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Investments - Financial results of 1554997 B.C. Ltd (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025
Investments
Current Assets	$ 122,779	$ 120,682
Non-Current Assets	62,095	60,949
Current Liabilities	56,547	59,399
Non-current liabilities	155,675	155,675
Net Income (Loss)	$ (20,599)		$ (20,588)
1554997 B.C. Ltd
Investments
Current Assets		380
Non-Current Assets		12,173
Current Liabilities		44
Non-current liabilities		1,057
Royalty Income		44
Operating Income		27
Net Income (Loss)		$ 1,027

- Definition

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

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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

Use of Estimates	3 Months Ended
Mar. 31, 2026
Use of Estimates
Use of Estimates	3.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 13), as well as the valuation of private warrants (Note 12) and the valuation of the Royalty liability (Note 8). Actual results could differ materially from those estimates.

Use of Estimates

3 Months Ended

Mar. 31, 2026

Use of Estimates

Use of Estimates

3.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 13), as well as the valuation of private warrants (Note 12) and the valuation of the Royalty liability (Note 8). Actual results could differ materially from those estimates.

Basis of Presentation	3 Months Ended
Mar. 31, 2026
Basis of Presentation
Basis of Presentation	2.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 regulations. 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, 2026 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, 2025. The Company has applied the same accounting policies as in the prior year.

Basis of Presentation

3 Months Ended

Mar. 31, 2026

Basis of Presentation

Basis of Presentation

2.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 regulations. 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, 2026 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, 2025. The Company has applied the same accounting policies as in the prior year.

Related Party Transactions (Details) $ in Thousands				3 Months Ended		12 Months Ended
Related Party Transactions (Details) $ in Thousands	Mar. 26, 2025 USD ($)	Nov. 14, 2024 USD ($)	Mar. 22, 2024 USD ($) D	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Aug. 13, 2024 USD ($)
Related Party Transactions
Repayment of Debt					$ 1,797
Interest Expense					558
Underutilization fees				$ 700	0
2024 Credit Facility
Related Party Transactions
Underutilization fees				700		$ 700
Related party
Related Party Transactions
Interest Expense				0	100
Underutilization fees				700	500
Interest repaid				0	100
Professional and consulting fees				46		57
Related party \| Line of credit
Related Party Transactions
Interest payable				0		$ 0
Related party \| General and administration expenses
Related Party Transactions
Professional and consulting fees				$ 77	$ 52
Gerard Barron and ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 44,000	$ 38,000	$ 20,000				$ 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 \| Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 22,000	$ 19,000	$ 10,000				12,500
ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 22,000	$ 19,000	$ 10,000				$ 12,500

Investments (Details) $ in Thousands			3 Months Ended			12 Months Ended
Investments (Details) $ in Thousands	Aug. 14, 2023 shares	Feb. 21, 2023 item shares	Mar. 31, 2026 USD ($) shares	Dec. 31, 2025 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 shares
Investments
Percentage of contribution to gross royalty		2.00%
Contingent value rights issued \| item		5
Number of shares issued (in shares)	4,150,000
Conversion of restricted share units (in shares)		5,000,000
Proceeds from shares issued from At-the-Market Distribution Agreement \| $					$ 5,562
Dilution gain \| $			$ 4,602
Restricted Stock Units ("RSUs")
Investments
Restricted share units outstanding			40,689,340	48,322,148		48,322,148	34,312,655
The Metals Royalty Company
Investments
Common shares as compensation expenses			1,000,000
Common shares issued upon release of subscription receipts			3,134,481
Proceeds from shares issued from At-the-Market Distribution Agreement \| $			$ 15,700
The Metals Royalty Company \| Employee stock option
Investments
Stock options outstanding			872,250
The Metals Royalty Company \| Restricted Stock Units ("RSUs")
Investments
Restricted share units outstanding			4,569,000
The Metals Royalty Company
Investments
Percentage of ownership			25.15%	27.20%		27.20%
Dilution gain \| $			$ 4,602			$ 5,649
Equity-accounted investment gain (loss) \| $			(2,718)		$ (35)	$ 287
1554997 B.C. Ltd
Investments
Percentage of ownership				27.20%		27.20%
Equity-accounted investment gain (loss) \| $			$ (279)	$ 300

Royalty Liability

3 Months Ended

Mar. 31, 2026

Royalty Liability

Royalty Liability

8.Royalty Liability

The NORI Royalty (including Areas A to D) (Note 7) was recorded as a royalty liability in the consolidated Balance Sheet in accordance with ASC 470, Debt. 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. As at March 31, 2026, the Company compared the specific characteristics of these transactions and estimated the fair value for Areas A to C at $15 million, unchanged from December 31, 2025. The fair value of Area D was determined using an income approach following the Company’s completion and release of its PFS with respect to NORI Area D filed in August 2025 resulting with a fair value for Area D of $130 million as at March 31, 2026, unchanged from the end of 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.

Subsequent Event

3 Months Ended

Mar. 31, 2026

Subsequent Event

Subsequent Event

19.Subsequent Event

On May 11, 2026, we entered into a Contract for Development Work and Commercial Production with Allseas Deepsea Marine Contractors, a wholly owned subsidiary of Allseas, for the design, development, build, testing, commissioning and operation of an integrated offshore polymetallic nodule collection and production system in our license area, building on our prior Strategic Alliance Agreement and pilot system trials (the “Agreement”). The Production System is designed for a steady-state production capacity of 3.0 million tonnes per annum of wet nodules, with commissioning and commencement of commercial production subject to receipt of a commercial recovery permit from NOAA. The Agreement defines the development costs to be funded by both parties, reimbursement of operating costs during commercial operations, and amends certain initial costs and lay-up costs incurred through the effective date. The Agreement also governs the settlement of amounts previously accrued by the Company in respect of development work and lay-up costs, including amounts owed to Allseas and its affiliates as at March 31, 2026 totaling $32.1 million: these amounts invoiced by Allseas under the former agreement, represent 50% of the costs incurred by Allseas (the "Incurred Costs"). Upon executing the Agreement, the Company has agreed to pay an additional $2.3 million, related to certain initial costs and lay-up costs. In settlement of these amounts (totaling $34.4 million) and pursuant to the Agreement, the Company will issue to Allseas Group S.A. 7,377,835 common shares, with a final settlement of costs up to the signing of this agreement to be completed in accordance with the terms of the Agreement. As prescribed in the Agreement, the settlement in shares is calculated using a volume-weighted average price (VWAP) over the 20 days preceding the effective date as stipulated in the Agreement, less a discount of 10%. Pursuant to the Agreement that Incurred Costs up to the signing of this agreement, not yet invoiced by Allseas, will be payable in any event, which the Company expects to settle in cash through production revenues, in accordance with the terms of the Agreement. The Agreement has an initial term of five years commencing on the start of commercial production, with provision for extension on terms to be agreed.

