0001628280-26-073463 | 10-Q | XBRL Viewer

Warrants (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Changes in Fair Value of Warrant Liability


	Royalty liability
Royalty liability as at December 31, 2025	$	145,000
Decrease in fair value of Royalty liability	(5,000)
Royalty liability as at September 30, 2026	$	140,000

The following table presents the changes in the fair value of warrant liability:


	Private Warrants
Warrant liability as at December 31, 2025	$	13,351
Decrease in fair value of warrant liability	(13,351)
Warrant liability as at September 30, 2026	$	—

Share-Based Compensation - Schedule of RSU Activity (Details) - Restricted Stock Units ("RSUs") - shares		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Number of RSUs Outstanding
Beginning balance (in shares)				48,322,148	34,312,655	34,312,655
Units Granted (in shares)	11,915,676	216,073	21,214,317	6,858,920	34,240,884	35,381,992
Forfeited (in shares)				(168,015)		(1,076,371)
Exercised (in shares)				(8,949,307)		(20,296,128)
Ending balance (in shares)		46,063,746		46,063,746		48,322,148

Nature of Operations (Details)	Sep. 30, 2026 USD ($) application plaintiff	Jul. 20, 2026	Jan. 31, 2026 km²	Apr. 28, 2025 km²
Oil and Gas, Cost Incurred, Property Acquisition, Exploration, and Development [Line Items]
Number of applications pending \| application	2
Area of land for exploration and commercial recovery (in square km)				65,000
Area of land for exploration license (in square km)				122,000
Area of land for commercial recovery (in square km)			65,000	25,000
Loss contingency, damages sought, value \| $	$ 0
National Oceanic and Atmospheric Administration
Oil and Gas, Cost Incurred, Property Acquisition, Exploration, and Development [Line Items]
Number of non-governmental organizations filed \| plaintiff	2
NORI \| NORI Exploration Contract
Oil and Gas, Cost Incurred, Property Acquisition, Exploration, and Development [Line Items]
Contract extension period		5 years
TOML \| TOML Exploration Contract
Oil and Gas, Cost Incurred, Property Acquisition, Exploration, and Development [Line Items]
Contract extension period		5 years

Segmented Information (Details) $ in Thousands	9 Months Ended
Segmented Information (Details) $ in Thousands	Sep. 30, 2026 USD ($) segment	Dec. 31, 2025 USD ($)
Segment Reporting [Line Items]
Number of operating segment \| segment	1
Number of reportable segment \| segment	1
Equipment	$ 402	$ 519
Software	2,347	2,125
Reportable Segment
Segment Reporting [Line Items]
Equipment	402	519
Software	2,347	2,125
Naoero \| Reportable Segment
Segment Reporting [Line Items]
Equipment	402	519
Singapore \| Reportable Segment
Segment Reporting [Line Items]
Software	$ 2,347	$ 2,125

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Warrants - Class A, Class B, Class C, Korea Zinc, Naoero and Tonga Warrants (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Class A Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	4,317,500	4,317,500	4,317,500
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 2.00	$ 2.00
Warrants exercised (in shares)	0	0
Value of outstanding warrants	$ 3,600	$ 3,600	$ 3,600
Class B Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	15,000	15,000	15,000
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 2.00	$ 2.00
Warrants exercised (in shares)	0	0
Value of outstanding warrants	$ 9	$ 9	$ 9
Class C Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	10,003,333	10,003,333	10,003,333
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 4.50	$ 4.50
Warrants exercised (in shares)	0	0
Value of outstanding warrants	$ 10,200	$ 10,200	$ 10,200
Korea Zinc Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	6,868,181	6,868,181	6,868,181
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 7.00	$ 7.00
Warrants exercised (in shares)	0	0
Value of outstanding warrants	$ 11,500	$ 11,500	$ 11,500
Naoero Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	9,146,268	9,146,268	9,146,268
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 4.72	$ 4.72
Warrants exercised (in shares)		0
Value of outstanding warrants	$ 33,100	$ 33,100	$ 33,100
Tonga Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	1,000,000	1,000,000	1,000,000
Number of shares issuable per warrant	1	1
Exercise price of warrants (in dollars per share)	$ 5.87	$ 5.87
Warrants exercised (in shares)		0
Value of outstanding warrants	$ 5,000	$ 5,000	$ 5,000

Strategic Alliance with Allseas and Affiliates

9 Months Ended

Sep. 30, 2026

Strategic Alliance With Allseas And Affiliates [Abstract]

Strategic Alliance with Allseas and Affiliates

On May 11, 2026, the Company and Allseas Deepsea Marine Contractors (“Allseas Deepsea”), a wholly-owned subsidiary of Allseas Group S.A. (“Allseas”), entered into a Contract for Development Work and Commercial Production (the “Allseas Agreement”) to complete the development of, and operate, the commercial nodule collection system (the “Hidden Gem System”) for the Company’s planned offshore polymetallic nodule operations. The Allseas Agreement supersedes the strategic alliance agreement entered into between the Company and Allseas on March 29, 2019 and the non-binding term sheet entered into between NORI and Allseas on March 16, 2022.

Under the Allseas Agreement, 50% of the engineering, project management and vessel use costs (including lay-up costs) incurred by Allseas before March 30, 2026, and 50% of additional negotiated costs, are settled through the issuance of the Company’s common shares, with the remaining 50% repayable through a production-based repayment mechanism (the “Deferred Amounts”). The Company accounted for the share-settled portion as a forward contract, with the number of shares determined using a 10% discount to the 20-trading-day volume-weighted average price ending on March 30, 2026. On execution of the Allseas Agreement, the Company remeasured the share-settled obligation, resulting in a $7.9 million charge recorded as Charge on Allseas settlement in the second quarter of 2026. In the second quarter of 2026, the Company recognized Deferred Amounts of $33.8 million as a liability, with corresponding expenses of $32.8 million for costs incurred through March 30, 2026 and $1.9 million of additional negotiated initial costs recorded as an expense in mining, technological and process development within exploration and evaluation expenses (Note 9), net of foreign exchange revaluation adjustments. The Deferred Amounts are repayable whether or not commercial production commences and become payable on expiration or termination of the Allseas Agreement. On July 2, 2026, the Company issued 7,305,567 common shares to Allseas, at the direction of

Allseas Deepsea, in settlement of the share-settled obligation amounting to $43.2 million comprising $32.8 million owing as at March 31, 2026, $7.9 million from the remeasurement of the share-settled obligation and $2.5 million of additional negotiated initial costs recorded as an expense in mining, technological and process development within exploration and evaluation expenses (Note 9).

Under the Allseas Agreement, Allseas Deepsea provides engineering, project management, procurement, construction, vessel modification, system integration, testing, commissioning, mobilization and operational services for the Hidden Gem System, production vessel and related collection and support systems before commercial production commences, and operating, maintenance, marine transportation and related services after commercial production commences. The Company reimburses Allseas Deepsea for eligible development costs under approved work plans and budgets, with cash payments limited to 50% of the estimated total costs and the remaining amounts deferred and repayable based on future commercial production volumes.

The Allseas Agreement has an initial term ending five years after commercial production commences. Thereafter, the parties will negotiate successive extension terms and, until revised terms are agreed or the Allseas Agreement is terminated, commercial production continues on the existing terms. Commencement of commercial production is subject to, among other things, receipt of a commercial recovery permit from NOAA, completion and acceptance of the Hidden Gem System and approval of the applicable commercial production work plan and budget.

During the three and nine months ended September 30, 2026, under the Allseas Agreement signed in the second quarter of 2026, Allseas Deepsea provided engineering, project management and vessel services, including lay-up and transit costs, totaling $8.1 million and $12.8 million, respectively, recorded in mining, technological and process development within exploration and evaluation expenses (Note 9) (for the three and nine months ended September 30, 2025, Allseas provided engineering, project management and vessel services amounting to $0.5 million and $3.7 million, respectively, under the non-binding term sheet).

Exclusive Vessel Use Agreement with Allseas

On August 1, 2023, the Company entered into an Exclusive Vessel Use Agreement with Allseas granting the Company exclusive use of the Hidden Gem vessel to develop the commercial nodule collection system until the earlier of the system’s completion and December 31, 2026. Allseas may terminate the agreement on specified insolvency-related events affecting the Company.

For the three and nine months ended September 30, 2026, the Company recognized lease expense of $0.5 million and $1.4 million, respectively, in exploration and evaluation expenses (three and nine months ended September 30, 2025: $0.5 million and $1.4 million, respectively).


	Right-of-use Asset
Balance as at December 31, 2024	$	3,814
Lease expense during the year	(1,907)
Balance as at December 31, 2025	$	1,907
Lease expense during the period	(1,430)
Balance as at September 30, 2026	$	477

2023 Credit Facility

The Company’s unsecured credit facility with Argentum Cedit Virtuti GCV, an affiliate of Allseas, was cancelled on March 24, 2025. The Company’s only remaining obligation is $2 million in underutilization fees, recorded in accrued liabilities as at September 30, 2026.

Other

As at September 30, 2026, the total amount payable to Allseas and its affiliates was $40.8 million, which was recorded in accounts payable and accrued liabilities (Note 11) (December 31, 2025: $34.2 million, recorded as accrued liabilities). As at September 30, 2026, Allseas and its affiliates owned 63.4 million common shares of the Company, representing 14.4% of outstanding common shares (December 31, 2025: 56.1 million common shares, or 13.3%).

Royalty Liability

9 Months Ended

Sep. 30, 2026

Royalty Liability [Abstract]

Royalty Liability

The NORI Royalty (Note 7) was recorded as a royalty liability in the consolidated Balance Sheets in accordance with ASC 470, Debt, and the Company accounts for it at fair value through profit and loss. The fair value of royalty on NORI Areas A to C was determined using a market approach based on recent royalty transactions involving metals similar to those contained in NORI’s polymetallic nodules, and was estimated at $17 million. As at September 30, 2026, the Company compared the specific characteristics of these transactions and estimated the fair value for Areas A to C. The fair value of the royalty on the NORI Area D was determined using an income approach based on the NORI-D prefeasibility study filed in August 2025, using significant assumptions with respect to a discount rate range of approximately 10.0% - 11.1%, forward metal prices of nickel, cobalt, copper and manganese, production levels, repurchase options and certain operational matters that include permitting and project timelines, and was estimated at $123 million as at September 30, 2026. The current period non-cash gain was primarily driven by an increase in the

risk-free rate component of the discount rate used to value the NORI-D royalty liability, which lowered the present value of the expected future royalty payments.


