TMC Announces Fourth Quarter and Full Year 2024 Results
TMC (Nasdaq: TMC) reported its Q4 and full-year 2024 financial results, with a quarterly net loss of $16.1 million ($0.05 per share) and annual net loss of $81.9 million ($0.25 per share). The company's current liquidity stands at $43 million, with cash on hand of $3.5 million.
Key developments include:
- TMC USA initiated pre-application consultation with NOAA for seabed mining permits, expected submission in Q2 2025
- Successful processing milestone with PAMCO, converting 450 tonnes of calcine into 35 tonnes of Ni-Cu-Co alloy
- Credit facility with ERAS/Barron increased to $44 million and extended to June 2026
- Allseas working capital loan extended to September 2025
- Termination of Marawa Agreement in January 2025
Exploration and evaluation expenses decreased to $8.3 million in Q4 2024 from $26.7 million in Q4 2023, while general and administrative expenses increased to $8.0 million from $6.6 million year-over-year.
TMC (Nasdaq: TMC) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, con una perdita netta trimestrale di 16,1 milioni di dollari (0,05 dollari per azione) e una perdita netta annuale di 81,9 milioni di dollari (0,25 dollari per azione). La liquidità attuale dell'azienda è di 43 milioni di dollari, con liquidità disponibile di 3,5 milioni di dollari.
Sviluppi chiave includono:
- TMC USA ha avviato una consultazione preliminare con la NOAA per i permessi di estrazione mineraria sottomarina, prevista per il secondo trimestre del 2025
- Traguardo di lavorazione riuscito con PAMCO, convertendo 450 tonnellate di calcinato in 35 tonnellate di lega Ni-Cu-Co
- La linea di credito con ERAS/Barron è stata aumentata a 44 milioni di dollari e prorogata fino a giugno 2026
- Il prestito di capitale circolante di Allseas è stato prorogato fino a settembre 2025
- Risoluzione dell'Accordo Marawa a gennaio 2025
Le spese di esplorazione e valutazione sono diminuite a 8,3 milioni di dollari nel quarto trimestre del 2024 rispetto ai 26,7 milioni di dollari nel quarto trimestre del 2023, mentre le spese generali e amministrative sono aumentate a 8,0 milioni di dollari rispetto ai 6,6 milioni di dollari dell'anno precedente.
TMC (Nasdaq: TMC) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, con una pérdida neta trimestral de 16,1 millones de dólares (0,05 dólares por acción) y una pérdida neta anual de 81,9 millones de dólares (0,25 dólares por acción). La liquidez actual de la compañía se sitúa en 43 millones de dólares, con efectivo disponible de 3,5 millones de dólares.
Los desarrollos clave incluyen:
- TMC USA inició una consulta previa con la NOAA para permisos de minería en el lecho marino, con presentación esperada en el segundo trimestre de 2025
- Hito de procesamiento exitoso con PAMCO, convirtiendo 450 toneladas de calcinado en 35 toneladas de aleación de Ni-Cu-Co
- La línea de crédito con ERAS/Barron aumentó a 44 millones de dólares y se extendió hasta junio de 2026
- El préstamo de capital de trabajo de Allseas se extendió hasta septiembre de 2025
- Terminación del Acuerdo Marawa en enero de 2025
Los gastos de exploración y evaluación disminuyeron a 8,3 millones de dólares en el cuarto trimestre de 2024 desde 26,7 millones de dólares en el cuarto trimestre de 2023, mientras que los gastos generales y administrativos aumentaron a 8,0 millones de dólares desde 6,6 millones de dólares año tras año.
TMC (Nasdaq: TMC)는 2024년 4분기 및 전체 연도 재무 결과를 보고했으며, 분기 순손실은 1,610만 달러(주당 0.05달러), 연간 순손실은 8,190만 달러(주당 0.25달러)입니다. 회사의 현재 유동성은 4,300만 달러이며, 현금 보유액은 350만 달러입니다.
