As reported by the Wall Street Journal, the House version of the fiscal year 2025 National Defense Authorization Act (NDAA) calls for $2 million allocated to the Defense Department's Industrial Base Policy Office to study the feasibility of developing domestic capacity to refine polymetallic nodule- derived intermediates to high-purity nickel, copper and cobalt products. The legislation also proposes to examine existing supply chains for such intermediates. In addition, TMC's U.S. subsidiary has an outstand ...

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) ("TMC" or the "Company"), an explorer of the world's largest estimated undeveloped source of critical battery metals, today welcomed the introduction of legislation by the U.S. House of Representatives calling for financial support from the Defense Department's Industrial Base Policy office to "assess the feasibility of improving domestic capabilities for refining polymetallic nodule-derived intermediates into high-purity n ...

Financial Data and Key Metrics Changes - In Q1 2024, the company reported a net loss of $25.2 million or $0.08 per share, compared to a net loss of $13.7 million or $0.05 per share in Q1 2023 [25] - Exploration and evaluation expenses increased to $18.1 million from $7.2 million in Q1 2023, while general and administrative expenses rose slightly to $6.6 million from $6.2 million [25][26] - Free cash flow for Q1 2024 was negative $12.1 million, an improvement from negative $23.5 million in Q1 2023 [27] Business Line Data and Key Metrics Changes - The company has successfully pivoted to a capital-light model, reducing pre-production capital expenditure requirements [14] - Nickel prices have stabilized and increased by 18% in Q2 2024, which is beneficial for the company's operations [6] - Cobalt and copper prices have also seen significant increases, with copper prices up by 17% and manganese prices up by nearly 30% in Q2 2024 [15] Market Data and Key Metrics Changes - The company highlighted the growing interest in deep seafloor nodules for critical mineral supply chains, particularly in the context of U.S. defense and energy needs [8][17] - The company is positioned to provide alternatives to nickel sources controlled by China and Russia, which is increasingly relevant in the current geopolitical climate [6][8] Company Strategy and Development Direction - The company aims to launch its application for an exploitation contract following the July ISA meeting, focusing on the NORI-D area [53] - The strategy includes securing strategic partnerships and leveraging existing processing infrastructure in regions like Indonesia and Japan [76][89] - The company is committed to addressing environmental concerns through comprehensive data collection and impact assessments [49][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that emerging data will counteract activist-driven speculation regarding environmental impacts [58] - The company is optimistic about the regulatory progress and the potential for the U.S. to enhance its position in the deep-sea mining industry [47][88] - The management noted that the demand for metals derived from polymetallic nodules is expected to grow, particularly in the context of electric vehicle production [44][82] Other Important Information - The company has accumulated the most comprehensive deep-sea dataset ever collected in the Clarion Clipperton Zone, which is being shared with public databases [19] - The company has sufficient liquidity, with $49 million in total liquidity as of March 31, 2024, to meet its working capital and capital expenditure requirements for at least the next 12 months [9][57] Q&A Session Summary Question: What is the timeline for the Chinese entities expected to conduct tests next year versus your timeline? - Management indicated that Chinese contractors expect to be in production by the early 2030s, while the company plans to lodge its application after the July ISA meeting in 2024 [62][80] Question: How does the company view the U.S. Senate's ratification of the UN Convention? - Management stated that if the U.S. does not ratify the UN Convention, it underscores the necessity for the U.S. to partner with contractors like the company to access deep-sea resources [87] Question: What is the company's liquidity status and application demands? - The company confirmed it has sufficient liquidity for the next 12 months, with an incremental $35 million to $45 million needed to launch the application following the July 2024 session [67][68] Question: Can you provide updates on strategic partnerships? - Management highlighted ongoing efforts in Asia, particularly in Indonesia, to leverage existing processing infrastructure for nodules, and emphasized the importance of strategic partnerships in achieving production goals [88][89]

Metal requirements 7.1 kg 6.6 kg COPPER MANGANESE COBALT 53 kg 56 kg ELECTRIC CAR 75kWh battery with NMC811 chemistry Metal contained value1 28% 11% 43% 18% POLYMETALLIC SEAFLOOR NODULE NICKEL We have demonstrated we can turn nodules into nickel sulfate, indicative of battery market suitability pending confirmation of preliminary assays. 10 HERE T the start for the production of 1 2017 11: Nasdaq: TMC Seabed-to-surface ocean research program Our EIS is focusing on addressing six primary concerns. Preliminar ...

