) shares	Mar. 24, 2025 USD ($)	Sep. 09, 2024 USD ($) D item	Mar. 22, 2023 USD ($) D	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) shares
Strategic Alliance with Allseas and Affiliates
Underutilization fees					$ 1,200	$ 0	$ 2,200	$ 100
Proceeds from Drawdown of Allseas Short-Term Debt								7,000
Short-term debt									$ 11,775
Interest Expense								150
Repaid the outstanding loan amount							7,500	2,000
Accounts payable and accrued liabilities					46,834		46,834		$ 42,754
Related party
Strategic Alliance with Allseas and Affiliates
Underutilization fees					700	200	1,900	400
Interest Expense					$ 0	$ 100	$ 100	$ 100
Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Gross proceeds	$ 7,000
Allseas \| Common Stock
Strategic Alliance with Allseas and Affiliates
Shares owned \| shares					56,100,000		56,100,000		53,800,000
Percentage of common stock shares outstanding					13.70%		13.70%		15.80%
Allseas Investments SA \| Related party \| Class C Warrants
Strategic Alliance with Allseas and Affiliates
Number of warrants agreed to sell and issue \| shares	2,333,333
Allseas Investments SA \| Related party \| Working Capital Loan Agreement
Strategic Alliance with Allseas and Affiliates
Number of days average considered for basis spread \| D			180
Proceeds from Drawdown of Allseas Short-Term Debt			$ 7,500
Number of installments for repayment \| item			2
Interest Expense					$ 0		$ 300
Repaid the outstanding loan amount					7,500
Repaid the outstanding interest amount					$ 500
Allseas Investments SA \| Related party \| Working Capital Loan Agreement \| If Debt is Payable on January 2, 2025
Strategic Alliance with Allseas and Affiliates
Interest rate			4.00%
Allseas Investments SA \| Related party \| Working Capital Loan Agreement \| If Debt Interest Payments Deferred to Repayment Date
Strategic Alliance with Allseas and Affiliates
Interest rate			5.00%
Allseas Investments SA \| Related party \| Common Stock
Strategic Alliance with Allseas and Affiliates
Number of shares agreed to sell and issue \| shares	2,333,333
Unsecured Credit Facility
Strategic Alliance with Allseas and Affiliates
Line of credit facility interest rate term				semi-annually
Line of credit \| Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Aggregate borrowed amount				$ 25,000
Number of days average considered for basis spread \| D				180
Interest rate				4.00%
Interest paid in kind at maturity				5.00%
Underutilization fee (in percentage)				4.00%
Underutilization fees		$ 2,000
Short-term debt									$ 7,500
Related party transaction, amounts of transaction							$ 32,900		33,300
Accounts payable and accrued liabilities									$ 25,800

Fair Value Accounting (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Accounting

Summary of assets and liabilities measured at fair value

Fair Value at September 30, 2025

Total

Level 1

Level 2

Level 3

Assets:

Cash

115,648

—

Receivables and prepayments

1,566

—

1,566

—

Exploration contracts

42,951

—

42,951

Right of use asset

2,384

—

2,384

Equipment

597

—

597

Software development costs

2,082

—

2,082

Investment

10,387

—

10,387

175,615

115,648

1,566

58,401

Liabilities:

Accounts payable and accrued liabilities

46,834

—

46,834

—

Deferred tax liability

10,675

—

10,675

—

Royalty liability

145,000

—

145,000

Warrants liability

13,730

—

13,730

216,239

—

57,509

158,730


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash	$	3,480	$	3,480	$	—	$	—
Receivables and prepayments		1,851		—		1,851		—
Exploration contracts		42,951		—		—		42,951
Right of use asset		3,814		—		—		3,814
Equipment		771		—		—		771
Software development costs		1,928		—		—		1,928
Investment		8,203		—		—		8,203
	$	62,998	$	3,480	$	1,851	$	57,667

Liabilities:
Accounts payable and accrued liabilities	$	42,754	$	—	$	42,754	$	—
Short-term debt		11,775		—		11,775		—
Deferred tax liability		10,675		—		10,675		—
Royalty liability		14,000		—		—		14,000
Warrants liability		912		—		—		912
	$	80,116	$	—	$	65,204	$	14,912

Exploration and Evaluation Expenses (Tables)

9 Months Ended

Sep. 30, 2025

Exploration and Evaluation Expenses

Schedule of exploration and evaluation expenses


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Environmental Studies	$	303	$	1,031	$	3,399	$	4,350
Exploration Labor		2,502		2,648		7,690		7,405
Share-Based Compensation (Note 14)		4,262		3,244		9,515		7,338
Mining, Technological and Process Development		1,211		3,531		5,714		19,065
Prefeasibility Studies		359		253		862		838
Sponsorship, Training and Stakeholder Engagement		928		909		2,167		2,522
Other		68		197		297		821
	$	9,633	$	11,813	$	29,644	$	42,339

Financing Activity - Registered Direct Offering (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended			6 Months Ended	9 Months Ended
	Jul. 01, 2025	Jun. 16, 2025	May 12, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Feb. 06, 2025	Dec. 31, 2024	Nov. 26, 2024
Financing Activity
Proceeds from registered direct offerings								$ 42,000	$ 9,000
Final committed balance								14,784	4,866
Gross proceeds from private placement								85,165
Expenses paid for registered direct offering								$ 719	$ 142
Agreement with Korea Zinc
Financing Activity
Number of shares agreed to sell and issue		19,623,376
Number of warrants issued		6,868,181			6,868,181		6,868,181
Net proceeds from private placement					$ 83,300
Gross proceeds from private placement		$ 85,200			$ 85,200
Share price		$ 4.34
Number of private placement (in Shares)					19,623,376
Payment of stock issuance costs for private placement				$ 1,900
Class B Warrants
Financing Activity
Number of warrants issued								2,500,000
Class C Warrants
Financing Activity
Exercise price of warrants					$ 4.5		$ 4.5
Proceeds from registered direct offerings	$ 7,000
Number of warrants issued	2,330,000				10,003,333			12,333,333
Common Shares
Financing Activity
Number of issuance of shares under Registered Direct Offering (in shares)				3,333,334					4,500,000
Number of private placement (in Shares)								19,623,376
2024 Registered Direct Offering
Financing Activity
Remaining committed fund										$ 5,000
Net proceeds from Registered Direct Offering						$ 5,000
2024 Registered Direct Offering \| Class B Warrants
Financing Activity
Number of shares agreed to sell and issue										2,500,000
Net proceeds from Registered Direct Offering						2,800
Exercise price of warrants											$ 2
2024 Registered Direct Offering \| Common Shares
Financing Activity
Number of shares agreed to sell and issue										5,000,000		19,900,000
Net proceeds from Registered Direct Offering						$ 2,200
Number of issuance of shares under Registered Direct Offering (in shares)								5,000,000
2024 Registered Direct Offering \| Common Shares \| Class B Warrants
Financing Activity
Number of shares agreed to sell and issue												9,950,000
2025 Registered Direct Offering
Financing Activity
Gross proceeds from issuance			$ 37,000
Proceeds from registered direct offerings							$ 30,000
Number of issuance of shares under Registered Direct Offering (in shares)				3,333,334			9,000,000
Final committed balance				$ 7,000
Net proceeds from private placement								$ 36,700
Expenses paid for registered direct offering								$ 300
2025 Registered Direct Offering \| Class C Warrants
Financing Activity
Exercise price of warrants			$ 3
Number of warrants issued				2,330,000			10,003,333
2025 Registered Direct Offering \| Common Shares
Financing Activity
Number of shares agreed to sell and issue			12,333,333
Number of issuance of shares under Registered Direct Offering (in shares)								12,333,334
2025 Registered Direct Offering \| Common Shares \| Class C Warrants
Financing Activity
Number of shares agreed to sell and issue			12,333,333

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Operating activities
Loss for the period			$ (279,446)	$ (65,882)
Items not affecting cash:
Nauru and Tonga Warrant costs	$ 4,977		38,056
Amortization			173	280
Accrued interest on credit facilities				150
Lease expense	500	$ 500	1,430	1,430	$ 1,907
Share-based compensation and expenses settled with equity			62,265	19,129
Equity-accounted investment loss	492	58	438	197
Gain on dilution of investment	(2,967)		(2,967)
Change in fair value of royalty liability	131,000		131,000
Change in fair value of warrants liability	(3,852)	(1,054)	12,818	(1,103)
Unrealized foreign exchange movement			3,451	(334)
Interest paid on amounts drawn from credit facilities and short-term Debt			(823)	(73)
Changes in working capital:
Receivables and prepayments			284	(580)
Accounts payable and accrued liabilities			1,825	17,036
Net cash used in operating activities			(31,496)	(29,750)
Investing activities
Acquisition of equipment and software			(140)	(465)
Proceeds from Low Carbon Royalties distribution			346
Net cash generated from (used in) investing activities			206	(465)
Financing activities
Proceeds from Korea Zinc Private Placement			85,165
Proceeds from Registered Direct Offerings			42,000	9,000
Expenses paid for Registered Direct Offerings			(719)	(142)
Proceeds from shares issued from ATM			14,784	4,866
Repayment of drawn amount on credit facilities			(4,275)
Repayment of Allseas Working Capital Loan			(7,500)	(2,000)
Proceeds from exercise of stock options			2,583	463
Proceeds from drawdown of credit facilities				4,175
Proceeds from drawdown of Allseas Debt Agreement				7,000
Proceeds from Employee Share Purchase Plan			10	24
Net cash provided by financing activities			143,475	23,386
Increase (Decrease) in cash			112,185	(6,829)
Impact of exchange rate changes on cash			(17)	347
Cash - beginning of period			3,480	6,842	6,842
Cash - end of period	$ 115,648	$ 360	115,648	$ 360	$ 3,480
Class A Warrants
Financing activities
Proceeds from exercise			3,777
Class B Warrants
Financing activities
Proceeds from exercise			$ 7,650

Basis of Presentation

9 Months Ended

Sep. 30, 2025

Basis of Presentation

Basis of Presentation

2.Basis of Presentation

Strategic Alliance with Allseas and Affiliates (Tables)

9 Months Ended

Sep. 30, 2025

Strategic Alliance with Allseas and Affiliates

Schedule of net amount of right-of-use asset


	Right-of-use Asset
Balance as at December 31, 2023	$	5,721
Lease expense during the year		(1,907)
Balance as at December 31, 2024	$	3,814
Lease expense during the period		(1,430)
Balance as at September 30, 2025	$	2,384

Warrants (Tables)

9 Months Ended

Sep. 30, 2025

Warrants

Schedule of changes in the fair value of warrant liabilities


	Private
	Warrants
Warrants liability as at December 31, 2024	$	912
Increase in fair value of warrants liability		12,818
Warrants liability as at September 30, 2025	$	13,730

Private Warrants

Warrants

Schedule of fair value measurement input


	September 30,			December 31,
	2025			2024
Exercise price	$	11.50		$	11.50
Share price	$	6.37		$	1.12
Volatility		103.79	%		108.97	%
Term		0.94	years		1.69	years
Risk-free rate		3.63	%		4.14	%
Dividend yield		0.0	%		0.0	%

Class A Warrants

Warrants

Schedule summarizing the movement in class of warrants


		Number of Class A
		Warrants
Outstanding – December 31, 2023		3,980,770
Issued		2,250,000
Outstanding – December 31, 2024		6,230,770
Exercised⁽¹⁾		(1,888,270)
Outstanding – September 30, 2025		4,342,500

During the third quarter of 2025, 1,638,270 Class A Warrants were exercised for which the Company received the exercise amount of $3.6 million in the second quarter of 2025.

