TMC the metals Co Inc. Files 2023 10-K

Ticker: TMCWW · Form: 10-K · Filed: Mar 25, 2024 · CIK: 1798562

Tmc The Metals Co Inc. 10-K Filing Summary
FieldDetail
CompanyTmc The Metals Co Inc. (TMCWW)
Form Type10-K
Filed DateMar 25, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$11.50, $100 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, TMC the metals Co Inc., Financial Report, Annual Filing, Mining Company

TL;DR

<b>TMC the metals Co Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023, detailing its financial standing and corporate history.</b>

AI Summary

TMC the metals Co Inc. (TMCWW) filed a Annual Report (10-K) with the SEC on March 25, 2024. TMC the metals Co Inc. filed its 10-K for the fiscal year ending December 31, 2023. The company was formerly known as Sustainable Opportunities Acquisition Corp. and changed its name on January 2, 2020. Key dates related to warrants and share plans are noted throughout the filing. The filing references various financial statement items including Retained Earnings, Additional Paid In Capital, and Accumulated Other Comprehensive Income for 2021, 2022, and 2023. The company's business address is located at 595 Howe Street, 10th Floor, Vancouver, BC V6C 2T5.

Why It Matters

For investors and stakeholders tracking TMC the metals Co Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of TMC the metals Co Inc.'s financial performance, operational status, and strategic initiatives for the fiscal year 2023, which is crucial for investors to assess the company's current health and future prospects. Understanding the details within this filing, such as historical financial data and corporate structure changes, is essential for stakeholders to make informed investment decisions regarding TMC the metals Co Inc.

Risk Assessment

Risk Level: medium — TMC the metals Co Inc. shows moderate risk based on this filing. The company's financial statements and disclosures are extensive, indicating a complex business structure and potential for significant financial events, requiring careful analysis to fully understand its risk profile.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to assess the company's financial health and future viability.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reported period)
  • 2024-03-25 — Filing Date (Date of submission)
  • 0001798562 — Central Index Key (Filer identifier)
  • 10-K — Form Type (Type of filing)
  • 001-39281 — SEC File Number (SEC registration number)
  • 24780260 — Film Number (SEC processing number)
  • 150 — Public Document Count (Number of documents in the filing)
  • 306558710 — Total Assets (approx) (Value from filing)

Key Players & Entities

  • TMC the metals Co Inc. (company) — Filer name
  • Sustainable Opportunities Acquisition Corp. (company) — Former company name
  • 20231231 (date) — Fiscal year end
  • 20240325 (date) — Filing date
  • 595 Howe Street (address) — Business address
  • Vancouver (location) — Business address city
  • V6C 2T5 (postal_code) — Business address zip
  • 0001798562 (company_id) — Central Index Key

FAQ

When did TMC the metals Co Inc. file this 10-K?

TMC the metals Co Inc. filed this Annual Report (10-K) with the SEC on March 25, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by TMC the metals Co Inc. (TMCWW).

Where can I read the original 10-K filing from TMC the metals Co Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by TMC the metals Co Inc..

What are the key takeaways from TMC the metals Co Inc.'s 10-K?

TMC the metals Co Inc. filed this 10-K on March 25, 2024. Key takeaways: TMC the metals Co Inc. filed its 10-K for the fiscal year ending December 31, 2023.. The company was formerly known as Sustainable Opportunities Acquisition Corp. and changed its name on January 2, 2020.. Key dates related to warrants and share plans are noted throughout the filing..

Is TMC the metals Co Inc. a risky investment based on this filing?

Based on this 10-K, TMC the metals Co Inc. presents a moderate-risk profile. The company's financial statements and disclosures are extensive, indicating a complex business structure and potential for significant financial events, requiring careful analysis to fully understand its risk profile.

What should investors do after reading TMC the metals Co Inc.'s 10-K?

Investors should carefully review the detailed financial statements and risk factors outlined in the 10-K to assess the company's financial health and future viability. The overall sentiment from this filing is neutral.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
  • 2024-03-25: Filing Date — Date the 10-K was officially submitted to the SEC.
  • 2020-01-02: Name Change — Date the company changed its name from Sustainable Opportunities Acquisition Corp.