Investments (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Equity Method Investments [Line Items]

Schedule of investments


		The Metals Royalty			1554997 B.C.
		Company			Ltd.
Investment as at December 31, 2024		$	8,203			—
Spin-Out transaction			(3,739)			3,739
Return of capital			(346)			(346)
Dilution gain			5,649			—
Equity-accounted investment gain for the year ended 2025			287			—
Investment as at December 31, 2025		$	10,054			3,393
Equity-accounted investment loss for the three months ended March 31, 2026			(2,718)			(279)
Dilution gain			4,602			—
Investment as at March 31, 2026			11,938			3,114

The Metals Royalty Company

Schedule of Equity Method Investments [Line Items]

Schedule of financial results of The Metals Royalty Company


		As at March 31,			As at December 31,
		2026			2025
Current assets		$	31,985		$	18,853
Non-current assets			14,099			14,095
Current liabilities			3,507			1,763


		Three months ended
		March 31,			March 31,
		2026			2025
Operating expenses from continuing operations		$	10,624		$	115
Net loss from continuing operations		$	10,071			98
Net loss from discontinued operations			—			11

1554997 B.C. Ltd

Schedule of Equity Method Investments [Line Items]

Schedule of financial results of The Metals Royalty Company


		As at
		December 31, 2025
Current assets		$	380
Non-current assets			12,173
Current liabilities			44
Non-current liabilities			1,057

		Three months ended
		December 31, 2025
Royalty Income		$	44
Operating Income			27
Net Loss			1,027

- 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

Strategic Alliance with Allseas Group S. A. and Affiliates - Right-of-use asset (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Right-of-use Asset
Beginning Balance	$ 1,907	$ 3,814	$ 3,814
Lease expense during the period	(477)	$ (477)	(1,907)
Ending Balance	$ 1,430		$ 1,907

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Compensation

Schedule of movement of stock options


		Number of		Number of
		Short-Term		Long-Term		Number of
		Options		Options		Options
		Outstanding		Outstanding		Outstanding
		under 2018		under 2018		under
		Plan		Plan		Incentive Plan
Outstanding – December 31, 2024		14,300,575		9,644,874		3,940,000
Granted		—		—		7,750,000
Expired/ Forfeited		(11,578)		—		(500,000)
Exercised		(4,051,304)		(695,242)		—
Outstanding – December 31, 2025		10,237,693		8,949,632		11,190,000
Exercised		(1,594,041)		(284,418)		(166,667)
Outstanding – March 31, 2026		8,643,652		8,665,214		11,023,333

Summary of the RSU activity


		Three months ended		Three months ended
		March 31,		March 31,
Vesting Period		2026		2025
Vesting Immediately ⁽¹⁾		543,920		2,619,585
Vesting fully within the first anniversary of the grant date		—		60,000
Vesting in thirds on each anniversary of the grant date		—		8,818,935
Vesting in fourths on each anniversary of the grant date		—		176,302
Vesting based on performance conditions		—		324,184
Total Units Granted		543,920		11,999,006

(1)

During the three months ended March 31, 2026, 539,437 RSUs were issued to settle liabilities with a carrying amount of $3.2 million, at a weighted average grant date fair value of $5.87 per RSU. (During the three months ended March 31, 2025, 2,469,585 RSUs were issued to settle liabilities with a carrying amount of $4.1 million, at a weighted average grant date fair value of $1.68 per RSU and 150,000 RSUs, were issued to consultants resulting in $0.3 million charged as general and administrative expenses).

Restricted Stock Units ("RSUs")

Share-Based Compensation

Summary of the RSU activity


		Number of RSUs
		Outstanding
Outstanding – December 31, 2024		34,312,655
Granted		35,381,992
Forfeited		(1,076,371)
Exercised		(20,296,128)
Outstanding - December 31, 2025		48,322,148
Granted		543,920
Exercised		(8,176,728)
Outstanding - March 31, 2026		40,689,340

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Fair Value of Financial Instruments
Fair value of assets, Transfers from Level 1 to Level 2	$ 0	$ 0
Fair value of assets, Transfers from Level 2 to Level 1	0	0
Fair value of assets, Transfers into (out of) Level 3	0	0
Fair value of liabilities, Transfers from Level 1 to Level 2	0	0
Fair value of liabilities, Transfers from Level 2 to Level 1	0	0
Fair value of liabilities, Transfers into (out of) Level 3	$ 0	$ 0

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Financial Instruments

Schedule of categories of financial instruments


		Fair Value		March 31,			December 31,
Categories of Financial Instruments		Hierarchy		2026			2025
Financial assets
Amortized cost
Cash		—		$	119,682		$	117,633
Commodity taxes and other receivables		—			727			664
				$	120,409		$	118,297

Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)		—		$	53,858		$	46,048
Fair value through profit or loss
Royalty liability (Note 8)		Level 3			145,000			145,000
Warrants liability (Note 12)		Level 3			2,689			13,351
				$	201,547		$	204,399

Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Loss per Share

Schedule of anti-dilutive common equivalent shares


		Three months ended		Three months ended
		March 31,		March 31,
		2026		2025
Outstanding options to purchase common shares		28,332,199		29,135,449
Outstanding RSUs		40,689,340		37,921,412
Outstanding shares under ESPP		9,330		4,499
Outstanding warrants		55,850,282		40,680,770
Outstanding Special Shares and options to purchase Special Shares		136,004,597		136,011,413
Total anti-dilutive common equivalent shares		260,885,748		243,753,543

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value of Financial Instruments

Fair Value of Financial Instruments

4.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 as 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 U.S. 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 months ended March 31, 2026, and 2025.

As at March 31, 2026, and December 31, 2025, the carrying values of cash, receivables, 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 and warrants which are recorded at fair value as disclosed in Note 8 and Note 12, respectively.

- 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
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-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
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (c)(3)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-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
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

General and Administrative Expenses (Tables)

3 Months Ended

Mar. 31, 2026

General and Administrative Expenses

Schedule of general and administrative expenses


		Three months ended
		March 31,
		2026			2025
Professional and consulting fees⁽¹⁾		$	2,505		$	2,050
Investor relations			382			220
Office and sundry			417			465
Salaries and wages⁽²⁾			1,763			1,363
Director fees			181			204
Share-based compensation (Note 13)			15,105			3,950
Transfer agent and filing fees			125			106
Travel and other expenses			247			142
		$	20,725		$	8,500

(1)

Professional and consulting fees include $0.2 million of expenses settled with RSUs (Three months ended March 31, 2025: $0.4 million) (Note 13).

(2)

Reflects underlying corporate-related activities performed by the Company’s personnel.

Strategic Alliance with Allseas Group S. A. and Affiliates - Development of Project Zero Offshore Nodule Collection System (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Strategic Alliance with Allseas and Affiliates
Exploration and evaluation expenses	$ 13,257	$ 9,515
Project Management Technology Services
Strategic Alliance with Allseas and Affiliates
Exploration and evaluation expenses	$ 600	$ 2,300

- 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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Investments - Financial results of The Metals Royalty Company (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments
Current Assets	$ 122,779		$ 120,682
Non-Current Assets	62,095		60,949
Current Liabilities	56,547		$ 59,399
The Metals Royalty Company
Investments
Current Assets	31,985	$ 18,853
Non-Current Assets	14,099	14,095
Current Liabilities	3,507	1,763
Operating expenses from continuing operations	10,624	115
Net loss from continuing operations	$ 10,071	98
Net loss from discontinued operations		$ 11

- Definition

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+ References + Details

Strategic Alliance with Allseas Group S. A. and Affiliates (Tables)

3 Months Ended

Mar. 31, 2026

Strategic Alliance with Allseas Group S. A. and Affiliates

Schedule of net amount of right-of-use asset


		Right-of-use Asset
Balance as at December 31, 2024		$	3,814
Lease expense during the year			(1,907)
Balance as at December 31, 2025		$	1,907
Lease expense during the period			(477)
Balance as at March 31, 2026		$	1,430

