Core Insights - Global Sea Mineral Resources (GSR) has signed a Memorandum of Understanding (MOU) with Deep Ocean Resources Development Co., Ltd. (DORD) to explore co-development opportunities for polymetallic nodule resources in the Clarion-Clipperton Zone (CCZ) [1] Group 1 - GSR is a deep-sea exploratory subsidiary of DEME [1] - The MOU aims to conduct a joint demonstration test for resource development [1] - GSR will provide technical knowledge and operational expertise to support DORD's program [1]

Core Viewpoint - TMC The Metals Company is poised to operate under a new legal framework for deep-sea mining in the U.S., potentially accelerating its ability to extract valuable polymetallic nodules, despite ongoing regulatory uncertainties with the International Seabed Authority [1][4]. Group 1: Regulatory Environment - The deep-sea mine contains billions of dollars' worth of polymetallic nodules but has faced regulatory delays due to the lack of finalized rules from the International Seabed Authority (ISA) [1]. - The U.S. has opted not to join the ISA and is establishing its own rules for deep-sea mining, with TMC's application being the first to comply with these new regulations [3]. - The accelerated timeline set by the U.S. may pressure the ISA to finalize its own rulebook for deep-sea mining [4]. Group 2: Financial Overview - TMC's current stock price is approximately $6.11, with a market capitalization of about $2.5 billion, reflecting a 37% decline from its initial price of $10 due to regulatory uncertainties [5][6]. - The company is still in a pre-revenue stage, with no expected earnings for at least another year, leading to significant uncertainty regarding its future profitability [6]. - The potential market opportunity for TMC could be substantial if it successfully begins commercial-scale harvesting of nodules, but its current financials offer little assurance [8]. Group 3: Investment Considerations - TMC stock is considered risky, appealing primarily to aggressive investors interested in speculating on the future of the U.S. metal supply chain [8]. - Investors seeking stability may prefer safer stock options instead of investing in TMC [8].

Washington, D.C. 20549 TABLE OF CONTENTS As filed with the Securities and Exchange Commission on March 11, 2026 Registration No. 333-293837 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 The Metals Royalty Company Inc. (Exact name of registrant as specified in its charter) 1040 (Primary Standard Industrial Classification Code Number) 1900 Dome Tower 333 7 Ave SW th Calgary, AB, T2P 2Z1 (403) 984-1941 (Address, including zi ...

Core Viewpoint - USA Rare Earth experienced a significant decline in stock price in February, despite positive government initiatives aimed at enhancing domestic mineral access [1][2]. Group 1: Stock Performance - USA Rare Earth stock fell by 15.7% in February, while the S&P 500 and Nasdaq Composite declined by 0.9% and 3.4%, respectively [1]. - Despite the February decline, the stock is still up approximately 75% over the past year [2]. Group 2: Government Initiatives - On February 3, the Trump administration announced a new project, "Project Vault," aimed at improving the U.S.'s critical mineral reserves, which includes over 50 minerals deemed essential for defense and other industries [2][3]. - Project Vault is set to receive a $10 billion loan from the U.S. Export-Import Bank and an additional $2 billion from private sources to build a stockpile of vital minerals [2]. Group 3: Market Reactions - Following the announcement of Project Vault, USA Rare Earth initially saw gains, but the stock faced sell-offs after Vice President JD Vance announced plans for a trading coalition with 50 countries to reduce reliance on China for mineral supplies [3]. - Investors interpreted the coalition news as a potential reduction in reliance on USA Rare Earth, which may have contributed to the stock's decline [4]. - The coalition's goal to establish pricing floors for key minerals was viewed as a double-edged sword, raising concerns about market inefficiencies [4]. Group 4: Broader Market Dynamics - The stock pullback was also influenced by profit-taking among investors and a shift away from speculative growth plays, alongside macroeconomic developments [5]. - The U.S. Supreme Court ruled that many tariffs imposed by President Trump were unconstitutional, and higher-than-expected producer-price-index (PPI) data contributed to the decline in equity prices [5].

Core Viewpoint - The Metals Company (NASDAQ:TMC) is viewed as a promising investment opportunity with significant long-term upside potential, possibly reaching a multi-hundred-billion dollar valuation due to its unique catalysts [2][3]. Group 1: Resource Base - TMC claims to control the world's largest undeveloped battery metals resource in the Clarion-Clipperton Zone (CCZ), with an estimated 274 million metric tons (Mt) of wet nodules, including 51 Mt of probable reserves [4][5]. - The reserves represent the first and largest-ever declared reserves for deep-sea mining, containing key battery minerals that are increasing in value [5]. - The company anticipates a mine life of approximately 25 years, contingent on the speed of scaling commercial production and the quality of the output [5][6]. Group 2: Regulatory Environment - TMC has secured the first U.S. deep-seabed mining approval for 65,000 km² under an executive order from April 2025, targeting commercial production by late 2027 [8]. - The company currently holds $115 million in cash and has zero debt, positioning it favorably for future operations [8]. - The shift to U.S. jurisdiction under NOAA's new process has increased investor confidence regarding the timeline for commercialization [10].

