Aug 13, 2026 earnings call — U.S. permitting and Allseas system progress
TMC and Allseas moved the first commercial collection system into procurement, targeting a production capacity of 3 million wet tons of nodules per year.
Revenue $0.0B (est $0.0B) · EPS $-0.14 (est $-0.06)
Key quotes
"NOAA has advised that certification is now expected in October 2026, citing a delay caused due to administrative issues rather than any issue with our application."
"The initial operating configuration is designed for a production capacity of 3 million wet tons of nodules per year and will include two collector vehicles and their launch and recovery systems, the riser system, the Hidden Gem production vessel, and a transfer vessel."
"Pre-feasibility level engineering for a potential 12-million tonne per annum industry park is nearing completion, and feasibility level engineering for the first smelting stage is underway with Mariana Minerals' leadership."
Analyst Q&A 3
Brownsville work costs and royalty buyback
Q (Heiko Ihle · H.C. Wainwright): He wanted details on the Mariana Master Services Agreement: what work has happened, the spending timeline, and what to model. He also asked why TMC might buy back part of The Metals Royalty Company royalty beyond pure finance.
A: They said Mariana has worked on the file for about a year and has been investing so far, bringing expertise and planning to run a pilot and help with permitting and construction. Management would not give quarter-by-quarter specifics but said the initial cost is expected to be modest — "mid-single digit millions" over multiple quarters — and they will keep the market updated. On the royalty, they said the buyback will happen naturally as royalties are paid and that TMC envisaged buying back the component it could while remaining a large supporter and shareholder.
"We cannot provide any sort of quarter by quarter metric or even get into the specifics, but we are talking about relatively modest initial cost in mid-single digit millions over the course of multiple quarters." — Craig Shesky (CFO)
Joint CCZ campaign and government support
Q (Dmitry Silversteyn · Water Tower): He asked whether the planned joint campaign in the CCZ would be on TMC ground or Eco Minerals ground. He also asked what government support might cover and whether it aims just at initial production or a larger U.S. processing hub.
A: They said the campaign would cover both companies' areas and that TMC needs more survey work to raise its reserve numbers. Management said the U.S. administration wants a leadership role on deep-sea minerals and that TMC is in talks with agencies about bringing nodules to the USA for processing; they also noted that processing 3 million tons per year (the Hidden Gem target) would be meaningful for U.S. nickel and cobalt supply and that the resource offers scalability.
"We are continuing discussions with several of those agencies about helping us with that ability to bring nodules to the USA for processing." — Gerard Barron (CEO·CHAIR)
China activity and Allseas partnership details
Q (Tate Sullivan · Maxim Group): He asked if there were any recent Chinese announcements or activity on offshore mining. He also asked whether Allseas is exclusive to TMC, how vessel costs are being accrued, and where the vessel will be built.
A: They said they would not cite specific reports on the call but have seen press showing active Chinese survey vessels and contractors in the area. On Allseas, they said the agreement is exclusive unless TMC declines another system, in which case Allseas could offer it elsewhere; regarding costs, they have been accruing charges, about half of the amount reported as of June 30 is payable upon commercial production, and there will be more pre-production amounts to pay though Allseas will fund a large portion. The vessel build location has not been disclosed.
"A lot of what we reported as of June 30, approximately half of the total amount at that time owed to Allseas is payable then upon commercial production beginning." — Craig Shesky (CFO)