[Part I - Financial Information](index=5&type=section&id=Part%20I%20Financial%20Information) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The company, a pre-revenue deep-sea minerals exploration firm, reported a net loss of $25.2 million for Q1 2024, a significant increase from the $13.7 million loss in Q1 2023, with total assets decreasing to $65.5 million and total liabilities increasing to $63.6 million Condensed Consolidated Balance Sheet (in thousands of US Dollars) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Current Assets** | | | | Cash | $3,991 | $6,842 | | Total Current Assets | $5,944 | $8,820 | | **Total Assets** | **$65,455** | **$68,896** | | **Current Liabilities** | | | | Accounts payable and accrued liabilities | $36,470 | $31,334 | | **Total Liabilities** | **$63,645** | **$57,978** | | **Total Equity** | **$1,810** | **$10,918** | Condensed Consolidated Statements of Loss (in thousands of US Dollars) | Account | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Exploration and evaluation expenses | $18,123 | $7,169 | | General and administrative expenses | $6,559 | $6,214 | | **Operating loss** | **$24,682** | **$13,383** | | **Loss and comprehensive loss** | **$25,194** | **$13,748** | | Loss per share - basic and diluted | $0.08 | $0.05 | Condensed Consolidated Statements of Cash Flows (in thousands of US Dollars) | Activity | Three months ended March 31, 2024 | Three months ended March 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(11,852) | $(23,484) | | Net cash used in investing activities | $(340) | $0 | | Net cash provided by financing activities | $9,048 | $5,000 | | **Decrease in cash** | **$(3,144)** | **$(18,484)** | - The company is a deep-sea minerals exploration company focused on collecting and processing polymetallic nodules from the Clarion Clipperton Zone (CCZ) in the Pacific Ocean, which contain nickel, copper, cobalt, and manganese[25](index=25&type=chunk) - The company's success is contingent on future events, including securing financing, developing nodule collection and processing technology, establishing mineable reserves, and obtaining regulatory approvals, the outcomes of which are currently uncertain[27](index=27&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's focus on preparing its first exploitation contract application for the NORI Area with the ISA, targeting submission after the July 2024 meetings, with the net loss for Q1 2024 increasing to $25.2 million primarily due to a $10.9 million rise in exploration and evaluation expenses [Overview](index=22&type=section&id=Overview) TMC is a deep-sea minerals exploration company focused on polymetallic nodules in the Clarion Clipperton Zone (CCZ), holding exclusive rights to three contract areas regulated by the ISA, with strategic alliances for collection and processing, and currently preparing its first exploitation contract application for the NORI Area D - The company holds exclusive exploration and commercial rights to three of the 17 polymetallic nodule contract areas in the CCZ through its subsidiaries NORI, TOML, and an arrangement with Marawa[91](index=91&type=chunk) - Strategic partnerships are in place with Allseas for the offshore collection system and PAMCO of Japan for onshore processing, with a binding MoU for a feasibility study expected to be completed in Q4 2024[92](index=92&type=chunk) - The company is currently focused on preparing its application to the ISA for its first exploitation contract for the NORI Area D, targeting submission after the July 2024 ISA meetings and expecting to commence offshore production by the end of Q1 2026[93](index=93&type=chunk) [Recent Developments](index=23&type=section&id=Recent%20Developments) In Q1 2024 and subsequently, TMC secured significant financial flexibility by amending its credit facility with an Allseas affiliate and establishing a new $20 million credit facility with its CEO and a director, while making progress on regulatory, technical, and board appointments - Key developments in Q1 2024 and shortly after include: - **Credit Facilities:** Amended the Allseas affiliate credit facility to extend it to August 2025 and entered a new **$20 million** unsecured credit facility with the CEO and a director[96](index=96&type=chunk)[97](index=97&type=chunk) - **Regulatory Progress:** The ISA published a consolidated draft of exploitation regulations, signaling progress in negotiations[99](index=99&type=chunk) - **Technical Milestone:** Successfully produced