Financial Instruments - Schedule of categories of financial instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Amortized cost
Cash	$ 119,682	$ 117,633
Amortized cost
Accounts payable and accrued liabilities	53,858	46,048
Royalty liability	145,000	145,000
Recurring basis
Amortized cost
Cash	119,682	117,633
Commodity taxes and other receivables	727	664
Financial assets	120,409	118,297
Amortized cost
Accounts payable and accrued liabilities	53,858	46,048
Financial liabilities	201,547	204,399
Recurring basis \| Level 3
Amortized cost
Royalty liability	145,000	145,000
Warrants liability	$ 2,689	$ 13,351

Segmented Information

3 Months Ended

Mar. 31, 2026

Segmented Information

Segmented Information

18.Segmented Information

The Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and reviews financial information on a consolidated basis to allocate resources and assess performance. Accordingly, the Company operates as a single operating and reportable 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:


		March 31,			December 31,
Equipment		2026			2025
Nauru		$	480		$	519
Total		$	480		$	519


		March 31,			December 31,
Software		2026			2025
Singapore			2,182			2,125
Total		$	2,182		$	2,125

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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)	187,017
Area of land for commercial recovery (in square km)	25,160
Area of land for exploration and commercial recovery	65,000

Segmented Information (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Segmented Information
Equipment	$ 480	$ 519
Software	2,182	2,125
Nauru
Segmented Information
Equipment	480	519
Singapore
Segmented Information
Software	$ 2,182	$ 2,125

Exploration and Evaluation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Exploration Assets
Environmental studies	$ 270	$ 1,270
Exploration labor	2,847	2,587
Share-based compensation (Note 13)	5,530	1,928
Mining, technological and process development	1,312	2,950
Prefeasibility studies	1,878	41
Sponsorship, training and stakeholder engagement	1,199	633
Other	221	106
Exploration and Evaluation Expenses	$ 13,257	$ 9,515

- Definition

+ References + Details

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

11.Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities outstanding at March 31, 2026, and December 31, 2025 are as follows:


		March 31,			December 31,
		2026			2025
Accounts Payable⁽¹⁾		$	9,058		$	2,277
Accrued Liabilities⁽²⁾			44,800			43,771
		$	53,858		$	46,048

⁽¹⁾

The accounts payable balance includes $0.7 million of underutilization fees payable to the related parties under 2024 Credit facility (Note 16).

⁽²⁾

As at March 31, 2026, accrued liabilities totaled $44.8 million (December 31, 2025 - $43.8 million), of which $34.1 million relates to Allseas (Note 6) (December 31, 2025 - $34.2 million).

Strategic Alliance with Allseas Group S. A. and Affiliates - Credit Facility with Allseas Affiliate (Details) $ in Thousands, shares in Millions			3 Months Ended
	Mar. 24, 2025 USD ($)	Mar. 22, 2023 USD ($) D	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) shares
Strategic Alliance with Allseas and Affiliates
Underutilization fees			$ 700	$ 0
Interest Expense				558
Accounts payable and accrued liabilities			53,858		$ 46,048
Related party
Strategic Alliance with Allseas and Affiliates
Underutilization fees			700	500
Interest Expense			$ 0	$ 100
Allseas \| Common Stock
Strategic Alliance with Allseas and Affiliates
Shares owned \| shares			56.1		56.1
Percentage of common stock shares outstanding			13.00%		13.30%
Project Management Technology Services \| Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Related party transaction, amounts of transaction			$ 32,100
Unsecured Credit Facility
Strategic Alliance with Allseas and Affiliates
Line of credit facility interest rate term		semi-annually
Unsecured Credit Facility \| Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Underutilization fees			2,000
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
Related party transaction, amounts of transaction			$ 34,100
Accounts payable and accrued liabilities					$ 34,200

Share-Based Compensation - Restricted Stock Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-Based Compensation
Aggregate vested units outstanding	81,761		81,198
Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	543,920	11,999,006	35,381,992
Total unrecognized share-based compensation expense	$ 71.2		$ 91.5
Share based compensation expense	20.1	$ 5.4
Restricted Stock Units ("RSUs") \| General and administration expenses
Share-Based Compensation
Share based compensation expense	14.6	3.5
Restricted Stock Units ("RSUs") \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense	$ 5.5	$ 1.9
Vesting Immediately \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	543,920	2,619,585
Shares issued	539,437	2,469,585
Amount to settle liabilities	$ 3.2	$ 4.1
Weighted average grant date fair value	$ 5.87	$ 1.68
Vesting Immediately \| Restricted Stock Units ("RSUs") \| Consultant
Share-Based Compensation
Granted		150,000
Share based compensation expense		$ 0.3
Vesting fully within and on first anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		60,000
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		8,818,935
Vesting in fourths on each anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		176,302
Vesting based on market conditions \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		324,184

Warrants - Fair value of warrant liabilities (Details) - Private Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Warrants
Warrants liability as at December 31, 2025	$ 13,351
Increase in fair value of warrants liability	(10,662)
Warrants liability as at March 31, 2026	$ 2,689

Share-Based Compensation - Summarizing the movements in stock options (Details) - shares	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Short-Term Incentive Plan
Share-Based Compensation
Number of beginning balance	10,237,693	14,300,575
Expired/ Forfeited		(11,578)
Exercised	(1,594,041)	(4,051,304)
Number of ending balance	8,643,652	10,237,693
Long-term Incentive Plan
Share-Based Compensation
Number of beginning balance	8,949,632	9,644,874
Exercised	(284,418)	(695,242)
Number of ending balance	8,665,214	8,949,632
2021 incentive plan
Share-Based Compensation
Number of beginning balance	11,190,000	3,940,000
Options Outstanding, Granted		7,750,000
Expired/ Forfeited		(500,000)
Exercised	(166,667)
Number of ending balance	11,023,333	11,190,000

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Accounts Payable and Accrued Liabilities
Accounts Payable	$ 9,058		$ 2,277
Accrued Liabilities	44,800		43,771
Accounts Payable and Accrued Liabilities	53,858		46,048
Underutilization fees	700	$ 0
2024 Credit Facility
Accounts Payable and Accrued Liabilities
Underutilization fees	700		700
Allseas
Accounts Payable and Accrued Liabilities
Accrued Liabilities	$ 34,100		$ 34,200

General and Administrative Expenses

3 Months Ended

Mar. 31, 2026

General and Administrative Expenses

General and Administrative Expenses

10.General and Administrative Expenses

The details of general and administrative expenses are as follows:


		Three months ended
		March 31,
		2026			2025
Professional and consulting fees⁽¹⁾		$	2,505		$	2,050
Investor relations			382			220
Office and sundry			417			465
Salaries and wages⁽²⁾			1,763			1,363
Director fees			181			204
Share-based compensation (Note 13)			15,105			3,950
Transfer agent and filing fees			125			106
Travel and other expenses			247			142
		$	20,725		$	8,500

(1)

Professional and consulting fees include $0.2 million of expenses settled with RSUs (Three months ended March 31, 2025: $0.4 million) (Note 13).

(2)

Reflects underlying corporate-related activities performed by the Company’s personnel.

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2026	May 14, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
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
Entity Address, Address Line Two	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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		433,221,138
Entity Central Index Key	0001798562
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
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

Royalty Liability (Details) - NORI - Low Carbon Royalties $ in Millions	Mar. 31, 2026 USD ($)
Royalty Liability
Royality fair value for Areas A to C	$ 15
Royality fair value for Area D project	$ 130
Discount rate
Royalty Liability
Royalty liability, measurement input	10.6

Share-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Compensation

Share-Based Compensation

13.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 March 31, 2026, there were a total of 28,001,961 common shares reserved for issuance under the Incentive Plan. These amounts include 16,918,653 shares added to the Incentive Plan in January 2026 pursuant to the Incentive Plan’s automatic annual increase provision, provided that 2,243,853 of the outstanding common shares 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 RSUs 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”).

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
		Short-Term		Long-Term		Number of
		Options		Options		Options
		Outstanding		Outstanding		Outstanding
		under 2018		under 2018		under
		Plan		Plan		Incentive Plan
Outstanding – December 31, 2024		14,300,575		9,644,874		3,940,000
Granted		—		—		7,750,000
Expired/ Forfeited		(11,578)		—		(500,000)
Exercised		(4,051,304)		(695,242)		—
Outstanding – December 31, 2025		10,237,693		8,949,632		11,190,000
Exercised		(1,594,041)		(284,418)		(166,667)
Outstanding – March 31, 2026		8,643,652		8,665,214		11,023,333

During the three months ended March 31, 2026, the Company recognized $0.5 million of share-based compensation expense for stock options as general and administrative expenses in the statement of loss and comprehensive loss (For the three months ended March 31, 2025, the Company recognized $0.5 million of share-based compensation expense for stock options as general and administrative expenses). 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 prior periods.

Restricted Share Units

The Company may, from time to time, grant RSUs to directors, officers, employees, and consultants of the Company and its subsidiaries under the Incentive Plan. On each vesting date, RSU holders are issued common shares equivalent to the number of RSUs held provided 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, 2024		34,312,655
Granted		35,381,992
Forfeited		(1,076,371)
Exercised		(20,296,128)
Outstanding - December 31, 2025		48,322,148
Granted		543,920
Exercised		(8,176,728)
Outstanding - March 31, 2026		40,689,340

The details of RSUs granted by the Company during the three months ended March 31, 2026 and 2025 are as follows:


		Three months ended		Three months ended
		March 31,		March 31,
Vesting Period		2026		2025
Vesting Immediately ⁽¹⁾		543,920		2,619,585
Vesting fully within the first anniversary of the grant date		—		60,000
Vesting in thirds on each anniversary of the grant date		—		8,818,935
Vesting in fourths on each anniversary of the grant date		—		176,302
Vesting based on performance conditions		—		324,184
Total Units Granted		543,920		11,999,006

(1)

The grant date fair value of all RSUs granted in three months ended March 31, 2026, is equivalent to the closing share price of the Company’s common shares on the date of grant. During the three months ended March 31, 2026, a total of $20.1 million was charged to the statement of loss and comprehensive loss as share-based compensation expense for RSUs (three months ended March 31, 2025: $5.4 million) of which share-based compensation expense related to general and administration matters amounted to $14.6 million (three months ended March 31, 2025 - $3.5 million) and share-based compensation expense related to exploration and evaluation activities amounted to $5.5 million (three months ended March 31, 2025 - $1.9 million). As at March 31, 2026, the total unrecognized share-based compensation expense for RSUs was $71.2 million (December 31, 2025- $91.5 million).

As at March 31, 2026, an aggregate of 81,761 vested RSUs were being processed and due to be converted into common shares (December 31, 2025: 81,198 units).

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 March 31, 2026, there were 18,246,245 common shares reserved for issuance under the ESPP. This included 4,229,663 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 from 2022 to 2031, common shares equal to the lesser of (i) 1% 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 months ended March 31, 2026, a total of $13 thousand was charged to the statement of loss and comprehensive loss as share-based compensation expense for ESPP (three months ended March 31, 2025: $1 thousand) of which share-based compensation expense related to general and administration matters amounted to $6 thousand (three months ended March 31, 2025 - $ nil) and share-based compensation expense related to exploration and evaluation activities amounted to $7 thousand (three months ended March 31, 2025 - $1 thousand).

General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
General and Administrative Expenses
General and administrative expenses	$ 20,725	$ 8,500
RSU
General and Administrative Expenses
Professional and consulting fees expense settled	200	400
Share based compensation expense	$ 20,100	$ 5,400
Granted	543,920	11,999,006	35,381,992
Professional and consulting fees
General and Administrative Expenses
General and administrative expenses	$ 2,505	$ 2,050
Investor relations
General and Administrative Expenses
General and administrative expenses	382	220
Office and sundry
General and Administrative Expenses
General and administrative expenses	417	465
Salaries and wages
General and Administrative Expenses
General and administrative expenses	1,763	1,363
Director fees
General and Administrative Expenses
General and administrative expenses	181	204
Share-based compensation
General and Administrative Expenses
General and administrative expenses	15,105	3,950
Transfer agent and filing fees
General and Administrative Expenses
General and administrative expenses	125	106
Travel and Other
General and Administrative Expenses
General and administrative expenses	$ 247	$ 142

Contingent Liabilities

3 Months Ended

Mar. 31, 2026

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 the Company’s 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, which is currently ongoing. At this time no further court proceedings or trial date have been set. There is no assurance that the Company will be successful in its 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 January 16, 2026, American Metal Inc. and American Metal Resources LLC filed a civil claim against TMC The Metals Company Inc. and The Metals Company USA LLC in the Supreme Court of British Columbia, Vancouver Registry, captioned American Metal Inc. and American Metal Resources LLC v. TMC The Metals Company Inc. and The Metals Company USA LLC, No. S260335. The complaint alleges, among other things, breach of contract, breach of confidence and related claims arising from discussions between the parties regarding potential collaboration and the submission of applications for deep seabed mineral exploration licenses to NOAA. On March 3, 2026, the Company filed a response denying the material allegations and asserting a counterclaim against Robert Heydon and the plaintiffs alleging, among other things, breach of contract, breach of confidence and breach of fiduciary duty in connection with the alleged misuse of the Company’s confidential information. On April 10, 2026 the plaintiffs filed their response to the counterclaim. The litigation is in its early stages, and no trial date has been set. The Company intends to vigorously defend against the claims and pursue our counterclaim. At this time, the Company is unable to estimate the potential loss, if any, associated with this matter.

Strategic Alliance with Allseas Group S. A. and Affiliates - Exclusive Vessel Use Agreement with Allseas (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		12 Months Ended
	Aug. 14, 2023	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Strategic Alliance with Allseas and Affiliates
Number of shares issued (in shares)	4,150
Lease expense		$ 477	$ 477	$ 1,907

- 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

Investments - Changes in Investments (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2025
Investments
Investment at the beginning of the period	$ 13,447
Dilution gain	4,602
Investment at the end of the period	15,052	$ 13,447		$ 13,447
The Metals Royalty Company
Investments
Investment at the beginning of the period	10,054		$ 8,203	8,203
Spin-Out transaction				(3,739)
Return of capital				(346)
Dilution gain	4,602			5,649
Equity-accounted investment gain (loss)	(2,718)		$ (35)	287
Investment at the end of the period	11,938	10,054		10,054
1554997 B.C. Ltd
Investments
Investment at the beginning of the period	3,393
Spin-Out transaction				3,739
Return of capital				(346)
Equity-accounted investment gain (loss)	(279)	300
Investment at the end of the period	$ 3,114	$ 3,393		$ 3,393

- Definition

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

+ 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 + Details

Loss per Share

3 Months Ended

Mar. 31, 2026

Loss per Share

Loss per Share

14.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:


		Three months ended		Three months ended
		March 31,		March 31,
		2026		2025
Outstanding options to purchase common shares		28,332,199		29,135,449
Outstanding RSUs		40,689,340		37,921,412
Outstanding shares under ESPP		9,330		4,499
Outstanding warrants		55,850,282		40,680,770
Outstanding Special Shares and options to purchase Special Shares		136,004,597		136,011,413
Total anti-dilutive common equivalent shares		260,885,748		243,753,543

Exploration and Evaluation Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Exploration and Evaluation Expenses

Schedule of exploration and evaluation expenses


	Three months ended
	March 31,
	2026		2025
Environmental studies	$	270	$	1,270
Exploration labor⁽¹⁾		2,847		2,587
Share-based compensation (Note 13)		5,530		1,928
Mining, technological and process development		1,312		2,950
Prefeasibility studies		1,878		41
Sponsorship, training and stakeholder engagement		1,199		633
Other		221		106
	$	13,257	$	9,515

⁽¹⁾Reflects underlying project-related work performed by the Company’s personnel.

