0001104659-26-096051 | 10-Q | XBRL Viewer

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Investments (Details) $ / shares in Units, $ in Thousands, item in Millions			3 Months Ended		6 Months Ended		12 Months Ended
	May 06, 2026 USD ($)	Feb. 21, 2023 item shares	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	May 29, 2026	Dec. 31, 2024 shares
Investments
Percentage of contribution to gross royalty		2.00%
Contingent value rights issued \| item		5
Conversion of restricted share units (in shares) \| shares		5,000,000
Dilution gain			$ 18,469		$ 23,071
Return of capital					$ 152	$ 346
Restricted Stock Units ("RSUs")
Investments
Restricted share units outstanding \| shares			46,236,898		46,236,898		48,322,148		34,312,655
The Metals Royalty Company
Investments
Percentage of gross overriding production royalty interest acquired	1.00%
Percentage of additional royalty interest acquired	1.00%							1.00%
Royalty acquisition consideration transferred	$ 132,500
Royalty acquisition consideration transferred cash	125,000
Royalty acquisition consideration transferred shares	$ 7,500
Number of new shares issued in connection with finance offerings \| shares			6,983,616		11,118,097
The Metals Royalty Company \| Employee stock option
Investments
Stock options outstanding \| shares			872,250		872,250
The Metals Royalty Company \| Restricted Stock Units ("RSUs")
Investments
Restricted share units outstanding \| shares			4,569,000		4,569,000
The Metals Royalty Company
Investments
Number of shares acquired in connection with the finance offering \| shares					76,923
Value of shares acquired in connection with the finance offering					$ 1,000
Dilution gain			$ 18,500		$ 23,071		$ 5,649
Percentage of ownership			22.40%		22.40%		27.20%
Equity-accounted investment gain (loss)			$ (1,600)	$ (89)	$ (4,276)	$ (54,000)	$ 287
Return of capital							$ 346
1554997 B.C. Ltd
Investments
Percentage of ownership			27.20%		27.20%		27.20%
Equity-accounted investment gain (loss)			$ 32		$ (248)
Return of capital			$ 200		$ 152		$ 346
Declared and remitted return of capital per share \| $ / shares			$ 0.011		$ 0.011

Use of Estimates

6 Months Ended

Jun. 30, 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

6 Months Ended

Jun. 30, 2026

Basis of Presentation

Basis of Presentation

2.Basis of Presentation

These unaudited interim condensed consolidated 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 interim condensed consolidated 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 interim condensed consolidated 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.

Contingent Liabilities (Details) - Subsequent event			1 Months Ended
Contingent Liabilities (Details) - Subsequent event	Jul. 20, 2026	Jul. 10, 2026	Jul. 31, 2026
NORI \| NORI Exploration Contract
Contingent Liabilities
Contract extension period	5 years		5 years
TOML \| TOML Exploration Contract
Contingent Liabilities
Contract extension period	5 years	5 years	5 years

Royalty Liability (Details) - NORI - Low Carbon Royalties $ in Millions	Jun. 30, 2026 USD ($)
Royalty Liability
Royality fair value for Areas A to C	$ 15
Royality fair value for Area D project	$ 130

Royalty Liability

6 Months Ended

Jun. 30, 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 June 30, 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 March 31, 2026. 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 June 30, 2026, unchanged from March 31, 2026. The discounted cash flow fair value reflects updated operational and economic assumptions, including the use of forward metal prices and a real discount rate, related to the NORI Area D project used in support of the PFS.

Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events

Subsequent Events

19.Subsequent Events

On July 2, 2026, the Company issued 7,305,567 common shares to Allseas Group S.A. in settlement of the equity-settled portion of the amounts owing under the Agreement, as described in Note 6.

In July 2026, the Seabed Disputes Chamber prescribed provisional measures in the proceedings brought by NORI and TOML against the ISA, the Council of the ISA approved a five-year extension of NORI’s exploration contract and TOML applied for a five-year extension of its own. These matters are described in Note 17.

Exploration and Evaluation Expenses (Tables)

6 Months Ended

Jun. 30, 2026

Exploration and Evaluation Expenses

Schedule of exploration and evaluation expenses


	Three months ended				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Environmental studies	$	470	$	1,826	$	740	$	3,096
Exploration labor⁽¹⁾		2,963		2,601		5,810		5,188
Share-based compensation (Note 13)		6,329		3,325		11,859		5,253
Mining, technological and process development ⁽²⁾		42,772		1,553		44,084		4,503
Prefeasibility studies		2,535		462		4,413		503
Sponsorship, training and stakeholder engagement		780		606		1,979		1,239
Other		239		123		460		229
	$	56,088	$	10,496	$	69,345	$	20,011

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

⁽²⁾

Three months ended June 30, 2026, includes a charge payable to Allseas of $32.8 million to record the Deferred Costs incurred before March 30, 2026 and $4.4 million of additional negotiated costs as part of the Agreement signed May 11, 2026 (Note 6).

Strategic Alliance with Allseas and Affiliates - Credit Facility with Allseas Affiliate (Details) - USD ($) $ in Thousands, shares in Millions		3 Months Ended		6 Months Ended
	Mar. 24, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jul. 02, 2026	Dec. 31, 2025	Sep. 30, 2025	Mar. 26, 2025	Mar. 22, 2023
Strategic Alliance with Allseas and Affiliates
Interest Expense					$ 128
Accounts payable and accrued liabilities		$ 52,096		$ 52,096			$ 46,048
Additional paid in capital		298,406		298,406			$ 237,696
Related party
Strategic Alliance with Allseas and Affiliates
Amount drawn from credit facility		1,300	$ 1,200	1,300	1,200
Underutilization fees		700	700	700	700
Interest Expense		$ 0	100	$ 0	100
Allseas and affiliates \| Common Stock
Strategic Alliance with Allseas and Affiliates
Shares owned		56.1		56.1			56.1
Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Related party transaction, amounts of transaction				$ 83,700
Accounts payable and accrued liabilities		$ 40,500		40,500
Additional paid in capital		$ 43,200		$ 43,200			$ 34,200
Investment owned		12.90%		12.90%			13.30%
Allseas and affiliates \| Related party \| Subsequent event
Strategic Alliance with Allseas and Affiliates
Shares owned						63.4
Investment owned						14.40%
Line of credit
Strategic Alliance with Allseas and Affiliates
Aggregate borrowed amount								$ 19,600	$ 22,000
Underutilization fees		$ 700	$ 900	$ 700	$ 900
Line of credit \| Allseas and affiliates \| Related party
Strategic Alliance with Allseas and Affiliates
Aggregate borrowed amount										$ 25,000
Underutilization fees	$ 2,000

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2026

Loss per Share

Schedule of anti-dilutive common equivalent shares


		Six months ended		Six months ended
		June 30,		June 30,
		2026		2025
Outstanding options to purchase common shares		28,332,199		27,923,325
Outstanding RSUs		46,236,898		37,072,442
Outstanding shares under ESPP		4,399		1,627
Outstanding warrants		55,850,282		60,113,552
Outstanding Special Shares and options to purchase Special Shares		136,004,597		136,011,413
Total anti-dilutive common equivalent shares		266,428,375		261,122,359

Strategic Alliance with Allseas and Affiliates - Narratives (Details) $ in Thousands				3 Months Ended		6 Months Ended
	Jul. 02, 2026 shares	May 11, 2026 USD ($)	Mar. 30, 2026 D	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 29, 2026
Strategic Alliance with Allseas and Affiliates
Number of trading days \| D			20
Charge on Allseas settlement		$ (7,900)		$ (7,868)		$ (7,868)
Share price discount			10.00%
Deferred liability charges				36,100		36,100
Exploration and evaluation expenses				56,088	$ 10,496	$ 69,345	$ 20,011
Allseas Group S.A \| Related party
Strategic Alliance with Allseas and Affiliates
Percentage of engineering costs, project management costs								50.00%
Percentage of additional negotiated cost		50.00%
Percentage of costs repayment		50.00%
Allseas Group S.A \| Related party \| Subsequent Event [Member]
Strategic Alliance with Allseas and Affiliates
Shares issued from ATM (in shares) \| shares	7,305,567
Project Management Technology Services
Strategic Alliance with Allseas and Affiliates
Exploration and evaluation expenses				$ 4,700	$ 900
Project Management Technology Services \| Allseas Group S.A \| Related party
Strategic Alliance with Allseas and Affiliates
Initial term		5 years

Segmented Information (Tables)

6 Months Ended

Jun. 30, 2026

Segmented Information

Schedule of company's long-lived assets


		June 30,			December 31,
Equipment		2026			2025
Naoero		$	441		$	519
Total		$	441		$	519


		June 30,			December 31,
Software		2026			2025
Singapore			2,267			2,125
Total		$	2,267		$	2,125

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

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+ Details

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Financial Instruments

Schedule of categories of financial instruments


		Fair Value		June 30,			December 31,
Categories of Financial Instruments		Hierarchy		2026			2025
Financial assets
Amortized cost
Cash		—		$	98,655		$	117,633
Commodity taxes and other receivables		—			638			664
				$	99,293		$	118,297
Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)		—		$	52,096		$	46,048
Fair value through profit or loss
Royalty liability (Note 8)		Level 3			145,000			145,000
Warrant liability (Note 12)		Level 3			527			13,351
				$	197,623		$	204,399

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2026, and 2025.

