Business
The Metals Company Provides Third Quarter 2023 Corporate Update
NEW YORK, Nov. 09, 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, Nov. 09, 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 third quarter ending September 30, 2023. Q3 2023 Financial Highlights Net loss of $12.5 million and net loss per share of $0.04 for the quarter ended September 30, 2023Total cash of approximately $22.5 million at September 30, 2023Total liquidity of approximately $56 million at September 30, 2023 inclusive of existing cash, $9 million expected additional closings from ERAS Capital LLC in the previously announced Registered Direct Offering, and the undrawn $25 million unsecured credit facility from an affiliate of Allseas Group SA Gerard Barron, TMC Chairman and CEO, commented: “We are laser-focused on putting together the best possible application to allow us to move from exploration to exploitation phase on our NORI-D contract area, and we remain focused on targeting commercial production as early as Q4 2025. To this end, the pre-feasibility study (“PFS”) and Environmental Impact Statement (“EIS”) are currently taking most of TMC's resources and attention. For the offshore segment of the PFS, together with our strategic partner Allseas, we have gone through several mine planning iterations and design reviews of the Project Zero nodule collection and transport system with expected capacity to handle 3 million wet tonnes of nodules per year. The offshore EIS process is generating very encouraging insights based on last year's nodule collection test which are informing our designs and plans. We have also started sharing these insights with stakeholders at ISA events and, importantly, we are now in a position to meaningfully engage with the ocean conservation community—an invitation I extended through my open letter earlier this month. To further strengthen our EIS, we are planning to conduct an additional offshore campaign to revisit the collector test site 12 months after completion of the initial collector tests. To support our operations, including this additional campaign, in August 2023 we announced a Registered Direct Offering of common shares and accompanying Class A warrants at $2 per share, with anticipated gross proceeds to TMC of approximately $24.9 million. For the ons...