Financial Highlights - TMC secured a $37 million Registered Direct Offering (RDO) to fund operations beyond potential commercial recovery permit issuance[5, 6] - TMC's liquidity, including cash and borrowing capacity, was $44 million as of March 31, 2025, and $81 million pro forma for the RDO[101] - In Q1 2025, Exploration and evaluation expenses were $9.5 million, compared to $18.1 million in Q1 2024[108] - Net loss for Q1 2025 was $20.6 million, a decrease from $25.2 million in Q1 2024[108] Regulatory and Operational Updates - TMC USA filed the world's first commercial recovery permit application and two exploration license applications under existing U S seabed mining code[10] - NOAA is reviewing TMC USA applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA)[14] - President Trump's Executive Order of April 24, 2025, supports America's leadership in the offshore minerals industry and directs expedited permitting under DSHMRA[19] Resource and Environmental Considerations - TMC USA's application area contains 1635 billion wet tonnes of nodule resource, including 155 Mt of Nickel, 128 Mt of Copper, 20 Mt of Cobalt and 345 Mt of Manganese[14] - The company's Environmental Impact Statement (EIS) addresses six primary concerns, with encouraging results on seafloor plumes, midwater plumes, noise, biodiversity loss, carbon disturbance, and habitat destruction[83, 84, 85, 87, 92, 93] - Nodule collection in the CCZ could change the habitat of 018% of the seafloor at most, with life returning to the test area after one year[93] Strategic Positioning - Polymetallic nodules contain four critical metals, with contained value percentages of 28% Nickel, 11% Copper, 43% Manganese, and 18% Cobalt[36] - Access to a billion tonnes of nodules could supply 456 years of U S Manganese consumption, 165 years of Cobalt, 81 years of Nickel, and 4 years of Copper[49, 50]