Live News • May 19
TMC Advances First Deep-Sea Nodule Collection System With Allseas and Achieves Key US Regulatory Progress TMC the Metals Company has signed a binding commercial agreement with offshore contractor Allseas to develop, commission and operate what is described as the first commercial deep-sea polymetallic nodule collection system in the Clarion Clipperton Zone. The project targets a nameplate capacity of 3.0 million wet tonnes per year using two collector vehicles and the vessel Hidden Gem, with commissioning aimed for Q4 2027.
Allseas will cover a significant portion of development costs, which are expected to be recovered from future production revenues. In parallel, TMC is progressing feasibility work on a potential processing and refining facility in Texas intended to support U.S. supply chains for critical metals.
On the regulatory side, NOAA has found TMC USA’s consolidated exploration license and commercial recovery permit application to be fully compliant with the Deep Seabed Hard Mineral Resources Act. This moves the U.S. permitting process toward a possible permit decision by the end of Q1 2027. TMC also reported Q1 2026 liquidity of about US$164 million and a net loss of US$20.6 million as it remains pre-revenue.
The key takeaway is that TMC is shifting from being primarily a resource holder toward a potential operating model, with technical, regulatory and funding frameworks starting to align, while targeted commissioning remains several years away.
For investors, the story centers on execution risk, environmental and regulatory outcomes, and TMC’s ability to fund operations through a pre-revenue phase without creating excessive dilution or strain on the balance sheet. New Risk • May 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$320m Forecast net loss in 2 years: US$1.8m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$33m). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$1.8m net loss in 2 years). Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Significant insider selling over the past 3 months (US$1.6m sold). Announcement • Apr 21
TMC the metals company Inc., Annual General Meeting, May 28, 2026 TMC the metals company Inc., Annual General Meeting, May 28, 2026. Breakeven Date Change • Mar 29
Forecast breakeven date pushed back to 2028 The 4 analysts covering TMC the metals previously expected the company to break even in 2027. New consensus forecast suggests losses will reduce by 56% per year to 2027. The company is expected to make a profit of US$141.9m in 2028. Average annual earnings growth of 89% is required to achieve expected profit on schedule. Recent Insider Transactions • Mar 29
Chief Financial Officer recently sold US$1.6m worth of stock On the 26th of March, Craig Shesky sold around 346k shares on-market at roughly US$4.57 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Craig has been a net seller over the last 12 months, reducing personal holdings by US$2.2m. Recent Insider Transactions Derivative • Mar 26
Chief Financial Officer notifies of intention to sell stock Craig Shesky intends to sell 52k shares in the next 90 days after lodging an Intent To Sell Form on the 24th of March. If the sale is conducted around the recent share price of US$4.74, it would amount to US$246k. Since June 2025, Craig's direct individual holding has decreased from 1.50m shares to 1.21m. Company insiders have collectively sold US$11m more than they bought, via options and on-market transactions in the last 12 months. Breakeven Date Change • Feb 02
Forecast breakeven date pushed back to 2028 The 4 analysts covering TMC the metals previously expected the company to break even in 2027. New consensus forecast suggests the company will make a profit of US$141.9m in 2028. Average annual earnings growth of 77% is required to achieve expected profit on schedule. Price Target Changed • Jan 24
Price target increased by 27% to US$11.20 Up from US$8.80, the current price target is an average from 5 analysts. New target price is 19% above last closing price of US$9.44. Stock is up 501% over the past year. The company is forecast to post a net loss per share of US$0.73 next year compared to a net loss per share of US$0.25 last year. Recent Insider Transactions Derivative • Jan 12
Lead Independent Director exercised options to buy US$4.4m worth of stock. On the 8th of January, Andrew Greig exercised options to buy 622k shares at a strike price of around US$2.46, costing a total of US$1.5m. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since June 2025, Andrew has owned 4.39m shares directly. Company insiders have collectively sold US$11m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Dec 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$41m). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (US$664k sold). Recent Insider Transactions • Dec 04
Chief Development Officer recently sold US$664k worth of stock On the 2nd of December, Anthony O'Sullivan sold around 100k shares on-market at roughly US$6.64 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$9.2m. Insiders have been net sellers, collectively disposing of US$13m more than they bought in the last 12 months. New Risk • Nov 16
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$41m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-US$41m). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Significant insider selling over the past 3 months (US$9.2m sold). Recent Insider Transactions Derivative • Oct 02
Chief Strategy Officer exercised options to buy US$11m worth of stock. On the 24th of September, Erika Ilves exercised options to buy 2m shares at a strike price of around US$0.65, costing a total of US$1.0m. This transaction amounted to 5,263% of their direct individual holding at the time of the trade. Since December 2024, Erika's direct individual holding has increased from 123.34k shares to 1.65m. Company insiders have collectively sold US$12m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Sep 26
Chief Strategy Officer recently sold US$9.2m worth of stock On the 22nd of September, Erika Ilves sold around 2m shares on-market at roughly US$5.77 per share. This transaction amounted to 49% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$12m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Sep 23
Chief Strategy Officer notifies of intention to sell stock Erika Ilves intends to sell 2m shares in the next 90 days after lodging an Intent To Sell Form on the 22nd of September. If the sale is conducted around the recent share price of US$5.77, it would amount to US$9.2m. Since December 2024, Erika's direct individual holding has increased from 123.34k shares to 1.62m. Company insiders have collectively sold US$4.0m more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions Derivative • Aug 31