주요 개발 사항은 다음과 같습니다:
- TMC USA는 해저 채굴 허가를 위한 NOAA와의 사전 상담을 시작했으며, 제출은 2025년 2분기로 예상됩니다
- PAMCO와의 성공적인 가공 이정표, 450톤의 칼시네이트를 35톤의 Ni-Cu-Co 합금으로 전환
- ERAS/Barron과의 신용 시설이 4,400만 달러로 증가하고 2026년 6월까지 연장됨
- Allseas의 운영 자본 대출이 2025년 9월까지 연장됨
- 2025년 1월 Marawa 계약 종료
탐사 및 평가 비용은 2023년 4분기 2,670만 달러에서 2024년 4분기 830만 달러로 감소했으며, 일반 및 관리 비용은 전년 대비 660만 달러에서 800만 달러로 증가했습니다.
TMC (Nasdaq: TMC) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024, avec une perte nette trimestrielle de 16,1 millions de dollars (0,05 dollar par action) et une perte nette annuelle de 81,9 millions de dollars (0,25 dollar par action). La liquidité actuelle de l'entreprise s'élève à 43 millions de dollars, avec une trésorerie de 3,5 millions de dollars.
Les développements clés incluent :
- TMC USA a initié une consultation préalable avec la NOAA pour des permis de minage des fonds marins, avec une soumission prévue au deuxième trimestre 2025
- Étape de traitement réussie avec PAMCO, convertissant 450 tonnes de calcin en 35 tonnes d'alliage Ni-Cu-Co
- Facilité de crédit avec ERAS/Barron augmentée à 44 millions de dollars et prolongée jusqu'en juin 2026
- Prêt de fonds de roulement d'Allseas prolongé jusqu'en septembre 2025
- Résiliation de l'accord Marawa en janvier 2025
Les dépenses d'exploration et d'évaluation ont diminué à 8,3 millions de dollars au quatrième trimestre 2024 contre 26,7 millions de dollars au quatrième trimestre 2023, tandis que les dépenses générales et administratives ont augmenté à 8,0 millions de dollars contre 6,6 millions de dollars d'une année sur l'autre.
TMC (Nasdaq: TMC) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, mit einem vierteljährlichen Nettoverlust von 16,1 Millionen Dollar (0,05 Dollar pro Aktie) und einem jährlichen Nettoverlust von 81,9 Millionen Dollar (0,25 Dollar pro Aktie). Die aktuelle Liquidität des Unternehmens beträgt 43 Millionen Dollar, mit einem verfügbaren Bargeldbestand von 3,5 Millionen Dollar.
Wesentliche Entwicklungen umfassen:
- TMC USA hat eine Voranfrage mit der NOAA für Genehmigungen zur Meeresbodenbergbau eingeleitet, die im 2. Quartal 2025 eingereicht werden soll
- Erfolgreicher Verarbeitungsmeilenstein mit PAMCO, der 450 Tonnen Kalzin in 35 Tonnen Ni-Cu-Co-Legierung umwandelt
- Kreditfazilität mit ERAS/Barron auf 44 Millionen Dollar erhöht und bis Juni 2026 verlängert
- Allseas Betriebsmittelkredit bis September 2025 verlängert
- Beendigung des Marawa-Vertrags im Januar 2025
Die Explorations- und Bewertungskosten sanken im 4. Quartal 2024 auf 8,3 Millionen Dollar von 26,7 Millionen Dollar im 4. Quartal 2023, während die allgemeinen und Verwaltungsaufwendungen im Jahresvergleich auf 8,0 Millionen Dollar von 6,6 Millionen Dollar stiegen.
