The Metals Company(NASDAQ:TMC) 
TMC the metals company Inc. engages in exploring of battery metals from seafloor polymetallic nodules. The company, through its subsidiaries, holds exploration and commercial rights to three contract areas, which host polymetallic nodules containing nickel, copper, cobalt, and manganese in the Clari...
Website: http://metals.co
Founded: 2011
CEO / Founder: Gerard Barron
Sector: Basic Materials
Industry: Other Industrial Metals & Mining
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At a glance:
- Execution Hinges on Securing Key Regulatory Approvals: The Metals Company’s near- and medium-term outlook is highly dependent on obtaining permits to begin commercial polymetallic nodule collection, making regulatory timelines a primary catalyst and risk factor.
- Business Model Offers High Leverage to Nickel, Copper, Cobalt, and Manganese Prices: Project economics are closely tied to battery- and electrification-linked metal prices, creating meaningful upside in strong commodity tape conditions but adding cyclicality and valuation sensitivity.
- Funding Needs and Capital Structure Remain Central to the Equity Story: Pre-revenue development requires sustained financing; market access, potential dilution, and the cost of capital can materially influence runway and investor returns.
- Operational Scale-Up Risk From Pilot to Commercial Collection: Transitioning from trials to reliable, cost-effective offshore operations introduces execution risk around equipment performance, recovery rates, uptime, and unit costs.
- ESG and Social License Continue to Drive Volatility: Environmental concerns and stakeholder opposition/support can impact permitting outcomes, partnerships, and sentiment, contributing to headline-driven swings in the stock.
Bull Thesis:
- Access to Vast Untapped Critical Mineral Resources: The Metals Company holds exploration rights to vast quantities of polymetallic nodules in the Clarion-Clipperton Zone, containing essential battery metals like nickel, cobalt, copper, and manganese, which are crucial for the global energy transition and the rapidly growing electric vehicle (EV) market.
- Strategic Offtake Agreements De-risk Future Revenue: TMC has secured significant long-term offtake agreements, notably with Glencore for nickel and copper, providing a clear path to market and de-risking future revenue streams once commercial production begins. These agreements demonstrate market demand and provide financial stability.
- Potential for Lower Environmental & Social Impact: TMC argues that deep-sea nodule collection offers a significantly lower overall environmental and social footprint compared to traditional land-based mining, particularly regarding deforestation, tailings waste, and human rights issues. This narrative could appeal to ESG-focused investors and consumers seeking responsibly sourced metals.
- Demonstrated Technological Feasibility Through Pilot Programs: Successful completion of pilot nodule collection trials (e.g., NORI-D) has demonstrated the technical feasibility of their deep-sea harvesting system. This progress moves the company closer to commercial-scale operations and validates their engineering approach.
Bear Thesis:
- Persistent Regulatory Uncertainty and Delays: The International Seabed Authority (ISA) has yet to finalize the regulatory framework for deep-sea mining. Continued delays in establishing clear rules pose the most significant risk, pushing back commercial production timelines, increasing cash burn, and creating an unpredictable operating environment.
- High Capital Expenditure and Significant Cash Burn: Developing and scaling deep-sea mining operations requires immense capital investment in specialized vessels, technology, and infrastructure. TMC is currently pre-revenue and burning significant cash, necessitating substantial future financing rounds which could lead to dilution for existing shareholders.
- Strong Environmental Opposition and Potential Market Rejection: Numerous environmental groups, scientists, and even major corporations (e.g., BMW, Volvo, Samsung SDI) have voiced strong opposition to deep-sea mining, citing potential irreversible damage to marine ecosystems. This could lead to market resistance, reputational damage, and further regulatory hurdles or bans.
- Unproven Commercial Scale and Technological Risks: While pilot tests have shown promise, scaling deep-sea collection and processing to a commercially viable level presents unprecedented engineering and operational challenges. The long-term reliability, efficiency, and economic viability of the technology at full commercial scale remain largely unproven.
Main Competitors:
- Glencore plc ($GLEN) (Nickel, Copper, Cobalt, Manganese (from land-mines)), As a major diversified mining company, Glencore competes by supplying large volumes of the same critical battery metals (nickel, copper, cobalt) from established land-based mines. They have existing infrastructure, supply chains, and market share, challenging TMC's value proposition of a new, potentially lower-impact source.
