TMCR Metals Royalty Co Inc.
Price Chart
Executive Summary
Metals Royalty Co Inc. filed its 20-F for FY2025, reporting no revenue from its sole asset (2% NORI royalty on a deep-sea nodule project still in development) and a net loss from continuing operations of $6.8M (vs. $0.9M in FY2024), driven by one-time direct listing costs and higher G&A. Net income of $1.1M came entirely from discontinued oil & gas operations spun out in December 2025. The company had $18.4M cash at year-end and expects this to fund operations through Q4 2027, when TMC targets first production. The filing is a routine annual update with no new material financial catalysts.
Actionable Insight
No near-term catalyst from this filing; focus on TMC's permitting progress and Q4 2027 first production target. The $18.4M cash runway plus potential Yorkville SEPA funding ($100M cap) provides liquidity, but dilution risk exists. Monitor for any changes in NORI property development milestones or additional royalty acquisitions.
Key Facts
- No revenue from continuing operations (NORI royalty pre-production)
- Net loss from continuing operations: $6,843,810 in FY2025 vs. $857,104 in FY2024
- Net income from discontinued operations (oil & gas spin-out): $7,959,161
- Cash position: $18.4 million as of December 31, 2025
- Sole asset: 2% gross overriding royalty on NORI Property (deep-sea polymetallic nodules), carried at $14.1 million
- Material weakness in internal control over financial reporting continues
- Direct listing on Nasdaq completed in April 2026 (post-year-end event)
Financial Impact
No revenue; continuing operations loss of $6.8M; cash burn expected to increase with public company costs
Risk Factors
- Sole royalty on non-producing asset; may never generate revenue
- Regulatory and permitting uncertainty for deep-sea mining (DSHMRA/ISA)
- Dependence on TMC The Metals Company for project advancement
- Material weakness in internal controls could lead to financial reporting issues
- Potential dilution from Standby Equity Purchase Agreement (up to $100M)
Market Snapshot
Documents Analyzed
This report is based on 11 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 20-F Filing (Primary) | 0001104659-26-049527 |
| Document: tmcr-20251231xex11d2.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex2d1.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex97d1.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex12d1.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex12d2.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex13d1.htm | 0001104659-26-049527 |
| Document: tmcr-20251231xex13d2.htm | 0001104659-26-049527 |
| Document: 0001104659-26-049527-index-headers.html | 0001104659-26-049527 |
| Document: 0001104659-26-049527-index.html | 0001104659-26-049527 |
| Document: 0001104659-26-049527.txt | 0001104659-26-049527 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
2d ago
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3
| $10.35 awaiting T+1 | awaiting T+1 | — | $9.34 (−9.76%) |
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Jun 1, 2026
11d ago
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6-K
| $12.78 $12.84 | ▲ +0.47% | ▲ +1.19% | $9.34 (−26.92%) |
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May 12, 2026
4w ago
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6-K
| $13.87 $13.71 | ▼ −1.15% | ▼ −1.73% | $9.34 (−32.66%) |
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Apr 27, 2026
6w ago
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20-F
| $13.56 $14.05 | ▲ +3.58% | ▲ +3.59% | $9.34 (−31.12%) |
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Apr 8, 2026
9w ago
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3
| $14.00 $15.34 | ▲ +9.57% | ▲ +9.63% | $9.34 (−33.29%) |
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Apr 8, 2026
9w ago
|
3
| $14.00 $15.34 | ▲ +9.57% | ▲ +9.63% | $9.34 (−33.29%) |
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Apr 8, 2026
9w ago
|
EFFECT / 424B4
| $14.00 $14.00 | · 0.00% | ▼ −0.57% | $9.34 (−33.29%) |
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Apr 1, 2026
10w ago
|
6-K
| — | awaiting T+1 | — | — |
US Market Status
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