Class B Warrants

Warrants

Schedule summarizing the movement in class of warrants


		Number of Class B
		Warrants
Outstanding – December 31, 2024		7,450,000
Issued		2,500,000
Exercised⁽¹⁾		(8,860,000)
Outstanding – September 30, 2025		1,090,000

(1)

Class C Warrants

Warrants

Schedule of fair value measurement input


	July 1,
	2025
Exercise price	$	4.50
Share price	$	5.94
Volatility		106.26	%
Term		2.88	years
Risk-free rate		3.68	%
Dividend yield		0.0	%

Schedule summarizing the movement in class of warrants


		Number of Class C
		Warrants
Outstanding – December 31, 2024		—
Issued		12,333,333
Exercised⁽¹⁾		—
Outstanding – September 30, 2025		12,333,333

Korea Zinc Warrants

Warrants

Schedule summarizing the movement in class of warrants


		Number of
		Warrants
Outstanding – December 31, 2024		—
Issued		6,868,181
Exercised⁽¹⁾		—
Outstanding – September 30, 2025		6,868,181

Tonga Warrants

Warrants

Schedule of fair value measurement input


	August 4,
	2025
Exercise price	$	5.87
Share price	$	5.65
Volatility		112.33	%
Term		8 years
Risk-free rate		4.00	%
Dividend yield		0.0	%

Loss per Share

9 Months Ended

Sep. 30, 2025

Loss per Share

Loss per Share

15.Loss per Share

Basic loss per share is computed by dividing the loss by the weighted-average number of common shares of the Company outstanding during the period. Diluted loss per share is computed by giving effect to all common share equivalents of the Company, including outstanding stock options, RSUs, warrants, Special Shares and options to purchase Special Shares, to the extent these are dilutive. Basic and diluted loss per share was the same for each period presented as the inclusion of all common share equivalents would have been anti-dilutive.

Anti-dilutive equivalent common shares were as follows:


	Nine months ended	Nine months ended
	September 30,	September 30,
	2025	2024
Outstanding options to purchase common shares	30,924,568	27,943,343
Outstanding RSUs	57,299,944	35,733,505
Outstanding shares under ESPP	6,982	11,027
Outstanding warrants	59,280,282	30,730,770
Outstanding Special Shares and options to purchase Special Shares	136,011,413	136,239,964
Total anti-dilutive common equivalent shares	283,523,189	230,658,609

Warrants - Class A Warrants, Class B Warrants and Class C warrants (Details)					3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 04, 2025 $ / shares shares	Jul. 01, 2025 USD ($) shares	Jun. 25, 2025 USD ($) $ / shares shares	May 30, 2025 $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Jun. 30, 2025 USD ($) D $ / shares shares	Sep. 30, 2025 USD ($) $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 $ / shares shares	Dec. 31, 2023 shares
Warrants
Additional paid in capital, warrant issued \| $					$ 4,977,000		$ 38,056,000
Proceeds from registered direct offerings \| $							42,000,000	$ 9,000,000
Nauru warrant costs \| $					$ 4,977,000		$ 38,056,000
Class A Warrants
Warrants
Number of warrants outstanding					4,342,500		4,342,500		6,230,770	3,980,770
Issued									2,250,000
Class A Warrants \| Direct offering
Warrants
Number of warrants outstanding					4,342,500		4,342,500
Exercise price of warrants \| $ / shares					$ 2		$ 2
Value of outstanding warrants \| $					$ 3,600,000		$ 3,600,000
Class B Warrants
Warrants
Number of warrants outstanding					1,090,000		1,090,000		7,450,000
Value of outstanding warrants \| $					$ 700,000		$ 700,000
Warrants term					5 years		5 years
Issued							2,500,000
Class B Warrants \| 2024 Registered Direct Offering
Warrants
Exercise price of warrants \| $ / shares									$ 2
Number of shares issuable per warrant									7,450,000
Class C Warrants
Warrants
Number of warrants outstanding					12,333,333		12,333,333
Exercise price of warrants \| $ / shares						$ 4.5
Consecutive trading days for redemption of public warrants \| D						20
Issued		2,330,000				10,003,333	12,333,333
Threshold cancellation of unexercised warrants offering \| $ / shares						$ 7
Redemption price per warrant (in dollars per share) \| $ / shares						$ 0.0001
Minimum threshold written notice period for redemption of public warrants						10 days
Additional paid in capital, warrant issued \| $		$ 3.01			$ 2,400,000
Proceeds from registered direct offerings \| $		$ 7,000,000
Class C Warrants \| Direct offering
Warrants
Number of warrants outstanding					12,333,333		12,333,333
Value of outstanding warrants \| $					$ 12,500,000		$ 12,500,000
Korea Zinc Warrants
Warrants
Number of warrants outstanding					6,868,181		6,868,181
Exercise price of warrants \| $ / shares			$ 7
Issued			6,868,181				6,868,181
Additional paid in capital, warrant issued \| $			$ 3.35			$ 11,500,000
Nauru Warrants
Warrants
Exercise price of warrants \| $ / shares				$ 4.72
Share price \| $ / shares				$ 3.6
Issued				9,146,268
Additional paid in capital, warrant issued \| $						33,100,000
Nauru warrant costs \| $						$ 33,100,000
Tonga Warrants
Warrants
Exercise price of warrants \| $ / shares	$ 5.87
Share price \| $ / shares					$ 5		$ 5
Issued	1,000,000
Additional paid in capital, warrant issued \| $							$ 5,000,000

Share-Based Compensation - Restricted Stock Units (Details)			3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 23, 2025 shares	Aug. 28, 2025 $ / shares shares	Sep. 30, 2025 USD ($) D $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) D $ / shares shares	Sep. 30, 2024 USD ($) shares	Dec. 31, 2024 USD ($) shares
Share-Based Compensation
Granted		11,915,676
Aggregate vested units outstanding					129,910
Number of additional shares added		40,000,000
Fair value of stock options vested \| $			$ 26,700,000
Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		9,750,000	21,214,317	293,258	34,240,884	32,707,638	33,079,041
Total unrecognized share-based compensation expense \| $			$ 118,800,000		$ 118,800,000		$ 20,500,000
Share based compensation expense \| $			15,000,000	$ 5,600,000	26,600,000	$ 14,100,000
Common shares issued price \| $ / shares		$ 5.26
Restricted Stock Units ("RSUs") \| General and administration expenses
Share-Based Compensation
Share based compensation expense \| $			10,700,000	2,400,000	17,200,000	6,500,000
Restricted Stock Units ("RSUs") \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense \| $			$ 4,300,000	$ 3,200,000	$ 9,300,000	$ 7,600,000
Restricted Stock Units ("RSUs") \| Consultant \| Share-based payment arrangement, employee
Share-Based Compensation
Granted					2,250,000
Restricted Stock Units ("RSUs") \| Director \| Share-based payment arrangement, employee
Share-Based Compensation
Granted					7,500,000
Vesting Immediately \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted			298,641	160,823	3,380,268	4,167,518
Total fair value of units granted \| $			$ 150,199
Vesting Immediately \| Restricted Stock Units ("RSUs") \| Consultant
Share-Based Compensation
Granted			148,442
Aggregate fair value \| $			$ 800,000
Vesting Immediately \| Restricted Stock Units ("RSUs") \| Consultant \| General and administration expenses
Share-Based Compensation
Aggregate fair value \| $				$ 0.7
Vesting Immediately \| Restricted Stock Units ("RSUs") \| Consultant \| Exploration and evaluation activities
Share-Based Compensation
Aggregate fair value \| $			$ 0.1
Vesting fully within and on first anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted					194,226	493,430
Vesting in thirds on each anniversary of the grant date
Share-Based Compensation
Share based arrangement award vesting rights percentage					50.00%
Share price trading (in Dollars per share) \| $ / shares					$ 5
Number of consecutive trading days \| D					10
Market capitalization target \| $					$ 2,200,000,000
Number of market capitalization consecutive days \| D					10
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted			415,676		9,234,611	7,212,375
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs") \| Director \| Share-based payment arrangement, employee
Share-Based Compensation
Granted			237,529
Vesting in fourths on each anniversary of the grant date
Share-Based Compensation
Share based arrangement award vesting rights percentage					50.00%
Share price trading (in Dollars per share) \| $ / shares					$ 7
Number of consecutive trading days \| D					10
Market capitalization target \| $					$ 3,000,000,000
Number of market capitalization consecutive days \| D					10
Vesting in fourths on each anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted				132,435	176,302	834,315
Vesting three years from grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted					66,508
Vesting four years from grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted			1,750,000		1,750,000
Vesting four years from grant date \| Restricted Stock Units ("RSUs") \| Director \| Non-employee
Share-Based Compensation
Granted		1,750,000
Vesting based on performance conditions \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted					688,969
Vesting based on market conditions \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted			18,750,000		18,750,000	20,000,000
Vesting based on market conditions \| Restricted Stock Units ("RSUs") \| Share-based payment arrangement, employee
Share-Based Compensation
Granted	9,000,000
Tranche 1 \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Share based arrangement award vesting rights percentage			50.00%
Number of share price trading days \| D			30
Share price trading (in Dollars per share) \| $ / shares			$ 10		$ 10
Number of consecutive trading days \| D					10
Market capitalization target \| $					$ 3,300,000,000
Number of market capitalization consecutive days \| D					10
Tranche 2 \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Share based arrangement award vesting rights percentage			50.00%
Number of share price trading days \| D			30
Share price trading (in Dollars per share) \| $ / shares			$ 12.5		$ 12.5
Number of consecutive trading days \| D					10
Market capitalization target \| $					$ 4,000,000,000
Number of market capitalization consecutive days \| D					10
Tranche 3 \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Share price trading (in Dollars per share) \| $ / shares					$ 15
Number of consecutive trading days \| D					10
Market capitalization target \| $					$ 5,000,000,000
Number of market capitalization consecutive days \| D					10

General and Administrative Expenses

9 Months Ended

Sep. 30, 2025

General and Administrative Expenses

General and Administrative Expenses

9.General and Administrative Expenses

The detail of general and administrative expenses is as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Share-based Compensation ⁽¹⁾ (Note 14)	$	37,873	$	2,871	$	45,343	$	7,087
Professional and Consulting Fees		4,603		2,607		11,678		6,884
Investor Relations		806		376		1,493		1,354
Office and Sundry		511		573		1,499		1,733
Salaries and Wages		1,233		1,347		4,039		4,314
Director Fees		180		147		580		553
Transfer Agent and Filing Fees		210		74		424		248
Travel and Other		310		154		649		427
	$	45,726	$	8,149	$	65,705	$	22,600

(1)

Includes $34.7 million related to 6,500,000 options and 11,915,676 RSUs granted to some directors and a consultant on August 28, 2025 (Note 14).

