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 second quarter ending June 30, 2022.
Financial Highlights
- Net loss of $12.4 million and loss per share
of $0.05 for the quarter ended June 30, 2022.
- Total cash on hand of approximately $46.3 million
at June 30, 2022.
- The Company announced today a private placement financing for
an aggregate of 38 million common shares to investors at a price
per share of $0.80 ($0.9645 for TMC Chairman & CEO Gerard
Barron), with expected gross proceeds of $30.4 million.
- Approximately 70% of the commitments came from existing TMC
shareholders and insiders, including Allseas, ERAS Capital (the
family office of TMC Director Andrei Karkar), SAF Group Managing
Partner and entrepreneur Brian Paes-Braga, Front End Chairman &
CEO Majid Alghaslan, and Gerard Barron and his family.
- The Company believes that with the full proceeds expected this
quarter from the private placement financing plus existing cash
will be sufficient to fund operations for at least the next twelve
months, past the July 2023 date targeted by the International
Seabed Authority (ISA) as the date for the final adoption of the
exploitation regulations for the industry.
Gerard Barron, TMC Chairman and CEO, commented: “It’s been an
eventful and important few months for TMC. Following successful
deep-water trials of the pilot nodule collection system in the
Atlantic, we have been planning and mobilizing for the most complex
project ever undertaken by this company – a multi-vessel,
~250-person pilot test and environmental monitoring campaign in the
NORI Area D. The pilot test and environmental monitoring program
are an integral part of our work program and a foundational step
towards our journey to completing our application for an
exploitation contract from the International Seabed Authority
(“ISA”). I would also like to highlight the important work done in
Kingston, Jamaica, where the ISA was meeting in a month-long
session, with progress being made in various areas of the draft
exploitation regulations. At the same time, we obtained commitments
for additional capital to help ensure that we can manage inflation
in our offshore costs and help to ensure we can fund our operations
for at least the next twelve months.”
Operational Highlights
- Pilot Collection System Trials:
- Riser and Jumper Trials: In May 2022, the
pilot riser system and jumper hose was successfully deployed in the
Atlantic Ocean. Engineers aboard the Hidden Gem deployed the
flexible jumper hose, connected it to the base of the riser and
then launched the pilot riser, lowering the assembly to a depth of
around 650 meters before making a sub-sea connection between the
jumper hose and collector vehicle in 745 meters water depth.
- Atlantic Deepwater Trials: In May 2022, the
pilot collector vehicle underwent extensive testing of its various
pumps and critical mobility functions in ultra-deepwater in the
Atlantic Ocean. Engineers successfully lowered the collector
vehicle to depths of 2,470 meters and drove 1,018 meters across the
seafloor, in advance of pilot trials in the NORI Area-D in the
Clarion Clipperton Zone (CCZ) expected to commence in the second
half of 2022.
- NORI Area D Offshore Environmental and Social Impact
Assessment:
- NORI Collector Test Monitoring Program: As
part of the TMC-funded Environmental Impact Statement for the NORI
Area D project, thirty scientists from around the world gathered in
London to review plans for the environmental monitoring campaign
designed to gather key impact data from pilot trials in the NORI
Area D expected to be conducted later this year. The resulting
Environmental Monitoring and Management Plan (EMMP) for the NORI
Collector Test was then submitted to the ISA and an offshore
monitoring campaign commissioned, involving over a dozen research
groups.
- NORI Exploitation Contract Application EMMP:
In July 2022, we announced that that our Australian subsidiary, The
Metals Company Australia Pty Ltd., had entered into a research
funding agreement with a consortium of institutions led by
Australia’s national science agency, the Commonwealth Scientific
Industrial Research Organisation (CSIRO) to create a framework for
the development of an ecosystem-based EMMP for our proposed
commercial deep-sea polymetallic nodule collection operations in
the NORI Area D.
- Onshore Processing:
- SINTEF Report on Manganese Product: In May
2022, we announced that we had retained SINTEF, one of Europe’s
leading independent research institutions, to analyze our manganese
silicate product that can be used to produce silicomanganese alloy
for steelmaking. SINTEF found that our high-grade nodule-derived
manganese silicate, which we estimate could account for
approximately 30% of future revenues, behaves similarly to
traditional manganese sources and appears to have significant
advantages in downstream silicomanganese production on cost and CO2
footprint, with the potential for 7 to 17% higher value-in-use,
depending on carbon tax regimes.
