TMC and Tonga Announce Updated Sponsorship Agreement for Tonga Offshore Mining Ltd (TOML)
TMC (NASDAQ: TMC) and the Kingdom of Tonga have signed a revised Sponsorship Agreement updating their 2021 terms regarding Tonga Offshore Mining Ltd (TOML). The new agreement ensures continued benefits for Tonga from future seafloor mineral resource development by TOML or other TMC subsidiaries.
The agreement comes amid significant delays at the International Seabed Authority (ISA) in adopting Exploitation Regulations, which were required by 2023 and expected by 2025. These delays have hindered TOML's ability to proceed with commercial exploitation activities. The agreement maintains Tonga's existing financial benefits, training programs, and social initiatives while guaranteeing continuity benefits upon the start of commercial production.
TMC (NASDAQ: TMC) e il Regno di Tonga hanno firmato un accordo di sponsorizzazione rivisto che aggiorna i termini del 2021 relativi a Tonga Offshore Mining Ltd (TOML). Il nuovo accordo garantisce benefici continui per Tonga dallo sviluppo futuro delle risorse minerarie sul fondo marino da parte di TOML o di altre filiali di TMC.
L'accordo arriva in un contesto di significativi ritardi presso l'Autorit脿 Internazionale del Fondale Marino (ISA) nell'adozione dei Regolamenti per lo Sfruttamento, previsti entro il 2023 e attesi per il 2025. Questi ritardi hanno ostacolato la capacit脿 di TOML di procedere con le attivit脿 di sfruttamento commerciale. L'accordo mantiene i benefici finanziari attuali di Tonga, i programmi di formazione e le iniziative sociali, garantendo al contempo la continuit脿 dei vantaggi all'avvio della produzione commerciale.
TMC (NASDAQ: TMC) y el Reino de Tonga han firmado un Acuerdo de Patrocinio revisado que actualiza los t茅rminos de 2021 relacionados con Tonga Offshore Mining Ltd (TOML). El nuevo acuerdo asegura beneficios continuos para Tonga provenientes del desarrollo futuro de recursos minerales en el lecho marino por parte de TOML u otras subsidiarias de TMC.
El acuerdo se produce en medio de importantes retrasos en la Autoridad Internacional de los Fondos Marinos (ISA) para la adopci贸n de los Reglamentos de Explotaci贸n, que deb铆an estar listos para 2023 y se esperaban para 2025. Estos retrasos han dificultado la capacidad de TOML para avanzar en actividades de explotaci贸n comercial. El acuerdo mantiene los beneficios financieros existentes para Tonga, los programas de capacitaci贸n y las iniciativas sociales, garantizando adem谩s la continuidad de los beneficios al inicio de la producci贸n comercial.
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TMC (NASDAQ : TMC) et le Royaume des Tonga ont sign茅 un accord de parrainage r茅vis茅 mettant 脿 jour les termes de 2021 concernant Tonga Offshore Mining Ltd (TOML). Ce nouvel accord garantit des avantages continus pour les Tonga issus du d茅veloppement futur des ressources min茅rales du plancher oc茅anique par TOML ou d'autres filiales de TMC.
L'accord intervient dans un contexte de retards importants 脿 l'Autorit茅 internationale des fonds marins (ISA) dans l'adoption des r猫glements d'exploitation, attendus pour 2023 et pr茅vus pour 2025. Ces retards ont entrav茅 la capacit茅 de TOML 脿 poursuivre les activit茅s d'exploitation commerciale. L'accord maintient les avantages financiers actuels des Tonga, les programmes de formation et les initiatives sociales, tout en garantissant la continuit茅 des b茅n茅fices au d茅marrage de la production commerciale.
TMC (NASDAQ: TMC) und das K枚nigreich Tonga haben eine 眉berarbeitete Sponsoring-Vereinbarung unterzeichnet, die die Bedingungen von 2021 bez眉glich Tonga Offshore Mining Ltd (TOML) aktualisiert. Die neue Vereinbarung sichert fortw盲hrende Vorteile f眉r Tonga aus der zuk眉nftigen Entwicklung von mineralischen Ressourcen am Meeresboden durch TOML oder andere TMC-Tochtergesellschaften.