Segmented Information

9 Months Ended

Sep. 30, 2025

Segmented Information

Segmented Information

19.Segmented Information

The Company’s business consists of only one operating segment, namely exploration of seafloor polymetallic nodules, which includes the development of a metallurgical process to treat such seafloor polymetallic nodules. Details on the geographical segmentation of the Company’s long-lived assets based on where each legal entity is domiciled are as follows:


	September 30,		December 31
Equipment	2025		2024
Nauru	$	597	$	771
Tonga		—		—
Total	$	597	$	771


	September 30,		December 31,
Software development costs	2025		2024
Singapore		2,082		1,928
Total	$	2,082	$	1,928

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
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+ Details

Strategic Alliance with Allseas and Affiliates - Exclusive Vessel Use Agreement with Allseas (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Strategic Alliance with Allseas and Affiliates
Lease expense	$ 500	$ 500	$ 1,430	$ 1,430	$ 1,907

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (184,517)	$ (20,520)	$ (279,446)	$ (65,882)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Share-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Aug. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation
Number of additional shares added	40,000,000
Employee Share Purchase Plan
Share-Based Compensation
Percentage of common stock shares outstanding		1.00%		1.00%
Number of additional shares added				3,407,085
Share based compensation expense		$ 11	$ 3	$ 16	$ 33
Employee Share Purchase Plan \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense		6	2	9	17
Employee Share Purchase Plan \| General and administration expenses
Share-Based Compensation
Share based compensation expense		5	1	7	16
Restricted Stock Units ("RSUs")
Share-Based Compensation
Share based compensation expense		15,000	5,600	26,600	14,100
Restricted Stock Units ("RSUs") \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense		4,300	3,200	9,300	7,600
Restricted Stock Units ("RSUs") \| General and administration expenses
Share-Based Compensation
Share based compensation expense		$ 10,700	$ 2,400	$ 17,200	$ 6,500
Common Shares \| Employee Share Purchase Plan
Share-Based Compensation
Aggregate of common shares to the investors				14,395,117
Issuance of common shares added to ESPP				14,043,174
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan		110,262,856		110,262,856

Investment in Low Carbon Royalties - Fair value of the royalty liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Investment in Low Carbon Royalties
Royalty liability at the beginning of the period	$ 14,000
Increase in fair value of royalty liability	131,000
Royalty liability at the end of the period	$ 145,000

Investment in Low Carbon Royalties (Tables)

9 Months Ended

Sep. 30, 2025

Investment in Low Carbon Royalties

Schedule of investment


	Investment
Investment as at December 31, 2023	$	8,429
Equity-accounted investment loss for the 2024 year		(226)
Investment as at December 31, 2024	$	8,203
Return of Capital		(346)
Dilution gain		2,967
Equity-accounted investment loss for the nine months ended September 30, 2025		(438)
Investment as at September 30, 2025	$	10,387

Schedule of royalty liability


	Royalty Liability
Royalty liability as at December 31, 2024	$	14,000
Increase in fair value of royalty liability		131,000
Royalty liability as at September 30, 2025	$	145,000

Schedule of low carbon royalties


	As at September 30,		As at December 31,
	2025		2024
Current Assets	$	10,913	1,660
Non-Current Assets		19,652	25,277
Current Liabilities		956	—


	Three months ended		Three months ended	Nine months ended	Nine months ended
	September 30,		September 30,	September 30,	September 30,
	2025		2024	2025	2024
Royalty Income	$	295	356	821	1,143
Total Revenue		344	368	880	1,182
Comprehensive Loss for the period	$	1,609	179	1,356	612

Related Party Transactions

9 Months Ended

Sep. 30, 2025

Related Party Transactions

Related Party Transactions

16.Related Party Transactions

On March 22, 2024, the Company entered into an Unsecured Credit Facility (the “2024 Credit Facility”) with Gerard Barron, the Company’s Chief Executive Officer and Chairman, and ERAS Capital LLC, the family fund of one of the Company’s directors, (collectively, the “2024 Lenders”), pursuant to which, the Company may borrow from the 2024 Lenders up to $20 million in the aggregate ( $10 million from each of the 2024 Lenders), from time to time, subject to certain conditions. All amounts drawn under the 2024 Credit Facility will bear interest at the 6-month Secured Overnight Funding Rate (SOFR), 180-day average plus 4.0% per annum payable in cash semi - annually (or plus 5% if paid - in - kind at maturity, at our election) on the first business day of each of June and January. The Company will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the 2024 Credit Facility. The 2024 Credit Facility also contains customary events of default. On August 13, 2024, the Company entered into the First Amendment to the 2024 Credit Facility with the 2024 Lenders, to increase the borrowing limit of the 2024 Credit Facility to $25 million in the aggregate ($12.5 million from each of the 2024 Lenders). On November 14, 2024, the Company entered into the Second Amendment to the 2024 Credit Facility with the 2024 Lenders, to increase the borrowing limit to $38 million in the aggregate ($19 million from each of the 2024 Lenders) and to extend the maturity of the 2024 Credit Facility to December 31, 2025. As per the Second Amendment, the rate of underutilization fee was retroactively increased from March 22, 2024, to 6.5% on any undrawn amounts under the 2024 Credit Facility. On March 26, 2025, the Company entered into the Third Amendment to the 2024 Credit Facility with the 2024 Lenders, to, among other things, increase the borrowing limit to $44 million in the aggregate ($22 million from each of the 2024 Lenders) and extend the maturity of the 2024 Credit Facility to June 30, 2026. As per the Third Amendment to the 2024 Credit Facility, the 2024 Lenders have an option to terminate the credit facility upon certain financing events.

During the three and nine months ended September 30, 2025, the Company repaid $2.5 million and $4.3 million respectively of the drawn amount and did not draw from the 2024 Credit Facility any further (During the three and nine months ended September 30, 2024, the Company drew $0.3 million and $4.2 million respectively from the 2024 Credit Facility and made no repayments). During the three and nine months ended September 30, 2025, the Company incurred $nil and $0.1 million respectively as interest expense, while for those same periods, it incurred $0.7 million and $1.9 million respectively, as underutilization fees (For the three and nine months ended September 30, 2024, the interest amounted to $0.1 million for both periods, and underutilization fees amounted to $0.2 million and $0.4 million respectively). During the three and nine months ended September 30, 2025, the Company repaid interest amounting to $0.1 and $0.4 million, respectively (For three and nine months ended September 30, 2024: nil and $25 thousand), and underutilization fees amounting to $1.2 million and $2.2 million, respectively (For three and nine months ended September 30, 2024: nil and $0.1 million).

One of the Company’s directors is the Chairman of Robertsbridge Consultants Limited, which previously provided the Company with consulting services. During the three and nine months ended September 30, 2025, Robertsbridge Consultants Limited, provided consulting services amounting to $nil and $5 thousand respectively, recorded in general and administrative expenses (During the three and nine months ended September 30, 2024, Robertsbridge Consultants Limited provided consulting services amounting to $16 thousand and $21 thousand). As at September 30, 2025, the amount payable to Robertsbridge Consultants Limited was $nil.

The 2025 Registered Direct Offering included $10 million from the participation of one of the Company’s directors appointed in the Annual General Meeting held in the second quarter of 2025.

During the second quarter of 2025, the Company entered into consulting agreements with two individuals who subsequently became directors. The consideration for the consulting services provided by the directors was in the form of RSUs and stock options and was approved by the shareholders in the special meeting of shareholders held on August 28, 2025 (Note 14).

Apart from the above-mentioned transactions, the Company had transactions with Allseas which are detailed in Note 6.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Shares issued as per At-the-Market Equity Distribution Agreement ("ATM") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2022
Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")
Proceeds from shares issued from ATM			$ 14,784	$ 4,866
At-the -Market
Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")
Number of shares issued (in shares)	0	1,617,000	7,542,996	3,251,588
Average share price	$ 0	$ 1.45	$ 2.02	$ 1.53
Proceeds from shares issued from ATM	$ 0	$ 2,300	$ 14,800	$ 4,900
Commission and fee expenses		$ 71	$ 500	$ 113
At-the -Market \| Maximum
Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")
Value of shares to be issued					$ 30,000

Recent Accounting Pronouncements Issued and Adopted

9 Months Ended

Sep. 30, 2025

Recent Accounting Pronouncements Issued and Adopted

Recent Accounting Pronouncements Issued and Adopted

5.Recent Accounting Pronouncements Issued and Adopted

There were no recent accounting pronouncements issued and adopted by the Company during the period.

Warrants - Class of warrants (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended	12 Months Ended
	Jul. 01, 2025	Jun. 25, 2025	Sep. 30, 2025	Jun. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Class A Warrants
Warrants
Outstanding beginning					6,230,770	3,980,770
Issued						2,250,000
Exercised					(1,888,270)
Outstanding ending			4,342,500		4,342,500	6,230,770
Class of warrant exercised			1,638,270		1,638,270
Proceeds from warrants to be exercised				$ 3.6
Class B Warrants
Warrants
Outstanding beginning					7,450,000
Issued					2,500,000
Exercised			2,525,000		(8,860,000)
Outstanding ending			1,090,000		1,090,000	7,450,000
Class of warrant exercised through cashless					5,035,000
Class of warrants or right, shares issued on cashless exercise					3,533,096
Class C Warrants
Warrants
Issued	2,330,000			10,003,333	12,333,333
Outstanding ending			12,333,333		12,333,333
Korea Zinc Warrants
Warrants
Issued		6,868,181			6,868,181
Outstanding ending			6,868,181		6,868,181

Share-Based Compensation - Valuation assumptions (Details) - $ / shares	Sep. 23, 2025	Aug. 28, 2025
Employee stock option \| Director And Consultants
Share-Based Compensation
Exercise price		$ 4.66
Share price		$ 5.26
Volatility		104.10%
Term		4 years 9 months 7 days
Risk-free rate		3.62%
Dividend yield		0.00%
Restricted Stock Units ("RSUs")
Share-Based Compensation
Share price		$ 5.26
Volatility		1.0216%
Risk-free rate		0.0357%
Dividend yield		0.00%
Restricted Stock Units ("RSUs") \| Tranche 1 and Tranche 2
Share-Based Compensation
Share price	$ 6.32
Volatility	1.006%
Risk-free rate	0.0354%
Dividend yield	0.00%

Fair Value Accounting

9 Months Ended

Sep. 30, 2025

Fair Value Accounting

Fair Value Accounting

18.Fair Value Accounting

The following tables set forth the Company’s assets and liabilities measured at fair value (Note 4):

Fair Value at September 30, 2025

Total

Level 1

Level 2

Level 3

Assets:

Cash

115,648

—

Receivables and prepayments

1,566

—

1,566

—

Exploration contracts

42,951

—

42,951

Right of use asset

2,384

—

2,384

Equipment

597

—

597

Software development costs

2,082

—

2,082

Investment

10,387

—

10,387

175,615

115,648

1,566

58,401

Liabilities:

Accounts payable and accrued liabilities

46,834

—

46,834

—

Deferred tax liability

10,675

—

10,675

—

Royalty liability

145,000

—

145,000

Warrants liability

13,730

—

13,730

216,239

—

57,509

158,730


	Fair Value at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash	$	3,480	$	3,480	$	—	$	—
Receivables and prepayments		1,851		—		1,851		—
Exploration contracts		42,951		—		—		42,951
Right of use asset		3,814		—		—		3,814
Equipment		771		—		—		771
Software development costs		1,928		—		—		1,928
Investment		8,203		—		—		8,203
	$	62,998	$	3,480	$	1,851	$	57,667