- Project Zero Plant: Together with Epsilon
Carbon, we have selected a suitable plant site in India and
developed and issued Request for Proposal for Project Zero
Pre-feasibility and Feasibility Study.
- TMC Releases Inaugural Impact Report: In May
2022, we published our inaugural Impact Report setting out our
motivations for developing nodule resources and providing a
forward-looking view of the impacts of our expected operations and
the efforts underway to eliminate or reduce them.
- Benchmark Mineral Intelligence LCA for Project
Zero: In April 2022, we announced that we had chosen
Benchmark Mineral Intelligence (Benchmark), to conduct an
independent lifecycle assessment (LCA) of the environmental impacts
of our planned NORI Area D polymetallic nodule project and compare
these impacts to producing the same metals from commonly used
production pathways using conventional land ores. Benchmark
anticipates completing this comprehensive lifecycle impact
assessment by the end of the third quarter of 2022.
Industry Update
- 27th Session (Part
II) of the International Seabed Authority (ISA): The ISA
continues to work to finalize regulations regarding exploitation of
deep-sea minerals. A month-long ISA working session took place from
July 4 to August 5, 2022 in person in Kingston, Jamaica where the
ISA continued its development of the exploitation regulations and
committed to continue work on the regulations intersessionally. The
ISA Council is expected to meet in November 2022, March 2023 and
July 2023, along with intersessional working groups in order to
complete their drafting of the regulations.
- U.S. Inflation Reduction Act (IRA) of 2022:
The IRA adopted by the U.S. Congress in August 2022 introduces
strong incentives for U.S. electric vehicle (EV)
manufacturers—through consumer EV tax credits—to use critical
minerals like nickel, cobalt and manganese that have been mined,
processed or refined in the U.S. or the U.S. free-trade partners.
It also disqualifies any EVs that use critical minerals from China,
Russia and certain other jurisdiction from such tax credits The IRA
creates favourable conditions for TMC’s nodule resource that could
be processed and refined in the U.S. or its free-trade
partners.
- G7 Communique on Deep-Sea Mining: At the G7
Summit in Germany in May 2022, environmental ministers reaffirmed
their support for the development of a strong regulatory framework
to govern responsible seabed mineral exploitation. In their
communique, ministers stated: "With regard to possible future
deep-sea mining, we highlight the unique chance to regulate a human
activity before it is put into practice in order to prevent damage
to the marine environment."
Financial Results Overview
At June 30, 2022, TMC held cash of $46.3
million and held no debt.
TMC reported a net loss for the second quarter of 2022
of $12.4 million, or $0.05 per share, compared to
TMC’s net loss of $29.1 million, or $0.15 per share,
for the second quarter of 2021. The net loss for the second quarter
of 2022 included exploration and evaluation expenses of $9.9
million (Q2 2021: $18.2 million), general and administrative
expenses of $8.3 million (Q2 2021: $10.4 million), partially offset
by a decrease in the value of our warrants of $5.7 million.
Exploration and evaluation expenses decreased in the second quarter
of 2022 compared to the same period in 2021, as a result of a
decrease in offshore campaign activity following the completion of
NORI Area D environmental baseline campaigns in the fourth quarter
of 2021, a decrease in share-based compensation and an increase in
the expenses incurred on the trials of the pilot mining test
system. General and administrative expenses decreased in the second
quarter of 2022 compared to the second quarter of 2021,
reflecting a reduction in share-based compensation, and a reduction
in communication and advertising costs, partially offset by higher
personnel, legal and other expenses associated with being a public
company.
Conference Call
TMC will hold a conference call today at 4:30 p.m.
ET to provide an update on recent corporate developments,
second quarter financial results and upcoming milestones.
