metals company The Metals Company Q4 and FY 2022 Corporate Update Call: Unlocking the World's Largest Estimated Undeveloped Source of Battery Metals 23 March 2023 Forward looking statements. This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to future events, TMC the metals company Inc.'s ("TMC" or the "Company") future operations and financial per ...

TMC the metals company Inc. (NASDAQ:TMC) Q4 2022 Earnings Conference Call March 23, 2023 4:30 PM ET Company Participants Gerard Barron - Chairman and Chief Executive Officer Craig Shesky - Chief Financial Officer Conference Call Participants Dmitry Silversteyn - Water Tower Research Malcolm McDonald - Bank of America Operator Good afternoon, everyone and thank you for participating in The Metals Company Fourth Quarter and Full Year 2022 Corporate Update Conference Call. Joining us today are The Metals Compa ...

TMC the metals company Inc. (NASDAQ:TMC) Q3 2022 Earnings Conference Call November 15, 2022 4:30 PM ET Company Participants Craig Shesky - CFO Gerard Baron - CEO Conference Call Participants Dmitry Silversteyn - Water Tower Research Malcolm MacDonald - Bank of America Operator Good afternoon, everyone. And thank you for participating in The Metals Company Second [Third] (sic) Quarter 2022 Corporate Update Conference Call. Joining us today are The Metals Company's Chairman and Chief Executive Officer, Gerard ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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 TMC THE METALS COMPANY INC. (Exact name of registrant as specified in its charter) British Columbia ...

TMC the metals company Inc. (NASDAQ:TMC) Q2 2022 Earnings Conference Call August 15, 2022 4:30 PM ET Company Participants Gerard Baron - Chairman and CEO Craig Shesky - CFO Conference Call Participants Malcolm MacDonald - Merrill Lynch Operator Good afternoon, everyone and thank you for participating in the Metals Company's Second Quarter 2022 Corporate Update Conference Call. Joining us today are the Metals Company's Chairman and Chief Executive Officer, Gerard Baron and Chief Financial Officer, Craig Shes ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 ☐ 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 TMC THE METALS COMPANY INC. (Exact name of registrant as specified in its charter) British Columbia, Canada ...

metals company Q1 2022 Update: Unlocking the World's Largest Estimated Undeveloped Source of Battery Metals. May 9, 2022 Forward looking statements. This presentation contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that relate to future events, TMC the metals company Inc.'s (the "Company") future operations or financial performance, or the Company's plans, strategies and pro ...

Financial Data and Key Metrics Changes - For Q1 2022, the company reported a net loss of $21.1 million or $0.09 per share, compared to a net loss of $55.7 million or $0.29 per share for Q1 2021, indicating an improvement in financial performance [43] - The net operating loss for Q1 2022 was $15.9 million, primarily driven by non-cash share-based compensation of $5.7 million and $1.3 million for the pilot mining test system [43] - Exploration expenses decreased to $7.3 million in Q1 2022 from $38.1 million in Q1 2021, reflecting reduced offshore campaign spending [44] - General and administrative expenses were $8.6 million in Q1 2022, down from $17.4 million in Q1 2021, due to a reduction in share-based compensation [45] Business Line Data and Key Metrics Changes - The company is developing the NORI-D project, which is estimated to contain 356 million tons of wet nodules, representing 22% of the total estimated resource [13] - NORI-D is expected to produce up to 125,000 tons of nickel annually, which would account for approximately 10% of current global production of Class 1 nickel [13] Market Data and Key Metrics Changes - The recent rally in metal prices has significantly increased the expected net present value (NPV) for the NORI-D project to approximately $22 billion, up from an initial assessment of $6.8 billion [9][42] - Nickel prices have increased by 45% in 2022, highlighting the growing demand and supply constraints in the market [41] Company Strategy and Development Direction - The company aims to develop the largest estimated potential source of battery metals, which could electrify 280 million electric vehicles [7] - The strategy includes a capital-light approach to production, with Project Zero expected to reduce preproduction costs significantly [16] - The company is focused on sustainability, with lower ESG impacts compared to land-based mining, and aims to leverage its unique resource position to meet the growing demand for battery metals [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming supply chain risks and highlighted the importance of strategic partnerships in achieving project milestones [66] - The company anticipates that the exploitation regime will be finalized by July 2023, keeping it on track for commercial production in Q4 2024 [36] - Management believes that the current market cap represents less than 1% of the fundamental value of the estimated resource, indicating a strong investment opportunity [49] Other Important Information - The company has a cash balance of $69 million as of March 31, which is expected to fund operations and capital expenditures for at least the next 12 months [39] - The company has engaged SINTEF to analyze its manganese silicate product, which shows significant advantages over conventional land-based manganese ores [21] Q&A Session Summary Question: Were there any surprises with the equipment during deep-sea trials? - Management reported no significant surprises, with minor operational adjustments needed, indicating successful testing of the equipment [52] Question: Can you provide insight on capital spending over the next couple of quarters? - The company expects preproduction capital expenditures of approximately $55 million for Project Zero, while managing costs amid inflation [53] Question: Do you foresee any potential headwinds looking into 2022 or 2023? - Management sees more tailwinds than headwinds, emphasizing the importance of securing supply chains for battery metals amid ongoing global challenges [66] Question: What is the status of the relationship with Glencore? - The company maintains a good relationship with Glencore, which has provided off-take agreements and support [71] Question: What is the confidence level regarding the ISA process and timeline for the exploitation contract? - Management remains confident that the ISA will adopt the exploitation code by July 2023, facilitating the application for the exploitation contract [73]

