12 unchanged sentences
The appeal was heard on November 8, 2024.
−Removed: The NY Appellate Division upheld the lower court’s ruling in December 2024, moving the case into the discovery phase, which is currently ongoing.
−Removed: At this time no further court proceedings or trial date have been set.
+Added: The NY Appellate Division upheld the lower court’s ruling in December 2024, moving the case into the discovery phase.
+Added: Discovery closed following the plaintiffs’ filing of a note of issue on April 27, 2026.
+Added: On June 26, 2026, TMC and the plaintiffs cross-moved for summary judgment, and that briefing is ongoing, with the parties’ opposition briefs due July 31, 2026 and reply briefs due August 25, 2026.
There is no assurance that we will be successful in our defense of this lawsuit or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action.
5 unchanged sentences
and The Metals Company USA LLC, No.
−Removed: The notice of civil claim alleges various causes of action, including tortious intimidation, breach of contract, breach of confidence and breach of the duty of honest performance, arising from discussions between the parties regarding potential collaboration and the submission of applications for deep seabed mineral exploration licenses to the United States National Oceanic and Atmospheric Administration.
−Removed: The plaintiffs seek damages and other relief, including a declaration and constructive trust in respect of any exploration licenses awarded to TMC USA.
−Removed: On March 3, 2026, we filed a response to civil claim denying the material allegations in the notice of civil claim.
−Removed: On the same date, we filed a counterclaim against Robert Heydon, American Metal Inc.
+Added: The notice of civil claim alleged various causes of action, including tortious intimidation, breach of contract, breach of confidence and breach of the duty of honest performance, arising from discussions between the parties regarding potential collaboration and the submission of applications for deep seabed mineral exploration licenses to the United States NOAA.
+Added: The plaintiffs sought damages and other relief, including a declaration and constructive trust in respect of any exploration licenses awarded to TMC USA.
+Added: On March 3, 2026, we filed a response to civil claim denying the material allegations in the notice of civil claim, together with a counterclaim against Robert Heydon, American Metal Inc.
and American Metal Resources LLC alleging, among other things, breach of contract, breach of confidence, breach of fiduciary duty, inducement of breach of contract and related claims arising from the alleged misuse of the Company’s confidential information in connection with competing license applications.
−Removed: On April 10, 2026 the plaintiffs filed their response to the counterclaim.
−Removed: The litigation is in its early stages and no trial date has been set.
−Removed: We intend to vigorously defend against the claims and pursue our counterclaim.
−Removed: At this time, we are unable to estimate the potential loss, if any, associated with this matter.
+Added: In June 2026, without any admission of liability by any party, we entered into a settlement deed with American Metal Inc., American Metal Resources LLC, Robert Heydon and certain of his affiliated parties resolving this action, pursuant to which the parties agreed to the consent dismissal, without costs to any party, of the civil claim and our counterclaim, together with mutual releases of related claims.
+Added: This matter is now concluded.
+Added: On May 18, 2026, NORI and TOML each issued a Notice of Dispute to the ISA concerning the ISA’s inquiries into their possible non-compliance with their exploration contracts.
+Added: By Applications filed on June 5, 2026, each instituted proceedings against the ISA, together with a request for provisional measures, before the Seabed Disputes Chamber of the International Tribunal for the Law of the Sea, captioned Nauru Ocean Resources Inc.
+Added: International Seabed Authority, Case No.
+Added: 34, and Tonga Offshore Mining Ltd.
+Added: International Seabed Authority, Case No.
+Added: On July 18, 2026, the Chamber prescribed provisional measures in both proceedings;
+Added: the merits remain to be briefed and heard.
+Added: The relief sought is declaratory and injunctive rather than monetary, and no damages have been claimed or awarded.
+Added: For a description of these proceedings and of related developments concerning NORI’s and TOML’s exploration contracts, see Note 17 to our unaudited condensed consolidated interim financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which description is incorporated into this Item 1 by reference.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.