TMC updates NORI ISA application date to June 27, 2025; Q3 cash $0.4M, ops expenses $20M

TMC the metals Co Inc.

NORI expects to submit exploitation contract application to ISA on June 27, 2025; Nauru requests process clarity at March 2025 ISA Council.
Preliminary Q3 2024: cash on hand $0.4M, short-term debt $9.2M, operating expenses $20.0M, net cash used in ops $5.7M.
After application submission, quarterly cash use expected below $5M; reducing expenses and deferring Hidden Gem vessel capex.
Expanding strategy: exploring seafloor resource services business and portfolio diversification; in discussions with several parties.
Undrawn credit facilities: $20.8M (2024) and $27.5M (2023); ATM capacity of $25M remaining.

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