the world's first nickel sulfate derived exclusively from seafloor polymetallic nodules[101](index=101&type=chunk) - **Board Addition:** Renowned Silicon Valley investor Steve Jurvetson joined the Board of Directors as Vice Chairman[101](index=101&type=chunk) [Results of Operations](index=26&type=section&id=Results%20of%20Operations) The company's net loss increased by **83%** to **$25.2 million** in Q1 2024 from **$13.7 million** in Q1 2023, driven by a **153%** increase in Exploration and Evaluation expenses to **$18.1 million** from **$7.2 million**, primarily due to higher costs for mining, technological, and process development Comparison of Results for the Three Months Ended March 31 (in thousands) | Account | 2024 | 2023 | % Change | | :--- | :--- | :--- | :--- | | Exploration and evaluation expenses | $18,123 | $7,169 | 153% | | General and administrative expenses | $6,559 | $6,214 | 6% | | **Loss for the period** | **$25,194** | **$13,748** | **83%** | - Exploration and evaluation expenses increased by **$10.9 million**, mainly due to a **$10.5 million** rise in mining, technological, and process development costs from increased engineering work and expenses for transporting nodules to PAMCO's facility in Japan[122](index=122&type=chunk) - General & Administrative expenses increased by **$0.4 million** due to higher share-based compensation amortization and consulting fees, which were partially offset by lower legal costs[123](index=123&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had **$4.0 million** in cash and believes it has sufficient funds for the next twelve months through its cash balance and available credit facilities, but acknowledges the need for significant additional financing for long-term operations and commercialization - The company had **$4.0 million** in cash as of March 31, 2024, and believes it has sufficient funds for the next 12 months based on its cash balance and available credit facilities[125](index=125&type=chunk)[128](index=128&type=chunk) - The company has access to a **$25 million** credit facility with an Allseas affiliate (undrawn) and a new **$20 million** credit facility with its CEO and a director, from which it drew **$2.9 million** subsequent to the quarter end[132](index=132&type=chunk)[136](index=136&type=chunk) - Significant additional financing will be required to fund continued operations over time, and the company has effective shelf registration statements to sell up to **$200 million** in securities[129](index=129&type=chunk)[130](index=130&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks including interest rate fluctuations on its cash investments and foreign currency risks, which are mitigated by holding cash in highly liquid, investment-grade short-term deposits, with credit risk considered low and commodity price risk becoming a factor upon commercial production - The company's primary market risks are interest rate risk on cash investments and foreign currency risk, managed by investing excess cash in investment-grade, short-term, highly liquid instruments[175](index=175&type=chunk)[176](index=176&type=chunk) - Credit risk is currently low as receivables consist mainly of sales tax due from the Canadian government[177](index=177&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of March 31, 2024, due to a previously identified material weakness in internal control over financial reporting related to the accounting for significant non-routine transactions, for which remediation efforts are underway - The CEO and CFO concluded that the company's disclosure controls and procedures were **not effective** as of March 31, 2024[181](index=181&type=chunk) - A material weakness exists in the internal controls over the accounting for significant non-routine transactions, stemming from inadequate involvement of technical experts, which led to errors in the 2023 quarterly reports[182](index=182&type=chunk)[183](index=183&type=chunk) - Remediation efforts are underway, including developing training and evaluating the use of technical advisors, but the material weakness has not yet been fully remediated[184](index=184&type=chunk)[185](index=185&type=chunk) [Part II - Other Information](index=37&type=section&id=Part%20II%20Other%20Information) [Legal Proceedings](index=37&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in several material legal proceedings, including a putative class action lawsuit from shareholders, a lawsuit from 2021 private placement investors, and