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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.

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<p>The Metals Company (TMC) is approaching a critical phase in its development. As key milestones are achieved, so the project will be de-risked and the valuation expand. Of particular note are the anticipated award of an exploitation licence and physical nodule collection, which management expects to commence in Q126.</p>

The Metals Company (TMC) is approaching a critical phase in its development. As key milestones are achieved, so the project will be de-risked and the valuation expand. Of particular note are the anticipated award of an exploitation licence and physical nodule collection, which management expects to commence in Q126.

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.

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<ul><li>4Q23 results highlight careful cash management.</li><li>TMC reported 4Q23 results, including a significant decline in Y/Y Exportation and Evaluation expenses, which benefited from the non-recurrence of a 2022 pilot project collection campaign, as well as lower SG&amp;A expenses ($6.5 million versus $7 million in the year-ago period).</li><li>Use of cash for operating activities also declined from $19.8 million to $15.2 million and overall quarterly operating loss was narrowed from $111.3 million in 4Q22 to $33.2 million in the reported quarter, demonstrating management’s careful use of cash and a steady SG&amp;A burn rate.</li></ul>

4Q23 results highlight careful cash management.TMC reported 4Q23 results, including a significant decline in Y/Y Exportation and Evaluation expenses, which benefited from the non-recurrence of a 2022 pilot project collection campaign, as well as lower SG&amp;A expenses ($6.5 million versus $7 million in the year-ago period).Use of cash for operating activities also declined from $19.8 million to $15.2 million and overall quarterly operating loss was narrowed from $111.3 million in 4Q22 to $33.2 million in the reported quarter, demonstrating management’s careful use of cash and a steady SG&amp;A burn rate.

TMC the Metals Company, Inc. - Pivotal Year Ahead

<ul><li>Major accomplishments and milestones. The last 12-plus months saw significant advances for TMC with respect to internal execution and achievements on both the operational and financial fronts, as well as industry and political developments that appear conducive to the company’s aim of bringing the first seafloor polymetallic nodule resource into production.</li><li>Advancing scientific knowledge and addressing concerns. As the premier player in the seafloor mining industry’s development, TMC significantly expanded its effort to deepen the scientific knowledge of deep-sea mining’s impact on local environments and, together with independent third parties, develop baseline assessment tools to evaluate the environmental impacts of seafloor mining versus land-based operations.</li><li>The company utilized the data collected during a 4Q22 large-scale pilot collection project and a follow-up environmental data collection campaign conducted in 2H23, which it shared with the international scientific community, to inform its environmental application process with the ISA.</li></ul>

Major accomplishments and milestones. The last 12-plus months saw significant advances for TMC with respect to internal execution and achievements on both the operational and financial fronts, as well as industry and political developments that appear conducive to the company’s aim of bringing the first seafloor polymetallic nodule resource into production.Advancing scientific knowledge and addressing concerns. As the premier player in the seafloor mining industry’s development, TMC significantly expanded its effort to deepen the scientific knowledge of deep-sea mining’s impact on local environments and, together with independent third parties, develop baseline assessment tools to evaluate the environmental impacts of seafloor mining versus land-based operations.The company utilized the data collected during a 4Q22 large-scale pilot collection project and a follow-up environmental data collection campaign conducted in 2H23, which it shared with the international scientific community, to inform its environmental application process with the ISA.

TMC the Metals Company, Inc. - Metal Competition Driving Geopolitics of Seafloor Nodules

<p>The Metals Company’s (TMC’s) pioneering journey towards mining polymetallic nodules from the deep sea continues. There are inevitable hurdles to surpass, such as Greenpeace’s recent protests, which were a minor disturbance. With a further funding option now in place the company is well positioned to deliver a crucial milestone, submission of an exploitation application in 2024 as planned.</p>

The Metals Company’s (TMC’s) pioneering journey towards mining polymetallic nodules from the deep sea continues. There are inevitable hurdles to surpass, such as Greenpeace’s recent protests, which were a minor disturbance. With a further funding option now in place the company is well positioned to deliver a crucial milestone, submission of an exploitation application in 2024 as planned.

The Metals Company - Entering a pivotal year

Thematic (Sector/Industry)

<ul><li>The WTR Sustainable Index was down by 3.2% W/W versus the S&amp;P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 3.1%).</li><li>Energy Technology (13.7% of the index) was down by 6.5%, while Industrial Climate and Ag Technology (50.6% of the index) was down 2.1%, ClimateTech Mining was up 10.3%, and Advanced Transportation Solutions was down 6.7%.</li><li>Top 10 Performers: AEVA, WAVE, PEV, PTRA, QS, PGTK, EFLVF, NXH, LIS, TMC</li></ul>

The WTR Sustainable Index was down by 3.2% W/W versus the S&amp;P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down 3.1%).Energy Technology (13.7% of the index) was down by 6.5%, while Industrial Climate and Ag Technology (50.6% of the index) was down 2.1%, ClimateTech Mining was up 10.3%, and Advanced Transportation Solutions was down 6.7%.Top 10 Performers: AEVA, WAVE, PEV, PTRA, QS, PGTK, EFLVF, NXH, LIS, TMC

Weekly Sustainable Investing Surveyor  - Week Ended January 5, 2024

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.

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TMC the metals co (TMC US)

The Metals Company - Growing up

The Metals Company (TMC) is approaching a critical phase in its development. As key milestones are achieved, so the project will be de-risked and...

Edison Investment Research

TMC the Metals Company, Inc. - Pivotal Year Ahead

TMC reported 4Q23 results, including a significant decline in Y/Y Exportation and Evaluation expenses, which benefited from the non-recurrence of a...

Water Tower Research

TMC the Metals Company, Inc. - Metal Competition Driving Geopolitics of Seafloor Nodules

The last 12-plus months saw significant advances for TMC with respect to internal execution and achievements on both the operational and financial...

Water Tower Research

The Metals Company - Entering a pivotal year

The Metals Company’s (TMC’s) pioneering journey towards mining polymetallic nodules from the deep sea continues. There are inevitable hurdles to...

Edison Investment Research

Weekly Sustainable Investing Surveyor - Week Ended January 5, 2024

The WTR Sustainable Index was down by 3.2% W/W versus the S&P 500 Index (down 1.5%), the Russell 2000 Index (down 3.7%), and the Nasdaq Index (down...

Water Tower Research

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