Focus on accelerated execution in 2026

The Metals Company (TMC) reported FY25 results on 27 March. End-March 2026 liquidity is expected to be c $154m, and TMC believes cash on hand is sufficient for at least the next 12 months. FY25 was transformative, and TMC sees FY26 as a year of accelerated execution. Expected milestones include its full compliance, certification and commercial recovery permit granted within 12 months, the delivery of its environmental impact statement (EIS) and a definitive agreement with Allseas. Management is confident about its pathway to production, targeting Q427.