Second Quarter 2022 Conference Call Details
Date: |
Monday, August 15, 2022 |
|
|
Time: |
4:30 pm Eastern |
|
Daylight Time |
|
|
Virtual webcast with
slides: |
Register Here |
Audio-only dial-in: |
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 CompanyThe Metals
Company is an explorer of lower-impact battery metals from
seafloor polymetallic nodules, on a dual mission: (1) supply metals
for the clean energy transition with the least possible negative
environmental and social impact and (2) accelerate the transition
to a circular metal economy. The Company through its subsidiaries
holds exploration and commercial rights to three polymetallic
nodule contract areas in the Clarion Clipperton Zone of
the Pacific Ocean regulated by the International
Seabed Authority and sponsored by the governments
of Nauru, Kiribati and the Kingdom
of Tonga.
More information is available at www.metals.co.
Forward Looking Statements Certain statements
made in this press release are not historical facts but are
forward-looking statements for purposes of the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, including
related to how long TMC’s cash will fund operations, the private
placement financing, including the timing of receipt, and amount,
of expected proceeds therefrom, and TMC’s planned system tests,
including the timing thereof and the timing and content of
environmental and operational assessments. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from those discussed
in the forward-looking statements. Most of these factors are
outside TMC’s control and are difficult to predict. Factors that
may cause such differences include, but are not limited to: TMC’s
successful completion of the private placement financing and
receipt of all expected funding therefrom; TMC’s ability to execute
and complete the pilot test and environmental monitoring campaign
in NORI Area D in the CCZ, TMC’s ability to submit an application
for and obtain exploitation contracts for its areas in the CCZ from
the ISA; regulatory uncertainties and the impact of government
regulation and political instability on TMC’s resource activities;
changes to any of the laws, rules, regulations or policies to which
TMC is subject; the impact of extensive and costly environmental
requirements on TMC’s operations; environmental liabilities; the
impact of polymetallic nodule collection on biodiversity in the CCZ
and recovery rates of impacted ecosystems; TMC’s ability to develop
minerals in sufficient grade or quantities to justify commercial
operations; the lack of development of seafloor polymetallic nodule
deposit; 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 TMC may
recover; risks associated with collective, development and
processing operations, including with respect to the proposed plant
in India and Allseas’ expected development efforts; fluctuations in
transportation costs; fluctuations in metals prices; testing and
manufacturing of equipment; risks associated with TMC’s limited
operating history; the impact of the COVID-19 pandemic; risks
associated with TMC’s intellectual property; and other risks and
uncertainties, including those under Item 1A “Risk Factors” in
TMC’s Annual Report on Form 10-K for the year ended December 31,
2021, filed by TMC with the Securities and Exchange Commission
(“SEC”) on March 25, 2022, and in TMC’s other future filings with
the SEC, including TMC’s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2022 when filed with the SEC. TMC cautions
that the foregoing list of factors is not exclusive. TMC cautions
readers not to place undue reliance upon any forward-looking
statements, which speak only as of the date made. TMC does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is based
except as required by law.
TMC the metals company Inc. |
|
Condensed Consolidated Balance Sheets(in
thousands of US Dollars, except share
amounts)(Unaudited) |
|
ASSETS |
|
|
|
As atJune
30,2022 |
|
As atDecember
31,2021 |
|
Current |
|
|
|
|
|
Cash |
|
|
|
$ |
46,259 |
|
$ |
84,873 |
|
Receivables and prepayments |
|
|
|
|
4,700 |
|
|
3,686 |
|
|
|
|
|
|
50,959 |
|
|
88,559 |
|
Non-current |
|
|
|
|
|
Exploration contracts |
|
|
|
|
43,150 |
|
|
43,150 |
|
Equipment |
|
|
|
|
2,008 |
|
|
1,416 |
|
|
|
|
|
|
45,158 |
|
|
44,566 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
$ |
96,117 |
|
$ |
133,125 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
|
9,189 |
|
|
26,573 |
|
|
|
|
|
|
9,189 |
|
|
26,573 |
|
Non-current |
|
|
|
|
|
Deferred tax liability |
|
|
|
|
10,675 |
|
|
10,675 |
|
Warrants liability |
|
|
|
|
2,584 |
|
|
3,126 |
|
TOTAL LIABILITIES |
|
|
|
$ |
22,448 |
|
$ |
40,374 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Common shares (unlimited shares, no par value – issued: 227,158,455
(December 31, 2021 – 225,432,493)) |
|
|
|
|
299,056 |
|
|
296,051 |
|
Class A - J Special Shares |
|
|
|
|
- |
|
|
- |
|
Additional paid in capital |
|
|
|
|
113,487 |
|
|
102,073 |
|
Accumulated other comprehensive loss |
|
|
|
|
(1,216 |
) |
|
(1,216 |
) |
Deficit |
|
|
|
|
(337,658 |
) |
|
(304,157 |
) |
TOTAL EQUITY |
|
|
|
|
73,669 |
|
|
92,751 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
|
|
$ |
96,117 |
|
$ |
133,125 |
|
TMC the metals company Inc. |
Condensed Consolidated Statements of Loss and Comprehensive
Loss(in thousands of US Dollars, except share and
per share amounts)(Unaudited) |
|
|
|
|
Three months endedJune 30, |
Six months ended June 30, |
|
|
|
|
|
2022 |
|
2021(Restated1) |
|
2022 |
|
2021(Restated1) |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
Exploration and evaluation expenses |
|
|
|
$ |
9,985 |
|
$ |
18,226 |
$ |
17,328 |
|
$ |
56,333 |
General and administrative expenses |
|
|
|
|
8,343 |
|
|
10,440 |
|
16,907 |
|
|
27,804 |
Operating loss |
|
|
|
|
18,328 |
|
|
28,666 |
|
34,235 |
|
|
84,137 |
|
|
|
|
|
|
|
|
Other
items |
|
|
|
|
|
|
|
Change in fair value of warrant liability |
|
|
|
|
(5,730 |
) |
|
- |
|
(542 |
) |
|
- |
Foreign exchange loss (gain) |
|
|
|
|
(22 |
) |
|
33 |
|
- |
|
|
52 |
Interest expense (income) |
|
|
|
|
(192 |
) |
|
441 |
|
(192 |
) |
|
661 |
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
|
|
|
$ |
12,384 |
|
$ |
29,140 |
$ |
33,501 |
|
$ |
84,850 |
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
- Basic and diluted |
|
|
|
$ |
0.05 |
|
$ |
0.15 |
$ |
0.15 |
|
$ |
0.44 |
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding –
basic and diluted |
|
|
|
|
227,119,216 |
|
|
196,508,806 |
|
226,600,186 |
|
|
194,455,031 |
(1) The
condensed consolidated statements of loss and comprehensive loss
for the three and six months ended June 30, 2021 were restated.
Refer to the Company’s Quarterly Report on Form 10-Q for the
quarter ended September 30, 2021 filed with the Securities and
Exchange Commission on November 15, 2021.
TMC the metals company Inc. |
Condensed Consolidated Statements of Changes in
Equity(in thousands of US Dollars, except share
amounts)(Unaudited) |
Three months ended June 30, 2022 |
Common Shares |
PreferredShares |
SpecialShares |
AdditionalPaid inCapital |
|