	Royalty liability
Royalty liability as at December 31, 2025	$	145,000
Decrease in fair value of Royalty liability	(5,000)
Royalty liability as at September 30, 2026	$	140,000

Loss per Share (Tables)

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Schedule of Antidilutive Equivalent Common Shares

Anti-dilutive equivalent common shares were as follows:


	Nine months ended September 30, 2026	Nine months ended September 30, 2025
Outstanding options to purchase common shares	28,332,199	30,924,568
Outstanding RSUs	46,063,746	57,299,944
Outstanding shares under ESPP	14,997	6,982
Outstanding warrants	31,350,282	59,280,282
Outstanding Special Shares and options to purchase Special Shares	136,004,597	136,011,413
Total anti-dilutive common equivalent shares	241,765,821	283,523,189

Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Amortized cost
Cash	$ 79,260	$ 117,633
Commodity taxes and other receivables	799	664
Financial assets	80,059	118,297
Amortized cost
Accounts payable and accrued liabilities (Note 11)	52,581	46,048
Fair value through profit or loss
Royalty liability (Note 8)	140,000	145,000
Financial liabilities	192,581	204,399
Level 3
Fair value through profit or loss
Royalty liability (Note 8)	140,000	145,000
Warrant liability (Note 12)	$ 0	$ 13,351

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of Categories of Financial Instruments

The following table presents the Company’s financial instruments, including those measured at fair value on a recurring basis and their classification within the fair value hierarchy.


Categories of Financial Instruments	Fair Value Hierarchy	September 30, 2026		December 31, 2025
Financial assets
Amortized cost
Cash	—	$	79,260	$	117,633
Commodity taxes and other receivables	—	799		664
		$	80,059	$	118,297
Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)	—	$	52,581	$	46,048
Fair value through profit or loss
Royalty liability (Note 8)	Level 3	140,000		145,000
Warrant liability (Note 12)	Level 3	—		13,351
		$	192,581	$	204,399

Share-Based Compensation - Restricted Share Units Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 5,175	$ 37,873	$ 29,704	$ 45,343
Restricted Stock Units ("RSUs")
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of common shares issued for each RSU vested (in shares)	1		1
Share-based compensation	$ 11,400	15,000	$ 46,800	26,600
Total unrecognized share-based compensation expense	72,400		$ 72,400		$ 91,500
Aggregate vested units outstanding (in shares)			18,342		81,198
Restricted Stock Units ("RSUs") \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	6,700	4,300	$ 18,500	9,300
Restricted Stock Units ("RSUs") \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 4,700	$ 10,700	$ 28,300	$ 17,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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+ Details

Investments

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Investments

The table below summarizes the changes in the Company’s investments during the period:


	The Metals Royalty Company		1554997 B.C. Ltd.		Total
Investment as at December 31, 2024	$	8,203	$	—	$	8,203
Spin-out transaction	(3,739)		3,739		—
Return of capital	(346)		(346)		(692)
Dilution gain	5,649		—		5,649
Equity-accounted investment gain for the year ended 2025	287		—		287
Investments as at December 31, 2025	$	10,054	$	3,393	$	13,447
Purchase of additional investment	1,000		—		1,000
Equity-accounted investment loss for the period	(9,216)		(160)		(9,376)
Dilution gain	26,905		—		26,905
Return of capital	—		(263)		(263)
Investments as at September 30, 2026	$	28,743	$	2,970	$	31,713

Investment in TMCR

On February 21, 2023, the Company and its wholly-owned subsidiary, NORI, entered into an investment agreement with The Metals Royalty Company Inc. (formerly Low Carbon Royalties) (“TMCR”) under which NORI contributed a 2% gross overriding royalty on the NORI project area in the CCZ (the “NORI Royalty”) (Note 8) to TMCR in exchange for common shares in TMCR and cash. The 5 million contingent value rights issued to NORI under that agreement expired when TMCR began trading on Nasdaq in the second quarter of 2026.

On May 6, 2026, TMCR agreed to acquire a 1% index-priced gross overriding production royalty, with a revenue floor, over an iron ore project in Nashwauk, Minnesota, with an option to acquire an additional 1% royalty, in each case for $132.5 million. The initial acquisition closed on June 1, 2026, for $125.0 million in cash and $7.5 million in TMCR common shares with the cash consideration funded through a combination of a private placement, borrowings under a senior secured credit facility and a portion of the previously paid transaction deposit. On August 24, 2026, TMCR completed the acquisition of the additional 1% royalty for $105.0 million in cash and $27.5 million in TMCR common shares, based on a contractual reference price of $6.30 per share. TMCR may also be required to issue additional common shares as top-up consideration if its five-day volume-weighted average share price on August 24, 2027 is below $6.00 per share. The cash consideration was funded primarily through TMCR's issuance of $140.0 million of convertible notes and a $25.0 million term loan, the proceeds of which were also used to repay TMCR’s existing senior secured credit facility in full.

During the three and nine months ended September 30, 2026, TMCR issued 5,406,148 and 16,524,245 common shares, respectively, in connection with an equity offering, share-based compensation and its royalty acquisitions. In the second quarter of 2026, the Company acquired 76,923 TMCR shares for $1 million under the equity offering. As TMCR issued shares at prices above the carrying amount per share of the Company’s investment, the Company recorded dilution gains of $3.8 million and $26.9 million for the three and nine months ended September 30, 2026, respectively, and its ownership interest in TMCR decreased from 27.2% to 20.6% (December 31, 2025: 27.2%). The

Company has representation on TMCR's board of directors, providing the Company with the ability to exercise significant influence over TMCR’s operating and financial activities. Accordingly, the Company’s investment in TMCR is accounted for under the equity method in accordance with ASC 323 (Investments).

For the three and nine months ended September 30, 2026, the Company’s share of TMCR's net loss was $4.9 million and $9.2 million, respectively (three and nine months ended September 30, 2025, the Company’s share of TMCR’s net loss was: $0.5 million and $0.4 million, respectively).

As at September 30, 2026, TMCR had outstanding convertible notes convertible into approximately 16.2 million common shares, subject to adjustment, 500,000 warrants to purchase TMCR's common shares, 1,876,000 stock options and 5,407,938 restricted share units outstanding and may be required to issue additional common shares as top-up consideration in August 2027. The issuance of shares under these instruments may significantly affect the Company’s ownership interest and share of TMCR’s future results.

Subsequent to September 30, 2026, TMCR’s share price has decreased significantly as compared to the share price as of September 30, 2026, which may be indicative of an other-than-temporary impairment if the fair value of the Company’s investment in TMCR is less than its carrying value. The fair value of the Company’s investment in TMCR has decreased in excess of 10.0% of its carrying value through the date of this filing. An impairment charge for an other-than-temporary impairment is recognized in earnings and is measured as the difference between the carrying amount and the fair value of the equity method investment as of the balance sheet date. During the quarter ending December 31, 2026, the Company will continue to evaluate whether there is an other-than-temporary impairment of its investment in TMCR.

Investment in 1554997 B.C. Ltd.

In the fourth quarter of 2025, TMCR transferred its oil and gas royalty assets to 1554997 B.C. Ltd. in exchange for shares of 1554997 B.C. Ltd. The Company holds a 27.2% ownership interest in 1554997 B.C. Ltd. (December 31, 2025: 27.2%) and has representation on the board of directors of 1554997 B.C. Ltd., providing the Company with the ability to exercise significant influence over 1554997 B.C. Ltd.’s operating and financial activities. Accordingly, the investment is accounted for under the equity method in accordance with ASC 323 (Investments).

The Company records its share of 1554997 B.C. Ltd.'s results on a one-quarter reporting lag. Accordingly, the Company's results for the three and nine months ended September 30, 2026, include its share of 1554997 B.C. Ltd.’s results for the three months ended June 30, 2026 and for the period from December 18, 2025, to June 30, 2026, respectively, being equity method income of $88 thousand for the three months ended September 30, 2026, and equity method losses of $160 thousand for the nine months ended September 30, 2026. During the three and nine months ended September 30, 2026, 1554997 B.C. Ltd. declared and paid a return of capital of $0.008 per share and $0.019 per share, amounting to $0.1 million and $0.3 million, respectively.

Exploration and Evaluation Expenses

9 Months Ended

Sep. 30, 2026

Extractive Industries [Abstract]

Exploration and Evaluation Expenses

The detail of exploration and evaluation expenses is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Environmental studies	$	401	$	303	$	1,141	$	3,399
Exploration labor (1)	2,645		2,502		8,455		7,690
Share-based compensation (Note 13)	6,686		4,262		18,545		9,515
Mining, technological and process development (2)	8,674		1,211		52,758		5,714
Feasibility and Prefeasibility studies	2,810		359		7,223		862
Sponsorship, training and stakeholder engagement	2,053		928		4,032		2,167
Other	269		68		729		297
	$	23,538	$	9,633	$	92,883	$	29,644

______________________________________________________________

(1)Reflects underlying project-related work performed by the Company’s personnel.

(2)Nine months ended September 30, 2026, includes $32.8 million payable to Allseas for costs incurred before March 30, 2026 and $4.4 million of additional negotiated initial costs under the Allseas Agreement, each recorded in the second quarter of 2026 (Note 6).

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Operating expenses
Exploration and evaluation expenses	$ 23,538	$ 9,633	$ 92,883	$ 29,644
General and administrative expenses	9,506	45,726	45,860	65,705
Operating loss	33,044	55,359	138,743	95,349
Other items
Charge on Allseas settlement	0	0	7,868	0
Naoero and Tonga warrant cost	0	4,977	0	38,056
Equity-accounted investment loss (income)	4,853	492	9,376	438
Gain on dilution of investment	(3,834)	(2,967)	(26,905)	(2,967)
Change in fair value of royalty liability	(5,000)	131,000	(5,000)	131,000
Change in fair value of warrant liability	(527)	(3,852)	(13,351)	12,818
Foreign exchange loss (gain)	(30)	43	(866)	3,599
Interest income	(906)	(1,339)	(3,082)	(1,505)
Fees and interest on borrowings and credit facilities	720	681	2,099	2,535
Loss and comprehensive loss for the period, before tax	28,320	184,394	108,882	279,323
Income tax expense	41	123	201	123
Net loss , after tax	28,361	184,517	109,083	279,446
Comprehensive loss for the period, after tax	$ 28,361	$ 184,517	$ 109,083	$ 279,446
Net loss per share
Basic (in dollars per share)	$ 0.06	$ 0.46	$ 0.25	$ 0.75
Diluted (in dollars per share)	$ 0.06	$ 0.46	$ 0.25	$ 0.75
Weighted average number of common shares outstanding - basic (in shares)	440,992,646	405,506,978	433,563,803	372,713,658
Weighted average number of common shares outstanding - diluted (in shares)	440,992,646	405,506,978	433,563,803	372,713,658

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General and Administrative Expenses (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 28, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
General And Administrative Expense [Line Items]
Professional and consulting fees		$ 1,234	$ 4,603	$ 6,470	$ 11,678
Investor relations		454	806	1,495	1,493
Office and sundry		738	511	1,808	1,499
Salaries and wages		1,485	1,233	4,936	4,039
Director fees		180	180	543	580
Share-based compensation		5,175	37,873	29,704	45,343
Transfer agent and filing fees		86	210	335	424
Travel and other expenses		154	310	569	649
General and administrative expenses		9,506	45,726	45,860	65,705
Options granted (in shares)	6,500,000
RSU
General And Administrative Expense [Line Items]
Share-based compensation		11,400	15,000	46,800	26,600
Professional and consulting fees expense settled		$ 200	$ 700	$ 900	$ 2,700
RSUs granted (in shares)	11,915,676	216,073	21,214,317	6,858,920	34,240,884	35,381,992
Options and RSUs
General And Administrative Expense [Line Items]
Share-based compensation	$ 34,700

Share-Based Compensation - Stock Options Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 5,175	$ 37,873	$ 29,704	$ 45,343
Share-Based Payment Arrangement, Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	500	27,200	1,500	28,300
Share-Based Payment Arrangement, Option \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	25	25	75	200
Share-Based Payment Arrangement, Option \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation	$ 500	$ 27,200	$ 1,400	$ 28,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Exploration and Evaluation Expenses (Tables)

9 Months Ended

Sep. 30, 2026

Extractive Industries [Abstract]

Schedule of Exploration and Evaluation Expenses

The detail of exploration and evaluation expenses is as follows:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Environmental studies	$	401	$	303	$	1,141	$	3,399
Exploration labor (1)	2,645		2,502		8,455		7,690
Share-based compensation (Note 13)	6,686		4,262		18,545		9,515
Mining, technological and process development (2)	8,674		1,211		52,758		5,714
Feasibility and Prefeasibility studies	2,810		359		7,223		862
Sponsorship, training and stakeholder engagement	2,053		928		4,032		2,167
Other	269		68		729		297
	$	23,538	$	9,633	$	92,883	$	29,644

______________________________________________________________

(1)Reflects underlying project-related work performed by the Company’s personnel.