Strategic Alliance with Allseas Group S. A. and Affiliates

3 Months Ended

Mar. 31, 2026

Strategic Alliance with Allseas Group S. A. and Affiliates

Strategic Alliance with Allseas Group S. A. and Affiliates

6.Strategic Alliance with Allseas Group S. A. 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 months ended March 31, 2026, Allseas provided the Company with engineering, project management and vessel use services consisting of lay-up costs totaling $0.6 million, 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 9) (For three months ended March 31, 2025: $2.3 million).

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 a commercial nodule collection system until the system is completed or December 31, 2026, whichever is earlier. In consideration of the exclusivity term, the Company, on August 14, 2023, issued 4.15 million common shares to Allseas. 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 months ended March 31, 2026, the Company has recognized $0.5 million as lease expense recorded as exploration and evaluation expense (For the three months ended March 31, 2025: $0.5 million).

As at March 31, 2026, the net amount of right-of-use asset was as follows:


		Right-of-use Asset
Balance as at December 31, 2024		$	3,814
Lease expense during the year			(1,907)
Balance as at December 31, 2025		$	1,907
Lease expense during the period			(477)
Balance as at March 31, 2026		$	1,430

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 could 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 bore 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 had to pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remained undrawn under the 2023 Credit Facility. The Company had 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 contained customary events of default. On March 24, 2025, the Company entered into a Letter Agreement with the Lender, pursuant to which the 2023 Credit Facility was cancelled with the only obligation remaining being the underutilization fees amounting to $2 million.

As at March 31, 2026, the total amount payable to Allseas and its affiliates was $34.1 million of which $32.1 million related to the development of the nodule collection system and $2 million related to the underutilization fees payable on the 2023 Credit facility.

These amounts were recorded in accrued liabilities in the consolidated balance sheet which can be settled in cash or equity at the Company’s discretion (Note 11) (December 31, 2025: $34.2 million, recorded as accrued liabilities). As at March 31, 2026, Allseas and its affiliates owned 56.1 million common shares of the Company (2025: 56.1 million TMC common shares) which constituted 13.0% (December 31, 2025: 13.3%) of total common shares outstanding.

Subsequent to March 31, 2026, the Company entered into a Contract for Development Work and Commercial Production with Allseas Deepsea Marine Contractors, a wholly owned subsidiary of Allseas, as further described in Note 19.

Subsequent Event (Details) - Related party - Project Management Technology Services	May 11, 2026 USD ($) MT shares	Mar. 31, 2026 USD ($)
Allseas and affiliates
Subsequent Event
Percentage of cost incurred invcoiced		50.00%
Additional payment, agreed to be paid		$ 32,100,000
Subsequent event \| Allseas Deepsea Marine Contractors
Subsequent Event
Production capacity \| MT	3
Amounts Due	$ 2,300,000
Initial term	5 years
Subsequent event \| Allseas and affiliates
Subsequent Event
Total settlement amount	$ 34,400,000
Number of shares issued \| shares	7,377,835
Threshold number of days for calculating settlement price per share	20
Percentage of discount on settlement price per share	10.00%

Warrants - Public and Private Warrants (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) D $ / shares shares	Dec. 31, 2025 USD ($) shares
Redemption of warrants when price per share of class common stock equals or exceeds 18.00
Warrants
Issue price per share	$ 18
Public Warrants
Warrants
Number of warrants outstanding \| shares	15,000,000	15,000,000
Exercise price of warrants	$ 11.5
Trading days for redemption of public warrants \| D	20
Consecutive trading days for redemption of public warrants \| D	30
Value of outstanding warrants \| $	$ 19.5	$ 19.5
Private Warrants
Warrants
Number of warrants outstanding \| shares	9,500,000	9,500,000
Exercise price of warrants	$ 11.5

Warrants - Fair value measurements assumptions of Private Warrants (Details) - Private Warrants	Mar. 31, 2026 $ / shares Y	Dec. 31, 2025 $ / shares Y
Exercise price
Warrants
Measurement input	11.5	11.5
Share price
Warrants
Measurement input	4.67	6.17
Volatility
Warrants
Measurement input	1.1021	1.2472
Term (years)
Warrants
Measurement input \| Y	0.44	0.69
Risk-free rate
Warrants
Measurement input	0.0365	0.0349
Dividend yield
Warrants
Measurement input	0	0

Warrants - Class A, Class B, Class C, Korea Zinc, Nauru and Tonga Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Class A Warrants
Warrants
Number of warrants outstanding	4,317,500	4,317,500
Exercise price of warrants	$ 2
Warrants exercised	0
Value of outstanding warrants	$ 3,600	$ 3,600
Class B Warrants
Warrants
Number of warrants outstanding	15,000	15,000
Exercise price of warrants	$ 2
Warrants exercised	0
Value of outstanding warrants	$ 9	$ 9
Number of shares issuable per warrant	1
Class C Warrants
Warrants
Number of warrants outstanding	10,003,333	10,003,333
Exercise price of warrants	$ 4.5
Warrants exercised	0
Value of outstanding warrants	$ 10,200	$ 10,200
Number of shares issuable per warrant	1
Korea Zinc Warrants
Warrants
Exercise price of warrants	$ 7
Warrants exercised	0
Value of outstanding warrants	$ 11,500	$ 11,500
Warrants issued	6,868,181	6,868,181
Nauru Warrants
Warrants
Number of warrants outstanding	9,146,268	9,146,268
Exercise price of warrants	$ 4.72
Warrants exercised	0
Value of outstanding warrants	$ 33,100	$ 33,100
Tonga Warrants
Warrants
Exercise price of warrants	$ 5.87
Warrants exercised	0
Value of outstanding warrants	$ 5,000	$ 5,000
Warrants issued	1,000,000	1,000,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current
Cash	$ 119,682	$ 117,633
Receivables and prepayments	3,097	3,049
Total current assets	122,779	120,682
Non-current
Exploration assets	42,951	42,951
Right of use asset	1,430	1,907
Equipment	480	519
Software	2,182	2,125
Investments	15,052	13,447
Total non-current assets	62,095	60,949
TOTAL ASSETS	184,874	181,631
Current
Accounts payable and accrued liabilities	53,858	46,048
Warrants liability	2,689	13,351
Total current liabilities	56,547	59,399
Non-current
Deferred tax liability	10,675	10,675
Royalty liability	145,000	145,000
Total non-current liabilities	155,675	155,675
TOTAL LIABILITIES	212,222	215,074
EQUITY
Common shares (unlimited shares, no par value - issued: 433,188,187 (December 31, 2025 -422,966,333))	705,287	681,343
Additional paid - in capital	240,446	237,696
Accumulated other comprehensive loss	(1,203)	(1,203)
Deficit	(971,878)	(951,279)
TOTAL EQUITY	(27,348)	(33,443)
TOTAL LIABILITIES AND EQUITY	$ 184,874	$ 181,631

