NEW YORK, Nov. 07, 2024 (GLOBE NEWSWIRE) -- The Metals Company (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today announced that it will host a conference call on Thursday, November 14, 2024, to provide an update on third quarter financial results and recent corporate developments.  Third Quarter 2024 Conference Call Details  Date: Thursday, November 14, 2024  Time: 4:30 p.m. ET  Audio-only Dial-in: Register Here  Virtual webcast with ...

NEW YORK, Aug. 14, 2024 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) ("TMC" or "the Company"), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today provided a corporate update and financial results for the second quarter ending June 30, 2024. Q2 2024 Financial Highlights Current liquidity available from credit facilities of approximately $48.3 million Increased borrowing capacity of our unsecured credit facilities by $7.5 million in August 2024: ERAS/Barron f ...

TMC, based in Des Moines, Iowa, has selected Trimble's Instinct and Video Intelligence fleet management solutions to improve the overall safety, compliance and operational efficiency of its fleet. TMC, based in Des Moines, Iowa, has selected Trimble's Instinct and Video Intelligence fleet management solutions to improve the overall safety, compliance and operational efficiency of its fleet. Founded in 1972, TMC is a leader in North America's flatbed transportation services and the largest privatelyheld flat ...

Company Overview - The Metals Company (TMC) is focused on deep-sea minerals exploration, specifically targeting critical battery metals in the Clarion Clipperton Zone (CCZ) [2] - TMC went public via a SPAC in September 2021 and has since seen a return of -86.7%, trading at $1.41 per share as of June 13, 2024 [2] - The company currently generates zero revenue and cannot market its products, with small-scale commercial operations expected to begin in Q1-2026 [2][9] Financial Position - TMC is projected to continue burning cash for another 18-20 months at a rate of approximately $60 million per year, necessitating an additional financing requirement of $90 million to $100 million [2] - As of Q1-2024, TMC has access to $215 million in funding through various equity and debt financing vehicles, including a $20 million credit facility from shareholders [2][12] - The company reported a cash burn of $12.1 million in Q1-2024, a nearly 50% decrease compared to Q1-2023, and had $4 million in cash and equivalents remaining [18] Market Dynamics - Battery metals markets are currently volatile, with significant price declines over the past year for nickel (-17.1%), cobalt (-13.5%), and lithium (-71.4%), while copper has increased by 19.8% [7] - The slowdown in global EV sales growth is negatively impacting midterm demand for battery metals [7] Regulatory Environment - TMC is awaiting an exploitation permit from the International Seabed Authority (ISA), with no deep-sea mining projects currently operational in the CCZ [8] - Management plans to apply for the exploitation license in July 2024, with the approval process expected to take an additional 12 months [8] - Political support for deep-sea mining is reportedly growing, with Norway beginning commercial operations and other countries like France and China softening their stances [8] Competitive Position - TMC has an offtake agreement with Glencore for 50% of its production once operations commence, which may expedite commercial activities [2][16] - The targeted nodules in the CCZ are noted for their higher metal content compared to traditional mining sources, making them attractive for future operations [16] Investment Outlook - TMC is viewed as a highly risky and speculative investment, with potential upside if regulatory approvals are obtained [2][15] - The company’s success hinges on its ability to secure financing until it can operate commercially, with various untapped financing options available [19]

Based on samples of nickel-cobalt-copper matte first produced by TMC in 2021, the Extractive Metallurgy team at SGS tested TMC's efficient flowsheet to process high-grade nickel-copper-cobalt matte directly to high-purity cobalt sulfate without making cobalt metal, while producing fertilizer byproducts instead of solid waste or tailings. This milestone follows last month's successful production of nickel sulfate, a key raw material input used in the production of energy-dense electric vehicle batteries. In ...

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)