Share-Based Compensation - Schedule of Movement of Stock Options (Details) - shares		9 Months Ended	12 Months Ended
	Aug. 28, 2025	Sep. 30, 2026	Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Granted (in shares)	6,500,000
Short-Term Options Outstanding under 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)		10,237,693	14,300,575
Granted (in shares)			0
Expired/ forfeited (in shares)			(11,578)
Vested (in shares)		(1,594,041)	(4,051,304)
Ending balance (in shares)		8,643,652	10,237,693
Long-Term Options Outstanding under 2018 Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)		8,949,632	9,644,874
Granted (in shares)			0
Expired/ forfeited (in shares)			0
Vested (in shares)		(284,418)	(695,242)
Ending balance (in shares)		8,665,214	8,949,632
Options Outstanding under Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares)		11,190,000	3,940,000
Granted (in shares)			7,750,000
Expired/ forfeited (in shares)			(500,000)
Vested (in shares)		(166,667)	0
Ending balance (in shares)		11,023,333	11,190,000

Recent Accounting Pronouncements Not Yet Effective	9 Months Ended
Recent Accounting Pronouncements Not Yet Effective	Sep. 30, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement: Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to improve disclosures about the nature of expenses within line items on the statements of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and subsequent interim periods; however, early adoption is permitted. The amendments in this update should be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to software development project stages and clarifies the threshold for capitalization of internal-use software costs. The standard is effective for the Company for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with U.S. GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosure requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480528/815-20-65-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
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-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 8
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480339/815-10-65-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482705/350-40-65-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479719/606-10-65-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479279/805-10-65-5

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 9
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-9

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 17
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480336/718-10-65-17

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479343/105-10-65-7

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Subparagraph (g)(4)
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (d)(1)
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
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-Section 65
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-1

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Royalty Liability - Schedule of Changes in Fair Value of Warrant Liability (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Royalty liability as at December 31, 2025	$ 145,000
Decrease in fair value of Royalty liability	(5,000)
Royalty liability as at September 30, 2026	$ 140,000

Strategic Alliance with Allseas and Affiliates (Tables)

9 Months Ended

Sep. 30, 2026

Strategic Alliance With Allseas And Affiliates [Abstract]

Schedule of Net Amount of Right-of-Use Asset


	Right-of-use Asset
Balance as at December 31, 2024	$	3,814
Lease expense during the year	(1,907)
Balance as at December 31, 2025	$	1,907
Lease expense during the period	(1,430)
Balance as at September 30, 2026	$	477

General and Administrative Expenses (Tables)

9 Months Ended

Sep. 30, 2026

General and Administrative Expense [Abstract]

Schedule of General and Administrative Expenses


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Professional and consulting fees (1)	$	1,234	$	4,603	$	6,470	$	11,678
Investor relations	454		806		1,495		1,493
Office and sundry	738		511		1,808		1,499
Salaries and wages (2)	1,485		1,233		4,936		4,039
Director fees	180		180		543		580
Share-based compensation (Note 13)(3)	5,175		37,873		29,704		45,343
Transfer agent and filing fees	86		210		335		424
Travel and other expenses	154		310		569		649
	$	9,506	$	45,726	$	45,860	$	65,705

______________________________________________________________

(1)During the three and nine months ended September 30, 2026, professional and consulting fees include $0.2 million and $0.9 million, respectively, of expenses settled with restricted share units ("RSUs") (three and nine months ended September 30, 2025: $0.7 million and $2.7 million, respectively) (Note 13).

(2)Reflects underlying corporate-related activities performed by the Company’s personnel.

(3)Three months and nine months ended September 30, 2025 includes $34.7 million related to 6,500,000 options and 11,915,676 RSUs granted to certain directors and a consultant on August 28, 2025.

General and Administrative Expenses

9 Months Ended

Sep. 30, 2026

General and Administrative Expense [Abstract]

General and Administrative Expenses


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025
Professional and consulting fees (1)	$	1,234	$	4,603	$	6,470	$	11,678
Investor relations	454		806		1,495		1,493
Office and sundry	738		511		1,808		1,499
Salaries and wages (2)	1,485		1,233		4,936		4,039
Director fees	180		180		543		580
Share-based compensation (Note 13)(3)	5,175		37,873		29,704		45,343
Transfer agent and filing fees	86		210		335		424
Travel and other expenses	154		310		569		649
	$	9,506	$	45,726	$	45,860	$	65,705

______________________________________________________________

(2)Reflects underlying corporate-related activities performed by the Company’s personnel.

(3)Three months and nine months ended September 30, 2025 includes $34.7 million related to 6,500,000 options and 11,915,676 RSUs granted to certain directors and a consultant on August 28, 2025.

Use of Estimates	9 Months Ended
Use of Estimates	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the notes thereto. Significant estimates and assumptions reflected in these condensed consolidated interim financial statements include, but are not limited to, the evaluation of going concern, the valuation of share-based payments, including valuation of stock options (Note 13) and the valuation of the royalty liability (Note 8). Actual results could differ materially from those estimates.

Nature of Operations	9 Months Ended
Nature of Operations	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations TMC the metals company Inc. (“TMC” or the “Company”) was incorporated as a Cayman Islands exempted company limited by shares on December 18, 2019 (formerly “Sustainable Opportunities Acquisition Corp.” or “SOAC”). On September 9, 2021, the Company completed its business combination with DeepGreen Metals Inc. that was established in 2011 (the “Business Combination”) and continued as a corporation under the laws of the province of British Columbia, Canada. Effective January 1, 2026, the Company amalgamated with its wholly-owned subsidiary DeepGreen Metals ULC, continuing as “TMC the metals company Inc.” The Company’s registered and records office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia, Canada, V6E 2J3. The Company’s common shares are listed on the Nasdaq Global Select Market (“Nasdaq”) under the ticker “TMC.” The Company is a developer of critical metals essential to energy, defense, manufacturing and infrastructure. The Company has been primarily focused on polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone in the Pacific Ocean (the “CCZ”), approximately 1,500 miles (2,400 kilometers) southwest of San Diego, California. These nodules contain high grades of nickel, copper, cobalt and manganese, as well as rare earth elements, which the Company plans to process into nickel-, cobalt- and copper-bearing intermediate and high-purity refined metal products and a manganese silicate product of approximately 40% manganese comparable to medium-grade manganese ore. The Company’s wholly-owned subsidiary, The Metals Company USA, LLC (“TMC USA”), has two applications pending with the National Oceanic and Atmospheric Administration (“NOAA”) under the Deep Seabed Hard Mineral Resources Act of 1980 (“DSHMRA”): a consolidated application for an exploration license and commercial recovery permit over approximately 65,000 square kilometers in the USA-A area of the CCZ, submitted on January 22, 2026 (the “USA-A Application”), and an exploration license application over approximately 122,000 square kilometers in the USA-B area, submitted on April 28, 2025 (the “USA-B Application”). In April 2025, TMC USA originally submitted separate applications for an exploration license and a commercial recovery permit covering the USA-A area. Following NOAA’s adoption of revised regulations in January 2026 permitting consolidated applications, the USA-A Application superseded those earlier applications and increased the proposed commercial recovery area from approximately 25,000 to approximately 65,000 square kilometers. NOAA determined that the USA-A Application was in full compliance with DSHMRA requirements on April 28, 2026 and published it in the Federal Register on August 19, 2026, and the USA-A Application is now in the certification stage. NOAA determined that the USA-B Application was in substantial compliance with DSHMRA requirements on May 28, 2025 and in full compliance on August 11, 2025. NOAA published notice of the USA-B Application in the Federal Register on December 23, 2025, followed by a public comment period and public hearings in January 2026. NOAA certified the USA-B Application on May 26, 2026 and, on August 17, 2026, published in the Federal Register a Notice of Intent to prepare an Environmental Impact Statement (“EIS”) for it. Issuance of any license or permit remains subject to completion of NOAA’s review, including, for the USA-A Application, certification and, for each application, an EIS, a public comment period and NOAA’s final determination. On September 30, 2026, two non-governmental organizations filed suit against NOAA in the United States District Court for the District of Hawaii challenging NOAA’s certification of the USA-B Application and seeking an order vacating that certification. Neither the Company nor TMC USA is named as a defendant and no damages are sought from the Company or any of its subsidiaries. The Company’s wholly-owned subsidiaries Nauru Ocean Resources Inc. (“NORI”) and Tonga Offshore Mining Limited (“TOML”) hold exploration contracts granted by the International Seabed Authority (the “ISA”). On July 20, 2026, the Council of the ISA approved a five-year extension of NORI’s exploration contract to July 21, 2031. TOML has applied for a five-year extension of its exploration contract, which is due to expire on January 11, 2027. The ISA is conducting an inquiry into the possible non-compliance of NORI and TOML with their exploration contracts, which NORI and TOML dispute and have challenged before the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea (Note 17). The realization of the Company’s assets and attainment of profitable operations depend on, among other things, obtaining financing to complete the commercial nodule collection system and to scale up the processing technology for polymetallic nodules to commercial levels, establishing mineable reserves, the commercial and technical feasibility of seafloor polymetallic nodule collection and processing, metal prices, and obtaining regulatory approvals and permits for commercial operations. The outcome of these matters depends on future events, some of which are outside the Company’s control.

