TMC Chief Development Officer Was Highly Active with Insider Shares in 2025

TMC Chief Development Officer Was Highly Active with Insider Shares in 2025

This deep-sea minerals explorer, which supplies metals for clean energy markets, reported a notable insider sale amid rapid stock gains.

Anthony O'Sullivan, Chief Development Officer of The Metals Company (NASDAQ:TMC), directly sold 100,000 shares in multiple open-market transactions on Nov. 28, 2025, and Dec. 2, 2025, for a total value of approximately $664,000, as disclosed in the SEC Form 4 filing.

Transaction summary

Transaction value based on SEC Form 4 weighted average purchase price ($6.64); post-transaction value based on Dec. 2, 2025 market close ($14,989,935.80).

Key questions

• How significant was the sale relative to O'Sullivan's historical transaction patterns?
  The 100,000-share direct sale is consistent with O'Sullivan's historical median for sales transactions (100,000 shares).
• Did this transaction materially change O'Sullivan's ownership or capacity to sell?
  The sale reduced O'Sullivan's direct holdings by 4.49%, with 2,025,667 shares remaining; this leaves over half of his March 2023 holdings still intact, suggesting ongoing capacity for future sales at a similar scale.
• Was there any indirect or derivative component to the trade?
  No; all shares sold were directly owned common stock, with no involvement of trusts, LLCs, or option exercises in this transaction.
• How does the sale price compare to the prevailing market price around the trade date?
  The average sale price between both transactions was around $6.64 per share, executed when shares were priced between $6.77 (open) and $7.40 (close) on Dec. 2, 2025, representing a slight discount to the market close.

Company overview

* 1-year price change calculated using Dec. 2, 2025 as the reference date.

Company snapshot

• TMC produces and processes polymetallic nodules containing nickel, cobalt, copper, and manganese, primarily sourced from the Clarion Clipperton Zone in the Pacific Ocean.
• The company operates an exploration and extraction business model, monetizing mineral resources through future sales to industrial and clean energy markets.
• It targets electric vehicle manufacturers, renewable energy storage providers, steel producers, and clean energy infrastructure companies as primary customers.

The Metals Company is a Vancouver-based deep-sea minerals exploration firm with a strategic focus on harvesting and processing polymetallic nodules from the Pacific Ocean. The company leverages its exploration rights in the Clarion Clipperton Zone to address the growing demand for critical minerals essential to electric vehicles, energy storage, and steel production. TMC's streamlined workforce and access to large-scale resources position it to play a pivotal role in the supply chain for the clean energy and advanced manufacturing sectors.

What this transaction means for investors

O'Sullivan was not only active with his insider shares in 2025 directly, but also indirectly. He had owned 335,000 TMC shares indirectly through his company JOZEM Pty. Limited in mid-2025, but through three separate sales, including a final one on June 20, he disposed of all the indirect shares. The executive was then awarded one million direct shares from the deep-sea mining company on Sept. 23.

Outside of O'Sullivan, there were few other insider share changes, as he had filed the last three Form 4 filings of 2025 related to the company. TMC stock performed well in 2025, increasing by approximately 450% in the year. That said, O'Sullivan's insider activity for the second half of 2025 doesn't raise major concerns. However, the company remains unprofitable, as its net loss in FYQ3 2025 was more than double that of the previous quarter at $184.5 million, and it is still seeking additional funding. Investors should keep an eye out for the TMC’s Q4 2025 earnings, which are expected to be reported in March 2026.

Glossary

Open-market transaction: A trade executed on a public exchange, not through private negotiation or company-issued shares.
Direct ownership: Shares held personally by an individual, not through trusts, funds, or other entities.
Derivative (option) activity: Transactions involving financial contracts whose value depends on underlying securities, such as stock options.
SEC Form 4: A required filing disclosing insider trades by company officers, directors, or significant shareholders.
Weighted average price: The average price per share, weighted by the number of shares traded at each price.
Outstanding shares: Total shares of a company currently held by all shareholders, including insiders and the public.
Trusts: Legal entities that hold assets, such as shares, on behalf of beneficiaries.
Option exercises: The act of using a stock option to buy or sell shares at a set price.
Polymetallic nodules: Rock concretions on the ocean floor containing valuable metals like nickel, cobalt, copper, and manganese.
Clarion Clipperton Zone: A mineral-rich area of the Pacific Ocean known for abundant polymetallic nodules.
Exploration rights: Legal permissions to search for and potentially extract natural resources in a specific area.
TTM: The 12-month period ending with the most recent quarterly report.

Adé Hennis has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.