As at June 30, 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.

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+ Details

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Accounts Payable and Accrued Liabilities

Schedule of accounts payable and accrued liabilities


		June 30			December 31
		2026			2025
Accounts payable		$	1,682		$	2,277
Accrued liabilities ⁽¹⁾ ⁽²⁾			50,414			43,771
		$	52,096		$	46,048

⁽¹⁾

The accrued liabilities balance for both periods include $0.7 million of underutilization fees payable to the related parties under 2024 Credit facility (Note 16).

⁽²⁾

As at June 30, 2026, accrued liabilities totaled $50.4 million (December 31, 2025: $43.8 million), of which $40.5 million relates to Allseas (Note 6) (December 31, 2025: $34.2 million).

Strategic Alliance with Allseas and Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Strategic Alliance with Allseas and Affiliates
Lease expense	$ 500	$ 500	$ 954	$ 954	$ 1,907
Common Shares
Strategic Alliance with Allseas and Affiliates
Number of shares issued (in shares)		4,567,770		7,542,996

- Definition

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

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Investments - Financial results of 1554997 B.C. Ltd (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments
Current assets	$ 101,407			$ 101,407			$ 120,682
Non-Current Assets	79,454			79,454			60,949
Current liabilities	52,623			52,623			59,399
Non-current liabilities	155,675			155,675			155,675
us-gaap:NetIncomeLoss	$ (60,123)		$ (74,341)	$ (80,722)		$ (94,929)
1554997 B.C. Ltd
Investments
Current assets		$ 687			$ 687		380
Non-Current Assets		12,041			12,041		12,173
Current liabilities		17			17		44
Non-current liabilities		1,143			1,143		$ 1,057
Royalty income		356			399
Operating income		197			224
us-gaap:NetIncomeLoss		$ 117			$ (910)

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

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

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

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Amount of obligation due after one year or beyond the normal operating cycle, if longer.

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+ Details

- Definition

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+ Details

Investments (Tables)

6 Months Ended

Jun. 30, 2026

Investments

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
Purchase of additional investment			1,000		—
Equity-accounted investment loss the period			(4,276)		(248)
Dilution gain			23,071		—
Return of capital			—		(152)
Investment as at June 30, 2026			29,849		2,993

The Metals Royalty Company

Investments

Schedule of financial results


		As at June 30,			As at December 31,
		2026			2025
Current assets		$	12,899		$	18,853
Non-current assets			157,416			14,095
Current liabilities			7,723			1,763
Long term debt			41,737			—


		Three months ended					Six months ended
		June 30,					June 30,
		2026			2025		2026		2025
Operating expenses from continuing operations		$	5,814		$	72	$	16,438	$	187
Net loss from continuing operations			6,336			61		16,406		159
Net income from discontinued operations			—			(338)		—		(326)

1554997 B.C. Ltd

Investments

Schedule of financial results


		As at			As at
		March 31, 2026			December 31, 2025
Current assets		$	687		$	380
Non-current assets			12,041			12,173
Current liabilities			17			44
Non-current liabilities			1,143			1,057


		Three months ended			Six months ended
		March 31, 2026			March 31, 2026
Royalty income		$	356		$	399
Operating income			197			224
Net income (loss)			117			(910)

- 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

Related Party Transactions (Details)				3 Months Ended			6 Months Ended
Related Party Transactions (Details)	Mar. 26, 2025 USD ($)	Nov. 14, 2024 USD ($)	Mar. 22, 2024 USD ($) D	Jun. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Mar. 26, 2026 USD ($)	Aug. 13, 2024 USD ($)
Related Party Transactions
Repayment of Debt						$ 0		$ 1,800,000
Credit Facility				$ 0			$ 0
Interest Expense								128,000
Professional and consulting fees				2,731,000		5,023,000	5,236,000	7,073,000
Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 22,000,000				$ 19,600,000
Repayment of Debt					$ 2,400,000
Underutilization fees				700,000		900,000	700,000	900,000
Related party
Related Party Transactions
Interest Expense				0		100,000	0	100,000
Underutilization fees				700,000		700,000	700,000	700,000
Interest repaid						100,000		200,000
Amount drawn from credit facility				1,300,000		$ 1,200,000	1,300,000	1,200,000
Professional and consulting fees							63,000	57,000
Related party \| Line of credit
Related Party Transactions
Interest repaid							1,300,000
Related party \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Related Party Transactions
Professional and consulting fees				$ 200,000			$ 500,000	$ 100,000
Gerard Barron and ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 44,000,000	$ 38,000,000	$ 20,000,000							$ 25,000,000
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	$ 22,000,000	$ 19,000,000	$ 10,000,000							12,500,000
ERAS Capital LLC \| Related party \| Line of credit
Related Party Transactions
Aggregate borrowed amount	$ 22,000,000	$ 19,000,000	$ 10,000,000						$ 22,000,000	$ 12,500,000

Segmented Information

6 Months Ended

Jun. 30, 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:


		June 30,			December 31,
Equipment		2026			2025
Naoero		$	441		$	519
Total		$	441		$	519


		June 30,			December 31,
Software		2026			2025
Singapore			2,267			2,125
Total		$	2,267		$	2,125

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 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

Segmented Information (Details) $ in Thousands	6 Months Ended
Segmented Information (Details) $ in Thousands	Jun. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segmented Information
Number of operating segment \| segment	1
Number of reportable segments \| segment	1
Equipment	$ 441	$ 519
Software development costs	2,267	2,125
Single reportable segment
Segmented Information
Equipment	441	519
Software development costs	2,267	2,125
Naoero \| Single reportable segment
Segmented Information
Equipment	441	519
Singapore \| Single reportable segment
Segmented Information
Software development costs	$ 2,267	$ 2,125

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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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.

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+ Details

General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
General and Administrative Expenses
Professional and consulting fees	$ 2,731	$ 5,023	$ 5,236	$ 7,073
Investor relations	659	467	1,041	687
Office and sundry	653	522	1,070	987
Salaries and wages	1,688	1,443	3,451	2,806
Director fees	182	196	363	400
Share based compensation expense	9,424	3,520	24,529	7,470
Transfer agent and filing fees	124	107	249	213
Travel and other expenses	168	201	415	343
General and administrative expenses	15,629	11,479	36,354	19,979
RSU
General and Administrative Expenses
Share based compensation expense	15,300	6,200	35,400	11,600
Professional and consulting fees expense settled	400	200	600	600
Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense \| RSU
General and Administrative Expenses
Share based compensation expense	6,400	3,200	11,900	5,100
Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense \| RSU
General and Administrative Expenses
Share based compensation expense	$ 8,900	$ 3,000	$ 23,500	$ 6,500

Accounts Payable and Accrued Liabilities

6 Months Ended

Jun. 30, 2026

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

11.Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities outstanding at June 30, 2026, and December 31, 2025 are as follows:


		June 30			December 31
		2026			2025
Accounts payable		$	1,682		$	2,277
Accrued liabilities ⁽¹⁾ ⁽²⁾			50,414			43,771
		$	52,096		$	46,048

⁽¹⁾

The accrued liabilities balance for both periods include $0.7 million of underutilization fees payable to the related parties under 2024 Credit facility (Note 16).

⁽²⁾

As at June 30, 2026, accrued liabilities totaled $50.4 million (December 31, 2025: $43.8 million), of which $40.5 million relates to Allseas (Note 6) (December 31, 2025: $34.2 million).

