Business
The Metals Company Announces Fourth Quarter and Full Year 2024 Results
NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of the world’s largest undeveloped
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":" NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of the world’s largest undeveloped resource of critical metals for building infrastructure, power generation, transmission, and batteries, today provided a corporate update and fourth quarter and full year financial results for the period ended December 31, 2024. Q4 and FY 2024 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approximately $43 million as of date of filing Borrowing capacity from our unsecured credit facilities decreased by $17.2 million as of date of filing: ERAS/Barron facility increased from $38 million to $44 million ($41.5 million available); and Allseas Group SA affiliate facility of $25 million was terminated by mutual agreement in Q1 2025 as maturity was approaching and no amounts were outstanding, while the maturity of the $7.5 million Allseas Working Capital loan was extended from April to September 2025 $13.8 million cash used in operations for the quarter ended December 31, 2024 Net loss of $16.1 million and net loss per share of $0.05 for the quarter ended December 31, 2024 For the full year 2024, a net loss of $81.9 million or $0.25 per share (compared to $73.8 million and $0.26 per share in 2023) Gerard Barron, Chairman & CEO of The Metals Company commented: “Over the last decade, we’ve invested over half a billion dollars to understand and responsibly develop the nodule resource in our contract areas. We built the world’s largest environmental dataset on the CCZ, carefully designed and tested an offshore collection system that minimizes the environmental impacts and followed every step required by the International Seabed Authority. But, despite collaborating in good faith with the ISA for over a decade, it has not yet adopted the Regulations on the Exploitation of Mineral Resources in the Area in breach of its express treaty obligations under UNCLOS and the 1994 Agreement.” “We believe we have sufficient knowledge to get started and prove we can manage environmental risks. What we need is a regulator with a robust regulatory regime, and who is willing to give our application a fair hearing. This is why we’ve formally initiated the process of applying for licenses and permits under the existing U.S. seabed mining code. ...