Exploration and Evaluation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2026	Jun. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Exploration and Evaluation Expenses [Line Items]
Environmental studies	$ 401		$ 303	$ 1,141	$ 3,399
Exploration labor	2,645		2,502	8,455	7,690
Share-based compensation (Note 13)	6,686		4,262	18,545	9,515
Mining, technological and process development	8,674		1,211	52,758	5,714
Feasibility and Prefeasibility studies	2,810		359	7,223	862
Sponsorship, training and stakeholder engagement	2,053		928	4,032	2,167
Other	269		68	729	297
Exploration and evaluation expenses	$ 23,538		$ 9,633	92,883	$ 29,644
Related Party
Exploration and Evaluation Expenses [Line Items]
Deferred costs incurred		$ 32,800		32,800
Additional negotiated cost		$ 1,900		$ 4,400

Warrants - Public Warrants and Private Warrants (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 09, 2026	Dec. 31, 2025
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	15,000,000	15,000,000
Exercise price of warrants (in dollars per share)	$ 11.50
Value of outstanding warrants	$ 19.5	$ 19.5
Private Warrants
Class of Warrant or Right [Line Items]
Number of warrants outstanding (in shares)	9,500,000	9,500,000
Exercise price of warrants (in dollars per share)	$ 11.50

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Payables And Accruals [Line Items]
Accounts payable	$ 6,121		$ 6,121		$ 2,277
Accrued liabilities	46,460		46,460		43,771
Accounts payable and accrued liabilities	52,581		52,581		46,048
Related Party
Payables And Accruals [Line Items]
Underutilization fees	700	$ 700	2,100	$ 700
Allseas \| Related Party
Payables And Accruals [Line Items]
Accrued liabilities	$ 38,200		38,200		34,200
Underutilization fees			2,600		2,600
2024 Credit Facility
Payables And Accruals [Line Items]
Underutilization fees			$ 700		$ 700

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures required by U.S. GAAP for annual financial statements have been condensed or omitted. In management’s opinion, these unaudited condensed consolidated interim financial statements include all adjustments, consisting of normal recurring adjustments necessary for the fair presentation of the Company’s statement of financial position, results of operations, comprehensive loss, changes in shareholders' equity and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2025. The Company has applied the same accounting policies as in the prior year.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and the notes thereto. Significant estimates and assumptions reflected in these condensed consolidated interim financial statements include, but are not limited to, the evaluation of going concern, the valuation of share-based payments, including valuation of stock options (Note 13) and the valuation of the royalty liability (Note 8). Actual results could differ materially from those estimates.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. In accordance with U.S. GAAP, the Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. •Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. •Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2026 and 2025. As at September 30, 2026 and December 31, 2025, the carrying values of cash, receivables, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The royalty liability is recorded at fair value (Note 8), as were the Private Warrants until their expiry on September 9, 2026 (Note 12).
Recent Accounting Pronouncements Not Yet Effective	Recent Accounting Pronouncements Not Yet Effective In November 2024, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement: Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures, to improve disclosures about the nature of expenses within line items on the statements of operations. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and subsequent interim periods; however, early adoption is permitted. The amendments in this update should be applied either: (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes references to software development project stages and clarifies the threshold for capitalization of internal-use software costs. The standard is effective for the Company for annual periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270), which is intended to streamline the guidance in ASC 270, Interim Reporting, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with U.S. GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosure requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
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+ Details

Share-Based Compensation - Schedule of Restricted Stock Units (Details) - Restricted Stock Units ("RSUs") $ in Millions		3 Months Ended				9 Months Ended		12 Months Ended
	Aug. 28, 2025 shares	Sep. 30, 2026 USD ($) director shares	Jun. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($) shares	Jun. 30, 2025 USD ($) shares	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($) shares	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)	11,915,676	216,073		21,214,317		6,858,920	34,240,884	35,381,992
Vesting immediately
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		39,973		298,641		743,834	3,380,268
Vesting immediately \| Consultants
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		23,931		148,442
Aggregate fair value \| $		$ 0.1		$ 0.8
Vesting immediately \| Consultants \| Location, Statement of Income, Balance [Axis]: us-gaap:ExplorationExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate fair value \| $				0.1
Vesting immediately \| Consultants \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Aggregate fair value \| $				$ 0.7
Vesting immediately \| Share-Based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		16,042		150,199
Vesting immediately \| Share-Based Payment Arrangement, Nonemployee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)						95,373	91,512
Aggregate fair value \| $						$ 0.6	$ 0.4
Vesting fully within and on first anniversary of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		0		0		99,168	194,226
Award vesting period						1 year
Award vesting percentage						100.00%
Vesting fully within and on first anniversary of the grant date \| Share-Based Payment Arrangement, Nonemployee \| Non-Employee Directors
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)			99,168		134,226
Aggregate fair value \| $			$ 0.6		$ 0.6
Vesting in thirds on each anniversary of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		103,165		415,676		5,942,983	9,234,611
Vesting in thirds on each anniversary of the grant date \| Share-Based Payment Arrangement, Employee
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)				415,676
Vesting in thirds on each anniversary of the grant date \| Share-Based Payment Arrangement, Employee \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		103,165		237,529
Vesting in thirds on each anniversary of the grant date \| Share-Based Payment Arrangement, Employee \| Director \| Initial Grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		25,445
Aggregate fair value \| $		$ 0.1
Vesting in thirds on each anniversary of the grant date \| Share-Based Payment Arrangement, Employee \| Director \| Special Retention Grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		77,720
Aggregate fair value \| $		$ 0.3
Share-Based Payment Arrangement, Tranche Three, Year One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						33.00%
Share-Based Payment Arrangement, Tranche Three, Year Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						33.00%
Share-Based Payment Arrangement, Tranche Three, Year Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						33.00%
Vesting in fourths on each anniversary of the grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		0		0		0	176,302
Share Based Payment Arrangement Tranche Four, Year One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						25.00%
Share Based Payment Arrangement Tranche Four, Year Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						25.00%
Share Based Payment Arrangement Tranche Four, Year Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						25.00%
Share Based Payment Arrangement Tranche Four, Year Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						1 year
Award vesting percentage						25.00%
Vesting three years from grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		72,935		0		72,935	66,508
Award vesting period						3 years
Vesting three years from grant date \| Director \| Special Retention Grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		72,935
Aggregate fair value \| $		$ 0.3
Award vesting period		3 years
Number of directors \| director		1
Vesting four years from grant date
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period						4 years
Vesting four years from grant date \| Director
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)	1,750,000	0		1,750,000		0	1,750,000
Vesting based on performance conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		0		0		0	688,969
Vesting based on market conditions
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units Granted (in shares)		0		18,750,000		0	18,750,000

Investments (Tables)

9 Months Ended

Sep. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The table below summarizes the changes in the Company’s investments during the period:


	The Metals Royalty Company		1554997 B.C. Ltd.		Total
Investment as at December 31, 2024	$	8,203	$	—	$	8,203
Spin-out transaction	(3,739)		3,739		—
Return of capital	(346)		(346)		(692)
Dilution gain	5,649		—		5,649
Equity-accounted investment gain for the year ended 2025	287		—		287
Investments as at December 31, 2025	$	10,054	$	3,393	$	13,447
Purchase of additional investment	1,000		—		1,000
Equity-accounted investment loss for the period	(9,216)		(160)		(9,376)
Dilution gain	26,905		—		26,905
Return of capital	—		(263)		(263)
Investments as at September 30, 2026	$	28,743	$	2,970	$	31,713

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Movement of Stock Options

A continuity schedule summarizing the movements in the Company’s stock options under the various plans is as follows:


	Number of Short-Term Options Outstanding under 2018 Plan	Number of Long-Term Options Outstanding under 2018 Plan	Number of Options Outstanding under Incentive Plan
Outstanding – December 31, 2024	14,300,575	9,644,874	3,940,000
Granted	—	—	7,750,000
Expired/ forfeited	(11,578)	—	(500,000)
Vested	(4,051,304)	(695,242)	—
Outstanding – December 31, 2025	10,237,693	8,949,632	11,190,000
Vested	(1,594,041)	(284,418)	(166,667)
Outstanding – September 30, 2026	8,643,652	8,665,214	11,023,333

Schedule of RSU Activity

A continuity schedule summarizing the RSU activity is as follows:


			Number of RSUs Outstanding
Outstanding – December 31, 2024			34,312,655
Granted			35,381,992
Forfeited			(1,076,371)
Exercised			(20,296,128)
Outstanding – December 31, 2025			48,322,148
Granted			6,858,920
Forfeited			(168,015)
Exercised			(8,949,307)
Outstanding – September 30, 2026			46,063,746

RSUs granted during the three and nine months ended September 30, 2026 and 2025 were as follows:


Vesting Period	Three months ended September 30, 2026	Three months ended September 30, 2025	Nine months ended September 30, 2026	Nine months ended September 30, 2025
Vesting immediately (1)	39,973	298,641	743,834	3,380,268
Vesting fully within and on first anniversary of the grant date (2)	—	—	99,168	194,226
Vesting in thirds on each anniversary of the grant date (3)	103,165	415,676	5,942,983	9,234,611
Vesting in fourths on each anniversary of the grant date	—	—	—	176,302
Vesting three years from grant date	72,935	—	72,935	66,508
Vesting four years from grant date	—	1,750,000	—	1,750,000
Vesting based on performance conditions	—	—	—	688,969
Vesting based on market conditions	—	18,750,000	—	18,750,000
Total Units Granted	216,073	21,214,317	6,858,920	34,240,884

______________________________________________________________

(1)Of the 39,973 immediately vesting RSUs granted during the three months ended September 30, 2026, 23,931 RSUs were granted to consultants, with an aggregate fair value of $0.1 million recorded in general and administrative expenses. The 39,973 RSUs granted during the three months ended September 30, 2026, also consist of 16,042 RSUs issued to employees. Of the 298,641 RSUs granted during the three months ended September 30, 2025, 148,442 RSUs were granted to consultants with an aggregate fair value of $0.8 million of which $0.7 million was recorded in general and administrative expenses and $0.1 million was recorded as exploration and evaluation expense. The remaining 150,199 grants were issued to employees.

During the nine months ended September 30, 2026, the Company issued 95,373 RSUs with an aggregate fair value of $0.6 million to non-employee directors in lieu of cash director fees. During the nine months ended

September 30, 2025, the Company issued 91,512 RSUs with an aggregate fair value of approximately $0.4 million to non-employee directors in lieu of cash director fees.

(2)In the second quarter of 2026, an aggregate of 99,168 RSUs were granted to the Company’s non-employee directors under the Company’s Non-employee Director Compensation Policy, which will vest at the Company’s 2027 annual shareholders meeting. The total fair value of units granted as annual grants to non-employee directors amounted to $0.6 million. In the second quarter of 2025, the Company granted 134,226 RSUs to non-employee directors under the Company's Non-employee Director Compensation Policy, vesting at the Company's 2026 annual shareholders meeting, with an aggregate grant-date fair value of $0.6 million.

(3)During the three months ended September 30, 2026, the Company granted 103,165 RSUs to a director, comprising 25,445 RSUs as initial grant and 77,720 RSUs as special retention grant. The fair value of the initial grant and special retention grant was $0.1 million and $0.3 million, respectively. During the three months ended September 30, 2025, the Company granted 415,676 RSUs, of which 237,529 RSUs were granted to a director in exchange for consulting services.

(4)In the third quarter ended September 30, 2026, the Company issued a special retention grant of 72,935 RSUs to one of the directors, vesting three years from the grant date. The fair value of the grant amounted to $0.3 million.

(5)On August 28, 2025, the Company granted 1,750,000 RSUs to a director in exchange for consulting services, following an increase in the reserve under the Incentive Plan.

