TMC the metals Co Inc. Files Q3 2024 10-Q

TL;DR

TMC the metals Co Inc. filed its Q3 10-Q. Financials and operations update.

AI Summary

TMC the metals Co Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Sustainable Opportunities Acquisition Corp., reported on its financial activities, including equity offerings and employee share purchase plans. Specific financial figures and detailed operational updates are expected within the full report.

Why It Matters

This filing provides investors with an update on TMC the metals Co Inc.'s financial health and operational status for the third quarter of 2024, crucial for understanding the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a mining company, TMC the metals Co Inc. is subject to commodity price volatility, operational risks, and regulatory changes inherent in the sector.

Key Numbers

• Q3 2024 — Reporting Period (Covers the third quarter of 2024 financial activities.)
• 10-Q — Filing Type (Quarterly report providing financial updates.)

Key Players & Entities

• TMC the metals Co Inc. (company) — Filer of the 10-Q
• Sustainable Opportunities Acquisition Corp. (company) — Former name of TMC the metals Co Inc.
• 20240930 (date) — End of the reporting period
• 20241115 (date) — Filing date of the 10-Q

FAQ

Key Financial Figures

• $11.50 — on Share , each at an exercise price of $11.50 per share TMCWW The Nasdaq Stock Ma

Filing Documents

• tmc-20240930x10q.htm (10-Q) — 1877KB
• tmc-20240930xex31d1.htm (EX-31.1) — 11KB
• tmc-20240930xex31d2.htm (EX-31.2) — 10KB
• tmc-20240930xex32.htm (EX-32) — 6KB
• 0001104659-24-119467.txt ( ) — 7411KB
• tmc-20240930.xsd (EX-101.SCH) — 63KB
• tmc-20240930_cal.xml (EX-101.CAL) — 33KB
• tmc-20240930_def.xml (EX-101.DEF) — 247KB
• tmc-20240930_lab.xml (EX-101.LAB) — 445KB
• tmc-20240930_pre.xml (EX-101.PRE) — 372KB
• tmc-20240930x10q_htm.xml (XML) — 1241KB

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Loss and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 9 Notes to Condensed Consolidated Financial Statements (Unaudited) 10 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.

Controls and Procedures

Controls and Procedures 39 Part II Other Information 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 45 Item 3. Defaults Upon Senior Securities 45 Item 4. Mine Safety Disclosures 45 Item 5. Other Information 45 Item 6. Exhibits 46

Signatures

Signatures 47 2 Table of Contents In this Quarterly Report on Form 10-Q, the terms "we," "us," "our," the "Company" and "TMC" mean TMC the metals company Inc. and our subsidiaries. TMC is incorporated under the laws of the province of British Columbia, Canada. The Company's common shares and public warrants to purchase common shares trade on the Nasdaq Global Select Market ("Nasdaq"), under the symbols "TMC" and "TMCWW," respectively. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 beliefs and assumptions of our management team. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or performance, are forward-looking statements. These statements may be preceded by, followed by or include the words "believes," "estimates," "expects," "projects," "forecasts," "may," "will," "should," "seeks," "plans," "scheduled," "anticipates" or "intends" or the negative of these terms, or other comparable terminology intended to identify statements about the future, although not all forward-looking statements contain these identifying words. The forward-looking statements are based on projections prepared by, and are the responsibility of, our management

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements TMC the metals company Inc. Condensed Consolidated Balance Sheets (in thousands of US Dollars, except share amounts) (Unaudited) As at As at September 30, December 31, ASSETS Note 2024 2023 Current Cash $ 360 $ 6,842 Receivables and prepayments 2,557 1,978 2,917 8,820 Non-current Exploration contracts 43,150 43,150 Right of use asset 6 4,291 5,721 Equipment 854 1,133 Software 1,868 1,643 Investment 7 8,232 8,429 58,395 60,076 TOTAL ASSETS $ 61,312 $ 68,896 LIABILITIES Current Accounts payable and accrued liabilities 48,065 31,334 Short-term debt 6,14 9,175 — 57,240 31,334 Non-current Deferred tax liability 10,675 10,675 Royalty liability 7 14,000 14,000 Warrants liability 10 866 1,969 25,541 26,644 TOTAL LIABILITIES $ 82,781 $ 57,978 EQUITY Common shares (unlimited shares, no par value – issued: 324,131,896 (December 31, 2023 – 306,558,710 )) 463,366 438,239 Class A - J Special Shares — — Additional paid in capital 131,152 122,797 Accumulated other comprehensive loss ( 1,203 ) ( 1,216 ) Deficit ( 614,784 ) ( 548,902 ) TOTAL EQUITY ( 21,469 ) 10,918 TOTAL LIABILITIES AND EQUITY $ 61,312 $ 68,896 Nature of Operations (Note 1) Contingent Liabilities (Note 15) Subsequent Event (Note 17) The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 5 Table of Contents 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 Nine months ended September 30, September 30, Note 2024 2023 2024 2023 Operating expenses Exploration and evaluation expenses 8 $ 11,813 $ 7,905 $ 42,339 $ 23,172 General and administrative expenses 8,149 4,613 22,600

View Full Filing

View this 10-Q filing on SEC EDGAR