The Metals Company reports enough funds to get through pioneering permitting process as it posts another quarter of expected losses
TMC has access to $2million in cash, $41.5 million in credit, and a $37 million investment as it tries to stay afloat through a first-of-its-kind licensing process with an understaffed regulator.
The Metals Company, TMC, has advised that it is liquid enough to meet obligations throughout the deep sea mining commercial licensing process.
The public company, listed on Nasdaq, released its Q1 finances yesterday prior to a corporate call, covered by Deep Blue League here and here.
The company has $2.3 million in cash, and access to a credit facility of up to $41.5 million. The credit facility is listed as ERAS/Barron, with ERAS understood to be referring to the family office of Director and largest individual shareholder Andrei Karkei, while Barron refers to the CEO and chairman.
The company also announced an investment of $37 million through highly regarded investment managers Michael Hess and Brian Paeas-Braga.
Q1 results
TMC used $9.3 million cash in operations for the quarter ended in March and posted a net loss of $20.6 million or $-0.06 per share. This is $4.6 million less than it lost in the same quarter last year but more than the $16 million net loss TMC posted in the last quarter of 2025.
For the first three months of this year, the company spent half as much as it did on exploration and evaluation expenses over the same quarter last year, but spent more on administrative expenses.
TMC assured that with its cash on hand and access to credit, it should have enough to get through the uncertain permitting process.
Its application is the first of its kind in the world and the National Oceanic and Atmospheric Administration is handling the matter with recent staff cuts by the Donald Trump administration, which also tasked the agency with expediting such licences.
The company submitted its licence application to deep sea mine 25, 000 square kilometres of the CCZ seabed for polymetallic nodules at end of April and is awaiting word on whether the application is appropriate or more information is needed.
TMC told investors at its conference call that the process has been flexible and supportive and that there has been open communication.
Read:
Deep Blue League's first two reports on The Metals Company's:
- The Metals Company fully abandons plan for deep sea mining licence at International Seabed Authority
- TMC promises to release pre-feasibility study in third quarter of 2025
TMC's Q1 presentation to investors
For editorial comments or questions: [email protected]