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,
2022.
Financial Highlights
- Net loss of $27.9 million and loss per share
of $0.12 for the quarter ended September 30,
2022.
- Total cash on hand of approximately $66.9 million
at September 30, 2022.
- The Company believes that 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 a quarter filled with historic achievements for TMC,
NORI, and our strategic partner, Allseas. Following the ISA’s
recommendation to begin pilot nodule collection trials on the
NORI-D exploration area in the Clarion Clipperton Zone (CCZ),
Allseas commissioned an integrated pilot collection system from the
surface production vessel Hidden Gem and we celebrated the first
integrated collection and lift of polymetallic nodules in the CCZ
since the 1970s. Over the following weeks, Allseas carried out a
comprehensive test program driving the pilot collector for over 80
km, collecting 4,500 tonnes of nodules and lifting over 3,000
tonnes to the surface. Critically, this test is a single most
important milestone in terms of generating environmental impact
data. Before this pilot trial began, 16 offshore campaigns were
executed in the NORI area to collect environmental baseline data.
During the pilot trials a multidisciplinary team of independent
researchers, scientists and contractors were monitoring the
environmental impacts of the trials and they will remain onsite
until the end of the year to survey the post-trials environment. We
look forward to completing this large-scale environmental data
collection effort and sharing the data with the global community. I
would also like to highlight the important work done in Kingston,
Jamaica, where the ISA and its member states continued to make
progress on the development of a regulatory framework for the
responsible collection of polymetallic nodules. Despite roughly 10
out of 167 ISA Member States calling for a pause on the industry,
the vast majority of statements from member states last week
expressed continued support for negotiating the draft exploitation
regulations in good faith.”
Operational Highlights
- Pilot Collection System Trials and Monitoring
Campaign:
- NORI Receives ISA
Recommendation to Commence Trials: In September, we
announced that the International Seabed Authority (ISA) had
completed its review of the Environmental Impact Statement (EIS)
and Environmental Monitoring and Management Plan (EMMP) submitted
by our subsidiary, NORI, and recommended that it proceed with its
forthcoming collector test and monitoring campaign. The conclusion
of the ISA’s review process allowed NORI to proceed with its
planned integrated pilot collection system trials in its NORI-D
exploration contract area in the CCZ of the Pacific
Ocean.
- NORI Collector Test
Monitoring: In October, we announced that a
multidisciplinary team of independent scientists from leading
research institutions around the world and industry-leading
contractors commenced the next phase of an extensive environmental
baseline and impact monitoring campaign in preparation for NORI’s
ongoing pilot nodule collection system trials in NORI Area D area
of the CCZ. Scientists aboard a dedicated monitoring vessel
conducted pre-disturbance monitoring studies on a sub-section of
the NORI Area D to establish an environmental baseline before
NORI’s offshore strategic partner, Allseas, began the integrated
collection system test.
- First Nodules Collected
from Seafloor in Historic Trials: In October, we
announced the successful collection by Allseas of an initial batch
of seafloor polymetallic nodules lifted via riser system to the
surface production vessel in what represents the first integrated
collection system test conducted in the CCZ since the 1970s. The
dedicated team of 130 crew and engineers aboard the Hidden Gem
commenced initial nodule collection runs, driving the pilot
collector 147 meters in one hour on a pre-determined path and
collecting 14 tonnes of nodules, while expert industry contractors
and independent scientists continued their complex monitoring
program to assess the environmental impacts of the collector system
trials using an array of over 50 subsea sensors and monitoring
stations.
- Successful Conclusion of
Integrated Pilot Collection System Trial: In November, we
announced the conclusion of the NORI’s integrated system trial in
the NORI-D area in the Clarion Clipperton Zone (CCZ). Pilot
collector vehicle drove a distance of over 80 km on the seafloor,
collecting approximately 4,500 tonnes of seafloor polymetallic
nodules and lifting over 3,000 tonnes of nodules up a 4.3-km riser
system to the surface production vessel, Hidden Gem. The
Allseas-designed and tested pilot nodule collection system — which
will be scaled to include additional collector heads and a wider
diameter riser pipe in preparation for NORI’s Project Zero —
achieved a maximum sustained production rate of 86.4 tons per
hour.