- Successful processing milestone with PAMCO demonstrating technical feasibility
- Credit facility with ERAS/Barron increased by $6 million to $44 million
- Significant reduction in exploration expenses from $26.7M to $8.3M in Q4
- U.S. Defense Department mandated feasibility study for nodule refining
- Progress toward U.S. regulatory pathway through NOAA
- Net loss increased to $81.9M in 2024 from $73.8M in 2023
- Cash position decreased to $3.5M at year-end 2024
- Loss of Allseas $25M credit facility
- Termination of Marawa exploration rights
- Rising general and administrative expenses
- ISA mining code negotiations progressing slowly with continued delays
Insights
TMC's Q4 and FY 2024 results present a mixed financial picture with ongoing operational challenges. The company reported a net loss of $16.1 million ($0.05 per share) for Q4 and $81.9 million ($0.25 per share) for the full year, representing a larger absolute loss compared to 2023's $73.8 million, though slightly improved on a per-share basis.
The company's liquidity position requires careful monitoring. With only $3.5 million in cash at year-end and $11.8 million in short-term debt, TMC is heavily dependent on its credit facilities. While the ERAS/Barron facility increased to $44 million, the termination of the $25 million Allseas facility reduces overall financing flexibility. The quarterly cash burn of $13.8 million suggests current liquidity could support operations for approximately three quarters without additional funding.
Strategically, TMC has pivoted toward U.S. regulatory pathways due to frustration with ISA delays, potentially accelerating their permitting timeline but introducing new regulatory uncertainties. The successful processing of nodules in Japan demonstrates technical progress, but industrial-scale operations would require significantly greater capacity.
The $25.8 million owed to Allseas that could be settled in equity represents potential dilution risk. Similarly, the substantial increase in share-based compensation (from $9.2M to $20.2M year-over-year) indicates a cash conservation strategy at the expense of shareholder dilution.
While TMC is making operational progress, particularly with processing trials and regulatory positioning, the path to commercialization and revenue generation remains contingent on regulatory approvals and substantial additional investment.
TMC's strategic pivot toward the U.S. regulatory framework represents a pragmatic response to the International Seabed Authority's continued delays in finalizing exploitation regulations. After investing over half a billion dollars in resource development and environmental studies, the company's frustration with international regulatory bottlenecks is evident in CEO Gerard Barron's comments.
The pre-application consultation with NOAA under the Deep Seabed Hard Mineral Resources Act (DSHMRA) signals a significant strategic shift. This U.S.-focused approach could potentially accelerate the permitting timeline but introduces its own regulatory uncertainties and potential geopolitical complications in what has historically been an internationally governed domain.
On the technical front, the processing milestone with PAMCO in Japan represents meaningful progress. Converting 450 tonnes of calcine into 35 tonnes of Ni-Cu-Co alloy and 320 tonnes of Mn silicate demonstrates the viability of their processing approach at a commercial scale. However, this remains several orders of magnitude below what would be required for full commercial operations.
The termination of the Marawa Agreement reduces TMC's exploration portfolio but may allow for more focused resource allocation. Meanwhile, the U.S. Congressional mandate for a Defense Department feasibility study on nodule refining indicates growing government interest in securing critical mineral supply chains, potentially benefiting TMC's long-term positioning.
While these developments show adaptability in TMC's strategy, the company remains in a pre-revenue development phase with substantial technical, regulatory, and financial hurdles to overcome before reaching commercial production.
NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of the world’s largest undeveloped resource of critical metals for building infrastructure, power generation, transmission, and batteries, today provided a corporate update and fourth quarter and full year financial results for the period ended December 31, 2024.
Q4 and FY 2024 Financial Highlights
- Current liquidity available from our cash on hand and our credit facilities of approximately
$43 million as of date of filing - Borrowing capacity from our unsecured credit facilities decreased by
$17.2 million as of date of filing:- ERAS/Barron facility increased from
$38 million to$44 million ($41.5 million available); and - Allseas 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
- ERAS/Barron facility increased from
$13.8 million cash used in operations for the quarter ended December 31, 2024- Net loss of
$16.1 million and net loss per share of$0.05 for the quarter ended December 31, 2024 - For the full year 2024, a net loss of
$81.9 million or$0.25 per share (compared to$73.8 million and$0.26 per share in 2023)
Gerard Barron, Chairman & CEO of The Metals Company commented: “Over the last decade, we’ve invested over half a billion dollars to understand and responsibly develop the nodule resource in our contract areas. We built the world’s largest environmental dataset on the CCZ, carefully designed and tested an offshore collection system that minimizes the environmental impacts and followed every step required by the International Seabed Authority. But, despite collaborating in good faith with the ISA for over a decade, it has not yet adopted the Regulations on the Exploitation of Mineral Resources in the Area in breach of its express treaty obligations under UNCLOS and the 1994 Agreement.”