Chief Development Officer exercised options and sold US$1.2m worth of stock On the 26th of August, Anthony O'Sullivan exercised 250k options at a strike price of around US$0.65 and sold these shares for an average price of US$5.25 per share. This trade did not impact their existing holding. Since March 2025, Anthony's direct individual holding has decreased from 976.66k shares to 427.24k. Company insiders have collectively sold US$4.0m more than they bought, via options and on-market transactions in the last 12 months. New Risk • Aug 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$40m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$40m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Significant insider selling over the past 3 months (US$1.3m sold). Buy Or Sell Opportunity • Jul 29
Now 21% undervalued Over the last 90 days, the stock has risen 111% to US$6.61. The fair value is estimated to be US$8.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 19% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$17m). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Significant insider selling over the past 3 months (US$1.3m sold). Board Change • Jul 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Director Alex Spiro was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 29
Director recently sold US$521k worth of stock On the 26th of June, Brendan May sold around 69k shares on-market at roughly US$7.53 per share. This transaction amounted to 35% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$738k. Insiders have been net sellers, collectively disposing of US$2.2m more than they bought in the last 12 months. Buy Or Sell Opportunity • Jun 27
Now 20% undervalued Over the last 90 days, the stock has risen 296% to US$6.81. The fair value is estimated to be US$8.51, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Price Target Changed • Jun 25
Price target increased by 20% to US$8.85 Up from US$7.40, the current price target is an average from 4 analysts. New target price is 18% above last closing price of US$7.49. Stock is up 435% over the past year. The company is forecast to post a net loss per share of US$0.19 next year compared to a net loss per share of US$0.25 last year. Announcement • Jun 18
TMC the metals company Inc. Announces Board Appointments TMC the metals company Inc. announced the appointment of Michael Hess and Alex Spiro to its Board of Directors as it advances its plans to begin commercial recovery of polymetallic nodules in international waters under the existing U.S. Deep-Seabed Hard Mineral Resources Act of 1980 [1] and implementing regulations. An experienced investor and operator with a focus on the U.S. energy supply chain, Michael Hess brings over 15 years of experience evaluating, financing and developing energy infrastructure, logistics and services businesses. Having started his career in the energy groups at Goldman Sachs and KKR, Hess then co-founded the
Bison Companies, where he has helped lead the companies’ efforts in strategy, finance and business development across Bison’s portfolio—spanning oil and gas development, water infrastructure, and payments for the U.S. energy supply chain. He currently serves as the Chief Investment Officer of Hess Capital, a private and public investment arm of the Hess family. Alongside Mr. Hess, TMC also announced the appointment of a well-known litigator and investor Alex Spiro to its Board. Mr. Spiro has spent more than a decade representing and advising major corporations and their Chief Executives on high-priority issues. Mr. Spiro has represented numerous high-profile clients across sectors and is widely regarded for his work in complex litigation. Beyond his legal practice, he is an active investor and advisor to technology, mining, and energy companies, and brings broad expertise in corporate governance, public markets, and regulatory affairs. Announcement • Jun 17
TMC the metals company Inc. announced that it expects to receive $85.165452 million in funding from Korea Zinc Company, Ltd. TMC the metals company Inc. announces that it has entered into a Securities Purchase Agreement with Korea Zinc Company, Ltd. to issue 19,623,376 common shares at a price of $4.34 per share for gross proceeds of $85,165,451.84 and and an accompanying warrant to purchase up to an aggregate of 6,868,181 common share. The Warrant is exercisable immediately, will have a term of three years from the date of issuance, and an initial exercise price of $7.00 per share on June 16, 2025. The closing under the Purchase Agreement is expected to occur on June 26, 2025. Price Target Changed • May 27
Price target increased by 24% to US$7.40 Up from US$5.95, the current price target is an average from 3 analysts. New target price is 60% above last closing price of US$4.62. Stock is up 198% over the past year. The company is forecast to post a net loss per share of US$0.18 next year compared to a net loss per share of US$0.25 last year. Recent Insider Transactions • May 23
Chief Development Officer recently sold US$738k worth of stock On the 21st of May, Anthony O'Sullivan sold around 164k shares on-market at roughly US$4.49 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.8m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 22
Chief Development Officer notifies of intention to sell stock Anthony O'Sullivan intends to sell 164k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of May. If the sale is conducted around the recent share price of US$4.49, it would amount to US$738k. Since June 2024, Anthony's direct individual holding has increased from 549.43k shares to 976.66k. Company insiders have collectively sold US$1.2m more than they bought, via options and on-market transactions in the last 12 months. New Risk • May 16
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 2 years. Trailing 12-month net loss: US$77m Forecast net loss in 2 years: US$23m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Negative equity (-US$17m). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$23m net loss in 2 years). Significant insider selling over the past 3 months (US$600k sold). Announcement • May 12
TMC the metals company Inc. has filed a Follow-on Equity Offering in the amount of $36.999999 million. TMC the metals company Inc. has filed a Follow-on Equity Offering in the amount of $36.999999 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 12,333,333
Price\Range: $3
Security Name: Class C Warrant
Security Type: Equity Warrant
Securities Offered: 12,333,333
Transaction Features: Registered Direct Offering Price Target Changed • Apr 25
Price target increased by 49% to US$5.95 Up from US$3.98, the current price target is an average from 3 analysts. New target price is 95% above last closing price of US$3.05. Stock is up 94% over the past year. The company is forecast to post a net loss per share of US$0.13 next year compared to a net loss per share of US$0.25 last year. Announcement • Apr 16
TMC the metals company Inc. Appoints Rutger Bosland as Chief Innovation and Offshore Technology Officer TMC the metals company Inc. announced that Rutger Bosland has joined the Company as Chief Innovation and Offshore Technology Officer (CIOTO) as it looks to scale its nodule collection technologies to maximize the potential of this vast resource ahead of the world’s first planned commercial production of deep-sea polymetallic nodules. With almost two decades at Allseas solving complex offshore engineering challenges, Rutger brings world-class expertise in deep-sea mining, naval architecture, and offshore operations to TMC. As Deep-Sea Mining Manager at Allseas, he led a team of 80+ engineers in developing TMC’s nodule collection system, including the conversion of a decommissioned deep-water drillship into the Hidden Gem—the world’s first subsea mining vessel classed by the American Bureau of Shipping. He also led Allseas’ program to scale up nodule collection technology in preparation for TMC’s commercial operations, bringing unmatched insight into the precision engineering needed to unlock the potential of the Company’s resource. Before focusing on deep-sea mining, Rutger oversaw the technical and operational development for the first platform lifts of Allseas’ single-lift oil platform decommissioning system, as deployed aboard the world’s largest construction vessel, Pioneering Spirit. Announcement • Apr 09
TMC the metals company Inc., Annual General Meeting, May 29, 2025 TMC the metals company Inc., Annual General Meeting, May 29, 2025. Recent Insider Transactions • Apr 03
Chief Financial Officer recently sold US$586k worth of stock On the 1st of April, Craig Shesky sold around 354k shares on-market at roughly US$1.66 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Craig has been a net seller over the last 12 months, reducing personal holdings by US$626k. New Risk • Apr 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$44m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$44m free cash flow). Negative equity (-US$17m). Revenue is less than US$1m. Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). New Risk • Mar 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Negative equity (-US$21m). Revenue is less than US$1m. Minor Risk Significant insider selling over the past 3 months (US$241k sold). Breakeven Date Change • Feb 15
Forecast breakeven date pushed back to 2027 The 3 analysts covering TMC the metals previously expected the company to break even in 2026. New consensus forecast suggests the company will make a profit of US$96.5m in 2027. Average annual earnings growth of 60% is required to achieve expected profit on schedule. Announcement • Jan 11
TMC the metals company Inc. Receives Non-Compliance Letter from Nasdaq Regarding Minimum Bid Price Requirement On January 6, 2025, TMC the metals company Inc. (the Company") received a written notice from The Nasdaq Stock Market LLC (Nasdaq") notifying the Company that the closing bid price of the Company's common shares (the Common Shares") over the 34 consecutive trading days from November 7, 2024 through December 26, 2024 had fallen below $1.00 per share, which is the minimum closing bid price (the Minimum Bid Price") required to maintain listing on the Nasdaq Stock Market under Nasdaq Listing Rule 5450(a)(1) (the Minimum Bid Requirement"). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days, or until July 7, 2025, to regain compliance with the Minimum Bid Requirement (the Grace Period"), subject to a potential 180 calendar day extension. To regain compliance, the closing bid price of the Common Shares must be at least $1.00 per share for a minimum of 10 consecutive trading days before the Grace Period lapses. The Company received similar notifications from the Nasdaq in December 2022 and April 2023. After the closing bid price of the Common Shares exceeded the Minimum Bid Price for 10 consecutive trading days in each of the respective Grace Periods, the Company regained compliance with the Minimum Bid Requirement. The closing bid price of the Common Shares has exceeded the Minimum Bid Price on each of the nine consecutive trading days from December 27, 2024 through the date of this filing. If the Company does not achieve compliance with the Minimum Bid Requirement by the Grace Period, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company would be required, among other things, to meet the continued listing requirement for the market value of its publicly held shares and all other Nasdaq initial listing standards for the Nasdaq Capital Market, with the exception of the Minimum Bid Requirement, and would need to provide written notice to Nasdaq of its intention and plan to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary. However, if it appears to Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company does not meet the other listing standards, Nasdaq could provide notice that the Common Shares will be subject to delisting. In the event the Company receives notice that its Common Shares are being delisted, the Company would be entitled to appeal the determination to a Nasdaq Listing Qualifications Panel and request a hearing. The notice has no immediate effect on the listing or trading of the Common Shares or warrants, which will both continue to be listed and traded on the Nasdaq Stock Market, subject to the Company's compliance with the other Nasdaq listing requirements. The Company intends to actively monitor the closing bid price of its Common Shares and will evaluate available options to regain compliance with the Minimum Bid Requirement. Announcement • Nov 17
TMC the metals company Inc. announced delayed 10-Q filing On 11/15/2024, TMC the metals company Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Nov 15
TMC the metals company Inc. has filed a Follow-on Equity Offering. TMC the metals company Inc. has filed a Follow-on Equity Offering.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 17,500,000
Price\Range: $1
Security Name: Class B Warrants
Security Type: Equity Warrant
Securities Offered: 8,750,000
Transaction Features: Registered Direct Offering Breakeven Date Change • Nov 14
No longer forecast to breakeven The 2 analysts covering TMC the metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$17.1m in 2026. New consensus forecast suggests the company will make a loss of US$22.0m in 2026. Announcement • Nov 13
Holzer & Holzer, LLC Files Class Action Lawsuit on Behalf of TMC the metals company Inc. Investors Holzer & Holzer, LLC announced shareholder class action lawsuit has been filed against TMC the metals company Inc. The lawsuit alleges that Defendants made materially false and/or misleading statements and/or failed to disclose material adverse information regarding the Company’s business, operations, and compliance policies, including allegations that: TMC maintained deficient internal controls over financial reporting; as a result, the Company inaccurately classified the sale of future revenue attributable to the Low Carbon Royalties Inc. Partnership as deferred income rather than debt; and the foregoing misclassification, when it became known, would require TMC to restate one or more of its previously issued financial statements. The deadline to ask the court to be appointed lead plaintiff in the case is January 7, 2025. New Risk • Sep 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$53m free cash flow). Negative equity (-US$9.6m). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (3.9% increase in shares outstanding). New Risk • Aug 16
New major risk - Negative shareholders equity The company has negative equity. Total equity: -US$9.6m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$53m free cash flow). Negative equity (-US$9.6m). Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Significant insider selling over the past 3 months (US$292k sold). New Risk • Aug 15
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next year. Trailing 12-month net loss: US$85m Forecast net loss in 1 year: US$67m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$49m free cash flow). Revenue is less than US$1m. Minor Risks Currently unprofitable and not forecast to become profitable next year (US$67m net loss next year). Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Significant insider selling over the past 3 months (US$292k sold). Breakeven Date Change • Aug 15
No longer forecast to breakeven The 2 analysts covering TMC the metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$17.1m in 2026. New consensus forecast suggests the company will make a loss of US$17.1m in 2026. Announcement • Jun 05
The Metals Company Welcomes Prominent Sustainability Strategist Brendan May to its Board of Directors TMC the metals company Inc. announced the appointment of Brendan May to its Board of Directors as it seeks to harness the potential of deep-seafloor polymetallic nodules for the energy transition and wider global development. As a former Chief Executive of the Marine Stewardship Council (MSC) and European Chairman of the Rainforest Alliance, Mr. May has spent over two decades at the forefront of sustainability challenges in globally significant ecosystems. In 2010, he formed renowned global sustainability consultancy, Robertsbridge, whose counsel has been sought by leading companies and NGOs around the world. The appointment of Mr. May further strengthens TMC’s Board as it seeks to transition into commercial production while global policymakers increasingly focus on the potential of deep-seafloor nodules to reduce the lifecycle planetary and human costs of land-based sources of the metals that underpin the energy transition and global development. Recent Insider Transactions • Jun 03
Chief Development Officer recently sold US$150k worth of stock On the 31st of May, Anthony O'Sullivan sold around 100k shares on-market at roughly US$1.50 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$376k. Insiders have been net sellers, collectively disposing of US$1.1m more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 31
Chief Development Officer notifies of intention to sell stock Anthony O'Sullivan intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 29th of May. If the sale is conducted around the recent share price of US$1.54, it would amount to US$154k. Since September 2023, Anthony's direct individual holding has increased from 539.28k shares to 649.43k. Company insiders have collectively sold US$942k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • May 26
Chief Development Officer recently sold US$142k worth of stock On the 23rd of May, Anthony O'Sullivan sold around 100k shares on-market at roughly US$1.42 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$376k. Insiders have been net sellers, collectively disposing of US$942k more than they bought in the last 12 months. Recent Insider Transactions Derivative • May 23
Chief Development Officer notifies of intention to sell stock Anthony O'Sullivan intends to sell 100k shares in the next 90 days after lodging an Intent To Sell Form on the 21st of May. If the sale is conducted around the recent share price of US$1.42, it would amount to US$142k. Since September 2023, Anthony's direct individual holding has increased from 539.28k shares to 749.43k. Company insiders have collectively sold US$800k more than they bought, via options and on-market transactions in the last 12 months. Announcement • Apr 20
TMC the metals company Inc., Annual General Meeting, May 30, 2024 TMC the metals company Inc., Annual General Meeting, May 30, 2024, at 10:00 Eastern Daylight. Agenda: To consider and act upon a proposal to set the number of directors at nine; to consider and act upon a proposal to elect to the Company's Board of Directors nine persons to hold office until the next Annual and Special Meeting of shareholders; to consider and act upon a proposal to appoint Ernst & Young LLP as the Company's independent registered public accounting firm for the 2024 fiscal year, ending December 31, 2024; to consider and act upon a proposal to approve on a non-binding advisory basis the compensation of the Company's Chief Executive Officer and Chairman; and to address such other matters as may properly come before the 2024 Annual and Special Meeting or any adjournment or postponement thereof. Breakeven Date Change • Apr 03
No longer forecast to breakeven The 4 analysts covering TMC the metals no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$14.7m in 2026. New consensus forecast suggests the company will make a loss of US$16.9m in 2026. Recent Insider Transactions • Apr 02
Chief Development Officer recently sold US$67k worth of stock On the 28th of March, Anthony O'Sullivan sold around 50k shares on-market at roughly US$1.33 per share. This transaction amounted to 6.3% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth US$376k. Insiders have been net sellers, collectively disposing of US$800k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Apr 01
Chief Development Officer notifies of intention to sell stock Anthony O'Sullivan intends to sell 50k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of March. If the sale is conducted around the recent share price of US$1.33, it would amount to US$67k. Since September 2023, Anthony's direct individual holding has increased from 539.28k shares to 799.43k. Company insiders have collectively sold US$734k more than they bought, via options and on-market transactions in the last 12 months. Recent Insider Transactions • Mar 25
Chief Financial Officer recently sold US$376k worth of stock On the 22nd of March, Craig Shesky sold around 233k shares on-market at roughly US$1.61 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Craig has been a net seller over the last 12 months, reducing personal holdings by US$504k. Breakeven Date Change • Dec 31
Forecast to breakeven in 2026 The 3 analysts covering TMC the metals expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$34.2m in 2026. Average annual earnings growth of 62% is required to achieve expected profit on schedule. Recent Insider Transactions • Dec 01
Chief Development Officer recently sold US$69k worth of stock On the 27th of November, Anthony O'Sullivan sold around 50k shares on-market at roughly US$1.38 per share. This transaction amounted to 7.8% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$142k. Insiders have been net sellers, collectively disposing of US$575k more than they bought in the last 12 months. Recent Insider Transactions • Oct 01
Chief Development Officer recently sold US$142k worth of stock On the 26th of September, Anthony O'Sullivan sold around 140k shares on-market at roughly US$1.02 per share. This transaction amounted to 21% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$470k more than they bought in the last 12 months. Price Target Changed • Jul 09