Filing Stats: 4,505 words · 18 min read · ~15 pages · Grade level 14.5 · Accepted 2024-03-25 17:28:03

Key Financial Figures

  • $11.50 — mon Share, each at an exercise price of $11.50 per share TMCWW The Nasdaq Stock Ma
  • $100 billion — While the IRA has helped attract over US$100 billion in EV value chain investments, less tha

Filing Documents

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 45 Item 1B. Unresolved Staff Comments 73 Item 1C. Cybersecurity 73 Item 2.

Properties

Properties 75 Item 3.

Legal Proceedings

Legal Proceedings 102 Item 4. Mine Safety Disclosures 103 PART II 104 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 104 Item 6. [Reserved] 104 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 104 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 121 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 122 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 162 Item 9A.

Controls and Procedures

Controls and Procedures 162 Item 9B. Other Information 163 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 164 PART III 164 Item 10. Directors, Executive Officers and Corporate Governance 164 Item 11.

Executive Compensation

Executive Compensation 164 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 164 Item 13. Certain Relationships and Related Transactions, and Director Independence 164 Item 14. Principal Accounting Fees and Services 165 PART IV 166 Item 15. Exhibits and Financial Statement Schedules 166 Item 16. Form 10-K Summary 170

Signatures

Signatures 171 1 Table of Contents In this Annual Report on form 10-K ("Annual Report"), the terms "we," "us," "our," "Company" and "TMC" mean TMC the metals company Inc. (formerly Sustainable Opportunities Acquisition Corp.) and our subsidiaries. On September 9, 2021 (the "Closing Date"), Sustainable Opportunities Acquisition Corp. ("SOAC" and after the Business Combination described herein, the "Company") consummated a business combination (the "Business Combination") pursuant to the terms of the business combination agreement dated as of March 4, 2021 (the "Business Combination Agreement") by and among SOAC, 1291924 B.C. Unlimited Liability Company, an unlimited liability company existing under the laws of British Columbia, Canada ("NewCo Sub"), and DeepGreen Metals Inc., a company existing under the laws of British Columbia, Canada ("DeepGreen") under which SOAC acquired DeepGreen and its business. In connection with the Business Combination, SOAC changed its name to "TMC the metals company Inc." ("TMC"). The combined company's common shares and warrants to purchase common shares commenced trading on the Nasdaq Global Select Market ("Nasdaq") on September 10, 2021, under the symbols "TMC" and "TMCWW," respectively. As used in this Annual Report, "Mtpa" refers to millions of tonnes per year, "ktpa" refers to thousands of tonnes per year, "dmtu" refers to dry metric tonne unit, TWh" refers to trillion-watt hours, "CO 2 e" refers to metric tonnes of carbon dioxide emissions and "w/w" refers to weight for weight. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that relate to future events, our future operations or financial performance, or our plans, strategies and prospects. These statements are based on the bel

BUSINESS

Item 1. BUSINESS Overview We are a deep-sea minerals exploration company focused on the collection, processing and refining of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone ("CCZ"), about 1,300 nautical miles (1,500 miles or 2,400 kilometers) south-west of San Diego, California. The CCZ is a geological submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240 kilometers (4,500 miles) that spans approximately 4,500,000 square kilometers (1,700,000 square miles). Polymetallic nodules are discrete rocks that sit unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, manganese, cobalt and copper in a single rock. These four metals contained in the polymetallic nodules are critical for the transition to low carbon energy. Our resource definition work to date shows that nodules in our contract areas represent the world's largest estimated undeveloped source of critical battery metals. If we are able to collect polymetallic nodules from the seafloor on a commercial scale, we plan to use such nodules to produce three types of metal products: (i) feedstock for battery cathode precursors (nickel and cobalt sulfates, or intermediary nickel-copper-cobalt matte, or nickel-copper-cobalt alloy) for electric vehicles ("EV") and renewable energy storage markets, (ii) copper cathode for EV wiring, energy transmission and other applications, and (iii) manganese silicate for manganese alloy production required for steel production. Our mission is to build a carefully managed, shared stock of metal (a "metal commons") that can be used, recovered and reused for generations to come. Significant quantities of newly mined metal are required because existing metal stocks are insufficient to meet rapidly rising demand. Exploration and exploitation of seabed minerals in international waters is regulated by the Internat

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