Metals Company Secures $164M Liquidity, Allseas Deal for 3M-Tonne Nodule System
TMC•Metals Company ended Q1 with $164 million liquidity, $0.6 million cash burn, and a $20.6 million net loss ($0.05/share). It signed a deal with Allseas for a 3 million wet-tonne/year offshore nodule system commissioning in Q4 2027 and secured NOAA full compliance for its USA A permit targeting approval by Q1 2027.
1. Q1 2026 Financial Results
The Metals Company reported $164 million in available liquidity as of March 31, 2026, and used $0.6 million in operating cash flow during the quarter. The company recorded a net loss of $20.6 million, or $0.05 per share, reflecting continued investment in project development.
2. Commercial Agreement with Allseas
The Metals Company signed a contract with Allseas to develop, commission and operate the first commercial polymetallic nodule collection system, designed for 3.0 million wet tonnes per annum capacity. Engineering and logistics planning are advancing toward commissioning in Q4 2027.
3. Regulatory Milestone for USA A Permit
NOAA determined the consolidated exploration license and commercial recovery permit application for The Metals Company’s USA A project is in full compliance with the Deep Seabed Hard Mineral Resources Act. The process moves to certification and an Environmental Impact Statement, with final permit expected by Q1 2027.