Investments - Changes in Investments (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments
Investment at the beginning of the period			$ 13,447
Purchase of additional investment			1,000
Return of capital			(152)	$ (346)
Dilution gain	$ 18,469		23,071
Investment at the end of the period	32,842		32,842		$ 13,447
The Metals Royalty Company
Investments
Investment at the beginning of the period			10,054	8,203	8,203
Purchase of additional investment			1,000
Spin-out transaction					(3,739)
Return of capital					(346)
Dilution gain	18,500		23,071		5,649
Equity-accounted investment gain (loss)	(1,600)	$ (89)	(4,276)	$ (54,000)	287
Investment at the end of the period	29,849		29,849		10,054
1554997 B.C. Ltd
Investments
Investment at the beginning of the period			3,393
Spin-out transaction					3,739
Return of capital	(200)		(152)		(346)
Equity-accounted investment gain (loss)	32		(248)
Investment at the end of the period	$ 2,993		$ 2,993		$ 3,393
Declared and remitted return of capital per share	$ 0.011		$ 0.011

Share-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation
Share based compensation expense	$ 9,424	$ 3,520	$ 24,529	$ 7,470
Share purchase under Employee Share Purchase Plan (in shares)	25,191	12,533	25,191	12,533
Employee Share Purchase Plan
Share-Based Compensation
Percentage of common stock shares outstanding	1.00%		1.00%
Number of additional shares added			4,229,663
Share based compensation expense	$ 17	$ 4	$ 30	$ 4
Employee Share Purchase Plan \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation
Share based compensation expense	9	4	16	4
Employee Share Purchase Plan \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation
Share based compensation expense	$ 8	$ 0	$ 14	$ 0
Employee Share Purchase Plan \| Common Shares
Share-Based Compensation
Aggregate of common shares to the investors			18,221,054
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan	21,941,580		21,941,580

Warrants - Fair value measurements assumptions of Private Warrants (Details) - Private Warrants	Jun. 30, 2026 $ / shares Y	Dec. 31, 2025 $ / shares Y
Exercise price
Warrants
Measurement input	11.5	11.5
Share price
Warrants
Measurement input	4.43	6.17
Volatility
Warrants
Measurement input	1.2068	1.2472
Term (years)
Warrants
Measurement input \| Y	0.19	0.69
Risk-free rate
Warrants
Measurement input	0.0374	0.0349
Dividend yield
Warrants
Measurement input	0	0

Share-Based Compensation - Summary of the RSU activity (Details) - Restricted Stock Units ("RSUs") - shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Number of RSUs Outstanding
Outstanding			48,322,148	34,312,655	34,312,655
Granted	6,080,223	1,027,561	6,624,143	13,026,567	35,381,992
Forfeited			(19,842)		(1,076,371)
Exercised			(8,689,551)		(20,296,128)
Outstanding	46,236,898		46,236,898		48,322,148

Warrants - Public and Private Warrants (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 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

General and Administrative Expenses

6 Months Ended

Jun. 30, 2026

General and Administrative Expenses

General and Administrative Expenses

10.General and Administrative Expenses


		Three months ended						Six months ended
		June 30,						June 30,
		2026			2025			2026			2025
Professional and consulting fees ⁽¹⁾		$	2,731		$	5,023		$	5,236		$	7,073
Investor relations			659			467			1,041			687
Office and sundry			653			522			1,070			987
Salaries and wages ⁽²⁾			1,688			1,443			3,451			2,806
Director fees			182			196			363			400
Share-based compensation (Note 13)			9,424			3,520			24,529			7,470
Transfer agent and filing fees			124			107			249			213
Travel and other expenses			168			201			415			343
		$	15,629		$	11,479		$	36,354		$	19,979

(1)

During three and six months ended June 30, 2026, professional and consulting fees include $0.4 million and $0.6 million respectively, of expenses settled with RSUs (Three months and six months ended June 30, 2025: $0.2 million and $0.6 million, respectively) (Note 13).

(2)

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

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2026	Aug. 11, 2026
Document And Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		441,135,482
Entity Central Index Key	0001798562
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
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

Exploration and Evaluation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Exploration and Evaluation Expenses
Environmental studies	$ 470	$ 1,826	$ 740	$ 3,096
Exploration labor	2,963	2,601	5,810	5,188
Share-based compensation (Note 13)	6,329	3,325	11,859	5,253
Mining, technological and process development	42,772	1,553	44,084	4,503
Prefeasibility studies	2,535	462	4,413	503
Sponsorship, training and stakeholder engagement	780	606	1,979	1,239
Other	239	123	460	229
Exploration and Evaluation Expenses	56,088	$ 10,496	$ 69,345	$ 20,011
Deferred costs incurred	32,800
Additional negotiated cost	$ 4,400

Share-Based Compensation

6 Months Ended

Jun. 30, 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 June 30, 2026, there were a total of 21,941,580 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 Company’s 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 – June 30, 2026		8,643,652		8,665,214		11,023,333

During the three and six months ended June 30, 2026, the Company recognized $0.5 million and $0.9 million, respectively of share-based compensation expense for stock options (three and six months ended June 30, 2025, the Company recognized $0.7 million and $1.1 million, respectively, of share-based compensation expense for stock options). During the three and six months ended June 30, 2026, share-based compensation expense related to exploration and evaluation activities amounted to $25 thousand and $50 thousand respectively (three and six months ended June 30, 2025: $0.2 million). The amount of the share-based compensation expense recognized related to general and administrative matters for the three and six months ended June 30, 2026, was $0.4 million and $0.9 million, respectively (three and six months ended June 30, 2025: $0.5 million and $0.9 million, respectively). The Company has not granted any options under the 2018 Plan since September 9, 2021 (date of the Business Combination) and has fully recognized the fair value of the options issued under the 2018 Plan in the prior periods.

Restricted Share Units (“RSU”)

The Company may, from time to time, grant RSUs to directors, officers, employees, and consultants of the Company and its subsidiaries under the Plan. On each vesting date, RSU holders are issued common shares equivalent to the number of RSUs held provided 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		6,624,143
Forfeited		(19,842)
Exercised		(8,689,551)
Outstanding – June 30, 2026		46,236,898

The details of RSUs granted by the Company during the three- and six-month periods in 2026 and 2025 are as follows:


		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
Vesting Period		2026		2025		2026		2025
Vesting immediately ⁽¹⁾		159,941		462,042		703,861		3,081,627
Vesting fully within and on first anniversary of the grant date⁽²⁾		99,168		134,226		99,168		194,226
Vesting in thirds on each anniversary of the grant date⁽³⁾		5,821,114		—		5,821,114		8,818,935
Vesting in fourths on each anniversary of the grant date		—		—		—		176,302
Vesting three years from grant date		—		66,508		—		66,508
Vesting based on performance conditions		—		364,785		—		688,969
Total Units Granted		6,080,223		1,027,561		6,624,143		13,026,567

(1)

Of the 159,941 RSUs granted during the three months ended June 30, 2026, 64,568 RSUs were granted to consultants and employees with an aggregate fair value of $0.4 million recorded in general and administrative expenses. The 159,941 RSUs granted during the three months ended June 30, 2026, also consist of 95,373 RSUs with an aggregate fair value of $0.6 million issued to the non-employee directors in lieu of the cash portion of their director fees which commenced from the second quarter of 2025 until the end of March 2026. Of the 462,042 RSUs granted during the three months ended June 30, 2025, 310,530 RSUs were granted to consultants with an aggregate fair value of $0.8 million recorded in general and administrative expenses. The 462,042 RSUs granted during the three months ended June 30, 2025, also consist of 91,512 RSUs with an aggregate fair value of $398,075 issued to the non-employee directors in lieu of the cash portion of their director fees which commenced from the second quarter of 2024 until the end of March 2025. The remaining 60,000 grants were issued to employees.

(2)

During the three months ended June 30, 2026, an aggregate of 99,168 RSUs were granted to the Company’s non-employee directors under the Company’s Non-employee Director Compensation Policy, which will vest at the Company’s 2027 annual shareholders meeting. The total fair value of units granted as annual grants to non-employee directors amounted to $0.6 million. During the three months ended June 30, 2025, an aggregate of 134,226 RSUs were granted to the Company’s non-employee directors under the Company’s Non-employee Director Compensation Policy, which vested at the Company’s 2026 annual shareholders meeting. The total fair value of units granted as annual grants to non-employee directors amounted to $0.6 million. In the first quarter of 2025, 60,000 RSUs vesting on July 1, 2025, were issued to a consultant, resulting in $0.1 million charged as general and administrative expenses.

(3)

The Company granted 5,750,193 RSUs, as payment for the 2025 LTIP awards (8,818,935 RSUs were granted as payment 2024 LTIP award during the first quarter of 2025). The Company also granted 70,921 RSUs as initial awards to employees in the second quarter of 2026.

The grant date fair value of all RSUs granted during the three and six months ended June 30, 2026, is equivalent to the closing share price of the Company’s common shares on the date of grant. During the three and six months ended June 30, 2026, a total of $15.3 million and $35.4 million, respectively was charged to the statement of loss and comprehensive loss as share-based compensation expense for RSUs (three and six months ended June 30, 2025: $6.2 million and $11.6 million, respectively). For the three and six months ended June 30, 2026, a total of $6.4 million and $11.9 million, respectively, was recognized as share-based compensation expense related to exploration and evaluation activities (three and six months ended June 30, 2025 - $3.2 million and $5.1 million, respectively). The amount of share-based compensation expense related to general and administrative matters for three and six months ended June 30, 2026 was $8.9 million and $23.5 million, respectively (three and six months ended June 30, 2025 - $3 million and $6.5 million, respectively). As at June 30, 2026, the total unrecognized share-based compensation expense for RSUs was $83.2 million (December 31, 2025: $91.5 million).