“We believe we have sufficient knowledge to get started and prove we can manage environmental risks. What we need is a regulator with a robust regulatory regime, and who is willing to give our application a fair hearing. This is why we’ve formally initiated the process of applying for licenses and permits under the existing U.S. seabed mining code. After extensive legal review and constructive engagement with NOAA and other officials across the U.S. government, we believe the United States offers a stable, transparent, and enforceable regulatory path. TMC USA expects to submit applications to NOAA in the second quarter of 2025. We’re encouraged by the growing recognition in Washington that nodules represent a strategic opportunity for America—and we’re moving forward with urgency.”
Operational Highlights
U.S. Regulatory Pathway: TMC USA LLC has formally initiated a pre-application consultation process with the U.S. National Oceanic and Atmospheric Administration (NOAA) within the Department of Commerce under the Deep Seabed Hard Mineral Resources Act (DSHMRA). Following extensive legal diligence on DSHMRA, NOAA’s implementing regulations and other applicable environmental protection legislation, the Company strongly believes that the U.S. seabed mining code offers the greatest probability of securing a commercial recovery permit in the near term given the ISA’s continued delays in the adoption of the Exploitation Regulations in breach of its express treaty obligations under UNCLOS and the 1994 Agreement.
TMC and PAMCO Achieve a New Nodule Processing Milestone, Unlocking Critical Energy & Steelmaking Materials at Existing Facilities: On February 18, 2025, we announced that PAMCO had successfully smelted 450 tonnes of calcine into 35 tonnes of Ni-Cu-Co alloy and 320 tonnes of Mn silicate products, during a commercial-scale campaign to process a 2,000-tonne sample of deep-seafloor polymetallic nodules at our partner PAMCO’s Rotary Kiln Electric-Arc Furnace facility in Hachinohe, Japan. The process data and operational experience gathered during the processing trial will inform expected definitive processing agreements between the parties.
Extension of Credit Facility with ERAS Capital LLC and Gerard Barron: On March 26, 2025 we entered into a third amendment to the 2024 unsecured credit facility with ERAS Capital LLC and Gerard Barron to increase the borrowing limit to
Extension of Allseas Working Capital Loan Agreement and Termination of Allseas 2023 Credit Facility: On March 24, 2025, we entered into a Letter Agreement with Allseas Investments and Argentum Credit Virtuti GCV, pursuant to which the repayment date under our working capital loan agreement with Allseas Investments dated September 9, 2024 was extended to September 30, 2025. Additionally, under the Letter Agreement, we and Argentum Credit Virtuti agreed to cancel the unsecured credit facility established in 2023, with no outstanding amounts remaining other than our obligation to pay the underutilization fee thereunder.
Termination of Marawa Agreement: On November 14, 2024, TMC subsidiary DeepGreen Engineering Pte. Ltd. (DeepGreen) delivered a formal termination notice to Marawa Research and Exploration Limited, ending the Services Agreement dated October 1, 2013, pursuant to DeepGreen’s right to terminate for convenience under the Agreement. The termination became effective on January 14, 2025, and we no longer have any exploration rights to the area of the CCZ that was covered by the Agreement. The termination is not expected to have a material adverse effect on our financial position or operations, with non-material ongoing costs and no termination penalties applicable under the Agreement.