- Vale S.A. ($VALE) (Nickel, Copper, Manganese (from land-mines)), Vale is one of the world's largest producers of nickel, a key metal for EV batteries. They compete by offering a significant and established supply of this critical mineral from their global land-based operations, directly challenging TMC's efforts to become a primary supplier of new nickel.
- Global Sea Mineral Resources (GSR) (Deep-sea polymetallic nodule exploration and collection technology), GSR, a subsidiary of the DEME Group, is a direct competitor in the nascent deep-sea mining industry. They hold exploration contracts in the Clarion-Clipperton Zone and are developing their own nodule collection technology, vying for the same mineral resources and future market share in deep-sea metal supply.
- BHP Group Limited ($BHP) (Copper, Nickel (from land-mines)), BHP is a global mining leader with substantial operations in copper and nickel, both essential for the energy transition. They compete by providing large-scale, established supplies of these metals from land-based mines, representing the traditional industry that TMC aims to disrupt with its deep-sea sourcing.
Moat:
The Metals Company's competitive moat is primarily built on its exclusive access to vast polymetallic nodule resources in the Clarion-Clipperton Zone and its development of proprietary deep-sea collection technology. It also aims to differentiate itself through a potentially lower environmental and social impact compared to traditional land-based mining. Competition is fierce, mainly from established land-based mining giants like Glencore and Vale, who possess immense scale, existing infrastructure, and diversified portfolios, and are also investing in more sustainable practices. Additionally, other deep-sea exploration companies like GSR represent direct rivals for future market share in this nascent industry. The entire deep-sea mining sector faces significant challenges from regulatory uncertainty, strong environmental opposition, and the ongoing development of battery recycling and alternative material technologies.
Income Statements:
Quarterly
Annual
| Unit: USD | 2023-03-31 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|
operating expenses | |||
exploration and evaluation expenses | 7,441,000 | ||
general and administrative expenses | 8,466,000 | 3,445,137 | 2,984,922 |
operating income | 15,907,000 | ||
yoy | |||
qoq | |||
other items | |||
equity-accounted investment loss | |||
gain on disposition of asset | |||
interest expense | |||
change in fair value of private warrants liability | 5,188,000 | ||
foreign exchange loss | 22,000 | ||
fees and interest on credit facility | |||
net loss and comprehensive loss for the period | 21,117,000 | ||
net income per share | 0.09 | ||
weighted-average number of common shares outstanding — basic | 226,075,389 | ||
weighted-average number of common shares outstanding — diluted | 226,075,389 | ||
general and administrative expenses - related party | 30,000 | 30,000 | |
income from operations | -3,475,137 | -3,014,922 | |
other income: | |||
change in fair value of warrant liability | -13,705,000 | 34,880,000 | |
net gain on investments held in trust account | 4,560 | 4,510 | |
offering costs allocated to derivative warrant liabilities | |||
interest earned | 23 | 32 | |
net income | -17,175,554 | 31,869,620 | |
yoy | |||
qoq | -153.89% | ||
weighted-average shares outstanding of shares subject to redemption, basic and diluted | 30,000,000 | 24,908,705 | |
basic and diluted net income per share, shares subject to redemption | |||
weighted-average ordinary shares outstanding, basic and diluted | 7,500,000 | 12,591,295 | |