As at June 30, 2026, an aggregate of 3,400,229 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 June 30, 2026, there were 18,221,054 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 and six months ended June 30, 2026, a total of $17 thousand and $30 thousand, respectively, was charged to the statement of loss and comprehensive loss as share-based compensation expense (three and six months ended June 30, 2025: $4 thousand), representing the share price purchase discount offered by the Company. For the three and six months ended June 30, 2026, a total of $9 thousand and $16 thousand, respectively, was recognized as share-based compensation expense related to exploration and evaluation activities (three and six months ended June 30, 2025: $4 thousand). The amount of share-based compensation expense related to general and administrative matters for three and six months ended June 30, 2026 was $8 thousand and $14 thousand, respectively (three and six months ended June 30, 2025: $nil).

During the three and six months ended June 30, 2026, the Company issued 25,191 common shares (during the three and six months ended June 30, 2025: 12,533 common shares) to its employees as part of its ESPP program.

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Accounts Payable and Accrued Liabilities
Accounts Payable	$ 1,682	$ 2,277
Accrued Liabilities	50,414	43,771
Accounts Payable and Accrued Liabilities	52,096	46,048
2024 Credit Facility
Accounts Payable and Accrued Liabilities
Underutilization fees	700
Allseas
Accounts Payable and Accrued Liabilities
Accrued Liabilities	$ 40,500	$ 34,200

Contingent Liabilities

6 Months Ended

Jun. 30, 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. Discovery closed following the plaintiffs’ filing of a note of issue on April 27, 2026. On June 26, 2026, the Company and the plaintiffs cross-moved for summary judgment, and that briefing is ongoing, with the parties’ opposition briefs due July 31, 2026 and reply briefs due August 25, 2026. 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 alleged, 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. In June 2026, without any admission of liability by any party, the Company entered into a settlement deed with American Metal Inc., American Metal Resources LLC, Robert Heydon and certain of his affiliated parties resolving this action, pursuant to which the parties agreed to the consent dismissal, without costs to any party, of the civil claim and our counterclaim, together with mutual releases of related claims. This matter is now concluded.

On May 18, 2026, NORI and TOML each issued a Notice of Dispute to the International Seabed Authority (the “ISA”) concerning the ISA’s inquiries into their possible non-compliance with their Exploration Contracts, dated July 22, 2011 and January 11, 2012, respectively. By Applications filed with the Registry on June 5, 2026, NORI and TOML each instituted proceedings, together with a request for provisional measures, before the Seabed Disputes Chamber (the “Chamber”) of the International Tribunal for the Law of the Sea (“ITLOS”), captioned Nauru Ocean Resources Inc. v. International Seabed Authority, Case No. 34, and Tonga Offshore Mining Ltd. v. International Seabed Authority, Case No. 35. The Applications allege that the ISA failed to afford due process, transparency and fairness in its Council-mandated inquiries and, in NORI’s case, in the ISA’s separate consideration of NORI’s application to extend its Exploration Contract. Following a hearing on July 2–3, 2026, the Chamber issued parallel orders on July 18, 2026 prescribing provisional measures requiring the ISA to act in accordance with the relevant legal framework, including rules of due process, in the pending inquiries (and, for NORI, in the Exploration Contract extension procedure), to provide NORI and TOML the information they need to respond meaningfully, and to cooperate with NORI and TOML and refrain from aggravating the dispute. The Chamber did not order the suspension of the inquiries that NORI and TOML had requested, and each party bears its own costs of that phase. NORI, TOML and the ISA are each required to submit an initial compliance report to the Chamber by August 31, 2026. The orders do not prejudge the Chamber’s jurisdiction over the merits, which remain to be briefed and heard. The ISA requested an extension of the deadline to file its defense on the merits until March 30, 2027, which was granted by the Chamber. The relief sought by NORI and TOML is declaratory and injunctive rather than monetary, and no damages have been claimed or awarded in either proceeding. On July 20, 2026, the Council of the ISA approved a five-year extension of NORI’s Exploration Contract, effective July 22, 2026 and expiring July 21, 2031, without prejudice to any findings or recommendations arising from the inquiry. On July 10, 2026, TOML applied to the ISA for a five-year extension of its Exploration Contract, which is due to expire on January 11, 2027. The application is scheduled to be considered in February and March 2027, and TOML expects its Exploration Contract to continue in force in the interim under the ISA’s extension procedures. Neither NORI nor TOML had received the information contemplated by the orders as of the date of this Quarterly Report on Form 10-Q. No amounts have been recognized in these unaudited condensed consolidated interim financial statements in respect of these proceedings, and related legal costs are expensed as incurred.

Strategic Alliance with Allseas and Affiliates - Right-of-use asset (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Right-of-use Asset
Beginning Balance			$ 1,907	$ 3,814	$ 3,814
Lease expense during the period	$ (500)	$ (500)	(954)	$ (954)	(1,907)
Ending Balance	$ 953		$ 953		$ 1,907

Investments - Financial results of The Metals Royalty Company (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Investments
Current assets	$ 101,407		$ 101,407		$ 120,682
Non-current assets	79,454		79,454		60,949
Current liabilities	52,623		52,623		$ 59,399
The Metals Royalty Company
Investments
Current assets	12,899	$ 18,853	12,899	$ 18,853
Non-current assets	157,416	14,095	157,416	14,095
Current liabilities	7,723	1,763	7,723	1,763
Long term debt	41,737		41,737
Operating expenses from continuing operations	5,814	72	16,438	187
Net loss from continuing operations	$ 6,336	61	$ 16,406	159
Net income from discontinued operations		$ (338)		$ (326)

- Definition

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

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- Definition

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

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- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

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

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

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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

6 Months Ended

Jun. 30, 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:


		Six months ended		Six months ended
		June 30,		June 30,
		2026		2025
Outstanding options to purchase common shares		28,332,199		27,923,325
Outstanding RSUs		46,236,898		37,072,442
Outstanding shares under ESPP		4,399		1,627
Outstanding warrants		55,850,282		60,113,552
Outstanding Special Shares and options to purchase Special Shares		136,004,597		136,011,413
Total anti-dilutive common equivalent shares		266,428,375		261,122,359

General and Administrative Expenses (Tables)

6 Months Ended

Jun. 30, 2026

General and Administrative Expenses

Schedule of general and administrative expenses


		Three months ended						Six months ended
		June 30,						June 30,
		2026			2025			2026			2025
Professional and consulting fees ⁽¹⁾		$	2,731		$	5,023		$	5,236		$	7,073
Investor relations			659			467			1,041			687
Office and sundry			653			522			1,070			987
Salaries and wages ⁽²⁾			1,688			1,443			3,451			2,806
Director fees			182			196			363			400
Share-based compensation (Note 13)			9,424			3,520			24,529			7,470
Transfer agent and filing fees			124			107			249			213
Travel and other expenses			168			201			415			343
		$	15,629		$	11,479		$	36,354		$	19,979

(1)

(2)

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

Strategic Alliance with Allseas and Affiliates

6 Months Ended

Jun. 30, 2026

Strategic Alliance with Allseas and Affiliates

Strategic Alliance with Allseas and Affiliates

6.	Strategic Alliance with Allseas and Affiliates

On May 11, 2026, the Company and Allseas Deepsea Marine Contractors (“Allseas Deepsea”), a wholly owned subsidiary of Allseas Group S.A. (“Allseas”), entered into an agreement (“Agreement”) to complete the development and operate the commercial nodule collection system (“Hidden Gem system”) in connection with the Company’s planned offshore polymetallic nodule operations. The Agreement supersedes the non-binding term sheet entered between NORI and Allseas on March 16, 2022.

As per the Agreement, 50% of engineering costs, project management costs and vessel use services costs including lay-up costs incurred by Allseas prior to March 30, 2026 and 50% of additional negotiated costs, are to be settled through the issuance of the Company’s common shares with the remaining 50% to be settled through a production-based repayment mechanism (“Deferred Amounts”). The Company accounted for the share-settled portion as a forward contract with the number of shares determined using a share price equal to a 10% discount to the 20-trading-day volume-weighted average price (“VWAP”) ending on March 30, 2026, in accordance with the Agreement. Upon execution of the Agreement, the Company remeasured the share-settled obligation based on the contractual pricing mechanism, resulting in a $7.9 million charge representing the difference between the carrying amount of the obligation and the remeasured share-settled obligation, which was recorded as Charge on Allseas settlement in the Condensed Consolidated Statement of Loss and Comprehensive Loss. On July 2, 2026, the Company issued 7,305,567 common shares to Allseas Group S.A., at the direction of Allseas Deepsea Marine Contractors as the counterparty under the Agreement, in settlement of the equity-settled obligation. During the second quarter of 2026, the Company recognized the Deferred Amounts of $36.1 million as a liability, with the corresponding expense recorded within mining, technology and process development in exploration and evaluation expenses (Note 9). The Deferred Amounts are repayable regardless of whether commercial production commences and would become payable upon expiration or termination of the Agreement.

