TMC the metals Co Inc.: insider trades · United States · SEC (Form 4)

About TMC the metals Co Inc.

TMC the metals company Inc. is a United States-based issuer listed on the NASDAQ market (ticker: TMC; the warrant line TMCWW is also tracked by some investors). The company is developing a highly specialized business model centered on polymetallic nodules from the deep seafloor, primarily in the Clarion-Clipperton Zone in the Pacific. Its investment case is built around the idea of turning an offshore critical-minerals resource into an onshore supply chain for nickel, cobalt, copper and manganese, materials that are strategically relevant for batteries, electrification, heavy industry and defense applications. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1798562/000110465926061202/tm2614595d1_ex99-1.htm?utm_source=openai)) In its current corporate form, TMC emerged from a series of restructurings and a business combination completed in 2021. The company has positioned itself as a future integrated deep-sea minerals developer rather than a conventional mining company: it intends to collect nodules at sea, transport them to shore, and process them into intermediate and refined products. In March 2026, TMC disclosed an exclusive right of negotiation with the Port of Brownsville, Texas, for a potential long-term lease or lease option for land intended to support a domestic nodule processing and refining ecosystem. That development strengthens the company’s U.S. industrial footprint and signals a possible downstream hub in the United States. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1798562/000110465926061357/tmc-20260331x10q.htm?utm_source=openai)) From an operating standpoint, TMC’s planned product slate initially includes nickel-, cobalt- and copper-bearing intermediate materials, plus a manganese silicate product with roughly 40% manganese content. Management has also highlighted possible future expansion into silicomanganese alloy, battery-grade sulfates and precursor cathode active materials, as well as recovery of rare earth elements contained in the nodules. This places TMC at the crossroads of battery materials, base metals and critical-mineral security, with a clear strategic narrative aimed at Western supply chains. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1798562/000110465926061357/tmc-20260331x10q.htm?utm_source=openai)) Competitive positioning is still precommercial. TMC does not yet generate operating revenue, and its long-term value proposition depends on proving that deep-sea collection and onshore processing can be executed at commercial scale, under acceptable environmental and regulatory conditions, and at a viable cost. The company’s core competitive advantages are therefore prospective rather than proven: a large estimated resource base, exposure to metals in demand, and early-mover status in a niche deep-sea mining segment. At the same time, the business carries substantial execution, permitting, funding and ESG risk. TMC has stated that it is pursuing a “capital-light” approach, reflecting the need to conserve capital while advancing regulatory and technical milestones. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1798562/000110465926061357/tmc-20260331x10q.htm?utm_source=openai)) Recent developments have been material. TMC reported first-quarter 2026 results and business updates, including a cash balance of $119.7 million at March 31, 2026. The company also highlighted new environmental dataset submissions to the International Seabed Authority’s DeepData platform, a January 2026 NOAA rule modernizing U.S. deep-seabed mining permitting, and a May 11, 2026 agreement with Allseas for the design, development, build, testing, commissioning and operation of an integrated offshore nodule collection and production system. These events suggest TMC is progressing from concept toward industrialization, but the company remains a development-stage issuer exposed to regulatory and financing dependency. ([sec.gov](https://www.sec.gov/Archives/edgar/data/1798562/000110465926061357/tmc-20260331x10q.htm?utm_source=openai))