Share-Based Compensation - Narrative (Details) - 2021 Incentive Equity Plan - shares	1 Months Ended	9 Months Ended
	Jan. 31, 2026	Sep. 30, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued from ATM (in shares)		21,854,976
Number of additional shares authorized subject to approval to share holders (in shares)	16,918,653
Units sign-on grant (in shares)		2,243,853
Common shares issued and outstanding percentage		4.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2026
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the reporting date. In accordance with U.S. GAAP, the Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: •Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. •Level 2 - Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. •Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. There were no transfers between fair value measurement levels during the three and nine months ended September 30, 2026 and 2025. As at September 30, 2026 and December 31, 2025, the carrying values of cash, receivables, accounts payable and accrued liabilities approximate their fair values due to their short-term nature. The royalty liability is recorded at fair value (Note 8), as were the Private Warrants until their expiry on September 9, 2026 (Note 12).

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss per Share

9 Months Ended

Sep. 30, 2026

Earnings Per Share [Abstract]

Loss per Share

Basic loss per share is computed by dividing the loss by the weighted-average number of common shares of the Company outstanding during the period. Diluted loss per share is computed by giving effect to all common share

equivalents of the Company, including outstanding stock options, RSUs, warrants, Special Shares and options to purchase Special Shares, to the extent these are dilutive. Basic and diluted loss per share were the same for each period presented as the inclusion of all common share equivalents would have been anti-dilutive.

Anti-dilutive equivalent common shares were as follows:


	Nine months ended September 30, 2026	Nine months ended September 30, 2025
Outstanding options to purchase common shares	28,332,199	30,924,568
Outstanding RSUs	46,063,746	57,299,944
Outstanding shares under ESPP	14,997	6,982
Outstanding warrants	31,350,282	59,280,282
Outstanding Special Shares and options to purchase Special Shares	136,004,597	136,011,413
Total anti-dilutive common equivalent shares	241,765,821	283,523,189

Investments - Narrative (Details) $ / shares in Units, $ in Thousands, right in Millions						3 Months Ended			9 Months Ended		12 Months Ended
	Aug. 24, 2027 $ / shares	Aug. 24, 2026 USD ($) $ / shares	Jun. 01, 2026 USD ($)	May 06, 2026 USD ($)	Feb. 21, 2023 right	Sep. 30, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) $ / shares shares	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 shares
Schedule of Equity Method Investments [Line Items]
Percentage of contribution to gross royalty					2.00%
Contingent value rights issued \| right					5
Dilution gain						$ 3,834		$ 2,967	$ 26,905	$ 2,967	$ 5,649
Equity-accounted investment income (loss)									(9,376)		287
Proceeds from investee distribution									$ 263	346	$ 692
Restricted Stock Units ("RSUs")
Schedule of Equity Method Investments [Line Items]
Restricted share units outstanding (in shares) \| shares						46,063,746			46,063,746		48,322,148	34,312,655
The Metals Royalty Company
Schedule of Equity Method Investments [Line Items]
Number of shares acquired in connection with the finance offering (in shares) \| shares							76,923
Value of shares acquired in connection with the finance offering							$ 1,000
Dilution gain						$ 3,800			$ 26,905		$ 5,649
Percentage of ownership						20.60%			20.60%		27.20%
Equity-accounted investment income (loss)						$ (4,900)		$ (500)	$ (9,216)	$ (400)	$ 287
Equity method investment carrying value percentage						10.00%			10.00%
Proceeds from investee distribution									$ 0		346
1554997 B.C. Ltd.
Schedule of Equity Method Investments [Line Items]
Dilution gain									$ 0		$ 0
Percentage of ownership						27.20%			27.20%		27.20%
Equity-accounted investment income (loss)						$ 88			$ (160)		$ 0
Declared and remitted return of capital per share (in dollars per share) \| $ / shares						$ 0.008			$ 0.019
Proceeds from investee distribution						$ 100			$ 263		$ 346
The Metals Royalty Company
Schedule of Equity Method Investments [Line Items]
Percentage of gross overriding production royalty interest acquired				1.00%
Percentage of additional royalty interest acquired				1.00%
Royalty acquisition consideration transferred				$ 132,500
Royalty acquisition consideration transferred cash		$ 105,000	$ 125,000
Royalty acquisition consideration transferred shares		$ 27,500	$ 7,500
Royalty interest acquired, percentage		1.00%
Contractual reference price (in dollars per share) \| $ / shares		$ 6.30
Number of new shares issued in connection with finance offerings (in shares) \| shares						5,406,148			16,524,245
Outstanding convertible notes convertible (in shares) \| shares									16,200,000
Number of warrants outstanding (in shares) \| shares						500,000			500,000
The Metals Royalty Company \| Forecast
Schedule of Equity Method Investments [Line Items]
Contractual reference price (in dollars per share) \| $ / shares	$ 6.00
The Metals Royalty Company \| Share-Based Payment Arrangement, Option
Schedule of Equity Method Investments [Line Items]
Number of stock options outstanding (in shares) \| shares						1,876,000			1,876,000
The Metals Royalty Company \| Restricted Stock Units ("RSUs")
Schedule of Equity Method Investments [Line Items]
Restricted share units outstanding (in shares) \| shares						5,407,938			5,407,938
The Metals Royalty Company \| Convertible Debt
Schedule of Equity Method Investments [Line Items]
Issuance of convertible notes		$ 140,000
The Metals Royalty Company \| Secured Debt
Schedule of Equity Method Investments [Line Items]
Issuance of convertible notes		$ 25,000

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2026
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On March 22, 2024, the Company entered into an unsecured credit facility, as amended (the “2024 Credit Facility”) with Gerard Barron, the Company’s Chief Executive Officer and Chairman, and ERAS Capital LLC, the family fund of one of the Company’s directors (together, the “2024 Lenders”). The 2024 Credit Facility initially provided for borrowings up to $20 million in the aggregate ($10 million from each of the 2024 Lenders), which was subsequently increased to $44 million in the aggregate ($22 million from each of the 2024 Lenders) through amendments to the 2024 Credit Facility. Borrowings bear interest at 180-day average 6-month Secured Overnight Financing Rate plus 4.0% per annum, payable in cash semi-annually (or plus 5% if paid-in-kind at maturity, at the Company's election). The Company will pay an underutilization fee equal to 6.5% per annum on undrawn amounts pursuant to the Second Amendment to the 2024 Credit Facility (initially 4.0% per annum), payable quarterly in cash or shares at the 2024 Lenders' election, and the 2024 Lenders may terminate the 2024 Credit Facility on certain financing events. On March 25, 2026, the 2024 Lenders extended the maturity date to June 30, 2027, subject to further extension to June 30, 2028 at their election. The 2024 Credit Facility also contains customary events of default. Amounts repaid under the 2024 Credit Facility are not available for reborrowing and permanently reduce the borrowing limit. The Company repaid the entire outstanding balance of $2.5 million in the three months ended September 30, 2025, reducing the borrowing limit from $22.0 million to $19.6 million. On March 26, 2026, the borrowing limit of the credit facility from ERAS Capital LLC was reset to $22 million. During the three and nine months ended September 30, 2026, the Company did not draw on or repay from the 2024 Credit Facility and no amounts were outstanding as at September 30, 2026. The Company incurred underutilization fees of $0.7 million and $2.1 million and paid underutilization fees of $0.7 million and $2.1 million, during the three and nine months ended September 30, 2026, respectively (during the three and nine months ended September 30, 2025, the Company repaid $2.5 million and $4.3 million respectively, of drawn amounts, incurred interest of nil and $0.1 million and underutilization fees of $0.7 million and $1.9 million, and paid interest of $0.1 million and $0.4 million and underutilization fees of $1.2 million and $2.2 million). Consulting fees for services provided by immediate family members of management, included in general and administrative expenses, were $0.1 million and $0.4 million during the three and nine months ended September 30, 2026, respectively (during the three and nine months ended September 30, 2025, consulting fees amounted to $0.1 million and $0.2 million, respectively). As at September 30, 2026, consulting fees payable to immediate family members of management were $55 thousand (December 31, 2025: $57 thousand). Alex Spiro, a member of the Company's Board of Directors, is a partner in the law firm Quinn Emanuel Urquhart & Sullivan LLP ("Quinn Emanuel"). During the nine months ended September 30, 2026, the Company incurred $0.1 million of legal fees with Quinn Emanuel. Mr. Spiro has not provided legal services to the Company in connection with the engagement. The Company's transactions with Allseas and TMCR are described in Notes 6 and 7.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segmented Information (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Long-lived Assets, by Domicile of Owning Legal Entity

The Company’s long-lived assets, by domicile of the owning legal entity, are as follows:


Equipment	September 30, 2026		December 31, 2025
Naoero	$	402	$	519
Total	$	402	$	519


Software	September 30, 2026		December 31, 2025
Singapore	$	2,347	$	2,125
Total	$	2,347	$	2,125

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

Warrants

9 Months Ended

Sep. 30, 2026

Equity [Abstract]

Warrants

Public Warrants

On September 9, 2026, the 15,000,000 common share warrants issued as part of the units offered in the initial public offering of SOAC (the “Public Warrants”), each exercisable at $11.50 per share, expired unexercised (December 31, 2025: 15,000,000 outstanding).

The $19.5 million fair value of the Public Warrants was recorded in additional paid-in capital (December 31, 2025: $19.5 million).

Private Warrants

On September 9, 2026, the 9,500,000 private placement warrants issued to Sustainable Opportunities Holdings LLC (the "Private Warrants"), each exercisable at $11.50 per share, expired unexercised (December 31, 2025: 9,500,000 outstanding). The Company was deemed to have issued the Private Warrants in the Business Combination and remeasured them at fair value each reporting period until expiry.

The Private Warrants were valued using a Black-Scholes model, a Level 3 fair value measurement, with the expected volatility of the Company’s common shares as the primary unobservable input.

The following table presents the changes in the fair value of warrant liability:


	Private Warrants
Warrant liability as at December 31, 2025	$	13,351
Decrease in fair value of warrant liability	(13,351)
Warrant liability as at September 30, 2026	$	—

Class A Warrants

As at September 30, 2026, 4,317,500 Class A warrants issued in a 2023 registered direct offering were outstanding (December 31, 2025: 4,317,500), each exercisable for one common share at an exercise price of $2.00 until December 31, 2027.

No Class A warrants were exercised during the three and nine months ended September 30, 2026. Their value of $3.6 million was recorded in additional paid-in capital as at September 30, 2026 (December 31, 2025: $3.6 million).

Class B Warrants

As at September 30, 2026, 15,000 Class B warrants were outstanding (December 31, 2025: 15,000), each exercisable for one common share at $2.00 per share until November 19, 2029.

No Class B warrants were exercised during the three and nine months ended September 30, 2026. Their value of $9 thousand as at September 30, 2026 was recorded in additional paid-in capital (December 31, 2025: $9 thousand).

Class C Warrants

As at September 30, 2026, 10,003,333 Class C warrants were outstanding (December 31, 2025: 10,003,333), each exercisable for one common share at an exercise price of $4.50 per share until May 12, 2028.

