Business
The Metals Company Provides Q4 2022 and FY 2022 Corporate Update and Key Strategic and Financial Announcements
NEW YORK, March 23, 2023 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK, March 23, 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 fourth quarter ending December 31, 2022. Q4 2022 and FY 2022 Financial Highlights Net loss of $109.6 million and loss per share of $0.41 for the quarter ended December 31, 2022. Following the successful conclusion of the integrated pilot nodule collection system trial in November 2022, we recorded $69.9 million related to the fair value on grant date ($7 per DeepGreen share in March 2021) of the 10 million Allseas warrants which became exercisable and $8.7 million related to 10.85 million shares issued to Allseas as completion payment, both of which were announced last quarterFor the full year 2022 we reported a net loss of $171 million or $0.71 per share (compared to $141.3 million and $0.69 per share in 2021), reflecting higher exploration and evaluation expenses, including the $69.9 million and $8.7 million related to the successful completion of the pilot collection system, and lower general and administrative expensesTotal cash on hand of approximately $46.8 million at December 31, 2022The Company believes that existing cash and liquidity will be sufficient to fund operations for at least the next twelve months Gerard Barron, CEO & Chairman of The Metals Company commented: “Following the historic collector test and monitoring campaign, in which we and our partners lifted over 3,000 tonnes of nodules to the surface and also collected over 200 terabytes of environmental data, TMC continues to hit milestones and establish the strategic partnerships we need to continue delivering on our capital-light approach to developing the NORI-D Nodule Project. We recently announced that we entered into a non-binding MOU with leading nickel processor PAMCO of Japan to evaluate the processing of nodules into battery metal feedstocks, and we are thrilled to now have Bechtel on our bench assisting with the NORI-D application for an exploitation license. Importantly, we’re able to maintain our financial flexibility going forward with the support of our partner Allseas in the form of a $25 million unsecured credit facility.” “As exciting as the fourth quarter of 2022 was, the successful trials...