basic and diluted net income per share | -2.29 | 2.53 | |
total other income | 34,884,542 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
current | ||||||||||||||||||||||||
cash | 119,682,000 | 117,633,000 | 115,648,000 | 115,759,000 | 2,346,000 | 3,480,000 | 360,000 | 474,000 | 3,991,000 | 6,842,000 | 22,548,000 | 20,006,000 | 28,390,000 | 46,842,000 | 66,872,000 | 46,259,000 | 69,048,000 | 84,873,000 | 293,323 | 1,169,714 | 1,650,064 | 2,162,047 | ||
receivables and prepayments | 3,097,000 | 3,049,000 | 1,566,000 | 1,519,000 | 5,012,000 | 1,851,000 | 2,557,000 | 1,237,000 | 1,953,000 | 1,978,000 | 5,325,000 | 1,637,000 | 3,230,000 | 2,760,000 | 5,037,000 | 4,700,000 | 3,041,000 | 3,686,000 | 139,000 | |||||
current - sum | 122,779,000 | 120,682,000 | 117,214,000 | 117,278,000 | 7,358,000 | 5,331,000 | 2,917,000 | 1,711,000 | 5,944,000 | 8,820,000 | 27,873,000 | 21,643,000 | 31,620,000 | 49,602,000 | 71,909,000 | 50,959,000 | 72,089,000 | 88,559,000 | 112,779,000 | |||||
non-current | ||||||||||||||||||||||||
exploration assets | 42,951,000 | 42,951,000 | 42,951,000 | 42,951,000 | 42,951,000 | |||||||||||||||||||
right of use asset | 1,430,000 | 1,907,000 | 3,814,000 | 4,291,000 | 4,767,000 | |||||||||||||||||||
equipment | 480,000 | 519,000 | 597,000 | 655,000 | 713,000 | 771,000 | 854,000 | 936,000 | 1,048,000 | 2,776,000 | 2,078,000 | 1,970,000 | 1,997,000 | 2,025,000 | 2,098,000 | 2,008,000 | 1,479,000 | 1,416,000 | 1,387,000 | |||||
software | 2,182,000 | 2,125,000 | 1,928,000 | 1,868,000 | 1,793,000 | |||||||||||||||||||
investments | 15,052,000 | 13,447,000 | ||||||||||||||||||||||
non-current - sum | 62,095,000 | 60,949,000 | 58,401,000 | 56,416,000 | 57,127,000 | 57,667,000 | 58,395,000 | 58,936,000 | 59,511,000 | 60,076,000 | 59,701,000 | 53,514,000 | 53,678,000 | 45,175,000 | 45,248,000 | 45,158,000 | 44,629,000 | 44,566,000 | 44,537,000 | |||||
total assets | 184,874,000 | 181,631,000 | 175,615,000 | 173,694,000 | 64,485,000 | 62,998,000 | 61,312,000 | 60,647,000 | 65,455,000 | 68,896,000 | 87,574,000 | 75,157,000 | 85,298,000 | 94,777,000 | 117,157,000 | 96,117,000 | 116,718,000 | 133,125,000 | 157,316,000 | 300,505,305 | 301,443,357 | 302,000,265 | 302,540,267 | 622,097 |
liabilities | ||||||||||||||||||||||||
accounts payable and accrued liabilities | 53,858,000 | 46,048,000 | 46,834,000 | 47,099,000 | 45,245,000 | 42,754,000 | 48,065,000 | 37,784,000 | 36,470,000 | 31,334,000 | 19,344,000 | 18,113,000 | 17,544,000 | 41,614,000 | 25,188,000 | 9,189,000 | 18,004,000 | 26,573,000 | 28,343,000 | |||||
warrants liability | 2,689,000 | 13,351,000 | 13,730,000 | 17,582,000 | 1,353,000 | 912,000 | 866,000 | 1,920,000 | 2,500,000 | 1,969,000 | 2,197,000 | 2,314,000 | 1,528,000 | 983,000 | 2,234,000 | 2,584,000 | 8,314,000 | 3,126,000 | ||||||
deferred tax liability | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | 10,675,000 | |||||
royalty liability | 145,000,000 | 145,000,000 | 145,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | 14,000,000 | ||||||||||||||
total liabilities | 212,222,000 | 215,074,000 | 216,239,000 | 91,834,000 | 81,251,000 | 80,116,000 | 82,781,000 | 70,254,000 | 63,645,000 | 57,978,000 | 32,216,000 | 31,102,000 | 29,747,000 | 53,272,000 | 38,097,000 | 22,448,000 | 36,993,000 | 40,374,000 | 50,641,000 | 53,544,022 | 37,306,519 | 11,443,090 | 10,753,271 | |
equity | ||||||||||||||||||||||||
common shares | 705,287,000 | 681,343,000 | 638,853,000 | 606,246,000 | 495,804,000 | 477,217,000 | 463,366,000 | 460,573,000 | 454,431,000 | 438,239,000 | 434,099,000 | 345,775,000 | 345,090,000 | 332,882,000 | 328,911,000 | 299,056,000 | 298,263,000 | 296,051,000 | 284,228,000 | |||||
