---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-059115"
form_type: "8-K"
ticker: "TMC"
cik: "0001798562"
company_name: "TMC the metals Co Inc."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:32:54.671620+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-059115
- form_type: 8-K
- ticker: TMC
- cik: 0001798562
- company_name: TMC the metals Co Inc.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1798562/000110465923059115/0001104659-23-059115-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1798562/000110465923059115/tm2315124d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-059115
- JSON: https://secwatch.observer/filing/0001104659-23-059115.json
- Plain text: https://secwatch.observer/filing/0001104659-23-059115.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1798562/000110465923059115/0001104659-23-059115-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.