Core Insights - The Metals Company has experienced significant stock volatility in 2026, with a year-to-date decline of over 4% despite an initial rise of more than 13% [1] - The company focuses on harvesting polymetallic nodules from the seafloor to produce critical metals, distinguishing itself from traditional mining methods [2] - Investors who purchased shares three years ago have seen substantial returns, with an initial investment of $1,000 growing to approximately $5,800 by February 19 [3] Company Developments - The Metals Company has faced challenges due to unclear international regulations on deep-sea mining but has made progress with an application for a consolidated exploration license and commercial recovery permit [3] - The company has garnered strong investor interest as it approaches the launch of commercial operations, indicating potential growth opportunities for long-term investors [3][4] Investment Considerations - While there is growth potential as the company nears commercial operations, there are also significant risks, including uncertainty about the start of operations and profitability [4] - Investors are advised to consider alternative metal stocks if they have lower risk tolerances, as the market remains volatile [4]

Company Overview - TMC the metals company Inc. is focused on the exploration and development of polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean, founded in 2011 and headquartered in Vancouver, Canada [4] Financial Metrics - TMC reported approximately $165 million in liquidity and has the potential to secure over $400 million in additional proceeds through warrant exercises, enhancing its funding runway [3] - The company has an estimated in-situ resource value exceeding $23 billion and projected revenues of nearly $600 per dry ton of nodules during steady-state production anticipated between 2031 and 2043 [3] Market Position and Growth Potential - Alliance Global increased its price target on TMC to $12.25 from $6.50 while maintaining a Buy rating, indicating growing confidence in the company's regulatory and operational progress [1] - TMC is seen as retaining a first-mover advantage in the emerging deep-sea mining sector, positioning it to capitalize on early-stage supply opportunities in critical minerals essential for global electrification trends [1] - TMC's EPS growth of 28.26% over the past three years ranks it 7th among the 11 best Canadian growth stocks to buy according to hedge funds [4] Strategic Developments - The participation of TMC's Hidden Gem vessel in Japanese nodule collection trials indicates expanding international collaboration and potential commercial validation [3] - Evolving regulatory frameworks are viewed as a structural tailwind for the industry, which could accelerate project timelines and enhance investor visibility [1]

Core Viewpoint - TMC The Metals Company has seen a significant increase in stock value, gaining about 280% since last year, and is considered to have the potential for substantial future growth, possibly worth seven to eight times its current trading price [1]. Group 1: Company Overview - TMC is currently trading at $6.18 with a market capitalization of $2.7 billion [2]. - The company's stock has a 52-week range of $1.57 to $11.35, indicating high volatility [2]. - TMC specializes in deep-sea mining, focusing on harvesting polymetallic modules from the seafloor [2]. Group 2: Resource Potential - TMC holds exploratory rights for the Clarion-Clipperton Zone (CCZ) in the Pacific Ocean, which may contain more nickel, cobalt, and manganese than all known land deposits, along with significant copper reserves [3]. - The estimated value of TMC's first targeted project could reach approximately $24 billion, with potential life-of-mine revenue in the tens of billions [4]. Group 3: Regulatory and Financial Considerations - TMC requires regulatory approval from the U.N.-backed International Seabed Authority (ISA) to access the nodules, as the mining code for harvesting has not yet been finalized [6]. - The company anticipates starting commercial production in late 2027 and had about $116 million in cash at the end of Q3, with a quarterly cash burn rate of $10 million to $11 million [7].

Core Viewpoint - The Trump administration has significantly simplified the deep-sea mining permit process to accelerate the extraction of critical metals like copper and cobalt from the Pacific seabed, aiming to reduce reliance on non-U.S. supplies [1][2]. Group 1: Policy Changes - The National Oceanic and Atmospheric Administration (NOAA) has announced a reduction in the time required to obtain permits for mining mineral-rich nodules on the Pacific seabed, potentially shortening the timeline from years to months [1]. - This policy shift aligns with Trump's administration's disregard for international institutions, opting to bypass the International Seabed Authority, which has not issued any actual mining permits despite drafting rules for 11 years [1][2]. - The new regulations allow companies to apply for exploration and commercial metal recovery permits simultaneously, streamlining the process for mining startups [2]. Group 2: Geopolitical Context - The decision is driven by geopolitical considerations, as the U.S. competes with other nations for critical product exports, particularly in the context of electric vehicles and defense industries [2]. - Approximately 80% of global cobalt and nickel production, and 90% of manganese production, is controlled by a single country, highlighting the strategic importance of U.S. mining initiatives [2]. Group 3: Industry Impact - The decision is seen as a significant positive for deep-sea mining startups, with companies like The Metals Co. experiencing a 13% stock price increase following the announcement [1]. - The CEO of The Metals Co. plans to submit a revised permit application under the new regulations and anticipates starting mining operations by the end of next year [1]. Group 4: Long-term Considerations - There are concerns regarding the sustainability of the Trump administration's unilateral actions, with legal experts suggesting that future administrations may impose stricter international laws that could undermine current permits [3]. - Environmental organizations have historically opposed deep-sea mining, arguing for stricter regulations due to the risks posed to largely unknown marine ecosystems [3].

Core Viewpoint - The Metals Company (TMC) has experienced significant stock performance in 2025, with a hypothetical investment of $10,000 growing to approximately $58,600, indicating a substantial gain atypical for mining stocks, especially given its pre-revenue status and absence of a commercial license [1] Group 1 - TMC's future is contingent upon obtaining a commercial license for deep-sea mining, which is currently pending regulatory approval from the International Seabed Authority (ISA) [3] - The ISA is expected to create a rulebook that would allow TMC to commence operations, potentially transforming its substantial reserves of polymetallic nodules into revenue [4] - TMC reported a $55.4 million operating loss in Q3 2025, with a net loss of $184.5 million, highlighting the financial pressures the company faces [5] Group 2 - TMC is exploring alternative commercialization routes through the U.S. National Oceanic and Atmospheric Administration (NOAA), with potential support from the Trump administration for deep-sea mining [5] - Despite the promising stock performance, there are uncertainties surrounding TMC's future, necessitating cautious investment strategies [6] - TMC's operational success is heavily reliant on regulatory approval for commercial mining, which remains a critical factor for investors [7]