Liabilities:
Accounts payable and accrued liabilities	$	42,754	$	—	$	42,754	$	—
Short-term debt		11,775		—		11,775		—
Deferred tax liability		10,675		—		10,675		—
Royalty liability		14,000		—		—		14,000
Warrants liability		912		—		—		912
	$	80,116	$	—	$	65,204	$	14,912

Strategic Alliance with Allseas and Affiliates - Development of Project Zero Offshore Nodule Collection System (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Strategic Alliance with Allseas and Affiliates
Exploration and evaluation expenses	$ 9,633	$ 11,813	$ 29,644	$ 42,339
Project Management Technology Services
Strategic Alliance with Allseas and Affiliates
Exploration and evaluation expenses	$ 500	$ 2,800	$ 3,700	$ 9,600

- Definition

Exploration expenses (including prospecting) related to oil and gas producing entities and would be included in operating expenses of that entity. Costs incurred in identifying areas that may warrant examination and in examining specific areas that are considered to have prospects of containing oil and gas reserves, including costs of drilling exploratory wells and exploratory-type stratigraphic test wells. Exploration costs may be incurred both before acquiring the related property (sometimes referred to in part as prospecting costs) and after acquiring the property. Principal types of exploration costs, which include depreciation and applicable operating costs of support equipment and facilities and other costs of exploration activities, are: (i) Costs of topographical, geographical and geophysical studies, rights of access to properties to conduct those studies, and salaries and other expenses of geologists, geophysical crews, and others conducting those studies. Collectively, these are sometimes referred to as geological and geophysical or "G&G" costs. (ii) Costs of carrying and retaining undeveloped properties, such as delay rentals, ad valorem taxes on properties, legal costs for title defense, and the maintenance of land and lease records. (iii) Dry hole contributions and bottom hole contributions. (iv) Costs of drilling and equipping exploratory wells. (v) Costs of drilling exploratory-type stratigraphic test wells.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Investment in Low Carbon Royalties

9 Months Ended

Sep. 30, 2025

Investment in Low Carbon Royalties

Investment in Low Carbon Royalties

7.Investment in Low Carbon Royalties

On February 21, 2023 (the “Closing Date”), the Company and its wholly-owned subsidiary, NORI, entered into an investment agreement (the “Royalty Agreement”) with Low Carbon Royalties Inc. (“Low Carbon Royalties”), which was renamed The Metals Royalty Company Inc. in September 2025. In connection with the Royalty Agreement, NORI contributed a 2% gross overriding royalty (the “NORI Royalty”) on the Company’s NORI project area in the CCZ to Low Carbon Royalties. In consideration of the NORI Royalty, TMC received an ownership in Low Carbon Royalties and $5 million in cash, as of the Closing Date. In connection with the Royalty Agreement the Company entered into an Investor Rights Agreement with Low Carbon Royalties and a shareholder of Low Carbon Royalties, pursuant to which the Company and this shareholder each have a right, subject to certain percentage maintenance, to nominate a director to Low Carbon Royalties’ board of directors, along with registration and information rights.

During the three months ended September 30, 2025, Low Carbon Royalties issued 2,139,770 common shares through a private placement, raising $10.7 million of gross proceeds. The Company did not participate in the offering, which reduced its ownership interest from 32.27% to 30.73%.(December 31, 2024: 32%). As the shares were issued at a price higher than the Low Carbon Royalties book value per share, the Company recorded a dilution gain of $3 million.

For the three and nine months ended September 30, 2025, the Company’s share of the net loss generated by Low Carbon Royalties was $0.5 million and $0.4 million, respectively (For the three and nine months ended September 30, 2024, the Company’s share of Low Carbon Royalties’s net loss was: $58 thousand and $197 thousand respectively).


	Investment
Investment as at December 31, 2023	$	8,429
Equity-accounted investment loss for the 2024 year		(226)
Investment as at December 31, 2024	$	8,203
Return of Capital		(346)
Dilution gain		2,967
Equity-accounted investment loss for the nine months ended September 30, 2025		(438)
Investment as at September 30, 2025	$	10,387

The NORI Royalty (including Areas A to D) was recorded as a royalty liability in the consolidated Balance Sheet in accordance with ASC 470, Debt (“ASC 470”). The Company elected to account for the royalty liability at fair value through profit and loss. The fair value of Areas A to C was determined using a market approach which entails examining recent royalty transactions prior to the reporting date, focusing on those transactions that involve similar metals as contained in NORI’s polymetallic nodules. The Company compared the specific characteristics of these transactions and estimated the fair value for Areas A to C at $15 million as at September 30, 2025. The fair value of Area D was determined using an income approach following the Company's filing in August 2025 of its Pre - Feasibility Study (PFS) resulting with a fair value for Area D of $130 million as at September 30, 2025. The discounted cash flow fair value reflects updated operational and economic assumptions, including the use of forward metal prices and a discount rate of approximately 10.6%, related to the NORI Area D project used in support of the PFS filing.

The following table presents the changes in the fair value of the royalty liability:


	Royalty Liability
Royalty liability as at December 31, 2024	$	14,000
Increase in fair value of royalty liability		131,000
Royalty liability as at September 30, 2025	$	145,000

Financial results of Low Carbon Royalties as at and for the three and nine months ended September 30, 2025, and 2024 are summarized below:


	As at September 30,		As at December 31,
	2025		2024
Current Assets	$	10,913	1,660
Non-Current Assets		19,652	25,277
Current Liabilities		956	—


	Three months ended		Three months ended	Nine months ended	Nine months ended
	September 30,		September 30,	September 30,	September 30,
	2025		2024	2025	2024
Royalty Income	$	295	356	821	1,143
Total Revenue		344	368	880	1,182
Comprehensive Loss for the period	$	1,609	179	1,356	612

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value of Financial Instruments
Fair value of assets, Transfers from Level 1 to Level 2	$ 0	$ 0	$ 0	$ 0
Fair value of assets, Transfers from Level 2 to Level 1	0	0	0	0
Fair value of liabilities, Transfers from Level 1 to Level 2	0	0	0	0
Fair value of liabilities, Transfers from Level 2 to Level 1	0	0	0	0
Fair value of liabilities, Transfers into (out of) Level 3	0	0	0	0
Fair value of assets, Transfers into (out of) Level 3	$ 0	$ 0	$ 0	$ 0

Exploration and Evaluation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Exploration and Evaluation Expenses
Environmental Studies	$ 303	$ 1,031	$ 3,399	$ 4,350
Exploration Labor	2,502	2,648	7,690	7,405
Share-Based Compensation (Note 14)	4,262	3,244	9,515	7,338
Mining, Technological and Process Development	1,211	3,531	5,714	19,065
Prefeasibility Studies	359	253	862	838
Sponsorship, Training and Stakeholder Engagement	928	909	2,167	2,522
Other	68	197	297	821
Exploration and evaluation expenses	$ (9,633)	$ (11,813)	$ (29,644)	$ (42,339)

- Definition

+ References + Details

Related Party Transactions (Details) $ in Thousands					3 Months Ended			9 Months Ended
Related Party Transactions (Details) $ in Thousands	May 12, 2025 USD ($)	Mar. 26, 2025 USD ($)	Nov. 14, 2024 USD ($)	Mar. 22, 2024 USD ($) D	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Aug. 13, 2024 USD ($)
Related Party Transactions
Repayment of Debt					$ 2,500			$ 4,300
Interest Expense									$ 150
Underutilization fees					1,200		$ 0	2,200	100
Interest repaid								(823)	(73)
Amount drawn from credit facility									4,175
Related party
Related Party Transactions
Interest Expense					0		100	100	100
Underutilization fees					700		200	1,900	400
Interest repaid					100		0	400	25
Robertsbridge Consultants Limited \| Related party
Related Party Transactions
Amount payable					$ 0			$ 0
Accounts Payable, Related Party [Extensible Enumeration]					Robertsbridge Consultants Limited			Robertsbridge Consultants Limited
Robertsbridge Consultants Limited \| Related party \| General and administration expenses
Related Party Transactions
Professional and consulting fees							16	$ 5	21
Gerard Barron and ERAS Capital LLC \| Line of credit
Related Party Transactions
Aggregate borrowed amount		$ 44,000	$ 38,000
Gerard Barron and ERAS Capital LLC \| Related party
Related Party Transactions
Aggregate borrowed amount				$ 20,000
Repayment of Debt							0		0
Amount drawn from credit facility							$ 300		$ 4,200
Gerard Barron and ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount										$ 25,000
Number of days average considered for basis spread \| D				180
Interest rate				4.00%
Interest paid in kind at maturity				5.00%
Underutilization fee (in percentage)			6.50%	4.00%
Credit Facility, expiration date		Jun. 30, 2026	Dec. 31, 2025
Gerard Barron \| Related party
Related Party Transactions
Aggregate borrowed amount				$ 10,000
Gerard Barron \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount		$ 22,000	$ 19,000							12,500
ERAS Capital LLC \| Related party
Related Party Transactions
Aggregate borrowed amount				$ 10,000
ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount		$ 22,000	$ 19,000							$ 12,500
2025 Registered Direct Offering
Related Party Transactions
Gross proceeds from issuance	$ 37,000
2025 Registered Direct Offering \| Director
Related Party Transactions
Gross proceeds from issuance						$ 10,000

Nature of Operations (Details)	Apr. 28, 2025 km² item
Nature of Operations
Number of applications for exploration licenses \| item	2
Number of applications made for commercial recovery permit. \| item	1
Area of land for exploration license (in square km) \| km²	187,017
Area of land for commercial recovery (in square km) \| km²	25,160

Investment in Low Carbon Royalties (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 21, 2023	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Jun. 30, 2025
Investment in Low Carbon Royalties
Percentage of contribution to gross royalty	2.00%
Royalty expense	$ 5,000
Gross proceeds from private placement				$ 85,165
Equity-accounted investment loss		$ 500	$ 58	438	$ 197	$ 226
Gain on dilution of investment		$ 2,967		$ 2,967
Measurement input, discount rate member
Investment in Low Carbon Royalties
Royalty liability, measurement input		10.6		10.6
Low Carbon Royalties
Investment in Low Carbon Royalties
Number of shares issued (in shares)		2,139,770
Gross proceeds from private placement		$ 10,700
Low Carbon Royalties
Investment in Low Carbon Royalties
Percentage of ownership		30.73%		30.73%		32.00%	32.27%
Gain on dilution of investment				$ 3,000
NORI \| Low Carbon Royalties
Investment in Low Carbon Royalties
Royality fair value for A to C		$ 15,000		15,000
Royality fair value for Zone D		$ 130,000		$ 130,000

Warrants - Fair value of warrant liabilities (Details) - Private Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Warrants
Warrants liability as at December 31, 2024	$ 912
Increase in fair value of warrants liability	12,818
Warrants liability as at September 30, 2025	$ 13,730

Share-Based Compensation - Summary of the RSU activity (Details) - shares		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Number of RSUs Outstanding
Granted	11,915,676
Restricted Stock Units ("RSUs")
Number of RSUs Outstanding
Outstanding				34,312,655	12,484,880	12,484,880
Granted	9,750,000	21,214,317	293,258	34,240,884	32,707,638	33,079,041
Forfeited				(1,076,371)		(516,685)
Exercised				(10,177,224)		(10,734,581)
Outstanding		57,299,944		57,299,944		34,312,655

Investment in Low Carbon Royalties - Financial Results Of Low Carbon Royalties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Investment in Low Carbon Royalties
Current Assets	$ 117,214		$ 117,214		$ 5,331
Non-Current Assets	58,401		58,401		57,667
Current Liabilities	46,834		46,834		54,529
Comprehensive Gain (Loss) for the period			(279,446)	$ (65,882)
Low Carbon Royalties
Investment in Low Carbon Royalties
Current Assets	10,913		10,913		1,660
Non-Current Assets	19,652		19,652		$ 25,277
Current Liabilities	956		956
Royalty Income	295	$ 356	821	1,143
Total Revenue	344	368	880	1,182
Comprehensive Gain (Loss) for the period	$ 1,609	$ 179	$ 1,356	$ 612

- Definition

Amount of asset recognized for present right to economic benefit, classified as current.