Under the Agreement, Allseas Deepsea will provide engineering, project management, procurement, construction, vessel modification, system integration, testing, commissioning, mobilization and operational services related to the Hidden Gem system, production vessel and related collection and support systems prior to the commencement of commercial production (“Development Activities”). Allseas Deepsea will also provide operating, maintenance, marine transportation and related services following the commencement of commercial production. The Company is required to reimburse Allseas Deepsea for eligible costs incurred for Development Activities and according to approved work plans and budgets, with a portion of such costs payable as incurred and the remainder deferred and payable based on future commercial production volumes.

The Agreement has an initial term ending five years following the commencement of commercial production. Thereafter, the parties will negotiate successive extension terms; if revised commercial terms have not been agreed by the expiration of the then current term, commercial production continues under the existing contractual terms until revised terms are agreed or the Agreement is otherwise terminated in accordance with its provisions. The commencement of commercial production is subject to, among other matters, receipt of a commercial recovery permit from NOAA, completion and acceptance of the commercial nodule collection system and approval of the applicable commercial production work plan and budget.

During the second quarter of 2026, under the Agreement, Allseas Deepsea provided the Company with engineering, project management and vessel use services consisting of lay-up and transit costs totaling $4.7 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) (three months ended June 30, 2025: $0.9 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 granted exclusive use of the vessel (“Hidden Gem”) to the Company in support of the development of the Project Zero Offshore Nodule Collection System until the system is completed or December 31, 2026, whichever is earlier. Allseas can terminate the agreement if the Company ceases normal operations, assigns assets to creditors, initiates bankruptcy proceedings, or faces unresolved bankruptcy-related actions.

For the three and six months ended June 30, 2026, the Company has recognized $0.5 million and $1 million, respectively as lease expense recorded as exploration and evaluation expense (for the three and six months ended June 30, 2025: $0.5 million and $1 million respectively).


		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			(954)
Balance as at June 30, 2026		$	953

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. On March 24, 2025, the Company entered into a Letter Agreement with the Lender, pursuant to which the undrawn, unsecured credit facility was cancelled with the only remaining obligation being $2 million in underutilization fees, recorded as accrued liabilities in the Company’s Condensed Balance Sheet as at June 30, 2026.

Other

As at June 30, 2026, the total amount payable to Allseas and its affiliates was $83.7 million, with $40.5 million recorded in accrued liabilities and $43.2 million recorded in additional paid-in capital in the Condensed Consolidated Balance Sheets (Note 11) which was settled with an issuance of common shares on July 2, 2026 (December 31, 2025: $34.2 million recorded as accrued liabilities). As at June 30, 2026, Allseas and its affiliates owned 56.1 million TMC common shares (2025: 56.1 million TMC common shares) which constituted 12.9% (December 31, 2025: 13.3%) of total common shares outstanding. Including the shares issued on July 2, 2026, Allseas and its affiliates own 63.4 million TMC common shares, constituting 14.4% ownership of total common shares outstanding.

Subsequent Events (Details) - USD ($)				1 Months Ended	3 Months Ended	6 Months Ended
Subsequent Events (Details) - USD ($)	Jul. 20, 2026	Jul. 10, 2026	Jul. 02, 2026	Jul. 31, 2026	Jun. 30, 2025	Jun. 30, 2025
Subsequent Events
Shares issued as per At-the Market Equity Distribution Agreement					$ 9,222,000	$ 14,784,000
Subsequent event \| NORI \| NORI Exploration Contract
Subsequent Events
Contract extension period	5 years			5 years
Subsequent event \| TOML \| TOML Exploration Contract
Subsequent Events
Contract extension period	5 years	5 years		5 years
Subsequent event \| Related party \| Allseas Group S.A
Subsequent Events
Shares issued as per At-the Market Equity Distribution Agreement			$ 7,305,567

Warrants - Fair value of warrant liabilities (Details) - Private Warrants $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Warrants
Warrants liability as at December 31, 2025	$ 13,351
Decrease in fair value of warrants liability	(12,824)
Warrants liability as at March 31, 2026	$ 527

Warrants - Class A, Class B, Class C, Korea Zinc, Nauru and Tonga Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Warrants
Additional paid-in capital, warrant issued		$ 33,079	$ 43,176	$ 33,079
Nauru warrant cost		$ 33,079		$ 33,079
Class A Warrants
Warrants
Number of warrants outstanding	4,317,500		4,317,500		4,317,500
Exercise price of warrants	$ 2		$ 2
Warrants exercised			0
Value of outstanding warrants	$ 3,600		$ 3,600		$ 3,600
Number of shares issuable per warrant	1		1
Class B Warrants
Warrants
Number of warrants outstanding	15,000		15,000		15,000
Exercise price of warrants	$ 2		$ 2
Warrants exercised	0		0
Value of outstanding warrants	$ 9		$ 9		$ 9
Number of shares issuable per warrant	1		1
Class C Warrants
Warrants
Number of warrants outstanding	10,003,333		10,003,333		10,003,333
Exercise price of warrants	$ 4.5		$ 4.5
Warrants exercised	0		0
Value of outstanding warrants	$ 10,200		$ 10,200		$ 10,200
Number of shares issuable per warrant	1		1
Korea Zinc Warrants
Warrants
Exercise price of warrants	$ 7		$ 7
Warrants exercised	0		0
Value of outstanding warrants	$ 11,500		$ 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		9,146,268
Exercise price of warrants	$ 4.72		$ 4.72
Warrants exercised			0
Value of outstanding warrants	$ 33,100		$ 33,100		$ 33,100
Tonga Warrants
Warrants
Exercise price of warrants	$ 5.87		$ 5.87
Warrants exercised	0		0
Value of outstanding warrants	$ 5,000		$ 5,000		$ 5,000
Warrants issued			1,000,000		1,000,000

Share-Based Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Share-Based Compensation (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-Based Compensation
Share based compensation expense	$ 9,424	$ 3,520	$ 24,529	$ 7,470
Employee stock option
Share-Based Compensation
Share based compensation expense	500	700	900	1,100
Employee stock option \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation
Share based compensation expense	25	200	50	200
Employee stock option \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation
Share based compensation expense	$ 400	$ 500	$ 900	$ 900
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan	21,941,580		21,941,580
Number of additional shares authorized subject to approval to share holders			16,918,653
Units sign-on grant	2,243,853		2,243,853
Common Shares issued and outstanding percentage			4.00%

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current
Cash	$ 98,655	$ 117,633
Receivables and prepayments	2,752	3,049
Total current assets	101,407	120,682
Non-current
Exploration assets	42,951	42,951
Equipment	441	519
Software development costs	2,267	2,125
Right-of-use asset	953	1,907
Investments	32,842	13,447
Total non-current assets	79,454	60,949
TOTAL ASSETS	180,861	181,631
Current
Accounts payable and accrued liabilities	52,096	46,048
Warrant liability	527	13,351
Total current liabilities	52,623	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	208,298	215,074
EQUITY
Common shares (unlimited shares, no par value - issued: 433,726,201 (December 31, 2025-422,966,333))	707,361	681,343
Additional paid in capital	298,406	237,696
Accumulated other comprehensive loss	(1,203)	(1,203)
Deficit	(1,032,001)	(951,279)
TOTAL EQUITY	(27,437)	(33,443)
TOTAL LIABILITIES AND EQUITY	$ 180,861	$ 181,631

