secwatch.observer — SEC 8-K summary
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Issuer:     TMC the metals Co Inc. (TMC)
CIK:        0001798562
Form:       8-K
Filed at:   2023-05-11T23:59:59+00:00
Accession:  0001104659-23-059115
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798562/000110465923059115/0001104659-23-059115-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798562/000110465923059115/tm2315124d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-059115

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