an ongoing SEC investigation concerning a 2020 acquisition and business combination - A consolidated putative class action lawsuit alleges the company made false or misleading statements between March and October 2021, with a motion to dismiss pending[195](index=195&type=chunk) - The company is under investigation by the SEC regarding its 2020 acquisition of Tonga Offshore Mining Limited and its business combination with SOAC[196](index=196&type=chunk) - Investors from the 2021 private placement have filed a lawsuit alleging breach of representations and warranties in their subscription agreements, with the company's motion to dismiss partially denied and a notice of appeal filed[197](index=197&type=chunk) [Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes or additions to the risk factors previously disclosed in the company's 2023 Annual Report on Form 10-K - No material changes have occurred from the risk factors disclosed in the 2023 Annual Report on Form 10-K[199](index=199&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On January 31, 2024, the company issued **4,500,000** common shares and **2,250,000** Class A Warrants to ERAS Capital LLC, an entity affiliated with a director, as part of a Registered Direct Offering, with a sale price of **$2.00** per unit - On January 31, 2024, the company issued **4,500,000** common shares and **2,250,000** Class A Warrants to ERAS Capital LLC, the family fund of director Andrei Karkar, for proceeds of **$9 million**[200](index=200&type=chunk) [Defaults Upon Senior Securities](index=38&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable - Not applicable[202](index=202&type=chunk) [Mine Safety Disclosures](index=38&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[203](index=203&type=chunk) [Other Information](index=38&type=section&id=Item%205.%20Other%20Information) During the first quarter of 2024, none of the company's directors or officers adopted, modified, or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements - No directors or officers adopted, modified, or terminated any Rule 10b5-1 trading arrangements during the quarter ended March 31, 2024[204](index=204&type=chunk) [Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed as part of the Quarterly Report on Form 10-Q, including credit facility agreements, a consulting agreement, an employment agreement, and certifications by the Principal Executive Officer and Principal Financial Officer - The report includes several exhibits, such as amendments to credit facilities, new agreements, and required officer certifications under the Sarbanes-Oxley Act[207](index=207&type=chunk)

[Company Overview and Q1 2024 Highlights](index=1&type=section&id=Company%20Overview%20and%20Q1%202024%20Highlights) The company's CEO highlighted environmental data validation and U.S. government interest, while Q1 2024 saw a net loss and specific liquidity figures [Executive Summary & CEO Commentary](index=1&type=section&id=Executive%20Summary%20%26%20CEO%20Commentary) The CEO emphasized 2024 as a pivotal year for validating environmental impacts with data, highlighting a significant environmental baseline data submission to the ISA. He also noted growing U.S. government interest in deep-seafloor minerals and the company's financial flexibility to support its exploitation contract application - CEO expects data to displace speculation on environmental impacts, with a **large environmental baseline dataset** submitted to the International Seabed Authority (ISA)[4](index=4&type=chunk) - The U.S. government is actively exploring **deep-seafloor minerals**, with the Pentagon currently analyzing domestic nodule processing and refining opportunities[4](index=4&type=chunk) - The company maintains **financial flexibility**, supported by major shareholders, to deliver a world-class application for a NORI exploitation contract[4](index=4&type=chunk) [Q1 2024 Financial Highlights](index=1&type=section&id=Q1%202024%20Financial%20Highlights) TMC reported a net loss of $25.2 million ($0.08 per share) and used $11.9 million in operations for Q1 2024. Total liquidity stood at approximately $49 million, including cash and credit facilities, with additional draws post-quarter end Q1 2024 Financial Highlights | Metric | Value (USD) | | :-------------------------------- | :---------- | | Cash used in operations | $11.9 million | | Net loss | $25.2 million | | Net loss per share | $0.08 | | Total liquidity (as of March 31, 2024) | ~$49 million | | Cash (as of March 31, 2024) | $4.0 million | | Drawn on credit facility (post-March 31, 2024) | ~$2.9 million | [Operational and Industry Developments](index=2&type=section&id=Operational%20and%20Industry%20Developments) The company achieved technological milestones like nickel sulfate production and strengthened its board, alongside significant regulatory and geopolitical advancements [Corporate and Technological Milestones](index=2&type=section&id=Corporate%20and%20Technological%20Milestones) TMC strengthened its board with Steve Jurvetson as Vice Chairman and achieved a world-first by producing nickel sulfate exclusively from deep-seafloor polymetallic nodules at pilot scale, demonstrating an efficient processing flowsheet - **Steve Jurvetson**, a renowned Silicon Valley investor, joined TMC's Board of Directors as **Vice Chairman** and Special Advisor to the CEO in April 2024[8](index=8&type=chunk) - TMC successfully produced the **world's first nickel sulfate** derived exclusively from seafloor polymetallic nodules during pilot-scale processing in April 2024[8](index=8&type=chunk) - The company's **efficient flowsheet** processes high-grade nickel-cobalt-copper matte directly to nickel sulfate, producing **fertilizer byproducts** instead of solid waste or tailings[8](index=8&type=chunk) [Regulatory and Geopolitical Updates](index=2&type=section&id=Regulatory%20and%20Geopolitical%20Updates) TMC's subsidiary NORI made a second extensive submission of deep-sea environmental data to the ISA's DeepData database. The ISA published a consolidated draft of deep-sea mining regulations, and the U.S. House of Representatives introduced legislation (RUSRA) supporting international governance and U.S. support for seafloor nodule collection and processing - NORI made a **second extensive submission of key environmental data** from prior baseline campaigns to DeepData, an open database managed by the International Seabed Authority (ISA), in May 2024[8](index=8&type=chunk) - The ISA published a **consolidated 225-page draft of deep-sea mining regulations** in February 2024, signaling the next phase in negotiations[8](index=8&type=chunk) - The U.S. House of Representatives introduced the **Responsible Use of Seafloor Resources Act (RUSRA)** in March 2024, calling for U.S. support for international governance and allied partners' seafloor nodule collection, processing, and refining[8](index=8&type=chunk) [Financial Review](index=3&type=section&id=Financial%20Review) The company reported a significant increase in net loss for Q1 2024, primarily driven by higher exploration and evaluation expenses, with detailed financial statements provided [Financial Results Overview](index=3&type=section&id=Financial%20Results%20Overview) TMC reported a net loss of $25.2 million for Q1 2024, an increase from $13.7 million in Q1 2023, primarily due to higher exploration and evaluation expenses, which rose to $18.1 million from $7.2 million YoY, driven by increased engineering work, nodule transportation, and personnel costs. General and administrative expenses also saw a slight increase Q1 2024 vs Q1 2023 Financial Performance | Metric | Q1 2024 (USD) | Q1 2023 (USD) | Change (YoY) | | :-------------------------------- | :------------ | :------------ | :----------- | | Net loss | $25.2 million | $13.7 million | +$11.5 million | | Net loss per share | $0.08 | $0.05 | +$0.03 | | Exploration and evaluation expenses | $18.1 million | $7.2 million | +$10.9 million | | General and administrative expenses | $6.6 million | $6.2 million | +$0.4 million | - The significant increase in exploration and evaluation expenses was primarily due to a **$10.4 million increase** in mining, technological, and process development, including increased engineering work, expenses for nodule transportation to Japan, and higher personnel costs[10](index=10&type=chunk) - General and administrative expenses increased due to **higher amortization of share-based compensation and consulting fees**, partially offset by lower legal costs[11](index=11&type=chunk) [Condensed Consolidated Financial Statements](index=5&type=section&id=Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for TMC, including the Balance Sheets, Statements of Loss and Comprehensive Loss, Statements of Changes in Equity, and Statements of Cash Flows, providing detailed financial positions and performance for the periods ended March 31, 2024, and December 31, 2023 (for balance sheet) or March 31, 2023 (for income and cash flow