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TMC Provides First Quarter 2025 Corporate Update
NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading explorer of the world’s largest
About this update from Tmc The Metals Company Inc.
[{"type":"text","content":"NEW YORK, May 14, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), a leading explorer of the world’s largest undeveloped resource of critical metals essential to energy, defense, manufacturing, and infrastructure, today provided a corporate update and first quarter results for the period ending March 31, 2025. Q1 2025 Financial Highlights Total liquidity of approximately $43.8 million at March 31, 2025, including cash of $2.3 million ERAS/Barron facility increased from $38 million to $44 million ($41.5 million available) as previously announced; andAllseas 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 $9.3 million cash used in operations for the quarter ended March 31, 2025Net loss of $20.6 million and net loss per share of $0.06 for the quarter ended March 31, 2025 Registered Direct Offering Registered Direct Offering resulting in expected gross proceeds of $37 million through the issuance of 12.3 million common shares at $3.00 per shareThe Registered Direct Offering is led by by Michael Hess, Chief Investment Officer of Hess Capital, Brian Paes-Braga, Managing Partner at SAF Group and Head of SAF Growth, and includes the participation of an existing strategic TMC investorEach share is accompanied by a Class C warrant to purchase one additional share at an exercise price of $4.50 per shareWarrants have a three-year term with mandatory exercise if shares trade above $7.00 per share for 20 consecutive days Gerard Barron, Chairman & CEO of The Metals Company, commented: “The first quarter of 2025 marked a turning point, not just for TMC, but for the deep-sea critical minerals industry. President Trump signed a landmark Executive Order, ‘Unleashing America’s Offshore Critical Minerals and Resources’, and TMC USA submitted the world’s first application for commercial recovery permit, two months ahead of schedule, and two exploration license applications under U.S. law. These applications offer the United States a path to mineral independence in nickel, copper, cobalt, and manganese—metals critical for energy, defense, manufacturing and infrastructure. We have invested over a half...