TMC the metals company Inc (TMC) News & EventsTMCNews & EventsTMC the metals company Inc

Metals Royalty Company Announces $140M Convertible Notes Financing Package

The Metals Royalty Company announced a financing package comprised of a $140M offering of convertible secured notes and a $25M senior secured term loan facility. The proceeds of the Notes and the Loan Facility will be used: to fund the closing of the Company's previously announced acquisition of an additional 1.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor in the Mesabi Metallics iron ore project in Nashwauk, Minnesota, from Ironclad Royalties to repay in full the Company's existing senior term loan facility and for general corporate purposes. Closing of the Notes, the Loan Facility and the acquisition of the Additional Mesabi Royalty is expected to occur concurrently on or about August 24. The Company has entered into subscription agreements with certain institutional and accredited investors for the purchase and sale of $140M aggregate principal amount of the Notes in a private placement. The closing of the Notes offering and the funding of the Loan Facility are subject to customary closing conditions, including the concurrent closing of the acquisition of the Additional Mesabi Royalty. In addition, the Company has entered into a term sheet with Ironclad to amend the purchase agreement for the Additional Mesabi Royalty to increase the share consideration to an aggregate value of $27.5M, in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended and make a corresponding reduction in the cash consideration.

TMC Submits Exploration License Application for Deep Seabed Resources

TMC, the metals company, announced that the National Oceanic and Atmospheric Administration published in the Federal Register the consolidated application submitted by the Company's subsidiary, The Metals Company USA, for an exploration license and commercial recovery permit for TMC USA-A under the Deep Seabed Hard Mineral Resources Act and its implementing regulations. Publication of the consolidated application in the Federal Register follows the determination of full compliance by NOAA on April 28, 2026, and provides public notice of TMC USA's submission. NOAA's review will continue under DSHMRA and its implementing regulations and is now expected to proceed through remaining steps, including: Certifying the application; Conducting the required environmental review and providing a draft Environmental Impact Statement for public comment; Making a final determination on whether to issue the exploration license and commercial recovery permit and associated. Gerard Barron, CEO, said: "Publication of our consolidated application in the Federal Register is an important milestone on the permitting path under DSHMRA as it starts the clock on the public comment period that NOAA views as a prerequisite to certification. Every step toward a final regulatory decision brings us closer to potential commercial production and to a future in which the United States has greater mineral sovereignty in several critical minerals. Our confidence in the permitting process remains high and we continue to advance our first project toward commercial production in parallel with NOAA's permitting process."

TMC CEO Comments on Progress of Permit Applications

Gerard Barron, Chairman & CEO of TMC, commented: "The regulatory picture is becoming clearer as our applications continue to progress through NOAA's review process. There has been a delay of a few months in the USA-A consolidated application certification process, but we remain confident that the permit will arrive well in advance of offshore vessel commissioning by the end of 2027, which we believe remains the critical path for production start. The rigor of NOAA's review is ultimately helpful for the permit's legal defensibility in the coming decades."