statements) [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets decreased to $65.46 million from $68.90 million at December 31, 2023, primarily driven by a decrease in cash. Total liabilities increased to $63.65 million from $57.98 million, mainly due to higher accounts payable and accrued liabilities and warrants liability. Total equity significantly decreased to $1.81 million from $10.92 million Condensed Consolidated Balance Sheets (Key Figures) | Metric | March 31, 2024 (USD thousands) | December 31, 2023 (USD thousands) | Change (vs. Dec 31, 2023) | | :-------------------------------- | :------------------------------- | :-------------------------------- | :------------------------ | | Cash | $3,991 | $6,842 | -$2,851 | | Total Current Assets | $5,944 | $8,820 | -$2,876 | | Total Non-current Assets | $59,511 | $60,076 | -$565 | | **TOTAL ASSETS** | **$65,455** | **$68,896** | **-$3,441** | | Accounts payable and accrued liabilities | $36,470 | $31,334 | +$5,136 | | Total Current Liabilities | $36,470 | $31,334 | +$5,136 | | Warrants liability | $2,500 | $1,969 | +$531 | | **TOTAL LIABILITIES** | **$63,645** | **$57,978** | **+$5,667** | | Common shares | $454,431 | $438,239 | +$16,192 | | Deficit | $(574,096) | $(548,902) | -$25,194 | | **TOTAL EQUITY** | **$1,810** | **$10,918** | **-$9,108** | [Condensed Consolidated Statements of Loss and Comprehensive Loss](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Loss%20and%20Comprehensive%20Loss) For the three months ended March 31, 2024, the company reported an operating loss of $24.68 million, significantly higher than $13.38 million in the prior year period. This led to a net loss of $25.19 million, or $0.08 per share, compared to a net loss of $13.75 million, or $0.05 per share, in Q1 2023. The increase was primarily driven by higher exploration and evaluation expenses Condensed Consolidated Statements of Loss and Comprehensive Loss | Metric | Three months ended March 31, 2024 (USD thousands) | Three months ended March 31, 2023 (USD thousands) | | :-------------------------------- | :------------------------------------------------ | :------------------------------------------------ | | Exploration and evaluation expenses | $18,123 | $7,169 | | General and administrative expenses | $6,559 | $6,214 | | **Operating loss** | **$24,682** | **$13,383** | | Equity-accounted investment loss | $78 | $219 | | Change in fair value of private warrants liability | $531 | $544 | | Fees and interest on credit facility | $271 | $27 | | **Loss and comprehensive loss for the period** | **$25,194** | **$13,748** | | **Loss per share - basic and diluted** | **$0.08** | **$0.05** | | Weighted average number of Common Shares outstanding | 311,521,854 | 272,029,603 | [Condensed Consolidated Statements of Changes in Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) For the three months ended March 31, 2024, total equity decreased from $10.92 million at January 1, 2024, to $1.81 million, primarily due to the net loss of $25.19 million for the period, partially offset by $9.00 million from a Registered Direct Offering and $6.90 million in share-based compensation. Common shares outstanding increased to 318.29 million Key Changes in Equity (Q1 2024) | Item | Amount (USD thousands) | | :------------------------------------------------ | :--------------------- | | Total Equity as of January 1, 2024 | $10,918 | | Issuance of shares and warrants (net) | $9,000 | | Exercise of stock options | $190 | | Share-based compensation and expenses | $6,896 | | Loss for the period | $(25,194) | | **Total Equity as of March 31, 2024** | **$1,810** | | Common Shares Outstanding (March 31, 2024) | 318,291,383 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the three months ended March 31, 2024, net cash used in operating activities significantly decreased to $11.85 million from $23.48 million in Q1 2023, mainly due to changes in working capital. Net cash provided by financing activities was $9.05 million, primarily from a Registered Direct Offering. Overall, cash decreased by $3.14 million, ending the period with $3.99 million Condensed Consolidated Statements of Cash Flows (Key Figures) | Activity | Three months ended March 31, 2024 (USD thousands) | Three months ended March 31, 2023 (USD thousands) | | :-------------------------------- | :------------------------------------------------ | :------------------------------------------------ | | Net cash used in operating activities | $(11,852) | $(23,484) | | Net