additional paid - in capital | 240,446,000 | 237,696,000 | ||||||||||||||||||||||
accumulated other comprehensive loss | -1,203,000 | -1,203,000 | -1,203,000 | -1,203,000 | -1,203,000 | -1,203,000 | -1,203,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | -1,216,000 | |||||
deficit | -971,878,000 | -951,279,000 | -910,881,000 | -726,364,000 | -652,023,000 | -631,435,000 | -614,784,000 | -594,264,000 | -574,096,000 | -548,902,000 | -501,693,000 | -489,226,000 | -475,119,000 | -475,121,000 | -365,552,000 | -337,658,000 | -325,274,000 | -304,157,000 | -284,359,000 | |||||
total equity | -27,348,000 | -33,443,000 | -40,624,000 | 81,860,000 | -16,766,000 | -17,118,000 | -21,469,000 | -9,607,000 | 1,810,000 | 10,918,000 | 55,358,000 | 44,055,000 | 55,551,000 | 41,505,000 | 79,060,000 | 73,669,000 | 79,725,000 | 92,751,000 | 106,675,000 | |||||
total liabilities and equity | 184,874,000 | 181,631,000 | 175,615,000 | 173,694,000 | 64,485,000 | 62,998,000 | 61,312,000 | 60,647,000 | 65,455,000 | 68,896,000 | 87,574,000 | 75,157,000 | 85,298,000 | 94,777,000 | 117,157,000 | 96,117,000 | 116,718,000 | 133,125,000 | 157,316,000 | |||||
short-term debt | 2,478,000 | 9,978,000 | 11,775,000 | 9,175,000 | 5,875,000 | |||||||||||||||||||
software development costs | 2,082,000 | 2,039,000 | 1,958,000 | 1,718,000 | ||||||||||||||||||||
right-of-use asset | 2,384,000 | 2,860,000 | 3,337,000 | 5,244,000 | 5,721,000 | 6,198,000 | ||||||||||||||||||
investment | 10,387,000 | 7,911,000 | 8,168,000 | 8,203,000 | 8,232,000 | 8,290,000 | 8,351,000 | 8,429,000 | 8,525,000 | 8,644,000 | 8,781,000 | |||||||||||||
additional paid in capital | 232,607,000 | 203,181,000 | 140,656,000 | 138,303,000 | 131,152,000 | 125,300,000 | 122,691,000 | 122,797,000 | 124,168,000 | 188,722,000 | 186,796,000 | 184,960,000 | 116,917,000 | 113,487,000 | 107,952,000 | 102,073,000 | 108,022,000 | |||||||
special shares | ||||||||||||||||||||||||
exploration contracts | 42,951,000 | 43,150,000 | 43,150,000 | 43,150,000 | 43,150,000 | 42,900,000 | 42,900,000 | 42,900,000 | 43,150,000 | 43,150,000 | 43,150,000 | 43,150,000 | 43,150,000 | 43,150,000 | ||||||||||
class a - j special shares | ||||||||||||||||||||||||
assets | ||||||||||||||||||||||||
deferred acquisition costs | ||||||||||||||||||||||||
preferred shares | ||||||||||||||||||||||||
cash and cash equivalents | 112,640,000 | |||||||||||||||||||||||
warrant liability | 11,623,000 | 35,755,000 | 22,050,000 | |||||||||||||||||||||
assets: | ||||||||||||||||||||||||
current assets: | ||||||||||||||||||||||||
prepaid expenses | 133,778 | 199,999 | 285,677 | 336,452 | 16,865 | |||||||||||||||||||
total current assets | 427,101 | 1,369,713 | 1,935,741 | 2,498,499 | 16,865 | |||||||||||||||||||
investments held in trust account | 300,078,204 | 300,073,644 | 300,064,524 | |||||||||||||||||||||
liabilities and shareholders’ equity: | ||||||||||||||||||||||||
current liabilities: | ||||||||||||||||||||||||
accounts payable | 476,646 | 454,002 | 197,890 | 151,271 | 111,227 | |||||||||||||||||||
accrued expenses | 6,812,376 | 4,302,517 | 745,200 | 102,000 | 407,596 | |||||||||||||||||||
total current liabilities | 7,289,022 | 4,756,519 | 943,090 | 253,271 | 665,135 | |||||||||||||||||||
long term liabilities: | ||||||||||||||||||||||||
deferred underwriting commissions | 10,500,000 | 10,500,000 | 10,500,000 | 10,500,000 | ||||||||||||||||||||
commitments and contingencies | ||||||||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 300,078,204 | 300,073,645 | 285,557,170 | 286,786,990 | ||||||||||||||||||||
shareholders’ equity | ||||||||||||||||||||||||
