What happened before. What changed the thesis. What still needs proof.

• Allseas disclosed acquisition of the former Vitoria 10000 for conversion to a polymetallic-nodule collection vessel.
• Allseas described the work as a partnership with DeepGreen Metals Inc., TMC's predecessor.

• The acquisition marks early physical-system development, not commercial operation, permit approval, or production.

The vessel was subsequently renamed Hidden Gem; timeline copy must identify the predecessor entity accurately and avoid implying that the commercial system existed in 2020.

• The company release identifies Environmental Expedition 5C as an offshore research campaign in the NORI-D area.
• The stated program purpose was to establish an environmental baseline and characterize potential impacts of proposed operations.

• Baseline research expands the evidence available for later review, but it does not settle environmental-impact questions.

A campaign announcement is not a scientific result, agency finding, or permission to operate.

• The company reported collector-vehicle testing under deep-water conditions in the Atlantic.
• The release described equipment and mobility-function testing before later CCZ trials.

• The test reduced a discrete technical uncertainty ahead of integrated trials without demonstrating commercial-scale reliability.

The source records a test, not commercial operation or production.

• The ISA says the Legal and Technical Commission reviewed NORI's EIS and monitoring plan for testing a polymetallic nodule collector.
• The ISA says NORI was notified of the recommendation on September 5, 2022.

• The record describes a procedural step for a test, not for commercial extraction.

The ISA notice does not grant an exploitation contract, commercial-recovery authorization, or production approval.

• The company reported an initial CCZ pilot collection run using a collector, riser, and Hidden Gem surface vessel.
• The release states that the trial was accompanied by environmental monitoring.

• This is an integrated-system test milestone that precedes, rather than duplicates, the later pilot-completion record.

A reported pilot run does not establish commercial production, permitting, or durability at scale.

• The company reported a nickel-sulfate result from a pilot-scale processing program with SGS.
• The release describes the result as using samples of nickel-cobalt-copper matte produced in 2021.

• The result is relevant to downstream product pathways but does not establish industrial-scale economics or recurring product quality.

The source describes a pilot-scale test result, not commercial supply or a processing agreement.

• The company reported calcine production from a 2,000-tonne nodule sample at PAMCO's Hachinohe facility.
• The release describes the campaign as a phase before an intended smelting phase.

• Using an operating facility may reduce a processing-development uncertainty, but it does not prove a future tolling agreement or commercial capacity.

The source records a campaign, not a committed facility conversion or sustained commercial throughput.

• Executive Order 14285 of April 24, 2025 — Unleashing America’s Offshore Critical Minerals and Resources. It is the policy of the United States to advance United States leadership in seabed mineral development by ... rapidly developing domestic capabilities ... through streamlined permitting without compromising environmental and transparency standards.

This record does not establish a later approval, financing commitment, construction milestone, or production outcome.

• TMC disclosed a $37 million registered direct offering through a securities purchase agreement.
• The company disclosed issuance of 12.3 million common shares at $3.00 per share, each accompanied by a Class C warrant, subject to the terms in the announcement.

• The announced offering was a capital-raising milestone and carries dilution and warrant-overhang implications; the final completed proceeds should be verified against the relevant SEC filing before publication.

Use an SEC filing to reconcile closing, net proceeds, warrants, and share issuance before writing a backfill article.

• NOAA proposed a consolidated license-and-permit review process on July 7, 2025.
• The proposal preceded the January 2026 final rule already in the canonical journey ledger.

• The proposal is a regulatory-framework milestone, not a determination of TMC's application.

A proposed rule does not approve an applicant, financing, production, or mining activity.

• NOAA Determines TMC USA's Consolidated Deep-Seabed Mining Application is in Substantial Compliance.

This record does not establish a later approval, financing commitment, construction milestone, or production outcome.

• TMC disclosed that it signed a Strategic Partnership Agreement with Mariana Minerals on March 19, 2026.
• The disclosed initial focus is a feasibility study for staged development of a potential nodule processing and refining facility in Brownsville and AI-enabled process controls.

• A signed strategic partnership advances planning and feasibility work, but does not establish that a processing facility has been financed, permitted, constructed, or will be built.

The agreement concerns potential development and feasibility work, not a construction decision or public funding award.

• NOAA Determines TMC USA's Consolidated Deep-Seabed Mining Application is in Full Compliance.

This record does not establish a later approval, financing commitment, construction milestone, or production outcome.