TMC Q3 net loss $184.5M ($0.46/sh); cash $115.6M; nodule reserve declared

TMC the metals Co Inc.

2025-Q3 EPS reported $0.75

Net loss $184.5M ($0.46/sh) vs $20.5M ($0.06/sh) YoY; operating loss $55.4M.
Cash $115.6M at Sep 30, 2025; $121M after warrant exercises; total liquidity $165M including undrawn credit.
Published PFS for NORI-D project: NPV $5.5B, 51 Mt probable reserves; combined studies NPV $23.6B.
Produced battery-grade manganese sulfate from nodules; NOAA rule under White House review; all four nodule metals now critical.
G&A expenses $45.7M (vs $8.1M) on share-based comp and legal; royalty liability fair value up $131M to $145M.

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