The Metals Company (TMC)
Develops systems to collect and process polymetallic nodules from the deep seabed.
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Explores polymetallic nodules in the Clarion-Clipperton Zone through NORI and TOML. The pre-revenue business depends on permits and on scaling collection and processing systems into saleable products.
Explores polymetallic nodules in the Clarion-Clipperton Zone, an area of the Pacific Ocean where its NORI and TOML subsidiaries hold exploration rights. The company is developing the collection and processing systems needed to turn nodules into saleable metals, but has not yet generated revenue.
Its present business is development rather than production. TMC USA has applied to NOAA for U.S. exploration licenses and a commercial-recovery permit; ISA contracts remain relevant until a U.S. authorization is granted. Commercial operations depend on permitting or an exploitation contract, environmental conditions, financing, metal prices, and successful scale-up of collection and processing.
Company facts
Target rangeAs of Sep 2, 2026
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 27, 2026 | Stifel Nicolaus | Target | $10 | |||
| Jun 4, 2026 | Maxim Group | Target | $10 | |||
| Jan 23, 2026 | National Bank | Target | $11.75 | |||
| Jan 23, 2026 | Industrial Alliance Securities | Target | $6.25 | $12.25 | ||
| Jun 25, 2025 | Wedbush | Upgrade | Neutral | Outperform | $11 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $98.7M · Total debt $0 · Total assets $180.9M · Shareholders' equity −$27.4M
- Revenue
- $0
- Operating income
- −$71.7M
- Net income
- −$60.1M
No dividends on record.
| Institutions229 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | ≈ 13.37% | 58.99M shares | |
| Insiders12 holders · as of Jun 2, 2026 | 5.85% | 25.82M shares | |
| Strategic holders1 holder · as of Jul 7, 2026 | 14.15% | 62.42M shares | |
| Otherremainder | ≈ 66.63% | 293.91M shares |
441.14M company shares as of Sep 3, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Evidence |
|---|---|---|---|
Allseas Group S.A.Strategic10 percent owner | 14.15% | 62.42M | Form 4filed Jul 7, 2026 ↗ |
Korea Zinc Company, Ltd.Institution | 6.01% | 26.49M | 13Gfiled Jul 2, 2025 ↗ |
First Manhattan Co. LLC.Institution | 3.47% | 15.32M | 13Fas of Jun 30, 2026 |
Michael Bernard Hess1Insiderdirector | 1.75% | 7.74M | Form 4filed Sep 4, 2025 ↗ |
Erika ILVESInsiderofficer: Chief Strategy Officer | 1.18% | 5.21M | Form 4filed Apr 15, 2026 ↗ |
| See all 25 → | |||
- Michael Bernard Hess reports a block also reported by Citadel Advisors LLC; it is counted once, under Citadel Advisors LLC.
13F — a manager's quarterly holdings · 13D/13G — an ownership statement filed at 5% or more · Form 4 — an insider's transaction report
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 1, 2026 | Allseas Group S.A. | 10 percent owner | +7,305,567 | $4.66 |
| Jun 2, 2026 | Brendan May | director | −20,768 | $6.42 |
| Mar 26, 2026 | Craig Shesky | officer: Chief Financial Officer | −215,492 | $4.53 |
| Mar 25, 2026 | Craig Shesky | officer: Chief Financial Officer | −78,186 | $4.58 |
| Mar 24, 2026 | Craig Shesky | officer: Chief Financial Officer | −51,941 | $4.74 |
- Goldman Sachs ActiveBeta Emerging Markets Equity ETF
Norwegian listed developer of marine-mineral licenses and systems
- Odyssey Marine Exploration
Public ocean-minerals developer with Cook Islands nodule projects
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| The Metals Company | $4.65 | +1.46% | $1.99B | — | — | — | — |
| Goldman Sachs ActiveBeta Emerging Markets Equity ETF | $51.11 | −0.41% | $1.74B | — | — | — | — |
| Odyssey Marine Exploration | $0.8210 | −3.91% | $49.7M | — | — | 269.8 | −42.3% |
| Median | — | — | 269.8 | −42.3% |