TMC Q1 2023: net income nil, cash $28.4M; advances nodule processing MoU with PAMCO

TMC the metals Co Inc.

Net income of $nil vs net loss of $21.1M in Q1 2022, including $14M gain on sale of 2% NORI royalty.
Cash of $28.4M at March 31, 2023; no debt; believes cash sufficient for at least 12 months.
Signed non-binding MoU with Japan's PAMCO to evaluate toll treatment of 1.3M tonnes/year of nodules starting 2025.
Entered $25M unsecured credit facility with Argentum (Allseas affiliate), undrawn, maturing May 2024.
ISA Council confirmed obligation to consider exploitation plan after July 2023; NORI may submit before final regulations.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

TMC the metals Co Inc. reported first quarter ended March 31, 2023 results: net income $nil, EPS $nil.

Period: first quarter ended March 31, 2023
Net income: $nil
EPS: $nil
Result: reported results

Exact text from the filing

Net income and per share amount of $nil for the quarter ended March 31, 2023, after recording a gain on disposition of asset of approximately $14 million

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TMC the metals Co Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-059115

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