TMC reported $117.6 million in cash at December 31, 2025, used $11.4 million in operations during the quarter and posted a $44.7 million operating loss alongside a $40.4 million net loss. The company’s liquidity totaled $162 million including undrawn credit facilities, with $154 million expected by March 31, 2026.

The company holds exclusive rights to negotiate a 50-year lease option on 1,466 acres at the Port of Brownsville for an integrated nodule processing and refining facility designed for 12 Mtpa capacity. No capital commitments have been made and the final investment decision is contingent on U.S. government support, while a capital-light tolling option in Japan remains under review.

TMC signed a Strategic Partnership Agreement with Mariana Minerals to conduct feasibility studies and develop AI-enabled process controls for the proposed Brownsville facility. Mariana Minerals brings a software-first, capital-efficient execution model proven in projects for Tesla and SpaceX, aiming to accelerate permitting and construction phases.

A consolidated permit application has achieved substantial compliance, moving toward full certification and an Environmental Impact Statement expected within one year. TMC anticipates completing an updated commercial agreement with Allseas soon and is advancing onshore processing planning in line with recent U.S. policy support for domestic critical minerals infrastructure.