Q126: Healthy liquidity, more milestones ahead

The Metals Company (TMC) reported Q126 results on 14 May, ending the quarter with net liquidity of c $164m, slightly better than the $154m the company expected at FY25 due to c $9m of tax-related timing differences, which are expected to reverse. The company continues to see cash on hand of $119.7m plus $44m of undrawn credit facilities as more than sufficient for the 12 months from 14 May. TMC has achieved major milestones so far this year such as a production agreement with Allseas and the determination by NOAA that TMC’s subsidiary TMC USA’s consolidated deep-seabed mining application is in full compliance. TMC reiterated its confidence in achieving system commissioning in Q427 and its $23.6bn post-tax NPV valuation.