Industry Update
ISA Mining Code: During Part I of the ISA’s 30th session taking place between March 17 and 28, Council began negotiations on the 2nd version of the Regulations on the Exploitation of Minerals Resources in the Area (Regulations). Progress has been slow and the Council will not complete the second reading of the Regulations in March. Nauru’s proposed agenda item that sought to provide clarity on the process to review an exploitation contract application submitted prior to the adoption of the Regulations was strongly opposed by Chile and no Council-agreed process for the review of an application prior to the adoption of the Regulations is expected prior to the next ISA meeting.
TMC Applauds U.S. Congressional Mandate for 2025 Defense Department Feasibility Study on Nodule Refining: On December 30, 2024, we welcomed the signing of legislation calling for financial support from the Defense Department’s Industrial Base Policy office to “assess the feasibility of improving domestic capabilities for refining polymetallic nodule-derived intermediates into high-purity nickel, cobalt sulfate, and copper.” The legislation, signed into law by President Biden on December 23, 2024, was led by the House Armed Services Committee (HASC) and calls for the completion of a feasibility study by the end of 2025 for a nodule-derived intermediate refinery which would bring the U.S. closer to addressing the biggest vulnerability in its domestic battery supply chains – nickel refining – as identified in Executive Order 14017 from 2021. In addition, our U.S. subsidiary has an outstanding application seeking a
New Zealand Considers Withdrawing Support for a Moratorium: In February, Agence France Presse reported that New Zealand was considering withdrawing its support for a moratorium on deep-sea mining. Resources Minister Shane Jones stated: "I personally think that seabed mining has become the last green trophy, so people are tossing around the most absurd, untested theories.”
Financial Results Overview
At December 31, 2024, we held cash of approximately
Our accounts payable and accrued liabilities balance at the end of 2024 of
We reported a net loss of approximately
General and administrative expenses were
We reported a net loss for the year ended December 31, 2024 of
Conference Call
We will hold a conference call today at 4:30 p.m. EDT to provide an update on recent corporate developments, fourth quarter and full year 2024 financial results and upcoming milestones.
| Fourth Quarter and Full Year 2024 Conference Call Details |
| Date: | Thursday, March 27, 2025 |
| Time: | 4:30 pm EDT |
| Audio-only Dial-in: | Register Here |
| Virtual webcast w/ slides: | Register Here |
Please register with the links above at least ten minutes prior to the conference call. The virtual webcast will be available for replay in the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event.
About The Metals Company
The Metals Company is an explorer of lower-impact critical metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for building infrastructure, power generation, transmission, and batteries with net positive impacts compared to conventional production routes and (2) trace, recover and recycle the metals we supply to help create a metal commons that can be used in perpetuity. The Company through its subsidiaries holds two polymetallic nodule exploration contracts in the Clarion Clipperton Zone of the Pacific Ocean granted by the International Seabed Authority and sponsored by the governments of the Republic of Nauru and the Kingdom of Tonga. More information is available at www.metals.co.
Contacts
Media | media@metals.co
Investors | investors@metals.co
Forward Looking Statements
