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TMC the metals company Inc. develops critical-metal resources from seafloor polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean. Company news centers on exploration and commercial recovery permitting, environmental research, technical assessments, collection-system development, and the metallurgical work needed to process nodules for metals used in energy, defense, manufacturing and infrastructure.
Recurring updates include NOAA and DSHMRA regulatory milestones for TMC USA, International Seabed Authority data submissions by NORI and TOML, commercial work with offshore contractor Allseas, quarterly financial results, business updates, and material agreements tied to sponsored exploration areas and future nodule recovery operations.
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TMC the metals company (Nasdaq: TMC) has announced through its subsidiary NORI the submission of over 270,000 benthic biological occurrences to the International Seabed Authority's DeepData catalogue. This data comes from 17 offshore environmental campaigns conducted over the last decade, forming part of a comprehensive dataset aimed at supporting TMC's Environmental Impact Statement for the NORI-D Nodule Project. The dataset is expected to enhance understanding of biodiversity and support informed decision-making regarding nodule collection operations. Additional data is to be shared in the coming months, with numerous papers expected to be published from this research.
TMC the metals company Inc. (Nasdaq: TMC) provided its Q4 and FY 2022 corporate update, reporting a net loss of $109.6 million for Q4 and $171 million for the year. Loss per share was $0.41 for Q4 and $0.71 for FY 2022. Despite these losses, TMC highlighted successful trials of its nodule collection technology and significant progress in its NORI-D Project, including the collection of over 3,000 tonnes of nodules. TMC secured a $25 million credit facility and entered an MoU with PAMCO for processing nodules. The company holds approximately $46.8 million in cash, indicating sufficient liquidity for operations in the next year.
TMC the metals company announced the completion of a lifecycle assessment (LCA) for its NORI-D Polymetallic Nodule Project, reviewed by Benchmark Mineral Intelligence. The LCA, which compares the environmental impacts of extracting battery metals from seabed nodules versus land-based sources, indicates that TMC's method outperforms traditional mining in most environmental impact categories. Key findings suggest a 70-80% reduction in emissions, particularly in nickel production. This assessment aims to reveal impact hotspots and improve sustainability in the context of rising global demand for battery metals, essential for the energy transition.
TMC has signed a non-binding MOU with Pacific Metals Co Ltd (PAMCO) to evaluate processing 1.3 million tonnes of wet polymetallic nodules annually starting in 2025. This initiative aligns with TMC’s capital-light strategy aimed at commercial production by late 2024, utilizing existing assets requiring minimal changes. PAMCO will analyze a 22-tonne PMN sample collected in November 2022 for processing viability at its Hachinohe facility, producing nickel-copper-cobalt alloy and manganese silicate. The companies aim to establish a binding agreement for toll-processing in 2023, reinforcing their commitment to sustainable practices and efficient resource management.
The Metals Company (TMC) announced a conference call scheduled for March 23, 2023, at 4:30 p.m. ET to discuss its fourth quarter financial results and recent corporate developments. Investors can register for audio-only dial-in or virtual webcast options. TMC focuses on sourcing lower-impact battery metals from seafloor polymetallic nodules, aiming to support the clean energy transition while minimizing environmental impacts. The company holds exploration rights for three areas in the Clarion-Clipperton Zone of the Pacific Ocean, under the supervision of the International Seabed Authority.
The Metals Company (Nasdaq: TMC) announced a conference call on March 23, 2023, at 4:30 p.m. ET to discuss their fourth quarter financial results and recent corporate developments. The call will provide insights into their strategies as an explorer of lower-impact battery metals from seafloor polymetallic nodules, supporting clean energy transitions. The event can be accessed via an audio-only dial-in or a virtual webcast, both of which require registration. The Metals Company operates under a dual mission to minimize environmental impact while supplying essential metals for sustainable energy.
The Metals Company (Nasdaq: TMC) has announced that Bechtel Australia Pty Ltd will compile techno-economic studies for its NORI-D Project, supporting its application for an exploitation contract with the International Seabed Authority. This application, anticipated for the second half of 2023, is based on data from the nodule collection tests completed in December 2022. The pilot collection system is expected to produce over one million wet tonnes of nodules. TMC aims to significantly increase battery metal supply, particularly nickel sulphate, to meet U.S. electric vehicle demands, with potential commercial operations outperforming 2021 production levels.
Low Carbon Royalties Inc. has completed two royalty transactions, marking its official launch. The company focuses on funding low-carbon energy solutions and transition metals for decarbonization. It acquired a 2.0% gross overriding royalty on future revenues from TMC's NORI project for US$5 million and a 35% equity stake in Low Carbon Royalties. This partnership aims to bolster TMC's cash balance and advance its projects without equity dilution. Low Carbon Royalties showcases a strong commitment to sustainable energy investments while being backed by significant Canadian asset management experience.