No Class C warrants were exercised during the three and nine months ended September 30, 2026. Their value of $10.2 million as at September 30, 2026 was recorded in additional paid-in capital (December 31, 2025: $10.2 million).

Warrants issued to Korea Zinc Company, Ltd ("Korea Zinc")

As at September 30, 2026, 6,868,181 warrants issued to Korea Zinc were outstanding (December 31, 2025: 6,868,181), each exercisable for one common share at $7.00 per share until June 25, 2028.

No warrants issued to Korea Zinc were exercised during the three and nine months ended September 30, 2026. Their value of $11.5 million as at September 30, 2026, was recorded in additional paid-in capital (December 31, 2025: $11.5 million).

Warrants issued to the Republic of Naoero

As at September 30, 2026, 9,146,268 warrants issued to the Republic of Naoero, formerly the Republic of Nauru ("Naoero"), (the “Naoero Warrants”) were outstanding (December 31, 2025: 9,146,268), each exercisable for one common share of the Company at an exercise price of $4.72 per share until May 30, 2030, other than through a cashless or net exercise.

The Naoero Warrants may not be exercised until:

•A subsidiary of the Company other than NORI obtains a permit, license or other authorization from the United States for the conduct of deep seabed mineral activities; and

•The subsidiary other than NORI commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization.

No Naoero Warrants have been exercised. Their value of $33.1 million as at September 30, 2026, was recorded in additional paid-in capital (December 31, 2025: $33.1 million).

Warrants issued to the Kingdom of Tonga

As at September 30, 2026, 1,000,000 warrants issued to the Kingdom of Tonga (the “Tonga Warrants”) were outstanding (December 31, 2025: 1,000,000), each exercisable for one common share at $5.87 per share, until August 4, 2033, other than through a cashless or net exercise. The Tonga Warrants may not be exercised until:

•A subsidiary of the Company other than TOML obtains a permit, license or other authorization from the United States for the conduct of deep seabed mineral activities; and

•The subsidiary other than TOML commences commercial recovery activities of deep seabed minerals pursuant to that permit, license or other authorization.

No Tonga Warrants have been exercised. Their value of $5 million as at September 30, 2026 was recorded in additional paid-in capital (December 31, 2025: $5 million).

Share-Based Compensation

9 Months Ended

Sep. 30, 2026

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

As at September 30, 2026, 21,854,976 common shares were reserved for issuance under the Company's 2021 Incentive Equity Plan (the "Incentive Plan"), including 16,918,653 shares added in January 2026 under the Incentive Plan’s automatic annual increase provision, of which 2,243,853 are available only for awards to non-employee directors. On the first day of each fiscal year from 2022 to 2031, the number of common shares issuable under the Incentive Plan is automatically increased by the lesser of 4% of the outstanding common shares and an amount determined by the Company’s Board of Directors.

RSUs and options under the Company's Short-Term Incentives Plan and Long-Term Incentives Plan (“LTIP”) are granted under the Incentive Plan. Before the Incentive Plan, the Company granted awards under its 2018 Stock Option Plan (the “2018 Plan”).

Stock options

A continuity schedule summarizing the movements in the Company’s stock options under the various plans is as follows:


	Number of Short-Term Options Outstanding under 2018 Plan	Number of Long-Term Options Outstanding under 2018 Plan	Number of Options Outstanding under Incentive Plan
Outstanding – December 31, 2024	14,300,575	9,644,874	3,940,000
Granted	—	—	7,750,000
Expired/ forfeited	(11,578)	—	(500,000)
Vested	(4,051,304)	(695,242)	—
Outstanding – December 31, 2025	10,237,693	8,949,632	11,190,000
Vested	(1,594,041)	(284,418)	(166,667)
Outstanding – September 30, 2026	8,643,652	8,665,214	11,023,333

During the three and nine months ended September 30, 2026, the Company recognized share-based compensation expense for stock options of $0.5 million and $1.5 million, respectively, of which $25 thousand and $75 thousand related to exploration and evaluation activities and $0.5 million and $1.4 million related to general and administrative matters (three and nine months ended September 30, 2025: $27.2 million and $28.3 million, respectively, of which $25 thousand and $0.2 million related to exploration and evaluation activities and $27.2 million and $28.1 million related to general and administrative matters). The Company has not granted options under the 2018 Plan since the Business Combination and the fair value of all 2018 Plan options has been fully recognized except for options subject to non-market performance vesting conditions.

Restricted Share Units (“RSUs”)

The Company may grant RSUs to directors, officers, employees, and consultants of the Company and its subsidiaries under the Incentive Plan. On each vesting date, holders receive one common share for each vested RSU, provided the holder is providing services to the Company on that date.

A continuity schedule summarizing the RSU activity is as follows:


			Number of RSUs Outstanding
Outstanding – December 31, 2024			34,312,655
Granted			35,381,992
Forfeited			(1,076,371)
Exercised			(20,296,128)
Outstanding – December 31, 2025			48,322,148
Granted			6,858,920
Forfeited			(168,015)
Exercised			(8,949,307)
Outstanding – September 30, 2026			46,063,746

RSUs granted during the three and nine months ended September 30, 2026 and 2025 were as follows:


Vesting Period	Three months ended September 30, 2026	Three months ended September 30, 2025	Nine months ended September 30, 2026	Nine months ended September 30, 2025
Vesting immediately (1)	39,973	298,641	743,834	3,380,268
Vesting fully within and on first anniversary of the grant date (2)	—	—	99,168	194,226
Vesting in thirds on each anniversary of the grant date (3)	103,165	415,676	5,942,983	9,234,611
Vesting in fourths on each anniversary of the grant date	—	—	—	176,302
Vesting three years from grant date	72,935	—	72,935	66,508
Vesting four years from grant date	—	1,750,000	—	1,750,000
Vesting based on performance conditions	—	—	—	688,969
Vesting based on market conditions	—	18,750,000	—	18,750,000
Total Units Granted	216,073	21,214,317	6,858,920	34,240,884

______________________________________________________________

September 30, 2025, the Company issued 91,512 RSUs with an aggregate fair value of approximately $0.4 million to non-employee directors in lieu of cash director fees.

(5)On August 28, 2025, the Company granted 1,750,000 RSUs to a director in exchange for consulting services, following an increase in the reserve under the Incentive Plan.

The grant date fair value of all RSUs granted during the three and nine months ended September 30, 2026, equals the closing price of the Company’s common shares on the grant date. Share-based compensation expense for RSUs amounted to $11.4 million and $46.8 million for the three and nine months ended September 30, 2026, respectively, of which $6.7 million and $18.5 million related to exploration and evaluation activities and $4.7 million and $28.3 million related to general and administrative matters (three and nine months ended September 30, 2025: $15.0 million and $26.6 million, respectively, of which $4.3 million and $9.3 million related to exploration and evaluation activities and $10.7 million and $17.3 million related to general and administrative matters). As at September 30, 2026, the total unrecognized share-based compensation expense for RSUs was $72.4 million (December 31, 2025: $91.5 million).

As at September 30, 2026, an aggregate of 18,342 vested RSUs were being processed and due to be converted into common shares (December 31, 2025: 81,198 units).

Employee Stock Purchase Plan

The Company's 2021 Employee Stock Purchase Plan (“ESPP”) was approved by shareholders on May 31, 2022. As at September 30, 2026, 18,221,054 common shares were reserved for issuance under the ESPP, including 4,229,663 shares added in January 2026 under the ESPP’s automatic annual increase provision. On the first day of each fiscal year from 2022 to 2031, the number of common shares reserved under the ESPP automatically increases by the lesser of 1% of the common shares outstanding on the last day of the preceding fiscal year and an amount determined by the Board of Directors.

ESPP share-based compensation expense, representing the purchase price discount, was $22 thousand and $52 thousand, for the three and nine months ended September 30, 2026, respectively (three and nine months ended September 30, 2025: $11 thousand and $16 thousand, respectively).

During the three and nine months ended September 30, 2026, the Company issued nil and 25,191 common shares (during the three and nine months ended September 30, 2025: nil and 12,533 common shares).

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Current
Cash	$ 79,260	$ 117,633
Receivables and prepayments	2,394	3,049
Total current assets	81,654	120,682
Non-current
Exploration assets	42,951	42,951
Equipment	402	519
Software development costs	2,347	2,125
Right-of-use asset	477	1,907
Investments	31,713	13,447
Total non-current assets	77,890	60,949
TOTAL ASSETS	159,544	181,631
Current
Accounts payable and accrued liabilities	52,581	46,048
Warrant liability	0	13,351
Total current liabilities	52,581	59,399
Non-current
Deferred tax liability	10,675	10,675
Royalty liability	140,000	145,000
Total non-current liabilities	150,675	155,675
TOTAL LIABILITIES	203,256	215,074
EQUITY
Common shares (unlimited shares, no par value – issued: 441,291,524 (December 31, 2025–422,966,333))	751,611	681,343
Additional paid-in capital	266,242	237,696
Accumulated other comprehensive loss	(1,203)	(1,203)
Deficit	(1,060,362)	(951,279)
TOTAL EQUITY	(43,712)	(33,443)
TOTAL LIABILITIES AND EQUITY	$ 159,544	$ 181,631

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation These unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnote disclosures required by U.S. GAAP for annual financial statements have been condensed or omitted. In management’s opinion, these unaudited condensed consolidated interim financial statements include all adjustments, consisting of normal recurring adjustments necessary for the fair presentation of the Company’s statement of financial position, results of operations, comprehensive loss, changes in shareholders' equity and cash flows for the interim periods presented. Interim results are not necessarily indicative of the results of operations to be expected for the full year ending December 31, 2026 or any other period. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2025. The Company has applied the same accounting policies as in the prior year.

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are as follows:


	September 30 2026		December 31 2025
Accounts payable	$	6,121	$	2,277
Accrued liabilities (1) (2)	46,460		43,771
	$	52,581	$	46,048

______________________________________________________________

(1)Includes underutilization fees payable to the 2024 Lenders under the 2024 Credit Facility (Note 16) amounting to $0.7 million in both periods and $2.6 million payable to Allseas (Note 6).

(2)As at September 30, 2026, accrued liabilities totaled $46.5 million (December 31, 2025: $43.8 million), of which $38.2 million relates to Allseas (Note 6) (December 31, 2025: $34.2 million).

Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities are as follows:


	September 30 2026		December 31 2025
Accounts payable	$	6,121	$	2,277
Accrued liabilities (1) (2)	46,460		43,771
	$	52,581	$	46,048

______________________________________________________________

(1)Includes underutilization fees payable to the 2024 Lenders under the 2024 Credit Facility (Note 16) amounting to $0.7 million in both periods and $2.6 million payable to Allseas (Note 6).

(2)As at September 30, 2026, accrued liabilities totaled $46.5 million (December 31, 2025: $43.8 million), of which $38.2 million relates to Allseas (Note 6) (December 31, 2025: $34.2 million).