+ References

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+ Details

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Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.

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- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.

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+ Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share-Based Compensation

9 Months Ended

Sep. 30, 2025

Share-Based Compensation

Share-Based Compensation

14.Share-Based Compensation

The Company’s 2021 Incentive Equity Plan (the “Incentive Plan”) provides an aggregate number of common shares reserved for future issuance under the Incentive Plan. As at September 30, 2025, there were a total of 110,262,856 common shares reserved for issuance under the Incentive Plan. This amount includes 40,000,000 common shares added to the plan pursuant to the shareholder’s approval obtained at the special meeting of the Company’s shareholders held on August 28, 2025. With this increase, as of September 30, 2025, 12,247,208 common shares remained available for future issuance under the Incentive Plan. A total of 2,243,853 of the common shares reserved for issuance under the Incentive Plan shall only be available for awards made to non-employee directors of the Company. On the first day of each fiscal year from 2022 to 2031, the number of common shares that may be issued pursuant to the Incentive Plan is automatically increased by an amount equal to the lesser of 4% of the number of outstanding common shares or an amount determined by the board of directors.

Share-based awards consisting of Restricted Share Units (“RSU”) and options under the Short-Term Incentives Plan (“STIP”) and Long-Term Incentives Plan (“LTIP”) have been issued under the 2021 Incentive Equity Plan.

Prior to the 2021 Incentive Plan, the Company had granted share-based awards under the 2018 Stock Option Plan (“2018 Plan”).

In the special shareholders meeting held on August 28, 2025, the shareholders approved the addition of 40,000,000 common shares to the reserve under the Company’s Incentive Plan, pursuant to which 6,500,000 options and 11,915,676 RSUs were granted on August 28, 2025.

Stock options

A continuity schedule summarizing the movements in the Company’s stock options under the various plans is as follows:


	Number of	Number of	Number of
	Short-Term	Long-term	Options
	Options	Options	Outstanding
	Outstanding	Outstanding	under
	under 2018 Plan	under 2018 Plan	Incentive Plan
Outstanding – December 31, 2023	15,074,240	9,783,922	—
Granted	—	—	3,940,000
Expired	(57,893)	(139,048)	—
Exercised	(715,772)	—	—
Outstanding – December 31, 2024	14,300,575	9,644,874	3,940,000
Granted	—	—	7,750,000
Exercised	(3,642,048)	(568,833)	—
Forfeited	—	—	(500,000)
Outstanding – September 30, 2025	10,658,527	9,076,041	11,190,000

From the 6,500,000 options granted on August 28, 2025, 5,000,000 options were granted to a director of the Company. No other options were granted during the three months ended September 30, 2025. The 6,500,000 options vest as follows:

Tranche 1: 50% vest upon the Company’s share price trading above $5 for ten consecutive days, or the Company’s market capitalization reaches or exceeds $2.2 billion, for ten consecutive days.

Tranche 2: 50% vest upon the Company’s share price trading above $7 for ten consecutive days, or the Company’s market capitalization reaches or exceeds $3 billion, for ten consecutive days.

These options were determined to be market-based awards and the grant date fair value of both the tranches was calculated as $4.10 per unit using Black-Scholes valuation and the following assumptions.


	August 28,
	2025
Exercise price	$	4.66
Share price	$	5.26
Volatility		104.10	%
Term		4.77	years
Risk-free rate		3.62	%
Dividend yield		0.0	%

As the vesting conditions were met as of the date of the grant, the Company amortized the entire fair value of the options amounting to $26.7 million in the third quarter of 2025.

During the three and nine months ended September 30, 2025, the Company recognized $27.2 million and $28.3 million, respectively of share-based compensation expense for stock options. During the three and nine months ended September 30, 2025, share-based compensation expense related to exploration and evaluation activities amounted to $25 thousand and $0.2 million (three and nine months ended September 30, 2024- $nil). The amount of the share-based compensation expense recognized related to general and administrative matters for the three and nine months ended September 30, 2025 including the cost of the options mentioned in the note above was $27.2 million and $28.1 million, respectively (three and nine months ended September 30, 2024 - $0.5 million and $0.9 million respectively). The Company has not granted any options under the 2018 Plan since September 9, 2021 (date of the Business Combination) and has fully recognized the fair value of the options issued under the 2018 Plan in the prior periods.

Restricted Share Units (“RSU”)

The Company may, from time to time, grant RSUs to directors, officers, employees, and consultants of the Company and its subsidiaries under the Plan. On each vesting date, RSU holders are issued common shares equivalent to the number of RSUs held provided that the holder is providing service to the Company on such vesting date.

A continuity schedule summarizing the RSU activity is as follows:


		Number of RSUs
		Outstanding
Outstanding – December 31, 2023		12,484,880
Granted		33,079,041
Forfeited		(516,685)
Exercised		(10,734,581)
Outstanding - December 31, 2024		34,312,655
Granted		34,240,884
Forfeited		(1,076,371)
Exercised		(10,177,224)
Outstanding - September 30, 2025		57,299,944

The details of RSUs granted by the Company during the period are as follows:


	Three months	Three months	Nine months	Nine months
	ended September 30,	ended September 30,	ended September 30,	ended September 30,
Vesting Period	2025	2024	2025	2024
Vesting Immediately ⁽¹⁾	298,641	160,823	3,380,268	4,167,518
Vesting fully within and on first anniversary of the grant date	—	—	194,226	493,430
Vesting in thirds on each anniversary of the grant date ⁽²⁾	415,676	—	9,234,611	7,212,375
Vesting in fourths on each anniversary of the grant date	—	132,435	176,302	834,315
Vesting three years from grant date	—	—	66,508	—
Vesting four years from grant date ⁽³⁾	1,750,000	—	1,750,000	—
Vesting based on performance conditions	—	—	688,969	—
Vesting based on market conditions ⁽⁴⁾	18,750,000	—	18,750,000	20,000,000
Total Units Granted	21,214,317	293,258	34,240,884	32,707,638

(1)

Of the 298,641 RSUs granted during the three months ended September 30, 2025, 148,442 RSUs were granted to consultants with an aggregate fair value of $0.8 million of which $0.7 million was recorded in general and administrative expenses and $0.1 million was recorded as exploration and evaluation expense. The remaining 150,199 grants were issued to employees.

(2)

The 415,676 RSUs granted in the third quarter of 2025 vest in thirds on each anniversary of the grant date out of which 237,529 RSUs were granted to a director of the Company in exchange for consulting services and the remaining units were granted to a consultant.

(3)

Following the increase in the reserve under the Incentive Plan as described above, 1,750,000 RSUs were granted to a director for consulting services on August 28, 2025.

(4)

Of the 18,750,000 RSUs granted during the three months ended September 30, 2025, the Company issued on September 23, 2025, 9,000,000 RSUs to employees (“Retention Grants”). These Retention Grants will vest in two equal tranches based on market and service conditions: Tranche 1:50% upon the 30-day average share price reaching $10 and Tranche 2:50% upon the 30-day average share price reaching $12.50, subject to continued employment through specific target dates per the grant terms.

The Company calculated the fair value of the Retention Grants using Monte Carlo simulation and below assumptions. The fair value of Tranche 1 and Tranche 2 was calculated as $5.82 per unit and $5.58 per unit respectively.


	September 23,
	2025
Share price	$	6.32
Volatility		100.60	%
Performance Period to achieve market conditions		September 23, 2025 – April 16, 2029
Risk-free rate		3.54	%
Dividend yield		0.0	%

The remaining 9,750,000 RSUs were considered as granted on August 28, 2025 out of which 7,500,000 were granted to a director of the Company in return for consulting services and the remaining 2,250,000 were granted to a consultant. The RSUs vest in three equal tranches as described below:

Tranche 1: Vesting upon share price reaching or exceeding $10 for 10 consecutive trading days, or the Company’s market capitalization reaching or exceeding $3.3 billion, for ten consecutive days.

Tranche 2: Vesting upon share price reaching or exceeding $12.50 for 10 consecutive trading days, or the Company’s market capitalization reaching or exceeding $4 billion, for ten consecutive days.

Tranche 3: Vesting upon share price reaching or exceeding $15 for 10 consecutive trading days, or the Company’s market capitalization reaching or exceeding $5 billion, for ten consecutive days.

The Company determined the fair value of the RSUs using a Monte-Carlo valuation method and below assumptions.


	August 28,
	2025
Share price	$	5.26
Volatility		102.16	%
Performance Period		June 4, 2025 – June 4, 2029
Risk-free rate		3.57	%
Dividend yield		0.0	%

The fair value of each tranche and the derived service period are as follows:


Tranche	Fair Value per RSU		Derived Service Period
1	$	4.97	0.39 years
2	$	4.80	0.60 years
3	$	4.62	0.85 years

The grant date fair value of all RSUs granted during the three and nine months ended September 30, 2025, apart from the RSUs mentioned in footnote 4 above, is equivalent to the closing share price of the Company’s common shares on the date of grant. During the three and nine months ended September 30, 2025, a total of $15 million and $26.6 million, respectively was charged to the statement of loss and comprehensive loss as share-based compensation expense for RSUs (three and nine months ended September 30, 2024: $5.6 million and $14.1 million respectively). For the three and nine months ended September 30, 2025, a total of $4.3 million and $9.3 million, respectively, was recognized as share-based compensation expense related to exploration and evaluation activities (three and nine months ended September 30, 2024 - $3.2 million and $7.6 million, respectively). The amount of share-based compensation expense related to general and administrative matters for three and nine months ended September 30, 2025, was $10.7 million and $17.2 million, respectively (three and nine months ended September 30, 2024 - $2.4 million and $6.5 million, respectively). As at September 30, 2025, the total unrecognized share-based compensation expense for RSUs was $118.8 million (December 31, 2024 - $20.5 million).

As at September 30, 2025, an aggregate of 129,910 vested RSUs were being processed and due to be converted into common shares.

Employee Stock Purchase Plan

On May 31, 2022, TMC’s 2021 Employee Stock Purchase Plan (“ESPP”) was approved at the Company’s 2022 annual shareholders meeting. As at September 30, 2025, there were 14,395,117 total common shares reserved for issuance under the ESPP, of which 14,043,174 remain available for future issuance. This included 3,407,085 shares added to the ESPP in January 2025 pursuant to the ESPP’s automatic annual increase provision. Under the ESPP, the number of shares reserved for issuance is subject to an annual increase provision which provides that on the first day of each of the Company’s fiscal years starting in 2022, common shares equal to the lesser of (i) 1% percent of the common shares outstanding on the last day of the immediately preceding fiscal year, or (ii) such lesser number of shares as is determined by the board of directors will be added to the ESPP.

