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The Metals Company Provides Q1 2023 Corporate Update
NEW YORK, May 11, 2023 (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 11, 2023 (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, 2023. Q1 2023 Financial Highlights Net income and per share amount of $nil for the quarter ended March 31, 2023, after recording a gain on disposition of asset of approximately $14 millionTotal cash of approximately $28.4 million at March 31, 2023The Company believes that existing cash and liquidity will be sufficient to fund operations for at least the next twelve months Gerard Barron, TMC Chairman and CEO, commented: “The first quarter of 2023 has progressed as we had hoped. At the March 2023 ISA session, member states made significant progress on key aspects of the regulatory text and reiterated their commitment to adopting final rules, regulations and procedures. I would like to thank the 167 member states (and the European Union) for their tremendous efforts both at these formal sessions and the intersessional work that is happening in between. I’m also pleased that we were able to sign a non-binding memorandum of understanding with Japan’s PAMCO to explore nodule processing at their existing facility, another example of our capital-light strategy to get into commercial production. We also entered into an agreement with Bechtel to support our subsidiary NORI’s planned application to the ISA for our NORI-D project. A lifecycle assessment (LCA) completed by Benchmark in March showed that critical battery metals from our first NORI-D project would outperform key land-based production routes across almost every impact category analysed. The two important areas not covered by Benchmark’s LCA – impact on marine biodiversity and ecosystem function – are being analyzed by our science partners based on the wealth of data we’ve gathered over the past decade.” Operational Highlights Extensive deep-sea environmental data submission to the International Seabed Authority: In March 2023, TMC announced that its wholly-owned subsidiary Nauru Ocean Resources Inc. (NORI) had begun the process of submitting data collected during 17 offshore resource definition and environmental baseline campaigns in the NORI-D exploration area to DeepData, an open database of cont...