Share-Based Compensation - Restricted Stock Units (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Share-Based Compensation
Share based compensation expense	$ 9,424	$ 3,520		$ 24,529	$ 7,470
Professional and consulting fees	$ 2,731	$ 5,023		$ 5,236	$ 7,073
Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	6,080,223	1,027,561		6,624,143	13,026,567	35,381,992
Total unrecognized share-based compensation expense	$ 83,200			$ 83,200		$ 91,500
Share based compensation expense	15,300	$ 6,200		$ 35,400	$ 11,600
Aggregate vested units outstanding				3,400,229		81,198
Restricted Stock Units ("RSUs") \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation
Share based compensation expense	6,400	3,200		$ 11,900	5,100
Restricted Stock Units ("RSUs") \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation
Share based compensation expense	$ 8,900	$ 3,000		$ 23,500	$ 6,500
Vesting immediately \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	159,941	462,042		703,861	3,081,627
Vesting immediately \| Restricted Stock Units ("RSUs") \| Non-employee
Share-Based Compensation
Granted	95,373
Aggregate fair value	$ 600
Vesting immediately \| Restricted Stock Units ("RSUs") \| Non-employee directors
Share-Based Compensation
Granted		462,042			91,512
Aggregate fair value	$ 398,075,000
Vesting immediately \| Restricted Stock Units ("RSUs") \| Share-based payment arrangement, employee
Share-Based Compensation
Granted					60,000
Vesting immediately \| Restricted Stock Units ("RSUs") \| Consultant
Share-Based Compensation
Granted		310,530
Aggregate fair value		$ 800
Vesting immediately \| Restricted Stock Units ("RSUs") \| Consultants and employees
Share-Based Compensation
Granted	64,568
Aggregate fair value	$ 400
Vesting fully within and on first anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	99,168	134,226		99,168	194,226
Vesting fully within and on first anniversary of the grant date \| Restricted Stock Units ("RSUs") \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation
Granted			60,000
Professional and consulting fees			$ 100
Vesting fully within and on first anniversary of the grant date \| Restricted Stock Units ("RSUs") \| Non-Employee Directors
Share-Based Compensation
Granted	99,168	134,226
Aggregate fair value	$ 600	$ 600
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted	5,821,114			5,821,114	8,818,935
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs") \| Share-based payment arrangement, employee
Share-Based Compensation
Granted	70,921
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs") \| 2025 LTIP Awards
Share-Based Compensation
Granted						5,750,193
Vesting in thirds on each anniversary of the grant date \| Restricted Stock Units ("RSUs") \| 2024 LTIP Awards
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 three years from grant date \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		66,508			66,508
Vesting based on performance conditions \| Restricted Stock Units ("RSUs")
Share-Based Compensation
Granted		364,785			688,969

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses
Exploration and evaluation expenses	$ 56,088	$ 10,496	$ 69,345	$ 20,011
General and administrative expenses	15,629	11,479	36,354	19,979
Operating loss	71,717	21,975	105,699	39,990
Other items
Charge on Allseas settlement	7,868		7,868
Nauru warrant cost		33,079		33,079
Equity-accounted investment (income) loss	1,525	(89)	4,523	(54)
Gain on dilution of investment	(18,469)		(23,071)
Change in fair value of warrant liability	(2,162)	16,229	(12,824)	16,670
Foreign exchange loss (gain)	(146)	2,461	(836)	3,556
Interest income	(1,040)	(147)	(2,176)	(166)
Fees and interest on borrowings and credit facilities	714	833	1,379	1,854
Loss and comprehensive loss for the period, before tax	60,007	74,341	80,562	94,929
Income tax expense	116		160
Net loss and comprehensive loss for the period, after tax	$ 60,123	$ 74,341	$ 80,722	$ 94,929
Net loss per share - Basic (in dollars per share)	$ 0.14	$ 0.2	$ 0.19	$ 0.27
Net loss per share - Diluted (in dollars per share)	$ 0.14	$ 0.2	$ 0.19	$ 0.27
Weighted average number of common shares outstanding - basic	433,243,064	366,626,500	429,656,793	356,045,231
Weighted average number of common shares outstanding - diluted	433,243,064	366,626,500	429,656,793	356,045,231

Exploration and Evaluation Expenses

6 Months Ended

Jun. 30, 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				Six months ended
	June 30,				June 30,
	2026		2025		2026		2025
Environmental studies	$	470	$	1,826	$	740	$	3,096
Exploration labor⁽¹⁾		2,963		2,601		5,810		5,188
Share-based compensation (Note 13)		6,329		3,325		11,859		5,253
Mining, technological and process development ⁽²⁾		42,772		1,553		44,084		4,503
Prefeasibility studies		2,535		462		4,413		503
Sponsorship, training and stakeholder engagement		780		606		1,979		1,239
Other		239		123		460		229
	$	56,088	$	10,496	$	69,345	$	20,011

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

⁽²⁾

Investments

6 Months Ended

Jun. 30, 2026

Investments

Investments

7.Investments

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


		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
Purchase of additional investment			1,000		—
Equity-accounted investment loss the period			(4,276)		(248)
Dilution gain			23,071		—
Return of capital			—		(152)
Investment as at June 30, 2026			29,849		2,993

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” or “TMCR”) 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 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. The CVR has expired as The Metals Royalty Company Inc. began public trading on Nasdaq in the second quarter of 2026.

On May 6, 2026, The Metals Royalty Company entered into a royalty purchase agreement to acquire a 1% index-priced gross overriding production royalty, with a revenue floor, over an iron ore project located in Nashwauk, Minnesota, together with an option to acquire an additional 1% royalty on substantially the same terms. The aggregate purchase price for each royalty acquisition is $132.5 million, comprising $125.0 million in cash and $7.5 million in common shares. The initial royalty acquisition closed on June 1, 2026, with the cash consideration funded through a combination of a private placement, borrowings under a senior secured credit facility and a portion of the previously paid transaction deposit. On May 29, 2026, The Metals Royalty Company exercised its option to acquire an additional 1.0% royalty. As of June 30, 2026, the additional royalty acquisition had not yet closed.

During the three and six months ended June 30, 2026, The Metals Royalty Company issued 6,983,616 common and 11,118,097 common shares in relation to a finance offering (the “Offering”), compensation expenses and royalty purchase. The Company participated in the Offering and acquired 76,923 shares of TMCR for $1 million. As the shares were issued by TMCR at a price higher than the carrying amount per share of the Company’s investment in TMCR, the Company recorded a dilution gain of $18.5 million in the second quarter of 2026 (dilution gain of $23.1 million for the six months ended June 30, 2026). As a result of the various share issuances by TMCR in the first half of 2026, the Company’s ownership interest in TMCR reduced from 27.2% to 22.4%. (December 31, 2025: 27.2%). By virtue of its ownership interest, the Company has representation on the board of directors of TMCR, providing the Company with the ability to exercise significant influence over TMCR’s operating and financial activities. Accordingly, the Company’s investment in The Metals Royalty Company is accounted for under the equity method in accordance with ASC 323 (Investments).

For the three and six months ended June 30, 2026, the Company’s share of the net loss generated by The Metals Royalty Company was $1.6 million and $4.3 million, respectively (for the three and six months ended June 30, 2025, the Company’s share of The Metals Royalty Company’s net loss was: $89 thousand and $54 thousand).

As at June 30, 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 ownership and its share of future reported earnings or losses.

Financial results of The Metals Royalty Company as at and for the three and six months ended June 30, 2026, and 2025 are summarized below:


		As at June 30,			As at December 31,
		2026			2025
Current assets		$	12,899		$	18,853
Non-current assets			157,416			14,095
Current liabilities			7,723			1,763
Long term debt			41,737			—


		Three months ended					Six months ended
		June 30,					June 30,
		2026			2025		2026		2025
Operating expenses from continuing operations		$	5,814		$	72	$	16,438	$	187
Net loss from continuing operations			6,336			61		16,406		159
Net income from discontinued operations			—			(338)		—		(326)

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. in exchange for shares of 1554997 B.C. Ltd (“Spin-Out transaction”). The Company holds 27.2% ownership interest (December 31, 2025: 27.2%) and has representation on the board of directors of 1554997 B.C. Ltd., providing the Company with the ability to exercise significant influence over 1554997 B.C. Ltd.’s operating and financial activities. Accordingly, the investment is accounted under the equity method in accordance with ASC 323 (Investments).

The Company records its share of the investee’s results on a one-quarter reporting lag. Accordingly, for the three and six months ended June 30, 2026, the Company recognized its share of the Investee’s results for the three and six months ended March 31, 2026 (from December 18, 2025, to March 31, 2026). Based on the reporting lag, the Company recognized equity method income of $32 thousand for the three months ended June 30, 2026, and equity method losses of $248 thousand for the six months ended June 30, 2026. In the three and six months ended June 30, 2026, 1554997 B.C. Ltd declared and remitted a return of capital of $0.011 per share amounting to $0.2 million.

Investee Results (3-month Lag Basis)


		As at			As at
		March 31, 2026			December 31, 2025
Current assets		$	687		$	380
Non-current assets			12,041			12,173
Current liabilities			17			44
Non-current liabilities			1,143			1,057


		Three months ended			Six months ended
		March 31, 2026			March 31, 2026
Royalty income		$	356		$	399
Operating income			197			224
Net income (loss)			117			(910)

Related Party Transactions

6 Months Ended

Jun. 30, 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.

Under the terms of the 2024 Credit Facility, amounts repaid are not available for reborrowing and permanently reduce the borrowing capacity under the facility. During the third quarter of 2025, the Company repaid the entire outstanding balance of $2.4 million, reducing the borrowing limit from $22.0 million to $19.6 million. On March 26, 2026, the borrowing limit of the credit facility from ERAS Capital LLC was reset to $22 million.

During the three and six months ended June 30, 2026, the Company did not repay or draw from the 2024 Credit Facility (during the three and six months ended June 30, 2025, the Company repaid $nil and $1.8 million respectively of the drawn amount and did not draw from the 2024 Credit Facility) and as at June 30, 2026, did not have any outstanding drawn amounts. During the three and six months ended June 30, 2026, the Company incurred $nil as interest expense, while for those same periods, it incurred $0.7 million and $1.3 million respectively, as underutilization fees (during the three and six months ended June 30, 2025, the Company incurred $0.1 million as interest expense, while for those same periods, it incurred $0.7 million and $1.2 million, respectively, as underutilization fees). The interest repaid during the three and six months ended June 30, 2026, was $nil (during the three and six months ended June 30, 2025, the Company repaid interest amounting to $0.1 and $0.2 million respectively). For three and six months ended June 30, 2026, the Company repaid underutilization fees amounting to $0.7 million and $1.3 million, respectively (during the three and six months ended June 30, 2025, the Company repaid underutilization fees amounting to $0.9 million).

During the three and six months ended June 30, 2026, the Company’s consulting fees amounting to $0.2 million and $0.5 million respectively, were provided by immediate family members of management, which are included in general and administrative expenses (during the three and six months ended June 30, 2025, consulting fees amounted to $0.1 million). As at June 30, 2026, consulting fees payable to immediate family members of management were $63 thousand (December 31, 2025: $57 thousand).

Apart from the above-mentioned transactions, the Company had transactions with Allseas and The Metals Royalty Company which are detailed in Notes 6 and 7.

- 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 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(7)(e)(3))
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-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 12: 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 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Financial Instruments - Schedule of categories of financial instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortized cost
Cash	$ 98,655	$ 117,633
Amortized cost
Accounts payable and accrued liabilities	52,096	46,048
Royalty liability	145,000	145,000
Recurring basis
Amortized cost
Cash	98,655	117,633
Commodity taxes and other receivables	638	664
Financial assets	99,293	118,297
Amortized cost
Accounts payable and accrued liabilities	52,096	46,048
Financial liabilities	197,623	204,399
Recurring basis \| Level 3
Amortized cost
Royalty liability	145,000	145,000
Warrants liability	$ 527	$ 13,351

Nature of Operations (Details)			1 Months Ended
Nature of Operations (Details)	Jul. 20, 2026	Jul. 10, 2026	Jul. 31, 2026	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
NORI \| NORI Exploration Contract \| Subsequent event
Nature of Operations
Contract extension period	5 years		5 years
TOML \| TOML Exploration Contract \| Subsequent event
Nature of Operations
Contract extension period	5 years	5 years	5 years

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 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 – June 30, 2026		8,643,652		8,665,214		11,023,333

Summary of the RSU activity


		Three months ended		Three months ended		Six months ended		Six months ended
		June 30,		June 30,		June 30,		June 30,
Vesting Period		2026		2025		2026		2025
Vesting immediately ⁽¹⁾		159,941		462,042		703,861		3,081,627
Vesting fully within and on first anniversary of the grant date⁽²⁾		99,168		134,226		99,168		194,226
Vesting in thirds on each anniversary of the grant date⁽³⁾		5,821,114		—		5,821,114		8,818,935
Vesting in fourths on each anniversary of the grant date		—		—		—		176,302
Vesting three years from grant date		—		66,508		—		66,508
Vesting based on performance conditions		—		364,785		—		688,969
Total Units Granted		6,080,223		1,027,561		6,624,143		13,026,567

(1)

(2)

(3)

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		6,624,143
Forfeited		(19,842)
Exercised		(8,689,551)
Outstanding – June 30, 2026		46,236,898

Loss per Share - Anti-dilutive common equivalent shares (Details) - shares	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Loss per Share
Total anti-dilutive common equivalent shares	266,428,375	261,122,359
Employee Stock Option Member
Loss per Share
Total anti-dilutive common equivalent shares	28,332,199	27,923,325
Outstanding RSUs
Loss per Share
Total anti-dilutive common equivalent shares	46,236,898	37,072,442
Outstanding shares under ESPP
Loss per Share
Total anti-dilutive common equivalent shares	4,399	1,627
Outstanding warrants
Loss per Share
Total anti-dilutive common equivalent shares	55,850,282	60,113,552
Outstanding Special Shares and options to purchase Special Shares
Loss per Share
Total anti-dilutive common equivalent shares	136,004,597	136,011,413

Recent Accounting Pronouncements Not Yet Effective

6 Months Ended

Jun. 30, 2026

Recent Accounting Pronouncements Not Yet Effective

Recent Accounting Pronouncements Not Yet Effective

5.Recent Accounting Pronouncements Not Yet Effective

In November 2024, the Financial Accounting Standard Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement: Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to improve disclosures about the nature of expenses within line items on the statements of operations. The amendments in ASU 2024-03 are effective for annual reporting periods after December 15, 2026, and subsequent interim periods; however, early adoption is permitted. The amendments in this update should be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to software development project stages and clarifies the threshold for capitalization of internal-use software costs. The standard is effective for the Company for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Nature of Operations

6 Months Ended

Jun. 30, 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. Effective January 1, 2026, the Company amalgamated with its wholly-owned subsidiary DeepGreen Metals ULC, continuing as one company under the name “TMC the metals company Inc.” 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 exploration contracts 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 be transformed into nickel, cobalt and copper-bearing intermediate and individual high - purity refined metal 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 TMC USA-A 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 application review process under DSHMRA involves three stages: (i) a determination that the application is in compliance with applicable requirements; (ii) a 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 (EIS) 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. On May 28, 2026, NOAA certified TMC USA-B exploration license application and it is now in the environmental review stage. The consolidated application received substantial compliance on March 6, 2026 and full compliance on April 28, 2026, representing another step along the path of regulatory milestones.

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”).

On July 20, 2026, the Council of the ISA approved a five-year extension of NORI’s exploration contract to July 21, 2031, and TOML has applied for a five-year extension of its contract, which is due to expire on January 11, 2027. The ISA has an ongoing inquiry into the possible non-compliance of NORI and TOML with their respective exploration contracts, which NORI and TOML dispute and which is the subject of proceedings before the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea (Note 17).

The realization of the Company’s assets and attainment of profitable operations are 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		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash used in operating activities
Loss for the period			$ (80,722)	$ (94,929)
Items not affecting cash:
Nauru warrant cost		$ 33,079		33,079
Amortization			78	116
Accrued interest on credit facilities				128
Lease expense	$ 500	500	954	954	$ 1,907
Allseas obligation settled with equity			35,308
Charge on Allseas settlement	7,868		7,868
Share-based compensation and expenses settled with equity			40,777	19,300
Equity-accounted investment (income) loss	1,525	(89)	4,523	(54)
Gain on dilution of investment	(18,469)		(23,071)
Change in fair value of warrants liability	(2,162)	16,229	(12,824)	16,670
Unrealized foreign exchange movement			(890)	4,687
Interest paid on amounts drawn from credit facilities and short-term debt				(693)
Changes in working capital:
Receivables and prepayments			296	332
Accounts payable and accrued liabilities			6,988	401
Net cash used in operating activities			(20,715)	(20,009)
Investing activities
Investment in Investee			(1,000)
Acquisition of equipment and software			(68)	(120)
Proceeds from Investee			152	346
Net cash (used in) generated from investing activities			(916)	226
Financing activities
Proceeds from Korea Zinc Private Placement				85,165
Proceeds from Registered Direct Offerings				35,010
Expenses paid for Registered Direct Offerings				(492)
Proceeds from shares issued from ATM				14,784
Repayment of drawn amount on credit facilities				(1,797)
Repayment of Allseas Working Capital Loan				(7,500)
Proceeds from exercise of stock options			2,719	462
Proceeds from Employee Share Purchase Plan			56	10
Net cash provided by financing activities			2,775	132,069
(Decrease) increase in cash			(18,856)	112,286
Impact of exchange rate changes on cash			(122)	(7)
Cash - beginning of period			117,633	3,480	3,480
Cash - end of period	$ 98,655	$ 115,759	$ 98,655	115,759	$ 117,633
Class A Warrants
Financing activities
Proceeds from exercise				3,777
Class B Warrants
Financing activities
Proceeds from exercise				$ 2,650

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Condensed Consolidated Balance Sheets
Common shares, par value	$ 0	$ 0
Common shares, issued	433,726,201	422,966,333

Strategic Alliance with Allseas and Affiliates (Tables)

6 Months Ended

Jun. 30, 2026

Strategic Alliance with Allseas 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			(954)
Balance as at June 30, 2026		$	953