- New NORI Project
Director: In October, we announced the appointment of
Grant Lindner as Project Director for NORI, as we look to
commercialize our first polymetallic nodule project in the NORI
Area D. Grant has delivered over $26 billion in project value
during his 25-year career at Bechtel Group and BHP, holding senior
executive roles for large-scale mining, smelter and refinery,
material handling and marine projects. He will play a key role in
advancing all areas of the NORI Area D project including the
submission of the Environmental Impact Assessment and exploitation
application to the ISA, and the safe delivery of offshore and
onshore development plans. TMC also announced that CDO Anthony
O’Sullivan had resigned as of 14 October 2022 for personal and
health reasons, though he will remain in the position through a
twelve-month transition period.
- Innovative Agreement with
UAW: In September, we announced that we had entered into a
labor neutrality agreement with the International Union, United
Automobile, Aerospace and Agricultural Implement Workers of America
(UAW) to bolster the critical mineral supply chain and which we
believe lays the groundwork for sustainable production of electric
car batteries while also creates a path to potential job growth in
the United States.
- Board and committee
changes: In October, we announced that Andrew C. Greig had
been appointed to its Board as an Independent Director. Andy joined
the Board as a director on 29 September 2022 and replaced outgoing
director Gina Stryker. Andy brings extensive experience working on
international construction projects in the mining sector during a
35-year career at leading engineering, procurement and construction
company, Bechtel Group. On November 10, 2022, Mr. Greig was
appointed to the Compensation Committee and on November 11, 2022,
he was appointed as Lead Independent Director, replacing Andrew
Hall. Mr. Hall will remain on the Board of Directors, including as
a member of the Audit Committee. Also in October, Ms Sheila Khama
was appointed to the Audit Committee.
Industry Update
-
27th Session (Part
III) of the International Seabed Authority (ISA): The ISA
continues to work to finalize regulations regarding exploitation of
deep-sea minerals. An ISA working session took place from 31
October to 11 November 2022 in person in Kingston, Jamaica where
the regulator continued its development of the exploitation
regulations and committed to continue work on the regulations
inter-sessionally. The ISA Council is expected to meet in March
2023 and July 2023, along with intersessional working groups in
order to complete their drafting of the exploitation
regulations.
- New MIT/Scripps plume study
finds 92-98% of seafloor plume remains less than 2m above
seafloor: In September, a new peer-reviewed study was
published by researchers at MIT and Scripps Institute of
Oceanography based on actual field trials by the ISA contractor GSR
(Belgium). The study found that, on flat terrain, 92-98% of
sediment was deposited locally and remained in suspension below
2m.
Financial Results Overview
At September 30, 2022, TMC held cash
of $66.9 million and held no debt.
TMC reported a net loss for the third quarter of
2022 of $27.9 million, or $0.12 per share, compared to
TMC’s net loss of $36.6 million, or $0.18 per share, for
the third quarter of 2021. The net loss for the third quarter of
2022 included exploration and evaluation expenses of $22.7 million
(Q3 2021: $23.8 million), general and administrative expenses of
$5.9 million (Q3 2021: $13.3 million), partially offset by a
decrease in the value of our warrants of $0.4 million. Exploration
and evaluation expenses decreased in the third quarter of 2022
compared to the same period in 2021, as a result of a decrease in
offshore environmental campaign activity following the completion
of NORI Area D environmental baseline campaigns in the fourth
quarter of 2021, a decrease in share-based compensation which was
offset by an increase in the expenses incurred on the trials of the
pilot mining test system, in support of NORI’s expected application
to the ISA for an exploitation contract. General and administrative
expenses decreased in the third quarter of 2022 compared
to the third quarter of 2021, reflecting a reduction in
share-based compensation, and a reduction in consulting,
communication and advertising costs expenses, as these expenses
were higher in the 2021 period related to the business combination
and listing of the Company on NASDAQ. The decreased costs in the
third quarter of 2022 was partially offset by higher personnel,
legal and other expenses associated with being a public
company.
Conference CallTMC will hold a conference call
tomorrow at 4:30 p.m. ET to provide an update on recent
corporate developments, third quarter financial results and
upcoming milestones.
Third Quarter 2022 Conference Call Details
Date: |
Tuesday, November 15 2022 |
Time: |
4:30 p.m. ET |
Audio-only Dial-in: |
Register Here |
Virtual webcast with 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 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.
More Info Media | media@metals.co
Investors | investors@metals.co
Forward Looking StatementsCertain 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 TMC’s current expectations and projections relating to
its financial condition and business outlook, how long TMC’s cash
will fund operations, , and TMC’s 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 strategies and
future financial performance, including its future business plans
or objectives; 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, filed by TMC with the SEC on August
15, 2022 and TMC’s Quarterly Report on Form 10-Q for the quarter
ended September 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.
FINANCIAL INFORMATION
TMC the metals company Inc. |
|
Condensed Consolidated Balance Sheets(in
thousands of US Dollars, except share
amounts)(Unaudited) |
|
ASSETS |
|
|
|
As atSeptember
30,2022 |
As atDecember
31,2021 |
Current |
|
|
|
|
|
Cash |
|
|
|
$ |
66,872 |
|
$ |
84,873 |
|
Receivables and prepayments |
|
|
|
|
5,037 |
|
|
3,686 |
|
|
|
|
|
|
71,909 |
|
|
88,559 |
|
Non-current |
|
|
|
|
|
Exploration contracts |
|
|
|
|
43,150 |
|
|
43,150 |
|
Equipment |
|
|
|
|
2,098 |
|
|
1,416 |
|
|
|
|
|
|
45,248 |
|
|
44,566 |
|
|
|
|
|
|
|
TOTAL ASSETS |
|
|
|
$ |
117,157 |
|
$ |
133,125 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
|
Current |
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
|
|
25,188 |
|
|
26,573 |
|
|
|
|
|
|
25,188 |
|
|
26,573 |
|
Non-current |
|
|
|
|
|
Deferred tax liability |
|
|
|
|
10,675 |
|
|
10,675 |
|
Warrants liability |
|
|
|
|
2,234 |
|
|
3,126 |
|
TOTAL LIABILITIES |
|
|
|
$ |
38,097 |
|
$ |
40,374 |
|
|
|
|
|
|
|
EQUITY |
|
|
|
|
|
Common shares (unlimited shares, no par value – issued: 265,529,989
(December 31, 2021 – 225,432,493)) |
|
|
|
|
328,911 |
|
|
296,051 |
|
Class A - J Special Shares |
|
|
|
|
- |
|
|
- |
|
Additional paid in capital |
|
|
|
|
116,917 |
|
|
102,073 |
|
Accumulated other comprehensive loss |
|
|
|
|
(1,216 |
) |
|
(1,216 |
) |
Deficit |
|
|
|
|
(365,552 |
) |
|
(304,157 |
) |
TOTAL EQUITY |
|
|
|
|
79,060 |
|
|
92,751 |
|
|
|
|
|
|
|
TOTAL LIABILITIES AND EQUITY |
|
|
|
$ |
117,157 |
|
$ |
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 ended September 30, |
|
|
Nine months ended September
30, |
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
2021 (Restated1) |
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Exploration and evaluation expenses |
|
|
|
$ |
22,663 |
|
$ |
23,848 |
|
$ |
40,340 |
|
$ |
80,181 |
|
General and administrative expenses |
|
|
|
|
5,944 |
|
|
13,334 |
|
|
22,502 |
|
|
41,138 |
|
Operating loss |
|
|
|
|
28,607 |
|
|
37,182 |
|
|
62,842 |
|
|
121,319 |
|
|
|
|
|
|
|
|
|
Other
items |
|
|
|
|
|
|
|
Change in fair value of warrant liability |
|
|
|
|
(350 |
) |
|
(878 |
) |
|
(892 |
) |
|
(878 |
) |
Foreign exchange loss (gain) |
|
|
|
|
(11 |
) |
|
5 |
|
|
(11 |
) |
|
57 |
|
Interest expense (income) |
|
|
|
|
(352 |
) |
|
342 |
|
|
(544 |
) |
|
1,003 |
|
|
|
|
|
|
|
|
|
Loss and comprehensive loss for the period |
|
|
|
$ |
27,894 |
|
$ |
36,651 |
|
$ |
61,395 |
|
$ |
121,501 |
|
|
|
|
|
|
|
|
|
Loss per
share |
|
|
|
|
|
|
|
- Basic and diluted |
|
|
|
$ |
0.12 |
|
$ |
0.18 |
|
$ |
0.27 |
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding –
basic and diluted |
|
|
|
|
239,740,984 |
|
|
205,248,258 |
|
|
231,028,587 |
|
|
198,092,309 |
|
(1) The condensed consolidated statements
of loss and comprehensive loss for the nine months ended September
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 (“SEC”) 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 September 30, 2022 |
Common Shares |
Preferred Shares |
Special Shares |
Additional Paid in Capital |
Accumulated Other Comprehensive Loss |
Deficit |
Total |
Shares |
Amount |
|
|
|
|
|
|
June 30, 2022 |
227,158,455 |
$ |
299,056 |
$ |
- |
|
$ |
- |
$ |
113,487 |
|
$ |
(1,216 |
) |
$ |
(337,658 |
) |
$ |
73,669 |
|
Issuance of shares under PIPE financing - net proceeds |
38,266,180 |
|
29,668 |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
29,668 |
|
Exercise of stock options |
100,000 |
|
120 |
|
- |
|
|
- |
|
(56 |
) |
|
- |
|
|
- |
|
|
64 |
|
Conversion of restricted share units, net of shares withheld for
taxes |
5,354 |
|
67 |
|
- |
|
|
- |
|
(67 |
) |
|
- |
|
|
- |
|
|
- |
|
Share-based compensation |
- |
|
- |
|
- |
|
|
- |
|
3,553 |
|
|
- |
|
|
- |
|
|
3,553 |
|
Loss for the period |
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(27,894 |
) |
|
(27,894 |
) |
September 30, 2022 |
265,529,989 |
$ |
328,911 |
$ |
- |
|
$ |
- |
$ |
116,917 |
|
$ |
(1,216 |
) |
$ |
(365,552 |
) |
$ |
79,060 |
|
Three months ended September 30, 2021 |
Common Shares |
Preferred Shares |
Special Shares |
Additional Paid in Capital |
Accumulated Other Comprehensive Loss |
Deficit |
Total |
Shares |
Amount |
June 30, 2021 |
197,794,399 |
$ |
188,901 |
$ |
550 |
|
$ |
- |
$ |
72,541 |
|
$ |
(1,216 |
) |
$ |
(247,708 |
) |
$ |
13,068 |
|
Exercise of stock options |
2,321,967 |
|
6,039 |
|
- |
|
|
- |
|
(4,366 |
) |
|
- |
|
|
- |
|
|
1,673 |
|
Share-based compensation |
- |
|
- |
|
- |
|
|
- |
|
9,508 |
|
|
- |
|
|
- |
|
|
9,508 |
|
Conversion of debenture |
3,068,672 |
|
26,503 |
|
|
|
|
|
|
26,503 |
|
Common shares issued for services |
180,485 |
|
1,248 |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
1,248 |
|
Net equity from Business Combination |
|
|
60,987 |
|
|
|
30,339 |
|
|
|
|
91,326 |
|
Conversion of preferred shares to common shares |
509,458 |
|
550 |
|
(550 |
) |
|
- |
|
- |
|
|
|
|
- |
|
Loss for the period |
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(36,651 |
) |
|
(36,651 |
) |
September 30, 2021 |
203,874,981 |
$ |
284,228 |
$ |
- |
|
$ |
- |
$ |
108,022 |
|
$ |
(1,216 |
) |
$ |
(284,359 |
) |
$ |
106,675 |
|
(1) The condensed consolidated statement of changes in
shareholders' equity for the three months ended September 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) |
|
Nine months ended September 30, 2022 |
Common Shares |
Preferred Shares |
Special Shares |
Additional Paid in Capital |
Accumulated Other Comprehensive Loss |
Deficit |
Total |
Shares |
Amount |
December 31, 2021 |
225,432,493 |
$ |
296,051 |
$ |
- |
|
$ |
- |
|
$ |
102,073 |
|
$ |
(1,216 |
) |
$ |
(304,157 |
) |
$ |
92,751 |
|
Issuance of shares under PIPE financing - net proceeds |
38,266,180 |
|
29,668 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
29,668 |
|
Exercise of stock options |
118,461 |
|
142 |
|
- |
|
|
- |
|
|
(66 |
) |
|
- |
|
|
- |
|
|
76 |
|
Conversion of restricted share units, net of shares withheld for
taxes |
1,670,429 |
|
2,984 |
|
- |
|
|
- |
|
|
(3,062 |
) |
|
- |
|
|
- |
|
|
(78 |
) |
Share purchase under Employee Share Purchase Plan |
42,426 |
|
66 |
|
- |
|
|
- |
|
|
(10 |
) |
|
- |
|
|
- |
|
|
56 |
|
Share-based compensation |
- |
|
- |
|
- |
|
|
- |
|
|
17,982 |
|
|
- |
|
|
- |
|
|
17,982 |
|
Loss for the period |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(61,395 |
) |
|
(61,395 |
) |
September 30, 2022 |
265,529,989 |
$ |
328,911 |
$ |
- |
|
$ |
- |
|
$ |
116,917 |
|
$ |
(1,216 |
) |
$ |
(365,552 |
) |
$ |
79,060 |
|
Nine months ended September 30,
2021(Restated
1) |
Common Shares |
Preferred Shares |
Special Shares |
Additional Paid in Capital |
Accumulated Other Comprehensive Loss |
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 |
6,312,902 |
|
14,297 |
|
- |
|
|
- |
|
|
(10,061 |
) |
|
- |
|
|
- |
|
|
4,236 |
|
Common shares to be issued for exploration and evaluation
expenses |
4,245,031 |
|
25,664 |
|
- |
|
|
- |
|
|
(12,879 |
) |
|
- |
|
|
- |
|
|
12,785 |
|
Share-based compensation |
- |
|
- |
|
- |
|
|
- |
|
|
55,276 |
|
|
- |
|
|
- |
|
|
55,276 |
|
Common shares issued for services |
187,432 |
|
1,296 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
1,296 |
|
Net equity from Business Combination |
|
|
60,987 |
|
- |
|
|
- |
|
|
30,339 |
|
|
- |
|
|
- |
|
|
91,326 |
|
Conversion of debentures |
3,126,565 |
|
27,003 |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
27,003 |
|
Conversion of preferred shares to common shares |
509,458 |
|
550 |
|
(550 |
) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Loss for the period |
- |
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(121,501 |
) |
|
(121,501 |
) |
September 30, 2021 |
203,874,981 |
$ |
284,228 |
$ |
- |
|
$ |
- |
|
$ |
108,022 |
|
$ |
(1,216 |
) |
$ |
(284,359 |
) |
$ |
106,675 |
|
(1) The condensed consolidated statement of changes in
shareholders’ equity for the nine months ended September 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) |
|
|
|
|
|
Nine months endedSeptember
30, |
Nine months endedSeptember
30, |
|
|
|
|
|
2022 |
|
2021(Restated
1) |
Cash provided by (used in) |
|
|
|
|
|
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Loss for the period |
|
|
|
$ |
(61,395 |
) |
$ |
(121,501 |
) |
Items not affecting cash: |
|
|
|
|
|
Amortization |
|
|
|
|
299 |
|
|
324 |
|
Expenses settled with share-based payments |
|
|
|
|
16,298 |
|
|
69,357 |
|
Interest on convertible debentures |
|
|
|
|
- |
|
|
1,003 |
|
Change in fair value of warrants liability |
|
|
|
|
(892 |
) |
|
(878 |
) |
Unrealized foreign exchange |
|
|
|
|
56 |
|
|
(31 |
) |
Changes in working capital: |
|
|
|
|
|
Receivables and prepayments |
|
|
|
|
(1,426 |
) |
|
(8 |
) |
Accounts payable and accrued liabilities |
|
|
|
|
300 |
|
|
23,395 |
|
Net cash used in operating activities |
|
|
|
|
(46,760 |
) |
|
(28,339 |
) |
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Settlement of deferred acquisition costs |
|
|
|
|
- |
|
|
(3,440 |
) |
Acquisition of equipment |
|
|
|
|
(959 |
) |
|
(402 |
) |
Net cash used in investing activities |
|
|
|
|
(959 |
) |
|
(3,842 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing
activitiesProceeds from PIPE financing |
|
|
|
|
30,400 |
|
|
- |
|
Expenses paid for PIPE
financing |
|
|
|
|
(680 |
) |
|
- |
|
Proceeds from employee share
purchase plan |
|
|
|
|
56 |
|
|
- |
|
Proceeds from exercise of
stock options |
|
|
|
|
76 |
|
|
4,236 |
|
Proceeds from issuance of convertible debentures |
|
|
|
|
- |
|
|
26,000 |
|
Taxes withheld and paid on share-based compensation |
|
|
|
|
(78 |
) |
|
- |
|
Proceeds from Business Combination (net of fees and other
costs) |
|
|
|
|
- |
|
|
104,465 |
|
Net cash provided by financing activities |
|
|
|
|
29,774 |
|
|
134,701 |
|
|
|
|
|
|
|
(Decrease) increase in cash |
|
|
|
|
(17,945 |
) |
|
102,520 |
|
Impact of exchange rate changes on cash |
|
|
|
|
(56 |
) |
|
24 |
|
Cash - beginning of period |
|
|
|
|
84,873 |
|
|
10,096 |
|
Cash - end of period |
|
|
|
$ |
66,872 |
|
$ |
112,640 |
|
(1) The condensed consolidated statement of
cash flows for the nine months ended September 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.
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