Share-Based Compensation - Summary of the RSU activity (Details) - Restricted Stock Units ("RSUs") - shares	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Number of RSUs Outstanding
Outstanding	48,322,148	34,312,655	34,312,655
Granted	543,920	11,999,006	35,381,992
Forfeited			(1,076,371)
Exercised	(8,176,728)		(20,296,128)
Outstanding	40,689,340		48,322,148

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating expenses
Exploration and evaluation expenses	$ 13,257	$ 9,515
General and administrative expenses	20,725	8,500
Operating loss	33,982	18,015
Other items
Equity-accounted investment loss	2,998	35
Gain on dilution of investment	(4,602)
Change in fair value of warrant liability	(10,662)	441
Foreign exchange loss (gain)	(690)	1,095
Interest income	(1,136)	(19)
Fees and interest on borrowings and credit facilities	665	1,021
Net loss and comprehensive loss for the period, before tax	20,555	20,588
Tax expense	44
Net loss and comprehensive loss for the period, after tax	$ 20,599	$ 20,588
Loss per share - Basic (in dollars per share)	$ 0.05	$ 0.06
Loss per share - Diluted (in dollars per share)	$ 0.05	$ 0.06
Weighted average number of common shares outstanding - basic	425,770,033	345,346,393
Weighted average number of common shares outstanding - diluted	425,770,033	345,346,393

Exploration and Evaluation Expenses

3 Months Ended

Mar. 31, 2026

Exploration and Evaluation Expenses

Exploration and Evaluation Expenses

9.Exploration and Evaluation Expenses

The detail of exploration and evaluation expenses is as follows:


	Three months ended
	March 31,
	2026		2025
Environmental studies	$	270	$	1,270
Exploration labor⁽¹⁾		2,847		2,587
Share-based compensation (Note 13)		5,530		1,928
Mining, technological and process development		1,312		2,950
Prefeasibility studies		1,878		41
Sponsorship, training and stakeholder engagement		1,199		633
Other		221		106
	$	13,257	$	9,515

⁽¹⁾Reflects underlying project-related work performed by the Company’s personnel.

Investments

3 Months Ended

Mar. 31, 2026

Investments

Investments

7.Investments

The below table summarizes the changes in the Company’s investments during the year:


		The Metals Royalty			1554997 B.C.
		Company			Ltd.
Investment as at December 31, 2024		$	8,203			—
Spin-Out transaction			(3,739)			3,739
Return of capital			(346)			(346)
Dilution gain			5,649			—
Equity-accounted investment gain for the year ended 2025			287			—
Investment as at December 31, 2025		$	10,054			3,393
Equity-accounted investment loss for the three months ended March 31, 2026			(2,718)			(279)
Dilution gain			4,602			—
Investment as at March 31, 2026			11,938			3,114

Investment in The Metals Royalty Company

On February 21, 2023 (the “Closing Date”), the Company and its wholly-owned subsidiary, NORI, entered into an investment agreement (the “Royalty Agreement”) with The Metals Royalty Company Inc. (“The Metals Royalty Company”) formerly known as Low Carbon Royalties. In connection with the Royalty Agreement, NORI contributed a 2% gross overriding royalty (the “NORI Royalty”) (Note 8) on the Company’s NORI project area in the CCZ to The Metals Royalty Company.

As a condition of closing the Royalty Agreement, the parties entered into an agreement with The Metals Royalty Company to mitigate risks associated with the potential termination of the exploitation license granted for one of the royalty-producing natural gas fields in Latin America (the “Exploitation License”). As per the agreement, 5 million contingent value rights (“CVR”) were issued to NORI. The CVR would convert into 5 million additional shares of The Metals Royalty Company all of which would be issued to NORI, in the event the Exploitation License is found, in a final decision, to be invalid by the Colombian National Agency of Hydrocarbons prior to the earlier of (1) five years from the issuance of the CVR and (2) the date The Metals Royalty Company becomes a publicly listed entity.

During the three months ended March 31, 2026, The Metals Royalty Company issued 1,000,000 common shares as compensation expenses and 3,134,481 common shares upon release of the subscription receipts resulting in gross proceeds of $15.7 million. The Company did not participate in the offering, which reduced its ownership interest from 27.2% to 25.15%.(December 31, 2025: 27.2%). As the shares were issued at a price higher than The Metals Royalty Company’s book value per share, the Company recorded a dilution gain of $4.6 million. The Company also has representation on the board of directors of The Metals Royalty Company, providing the Company with the ability to exercise significant influence over The Metals Royalty Company’s operating and financial policies. Accordingly, the investment in The Metals Royalty Company is accounted for under the equity method in accordance with ASC 323 (Investments).

For the three months ended March 31, 2026, the Company’s share of the net loss generated by The Metals Royalty Company was $2.7 million (for the three months ended March 31, 2025, the Company’s share of The Metals Royalty Company’s net loss was: $35 thousand).

As at March 31, 2026, The Metals Royalty Company had 872,250 stock options and 4,569,000 restricted share units outstanding, the settlement of which may significantly affect the Company’s share of reported earnings or losses.

Financial results of The Metals Royalty Company as at and for the three months ended March 31, 2026 and 2025 are summarized below:


		As at March 31,			As at December 31,
		2026			2025
Current assets		$	31,985		$	18,853
Non-current assets			14,099			14,095
Current liabilities			3,507			1,763


		Three months ended
		March 31,			March 31,
		2026			2025
Operating expenses from continuing operations		$	10,624		$	115
Net loss from continuing operations		$	10,071			98
Net loss from discontinued operations			—			11

Investment in 1554997 B.C. Ltd

In the fourth quarter of 2025, The Metals Royalty Company transferred its oil and gas royalty assets to 1554997 B.C. Ltd. (“the Investee”) in exchange for shares of 1554997 B.C. Ltd (“Spin-Out transaction”). As part of the Spin-Out transaction the Company holds 27.2% ownership interest (December 31, 2025: 27.2%) and has representation on the board of directors of the Investee, providing the Company with the ability to exercise significant influence over the Investee’s operating and financial policies. Accordingly, the investment is accounted for under the equity method in accordance with ASC 323 (Investments).

The Company records its share of the results in the Investee on a one-quarter reporting lag. As a result, the Company’s share of the net loss generated by the Investee in the three months ended December 31, 2025 was $0.3 million.

Financial results of 1554997 B.C. Ltd. as at and for the quarter ended December 31, 2025 are summarized below:


		As at
		December 31, 2025
Current assets		$	380
Non-current assets			12,173
Current liabilities			44
Non-current liabilities			1,057

		Three months ended
		December 31, 2025
Royalty Income		$	44
Operating Income			27
Net Loss			1,027

Related Party Transactions

3 Months Ended

Mar. 31, 2026

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 with the 2024 Lenders having an option to extend the maturity date by up to two additional one year periods. As per the Third Amendment to the 2024 Credit Facility, the underutilization fees are to be paid quarterly in cash or shares at the 2024 Lenders election and the 2024 Lenders have an option to terminate the credit facility upon certain financing events. On March 25, 2026, the 2024 Lenders extended the maturity date of the 2024 Credit Facility by one year, expiring on June 30, 2027, subject to further extension to June 30, 2028 at the election of the 2024 Lenders.

