Why TMC the metals company (TMC) Is Tying Its Deep-Sea Minerals Push to a U.S. Processing Hub

TMC the metals company Inc. (NASDAQ:TMC) is one of the worst-performing commodity stocks so far in 2026.

On March 27, TMC reported fourth-quarter and full-year 2025 results while outlining a broader U.S.-based buildout strategy for its deep-sea minerals business. The company said it had entered exclusive negotiations with the Port of Brownsville in Texas covering 1,466 acres for a potential nodule processing and refining hub, with a preliminary master plan already developed for a 12 million-tonne-per-annum facility and a prefeasibility study underway. TMC said the project remains conditional on U.S. government support and that it is still evaluating a capital-light tolling option in Japan.

Financially, TMC ended 2025 with about $117.6 million in cash, but its annual net loss widened sharply to about $319.8 million from $81.9 million in 2024. The company said the increase was driven in part by a $131 million rise in NORI’s royalty liability after updated economic studies, along with a $38 million non-recurring warrant-related charge. Management said 2025 marked a shift toward a clearer U.S. permitting route, and pointed to NOAA’s March 9 substantial-compliance determination as an important step in the regulatory process.

TMC the metals company Inc. (NASDAQ:TMC) is a deep-sea minerals company focused on developing polymetallic nodule resources in the Clarion Clipperton Zone of the Pacific Ocean.

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