[Part I - Financial Information](index=5&type=section&id=Part%20I%20Financial%20Information) [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2022, showing a net loss of **$21.1 million** and cash reserves of **$69.0 million** Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2022 ($ thousands) | December 31, 2021 ($ thousands) | | :--- | :--- | :--- | | **Cash** | 69,048 | 84,873 | | **Total Assets** | 116,718 | 133,125 | | **Total Liabilities** | 36,993 | 40,374 | | **Total Equity** | 79,725 | 92,751 | Condensed Consolidated Statements of Loss (Unaudited) | Account | Three months ended March 31, 2022 ($ thousands) | Three months ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Exploration and evaluation expenses | 7,343 | 38,107 | | General and administrative expenses | 8,564 | 17,364 | | **Operating loss** | 15,907 | 55,471 | | **Loss and comprehensive loss** | 21,117 | 55,710 | | **Loss per share – Basic and diluted** | $0.09 | $0.29 | Condensed Consolidated Statements of Cash Flows (Unaudited) | Activity | Three months ended March 31, 2022 ($ thousands) | Three months ended March 31, 2021 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (15,529) | (10,060) | | Net cash used in investing activities | (210) | (2,190) | | Net cash (used in) provided by financing activities | (78) | 27,377 | | **(Decrease) increase in cash** | (15,817) | 15,127 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2022 financial condition and operations, highlighting a reduced net loss of **$21.1 million** and **$69.0 million** cash on hand [Overview and Recent Developments](index=18&type=section&id=Overview%20and%20Recent%20Developments) TMC focuses on deep-sea polymetallic nodule exploration, advancing collection systems with Allseas and exploring processing with Epsilon Carbon - The company focuses on collecting and processing **polymetallic nodules** from the Clarion Clipperton Zone (CCZ) for battery and critical metals[74](index=74&type=chunk)[75](index=75&type=chunk) - Key strategic alliances include **Allseas** for offshore collection and **Glencore** for 50% offtake rights on NORI's nickel and copper production[77](index=77&type=chunk) - A non-binding term sheet with **Allseas** aims to upgrade the pilot system to a commercial system with a target capacity of **1.3 Mtpa** of wet nodules by Q4 2024[83](index=83&type=chunk) - A non-binding MOU was signed with **Epsilon Carbon** to study a commercial processing plant in India[83](index=83&type=chunk) - The pilot collector vehicle successfully completed functional tests in the Port of Rotterdam and mobility trials in the North Sea[83](index=83&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) Net loss for Q1 2022 decreased to **$21.1 million** from **$55.7 million** in Q1 2021, driven by reduced expenses and share-based compensation Comparison of Operating Results ($ in thousands) | Expense Category | Q1 2022 | Q1 2021 (Restated) | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Exploration and evaluation expenses | 7,343 | 38,107 | (30,764) | (81%) | | G&A expenses | 8,564 | 17,364 | (8,800) | (51%) | | **Total Loss** | **21,117** | **55,710** | **(34,593)** | **(62%)** | - Exploration and evaluation expenses decreased by **$30.8 million**, primarily due to reduced offshore campaign costs and share-based compensation[115](index=115&type=chunk) - General and administrative expenses decreased by **$8.8 million**, mainly from lower share-based compensation, partially offset by public company costs[116](index=116&type=chunk) - A **$5.2 million** charge was recorded for the change in fair value of warrants liability, driven by a **25%** increase in share price[117](index=117&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$69.0 million** in cash as of March 31, 2022, with management believing it sufficient for the next twelve months, though future financing may be needed - The company held **$69.0 million** in cash as of March 31, 2022[118](index=118&type=chunk) - Management believes current cash is sufficient for at least the next twelve months, but additional financing may be required for future activities[120](index=120&type=chunk) Cash Flow Summary ($ in thousands) | Cash Flow Activity | Q1 2022 | Q1 2021 (Restated) | | :--- | :--- | :--- | | Net cash used in operating activities | (15,529) | (10,060) | | Net cash used in investing activities | (210) | (2,190) | | Net cash (used in) provided by financing activities | (78) | 27,377 | [Contractual Obligations and Commitments](index=25&type=section&id=Contractual%20Obligations%20and%20Commitments) The company has significant contractual obligations, including **$40 million** for NORI in 2022 and a **$10 million** payment to Allseas - NORI has an estimated work plan commitment of approximately **$40 million** for 2022 and **$25 