During the three months ended March 31, 2026, the Company did not draw or repay any amounts from the 2024 Credit Facility (During the three months ended March 31, 2025, the Company repaid $1.8 million of the drawn amount and did not draw from the 2024 Credit Facility). For the first quarter of 2026, the Company incurred $nil as interest expense and $0.7 million as underutilization fees (For first quarter of 2025, the interest amounted to $0.1 million and underutilization fees amounted to $0.5 million). During the three months ended March 31, 2026, the Company repaid interest amounting to $nil and underutilization fees amounting to $0.7 million (For three months ended March 31, 2025, interest repaid amounted to $0.1 million and underutilization fees amounted to $nil). As of March 31, 2026, there was no interest payable and the amount payable as underutilization fees was $0.7 million and was recorded as accounts payable (Note 11) (December 31, 2025: interest payable was $ nil and underutilization fees amounted to $0.7 million recorded as accounts payable).

During the first quarter of 2026, the Company incurred consulting fees of $77 thousand provided by immediate family members of management, which are included in general and administrative expenses (During the first quarter of 2025: $52 thousand). As at March 31, 2026, consulting fees payable to immediate family members of management were $46 thousand (December 31, 2025: $57 thousand).

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
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: 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)(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
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-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
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Loss per Share - Anti-dilutive common equivalent shares (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Loss per Share
Total anti-dilutive common equivalent shares	260,885,748	243,753,543
Employee Stock Option
Loss per Share
Total anti-dilutive common equivalent shares	28,332,199	29,135,449
Outstanding RSUs
Loss per Share
Total anti-dilutive common equivalent shares	40,689,340	37,921,412
Outstanding shares under ESPP
Loss per Share
Total anti-dilutive common equivalent shares	9,330	4,499
Outstanding warrants
Loss per Share
Total anti-dilutive common equivalent shares	55,850,282	40,680,770
Outstanding Special Shares and options to purchase Special Shares
Loss per Share
Total anti-dilutive common equivalent shares	136,004,597	136,011,413

Segmented Information (Tables)

3 Months Ended

Mar. 31, 2026

Segmented Information

Schedule of company's long-lived assets


		March 31,			December 31,
Equipment		2026			2025
Nauru		$	480		$	519
Total		$	480		$	519


		March 31,			December 31,
Software		2026			2025
Singapore			2,182			2,125
Total		$	2,182		$	2,125

Warrants (Tables)

3 Months Ended

Mar. 31, 2026

Warrants

Schedule of changes in the fair value of warrant liabilities


		Private
		Warrants
Warrants liability as at December 31, 2025		$	13,351
Decrease in fair value of warrants liability			(10,662)
Warrants liability as at March 31, 2026		$	2,689

Schedule of fair value measurement input


		March 31,			December 31,
		2026			2025
Exercise price		$	11.50		$	11.50
Share price		$	4.67		$	6.17
Volatility			110.21	%		124.72	%
Term			0.44	years		0.69	years
Risk-free rate			3.65	%		3.49	%
Dividend yield			0.0	%		0.0	%

Share-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands		3 Months Ended
	Aug. 14, 2023	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation
Aggregate of common shares to the investors	4,150,000
Employee Share Purchase Plan
Share-Based Compensation
Percentage of common stock shares outstanding		1.00%
Number of additional shares added		4,229,663
Share based compensation expense		$ 13	$ 1
Employee Share Purchase Plan \| General and administration expenses
Share-Based Compensation
Share based compensation expense		6	0
Employee Share Purchase Plan \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense		$ 7	$ 1
Employee Share Purchase Plan \| Common Shares
Share-Based Compensation
Aggregate of common shares to the investors		18,246,245
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan		28,001,961

Recent Accounting Pronouncements Issued and Adopted

3 Months Ended

Mar. 31, 2026

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.

Nature of Operations

3 Months Ended

Mar. 31, 2026

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 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 seabed minerals developer focused on the collection, processing and refining 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 (or 2,400 kilometers) southwest of San Diego, California. These nodules contain high grades of four metals (nickel, copper, cobalt, manganese) and rare earth elements (REEs) which will initially be transformed into nickel, cobalt and copper-bearing intermediate and metal cathodes and cathode products, as well as a manganese silicate product of approximately 40% manganese comparable to medium-grade manganese ore. Once in production, the Company will explore expanding into other product formats including silicomanganese alloy, battery-grade sulfates and precursor Cathode Active Materials (pCAM), as well as extracting REEs contained in nodules.

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 (“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 km². 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. On January 22, 2026, TMC USA formally submitted a consolidated application to NOAA for an exploration license and a commercial recovery permit for polymetallic nodules in the CCZ. The application was filed under NOAA’s new consolidated application and review process. The consolidated application covers approximately 65,000 km² exploration and commercial recovery area in the CCZ, compared to a commercial recovery area of 25,160 km² in TMC USA’s initial commercial recovery permit application filed in April 2025. The consolidated application received substantial compliance on March 6, 2026 and full compliance on April 28, 2026. The application is now in the certification review stage. The review process under DSHMRA involves three stages: (i) a determination that the application is in compliance with applicable requirements; (ii) certification of the applicant and the proposed program, including an interagency consultation process; and (iii) an environmental review, including preparation of an Environmental Impact Statement and a public comment period, following which NOAA will determine whether to issue the requested licenses and permit and, if so, the applicable terms and conditions.

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.

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Operating activities
Loss for the period	$ (20,599)	$ (20,588)
Items not affecting cash:
Amortization	39	58
Accrued interest on credit facilities		558
Lease expense	477	477	$ 1,907
Share-based compensation and expenses settled with equity	23,975	10,378
Equity-accounted investment loss	2,998	35
Gain on dilution of investment	(4,602)
Change in fair value of warrants liability	(10,662)	441
Unrealized foreign exchange movement	(726)	2,345
Interest paid on short-term debt		(103)
Changes in working capital:
Receivables and prepayments	(48)	(3,161)
Accounts payable and accrued liabilities	8,533	213
Net cash used in operating activities	(615)	(9,347)
Investing activities
Acquisition of equipment and software	(35)	(70)
Net cash used in investing activities	(35)	(70)
Financing activities
Proceeds from exercise of stock options	2,719
Proceeds from registered direct offering		5,000
Expenses paid for registered direct offering		(472)
Proceeds from Shares issued from ATM		5,562
Repayment of Debt		(1,797)
Net cash provided by financing activities	2,719	8,293
Increase/(Decrease) in cash	2,069	(1,124)
Impact of exchange rate changes on cash	(20)	(10)
Cash - beginning of period	117,633	3,480	3,480
Cash - end of period	$ 119,682	$ 2,346	$ 117,633

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Common shares, par value	$ 0	$ 0
Common shares, issued	433,188,187	422,966,333

Basis of Presentation (Policies)

3 Months Ended

Mar. 31, 2026

Basis of Presentation

Basis of Presentation

Use of Estimates

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 months ended March 31, 2026, and 2025.

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
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-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (20,599)	$ (20,588)

- Definition

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

+ References

+ Details

Warrants

3 Months Ended

Mar. 31, 2026

Warrants

Warrants

12.Warrants

Public Warrants

As at March 31, 2026, 15,000,000 Public Warrants were outstanding (December 31, 2025 – 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 March 31, 2026, the value of outstanding Public Warrants of $19.5 million was recorded in additional paid in capital (December 31, 2025: $19.5 million).

Private Warrants

As at March 31, 2026, 9,500,000 Private Warrants were outstanding (December 31, 2025 – 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.