This press release contains “forward-looking” statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “aims,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “may,” “plans,” “possible,” “potential,” “will” and variations of these words or similar expressions, although not all forward-looking statements contain these words. Forward-looking statements in this press release include, but are not limited to, statements regarding the potential impact of the Company’s future commercial operations; the Company’s expected application to the ISA for an exploitation contract; potential outcomes of actions by the U.S. government; the Company’s engagement with members of the U.S. government; the status and timing of adoption of final Regulations for the exploitation of deep-sea polymetallic nodules; and the Company’s financial and operating plans moving forward.The Company may not actually achieve the plans, intentions or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements as a result of various factors, including, among other things: the Company’s strategies and future financial performance; the ISA's ability to timely adopt the Mining Code and/or willingness to review and/or approve a plan of work for exploitation under the United Nations Convention on the Laws of the Sea (UNCLOS); the Company’s ability to obtain exploitation contracts or approved plans of work for exploitation for its areas in the Clarion Clipperton Zone; regulatory uncertainties and the impact of government regulation and political instability on the Company’s resource activities; changes to any of the laws, rules, regulations or policies to which the Company is subject, including the terms of the final Mining Code, if any, adopted by ISA and the potential timing thereof; the impact of extensive and costly environmental requirements on the Company’s operations; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the Clarion Clipperton Zone and recovery rates of impacted ecosystems; the Company’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; the Company’s ability to successfully enter into binding agreements with Allseas Group S.A. and other parties in which it is in discussions, if any, including Pacific Metals Company of Japan; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that the Company may recover; risks associated with collective, development and processing operations, including with respect to the development of onshore processing capabilities and capacity and Allseas Group S.A.’s expected development efforts with respect to the Project Zero offshore system; the Company’s dependence on Allseas Group S.A.; fluctuations in transportation costs; fluctuations in metals prices; testing and manufacturing of equipment; risks associated with the Company’s limited operating history, limited cash resources and need for additional financing and risk that such financing may not be available on acceptable terms, or at all; risks associated with the Company’s intellectual property; Low Carbon Royalties’ limited operating history; the sufficiency of our cash on hand and the borrowing ability under our credit facility with a company related to Allseas Group S.A., as we expect it to be amended, and credit facility with ERAS Capital LLC/Gerard Barron to meet our working capital and capital expenditure requirements, the need for additional financing and our ability to continue as a going concern; our agreement in principle to amend our credit facility with a company related to Allseas Group S.A.; any litigation to which we are a party; and other risks and uncertainties, any of which could cause the Company’s actual results to differ from those contained in the forward-looking statements, that are described in greater detail in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 when filed with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company expressly disclaims any obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
| TMC the metals company Inc. | |
| Consolidated Balance Sheets (in thousands of US Dollars, except share amounts) |
| ASSETS | As at December 31, 2024 | As at December 31, 2023 | |||||||
| Current | |||||||||
| Cash | $ | 3,480 | $ | 6,842 | |||||
| Receivables and prepayments | 1,851 | 1,978 | |||||||
| 5,331 | 8,820 | ||||||||
| Non-current | |||||||||
| Exploration contracts | 42,951 | 43,150 | |||||||