million** for 2023[125](index=125&type=chunk) - The Marawa agreement requires spending of **AUD $1 million** in 2022, **AUD $3 million** in 2023, and **AUD $2 million** in 2024[126](index=126&type=chunk) - A **$10 million** payment was made to Allseas on April 25, 2022, with a final **$10 million** contingent on PMTS pilot trial completion[135](index=135&type=chunk) - The company has an offtake agreement with **Glencore** for **50%** of annual copper and nickel produced from the NORI Area[139](index=139&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks including interest rate, credit, foreign currency, and future commodity price fluctuations for key metals - The company's primary market risks include interest rate, credit, foreign currency, and commodity price fluctuations[152](index=152&type=chunk) - Foreign currency risk from CAD, AUD, and GBP transactions is minimized by holding USD cash and prompt payable settlement[156](index=156&type=chunk) - Commodity price risk for nickel, copper, manganese, and cobalt poses a significant future risk upon production commencement[158](index=158&type=chunk) [Item 4. Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of March 31, 2022, due to material weaknesses in financial reporting and warrant accounting - Management concluded that disclosure controls and procedures were not effective as of March 31, 2022[161](index=161&type=chunk) - Two material weaknesses were identified: deficiencies in financial statement close process and inaccurate warrant accounting[163](index=163&type=chunk)[164](index=164&type=chunk) - Remediation efforts are underway, including hiring experienced finance personnel and implementing more robust controls[166](index=166&type=chunk)[175](index=175&type=chunk) [Part II - Other Information](index=31&type=section&id=Part%20II%20Other%20Information) [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against a class-action lawsuit alleging false statements about operations and prospects - A putative class action lawsuit was filed against the company and certain executives on October 28, 2021[174](index=174&type=chunk) - The complaint alleges violations of Section 10(b) of the Exchange Act for false statements about operations and prospects[70](index=70&type=chunk)[174](index=174&type=chunk) - The company denies allegations and intends to defend, but an adverse resolution could materially affect its financial position[70](index=70&type=chunk)[177](index=177&type=chunk) [Item 1A. Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the 2021 Annual Report on Form 10-K - No material changes have occurred to the risk factors disclosed in the 2021 Annual Report on Form 10-K[178](index=178&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales or repurchases of equity securities occurred during the three months ended March 31, 2022 - No unregistered sales of equity securities occurred during the quarter[179](index=179&type=chunk) - The company did not repurchase any of its equity securities during the three months ended March 31, 2022[180](index=180&type=chunk) [Item 3. Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This item is not applicable to the company for the reporting period - Not applicable[181](index=181&type=chunk) [Item 4. Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company for the reporting period - Not applicable[182](index=182&type=chunk) [Item 5. Other Information](index=33&type=section&id=Item%205.%20Other%20Information) The company entered into amended employment agreements with its CFO and CDO, detailing salaries, bonuses, and severance terms - Entered into an amended employment agreement with CFO Craig Shesky, including an annual base salary of **$350,000** and a **$91,667** signing payment[185](index=185&type=chunk) - Entered into an amended employment agreement with CDO Anthony O'Sullivan, with an annual base salary of **AUD $670,985 (USD $475,000)**[191](index=191&type=chunk)[193](index=193&type=chunk) - Both agreements include eligibility for an annual performance bonus targeted at **50%** of base salary and specific severance packages[185](index=185&type=chunk)[189](index=189&type=chunk)[193](index=193&type=chunk) [Item 6. Exhibits](index=35&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q, including executive employment agreements and SOX certifications - Exhibits include amended employment agreements for CFO Craig Shesky and CDO Anthony O'Sullivan[201](index=201&type=chunk) - Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act, signed by the CEO and CFO, are included[201](index=201&type=chunk)

Table of Contents 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, 2021 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 TMC THE METALS COMPANY INC. (Exact name of registrant as specified in its charter) British Columbia, Canada ...