TMC the metals Company Inc. Provides Corporate Update for Q3 2024

On November 14, 2024, TMC the metals Company Inc. (NASDAQ: TMC) released its third-quarter financial results and offered a business update, as outlined in the Form 8-K filing with the U.S. Securities and Exchange Commission.

Financial Highlights:
– The company reported approximately $63 million in current liquidity from cash and credit facilities.
– Borrowing capacity increased by $10.5 million in credit facilities.
– $5.7 million cash was utilized in operations for the quarter ending September 30, 2024.
– A net loss of $20.5 million and net loss per share of $0.06 was recorded for the quarter.

Registered Direct Offering:
– TMC conducted a Registered Direct Offering with expected minimum gross proceeds of $17.5 million through equity issuance at $1.00 per share.
– The offering included warrant coverage of 50% with a warrant strike price of $2.00 per share.

Operational Strategy:
– TMC shared plans for the submission of NORI’s exploitation application to the International Seabed Authority (ISA) by June 27, 2025.
– Following the application, the company expects a reduction in quarterly cash use to less than $5 million.
– Efforts are underway to reduce operating expenses and defer capital expenditures until regulatory clarity is achieved.

Company Development:
– TMC is exploring opportunities to develop a services business for seafloor resource development.
– Plans to optimize and diversify resource portfolio within international waters and national jurisdictions are being evaluated.

Industry Updates:
– Progress was made on the ISA Mining Code, with a consolidated text expected by the end of November 2024.
– CEO Gerard Barron testified to the U.S. House of Representatives on the benefits of seafloor nodules for securing key minerals.

Financial Results:
– As of September 30, 2024, the company held approximately $0.4 million in cash and short-term debt of $9.2 million.
– Net loss for the quarter was attributed to increased exploration and evaluation expenses alongside general administrative costs.

Conference Call:
– TMC will be hosting a conference call today at 4:30 p.m. EDT to discuss recent developments and financial results.

These highlights are based on the recently filed Form 8-K with the U.S. Securities and Exchange Commission. Investors can access the full details of the filing from the company website.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read TMC the metals’s 8K filing here.

About TMC the metals

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean.