Tmc The Metals Company Inc Stock Price, News & Analysis

TMC and PAMCO have achieved a significant milestone in nodule processing, successfully producing high-grade nickel-copper-cobalt alloy and manganese silicate during a 14-day smelting campaign at PAMCO's facility in Hachinohe, Japan. The campaign processed approximately 450 tonnes of calcine material using a 3,000 kVA DC electric-arc furnace.

The achievement is part of an 18-month feasibility program utilizing a 2,000-tonne nodule sample collected during TMC's 2022 test mining. The process demonstrates TMC's capital-light approach by leveraging PAMCO's existing facility, which has been operational since 1965, eliminating the need for new processing plants.

This milestone supports TMC's preparation to submit the world's first exploitation application for commercial production. In November 2023, TMC signed an MOU with PAMCO to study the feasibility of processing 1.3 million tonnes of wet polymetallic nodules annually.

TMC (Nasdaq: TMC) welcomes new legislation mandating a Defense Department feasibility study on refining polymetallic nodule-derived intermediates into high-purity nickel, cobalt, and copper products. The study, due by end of 2025, will be led by the Industrial Base Policy Office to evaluate options for strengthening domestic critical mineral supply chains.

TMC's U.S. subsidiary has applied for a $9 million Defense Production Act Title III grant for domestic refinery feasibility work. The company has already demonstrated success in producing high-grade nickel and cobalt products from nodule intermediates in Ontario, while Pacific Metals Co. in Japan is conducting commercial-scale trials using nodules collected during TMC and Allseas' pilot collection system test.

The initiative, supported by bipartisan lawmakers, aims to address U.S. vulnerabilities in battery supply chains, particularly in nickel refining, as identified in Executive Order 14017.

A class action securities lawsuit has been filed against TMC The Metals Company (Nasdaq: TMC) in the U.S. District Court for the Central District of California. The lawsuit alleges that TMC and certain officers made false and misleading statements to investors in financial statements and regarding internal controls between May 12, 2023 and March 25, 2024. Shareholders who suffered significant losses during this period have until January 7, 2025 to request appointment as lead plaintiff. Cohen Milstein Sellers & Toll PLLC, a prominent securities litigation firm, is handling the case.

TMC reported Q3 2024 financial results with a net loss of $20.5 million ($0.06 per share) and $5.7 million cash used in operations. The company announced a Registered Direct Offering with minimum gross proceeds of $17.5 million at $1.00 per share. Current liquidity stands at approximately $63 million. NORI has set June 27, 2025 as the date to submit its ISA exploitation application. The company plans to reduce quarterly cash use to less than $5 million post-application submission and is exploring new strategies including developing a services business for seafloor resource development and optimizing its resource portfolio.

TMC the metals company has announced a US$17.5 million registered direct offering of common shares and Class B warrants. The company is selling 17,500,000 common shares with accompanying warrants to purchase up to 8,750,000 additional shares. Each share and warrant bundle is priced at US$1.00, with warrants exercisable at US$2.00 per share for five years. The warrants include a Company repurchase option at $0.0001 per share if the stock price exceeds $5.00 for 30 consecutive trading days. The offering is expected to close by November 22, 2024, with proceeds intended for working capital and general corporate purposes.

TMC announces its subsidiary NORI will submit ISA exploitation application on June 27, 2025, following discussions with Nauru. The company expects quarterly cash use below $5 million during application review and won't raise funds for Hidden Gem vessel preparation until achieving regulatory clarity or securing non-dilutive financing. TMC is exploring new strategic directions, including developing a services business for seafloor resource development and diversifying its resource portfolio. The ISA Council will receive a revised consolidated text of the draft Mining Code by November 2024. The company plans to reduce operating expenses and is in discussions for services contracts in exploration, resource definition, and environmental assessments.

The Metals Company (Nasdaq: TMC) announced it will host a conference call on Thursday, November 14, 2024, to discuss third quarter financial results and recent corporate developments.

The call will take place at 4:30 p.m. ET. Participants can register for the audio-only dial-in or virtual webcast with slides. The replay will be available on the company’s website under the ‘Investors’ section approximately two hours after the event.

TMC and PAMCO have achieved a world-first breakthrough in commercial-scale processing of polymetallic nodules, successfully producing calcine from a 2,000-tonne sample collected during TMC subsidiary Nauru Ocean Resources Inc.'s 2022 test mining. The process took place at PAMCO's Hachinohe Rotary Kiln Electric-Arc Furnace facility in Japan.

Approximately 1,200 tonnes of nodules were fed into the kiln at up to 60 tonnes per hour, producing roughly 500 tonnes of calcine. PAMCO plans to commence the next phase, smelting the calcine into a high-grade nickel-copper-cobalt alloy and manganese silicate in the coming months.

This commercial-scale campaign aims to collect and analyze process data and operational experience in preparation for expected definitive processing agreements between the parties.

TMC the metals company Inc. (Nasdaq: TMC) provided a corporate update and financial results for Q2 2024. Key highlights include:

- Current liquidity of $48.3 million from credit facilities
- Increased borrowing capacity by $7.5 million
- $12.1 million cash used in operations
- Net loss of $20.2 million ($0.06 per share)

Operational achievements:
- Published third annual Impact Report
- Produced world's first cobalt sulfate from seafloor polymetallic nodules
- Added Steve Jurvetson and Brendan May to the Board of Directors

Industry updates include progress on ISA Mining Code negotiations and increased focus on seafloor resources by major economies. TMC remains optimistic about the industry's future despite recent share price performance.