Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In TMC To Contact Him Directly To Discuss Their Options If you suffered losses exceeding $75,000 in TMC between May 12, 2023 and March 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310). [You may also click here for additional information] NEW YORK, Nov. 15, 2024 (GLOBE NEWSWIRE) -- ...

Production and Exploration - The company successfully produced approximately 500 tonnes of calcine from a 2,000-tonne sample of deep-seafloor polymetallic nodules at PAMCO's facility in September 2024[92]. - The company holds exclusive exploration rights to 74,830 square kilometers in the Clarion Clipperton Zone, with significant resource definition and environmental work completed in the NORI Area D[103]. - A binding Memorandum of Understanding with PAMCO includes a feasibility study for toll treating 1.3 million tonnes of wet polymetallic nodules per year, expected to be completed in the first half of 2025[88]. - The company is focused on defining resource and project economics, developing a commercial offshore nodule collection system, and assessing environmental impacts[90]. - The company has not yet declared mineral reserves and lacks the necessary environmental permits for commercial-scale processing[91]. - Approximately 97% of the NORI Area D resource is categorized as measured or indicated, indicating a significant level of resource quality[180]. - The initial assessment of the NORI Area D indicates potential technical and economic viability, but economic viability has not yet been demonstrated[178]. - The company plans to continue estimating resources in the NORI and TOML Areas and developing project economics[178]. Financial Performance - The company reported a net loss of approximately $20.5 million for the three months ended September 30, 2024, compared to a net loss of $12.5 million in the same period of 2023, representing a 65% increase in net loss[122]. - The company reported a net loss of $65.9 million for the nine months ended September 30, 2024, compared to a net loss of $40.3 million in the same period of 2023, reflecting a 63% increase[128]. - Exploration and evaluation expenses for the three months ended September 30, 2024 were $11.8 million, an increase of 49% from $7.9 million in the same period of 2023[123]. - Exploration and evaluation expenses for the nine months ended September 30, 2024 were $42.3 million, an 83% increase from $23.2 million in the same period of 2023[129]. - General and administrative expenses for the three months ended September 30, 2024 were $8.1 million, up 77% from $4.6 million in the same period of 2023[125]. - General and administrative expenses for the nine months ended September 30, 2024 were $22.6 million, a 42% increase from $16.0 million in the same period of 2023[130]. - The company has not generated any revenue to date and does not anticipate earning revenues until an exploitation contract is received from the ISA[112]. Funding and Capital Management - The company entered into a securities purchase agreement for a registered direct offering, raising gross proceeds of $17.5 million from the sale of 17,500,000 common shares[95]. - The company has increased its credit facility limit to $38 million, extending the maturity to December 31, 2025[97]. - The company has adopted a "capital-light" strategy to manage funding deficits, focusing on necessary expenditures for the exploitation contract application[134]. - The company sold 1,617,000 Common Shares at an average price of $1.45, resulting in net proceeds of $2.3 million in Q3 2024[139]. - The company raised approximately $24.9 million from a Registered Direct Offering, netting $23.6 million after fees[141]. - A Working Capital Loan of $5 million was provided by Allseas Investments, with a repayment date set for April 1, 2025[144]. - The company reported net cash provided by financing activities of $23.3 million for the nine months ended September 30, 2024[154]. - The company filed a registration statement to sell up to an additional $100 million of securities, effective December 8, 2023[138]. - The company has the potential to receive up to approximately $281.8 million from cash exercises of Public and Private Warrants, although current trading prices do not support this expectation[149]. - The company amended its Sales Agreement to remove Stifel as a sales agent, continuing to allow the issuance of Common Shares up to $30 million[139]. - The Company has entered into a $25 million 2023 Credit Facility with Allseas, which was increased to $27.5 million on August 16, 2024, and remains undrawn as of September 30, 2024[169]. - A short-term loan of $2 million was borrowed on May 30, 2024, and fully repaid on September 10, 2024[170]. - The Company entered into a working capital loan agreement for $5 million on September 10, 2024, with a total drawn amount of $7.5 million after an amendment[171]. - The 2024 Credit Facility was amended to increase the borrowing limit to $38 million and extend its maturity to December 31, 2025[172]. Regulatory and Environmental Considerations - The ISA is expected to consider the company's application for a plan of work for exploitation in March 2025, with a submission date anticipated for June 27, 2025[89]. - The ISA has scheduled two meetings in March and July 2025 to progress the Mining Code for the exploitation of seafloor resources[100]. - The company faces risks related to the finalization of ISA regulations and the approval of its exploitation contract application[106]. - The company expects to incur significant expenses and operating losses as it advances towards its application to the ISA for an exploitation contract and potential commercialization[136]. Market and Credit Risks - The company is exposed to various market risks, including interest rate changes, inflation, and foreign currency translation risks[182]. - Credit risk is considered low due to receivables primarily consisting of general sales tax due from the Federal Government of Canada[185]. - The company expects to face increased credit risk once commercial production commences due to a larger customer base[185]. - The company is cautioned that mineral resources do not have demonstrated economic value and may not be converted into mineral reserves[180]. - The company is exposed to commodity risks if and when it commences commercial production[186].

TMC the metals company Inc. (NASDAQ:TMC) Q3 2024 Earnings Conference Call November 14, 2024 4:30 PM ET Company Participants Craig Shesky - Chief Financial Officer Gerard Barron - Chairman & Chief Executive Officer Conference Call Participants Matthew O'Keefe - Cantor Fitzgerald Dmitry Silversteyn - Water Tower Research Jake Sekelsky - Alliance Global Partners Operator Good day and thank you for standing by. Welcome to The Metals Company Third Quarter 2024 Corporate Update Conference Call. At this time, all ...

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $75,000 In TMC To Contact Him Directly To Discuss Their OptionsIf you suffered losses exceeding $75,000 in TMC between May 12, 2023 and March 25, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).[You may also click here for additional information]NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Faruqi & ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 12, 2024 TMC THE METALS COMPANY INC. (Exact name of registrant as specified in its charter) | --- | --- | --- | |---------------------------------------------------------------------------------------|-----------------------------------------------------------------------|------------- ...

NEW YORK, Nov. 14, 2024 (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, 2024. Q3 2024 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approximately $63 million as of date of filingBorrowing capacity of our unsecured credit facilities increase ...

NEW YORK, Nov. 14, 2024 (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 announced that it has entered into a securities purchase agreement with certain new and existing institutional investors for the purchase of an aggregate of 17,500,000 common shares of the Company (the “Shares”), without par value (“Common Shares”), and accompanying Class B warrants (the “Class B Warrants” and col ...

NEW YORK, Nov. 14, 2024 /PRNewswire/ -- Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against TMC the metals company Inc. ("TMC" or "the Company") (NASDAQ: TMC) and certain of its officers.Class DefinitionThis lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired TMC securiti ...

NEW YORK, Nov. 13, 2024 /PRNewswire/ -- Why: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of securities of TMC the metals company Inc. (NASDAQ: TMC) between May 12, 2023 and March 25, 2024, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 7, 2025.So what: If you purchased TMC securities during the Class Per ...

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against TMC the metals company Inc. ("TMC" or the "Company") (NASDAQ: TMC) in the United States District Court for the Central District of California on behalf of all persons and entities who purchased or otherwise acquired TMC securities between May 12, 2023 and March 25, 2024, both dates inclusive (the “Class Period”). Investors ...