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TMC the Metals Company Inc. (TMC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, highlighting a net loss of $20.5 million, compared to $12.5 million for the same period in 2023. The increase in net loss is attributed to higher exploration and evaluation expenses, which rose to $11.8 million from $7.9 million, and increased general and administrative expenses.
Exploration and evaluation expenses increased primarily due to higher share-based compensation, increased engineering work by Allseas, and higher personnel costs.
General and administrative expenses rose to $8.1 million from $4.6 million, driven by increased share-based compensation, legal and consulting costs, and personnel expenses.
The company reported a decrease in the fair value of warrants liability, reflecting the decline in both the price of public warrants and the company's shares.
Interest and fees on borrowings and credit facilities amounted to $0.6 million for the quarter, up from $0.3 million in the same period of 2023.
TMC continues its focus on the exploration and potential exploitation of polymetallic nodules in the Clarion Clipperton Zone, with ongoing partnerships and strategic alliances with entities like Allseas and Glencore (GLNCY-2.38%).
The filing also details the company's liquidity and capital resources, noting cash on hand of $0.4 million as of September 30, 2024, and ongoing financing efforts to support operations.
TMC is preparing an application for an exploitation contract with the International Seabed Authority, expected to be submitted in mid-2025, as it progresses towards potential commercialization.
The company acknowledges regulatory uncertainties and ongoing litigation as potential risks, with efforts to address these challenges detailed in the report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the TMC the metals company Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.