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

Warrants

6 Months Ended

Jun. 30, 2026

Warrants

Warrants

12.Warrants

Public Warrants

As at June 30, 2026, 15,000,000 common share warrants issued by the Company as part of the units offered in its initial public offering (“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 June 30, 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 June 30, 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 June 30, 2026, the fair value of outstanding Private Warrants of approximately $0.5 million is recorded as warrants liability. The following table presents the changes in the fair value of warrants liability:


		Private
		Warrants
Warrant liability as at December 31, 2025		$	13,351
Decrease in fair value of warrants liability			(12,824)
Warrant liability as at June 30, 2026		$	527

As at June 30, 2026, the fair value of the Private Warrants was estimated using the following assumptions:


		June 30,			December 31,
		2026			2025
Exercise price		$	11.50		$	11.50
Share price		$	4.43		$	6.17
Volatility			120.68	%		124.72	%
Term			0.19	years		0.69	years
Risk-free rate			3.74	%		3.49	%
Dividend yield			0.0	%		0.0	%

Class A Warrants

As at June 30, 2026, 4,317,500 Class A warrants issued as part of a registered direct offering in 2023 (“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 and six months ended June 30, 2026, there were no exercises of Class A Warrants. As at June 30, 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 June 30, 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 and six months ended June 30, 2026, there had been no exercises of Class B warrants. As at June 30, 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 June 30, 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 and six months ended June 30, there had been no exercises of Class C warrants. As at June 30, 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 June 30, 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 and six months ended June 30, 2026, there had been no exercises of the warrants issued to Korea Zinc and as at June 30, 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 Naoero, formerly known as Republic of Nauru (“Naoero” or “Nauru”)

As at June 30, 2026, 9,146,268 warrants issued to the Republic of Naoero (“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 and six months ended June 30, 2026, there has been no exercises of the Nauru Warrants. As at June 30, 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 June 30, 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 US for the conduct of deep seabed mineral activities; and

●

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

During the three and six months ended June 30, 2026, there were no exercises of the Tonga Warrants. As at June 30, 2026, the value of outstanding Tonga Warrants of $5 million was recorded in additional paid in capital (December 31, 2025: $5 million).

Basis of Presentation (Policies)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2026, and 2025.

Recent Accounting Pronouncements Not Yet Effective

- 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
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-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
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-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
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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
-SubTopic 10
-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
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-Paragraph 1
-Subparagraph (b)
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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

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common Shares 2025 Registered Direct Offering	Common Shares 2024 Registered Direct Offering	Common Shares Class A Warrants	Common Shares Class B Warrants	Common Shares	Additional Paid in Capital 2025 Registered Direct Offering	Additional Paid in Capital 2024 Registered Direct Offering	Additional Paid in Capital Class A Warrants	Additional Paid in Capital Class B Warrants	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Deficit	2025 Registered Direct Offering	2024 Registered Direct Offering	Class A Warrants	Class B Warrants	Total
Balance at Dec. 31, 2024					$ 477,217					$ 138,303	$ (1,203)	$ (631,435)					$ (17,118)
Balance (in shares) at Dec. 31, 2024					340,708,460
Issuance of shares and warrants to Korea Zinc, net of expenses					$ 71,686					13,432							85,118
Issuance of shares and warrants to Korea Zinc, net of expenses (in shares)					19,623,376
Exercise of stock options			$ 724	$ 6,451				$ 3,053	$ (3,801)						$ 3,777	$ 2,650
Exercise of stock options (in shares)			250,000	4,833,096
Issuance of shares and warrants under Registered Direct Offering, net of expenses	$ 17,640	$ 2,237				$ 12,087	$ 2,763						$ 29,727	$ 5,000
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)	9,000,000	5,000,000
Shares issued from ATM					$ 14,784												14,784
Shares issued from ATM (in shares)					7,542,996
Exercise of warrants					$ 1,453					(991)							462
Exercise of warrants (in shares)					712,124
Conversion of restricted share units, net of shares withheld for taxes					$ 14,042					(14,042)
Conversion of restricted share units, net of shares withheld for taxes (in shares)					9,472,733
Share purchase under Employee Share Purchase Plan					$ 12					(2)							$ 10
Share purchase under Employee Share Purchase Plan (in shares)					12,533												12,533
Nauru Warrant Cost										33,079							$ 33,079
Share-based compensation and Expenses settled with equity										19,300							19,300
Loss for the period												(94,929)					(94,929)
Balance at Jun. 30, 2025					$ 606,246					203,181	(1,203)	(726,364)					81,860
Balance (in shares) at Jun. 30, 2025					397,155,318
Balance at Dec. 31, 2024					$ 477,217					138,303	(1,203)	(631,435)					(17,118)
Balance (in shares) at Dec. 31, 2024					340,708,460
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
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
Issuance of shares and warrants to Korea Zinc, net of expenses					$ 71,686					13,432							85,118
Issuance of shares and warrants to Korea Zinc, net of expenses (in shares)					19,623,376
Exercise of stock options					$ 1,453					(991)							462
Exercise of stock options (in shares)					712,124
Issuance of shares and warrants under Registered Direct Offering, net of expenses					$ 17,640					12,087							29,727
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)					9,000,000
Shares issued from ATM					$ 9,222												9,222
Shares issued from ATM (in shares)					4,567,770
Exercise of warrants			$ 724	$ 6,451				$ 3,053	$ (3,801)						$ 3,777	$ 2,650
Exercise of warrants (in shares)			250,000	4,833,096
Conversion of restricted share units, net of shares withheld for taxes					$ 3,254					(3,254)
Conversion of restricted share units, net of shares withheld for taxes (in shares)					1,539,397
Share purchase under Employee Share Purchase Plan					$ 12					(2)							$ 10
Share purchase under Employee Share Purchase Plan (in shares)					12,533												12,533
Nauru Warrant Cost										33,079							$ 33,079
Share-based compensation and Expenses settled with equity										8,922							8,922
Loss for the period												(74,341)					(74,341)
Balance at Jun. 30, 2025					$ 606,246					203,181	(1,203)	(726,364)					81,860
Balance (in shares) at Jun. 30, 2025					397,155,318
Balance at Dec. 31, 2025					$ 681,343					237,696	(1,203)	(951,279)					(33,443)
Balance (in shares) at Dec. 31, 2025					422,966,333
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
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					$ 15,688					(15,688)
Conversion of restricted share units, net of shares withheld for taxes (in shares)					8,689,551
Share purchase under Employee Share Purchase Plan					$ 82					(26)							$ 56
Share purchase under Employee Share Purchase Plan (in shares)					25,191												25,191
Nauru Warrant Cost										43,176							$ 43,176
Share-based compensation and Expenses settled with equity										40,777							40,777
Loss for the period												(80,722)					(80,722)
Balance at Jun. 30, 2026					$ 707,361					298,406	(1,203)	(1,032,001)					(27,437)
Balance (in shares) at Jun. 30, 2026					433,726,201
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
Conversion of restricted share units, net of shares withheld for taxes					$ 1,992					(1,992)
Conversion of restricted share units, net of shares withheld for taxes (in shares)					512,823
Share purchase under Employee Share Purchase Plan					$ 82					(26)							$ 56
Share purchase under Employee Share Purchase Plan (in shares)					25,191												25,191
Allseas obligation settled with equity										43,176							$ 43,176
Share-based compensation and Expenses settled with equity										16,802							16,802
Loss for the period												(60,123)					(60,123)
Balance at Jun. 30, 2026					$ 707,361					$ 298,406	$ (1,203)	$ (1,032,001)					$ (27,437)
Balance (in shares) at Jun. 30, 2026					433,726,201

Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Warrants

Schedule of changes in the fair value of warrant liabilities


		Private
		Warrants
Warrant liability as at December 31, 2025		$	13,351
Decrease in fair value of warrants liability			(12,824)
Warrant liability as at June 30, 2026		$	527

Schedule of fair value measurement input


		June 30,			December 31,
		2026			2025
Exercise price		$	11.50		$	11.50
Share price		$	4.43		$	6.17
Volatility			120.68	%		124.72	%
Term			0.19	years		0.69	years
Risk-free rate			3.74	%		3.49	%
Dividend yield			0.0	%		0.0	%

Share-Based Compensation - Summarizing the movements in stock options (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 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

- Definition

Number of share options (or share units) exercised during the current period.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
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-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
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-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Financial Instruments

6 Months Ended

Jun. 30, 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		June 30,			December 31,
Categories of Financial Instruments		Hierarchy		2026			2025
Financial assets
Amortized cost
Cash		—		$	98,655		$	117,633
Commodity taxes and other receivables		—			638			664
				$	99,293		$	118,297
Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)		—		$	52,096		$	46,048
Fair value through profit or loss
Royalty liability (Note 8)		Level 3			145,000			145,000
Warrant liability (Note 12)		Level 3			527			13,351
				$	197,623		$	204,399