Price target increased by 33% to US$4.00 Up from US$3.00, the current price target is provided by 1 analyst. New target price is 58% above last closing price of US$2.53. Stock is up 154% over the past year. The company is forecast to post a net loss per share of US$0.36 next year compared to a net loss per share of US$0.71 last year. Recent Insider Transactions Derivative • Jun 28
Chief Development Officer notifies of intention to sell stock Anthony O'Sullivan intends to sell 243k shares in the next 90 days after lodging an Intent To Sell Form on the 28th of June. If the sale is conducted around the recent share price of US$0.72, it would amount to US$175k. Since September 2022, Anthony's direct individual holding has increased from 575.11k shares to 679.28k. Company insiders have collectively sold US$306k more than they bought, via options and on-market transactions in the last 12 months. Breakeven Date Change • Apr 01
Forecast to breakeven in 2025 The 2 analysts covering TMC the metals expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 28% per year to 2024. The company is expected to make a profit of US$43.2m in 2025. Average annual earnings growth of 66% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 25
Forecast to breakeven in 2025 The analyst covering TMC the metals expects the company to break even for the first time. New forecast suggests losses will reduce by 28% per year to 2024. The company is expected to make a profit of US$43.2m in 2025. Average annual earnings growth of 65% is required to achieve expected profit on schedule. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The analyst covering TMC the metals expects the company to break even for the first time. New forecast suggests the company will make a profit of US$43.2m in 2025. Average annual earnings growth of 60% is required to achieve expected profit on schedule. Announcement • Dec 07
TMC the Metals Company Receives a Written Notice from the Nasdaq Stock Market LLC On December 5, 2022, TMC the metals company Inc. received a written notice from The Nasdaq Stock Market LLC notifying the Company that the average closing price of the Company's common shares over the 30 consecutive trading days from October 21, 2022 through December 2, 2022 had fallen below $1.00 per share, which is the minimum closing bid price required to maintain listing on the Nasdaq Stock Market under Nasdaq Listing Rule 5450(a)(1). In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has 180 calendar days to regain compliance with the Minimum Bid Requirement (the Grace Period"), subject to a potential 180 calendar day extension. To regain compliance, the closing bid price of the Company's Common Shares must be at least $1.00 per share for a minimum of 10 consecutive business days within the Grace Period. If the Company does not achieve compliance with the Minimum Bid Requirement by June 5, 2023, the end of the Grace Period, the Company may be eligible for an additional 180 calendar day period to regain compliance. To qualify, the Company would be required, among other things, to meet the continued listing requirement for the market value of its publicly held shares and all other Nasdaq initial listing standards, with the exception of the bid price requirement, and would need to provide written notice to Nasdaq of its intention and plan to cure the deficiency during the second compliance period by effecting a reverse stock split if necessary. However, if it appears to Nasdaq staff that the Company will not be able to cure the deficiency, or if the Company does not meet the other listing standards, Nasdaq could provide notice that the Company's Common Shares will be subject to delisting. In the event the Company receives notice that its Common Shares are being delisted, the Company would be entitled to appeal the determination to a Nasdaq Listing Qualifications Panel and request a hearing. The Company intends to actively monitor the closing bid price of its Common Shares and will evaluate available options to regain compliance with the Minimum Bid Requirement. The notice has no immediate effect on the listing or trading of the Company's Common Shares, which will continue to be listed and traded on the Nasdaq Stock Market, subject to the Company's compliance with the other Nasdaq listing requirements. Price Target Changed • Nov 16
Price target decreased to US$3.00 Down from US$4.00, the current price target is provided by 1 analyst. New target price is 223% above last closing price of US$0.93. Stock is down 74% over the past year. The company is forecast to post a net loss per share of US$0.28 next year compared to a net loss per share of US$0.69 last year. Board Change • Nov 16
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Director Amelia Siamomua is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Nov 15
TMC the Metals Company Inc. Announces Management Changes TMC the metals company Inc. on November 10, 2022, upon the recommendation of the Nominating and Corporate Governance Committee of the Board, the Board appointed Mr. Greig to the Compensation Committee of the Board (the Compensation Committee"), effective immediately. Effective upon such appointment, the members of the Compensation Committee are Andrei Karkar (Chair), Sheila Khama and Mr. Greig. In addition, on November 11, 2022, Mr. Greig was appointed as Lead Independent Director, replacing Andrew Hall. Mr. Hall will remain on the Board, including as a member of the Audit Committee of the Board. Announcement • Oct 21
The Metals Company Announces Executive Changes The Metals Company announced that it has appointed Grant Lindner as Project Director for NORI as the Company looks to bring online its first polymetallic nodule project (NORI-D Project) to supply critical battery metals for the clean energy transition. Grant will play a key role in advancing all areas of the NORI-D Project including the submission of the Environmental Impact Assessment and exploitation application to the International Seabed Authority, and the safe delivery of offshore and onshore development plans. The Company also announced that its CDO Anthony O’Sullivan resigned as of October 14, 2022 for personal and health reasons, though he will remain in the position through a twelve-month transition period. Grant brings extensive experience in delivering complex resource projects in the construction and mining industries and has delivered over $26 billion in project value during his 25-year career at leading engineering and construction group, Bechtel, and mining major, BHP. He has held senior executive roles for large-scale mining, smelter and refinery, material handling and marine projects and has a record of building high-performing teams to ensure efficient project delivery. Announcement • Oct 13