preference shares, 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding | ||||||||||||||||||||||||
class b ordinary shares, 0.0001 par value... | 750 | 750 | 750 | 750 | 863 | |||||||||||||||||||
additional paid-in capital | 6,582,601 | 5,352,792 | 24,137 | |||||||||||||||||||||
accumulated deficit | -53,117,671 | -35,937,557 | -1,583,490 | -353,668 | -68,038 | |||||||||||||||||||
total shareholders’ equity | -53,116,921 | -35,936,807 | 5,000,005 | 5,000,006 | ||||||||||||||||||||
total liabilities and shareholders’ equity | 300,505,305 | 301,443,357 | 302,000,265 | 302,540,267 | ||||||||||||||||||||
shareholders’ equity: | ||||||||||||||||||||||||
deferred offering costs associated with initial public offering | 605,232 | |||||||||||||||||||||||
marketable securities held in trust account | 300,041,768 | |||||||||||||||||||||||
liabilities and shareholders' equity | ||||||||||||||||||||||||
note payable - related party | 146,312 | |||||||||||||||||||||||
shareholders' equity | ||||||||||||||||||||||||
total shareholders' equity | -43,038 | |||||||||||||||||||||||
total liabilities and shareholders' equity | 622,097 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash from | ||||||||||||||||||||||
operating activities | ||||||||||||||||||||||
loss for the period | -20,599,000 | -184,517,000 | -74,341,000 | -20,588,000 | -20,520,000 | -20,168,000 | -25,194,000 | -27,894,000 | -12,384,000 | -21,117,000 | ||||||||||||
items not affecting cash: | ||||||||||||||||||||||
amortization | 39,000 | 79,000 | 57,000 | 58,000 | 58,000 | 82,000 | 83,000 | 112,000 | 85,000 | 98,000 | 87,000 | 87,000 | 88,000 | 119,000 | 110,000 | 94,000 | 95,000 | 129,000 | ||||
accrued interest on credit facilities | -430,000 | 558,000 | 266,000 | 125,000 | ||||||||||||||||||
lease expense | 477,000 | 477,000 | 476,000 | 477,000 | 477,000 | 477,000 | 476,000 | 477,000 | 477,000 | 477,000 | ||||||||||||
share-based compensation and expenses settled with equity | 23,975,000 | 34,407,000 | 42,965,000 | 8,922,000 | 10,378,000 | 6,184,000 | 6,312,000 | 5,921,000 | 6,896,000 | |||||||||||||
equity-accounted investment loss | 2,998,000 | -725,000 | 492,000 | -89,000 | 35,000 | 29,000 | 58,000 | 61,000 | 78,000 | 96,000 | 119,000 | 137,000 | 219,000 | |||||||||
gain on dilution of investment | -4,602,000 | -2,682,000 | ||||||||||||||||||||
change in fair value of warrants liability | -10,662,000 | -379,000 | -3,852,000 | 16,229,000 | 441,000 | 46,000 | -1,054,000 | -580,000 | 531,000 | -228,000 | -117,000 | 786,000 | 545,000 | -1,251,000 | -350,000 | -5,730,000 | 5,188,000 | |||||
unrealized foreign exchange movement | -726,000 | -1,236,000 | 2,342,000 | 2,345,000 | -293,000 | -27,000 | ||||||||||||||||
interest paid on short-term debt | ||||||||||||||||||||||
changes in working capital: | ||||||||||||||||||||||
receivables and prepayments | -48,000 | -1,482,000 | -48,000 | 3,493,000 | -3,161,000 | 707,000 | -1,362,000 | 757,000 | 25,000 | 3,112,000 | -3,487,000 | 1,592,000 | -469,000 | 2,277,000 | -337,000 | -1,708,000 | 619,000 | -3,471,000 | ||||
accounts payable and accrued liabilities | 8,533,000 | -591,000 | 1,424,000 | 188,000 | 213,000 | -4,759,000 | 10,179,000 | 1,314,000 | 5,543,000 | 9,196,000 | 520,000 | 600,000 | -11,877,000 | 16,660,000 | 16,255,000 | -9,211,000 | -6,744,000 | -1,346,000 | ||||
net cash from operating activities | -615,000 | -11,355,000 | -11,487,000 | -10,662,000 | -9,347,000 | -13,791,000 | -5,736,000 | -12,089,000 | -11,852,000 | -15,214,000 | -12,502,000 | -8,385,000 | -23,472,000 | -19,877,000 | -8,637,000 | -22,594,000 | -15,529,000 | -27,753,000 | -27,333,022 | -876,391 | -129,587 | -511,982 |
capital expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
