11:27 AM EDT, 05/18/2026 (MT Newswires) -- TMC The Metals Company's ( TMC ) Q1 report showed that it still has a long runway, supported by solid liquidity, as it continued to advance the permitting process toward execution, with its first commercial recovery system now formally outlined, Wedbush Securities said in a note Monday.

The most important development in Q1 was TMC's agreement with Allseas for the commercial nodule collection system, which is expected to have a nameplate capacity of 3 million wet tons per year, with commissioning expected in Q4 2027, according to the note.

Another milestone achieved in Q1 was that TMC US unit's consolidated application for a seabed exploration license and commercial recovery permit was found to be compliant with the law, and the National Oceanic and Atmospheric Administration is expected to make a final determination on issuing the license and permit before the end of Q1 2027, Wedbush said.

The company has also continued to build optionality around its future and financing structure, the brokerage said.

Wedbush kept an outperform rating on The Metals Company with a price target of $10.

Shares of TMC were down 3.6% in Monday trading.

Price: 5.23, Change: -0.20, Percent Change: -3.60