Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>3Q24 update. TMC’s income statement expenses rose from $12.5 million in 3Q23 to $20.0 million in 3Q24 on higher legal and consulting costs, and share-based compensation accounting.</li><li>However, quarterly cash use slowed from $12.5 million in the year-ago period to $5.7 million and management reaffirmed its intention to reduce cash use to less than $5 million/quarter once the ISA exploitation application is submitted for review.</li><li>Submission date set. TMC initially intended to submit its NORI- D application to the ISA before the end of 2024 or before the first ISA meeting in 2025 (scheduled for March).</li></ul>

3Q24 update. TMC’s income statement expenses rose from $12.5 million in 3Q23 to $20.0 million in 3Q24 on higher legal and consulting costs, and share-based compensation accounting.However, quarterly cash use slowed from $12.5 million in the year-ago period to $5.7 million and management reaffirmed its intention to reduce cash use to less than $5 million/quarter once the ISA exploitation application is submitted for review.Submission date set. TMC initially intended to submit its NORI- D application to the ISA before the end of 2024 or before the first ISA meeting in 2025 (scheduled for March).

The Metals Company, Inc. - Setting Application Submission Date and Raising Capital to Get There

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of a strategy to leverage the group’s knowledge and capabilities in the deep sea to provide services to third parties offers the potential of a new and earlier revenue stream.</p>

Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of a strategy to leverage the group’s knowledge and capabilities in the deep sea to provide services to third parties offers the potential of a new and earlier revenue stream.

The Metals Company - Updated strategy offers commercial upside

<ul><li>ISA staying the course.</li><li>The July meetings of the ISA featured the first reading of the consolidated text of the deep-sea mining code, which paves the way for formal comment to be submitted by member states to be incorporated into the second reading scheduled for the November 2024 meetings.</li><li>The election of Leticia Carvalho as the new Secretary-General of the ISA should not pose an obstacle to further progress on the mining code, as she reiterated her intention to work toward adoption of the final version of the code at the ISA’s 30th meeting, scheduled for early 2025, in line with TMC’s intended timetable of submitting its exploitation application to the ISA by the end of this year.</li></ul>

ISA staying the course.The July meetings of the ISA featured the first reading of the consolidated text of the deep-sea mining code, which paves the way for formal comment to be submitted by member states to be incorporated into the second reading scheduled for the November 2024 meetings.The election of Leticia Carvalho as the new Secretary-General of the ISA should not pose an obstacle to further progress on the mining code, as she reiterated her intention to work toward adoption of the final version of the code at the ISA’s 30th meeting, scheduled for early 2025, in line with TMC’s intended timetable of submitting its exploitation application to the ISA by the end of this year.

TMC US. - Regulatory and Operational Progress Keeps TMC on Track for Commercialization

<ul><li>2Q24 costs increased Y/Y but declined Q/Q.</li><li>TMC reported 2Q24 operating results that included higher exportation and evaluation expense of $12.4 million versus $8.1 million in 2Q23 due to increased spending on mining, technological and process development costs associated with increased engineering work with its offshore partner Allseas, and a modest increase in G&amp;A expenses ($7.9 million versus $5.1 million in the year-ago period) due to higher share-based compensation and personnel costs.</li><li>As a result, quarterly loss increased to $20.2 million from $14.1 million in 2Q23, with EPS of ($0.06) versus ($0.05) in 2Q23.</li></ul>

2Q24 costs increased Y/Y but declined Q/Q.TMC reported 2Q24 operating results that included higher exportation and evaluation expense of $12.4 million versus $8.1 million in 2Q23 due to increased spending on mining, technological and process development costs associated with increased engineering work with its offshore partner Allseas, and a modest increase in G&amp;A expenses ($7.9 million versus $5.1 million in the year-ago period) due to higher share-based compensation and personnel costs.As a result, quarterly loss increased to $20.2 million from $14.1 million in 2Q23, with EPS of ($0.06) versus ($0.05) in 2Q23.

TMC: 2Q24 Highlights and Continuing Progress Toward Commercialization

<ul>
<li>1Q24 continues to show progress toward application goal.</li>
<li>TMC reported 1Q24 results and accomplishments, including higher exportation and evaluation expense of $18.1 million versus $7.2 million in 1Q23, due to $10.9 million in mining, technological, and process development costs associated with the latest sea campaign completed in February, and a modest increase in SG&amp;A expenses ($6.8 million versus $6.2 million in the year-ago period).</li>
<li>As a result, quarterly loss increased to $25.2 million from $13.7 million in 1Q23, with EPS of ($0.08) versus ($0.05) in 1Q23.</li>
</ul>


1Q24 continues to show progress toward application goal.
TMC reported 1Q24 results and accomplishments, including higher exportation and evaluation expense of $18.1 million versus $7.2 million in 1Q23, due to $10.9 million in mining, technological, and process development costs associated with the latest sea campaign completed in February, and a modest increase in SG&amp;A expenses ($6.8 million versus $6.2 million in the year-ago period).
As a result, quarterly loss increased to $25.2 million from $13.7 million in 1Q23, with EPS of ($0.08) versus ($0.05) in 1Q23.


TMC the Metals Company, Inc. - Forging Ahead with PFS and EIS

Canada

TMC the metals company Inc. operates as an electric vehicles battery metal company. The Company produces metals from polymetallic rocks to store clean energy and power electric vehicles. TMC the metals serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

TMC the metals co (TMC US)

The Metals Company, Inc. - Setting Application Submission Date and Raising Capital to Get There

TMC’s income statement expenses rose from $12.5 million in 3Q23 to $20.0 million in 3Q24 on higher legal and consulting costs, and share-based...

Water Tower Research

The Metals Company - Updated strategy offers commercial upside

Progress to an exploitation licence and commercialisation of The Metals Company’s (TMC’s) deep-sea assets is unchanged. The development of a...

Edison Investment Research

TMC US. - Regulatory and Operational Progress Keeps TMC on Track for Commercialization

The July meetings of the ISA featured the first reading of the consolidated text of the deep-sea mining code, which paves the way for formal...

Water Tower Research

TMC: 2Q24 Highlights and Continuing Progress Toward Commercialization

TMC reported 2Q24 operating results that included higher exportation and evaluation expense of $12.4 million versus $8.1 million in 2Q23

Water Tower Research

TMC the Metals Company, Inc. - Forging Ahead with PFS and EIS

1Q24 continues to show progress toward application goal. TMC reported 1Q24 results and accomplishments, including higher exportation and evaluation...

Water Tower Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)