free cash flows | -615,000 | -11,355,000 | -11,487,000 | -10,662,000 | -9,347,000 | -13,791,000 | -5,736,000 | -12,089,000 | -11,852,000 | -15,214,000 | -12,502,000 | -8,385,000 | -23,472,000 | -19,877,000 | -8,637,000 | -22,594,000 | -15,529,000 | -27,753,000 | -27,333,022 | -876,391 | -129,587 | -511,982 |
investing activities | ||||||||||||||||||||||
acquisition of equipment and software | -35,000 | -105,000 | -20,000 | -50,000 | -70,000 | -50,000 | -50,000 | -75,000 | -340,000 | |||||||||||||
net cash from investing activities | -35,000 | -70,000 | -50,000 | -50,000 | -75,000 | -340,000 | -5,403,000 | -100,000 | -75,000 | 5,000,000 | -210,000 | -507,000 | -242,000 | -210,000 | 0 | 0 | ||||||
financing activities | ||||||||||||||||||||||
proceeds from exercise of stock options | 2,719,000 | 430,000 | 2,121,000 | 0 | 54,000 | 219,000 | 190,000 | 0 | 0 | 64,000 | ||||||||||||
proceeds from registered direct offering | 5,000,000 | 14,900,000 | 0 | 0 | 9,000,000 | 200,000 | ||||||||||||||||
expenses paid for registered direct offering | -472,000 | -215,000 | 0 | 0 | -142,000 | -403,000 | ||||||||||||||||
proceeds from shares issued from atm | 0 | 9,222,000 | 5,562,000 | 0 | 2,320,000 | |||||||||||||||||
repayment of debt | -1,797,000 | |||||||||||||||||||||
net cash from financing activities | 2,719,000 | 13,110,000 | 11,406,000 | 123,776,000 | 8,293,000 | 17,373,000 | 5,626,000 | 8,639,000 | 9,048,000 | 4,850,000 | 15,137,000 | -52,000 | 29,784,000 | 68,000 | -78,000 | 0 | -1 | |||||
increase in cash | 2,069,000 | 1,996,000 | -101,000 | -20,139,000 | 20,640,000 | -22,768,000 | -15,817,000 | |||||||||||||||
impact of exchange rate changes on cash | -20,000 | -11,000 | -10,000 | 3,000 | -10,000 | -412,000 | 46,000 | 8,000 | 293,000 | 27,000 | 7,000 | -3,000 | 20,000 | 109,000 | -27,000 | -21,000 | -8,000 | |||||
cash - beginning of period | 117,633,000 | 0 | 0 | 3,480,000 | 0 | 0 | 6,842,000 | 0 | 0 | 46,842,000 | 0 | 0 | 84,873,000 | |||||||||
cash - end of period | 119,682,000 | -111,000 | 113,413,000 | 2,346,000 | -114,000 | -3,517,000 | 3,991,000 | 2,542,000 | -8,384,000 | 28,390,000 | 20,613,000 | -22,789,000 | 69,048,000 | |||||||||
loss for the year | ||||||||||||||||||||||
nauru and tonga warrant costs | 0 | |||||||||||||||||||||
change in fair value of royalty liability | 0 | |||||||||||||||||||||
loss on termination of contract | ||||||||||||||||||||||
unrealized foreign exchange | -888,000 | -33,000 | 3,000 | -20,000 | -109,000 | 27,000 | 37,000 | -8,000 | 16,000 | |||||||||||||
interest paid on amounts drawn from credit facilities and short-term debt | 0 | -130,000 | ||||||||||||||||||||
corporate income taxes paid during the year | ||||||||||||||||||||||
proceeds from investee distribution | ||||||||||||||||||||||
proceeds from korea zinc private placement | -47,000 | 0 | ||||||||||||||||||||
proceeds from registered direct offerings | 0 | 6,990,000 | ||||||||||||||||||||
expenses paid for registered direct offerings | -15,000 | -227,000 | ||||||||||||||||||||
proceeds from shares issued from at-the-market distribution agreement | ||||||||||||||||||||||
proceeds from exercise of class a warrants | 50,000 | 0 | ||||||||||||||||||||
proceeds from exercise of class b warrants | 2,150,000 | 5,000,000 | ||||||||||||||||||||
proceeds from exercise of class c warrants | ||||||||||||||||||||||
proceeds from drawdown of credit facilities | 100,000 | 300,000 | ||||||||||||||||||||
repayment of drawn amount on credit facilities | 0 | -2,478,000 | ||||||||||||||||||||
proceeds from drawdown of allseas short-term debt | ||||||||||||||||||||||
repayment of allseas short-term debt | ||||||||||||||||||||||
