T
TMC the metals Co Inc.
TMCCIK 0001798562NasdaqNon-AcceleratedMetal MiningA1CAFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-319.84M
Total Assets
$181.63M
Equity
$-33.44M
Shares Out
433.19M
Op. Cash Flow
$-42.85M
Business
TMC the metals Co Inc. is a deep-sea minerals exploration company focused on collecting, processing and refining polymetallic nodules from the Clarion Clipperton Zone (CCZ). It offers metal feedstocks and intermediate products including nickel‑cobalt‑copper alloys or mattes, battery cathode precursors (nickel and cobalt sulfates), copper cathode and manganese silicate. Its operations are organized around exploration subsidiaries NORI and TOML, offshore nodule collection development with partners (e.g., Allseas) and onshore processing/tolling arrangements (e.g., PAMCO) and offtake relationships (e.g., Glencore). The company sources nodules from international CCZ contract areas and plans to ship wet nodules to third‑party or partner onshore processing facilities in jurisdictions such as Japan, with potential consideration of a U.S. regulatory pathway and global commercial distribution channels.
Summary from filing dated 2025-03-27
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Exploration and evaluation expenses | 40 | 51 | 50 | 145 | 93 | |
| General and administrative expenses | 100 | 31 | 23 | 30 | 57 | |
| Operating loss | 140 | 81 | 72 | 174 | 150 | |
| Nauru and Tonga warrant costs | 38 | — | — | — | — | |
| Change in fair value of royalty liability | 131 | — | — | — | — | |
| Equity-accounted investment loss | −287,000 | 226,000 | 571,000 | — | — | |
| Gain on dilution of investment | −6 | — | — | — | — | |
| Loss on termination of contract | — | 199,000 | — | — | — | |
| Change in fair value of warrant liability | 12 | −1 | 986,000 | −2 | −9 | |
| Foreign exchange loss (gain) | 4 | −1 | 310,000 | 24,000 | 82,000 | |
| Interest income | −3 | −176,000 | −1 | −1 | 1 | |
| Fees and interest on borrowings and credit facilities | 3 | 3 | 781,000 | — | — | |
| Loss and comprehensive loss for the year, before tax | 320 | 82 | 74 | 171 | 141 | |
| Tax Expense | 144,000 | 48,000 | 41,000 | 77,000 | — | |
| Loss and comprehensive loss for the year | 320 | 82 | 74 | — | — | |
| Loss per share - Basic (in dollars per share) | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | |
| Loss per share - Diluted (in dollars per share) | 0.83 | 0.25 | 0.26 | 0.71 | 0.69 | |
| Weighted average number of common shares outstanding - basic | 385 | 322 | 289 | 240 | 205 | |
| Weighted average number of common shares outstanding - diluted | 385 | 322 | 289 | 240 | 205 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-09-30 | FY 2023 2023-07-31 |
|---|---|---|---|---|---|---|
| Cash | 118 | 3 | 7 | 23 | — | |
| Receivables and prepayments | 3 | 2 | 2 | 5 | — | |
| Total current assets | 121 | 5 | 9 | 28 | — | |
| Exploration assets | 43 | 43 | 43 | 43 | — | |
| Right of use asset | 2 | 4 | 6 | 6 | 7 | |
| Equipment | 519,000 | 771,000 | 1 | 2 | — | |
| Software | 2 | 2 | 2 | — | — | |
| Investments | 13 | 8 | 8 | 9 | — | |
| Total non-current assets | 61 | 58 | 60 | 60 | — | |
| TOTAL ASSETS | 182 | 63 | 69 | 88 | — | |
| Accounts payable and accrued liabilities | 46 | 43 | 31 | 19 | — | |
| Short-term debt | — | 12 | — | — | — | |
| Warrants liability | 13 | — | — | — | — | |
| Total current liabilities | 59 | 55 | 31 | 19 | — | |
| Deferred tax liability | 11 | 11 | 11 | 11 | — | |
| Royalty liability | 145 | 14 | 14 | 14 | — | |
| Warrants liability | — | 912,000 | — | — | — | |
| Total non-current liabilities | 156 | 26 | 27 | — | — | |
| TOTAL LIABILITIES | 215 | 80 | 58 | 46 | — | |
| Common shares (unlimited shares, no par value - issued: 422,966,333 (December 31, 2024 - 340,708,460)) | 681 | 477 | 438 | 434 | — | |
| Additional paid - in capital | 238 | 138 | 123 | 124 | — | |
| Accumulated other comprehensive loss | −1 | −1 | −1 | −1 | — | |
| Deficit | −951 | −631 | −549 | −515 | — | |
| TOTAL EQUITY | −33 | −17 | 11 | 42 | — | |
| TOTAL LIABILITIES AND EQUITY | 182 | 63 | 69 | 88 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Loss for the year | −320 | −82 | −74 | — | — | |
| Amortization | 252,000 | 362,000 | 360,000 | 418,000 | 453,000 | |
| Lease expense | 2 | 2 | 800,000 | — | — | |
| Accrued interest on credit facilities | — | 416,000 | — | — | — | |
| Share-based compensation and expenses settled with equity | 97 | 25 | 12 | 20 | 75 | |
| Unrealized foreign exchange | 3 | −1 | −51,000 | −53,000 | −15,000 | |
| Interest paid on amounts drawn from credit facilities and short-term debt | −823,000 | −73,000 | — | — | — | |
| Corporate income taxes paid during the year | −93,000 | −34,000 | — | — | — | |
| Receivables and prepayments | −1 | 127,000 | 748,000 | 960,000 | −3 | |
| Accounts payable and accrued liabilities | 1 | 12 | −2 | 15 | 22 | |
| Net cash used in operating activities | −43 | −43 | −60 | −67 | −56 | |
| Proceeds from investee distribution | 692,000 | — | — | — | — | |
| Acquisition of equipment and software | −245,000 | −515,000 | −578,000 | — | — | |
| Net cash provided by (used in) investing activities | 447,000 | −515,000 | −578,000 | −1 | −4 | |
| Proceeds from Korea Zinc Private Placement | 85 | — | — | — | — | |
| Proceeds from Registered Direct Offerings | 42 | 24 | 16 | — | — | |
| Expenses paid for Registered Direct Offerings | −734,000 | −357,000 | −1 | — | — | |
| Proceeds from shares issued from At-the-Market Distribution Agreement | 15 | 5 | 30,000 | 30 | — | |
| Proceeds from drawdown of Credit Facilities | — | 4 | — | — | — | |
| Repayment of drawn amount on Credit Facilities | −4 | — | — | — | — | |
| Proceeds from drawdown of Allseas Short-Term Debt | — | 2 | — | — | — | |
| Repayment of Allseas Short-Term Debt | — | −2 | — | — | — | |
| Proceeds from drawdown of Allseas Working Capital Loan Agreement | — | 8 | — | — | — | |
| Repayment of Allseas Working Capital Loan | −8 | — | — | — | — | |
| Proceeds from Employee Stock Purchase Plan | 67,000 | 39,000 | 102,000 | 114,000 | — | |
| Proceeds from exercise of stock options | 3 | 463,000 | 77,000 | 76,000 | 4 | |
| Net cash provided by financing activities | 157 | 41 | 20 | 30 | 135 | |
| Increase/(Decrease) in cash | 114 | −3 | −40 | −38 | 75 | |
| Impact of exchange rate changes on cash | −28,000 | −65,000 | 51,000 | 53,000 | 10,000 |
Filings
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