Q2 2026 TMC the metals company Inc. Earnings Call Transcript
Key Points
- TMC The Metals Co Inc (TMC) is advancing its U.S. permitting process, with NOAA expected to publish its USA-A application in the Federal Register and issue a notice of intent for USA-B's environmental impact statement imminently.
- The company has secured a development and operating agreement with Allseas, which is funding a significant portion of preproduction costs and moving the first commercial collection system into procurement, with fabrication slated for Q4 2026.
- TMC The Metals Co Inc (TMC) is building a robust American supply chain through partnerships with innovative firms like Mariana Minerals and Eco Minerals, enhancing capabilities in processing, refining, and offshore services.
- The company's resource base is substantial, with a combined estimated NPV of $23.6 billion from its PFS and initial assessment, indicating significant long-term value potential.
- TMC The Metals Co Inc (TMC) is receiving strong support from the U.S. administration, including participation in a White House roundtable on critical minerals and ongoing discussions with multiple agencies for potential funding.
- TMC The Metals Co Inc (TMC) faces delays in NOAA permitting, with certification for USA-A now expected in October 2026, pushing back the timeline for a permanent grant beyond Q1 2027.
- The company's stock has lagged this year, reflecting market undervaluation and investor concerns, despite the resource's potential.
- TMC The Metals Co Inc (TMC) reported a net loss of $60.1 million in Q2 2026, with increased exploration and evaluation expenses, including $37.5 million in charges owed to Allseas.
- The ISA has made only incremental progress on its mining code, with no target date for completion, creating regulatory uncertainty for international operations.
- The company's liquidity stands at $143 million, but it is not pursuing capital market transactions until further updates on government funding, which may limit financial flexibility.
Good afternoon, everyone, and thank you for participating in the Metals Company's Second-Quarter 2026 Corporate Update Conference Call. Joining us today are the Metals Company's Chairman and Chief Executive Officer, Gerard Barron; and Chief Financial Officer, Craig Shesky. Following their remarks, we will open the call for your questions.
Before we go further, I would like to turn the call over to the CFO, Craig Shesky, as he reads the company's safe harbor statement within the meeting of the Private Securities Litigation Reform Act of 1,995, which provides important cautions regarding forward-looking statements and information about the use of non-GAAP measures.
Craig, please go ahead.
Thanks, Olivia. To date, we are going to be going through a call where certain statements may be made by the company using forward-looking assumptions and based on management's beliefs and assumptions using information available at this time.
These statements are due to known and
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