During the three and nine months ended September 30, 2025, a total of $11 thousand and $16 thousand, respectively, was charged to the statement of loss and comprehensive loss as share-based compensation expense representing the share price purchase discount offered by the Company (three and nine months ended September 30, 2024: $3 thousand and $33 thousand respectively). For the three and nine months ended September 30, 2025, a total of $6 thousand and $9 thousand, respectively, was recognized as share-based compensation expense related to exploration and evaluation activities (three and nine months ended September 30, 2024 - $2 thousand and $17 thousand, respectively). The amount of share-based compensation expense related to general and administrative matters for three and nine months ended September 30, 2025 was $5 thousand and $7 thousand, respectively (three and nine months ended September 30, 2024 - $1 thousand and $16 thousand, respectively).

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares 2025 Registered Direct Offering	Common Shares 2024 Registered Direct Offering	Common Shares Class A Warrants	Common Shares Class B Warrants	Common Shares	Additional Paid in Capital 2025 Registered Direct Offering	Additional Paid in Capital 2024 Registered Direct Offering	Additional Paid in Capital Class A Warrants	Additional Paid in Capital Class B Warrants	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Deficit	2025 Registered Direct Offering	2024 Registered Direct Offering	Class A Warrants	Class B Warrants	Total
Balance at Dec. 31, 2023					$ 438,239					$ 122,797	$ (1,216)	$ (548,902)					$ 10,918
Balance (in shares) at Dec. 31, 2023					306,558,710
Issuance of shares and warrants under, net of expenses (Notes 11, 13)					$ 7,447					1,553							9,000
Issuance of shares and warrants under, net of expenses (Notes 11, 13) (in shares)					4,500,000
Shares issued from ATM (Note 12)					$ 4,866												4,866
Shares issued from ATM (Note 12) (in shares)					3,251,588
Exercise of warrant (Note 13)					$ 1,891					(1,428)							463
Exercise of warrant (Note 13) (in shares)					715,772
Conversion of restricted share units, net of shares withheld for taxes (Note 14)					$ 10,869					(10,869)
Conversion of restricted share units, net of shares withheld for taxes (Note 14) (in shares)					9,078,432
Share purchase under Employee Share Purchase Plan (Note 14)					$ 54					(30)							24
Share purchase under Employee Share Purchase Plan (Note 14) (in shares)					27,394
Foreign currency translation adjustment											13						13
Share-based compensation and expenses settled with equity (Note 14)										19,129							19,129
Loss for the period												(65,882)					(65,882)
Balance at Sep. 30, 2024					$ 463,366					131,152	(1,203)	(614,784)					(21,469)
Balance (in shares) at Sep. 30, 2024					324,131,896
Balance at Dec. 31, 2023					$ 438,239					122,797	(1,216)	(548,902)					10,918
Balance (in shares) at Dec. 31, 2023					306,558,710
Balance at Dec. 31, 2024					$ 477,217					138,303	(1,203)	(631,435)					(17,118)
Balance (in shares) at Dec. 31, 2024					340,708,460
Balance at Jun. 30, 2024					$ 460,573					125,300	(1,216)	(594,264)					(9,607)
Balance (in shares) at Jun. 30, 2024					322,241,883
Shares issued from ATM (Note 12)					$ 2,279												2,279
Shares issued from ATM (Note 12) (in shares)					1,617,000
Exercise of stock options (Note 14)					$ 130					(76)							54
Exercise of stock options (Note 14) (in shares)					84,720
Conversion of restricted share units, net of shares withheld for taxes (Note 14)					$ 384					(384)
Conversion of restricted share units, net of shares withheld for taxes (Note 14) (in shares)					188,293
Foreign currency translation adjustment											13						13
Share-based compensation and expenses settled with equity (Note 14)										6,312							6,312
Loss for the period												(20,520)					(20,520)
Balance at Sep. 30, 2024					$ 463,366					131,152	(1,203)	(614,784)					(21,469)
Balance (in shares) at Sep. 30, 2024					324,131,896
Balance at Dec. 31, 2024					$ 477,217					138,303	(1,203)	(631,435)					(17,118)
Balance (in shares) at Dec. 31, 2024					340,708,460
Issuance of shares and warrants under, net of expenses (Notes 11, 13) (in shares)													9,000,000
Balance at Jun. 30, 2025					$ 606,246					203,181	(1,203)	(726,364)					81,860
Balance (in shares) at Jun. 30, 2025					397,155,318
Balance at Dec. 31, 2024					$ 477,217					138,303	(1,203)	(631,435)					(17,118)
Balance (in shares) at Dec. 31, 2024					340,708,460
Issuance of shares and warrants to Korea Zinc, net of expenses (Notes 11, 13)					$ 71,686					13,432							85,118
Issuance of shares and warrants to Korea Zinc, net of expenses (Notes 11, 13) (in shares)					19,623,376
Issuance of shares and warrants under, net of expenses (Notes 11, 13)	$ 24,149	$ 2,237				$ 12,548	$ 2,763						$ 36,697	$ 5,000
Issuance of shares and warrants under, net of expenses (Notes 11, 13) (in shares)	12,333,334	5,000,000
Shares issued from ATM (Note 12)					$ 14,784												14,784
Shares issued from ATM (Note 12) (in shares)					7,542,996
Exercise of warrant (Note 13)			$ 5,467	$ 14,229				$ (1,690)	$ (6,579)						$ 3,777	$ 7,650
Exercise of warrant (Note 13) (in shares)			1,888,270	7,358,096
Exercise of stock options (Note 14)					$ 11,563					(8,980)							2,583
Exercise of stock options (Note 14) (in shares)					4,210,884
Conversion of restricted share units, net of shares withheld for taxes (Note 14)					$ 17,509					(17,509)
Conversion of restricted share units, net of shares withheld for taxes (Note 14) (in shares)					10,177,224
Share purchase under Employee Share Purchase Plan (Note 14)					$ 12					(2)							10
Share purchase under Employee Share Purchase Plan (Note 14) (in shares)					12,533
Nauru and Tonga Warrant Cost (Note 13)										38,056							38,056
Share-based compensation and expenses settled with equity (Note 14)										62,265							62,265
Loss for the period												(279,446)					(279,446)
Balance at Sep. 30, 2025					$ 638,853					232,607	(1,203)	(910,881)					(40,624)
Balance (in shares) at Sep. 30, 2025					408,855,173
Balance at Jun. 30, 2025					$ 606,246					203,181	(1,203)	(726,364)					81,860
Balance (in shares) at Jun. 30, 2025					397,155,318
Issuance of shares and warrants under, net of expenses (Notes 11, 13)					$ 6,509					461							6,970
Issuance of shares and warrants under, net of expenses (Notes 11, 13) (in shares)					3,333,334								3,333,334
Exercise of warrant (Note 13)			$ 4,743	$ 7,778				$ (4,743)	$ (2,778)							$ 5,000
Exercise of warrant (Note 13) (in shares)			1,638,270	2,525,000
Exercise of stock options (Note 14)					$ 10,110					(7,989)							2,121
Exercise of stock options (Note 14) (in shares)					3,498,760
Conversion of restricted share units, net of shares withheld for taxes (Note 14)					$ 3,467					(3,467)
Conversion of restricted share units, net of shares withheld for taxes (Note 14) (in shares)					704,491
Nauru and Tonga Warrant Cost (Note 13)										4,977							4,977
Share-based compensation and expenses settled with equity (Note 14)										42,965							42,965
Loss for the period												(184,517)					(184,517)
Balance at Sep. 30, 2025					$ 638,853					$ 232,607	$ (1,203)	$ (910,881)					$ (40,624)
Balance (in shares) at Sep. 30, 2025					408,855,173

General and Administrative Expenses (Tables)

9 Months Ended

Sep. 30, 2025

General and Administrative Expenses

Schedule of general and administrative expenses


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Share-based Compensation ⁽¹⁾ (Note 14)	$	37,873	$	2,871	$	45,343	$	7,087
Professional and Consulting Fees		4,603		2,607		11,678		6,884
Investor Relations		806		376		1,493		1,354
Office and Sundry		511		573		1,499		1,733
Salaries and Wages		1,233		1,347		4,039		4,314
Director Fees		180		147		580		553
Transfer Agent and Filing Fees		210		74		424		248
Travel and Other		310		154		649		427
	$	45,726	$	8,149	$	65,705	$	22,600

(1)

Includes $34.7 million related to 6,500,000 options and 11,915,676 RSUs granted to some directors and a consultant on August 28, 2025 (Note 14).

Nature of Operations

9 Months Ended

Sep. 30, 2025

Nature of Operations

Nature of Operations

1.Nature of Operations

TMC the metals company Inc. (“TMC” or the “Company”) was incorporated as a Cayman Islands exempted company limited by shares on December 18, 2019. On September 9, 2021, the Company completed its business combination with DeepGreen Metals Inc. (“DeepGreen”), a Canadian - registered company founded in 2011, after which DeepGreen became a wholly - owned subsidiary and the combined company began operating as TMC the metals company Inc. and continued as a corporation under the laws of the province of British Columbia, Canada on September 9, 2021. The Company’s corporate office, registered address and records office is located at 10th floor, 1111 West Hastings Street, 15^th Floor, Vancouver, British Columbia, Canada, V6E 2J3. The Company’s common shares and warrants to purchase common shares are listed for trading on the Nasdaq Global Select Market (“Nasdaq”) under tickers “TMC” and “TMCWW”, respectively.

The Company is a deep-sea minerals exploration and development company focused on the collection and processing of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone in the Pacific Ocean (“CCZ”), with NORI Area D located approximately 1,500 miles southwest of San Diego, California. These nodules contain high grades of four metals (nickel, copper, cobalt, manganese) which can be used as (i) feedstock for battery cathode precursors (nickel, cobalt and manganese sulfates, or intermediate nickel-copper-cobalt matte or nickel-copper-cobalt alloy) for nickel-rich lithium-ion batteries, (ii) copper cathode for electric wiring, energy transmission and other applications and (iii) feedstock for steel manufacturing (nickel metal for stainless and other specialty steels, manganese silicate for manganese alloy production cobalt metal for high - performance steel alloys).

On April 28, 2025, the Company’s wholly owned subsidiary, The Metals Company USA, LLC (“TMC USA”), formally submitted applications for two exploration licenses and one commercial recovery permit to the National Oceanic and Atmospheric Administration (“NOAA”) pursuant to the Deep Seabed Hard Mineral Resources Act of 1980 or DSHMRA. The submitted exploration license applications are to secure exploration rights over two areas in the CCZ, namely TMC USA-A and TMC USA-B, covering a total area of 187,017 square kilometers. The submitted commercial recovery permit application is to secure commercial recovery rights for a subset of the TMC USA-A area covering over 25,160 square kilometers. The commercial recovery application is the first submission under DSHMRA for commercial recovery of polymetallic nodules.

Two of the Company's wholly owned subsidiaries, Nauru Ocean Resources Inc. (NORI) and Tonga Offshore Mining Limited (TOML) continue to hold and comply with the terms of their exploration contracts granted by the International Seabed Authority (ISA).

