Tmc The Metals Company Inc Stock Price, News & Analysis

TMC (Nasdaq: TMC) announced successful pilot tests of its nodule collection system in the Pacific's Clarion Clipperton Zone, marking a significant milestone since the 1970s. Engineers collected 4,500 tonnes of polymetallic nodules, transporting over 3,000 tonnes to the surface at a sustained rate of 86.4 tonnes per hour. The trial data will support TMC's application to the International Seabed Authority for an exploitation contract. The project aims for a commercial system targeting 1.3 million tonnes annually by Q4 2024, contributing to cleaner battery metal sourcing.

The Metals Company (Nasdaq: TMC) announced a conference call on November 15, 2022, to discuss its third-quarter financial results and corporate developments. A virtual fireside chat, hosted by Water Tower Research, will occur on November 16, 2022, highlighting the company’s plans leading to the anticipated submission of its ISA exploitation contract application in the second half of 2023. TMC aims to supply battery metals sustainably from seafloor polymetallic nodules, contributing to the clean energy transition while minimizing environmental impact.

The Metals Company (NASDAQ: TMC) has appointed Grant Lindner as Project Director for its NORI-D Project, which aims to supply battery metals essential for the clean energy transition. Lindner, with over 25 years of experience, previously held senior roles at BHP and Bechtel, managing significant resource projects. Anthony O'Sullivan, the current Chief Development Officer, resigned for personal and health reasons but will remain during a twelve-month transition period.

This strategic move is expected to strengthen TMC's capability in delivering high-quality project applications.

TMC the metals company has successfully completed its initial pilot collection run of polymetallic nodules in the Clarion Clipperton Zone, collecting approximately 14 tonnes. This marks the first such test since the 1970s. The pilot collector vehicle operated effectively, demonstrating resilience in deep-sea conditions. Concurrent environmental monitoring is underway, collecting data to support an application for an exploitation contract with the International Seabed Authority, expected in the second half of 2023. This pioneering advancement highlights TMC's commitment to sustainable resource extraction.

The Metals Company (TMC) has advanced its environmental program with NORI entering a new phase focused on monitoring the environmental impacts of its integrated nodule collection system trials in the NORI-D area of the Clarion Clipperton Zone (CCZ). A multidisciplinary team of independent scientists will conduct these studies using advanced technology to collect critical data for an exploitation contract application to the International Seabed Authority, expected in late 2023. This marks the first comprehensive testing of a nodule collection system in the CCZ since the 1970s.

The Metals Company (NASDAQ: TMC) announced the appointment of Andrew C. Greig to its Board of Directors, effective September 29, 2022, following the departure of Gina Stryker. Greig brings 35 years of leadership experience, having served as President of Bechtel’s Mining and Metals unit. He is expected to enhance TMC's strategic direction in its mission to supply lower-impact battery metals. Additionally, Sheila Khama will join the Audit Committee, bolstering corporate governance expertise.

The Metals Company (TMC) and UAW have signed a labor neutrality agreement focused on strengthening the critical mineral supply chain for electric vehicle batteries. This partnership aims to support sustainable production while ensuring good-paying union jobs in the U.S. TMC operates with a commitment to environmental protection, processing battery metals from polymetallic nodules found on the seafloor, enough to potentially electrify 280 million vehicles. This agreement underscores the importance of a strong U.S. supply chain for clean energy and aims to secure workers’ rights in the evolving automotive landscape.

The International Seabed Authority (ISA) has completed its review of the Environmental Impact Statement (EIS) for The Metals Company's (TMC) subsidiary, Nauru Ocean Resources Inc. (NORI). This approval allows NORI to conduct pilot collection system trials in the Clarion Clipperton Zone. These trials are set to begin later this month and will include independent monitoring by various research institutions. Approximately 3,600 tonnes of polymetallic nodules are expected to be collected. This marks the first such trials in the CCZ since the 1970s.

TMC the metals company reported a net loss of $12.4 million for Q2 2022, with a loss per share of $0.05. The company holds approximately $46.3 million in cash and has initiated a private placement financing for 38 million shares at $0.80 per share, aiming for gross proceeds of $30.4 million. With anticipated proceeds, TMC expects to sustain operations beyond the July 2023 deadline set by the International Seabed Authority for exploitation regulations. Recent pilot collection system trials were successful, paving the way for future testing in the NORI Area D.