In today’s briefing:
- TMC the Metals Company, Inc. – Deep-Sea Mining Is a Question of When, Not If
TMC the Metals Company, Inc. – Deep-Sea Mining Is a Question of When, Not If
- TMC reported 1Q23 results, which included break-even EPS versus ($0.09) in the year-ago period, and use of $23.5 million in cash, leaving the company with $28.4 million in cash on hand, which along with still undrawn unsecured debt of $25 million, will be sufficient to fund ongoing operating expenses and working capital needs for the next 12 months, according to management.
- Resistance is futile. The ISA meetings concluded in March 2023 included the commitment by all members to complete the undersea mining code, which management believes will result in said code being finalized in 2H23 and certain media observers recognizing that the commercialization of the industry is a question of “when” and no longer “if”.
- While TMC would prefer to wait for the final mining code issuance to submit its exploitation application, management reserves the right to submit such an application, in accordance with ISA charter, even if final regulations aren’t completed by the end of 2023.
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