TMC Announces Fourth Quarter and Full Year 2025 Results

Company Secures Exclusivity on Lease Option for Nodule Processing and Refining Hub in Brownsville, Texas

Mar. 27, 2026 at 1:21pm

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TMC the metals company Inc. (Nasdaq: TMC) announced its fourth quarter and full year 2025 financial results, including $117.6 million in total cash at the end of the year. The company highlighted its exclusive negotiations with the Port of Brownsville for a 1,466-acre site to develop an integrated nodule processing and refining facility, as well as a new strategic partnership with Mariana Minerals to support the feasibility study and planning for the potential Brownsville facility.

Why it matters

TMC's progress in securing a potential domestic processing and refining hub in Brownsville is a key step in the company's strategy to develop a full supply chain for critical metals from seafloor polymetallic nodules. This would help establish an American nodule industry and reduce reliance on foreign sources of these essential materials.

The details

TMC currently holds an exclusive right to negotiate a 50-year lease for 1,466 acres of land at the Port of Brownsville, with the ultimate decision conditional on U.S. government support. The company has developed a preliminary master plan and is conducting a prefeasibility study for a 12 Mtpa nodule processing and refining facility at the site. TMC has also partnered with Mariana Minerals, a software-driven mineral developer, to support the feasibility studies and planning for the Brownsville facility.

  • TMC signed a Strategic Partnership Agreement with Mariana Minerals on March 19, 2026.
  • The Metals Royalty Co. (TMCR) is expected to begin public trading on the Nasdaq in April 2026.

The players

TMC the metals company Inc.

A leading developer of the world's largest resource of critical metals essential to energy, defense, manufacturing and infrastructure.

Port of Brownsville

The port authority that TMC is negotiating an exclusive lease option with for land to develop a nodule processing and refining facility.

Mariana Minerals

A software-first mineral developer that has partnered with TMC to support the feasibility studies and planning for the potential Brownsville facility.

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What they’re saying

“In my time leading TMC, I've never felt better about our pathway to production because of our financial, strategic, and permitting position.”

— Gerard Barron, Chairman & CEO

“Mariana brings a software-driven, AI-enabled approach to project development and metallurgical processing -- reflecting the more tech-driven, capital-efficient model we believe is required to reindustrialize processing capacity in the United States.”

— Gerard Barron, Chairman & CEO

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

TMC's progress in securing a potential domestic nodule processing and refining hub in Brownsville, Texas, in partnership with Mariana Minerals, represents a key milestone in the company's strategy to develop a full critical metals supply chain from seafloor polymetallic nodules. This could help establish an American nodule industry and reduce reliance on foreign sources of these essential materials.