AccumulatedOtherComprehensiveLoss |
|
Deficit |
|
Total |
|
Shares |
Amount |
|
|
|
|
|
|
March 31, 2022 |
226,780,843 |
$ |
298,263 |
$ |
- |
$ |
- |
$ |
107,952 |
|
$ |
(1,216 |
) |
$ |
(325,274 |
) |
$ |
79,725 |
|
Exercise of stock options
(Note 6) |
18,461 |
|
22 |
|
- |
|
- |
|
(10 |
) |
|
- |
|
|
- |
|
|
12 |
|
Conversion of restricted share
units, net of shares withheld for taxes (Note 6) |
316,725 |
|
705 |
|
- |
|
- |
|
(705 |
) |
|
- |
|
|
- |
|
|
- |
|
Share purchase under Employee
Share Purchase Plan (Note 6) |
42,426 |
|
66 |
|
- |
|
- |
|
(10 |
) |
|
- |
|
|
- |
|
|
56 |
|
Share-based compensation (Note
6) |
- |
|
- |
|
- |
|
- |
|
6,305 |
|
|
- |
|
|
- |
|
|
6,305 |
|
Expenses to be settled in
share-based payments |
- |
|
- |
|
- |
|
- |
|
(45 |
) |
|
- |
|
|
- |
|
|
(45 |
) |
Loss
for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
|
(12,384 |
) |
|
(12,384 |
) |
June 30, 2022 |
227,158,455 |
$ |
299,056 |
$ |
- |
$ |
- |
$ |
113,487 |
|
$ |
(1,216 |
) |
$ |
(337,658 |
) |
$ |
73,669 |
|
Three months ended June 30,
2021(Restated
1) |
Common Shares |
PreferredShares |
SpecialShares |
AdditionalPaid inCapital |
|
AccumulatedOtherComprehensiveLoss |
|
Deficit |
Total |
Shares |
Amount |
|
|
March 31, 2021 |
195,945,508 |
$ |
183,137 |
$ |
550 |
$ |
- |
$ |
61,728 |
|
$ |
(1,216 |
) |
$ |
(218,568 |
) |
$ |
25,631 |
|
Exercise of stock options
(Note 6) |
1,841,944 |
|
5,716 |
|
- |
|
- |
|
(4,530 |
) |
|
- |
|
|
- |
|
|
1,186 |
|
Share-based compensation (Note
6) |
- |
|
- |
|
- |
|
- |
|
15,343 |
|
|
- |
|
|
- |
|
|
15,343 |
|
Common shares issued for
services |
6,947 |
|
48 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
48 |
|
Loss
for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
|
(29,140 |
) |
|
(29,140 |
) |
June 30, 2021 |
197,794,399 |
$ |
188,901 |
$ |
550 |
$ |
- |
$ |
72,541 |
|
$ |
(1,216 |
) |
$ |
(247,708 |
) |
$ |
13,068 |
|
(1) The condensed consolidated statement of
changes in shareholders' equity for the three months ended June 30,
2021 was restated. Refer to the Company’s Quarterly Report on Form
10-Q for the quarter ended September 30, 2021 filed with the
Securities and Exchange Commission on November 15, 2021.
TMC the metals company Inc. |
Condensed Consolidated Statements of Changes in
Equity(in thousands of US Dollars, except share
amounts)(Unaudited) |
Six months ended June 30, 2022 |
Common Shares |
PreferredShares |
SpecialShares |
AdditionalPaid inCapital |
|
AccumulatedOtherComprehensiveLoss |
|
Deficit |
|
Total |
|
Shares |
Amount |
|
|
|
|
December 31, 2021 |
225,432,493 |
$ |
296,051 |
$ |
- |
$ |
- |
$ |
102,073 |
|
$ |
(1,216 |
) |
$ |
(304,157 |
) |
$ |
92,751 |
|
Exercise of stock options
(Note 6) |
18,461 |
|
22 |
|
- |
|
- |
|
(10 |
) |
|
- |
|
|
- |
|
|
12 |
|
Conversion of restricted share
units, net of shares withheld for taxes (Note 6) |
1,665,075 |
|
2,917 |
|
- |
|
- |
|
(2,995 |
) |
|
- |
|
|
- |
|
|
(78 |
) |
Share purchase under Employee
Share Purchase Plan (Note 6) |
42,426 |
|
66 |
|
- |
|
- |
|
(10 |
) |
|
- |
|
|
- |
|
|
56 |
|
Share-based compensation (Note
6) |
- |
|
- |
|
- |
|
- |
|
14,429 |
|
|
- |
|
|
- |
|
|
14,429 |
|
Loss
for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
|
(33,501 |
) |
|
(33,501 |
) |
June 30, 2022 |
227,158,455 |
$ |
299,056 |
$ |
- |
$ |
- |
|
113,487 |
|
$ |
(1,216 |
) |
$ |
(337,658 |
) |
$ |
73,669 |
|
Six months ended June 30,
2021(Restated
1) |
Common Shares |
PreferredShares |
SpecialShares |
AdditionalPaid inCapital |
|
AccumulatedOtherComprehensiveLoss |
|
Deficit |
Total |
