Published: May 27, 2025 |

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The Metals Company (TMC) has secured a $37 million direct offering through a securities purchase agreement with Michael Hess and his affiliated private investment vehicles. Brian Paes-Braga, managing partner at SAF Group and a long-time supporter of TMC, is participating alongside Hess in the offering. An existing strategic TMC investor is also participating in the offering.

Pursuant to the agreement, TMC will issue 12.3 million common shares at $3.00 per share, with each share accompanied by a class C warrant to purchase one additional share at an exercise price of $4.50 per share. Gross proceeds are expected to total approximately $37 million before expenses. Proceeds will be used to advance the company’s commercial development plans and for general corporate purposes and are expected to be sufficient to fund operations through the potential issuance of a commercial recovery permit.

“In recent weeks, both our company and the industry have made major strides. On April 24, President Trump issued an executive order to accelerate seabed mining through expedited permitting, evaluation of offtake rights, and potential federal investment. Just days later, TMC submitted the world’s first commercial recovery application for nodules in international waters — more than two months ahead of schedule,” said TMC’s Chairman and CEO, Gerard Barron.

“We’re thrilled to welcome Michael Hess as a strategic partner. He brings more than 15 years of exploration and production experience, as both an investor and operator, along with deep relationships across the U.S.,” added Barron.

“Brian Paes-Braga and I have been evaluating opportunities in critical minerals for some time, specifically looking for opportunities that will advance America’s mineral independence. We believe TMC is a unique company with the potential to play a key role in that effort. It is exciting to support the emergence of an entirely new resource category of ocean minerals and to help accelerate its development in service of the national interest,” said Michael Hess.

The Metals Company is an explorer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for energy, defense, manufacturing, and infrastructure with net positive impacts compared to conventional production routes and (2) trace, recover, and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The company has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing.

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