TMC's US seabed-mining permit decision slips to December as quarterly loss hits $28.4m
The US regulator now plans to rule around mid-December on the company's USA-A application, while TMC says it is talking to government agencies about funding a Brownsville processing plant.
TMC the metals company has been told to wait roughly six more weeks for a US decision on its deep-seabed mining application. The National Oceanic and Atmospheric Administration (NOAA) now expects to issue its final certification determination on the TMC USA-A application around the middle of December, rather than by the end of October.
In a letter dated 3 November, NOAA said the later date reflects the work of going through more than 1,600 public comments. TMC's summary of the letter says it did not point to any shortcoming in the application itself.
The update came alongside third-quarter results. TMC lost $28.4 million in the three months to 30 September 2026 and reported about $123 million in liquidity at the end of that period. That is a little over four times the quarter's loss, though the company has not framed it as a funding runway.
TMC also said it is in talks with US agencies about financing for a processing plant in Brownsville. It does not intend to carry out any other capital market transactions until those discussions are finished. No financing terms or amounts for the plant were disclosed.
Why it matters
- Context: this is a deep-seabed mining story rather than a pharma one, and it bears on pharma mainly for readers tracking US permitting of resource and industrial projects.
- The NOAA decision window has moved from end-October to mid-December; the stated cause is the volume of public comments, not an application deficiency, per TMC.
- Any financing for the Brownsville plant depends on ongoing talks with US agencies, and TMC says it will hold off on other capital market deals until they conclude.
Company's press release (SEC filing): TMC the metals Co Inc. ↗
Written by CompePharma's editorial system from the company's filing; claims are the company's. AI-assisted; check the source before acting. Not investment advice.
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