Shares |
Amount |
|
|
December 31, 2020 |
189,493,593 |
$ |
154,431 |
$ |
550 |
$ |
- |
$ |
45,347 |
|
$ |
(1,216 |
) |
$ |
(162,858 |
) |
$ |
36,254 |
|
Exercise of stock options
(Note 6) |
3,990,934 |
|
8,258 |
|
- |
|
- |
|
(5,702 |
) |
|
- |
|
|
- |
|
|
2,556 |
|
Common shares to be issued for
exploration and evaluation expenses |
4,245,031 |
|
25,664 |
|
- |
|
- |
|
(12,879 |
) |
|
- |
|
|
- |
|
|
12,785 |
|
Share-based compensation (Note
6) |
- |
|
- |
|
- |
|
- |
|
45,768 |
|
|
- |
|
|
- |
|
|
45,768 |
|
Common shares to be issued for
stock options exercise |
- |
|
- |
|
- |
|
- |
|
7 |
|
|
- |
|
|
- |
|
|
7 |
|
Common shares issued for
services |
6,947 |
|
48 |
|
|
|
|
|
|
48 |
|
Conversion of debentures |
57,894 |
|
500 |
|
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
500 |
|
Loss
for the period |
- |
|
- |
|
- |
|
- |
|
- |
|
|
- |
|
|
(84,850 |
) |
|
(84,850 |
) |
June 30, 2021 |
197,794,399 |
$ |
188,901 |
$ |
550 |
$ |
- |
$ |
72,541 |
|
$ |
(1,216 |
) |
$ |
(247,708 |
) |
$ |
13,068 |
|
(1) The condensed consolidated
statement of changes in shareholders’ equity for the six months
ended June 30, 2021 was restated. Refer to the Company’s Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021 filed
with the Securities and Exchange Commission on November 15,
2021.
TMC the metals company Inc. |
Condensed Consolidated Statements of Cash
Flows(in thousands of US
Dollars)(Unaudited) |
|
|
|
|
Six months endedJune 30, |
|
Six months endedJune 30, |
|
|
|
|
|
|
2022 |
|
2021(Restated
1) |
|
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Loss for the period |
|
|
|
$ |
(33,501 |
) |
$ |
(84,850 |
) |
Items not affecting cash: |
|
|
|
|
|
Amortization |
|
|
|
|
189 |
|
|
196 |
|
Expenses settled with share-based payments |
|
|
|
|
12,746 |
|
|
58,600 |
|
Interest on convertible debentures |
|
|
|
|
- |
|
|
661 |
|
Change in fair value of warrants liability |
|
|
|
|
(542 |
) |
|
- |
|
Unrealized foreign exchange |
|
|
|
|
29 |
|
|
(8 |
) |
Changes in working capital: |
|
|
|
|
|
Receivables and prepayments |
|
|
|
|
(1,089 |
) |
|
74 |
|
Accounts payable and accrued liabilities |
|
|
|
|
(15,955 |
) |
|
7,382 |
|
Net cash used in operating activities |
|
|
|
|
(38,123 |
) |
|
(17,945 |
) |
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Settlement of deferred
acquisition costs |
|
|
|
|
- |
|
|
(3,440 |
) |
Acquisition of equipment |
|
|
|
|
(452 |
) |
|
(402 |
) |
Net cash used in investing activities |
|
|
|
|
(452 |
) |
|
(3,842 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Proceeds from employee share
purchase plan |
|
|
|
|
56 |
|
|
- |
|
Proceeds from exercise of
stock options |
|
|
|
|
12 |
|
|
2,563 |
|
Proceeds from issuance of
convertible debentures |
|
|
|
|
- |
|
|
26,000 |
|
Taxes withheld and paid on
share-based compensation |
|
|
|
|
(78 |
) |
|
- |
|
Net cash (used in) provided by financing
activities |
|
|
|
|
(10 |
) |
|
28,563 |
|
|
|
|
|
|
|
(Decrease) increase in
cash |
|
|
|
$ |
(38,585 |
) |
$ |
6,776 |
|
Impact of exchange
rate changes on cash |
|
|
|
|
(29 |
) |
|
8 |
|
Cash - beginning of period |
|
|
|
|
84,873 |
|
|
10,096 |
|
Cash - end of period |
|
|
|
$ |
46,259 |
|
$ |
16,880 |
|
The condensed
consolidated statement of cash flows for the six months ended June
30, 2021 was restated. Refer to the Company’s Quarterly Report on
Form 10-Q for the quarter ended September 30, 2021 filed with the
Securities and Exchange Commission on November 15, 2021.
Investors: investors@metals.co
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