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Class A Warrants	Class B Warrants	2025 Registered Direct Offering	2024 Registered Direct Offering	Common Shares	Common Shares Class A Warrants	Common Shares Class B Warrants	Common Shares 2025 Registered Direct Offering	Common Shares 2024 Registered Direct Offering	Additional Paid-in Capital	Additional Paid-in Capital Class A Warrants	Additional Paid-in Capital Class B Warrants	Additional Paid-in Capital 2025 Registered Direct Offering	Additional Paid-in Capital 2024 Registered Direct Offering	Accumulated Other Comprehensive Loss	Deficit
Beginning balance (in shares) at Dec. 31, 2024						340,708,460
Beginning balance at Dec. 31, 2024	$ (17,118)					$ 477,217					$ 138,303					$ (1,203)	$ (631,435)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares and warrants to Korea Zinc, net of expenses (in shares)						19,623,376
Issuance of shares and warrants to Korea Zinc, net of expenses	85,118					$ 71,686					13,432
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)									12,333,334	5,000,000
Issuance of shares and warrants under Registered Direct Offering, net of expenses				$ 36,697	$ 5,000				$ 24,149	$ 2,237				$ 12,548	$ 2,763
Shares issued from ATM (in shares)						7,542,996
Shares issued from ATM	14,784					$ 14,784
Exercise of warrants (in shares)							1,888,270	7,358,096
Exercise of warrants		$ 3,777	$ 7,650				$ 5,467	$ 14,229				$ (1,690)	$ (6,579)
Conversion of restricted share units, net of shares withheld for taxes (in shares)						10,177,224
Conversion of restricted share units, net of shares withheld for taxes	0					$ 17,509					(17,509)
Exercise of stock options (in shares)						4,210,884
Exercise of stock options	$ 2,583					$ 11,563					(8,980)
Share purchase under Employee Stock Purchase Plan (in shares)	12,533					12,533
Share purchase under Employee Stock Purchase Plan	$ 10					$ 12					(2)
Naoero and Tonga warrant cost	38,056										38,056
Share-based compensation and expenses settled with equity	62,265										62,265
Loss for the period	(279,446)																(279,446)
Ending balance (in shares) at Sep. 30, 2025						408,855,173
Ending balance at Sep. 30, 2025	(40,624)					$ 638,853					232,607					(1,203)	(910,881)
Beginning balance (in shares) at Jun. 30, 2025						397,155,318
Beginning balance at Jun. 30, 2025	81,860					$ 606,246					203,181					(1,203)	(726,364)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares and warrants under Registered Direct Offering, net of expenses (in shares)						3,333,334
Issuance of shares and warrants under Registered Direct Offering, net of expenses	6,970					$ 6,509					461
Exercise of warrants (in shares)							1,638,270	2,525,000
Exercise of warrants		$ 0	$ 5,000				$ 4,743	$ 7,778				$ (4,743)	$ (2,778)
Conversion of restricted share units, net of shares withheld for taxes (in shares)						704,491
Conversion of restricted share units, net of shares withheld for taxes	0					$ 3,467					(3,467)
Exercise of stock options (in shares)						3,498,760
Exercise of stock options	$ 2,121					$ 10,110					(7,989)
Share purchase under Employee Stock Purchase Plan (in shares)	0
Naoero and Tonga warrant cost	$ 4,977										4,977
Share-based compensation and expenses settled with equity	42,965										42,965
Loss for the period	(184,517)																(184,517)
Ending balance (in shares) at Sep. 30, 2025						408,855,173
Ending balance at Sep. 30, 2025	(40,624)					$ 638,853					232,607					(1,203)	(910,881)
Beginning balance (in shares) at Dec. 31, 2025						422,966,333
Beginning balance at Dec. 31, 2025	(33,443)					$ 681,343					237,696					(1,203)	(951,279)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued from ATM (in shares)						7,305,567
Shares issued from ATM	43,176					$ 43,176
Conversion of restricted share units, net of shares withheld for taxes (in shares)						8,949,307
Conversion of restricted share units, net of shares withheld for taxes	0					$ 16,762					(16,762)
Exercise of stock options (in shares)						2,045,126
Exercise of stock options	$ 2,719					$ 10,248					(7,529)
Share purchase under Employee Stock Purchase Plan (in shares)	25,191					25,191
Share purchase under Employee Stock Purchase Plan	$ 56					$ 82					(26)
Share-based compensation and expenses settled with equity	52,863										52,863
Loss for the period	(109,083)																(109,083)
Ending balance (in shares) at Sep. 30, 2026						441,291,524
Ending balance at Sep. 30, 2026	(43,712)					$ 751,611					266,242					(1,203)	(1,060,362)
Beginning balance (in shares) at Jun. 30, 2026						433,726,201
Beginning balance at Jun. 30, 2026	(27,437)					$ 707,361					298,406					(1,203)	(1,032,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued from ATM (in shares)						7,305,567
Shares issued from ATM	0					$ 43,176					(43,176)
Conversion of restricted share units, net of shares withheld for taxes (in shares)						259,756
Conversion of restricted share units, net of shares withheld for taxes	$ 0					$ 1,074					(1,074)
Share purchase under Employee Stock Purchase Plan (in shares)	0
Share-based compensation and expenses settled with equity	$ 12,086										12,086
Loss for the period	(28,361)																(28,361)
Ending balance (in shares) at Sep. 30, 2026						441,291,524
Ending balance at Sep. 30, 2026	$ (43,712)					$ 751,611					$ 266,242					$ (1,203)	$ (1,060,362)

Warrants - Schedule of Changes in Fair Value of Warrant Liability (Details) - Private Warrants $ in Thousands	9 Months Ended
	Sep. 30, 2026 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Warrant liability as at December 31, 2025	$ 13,351
Decrease in fair value of warrant liability	(13,351)
Warrant liability as at September 30, 2026	$ 0

Royalty Liability (Tables)

9 Months Ended

Sep. 30, 2026

Royalty Liability [Abstract]

Schedule of Changes in Fair Value of Warrant Liability


	Royalty liability
Royalty liability as at December 31, 2025	$	145,000
Decrease in fair value of Royalty liability	(5,000)
Royalty liability as at September 30, 2026	$	140,000

The following table presents the changes in the fair value of warrant liability:


	Private Warrants
Warrant liability as at December 31, 2025	$	13,351
Decrease in fair value of warrant liability	(13,351)
Warrant liability as at September 30, 2026	$	—

Strategic Alliance with Allseas and Affiliates - Schedule of Net Amount of Right-of-Use Asset (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Right-of-use Asset
Beginning balance			$ 1,907	$ 3,814	$ 3,814
Lease expense during the year	$ (500)	$ (500)	(1,430)	$ (1,430)	(1,907)
Ending balance	$ 477		$ 477		$ 1,907

Related Party Transactions (Details)		3 Months Ended		9 Months Ended		12 Months Ended
Related Party Transactions (Details)	Mar. 22, 2024 USD ($)	Sep. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) day	Sep. 30, 2025 USD ($)	Dec. 31, 2025 USD ($)	Mar. 26, 2026 USD ($)	Mar. 26, 2025 USD ($)
Related Party Transaction [Line Items]
Repayment of debt			$ 2,500,000		$ 4,300,000
Professional fees		$ 1,234,000	4,603,000	$ 6,470,000	11,678,000
Related Party
Related Party Transaction [Line Items]
Underutilization fees		700,000	700,000	2,100,000	700,000
Interest expense			0		100,000
Amount drawn from credit facility			1,900,000		1,900,000
Interest repaid			100,000		400,000
Professional fees				55,000		$ 57,000
Related Party \| Location, Statement of Income, Balance [Axis]: us-gaap:GeneralAndAdministrativeExpense
Related Party Transaction [Line Items]
Professional fees		100,000	100,000	400,000	200,000
Director
Related Party Transaction [Line Items]
Legal Fees				100,000
Line of Credit
Related Party Transaction [Line Items]
Repayment of debt			2,500,000
Payment of line of credit facility, commitment fee amount			1,200,000		2,200,000
Line of Credit \| Related Party
Related Party Transaction [Line Items]
Aggregate borrowed amount			$ 19,600,000		$ 19,600,000			$ 22,000,000.0
Proceeds from (repayments of) debt		0		0
Debt outstanding		0		0
Payment of line of credit facility, commitment fee amount		700,000		2,100,000
Gerard Barron and ERAS Capital LLC \| Line of Credit \| Related Party
Related Party Transaction [Line Items]
Aggregate borrowed amount	$ 20,000,000	$ 44,000,000		$ 44,000,000
Number of days average considered for basis spread \| day				180
Interest rate				4.00%
Interest paid in kind at maturity		5.00%		5.00%
Underutilization fee (in percentage)	4.00%			6.50%
Gerard Barron \| Line of Credit \| Related Party
Related Party Transaction [Line Items]
Aggregate borrowed amount	$ 10,000,000	$ 22,000,000		$ 22,000,000
ERAS Capital LLC \| Line of Credit \| Related Party
Related Party Transaction [Line Items]
Aggregate borrowed amount	$ 10,000,000	$ 22,000,000		$ 22,000,000			$ 22,000,000

Royalty Liability - Narrative (Details) $ in Millions	Sep. 30, 2026 USD ($)
Measurement Input, Discount Rate \| Valuation, Income Approach \| Minimum
Royalty Liability [Line Items]
Royalty liability, measurement input	0.100
Measurement Input, Discount Rate \| Valuation, Income Approach \| Maximum
Royalty Liability [Line Items]
Royalty liability, measurement input	0.111
NORI \| Low Carbon Royalties
Royalty Liability [Line Items]
Royality fair value for Areas A to C	$ 17
Royality fair value for Area D project	$ 123

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Long-Term Investments [Roll Forward]
Investment at the beginning of the period			$ 13,447	$ 8,203	$ 8,203
Spin-out transaction					0
Return of capital			(263)	(346)	(692)
Dilution gain	$ 3,834	$ 2,967	26,905	2,967	5,649
Equity-accounted investment gain (loss)			(9,376)		287
Purchase of additional investment			1,000	0
Investment at the end of the period	31,713		31,713		13,447
The Metals Royalty Company
Long-Term Investments [Roll Forward]
Investment at the beginning of the period			10,054	8,203	8,203
Spin-out transaction					(3,739)
Return of capital			0		(346)
Dilution gain	3,800		26,905		5,649
Equity-accounted investment gain (loss)	(4,900)	$ (500)	(9,216)	(400)	287
Purchase of additional investment			1,000
Investment at the end of the period	28,743		28,743		10,054
1554997 B.C. Ltd.
Long-Term Investments [Roll Forward]
Investment at the beginning of the period			3,393	$ 0	0
Spin-out transaction					3,739
Return of capital	(100)		(263)		(346)
Dilution gain			0		0
Equity-accounted investment gain (loss)	88		(160)		0
Purchase of additional investment			0
Investment at the end of the period	$ 2,970		$ 2,970		$ 3,393

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Segmented Information

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segmented Information

The Company’s Chief Executive Officer is the chief operating decision maker and reviews financial information on a consolidated basis to allocate resources and assess performance. The Company operates as a single operating and reportable segment, the development of seafloor polymetallic nodule resources, including the related collection system and metallurgical processing technology. The Company’s long-lived assets, by domicile of the owning legal entity, are as follows:


Equipment	September 30, 2026		December 31, 2025
Naoero	$	402	$	519
Total	$	402	$	519


Software	September 30, 2026		December 31, 2025
Singapore	$	2,347	$	2,125
Total	$	2,347	$	2,125

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2026	Nov. 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2026
Document Transition Report	false
Entity File Number	001-39281
Entity Registrant Name	TMC THE METALS COMPANY INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	1111 West Hastings Street
Entity Address, Address Line Two	15th Floor
Entity Address, City or Town	Vancouver
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6E 2J3
City Area Code	888
Local Phone Number	458-3420
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	TMC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		441,291,524
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0001798562

Financial Instruments

9 Months Ended

Sep. 30, 2026

Fair Value Disclosures [Abstract]

Financial Instruments

The following table presents the Company’s financial instruments, including those measured at fair value on a recurring basis and their classification within the fair value hierarchy.


