Deep Sea Mining Metals Corporation (Nasdaq: TMC) reported on Friday Wider annual loss for 2025 as it develops plans for a polymetallic nodule processing center in the US and takes steps to strengthen its regulatory position.
TMC ended 2025 with $117.6 million in cash and a fourth-quarter net loss of $40.4 million, or $0.08 per share, compared with $16.1 million a year earlier, as higher stock-based compensation and administrative costs weighed on results.
For the full year, net loss widened to $319.8 million, reflecting a $131 million increase in NORI’s equity obligations (tied to future revenues from the Pacific deep sea mining project) and a $38 million one-time charge associated with revised sponsorship agreements.
“In my time leading TMC, I have never felt better about our path to production due to our financial, strategic and permitting position,” said CEO Gerard Baron, citing stronger political support in the United States, new partners and progress on feasibility work. He added that the company expects to maintain strong liquidity, as it is expected to reach about $154 million by the end of the first quarter of 2026.
Project economics
that Independent report Greenpeace International and Deep Sea Mining Canada’s Mining Watch Canada said TMC is unlikely to be profitable in the near term. Dr. Stephen Imerman, a consultant who specializes in assessing the environmental impacts of mining, said the company’s economic analysis was inconsistent with SEC guidance, which requires assessments to be based on mineral reserves alone — the only economically mineable portion of a resource.
“By contrast, the economic analysis in the metals company’s pre-feasibility study is based on 51 million metric tons of reserves plus an additional 113.1 million metric tons of resources,” Imerman said, adding that even when resources are included, the project fails to meet the technical, financial and regulatory limits expected from a reliable mining development.
TMC could not be reached at the time of publishing this article.
TMC is poised to consolidate the U.S. processing industry, securing exclusive negotiations for a 1,466-acre site in the Port of Brownsville, Texas, where it aims to develop a 12 million tons per year processing and refining facility. The project remains contingent on US government support while the company continues to evaluate a light toll option in Japan.
This strategy comes as the United States and its allies look to secure supply chains for critical minerals and reduce dependence on foreign processing, especially from China. Modern US-Japanese agreement Accelerating commercially viable deep-sea mining, coupled with updated NOAA regulations to streamline permitting, could support TMC’s path to production.
Full throttle
Operationally, TMC marked a major regulatory milestone this month after the National Oceanic and Atmospheric Administration (NOAA) deemed its uniform application for deep seabed mining to be substantially in compliance. This decision enhanced the company’s permit required to explore and extract minerals from the bottom of the Pacific Ocean.
This application expands the potential mining area of the Clarion-Clipperton District to approximately 65,000 square kilometres, with an estimated 619 million tons of wet nodules and an additional upside.
TMC is also collaborating with Mariana Minerals, a developer and operator of software-based minerals projects, to enhance feasibility work and integrate AI-driven process controls for its proposed facility in Texas. The company said this move reflects a push towards developing more capital-efficient and technology-enabled projects.
Looking ahead, TMC expects its newly formed unit, The Metals Royalty Co., to begin trading next month under the symbol TMCR, with TMC retaining a roughly 25% stake and options to buy back a significant portion of the associated royalties over time.