The realization of the Company’s assets and attainment of profitable operations is dependent upon many factors including, among other things: financing being arranged by the Company to continue the scaling of the nodule collection system for the recovery of polymetallic nodules from the seafloor and the processing technology for the treatment of polymetallic nodules at commercial scale, the continued establishment of mineable reserves, the commercial and technical feasibility of seafloor polymetallic nodule collection and processing, metal prices, and regulatory approvals and permitting for commercial operations. The outcome of these matters cannot presently be determined because they are contingent on future events and may not be fully under the Company’s control.

Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")

9 Months Ended

Sep. 30, 2025

Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")

Shares issued as per At-the-Market Equity Distribution Agreement ("ATM")

12.Shares issued as per At-the-Market Equity Distribution Agreement (“ATM”)

In December 2022, the Company filed a prospectus supplement with the Securities and Exchange Commission to sell up to $30 million of the Company’s common shares from time to time through an ATM. In the three and nine months ended September 30, 2025, the Company issued nil and 7,542,996 common shares, respectively, at an average share price of nil and $2.02, respectively. The net proceeds from the ATM for the three and nine months ended September 30, 2025, were nil and $14.8 million respectively. During the three and nine months ended September 30, 2025, the Company incurred $nil and $0.5 million, respectively, as commission and fees. (During the three and nine months ended September 30, 2024, the Company issued 1,617,000 common shares and 3,251,588 common shares, respectively. For three and nine months ended September 30, 2024, the common shares were issued at an average share price of $1.45 and $1.53, respectively resulting in net proceeds amounting to $2.3 million and $4.9 million, after incurring $71 thousand and $113 thousand, respectively, as commission and fees.).

Segmented Information (Details) $ in Thousands	9 Months Ended
Segmented Information (Details) $ in Thousands	Sep. 30, 2025 USD ($) segment	Dec. 31, 2024 USD ($)
Segmented Information
Number of operating segment \| segment	1
Equipment	$ 597	$ 771
Software development costs	2,082	1,928
Nauru
Segmented Information
Equipment	597	771
Singapore
Segmented Information
Software development costs	$ 2,082	$ 1,928

Warrants - Fair value measurements assumptions of the warrants (Details)	Aug. 04, 2025 USD ($) $ / shares	Jul. 01, 2025 $ / shares Y
Class C Warrants \| Exercise price
Warrants
Measurement input		4.5
Class C Warrants \| Share price
Warrants
Measurement input		5.94
Class C Warrants \| Volatility
Warrants
Measurement input		1.0626
Class C Warrants \| Term (years)
Warrants
Measurement input \| Y		2.88
Class C Warrants \| Risk-free rate
Warrants
Measurement input		0.0368
Class C Warrants \| Dividend yield
Warrants
Measurement input		0
Tonga Warrants \| Exercise price
Warrants
Measurement input	5.87
Tonga Warrants \| Share price
Warrants
Measurement input	5.65
Tonga Warrants \| Volatility
Warrants
Measurement input	1.1233
Tonga Warrants \| Term (years)
Warrants
Measurement input \| $	8
Tonga Warrants \| Risk-free rate
Warrants
Measurement input	0.04
Tonga Warrants \| Dividend yield
Warrants
Measurement input	0

Use of Estimates

9 Months Ended

Sep. 30, 2025

Use of Estimates

Use of Estimates

3.Use of Estimates

Loss per Share - Anti-dilutive common equivalent shares (Details) - shares	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Loss per Share
Total anti-dilutive common equivalent shares	283,523,189	230,658,609
Employee Stock Option
Loss per Share
Total anti-dilutive common equivalent shares	30,924,568	27,943,343
Outstanding RSUs
Loss per Share
Total anti-dilutive common equivalent shares	57,299,944	35,733,505
Outstanding shares under ESPP
Loss per Share
Total anti-dilutive common equivalent shares	6,982	11,027
Outstanding warrants
Loss per Share
Total anti-dilutive common equivalent shares	59,280,282	30,730,770
Outstanding Special Shares and options to purchase Special Shares
Loss per Share
Total anti-dilutive common equivalent shares	136,011,413	136,239,964

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Compensation

Schedule of company estimated the realization of the vesting conditions


	Number of	Number of	Number of
	Short-Term	Long-term	Options
	Options	Options	Outstanding
	Outstanding	Outstanding	under
	under 2018 Plan	under 2018 Plan	Incentive Plan
Outstanding – December 31, 2023	15,074,240	9,783,922	—
Granted	—	—	3,940,000
Expired	(57,893)	(139,048)	—
Exercised	(715,772)	—	—
Outstanding – December 31, 2024	14,300,575	9,644,874	3,940,000
Granted	—	—	7,750,000
Exercised	(3,642,048)	(568,833)	—
Forfeited	—	—	(500,000)
Outstanding – September 30, 2025	10,658,527	9,076,041	11,190,000

Schedule of market-based awards and the grant date fair value


	August 28,
	2025
Exercise price	$	4.66
Share price	$	5.26
Volatility		104.10	%
Term		4.77	years
Risk-free rate		3.62	%
Dividend yield		0.0	%

Summary of the RSU activity


	Three months	Three months	Nine months	Nine months
	ended September 30,	ended September 30,	ended September 30,	ended September 30,
Vesting Period	2025	2024	2025	2024
Vesting Immediately ⁽¹⁾	298,641	160,823	3,380,268	4,167,518
Vesting fully within and on first anniversary of the grant date	—	—	194,226	493,430
Vesting in thirds on each anniversary of the grant date ⁽²⁾	415,676	—	9,234,611	7,212,375
Vesting in fourths on each anniversary of the grant date	—	132,435	176,302	834,315
Vesting three years from grant date	—	—	66,508	—
Vesting four years from grant date ⁽³⁾	1,750,000	—	1,750,000	—
Vesting based on performance conditions	—	—	688,969	—
Vesting based on market conditions ⁽⁴⁾	18,750,000	—	18,750,000	20,000,000
Total Units Granted	21,214,317	293,258	34,240,884	32,707,638

(1)

(2)

(3)

Following the increase in the reserve under the Incentive Plan as described above, 1,750,000 RSUs were granted to a director for consulting services on August 28, 2025.

(4)

Schedule of fair value


	September 23,
	2025
Share price	$	6.32
Volatility		100.60	%
Performance Period to achieve market conditions		September 23, 2025 – April 16, 2029
Risk-free rate		3.54	%
Dividend yield		0.0	%

Schedule of tranche and the derived service period


Tranche	Fair Value per RSU		Derived Service Period
1	$	4.97	0.39 years
2	$	4.80	0.60 years
3	$	4.62	0.85 years

Restricted Stock Units ("RSUs")

Share-Based Compensation

Summary of the RSU activity


		Number of RSUs
		Outstanding
Outstanding – December 31, 2023		12,484,880
Granted		33,079,041
Forfeited		(516,685)
Exercised		(10,734,581)
Outstanding - December 31, 2024		34,312,655
Granted		34,240,884
Forfeited		(1,076,371)
Exercised		(10,177,224)
Outstanding - September 30, 2025		57,299,944

Restricted Stock Units ("RSUs") | Director And Consultants

Share-Based Compensation

Schedule of fair value


	August 28,
	2025
Share price	$	5.26
Volatility		102.16	%
Performance Period		June 4, 2025 – June 4, 2029
Risk-free rate		3.57	%
Dividend yield		0.0	%

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating expenses
Exploration and evaluation expenses	$ 9,633	$ 11,813	$ 29,644	$ 42,339
General and administrative expenses	45,726	8,149	65,705	22,600
Operating loss	55,359	19,962	95,349	64,939
Other items
Nauru and Tonga Warrant costs	4,977		38,056
Equity-accounted investment loss	492	58	438	197
Gain on dilution of investment	(2,967)		(2,967)
Change in fair value of royalty liability	131,000		131,000
Change in fair value of warrant liability	(3,852)	(1,054)	12,818	(1,103)
Foreign exchange loss	43	946	3,599	596
Interest income	(1,339)	(7)	(1,505)	(125)
Fees and interest on borrowings and credit facilities	681	615	2,535	1,378
Net Loss and comprehensive loss for the period, before tax	184,394	20,520	279,323	65,882
Tax expense	123		123
Net Loss and comprehensive loss for the period, after tax	$ 184,517	$ 20,520	$ 279,446	$ 65,882
Net Loss per share - Basic (in dollars per share)	$ 0.46	$ 0.06	$ 0.75	$ 0.21
Net Loss per share - Diluted (in dollars per share)	$ 0.46	$ 0.06	$ 0.75	$ 0.21
Weighted average number of common shares outstanding - basic	405,506,978	323,663,607	372,713,658	318,710,622
Weighted average number of common shares outstanding - diluted	405,506,978	323,663,607	372,713,658	318,710,622

Contingent Liabilities

9 Months Ended

Sep. 30, 2025

Contingent Liabilities

Contingent Liabilities

17.Contingent Liabilities

On January 23, 2023, investors in the 2021 private placement from the Business Combination filed a lawsuit against the Company in the Commercial Division of New York Supreme Court, New York County, captioned Atalaya Special Purpose Investment Fund II LP et al. v. Sustainable Opportunities Acquisition Corp. n/k/a TMC The Metals Company Inc., Index No. 650449/2023 (N.Y. Sup. Ct.). The Company filed a motion to dismiss on March 31, 2023, after which the plaintiffs filed an amended complaint on June 5, 2023. The amended complaint alleges that the Company breached the representations and warranties in the plaintiffs’ private placement Subscription Agreements and breached the covenant of good faith and fair dealing. The Plaintiffs are seeking to recover compensable damages caused by the alleged wrongdoings. The Company denies any allegations of wrongdoing and filed a motion to dismiss the amended complaint on July 28, 2023. On December 7, 2023, the Court granted the Company’s motion to dismiss the claim for breach of the covenant of good faith and fair dealing and denied the Company’s motion to dismiss the breach of the Subscription Agreement claim. The Company filed a notice of appeal regarding the Court’s denial of our motion to dismiss the breach of the Subscription Agreement claim. The appeal was heard on November 8, 2024. The NY Appellate Division upheld the lower court’s ruling in December 2024, moving the case into the discovery phase. There is no assurance that the Company will be successful in our defense of this lawsuit or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action. Such losses or range of possible losses cannot be reliably estimated.

On November 8, 2024, a shareholder filed a putative class action against the Company and certain of its executives in federal district court for the Central District of California, captioned Lin v. TMC The Metals Company Inc., Gerard Barron, and Craig Shesky. The complaint alleges that all defendants violated Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and Messrs. Barron and Shesky violated Section 20(a) of the Exchange Act, by making false and/or misleading statements and/or failing to disclose information regarding the classification of the non-financial asset received from our partnership with Low Carbon Royalties Inc. and the derecognition of the capitalized exploration contract related to NORI. The alleged misstatements and omissions pertain to the Company’s initial classification of this non-financial asset as a gain on disposition (being a sale of future revenue) and subsequent reclassification thereof as a royalty liability (and re-capitalization of the exploration contract) and the restatement of our previously issued financial statements as a result thereof for the three months ended March 31, 2023, the six months ended June 30, 2023 and the nine months ended September 30, 2023 in March 2024. The complaint purports to represent a class of shareholders who acquired the Company’s securities between May 12, 2023, and March 25, 2024, and seeks to recover compensable damages caused by the alleged wrongdoings. On February 6, 2025, the Court appointed a lead plaintiff. An amended complaint was filed on March 6, 2025. Pursuant to court-approved scheduling, the Company filed a motion to dismiss on April 10, 2025. The lead plaintiff filed an opposition on May 15, 2025, and the Company filed a reply on June 5, 2025. On June 18, 2025, the Court granted the Company’s motion to dismiss in full but granted plaintiffs leave to amend. The plaintiffs filed a Second Amended Complaint on July 2, 2025. The Company’s motion to dismiss the Second Amended Complaint was filed on August 6, 2025, the plaintiff’s opposition was filed on September 9, 2025, and the Company's reply was filed by September 23, 2025. The Company intends to continue defending against the lawsuit. There can be no assurance, however, that the Company will be successful in its defense, or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action. Due to the early stage of this litigation, such losses or range of possible losses cannot be reliably estimated.