cash used in investing activities | $(340) | $0 | | Net cash provided by financing activities | $9,048 | $5,000 | | **Decrease in cash** | **$(3,144)** | **$(18,484)** | | Cash - end of period | $3,991 | $28,412 | - The decrease in net cash used in operating activities was largely driven by a positive change in accounts payable and accrued liabilities of **$5.54 million** in Q1 2024, compared to a negative change of **$14.76 million** in Q1 2023[23](index=23&type=chunk) - Financing activities in Q1 2024 included **$9.00 million** from a Registered Direct Offering[23](index=23&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) This section provides details on the company's mission and exploration rights, conference call information, and a standard disclaimer regarding forward-looking statements [About The Metals Company](index=4&type=section&id=About%20The%20Metals%20Company) The Metals Company explores lower-impact battery metals from seafloor polymetallic nodules, aiming to supply metals for the global energy transition with minimal negative impacts and to establish a metals commons through tracing, recovery, and recycling. The company holds exploration and commercial rights in the Clarion Clipperton Zone - TMC's **dual mission** is to supply metals for the global energy transition with the least possible negative impacts and to trace, recover, and recycle metals to help create a metals commons[14](index=14&type=chunk) - The company holds exploration and commercial rights to **three polymetallic nodule contract areas** in the **Clarion Clipperton Zone** of the Pacific Ocean, regulated by the International Seabed Authority[14](index=14&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) TMC scheduled a conference call for May 13, 2024, at 4:30 p.m. EDT to discuss recent corporate developments, Q1 2024 financial results, and upcoming milestones. Registration links for audio-only dial-in and virtual webcast with slides were provided Q1 2024 Conference Call Details | Detail | Information | | :----- | :---------- | | Date | Monday, May 13, 2024 | | Time | 4:30 pm EDT | | Access | Audio-only dial-in or virtual webcast with slides (registration required) | | Replay | Available on Company's website under 'Investors' tab | [Forward-Looking Statements](index=4&type=section&id=Forward-Looking%20Statements) This section contains a standard disclaimer regarding forward-looking statements, cautioning that actual results may differ materially from projections due to various risks and uncertainties. It lists numerous factors that could cause discrepancies, including regulatory approvals, environmental impacts, financing needs, and market fluctuations, and states that the company disclaims any obligation to update these statements - The press release contains **forward-looking statements** subject to **risks and uncertainties**, and actual results may differ materially from expectations[15](index=15&type=chunk) - **Key risk factors** include the ISA's ability to adopt the Mining Code, obtaining exploitation contracts, regulatory uncertainties, environmental impacts, financing availability, and fluctuations in metal prices[15](index=15&type=chunk) - The company expressly **disclaims any obligation to update** forward-looking statements, except as required by law[15](index=15&type=chunk)

TMC the metals company Inc. (NASDAQ:TMC) Q4 2023 Earnings Call Transcript March 25, 2024 4:30 PM ET Company Participants Craig Shesky - CFO Gerard Barron - Chairman and CEO Conference Call Participants Dmitry Silversteyn - Water Tower Research Matthew O'Keefe - Cantor Fitzgerald Vasu Patel - Patel Holdings LLC Operator Good afternoon, everyone, and thank you for participating in the metals company Fourth Quarter and Full Year 2023 Corporate Update Conference Call. Joining us today are the metals company's C ...

Key partners: PFS offshore progress 16 Post collection test monitoring Environmental baseline studies 17 18 PILOT COLLECTOR SYSTEM TEST PROGRAM IN 2022 100+ studies | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39281 Table of Contents Securities registered pursuant to Section 12(g) of the Exchange Act: None Indicate by check mark if the regi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 22, 2024 TMC THE METALS COMPANY INC. (Exact name of registrant as specified in its charter) British Columbia, Canada 001-39281 Not Applicable (State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.) 595 Howe Street, 10th Floor Vancouver, Br ...