Die Vereinbarung erfolgt vor dem Hintergrund
- Renewed partnership ensures continued benefits for Tonga including financial, training, and social programs
- Agreement guarantees continuity benefits for Tonga upon commencement of commercial production
- Tonga maintains its strategic position as an early supporter in the deep-sea mining industry
- ISA's failure to adopt Exploitation Regulations by 2025 deadline impedes commercial activities
- Regulatory uncertainty in the deep-sea mining industry continues
- Delays breach Tonga's legitimate expectations as a Small Island Developing State
Insights
TMC's revised agreement with Tonga secures benefits despite ISA regulatory delays, strengthening the company's position in deep-sea mining.
The revised Sponsorship Agreement between TMC's subsidiary TOML and the Kingdom of Tonga represents a strategic reinforcement of TMC's position in the evolving deep-sea mining landscape. The key significance lies in the continuity benefits secured for Tonga upon commencement of commercial production by TOML or another TMC subsidiary, creating a framework that transcends the specific TOML exploration area.
This agreement comes amid significant regulatory uncertainty at the International Seabed Authority (ISA), which has failed to adopt Exploitation Regulations despite being required to do so by 2023 and committing to complete them by 2025. This regulatory paralysis represents a substantial obstacle for the industry's advancement.
The explicit acknowledgment of the recent U.S. Executive Order and existing U.S. seabed mining code (DSHMRA) as providing a
For investors, this agreement demonstrates TMC's ability to maintain critical relationships with sponsoring states despite ISA delays. By securing Tonga's continued support while acknowledging alternative regulatory frameworks, TMC is showing adaptability in navigating the complex international legal landscape of deep-sea mining鈥攑otentially providing multiple paths to commercialization while ensuring sponsor states receive benefits regardless of which path is ultimately pursued.
- The Kingdom of Tonga and TMC鈥檚 subsidiary, Tonga Offshore Mining Ltd (TOML), signed a revised Sponsorship Agreement, updating the terms of their agreement signed in 2021
- The Government of the Kingdom of Tonga welcomes the new agreement which will ensure that Tongans will receive benefits from any future development of seafloor mineral resources by TOML or another TMC subsidiary
- As one of the first Developing States to apply for a marine mineral exploration contract, the Kingdom of Tonga has played a leading role in the development of the seafloor minerals industry, advancing the rights of Developing States
- The International Seabed Authority (ISA) has failed to adopt the Exploitation Regulations, despite having been required to do so by 2023 and having had a further roadmap and commitment to do so by 2025, which it has failed to meet
- The ISA remains unable to satisfy its legal obligations under the United Nations Convention on the Law of the Sea (UNCLOS) to provide regulatory certainty by completing the Mining Code and it remains unclear when the Exploitation Regulations will be adopted
- The Government of the Kingdom of Tonga and TMC acknowledge that continued and extended delays at the ISA in adopting the Exploitation Regulations have impeded TOML鈥檚 ability to proceed with its planned application for commercial exploitation activities in the TOML Area and breached Tonga鈥檚 legitimate expectations as a Small Island Developing State in enjoying its rights as a sponsoring State under UNCLOS
- Tonga acknowledges the recent by U.S. President Trump and the existing U.S. seabed mining code under DSHMRA, which provides a stable, transparent and enforceable regulatory path for the industry
NEW YORK, Aug. 04, 2025 (GLOBE NEWSWIRE) -- The Government of the Kingdom of Tonga and its sponsored entity, Tonga Offshore Mining Ltd, together with TMC the metals company Inc. (Nasdaq: TMC) (鈥淭MC鈥� or the 鈥淐ompany鈥�) 鈥� a leading developer of the world鈥檚 largest undeveloped resource of critical metals essential to energy, defense, manufacturing, and infrastructure 鈥� today announced the signing of a revised Sponsorship Agreement (鈥淎greement鈥�), updating the terms of the Agreement signed between the parties in 2021.
The Agreement guarantees the Kingdom of Tonga will continue to receive existing financial benefits, training and capacity-building programs and in-country community and social programs it receives today, while ensuring that, in consideration for its continued sponsorship of TOML, Tonga will receive continuity benefits upon the commencement of commercial production by TOML or another TMC subsidiary.