TMC the Metals Company Inc. Successfully Collects an Initial Batch of Seafloor Polymetallic Nodules TMC the metals company Inc. announced that it has successfully collected an initial batch of seafloor polymetallic nodules, and transported them up a 4km-long riser system to the surface, in what represents the first integrated system test conducted in the Clarion Clipperton Zone of the Pacific Ocean since the 1970s. Having successfully completed at-sea construction of the riser system and its integration with the flexible jumper hose and pilot nodule collector vehicle, 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. From inside the collector nodules were channeled to the jumper hose and into the riser where they were lifted on compressed air in a 12-minute-trip from seafloor to the Hidden Gem, where the return water was discharged to the midwater column at depth. To date on the current campaign the collector vehicle has successfully been test-driven approximately 18.1km within NORI-D. Meanwhile, aboard a dedicated 103-meter-long monitoring vessel, expert industry contractors and independent scientists from leading research institutions from around the world are conducting a complex monitoring program to assess the environmental impacts of the collector system trials using an array of over 50 subsea sensors and monitoring stations. The assets are designed to record any changes in the marine environment that may occur during testing of the collector system. The state-of the-art technology that TMC subsidiary NORI has applied to this monitoring effort includes over 20 strategically positioned sediment collection stations; acoustic moorings and landers to measure sound propagation; two Autonomous Underwater Vehicles (AUVs) conducting underwater mapping; two Remotely Operated Vehicles (ROVs) collecting water samples in the plume; optical backscatter and laser diffraction sensors to measure sediment particle settling velocity; trace metal samplers; seven fixed landers equipped with Acoustic Doppler Current Profilers (ADCPs) and conductivity, temperature, and depth (CTD) sensors. NORI expects the findings from the data being collected will be published in scientific literature next year. Announcement • Oct 06
the Metals Company Subsidiary NORI Commences Monitoring of the Environmental Impacts of Pilot Nodule Collection System Trials in the Clarion-Clipperton Zone The Metals Company announced that a multidisciplinary team of independent scientists from leading research institutions around the world and industry-leading contractors has commenced the next phase of an extensive environmental baseline and impact monitoring campaign in preparation for the Company’s subsidiary NORI’s ongoing pilot nodule collection system trials in the NORI-D area of the CCZ. Aboard a dedicated 103-meter-long monitoring vessel, scientists recently conducted pre-disturbance monitoring studies on a sub-section of the NORI-D exploration area to establish an environmental baseline before NORI’s offshore strategic partner, Allseas, tests a system consisting of a prototype nodule collector at the seafloor connected to a riser system to bring nodules to the surface production vessel, Hidden Gem. Researchers use a range of high-tech equipment including bespoke tools developed by MIT, Scripps and Sequoia Scientific to characterise the behaviour of sediment plumes generated by the prototype collector on the seafloor; three dedicated moorings, current meters with acoustic modems to provide real-time seafloor current data and a large array of other specialized equipment which together represents the most extensive suite of instruments ever deployed for a single program in the deep ocean. The current campaign requires the coordination of 250 people across three vessels and also marks the initial trials of components of TMC’s Adaptive Management System — being developed in partnership with Kongsberg Digital — which is expected to enable near-real-time 3D visualization in the deep sea and the simulation and analysis of the impacts of NORI’s proposed operations at depths of 4kms. Having established a baseline of the NORI-D collector test area, scientists will proceed to monitor the environmental impacts of deployment and testing of the fully integrated nodule collection system. They will also undertake post-collection surveys to compare the status of the environment before and after the test. The data collected, together with many terabytes of existing baseline data collected by NORI throughout 16 offshore campaigns, will form the basis of NORI’s application to the International Seabed Authority for an exploitation contract, which the Company expects to submit in the second half of 2023. Last month NORI announced that it received the ISA’s recommendation to commence its pilot nodule collection system trials in the CCZ after its review of the Environmental Impact Statement (EIS) and Environmental Monitoring and Management Plan (EMMP). Trials of prototype nodule collectors have been successfully conducted by several ISA contractors including BGR and GSR in the recent years. NORI’s tests will mark the first time an integrated nodule collection system — including nodule riser — has been trialled in the Clarion Clipperton Zone since the 1970s, when oil, gas, mining and industrial majors including Shell, BP, Rio Tinto (Kennecott), US Steel, INCO (Vale) and Sumitomo successfully conducted pilot test work, collecting over 1,500 tons of nodules. Recent Insider Transactions • Oct 05
Chief Development Officer recently sold US$53k worth of stock On the 30th of September, Anthony O'Sullivan sold around 51k shares on-market at roughly US$1.04 per share. This transaction amounted to 8.1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger sale worth US$61k. Despite this recent sale, insiders have collectively bought US$293k more than they sold in the last 12 months. Announcement • Oct 04
TMC the metals company Inc. Announces Board Changes TMC the metals company Inc. announced that Andy Greig has been appointed to its Board of Directors. Andy joined the Board as a director on September 29, 2022 and replaces 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. Andy’s career at Bechtel included 13 years as President of the Mining and Metals global business unit with 55,000 employees and over $7 billion in annual revenue, where he was responsible for strategy, planning, execution and project delivery. Andy was elected to the Bechtel Group Board of Directors in 2011. Andy was previously a board member of DeepGreen Metals Inc., the company that merged to form TMC the metals company Inc. The Company also announced that the current Chair of its Sustainability & Innovation Committee and Independent Director, Sheila Khama, will join its Audit Committee. A leading expert on extractive industry corporate governance, Sheila has held C-suite level positions at various natural resources companies, including as a former CEO of De Beers, Botswana and Compliance Officer for Anglo American. Recent Insider Transactions • Sep 23
Chief Development Officer recently sold US$61k worth of stock On the 19th of September, Anthony O'Sullivan sold around 51k shares on-market at roughly US$1.20 per share. This transaction amounted to 7.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought US$496k more than they sold in the last 12 months. Announcement • Aug 27
TMC the metals company Inc. announced that it has received $30.399999 million in funding from ERAS Capital, LLC As of August 26, 2022, TMC the metals company Inc. closed the transaction. The transaction included participation from a 25 investors. Seeking Alpha • Aug 22
TMC the metals company: Profiling A Lottery Ticket Today, we put TMC the metals company in the spotlight for the first time.