| Right of use asset | 3,814 | 5,721 | |||||||
| Equipment | 771 | 1,133 | |||||||
| Software | 1,928 | 1,643 | |||||||
| Investment | 8,203 | 8,429 | |||||||
| 57,667 | 60,076 | ||||||||
| TOTAL ASSETS | $ | 62,998 | $ | 68,896 | |||||
| LIABILITIES | |||||||||
| Current | |||||||||
| Accounts payable and accrued liabilities | 42,754 | 31,334 | |||||||
| Short-term debt | 11,775 | - | |||||||
| 54,529 | 31,334 | ||||||||
| Non-current | |||||||||
| Deferred tax liability | 10,675 | 10,675 | |||||||
| Royalty liability | 14,000 | 14,000 | |||||||
| Warrants liability | 912 | 1,969 | |||||||
| 25,587 | 26,644 | ||||||||
| TOTAL LIABILITIES | $ | 80,116 | $ | 57,978 | |||||
| EQUITY | |||||||||
| Common shares (unlimited shares, no par value – issued: 340,708,460 (December 31, 2023 – 306,558,710)) | 477,217 | 438,239 | |||||||
| Class A - J Special Shares | - | - | |||||||
| Additional paid in capital | 138,303 | 122,797 | |||||||
| Accumulated other comprehensive loss | (1,203 | ) | (1,216 | ) | |||||
| Deficit | (631,435 | ) | (548,902 | ) | |||||
| TOTAL EQUITY | (17,118 | ) | 10,918 | ||||||
| TOTAL LIABILITIES AND EQUITY | $ | 62,998 | $ | 68,896 | |||||
| TMC the metals company Inc. Consolidated Statements of Loss and Comprehensive Loss (in thousands of US Dollars, except share and per share amounts) | |||||||||||||
| For the year ended December 31, 2024 | For the year ended December 31, 2023 | ||||||||||||
| Operating expenses | |||||||||||||
| Exploration and evaluation expenses | $ | 50,643 | $ | 49,849 | |||||||||
| General and administrative expenses | 30,644 | 22,540 | |||||||||||
| Operating loss | 81,287 | 72,389 | |||||||||||
| Other items | |||||||||||||
| Equity-accounted investment loss | 226 | 571 | |||||||||||
| Loss on termination of contract | 199 | - | |||||||||||
| Change in fair value of warrant liability | (1,057 | ) | 986 | ||||||||||
| Foreign exchange loss (gain) | (1,186 | ) | 310 | ||||||||||
| Interest income | (176 | ) | (1,297 | ) | |||||||||
| Fees and interest on borrowings and credit facilities | 2,602 | 781 | |||||||||||
| Loss and comprehensive loss for the year, before tax | $ | 81,895 | $ | 73,740 | |||||||||
| Tax Expense | 48 | 41 | |||||||||||
| Loss and comprehensive loss for the year | $ | 81,943 | $ | 73,781 | |||||||||
| Loss per share | |||||||||||||
| - Basic and diluted | $ | 0.25 | $ | 0.26 | |||||||||
| Weighted average number of common shares outstanding – basic and diluted | 321,875,050 | 288,643,700 | |||||||||||
| TMC the metals company Inc. | |||||||||||||||
| Consolidated Statements of Changes in Equity (in thousands of US Dollars, except share amounts) | |||||||||||||||
| For the year ended December 31, 2024 | Common Shares | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | ||||||||||
| Shares | Amount | ||||||||||||||
| January 1, 2024 | 306,558,710 | $ | 438,239 | $ | 122,797 | $ | (1,216 | ) | $ | (548,902 | ) | $ | 10,918 | ||
| Shares and warrants issued under Registered Direct Offering, net of expenses | 19,400,000 | 17,190 | 6,023 | - | - | 23,213 | |||||||||
| Adjustment to Class A Warrant | - | - | 590 | - | (590 | ) | - | ||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 10,734,581 | 14,954 | (14,954 | ) | - | - | - | ||||||||
| Shares issued as per At-the-Market Equity Distribution Agreement | 3,251,588 | 4,866 | - | - | - | 4,866 | |||||||||
| Exercise of stock options | 715,772 | 1,891 | (1,428 | ) | - | - | 463 | ||||||||
| Share purchase under Employee Share Purchase Plan | 47,809 | 77 | (38 | ) | - | - | 39 | ||||||||
| Share-based compensation and expenses settled with equity | - | - | 25,313 | - | - | 25,313 | |||||||||
| Foreign currency translation adjustment | - | - | - | 13 | - | 13 | |||||||||
| Loss for the year | - | - | - | - | (81,943 | ) | (81,943 | ) | |||||||
| December 31, 2024 | 340,708,460 | $ | 477,217 | $ | 138,303 | $ | (1,203 | ) | $ | (631,435 | ) | $ | (17,118 | ) | |
| For the year ended December 31, 2023 | Common Shares | Additional Paid in Capital | Accumulated Other Comprehensive Loss | Deficit | Total | ||||||||||