Revised Sponsorship Agreement with Republic of Nauru

On May 29, 2025, NORI entered into a Revised Sponsorship Agreement with the Republic of Nauru which provides NORI with exclusive right to explore for polymetallic nodules in the ISA contract area, pursuant to its ISA Exploration Contract. The Republic of Nauru will continue to sponsor NORI’s seabed mineral activities in the area as per the terms of this Sponsorship Agreement. In exchange for the Republic of Nauru’s sponsorship, NORI will make cash payments (“Continuity Benefits”) to the Republic of Nauru for its continued sponsorship. The Continuity Benefits would only be payable if (i) a subsidiary of the Company other than NORI obtains a permit, license or other authorization from the US for the conduct of deep seabed mineral activities; (ii) and that Subsidiary commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization (“Continuity Conditions”) and the range of the Continuity Benefits to the Republic of Nauru will be between $265 million and $515 million (undiscounted). In connection with the Revised Sponsorship Agreement, the Company entered into a Deed of Guarantee and Indemnity in favor of the Republic of Nauru under which the Company guarantees certain obligations of NORI and provides customary indemnities. As of September 30, 2025, the Continuity conditions are not probable but reasonably possible, and therefore the Company has not recorded any amount as Continuity Benefits.

Revised Sponsorship Agreement with the Kingdom of Tonga

On August 4, 2025, TOML entered into a revised sponsorship agreement (the “Sponsorship Agreement”) with the Kingdom of Tonga, acting through the Tonga Seabed Minerals Authority (“the State”), which provides TOML with exclusive right to explore for polymetallic nodules in the ISA contract area, pursuant to its ISA Exploration Contract. The State will continue to sponsor TOML’s seabed mineral activities in the area as per the terms of this Sponsorship Agreement. In exchange for the State’s sponsorship, TOML will make cash payments (“Continuity Benefits”) to the State for its continued sponsorship. The Continuity Benefits would only be payable if (i) a subsidiary of the Company other than TOML obtains a permit, license or other authorization from the US for the conduct of deep seabed mineral activities in TOML’s ISA Contract Area; (ii) and that Subsidiary commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization TOML’s ISA Contract Area (“Continuity Conditions”). The range of the Continuity Benefits to the State will be between $75 million and $200 million (undiscounted). In connection with the Revised Sponsorship Agreement, the Company entered into a Deed of Guarantee and Indemnity in favor of the State under which the Company guarantees certain obligations of TOML and provides customary indemnities. As of September 30, 2025, the Continuity conditions are not probable but reasonably possible, and therefore the Company has not recorded any amount as Continuity Benefits.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2025	Nov. 12, 2025
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2025
Entity File Number	001-39281
Entity Registrant Name	TMC the metals Co Inc.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1111 West Hastings Street, 15th Floor
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6E 2J3
City Area Code	888
Local Phone Number	458-3420
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		413,492,045
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001798562
Amendment Flag	false
Common Shares, without par value
Document And Entity Information
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	TMC
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one Common Share, each at an exercise price of $11.50 per share
Document And Entity Information
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Common Share, each at an exercise price of $11.50 per share
Trading Symbol	TMCWW
Security Exchange Name	NASDAQ

Strategic Alliance with Allseas and Affiliates

9 Months Ended

Sep. 30, 2025

Strategic Alliance with Allseas and Affiliates

Strategic Alliance with Allseas and Affiliates

6.Strategic Alliance with Allseas and Affiliates

Development of Project Zero Offshore Nodule Collection System

On March 16, 2022, NORI and Allseas Group S.A. (“Allseas”) entered into a non-binding term sheet for the development and operation of a commercial nodule collection system. For the three and nine months ended September 30, 2025, Allseas provided the Company with engineering, project management and vessel use services consisting of lay-up and transit costs totaling $0.5 million and $3.7 million, respectively as part of the development of the commercial nodule collection system: these costs were recorded as mining, technological and process development within exploration and evaluation expenses (Note 8) (For three months and nine months ended September 30, 2024: $2.8 million and $9.6 million respectively).

Exclusive Vessel Use Agreement with Allseas

On August 1, 2023, the Company entered into an Exclusive Vessel Use Agreement with Allseas pursuant to which Allseas will give exclusive use of the vessel (“Hidden Gem”) to the Company in support of the development of the Project Zero Offshore Nodule Collection System until the system is completed or December 31, 2026, whichever is earlier. Allseas can terminate the agreement if the Company ceases normal operations, assigns assets to creditors, initiates bankruptcy proceedings, or faces unresolved bankruptcy-related actions.

For the three and nine months ended September 30, 2025, the Company has recognized $0.5 million and $1.4 million, respectively as lease expense recorded as exploration and evaluation expense (For the three and nine months ended September 30, 2024: $0.5 million and $1.4 million respectively).


	Right-of-use Asset
Balance as at December 31, 2023	$	5,721
Lease expense during the year		(1,907)
Balance as at December 31, 2024	$	3,814
Lease expense during the period		(1,430)
Balance as at September 30, 2025	$	2,384

2023 Credit Facility and Loan Agreements with Company Related to Allseas

On March 22, 2023, the Company entered into an Unsecured Credit Facility Agreement, which was amended on July 31, 2023 (“2023 Credit Facility”), with Argentum Cedit Virtuti GCV (the “Lender”), the parent of Allseas Investments S.A. (“Allseas Investments”) and an affiliate of Allseas, pursuant to which, the Company may borrow from the Lender up to $25 million in the aggregate, from time to time, subject to certain conditions. All amounts drawn under the 2023 Credit Facility will bear interest based on the 6-month Secured Overnight Financing Rate, 180-day average plus a margin of 4.0% per annum payable in cash semi-annually (or plus a margin of 5% if paid-in-kind at maturity, at the Company’s election) on the first business day of each of June and January. The Company will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the 2023 Credit Facility. The Company has the right to pre-pay the entire amount outstanding under the 2023 Credit Facility at any time before the 2023 Credit Facility’s maturity. The Company has the ability to settle certain charges under the 2023 Credit Facility in cash or in equity at the discretion of the Company. The 2023 Credit Facility also contains customary events of default. On March 24, 2025, the Company entered into a Letter Agreement with the Lender, pursuant to which the undrawn, unsecured credit facility was cancelled with the only obligation being the underutilization fees amounting to $2 million as payable.

On September 9, 2024, the Company entered into a working capital loan agreement (the “Working Capital Loan Agreement”) with Allseas Investments, a company related to Allseas. In accordance with the Working Capital Loan Agreement, Allseas Investments provided a loan to the Company of $7.5 million (the “Working Capital Loan”) to be used towards general corporate purposes and for the repayment of all outstanding amounts under the Short-Term Loan between the Company and the Lender. The Working Capital Loan is payable to Allseas Investments on or before the earlier of (i) the occurrence of certain financing events and (ii) April 1, 2025 (the “Repayment Date”). The Working Capital Loan will bear interest based on the 6-month Secured Overnight Financing Rate, 180-day average plus a margin of 4.0% per annum and is payable in two installments on January 2, 2025, and the Repayment Date (or plus a margin of 5.0% if all interest payments are deferred to the Repayment Date, at the Company’s election). On March 24, 2025, the Company entered into a Letter Agreement with Allseas Investments, pursuant to which the Repayment Date under the Working Capital Loan Agreement was extended to September 30, 2025, with principal and interest being repayable on that date. During the three and nine months ended September 30, 2025, the Company incurred nil and $0.3 million, respectively as interest expense. During the second quarter of 2025, the Company repaid the entire outstanding loan and interest, amounting to $7.5 million and $0.5 million, respectively, thereby cancelling the Working Capital Loan Agreement.

Other Activity

On May 12, 2025, the Company entered into a securities purchase agreement with Allseas (Note 11) pursuant to which the Company agreed to sell and issue, 2,333,333 common shares of the Company, and 2,333,333 Class C warrants (“Class C Warrants”) to Allseas for gross proceeds of $7 million. In the second quarter of 2025, the entire gross proceeds from Allseas were received and the corresponding shares were issued.

As at September 30, 2025, the total amount payable to Allseas and its affiliates was $32.9 million, with the entire balance recorded in accrued liabilities in the Condensed Consolidated Balance Sheet (Note 10) (December 31, 2024: $33.3 million of which $25.8 recorded as accrued liabilities and $7.5 million recorded as short-term debt). As at September 30, 2025, Allseas and its affiliates owned 56.1 million TMC common shares (December 31, 2024: 53.8 million TMC common shares) which constituted 13.7% (December 31, 2024: 15.8%) of total common shares outstanding.

Fair Value Accounting (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Assets:
Cash	$ 115,648	$ 3,480
Receivables and prepayments	1,566	1,851
Exploration contracts	42,951	42,951
Right of use asset	2,384	3,814
Equipment	597	771
Software development costs	2,082	1,928
Investment	10,387	8,203
Assets	175,615	62,998
Liabilities:
Accounts payable and accrued liabilities	46,834	42,754
Short-term debt		11,775
Deferred tax liability	10,675	10,675
Royalty liability	145,000	14,000
Warrants liability	13,730	912
Liabilities	216,239	80,116
Level 1
Assets:
Cash	115,648	3,480
Assets	115,648	3,480
Level 2
Assets:
Receivables and prepayments	1,566	1,851
Assets	1,566	1,851
Liabilities:
Accounts payable and accrued liabilities	46,834	42,754
Short-term debt		11,775
Deferred tax liability	10,675	10,675
Liabilities	57,509	65,204
Level 3
Assets:
Exploration contracts	42,951	42,951
Right of use asset	2,384	3,814
Equipment	597	771
Software development costs	2,082	1,928
Investment	10,387	8,203
Assets	58,401	57,667
Liabilities:
Royalty liability	145,000	14,000
Warrants liability	13,730	912
Liabilities	$ 158,730	$ 14,912

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Exploration and Evaluation Expenses

9 Months Ended

Sep. 30, 2025

Exploration and Evaluation Expenses

Exploration and Evaluation Expenses

8.Exploration and Evaluation Expenses

The detail of exploration and evaluation expenses is as follows:


	Three months ended				Nine months ended
	September 30,				September 30,
	2025		2024		2025		2024
Environmental Studies	$	303	$	1,031	$	3,399	$	4,350
Exploration Labor		2,502		2,648		7,690		7,405
Share-Based Compensation (Note 14)		4,262		3,244		9,515		7,338
Mining, Technological and Process Development		1,211		3,531		5,714		19,065
Prefeasibility Studies		359		253		862		838
Sponsorship, Training and Stakeholder Engagement		928		909		2,167		2,522
Other		68		197		297		821
	$	9,633	$	11,813	$	29,644	$	42,339