Management believes it has the production rights to globe's largest undeveloped Nickel project.
An investment analysis on this very high risk/high reward concern follows in the paragraphs below.
Nothing that is worth knowing can be taught”― Oscar Wilde
Today, we take our first look at a small and unique mining concern with an unusual name. The company came public via the SPAC craze of 2020 and 2021. Like most of that "vintage," the stock has done little but destroy shareholder value since debuted on the public markets. However, the shares are seeing insider buying and the company is potentially position to ride the huge growth in the electric vehicle ("EV") space. An analysis follows below.
Seeking Alpha
Company Overview:
TMC the metals company Inc. (TMC) is headquartered in Vancouver, Canada. The company plans to primarily explore for nickel, cobalt, copper, and manganese products via the collection, processing, and refining of polymetallic nodules found on the seafloor in the Clarion Clipperton Zone [CCZ] in the southwest of San Diego. The stock sells for just under a buck a share and sports an approximate $200 million market cap.
May Company Presentation
Given the explosion in electric vehicle production, the company has some long term tailwinds given how much of its potential future production such as nickel is used in the electric vehicle manufacturing process.
May Company Presentation
The company was formerly known as Sustainable Opportunities Acquisition Corp. ("SOAC"), which came public last summer via a SPAC merger with DeepGreen Metals Inc. Deep Green Metals was a Canada-based mining group founded in 2011.
It is important to note the company is really more of an advanced concept right now than an operating mining concern. The firm intends to extract materials the deep seabed floor starting in 2024 in the CCZ where it has secured rights. Management believes it has rights to globe's largest undeveloped Nickel project. It also thinks it can be a low cost producer as plans to harvest these Polymetallic nodules (AKA, manganese nodules) from the sea floor. These nodules hold the four primary battery metals which are cobalt, nickel, copper, and manganese. These are contained within a single ore which doesn't have heavy metals, easing the process of extraction considerably. Both the equipment and process for this sort of complex extraction is in the testing phases, and the true ecological impact of such deep-sea extractions remains unknown.
One of the many obstacles the company will have to overcome to start extracting minerals from the sea floor is waiting for final regulations from International Seabed Authority, or ISA. They are due out in 2023. Then there will likely be resistance/potential lawsuits from the usual environmental groups. However, that is likely to balanced by the increasing national security ramifications from Russia's invasion of Ukraine this year. This resulted in myriad sanctions against Russia, which is the largest producer of nickel and a large producer of many other minerals. A recent article on Seeking Alpha captured nicely these competing influences.
May Company Presentation
The company has many partners is this huge endeavor including Allseas, Glencore, Epsilon Carbon and Maersk. As can be seen below, there are numerous major tasks to check off before production can begin, hopefully in 2024.
May Company Presentation
Analyst Commentary & Balance Sheet:
Only two analyst firms, Wedbush ($3 price target) and Piper Sandler ($2.50 price target) have offered up ratings on TMC the metals company Inc. so far in 2022. Both have Hold ratings on the stock. Insiders seem more sanguine on the company's prospects. The CEO purchased some $100,000 of new shares on August 12th. The same day a beneficial owner added $5 million to their holdings in TMC, which was part of PIPE to raise additional capital. This follows similar moves by both entities in March of this year. There has been no insider selling in the shares since the company debuted on the market. Less than three percent of the outstanding shares are currently held short. Recent Insider Transactions • Aug 17
CEO & Chairman of the Board recently bought US$100k worth of stock On the 12th of August, Gerard Barron bought around 104k shares on-market at roughly US$0.96 per share. This was the largest purchase by an insider in the last 3 months. Gerard has been a buyer over the last 12 months, purchasing a net total of US$470k worth in shares. Announcement • Aug 17
TMC the metals company Inc. (NasdaqGS:TMC) acquired Tonga Offshore Mining Ltd. TMC the metals company Inc. (NasdaqGS:TMC) acquired Tonga Offshore Mining Ltd on March 31, 2020.
