Business
The Metals Company Provides Q1 2022 Corporate Update
NEW YORK, May 09, 2022 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK, May 09, 2022 (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 first quarter ending March 31, 2022. Q1 2022 Financial Highlights Net loss of $21.1 million and loss per share of $0.09 for the quarter ended March 31, 2022.Total cash of approximately $69.0 million at March 31, 2022 which we believe will be sufficient to meet our working capital and capital expenditure requirements for at least the next twelve months from today. Gerard Barron, TMC Chairman and CEO, commented: “I am extremely proud of the progress made by our team and our partners in the first quarter of 2022. We continue to execute our plans both offshore and onshore, with our partner Allseas successfully testing our pilot nodule collection system in the deep sea, and our recently announced business collaboration with Epsilon Carbon setting the stage for a potential nodule processing plant in India.” “While the challenge of meeting the massive mineral requirements of electrification is forcing auto OEMs to rethink their supply chains, insufficient supply and rising prices for key battery metals threaten to undermine commitments to responsible sourcing. We are now seeing this play out with some major car companies inking supply deals with Chinese-funded producers known to violate human rights and cause unchecked tropical deforestation and pollution in the planet’s most biodiverse ecosystems. Lying far offshore in international waters, deep-sea nodules offer a potential alternative that Western nations are waking up to, particularly as the national security implications of the clean energy transition become more acute. Individually, our NORI and TOML projects eclipse all other nickel development projects in terms of size and accessibility, and could deliver an abundant supply of battery metals while helping to meet infrastructure-led demand for steel in the developing world.” Operational Highlights in the First Quarter 2022 Project Zero Plant: In March 2022, we announced that we entered into a non-binding memorandum of understanding for a business collaboration with Epsilon Carbon Pvt, LTD. to complete a pre-feasibility study for a commercial plant in India, powered by renewables ...