| Shares | Amount | ||||||||||||||
| January 1, 2023 | 266,812,131 | $ | 332,882 | $ | 184,960 | $ | (1,216 | ) | $ | (475,121 | ) | $ | 41,505 | ||
| Shares issued to Allseas | 15,000,000 | 15,910 | - | - | - | 15,910 | |||||||||
| Exercise of warrant by Allseas | 11,578,620 | 70,016 | (69,900 | ) | - | - | 116 | ||||||||
| Shares and warrants issued under Registered Direct Offering, net of expenses | 7,961,540 | 11,420 | 3,179 | - | - | 14,599 | |||||||||
| Conversion of restricted share units, net of shares withheld for taxes | 4,912,747 | 7,720 | (7,690 | ) | - | - | 30 | ||||||||
| Share purchase under Employee Share Purchase Plan | 173,672 | 147 | (45 | ) | - | - | 102 | ||||||||
| Exercise of stock options | 120,000 | 144 | (67 | ) | - | - | 77 | ||||||||
| Share-based compensation and expenses settled with equity | - | - | 12,360 | - | - | 12,360 | |||||||||
| Loss for the year | - | - | - | - | (73,781 | ) | (73,781 | ) | |||||||
| December 31, 2023 | 306,558,710 | $ | 438,239 | 122,797 | $ | (1,216 | ) | $ | (548,902 | ) | $ | 10,918 | |||
| TMC the metals company Inc. | ||||||||||||
| Consolidated Statements of Cash Flows (in thousands of US Dollars) | ||||||||||||
| For the year ended December 31, | For the year ended December 31, | |||||||||||
| 2024 | 2023 | |||||||||||
| Cash provided by (used in) | ||||||||||||
| Operating activities | ||||||||||||
| Loss for the year | $ | (81,943 | ) | $ | (73,781 | ) | ||||||
| Items not affecting cash: | ||||||||||||
| Amortization | 362 | 360 | ||||||||||
| Lease Expense | 1,907 | 795 | ||||||||||
| Accrued interest on credit facilities | 416 | - | ||||||||||
| Share-based compensation and expenses settled with equity | 25,313 | 12,360 | ||||||||||
| Equity-accounted investment loss | 226 | 571 | ||||||||||
| Change in fair value of warrants liability | (1,057 | ) | 986 | |||||||||
| Loss on termination of contract | 199 | - | ||||||||||
| Unrealized foreign exchange | (1,222 | ) | (51 | ) | ||||||||
| Interest paid on Short-Term Debt | (73 | ) | - | |||||||||
| Changes in working capital: | ||||||||||||
| Receivables and prepayments | 127 | 748 | ||||||||||
| Accounts payable and accrued liabilities | 12,277 | (1,561 | ) | |||||||||
| Net cash used in operating activities | (43,468 | ) | (59,573 | ) | ||||||||
| Investing activities | ||||||||||||
| Acquisition of equipment and software | (515 | ) | (578 | ) | ||||||||
| Net cash used in investing activities | (515 | ) | (578 | ) | ||||||||
| Financing activities | ||||||||||||
| Proceeds from registered direct offering | 23,900 | 15,923 | ||||||||||
| Expenses paid for registered direct offering | (357 | ) | (1,182 | ) | ||||||||
| Proceeds from Shares issued from ATM | 4,866 | - | ||||||||||
| Proceeds from drawdown of Credit Facilities | 4,275 | - | ||||||||||
| Proceeds from Drawdown of Allseas Short-Term Debt | 2,000 | - | ||||||||||
| Repayment of Allseas Short-Term Debt | (2,000 | ) | - | |||||||||
| Proceeds from drawdown of Allseas Working Capital Loan Agreement | 7,500 | - | ||||||||||
| Proceeds from Low Carbon Royalties Investment | - | 5,000 | ||||||||||
| Proceeds from employee stock plans | 39 | 102 | ||||||||||
| Proceeds from exercise of stock options | 463 | 77 | ||||||||||
| Proceeds from exercise of warrants by Allseas | - | 116 | ||||||||||
| Proceeds from issuance of shares | - | 30 | ||||||||||
| Net cash provided by financing activities | 40,686 | 20,066 | ||||||||||
| Decrease in cash | $ | (3,297 | ) | $ | (40,085 | ) | ||||||
| Impact of exchange rate changes on cash | (65 | ) | 51 | |||||||||
| Cash - beginning of year | 6,842 | 46,876 | ||||||||||
| Cash - end of year | $ | 3,480 | $ | 6,842 | ||||||||
FAQ
What were TMC's Q4 2024 financial results?
How much did TMC's full-year 2024 losses increase compared to 2023?
What is the status of TMC's credit facilities as of Q4 2024?
What major operational milestone did TMC achieve with PAMCO in 2025?
When will TMC USA submit its seabed mining applications to NOAA?