TMC the metals company Inc. (NasdaqGS:TMC) completed the acquisition Tonga Offshore Mining Ltd on March 31, 2020. Announcement • May 20
TMC the metals company Inc. Announces Successful Deepwater Commissioning of Riser Pipe and Jumper Hose Designed to Lift Polymetallic Nodules from Seafloor to Surface TMC the metals company Inc. announced the successful deployment of a riser system and flexible jumper hose which, alongside the robotic nodule collector vehicle, represent key components of the pilot nodule collection system designed by the Company’s strategic partner and shareholder, Allseas Group S.A. Engineers aboard the Hidden Gem vessel 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 650m meters. Using the remotely operated vehicle (ROV) installed on the Hidden Gem, engineers then made a sub-sea connection between the jumper hose and collector vehicle which was previously deployed to the seafloor in 745m water depth. Allseas used the derrick onboard the former drillship for at-sea construction of the pilot riser system which will ultimately extend to 4km deep when deployed later this year in the Clarion Clipperton Zone (CCZ) of the Pacific Ocean. The pilot system being tested by Allseas will be the basis for TMC’s first commercial production system, and in March the companies announced a non-binding term sheet outlining the terms for developing and operating the world’s first commercial system to collect deep-sea polymetallic nodules to meet surging demand for critical battery metals. Since 2019, Allseas and TMC have been working together to develop a pilot system to responsibly collect unattached polymetallic nodules from the seafloor and lift them to the surface for transportation to shore. Nodules contain high grades of nickel, manganese, copper and cobalt — key metals required for building electric vehicle batteries and renewable energy technologies. Previously, TMC and Allseas announced successful trials of the nodule collector vehicle in deep-water in the Atlantic [see video] as well as harbor wet-test commissioning and shallow-water drive tests in the North Sea. All trials to date are in preparation for full pilot nodule collection system trials later this year over an 8 km2 section of the NORI-D contract area in the Clarion Clipperton Zone of the Pacific Ocean. The trials are an integral part of the International Seabed Authority’s regulatory and permitting process and the environmental impact data collected both during and after the upcoming nodule collection test work, together with many terabytes of existing baseline data collected by TMC, will form the basis of the application for an exploitation contract by its wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI). Development of technologies to collect polymetallic nodules first began in the 1970s when oil, gas and mining majors including Shell, Rio Tinto (Kennecott) and Sumitomo successfully conducted pilot test work in the CCZ, collecting over ten thousand tons of nodules. In the decades since, the ISA was established to develop the regulatory framework to govern mineral extraction in the high seas while technology development efforts have largely focused on scaling proven nodule collection technologies and optimizing for minimal seafloor disturbance and environmental impact. Announcement • May 06
the Metals Company and Allseas Announce Successful Deep-Water Test of Polymetallic Nodule Collector Vehicle in the Atlantic Ocean At A Depth of Nearly 2,500 Meters TMC the metals company Inc. announced the successful completion of initial deep-water trials of the polymetallic nodule collector vehicle in the Atlantic Ocean. Engineers successfully lowered the Allseas-designed collector vehicle to the seafloor at depths of 2,470 meters, marking the first time the vehicle had been subjected to ultra-deep-water temperatures and pressures. Engineers then subjected the vehicle to extensive testing of its various pumps and critical mobility functions, driving 1,018 meters across the seafloor. Since 2019, Allseas and TMC have been working together to develop a pilot system to responsibly collect polymetallic nodules that sit unattached on the seafloor and lift them to the surface for transportation to shore. Nodules contain high grades of nickel, manganese, copper and cobalt — key metals required for building electric vehicle batteries and renewable energy technologies. Previously, TMC and Allseas announced successful harbor wet-test commissioning and shallow-water drive tests in the North Sea. With this latest round of deep-sea trials Allseas engineers will also test deployment of components of the riser as well as the connection between the jumper hose and the collector vehicle. All of the trials to date are in preparation for full pilot nodule collection system trials later this year over an 8 km2 section of the NORI-D contract area in the Clarion Clipperton Zone of the Pacific Ocean. The trials are an integral part of the International Seabed Authority’s regulatory and permitting process and the environmental impact data collected both during and after this nodule collection test work will form the basis of the application for an exploitation contract by TMC’s wholly-owned subsidiary, Nauru Ocean Resources Inc. (NORI). Development of technologies to collect polymetallic nodules first began in the 1970s when oil, gas and mining majors including Shell, Rio Tinto (Kennecott) and Sumitomo successfully conducted pilot test work in the CCZ, recovering over ten thousand tons of nodules. In the decades since, the ISA was established to develop the regulatory framework to govern mineral extraction in the high seas while technology development efforts have largely focused on scaling proven nodule collection technologies and optimizing for minimal seafloor disturbance and environmental impact. Price Target Changed • Apr 27
Price target decreased to US$4.00 Down from US$5.00, the current price target is an average from 2 analysts. New target price is 152% above last closing price of US$1.59. Stock is down 84% over the past year. The company is forecast to post a net loss per share of US$0.38 next year compared to a net loss per share of US$0.69 last year. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Director Amelia Siamomua is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Apr 15
TMC the metals company Inc., Annual General Meeting, May 31, 2022 TMC the metals company Inc., Annual General Meeting, May 31, 2022, at 10:00 Eastern Daylight. Agenda: To set the number of directors at eight; to elect eight directors to serve a one-year term expiring in 2023; to approve 2021 Employee Stock Purchase Plan; to appoint Ernst & Young LLP as independent registered public accounting firm for the fiscal year ending December 31, 2022; and to transact such other business that is properly presented at the annual and special meeting and any adjournments or postponements thereof. Recent Insider Transactions • Apr 02
Lead Independent Director recently bought US$60k worth of stock On the 30th of March, Andrew Hall bought around 28k shares on-market at roughly US$2.13 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$432k more in shares than they have sold in the last 12 months. Announcement • Feb 11
The Metals Company Appoints Kathleen McAllister as New Independent Board Director & Audit Committee Chair The Metals Company announced that Kathleen McAllister has been appointed to its Board of Directors as an Independent Director, as it advances its seafloor polymetallic nodule project to supply the world with critical base metals needed for the energy transition. Kathleen will first join the Board as a director until April 1, 2022, when it is expected that she will assume the role of TMC Audit Committee Chair with the remit of ensuring rigorous internal controls, quality financial accounting and corporate reporting. Kathleen currently serves as an Independent Director and member of the Audit Committees for electric and gas utility company, Black Hills Corporation, and energy infrastructure provider, Höegh LNG Partners LP, following a two-year tenure as chair of the Audit and Risk Committee of Maersk Drilling. In her various executive roles at Transocean Partners LLC including President and CEO, Kathleen guided the formation of the company and led the IPO of a 29% interest in the company. She previously served as Vice President of Transocean Ltd, an international offshore drilling contract services provider, where she led over $20 billion in capital market transactions. Board Change • Jan 01
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. Independent Director Amelia Kinahoi-Siamomua is the most experienced director on the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. 