Categories of Financial Instruments	Fair Value Hierarchy	September 30, 2026		December 31, 2025
Financial assets
Amortized cost
Cash	—	$	79,260	$	117,633
Commodity taxes and other receivables	—	799		664
		$	80,059	$	118,297
Financial liabilities
Amortized cost
Accounts payable and accrued liabilities (Note 11)	—	$	52,581	$	46,048
Fair value through profit or loss
Royalty liability (Note 8)	Level 3	140,000		145,000
Warrant liability (Note 12)	Level 3	—		13,351
		$	192,581	$	204,399

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common shares, issued (in shares)	441,291,524	422,966,333

Contingent Liabilities (Details)		2 Months Ended
Contingent Liabilities (Details)	Jul. 20, 2026	Mar. 31, 2027
NORI \| NORI Exploration Contract
Other Commitments [Line Items]
Contract extension period	5 years
TOML \| TOML Exploration Contract
Other Commitments [Line Items]
Contract extension period	5 years
TOML \| TOML Exploration Contract \| Forecast
Other Commitments [Line Items]
Contract extension period		5 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Cash used in operating activities
Loss for the period	$ (28,361)	$ (184,517)	$ (109,083)	$ (279,446)
Items not affecting cash:
Naoero and Tonga warrant cost	0	4,977	0	38,056
Amortization			117	173
Lease expense	500	500	1,430	1,430	$ 1,907
Allseas obligation settled with equity			35,308	0
Charge on Allseas settlement	0	0	7,868	0
Share-based compensation and expenses settled with equity			52,863	62,265
Equity-accounted investment loss (income)	4,853	492	9,376	438
Gain on dilution of investment	(3,834)	(2,967)	(26,905)	(2,967)	(5,649)
Change in fair value of royalty liability	(5,000)	131,000	(5,000)	131,000
Change in fair value of warrant liability	(527)	(3,852)	(13,351)	12,818
Unrealized foreign exchange movement			(987)	3,451
Interest paid on amounts drawn from credit facilities and short-term debt			0	(823)
Changes in working capital:
Receivables and prepayments			655	284
Accounts payable and accrued liabilities			7,565	1,825
Net cash used in operating activities			(40,144)	(31,496)
Investing activities
Investment in investee			(1,000)	0
Acquisition of equipment and software			(128)	(140)
Proceeds from investee distribution			263	346	692
Net cash (used in) generated from investing activities			(865)	206
Financing activities
Proceeds from Korea Zinc Private Placement			0	85,165
Proceeds from Registered Direct Offerings			0	42,000
Expenses paid for Registered Direct Offerings			0	(719)
Proceeds from shares issued from ATM			0	14,784
Repayment of drawn amount on credit facilities			0	(4,275)
Repayment of Allseas Working Capital Loan			0	(7,500)
Proceeds from exercise of stock options			2,719	2,583
Proceeds from Employee Stock Purchase Plan			56	10
Net cash provided by financing activities			2,775	143,475
(Decrease) increase in cash			(38,234)	112,185
Impact of exchange rate changes on cash			(139)	(17)
Cash - beginning of period			117,633	3,480	3,480
Cash - end of period	$ 79,260	$ 115,648	79,260	115,648	$ 117,633
Class A Warrants
Financing activities
Proceeds from exercise of warrants			0	3,777
Class B Warrants
Financing activities
Proceeds from exercise of warrants			$ 0	$ 7,650

Loss per Share (Details) - shares	9 Months Ended
Loss per Share (Details) - shares	Sep. 30, 2026	Sep. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	241,765,821	283,523,189
Outstanding options to purchase common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	28,332,199	30,924,568
Outstanding RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	46,063,746	57,299,944
Outstanding shares under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	14,997	6,982
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	31,350,282	59,280,282
Outstanding Special Shares and options to purchase Special Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common equivalent shares (in shares)	136,004,597	136,011,413

Contingent Liabilities	9 Months Ended
Contingent Liabilities	Sep. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities	Contingent Liabilities On January 23, 2023, investors in the private placement completed in connection with the Business Combination filed a lawsuit against the Company in the Commercial Division of the New York Supreme Court, New York County, captioned Atalaya Special Purpose Investment Fund II LP et al. v. Sustainable Opportunities Acquisition Corp. n/k/a TMC the metals company Inc., Index No. 650449/2023 (N.Y. Sup. Ct.), alleging breach of the representations and warranties in their subscription agreements and seeking damages. In December 2023, the court dismissed the plaintiffs’ claim for breach of the covenant of good faith and fair dealing and denied the Company’s motion to dismiss the breach of contract claim, and in December 2024 the Appellate Division upheld that ruling. Discovery closed in April 2026. On June 26, 2026, the parties cross-moved for summary judgment, and briefing has been completed. The court has scheduled oral argument on the motions for May 6, 2027. The Company denies the allegations. There is no assurance that the Company will succeed in its defense or that insurance will be available or adequate to fund any settlement, judgment or litigation costs. The Company cannot reasonably estimate the possible loss or range of loss. On June 5, 2026, NORI and TOML each instituted proceedings against the ISA, with requests for provisional measures, before the Seabed Disputes Chamber (the “Chamber”) of the International Tribunal for the Law of the Sea, captioned Nauru Ocean Resources Inc. v. International Seabed Authority, Case No. 34, and Tonga Offshore Mining Ltd. v. International Seabed Authority, Case No. 35. The applications allege that the ISA failed to afford due process, transparency and fairness in its inquiries into the possible non-compliance of NORI and TOML with their exploration contracts and, for NORI, in its consideration of NORI’s application to extend its exploration contract. On July 18, 2026, the Chamber issued orders prescribing provisional measures requiring the ISA to act in accordance with the applicable legal framework, including rules of due process, to provide NORI and TOML the information they need to respond meaningfully, and to cooperate with NORI and TOML and refrain from aggravating the dispute. The Chamber did not suspend the inquiries, as NORI and TOML had requested. NORI, TOML and the ISA were each required to submit an initial compliance report to the Chamber by August 31, 2026. The orders do not prejudge the Chamber’s jurisdiction over the merits, which remain to be briefed and heard, and the ISA’s deadline to file its defense on the merits is March 30, 2027. The relief sought is declaratory and injunctive, and no damages have been claimed or awarded. On July 20, 2026, the Council of the ISA approved a five-year extension of NORI’s exploration contract to July 21, 2031, without prejudice to any findings arising from the inquiry. TOML’s application for a five-year extension of its exploration contract, which is due to expire on January 11, 2027, is scheduled to be considered during the February and March 2027 Legal and Technical Commission meeting, and TOML expects its exploration contract to continue in force in the interim under the ISA’s extension procedures. No amounts have been recognized for these proceedings, and related legal costs are expensed as incurred.

Share-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	May 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation		$ 5,175	$ 37,873	$ 29,704	$ 45,343
Share purchase under Employee Stock Purchase Plan (in shares)		0	0	25,191	12,533
Outstanding shares under ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of additional shares added (in shares)	4,229,663
Percentage of common stock shares outstanding						1.00%
Share-based compensation		$ 22	$ 11	$ 52	$ 16
Outstanding shares under ESPP \| Common Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued from ATM (in shares)		18,221,054		18,221,054

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

- Definition

Number of shares issued during the period as a result of an employee stock purchase plan.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-11

+ Details

Strategic Alliance with Allseas and Affiliates - Narrative (Details) $ in Thousands						3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2026 USD ($) shares	Jul. 02, 2026 USD ($) shares	May 11, 2026 USD ($)	Mar. 31, 2026 USD ($)	Mar. 30, 2026 day	Sep. 30, 2026 USD ($) shares	Jun. 30, 2026 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($) shares	Dec. 31, 2025 USD ($) shares	Mar. 29, 2026
Strategic Alliance With Allseas And Affiliates [Line Items]
Share price discount					10.00%
Number of trading days \| day					20
Charge on Allseas settlement			$ 7,900			$ 0		$ 0	$ 7,868	$ 0
Exploration and evaluation expenses						23,538		9,633	92,883	29,644
Lease expense						$ 500		500	$ 1,430	$ 1,430	$ 1,907
Common Shares
Strategic Alliance With Allseas And Affiliates [Line Items]
Shares issued from ATM (in shares) \| shares						7,305,567			7,305,567	7,542,996
Project Management Technology Services
Strategic Alliance With Allseas And Affiliates [Line Items]
Exploration and evaluation expenses						$ 8,100		500	$ 12,800	$ 3,700
Related Party
Strategic Alliance With Allseas And Affiliates [Line Items]
Deferred liability charges							$ 33,800
Deferred costs incurred							32,800		32,800
Additional negotiated cost							$ 1,900		4,400
Underutilization fees						$ 700		$ 700	$ 2,100	$ 700
Allseas Group S.A
Strategic Alliance With Allseas And Affiliates [Line Items]
Related party, reimbursement for eligible costs, cash payment limit, percentage			50.00%
Allseas Group S.A \| Related Party
Strategic Alliance With Allseas And Affiliates [Line Items]
Percentage of engineering costs, project management costs												50.00%
Percentage of additional negotiated cost			50.00%
Percentage of repayable through production based repayment mechanism			50.00%
Charge on Allseas settlement		$ 7,900
Additional negotiated cost		$ 2,500
Shares issued from ATM (in shares) \| shares		7,305,567
Related party transaction, amounts of transaction		$ 43,200		$ 32,800
Allseas Group S.A \| Related Party \| Project Management Technology Services
Strategic Alliance With Allseas And Affiliates [Line Items]
Initial term			5 years
Allseas and affiliates \| Common Shares \| Allseas Deepsea Marine Contractors And Affiliates
Strategic Alliance With Allseas And Affiliates [Line Items]
Shares owned (in shares) \| shares	63,400,000					63,400,000			63,400,000		56,100,000
Allseas and affiliates \| Related Party
Strategic Alliance With Allseas And Affiliates [Line Items]
Related party transaction, amounts of transaction									$ 40,800		$ 34,200
Allseas and affiliates \| Related Party \| Allseas Deepsea Marine Contractors And Affiliates
Strategic Alliance With Allseas And Affiliates [Line Items]
Investment owned	14.40%					14.40%			14.40%		13.30%
Allseas and affiliates \| Related Party \| Line of Credit
Strategic Alliance With Allseas And Affiliates [Line Items]
Underutilization fees	$ 2,000