Tonga remains committed to sponsoring TOML, working with the International Seabed Authority (ISA) and meeting all obligations as a sponsoring State under international law.
Tonga鈥檚 Minister for Lands, Survey, Planning and Natural Resources, Hon. Dr. 鈥楿hila Moe Langi Fasi, commented: "We welcome TOML鈥檚 willingness to strengthen its commitments through this agreement. It marks an important step toward ensuring that seabed minerals activities contribute meaningfully to Tonga鈥檚 long-term development goals 鈥� with transparency, fairness, and environmental care at the core.鈥�
Tonga was one of the first Developing States to sponsor a polymetallic nodule exploration contract and has taken a leading role in shaping the deep-sea mining industry.
Gerard Barron, Chairman and CEO of TMC, added: 鈥淔or over a decade, it has been our privilege to work alongside the Government and people of the Kingdom of Tonga鈥攐ne of the earliest and most committed supporters of this new industry. Tonga鈥檚 leadership has been instrumental in advocating for the responsible development of deep-sea minerals.
We are proud to renew our partnership at this exciting moment, as Tonga helps re-shape the way the world produces the key resources underpinning economic and global development. Together, we are determined to ensure that Tonga receives lasting, transparent benefits for all Tongans. We will always be guided by science, driven by shared values, and grounded in a deep respect for, and vision to protect, the ocean. The journey ahead holds immense potential, and we look forward to walking it hand in hand with Tonga.鈥�
About The Metals Company
The Metals Company is an explorer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for building infrastructure, power generation, transmission, and batteries 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 through its subsidiaries holds exploration rights to two polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean sponsored by the governments of the Republic of Nauru and the Kingdom of Tonga, and has conducted more than a decade of research into the environmental and social impacts of offshore nodule collection and onshore processing. More information is available at聽.
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Forward-Looking Statements
This press release contains 鈥渇orward-looking鈥� statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as 鈥渁ims,鈥� 鈥渂elieves,鈥� 鈥渃ould,鈥� 鈥渆stimates,鈥� 鈥渆xpects,鈥� 鈥渇orecasts,鈥� 鈥渕ay,鈥� 鈥減lans,鈥� 鈥減ossible,鈥� 鈥減otential,鈥� 鈥渨ill鈥� and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding the Company鈥檚 and the Kingdom of Tonga鈥檚 plans and intentions with respect to their continued relationship, and the expected benefits to each resulting from the relationship, and interactions with the ISA, including the potential renewal of the sponsorship license, Tonga鈥檚 continued sponsorship of TOML, the Company鈥檚 strategies to pursue commercialization in a responsible and transparent manner guided by science, the recognition of alternative permitting pathways such as under U.S. law, and the views expressed regarding the status of ISA regulatory processes and obligations under UNCLOS.. The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: the Company鈥檚 future financial performance; the outcome and timing of regulatory reviews by the National Oceanic and Atmospheric Administration under DSHMRA; the ability to obtain an exploitation contract from the ISA or permits from the U.S. government; risks related to the Company鈥檚 potential dual-path permitting strategy; changes in environmental, mining and other applicable laws and regulations; other regulatory uncertainties and the impact of government regulation or political developments on the Company鈥檚 activities; the potential for legal or jurisdictional challenges to the Company鈥檚 rights or proposed operations in international waters; environmental risks and liabilities; the Company鈥檚 ability to develop sufficient data to support permit applications and satisfy environmental requirements; the Company鈥檚 ability to develop commercial operations, including onshore processing capabilities; risks associated with the Company鈥檚 limited operating history and need for additional financing; and other risks and uncertainties, any of which could cause actual results to differ from those expressed or implied in the forward-looking statements. These risks are described in greater detail in the section entitled 鈥淩isk Factors鈥� in the Company鈥檚 Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, including the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024 filed on March 27, 2025 and the Company鈥檚 Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed on May 14, 2025. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether due to new information, future events, changed circumstances or otherwise, except as required by law.
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FAQ
What are the key terms of TMC's new agreement with Tonga in 2025?
How do the ISA delays affect TMC's operations in Tonga?
What benefits will Tonga receive from the TMC partnership?
Why is the 2025 agreement between TMC and Tonga significant?
What is the current status of deep-sea mining regulations affecting TMC?
