secwatch.observer — SEC 8-K summary
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Issuer:     TMC the metals Co Inc. (TMC)
CIK:        0001798562
Form:       8-K
Filed at:   2025-11-13T23:59:59+00:00
Accession:  0001104659-25-111272
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1798562/000110465925111272/0001104659-25-111272-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1798562/000110465925111272/tm2531198d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-111272

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