The Private Warrants were valued using a Black-Scholes model, which resulted in a Level 3 fair value measurement. The primary unobservable input utilized in determining the fair value of the Private Warrants was the expected volatility of the Company’s common shares. The expected volatility was estimated using a binomial model that assigned equal weight to the implied volatility of the Company’s Public Warrants, adjusted for the call feature triggered at prices above $18.00 over 20 trading days within any 30-day period, and the historical volatility of the common share price.

As at March 31, 2026, the fair value of outstanding Private Warrants of approximately $2.7 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, 2025		$	13,351
Decrease in fair value of warrants liability			(10,662)
Warrants liability as at March 31, 2026		$	2,689

As at March 31, 2026, the fair value of the Private Warrants was estimated using the following assumptions:


		March 31,			December 31,
		2026			2025
Exercise price		$	11.50		$	11.50
Share price		$	4.67		$	6.17
Volatility			110.21	%		124.72	%
Term			0.44	years		0.69	years
Risk-free rate			3.65	%		3.49	%
Dividend yield			0.0	%		0.0	%

Class A Warrants

As at March 31, 2026, 4,317,500 Class A warrants were outstanding (December 31, 2025 – 4,317,500). Each whole Class A Warrant entitles the holder to purchase one common share at an exercise price of $2.00 per share and will expire on December 31, 2027.

During the three months ended March 31, 2026, there were no exercises of Class A warrants. As at March 31, 2026, the value of outstanding Class A Warrants of $3.6 million was recorded in additional paid in capital (December 31, 2025: $3.6 million).

Class B Warrants

As at March 31, 2026, 15,000 Class B warrants were outstanding (December 31, 2025 – 15,000). Each whole Class B Warrant entitles the holder to purchase one common share at an exercise price of $2.00 per share and will expire on November 19, 2029.

During the three months ended March 31, 2026, there had been no exercises of Class B warrants. As at March 31, 2026, the value of outstanding Class B Warrants of $9 thousand was recorded in additional paid in capital (December 31, 2025: $9 thousand).

Class C Warrants

As at March 31, 2026, 10,003,333 Class C warrants were outstanding (December 31, 2025 – 10,003,333). Each whole Class C Warrant entitles the holder to purchase one common share at an exercise price of $4.50 per share. The Class C warrants expire on May 12, 2028.

During the three months ended March 31, 2026, there had been no exercises of Class C warrants. As at March 31, 2026, the value of outstanding Class C Warrants of $10.2 million was recorded in additional paid in capital (December 31, 2025: $10.2 million).

Warrants issued to Korea Zinc

As at March 31, 2026, 6,868,181 warrants issued to Korea Zinc were outstanding (December 31, 2025 – 6,868,181). The exercise price for the warrants is $7.00 per common share and the warrants expire on June 25, 2028.

During the three months ended March 31, 2026, there had been no exercises of the warrants issued to Korea Zinc and as at March 31, 2026, the value of outstanding warrants of $11.5 million was recorded in additional paid in capital (December 31, 2025: $11.5 million).

Warrants issued to Republic of Nauru

As at March 31, 2026, 9,146,268 warrants issued to the Republic of Nauru (“Nauru Warrants”) were outstanding (December 31, 2025 – 9,146,268). The Nauru Warrants allow the purchase of 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 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 United States 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 three months ended March 31, 2026, there has been no exercises of the Nauru Warrants. As at March 31, 2026, the value of outstanding Nauru Warrants of $33.1 million was recorded in additional paid in capital (December 31, 2025: $33.1 million).

Warrants issued to the Kingdom of Tonga

As at March 31, 2026, 1,000,000 warrants issued to the Kingdom of Tonga (“Tonga Warrants”) were outstanding (December 31, 2025 – 1,000,000). The Tonga Warrants allow the purchase of 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 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 U.S. 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.

During the three months ended March 31, 2026, there has been no exercises of the Tonga Warrants. As at March 31, 2026, the value of outstanding Tonga Warrants of $5 million was recorded in additional paid in capital (December 31, 2025: $5 million).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares At-the-Market Offering	Common Shares	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Deficit	At-the-Market Offering	Total
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 Registered Direct Offering, net of expenses		$ 2,237	2,763				5,000
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)		5,000,000
Shares issued as per At-the-Market Equity Distribution Agreement	$ 5,562					$ 5,562
Shares issued as per At-the-Market Equity Distribution Agreement (in shares)	2,975,226
Conversion of restricted share units, net of shares withheld for taxes		$ 10,788	(10,788)
Conversion of restricted share units, net of shares withheld for taxes (in shares)		7,933,336
Share-based compensation and Expenses settled with equity			10,378				10,378
Loss for the period					(20,588)		(20,588)
Balance at Mar. 31, 2025		$ 495,804	140,656	(1,203)	(652,023)		(16,766)
Balance (in shares) at Mar. 31, 2025		356,617,022
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 Dec. 31, 2025		$ 681,343	237,696	(1,203)	(951,279)		(33,443)
Balance (in shares) at Dec. 31, 2025		422,966,333
Exercise of stock options		$ 10,248	(7,529)				2,719
Exercise of stock options (in shares)		2,045,126
Conversion of restricted share units, net of shares withheld for taxes		$ 13,696	(13,696)
Conversion of restricted share units, net of shares withheld for taxes (in shares)		8,176,728
Share-based compensation and Expenses settled with equity			23,975				23,975
Loss for the period					(20,599)		(20,599)
Balance at Mar. 31, 2026		$ 705,287	$ 240,446	$ (1,203)	$ (971,878)		$ (27,348)
Balance (in shares) at Mar. 31, 2026		433,188,187

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2026

Accounts Payable and Accrued Liabilities

Schedule of accounts payable and accrued liabilities


		March 31,			December 31,
		2026			2025
Accounts Payable⁽¹⁾		$	9,058		$	2,277
Accrued Liabilities⁽²⁾			44,800			43,771
		$	53,858		$	46,048

⁽¹⁾

The accounts payable balance includes $0.7 million of underutilization fees payable to the related parties under 2024 Credit facility (Note 16).

⁽²⁾

As at March 31, 2026, accrued liabilities totaled $44.8 million (December 31, 2025 - $43.8 million), of which $34.1 million relates to Allseas (Note 6) (December 31, 2025 - $34.2 million).

Share-Based Compensation (Details) - USD ($) $ in Millions		3 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Millions	Aug. 14, 2023	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation
Aggregate of common shares to the investors	4,150,000
Employee stock option \| General and administration expenses
Share-Based Compensation
Share based compensation expense		$ 0.5	$ 0.5
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan		28,001,961
Number of additional shares authorized subject to approval to share holders		16,918,653
Units sign-on grant		2,243,853
Common Shares issued and outstanding percentage		4.00%

Financial Instruments

3 Months Ended

Mar. 31, 2026

Financial Instruments

Financial Instruments

15. Financial Instruments

The following table presents the Company’s financial instruments, including those measured at fair value on a recurring basis and their classification within the fair value hierarchy.


		Fair Value		March 31,			December 31,
Categories of Financial Instruments		Hierarchy		2026			2025
Financial assets
Amortized cost
Cash		—		$	119,682		$	117,633
Commodity taxes and other receivables		—			727			664
				$	120,409		$	118,297

Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)		—		$	53,858		$	46,048
Fair value through profit or loss
Royalty liability (Note 8)		Level 3			145,000			145,000
Warrants liability (Note 12)		Level 3			2,689			13,351
				$	201,547		$	204,399