proceeds from drawdown of allseas working capital loan agreement | ||||||||||||||||||||||
repayment of allseas working capital loan | 0 | 0 | ||||||||||||||||||||
proceeds from employee stock purchase plan | ||||||||||||||||||||||
cash - beginning of year | ||||||||||||||||||||||
cash - end of year | ||||||||||||||||||||||
proceeds from low carbon royalties distribution | 0 | |||||||||||||||||||||
net cash generated from investing activities | -20,000 | |||||||||||||||||||||
proceeds from drawdown of allseas debt agreement | ||||||||||||||||||||||
proceeds from employee share purchase plan | 0 | 53,000 | 58,000 | 0 | ||||||||||||||||||
nauru warrant cost | ||||||||||||||||||||||
interest paid short-term debt | -103,000 | |||||||||||||||||||||
decrease in cash | -1,124,000 | 3,532,000 | -160,000 | -3,525,000 | -3,144,000 | -15,767,000 | 2,535,000 | -8,381,000 | -18,472,000 | |||||||||||||
proceeds from low carbon royalties investment | ||||||||||||||||||||||
proceeds from employee stock plans | 15,000 | 0 | ||||||||||||||||||||
proceeds from exercise of warrants by allseas | 0 | |||||||||||||||||||||
proceeds from issuance of shares | 0 | 0 | ||||||||||||||||||||
proceeds from drawdown of loan with allseas affiliate | ||||||||||||||||||||||
repayment of loan with allseas affiliate | ||||||||||||||||||||||
proceeds from drawdown of loan with allseas | ||||||||||||||||||||||
interest paid on amounts drawn from credit facilities | -48,000 | |||||||||||||||||||||
vesting of allseas warrant | ||||||||||||||||||||||
acquisition of equipment | -403,000 | -100,000 | -210,000 | -507,000 | -242,000 | -210,000 | 0 | |||||||||||||||
proceeds from pipe financing | -1,000 | |||||||||||||||||||||
expenses paid for pipe financing | -117,000 | |||||||||||||||||||||
taxes withheld and paid on share-based compensation | 8,000 | 0 | 0 | -78,000 | ||||||||||||||||||
net loss for the period | ||||||||||||||||||||||
expenses settled with share-based payments | 2,532,000 | 2,532,000 | 1,775,000 | 2,096,000 | 3,552,000 | 6,353,000 | 6,393,000 | |||||||||||||||
gain on disposition of asset | 0 | 0 | -13,750,000 | |||||||||||||||||||
cash received from investment in low carbon royalties | 0 | 0 | 5,000,000 | |||||||||||||||||||
cash resources from | ||||||||||||||||||||||
net income for the period | 2,000 | |||||||||||||||||||||
expenses to be settled with share-based payments | 15,000 | 45,000 | ||||||||||||||||||||
interest on convertible debentures | 0 | |||||||||||||||||||||
settlement of deferred acquisition costs | ||||||||||||||||||||||
proceeds from issuance of convertible debentures | 0 | |||||||||||||||||||||
proceeds from business combination | 0 | |||||||||||||||||||||
acquisition of exploration contract | ||||||||||||||||||||||
proceeds from issuance of common shares | ||||||||||||||||||||||
expenses settled in share-based payments | ||||||||||||||||||||||
change in fair value of warrant liability | ||||||||||||||||||||||
exercise of stock options | ||||||||||||||||||||||
net change in cash and cash equivalents | ||||||||||||||||||||||
impact of exchange rate changes on cash and cash equivalents | ||||||||||||||||||||||
cash and cash equivalents – beginning of period | ||||||||||||||||||||||
cash and cash equivalents – end of period | ||||||||||||||||||||||
cash flows from operating activities: | ||||||||||||||||||||||
net income | -17,175,554 | 31,869,620 | -1,229,822 | |||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||
change in fair value of warrant liabilities | 13,705,000 | -34,880,000 | ||||||||||||||||||||
offering costs allocated to derivative warrant liabilities | ||||||||||||||||||||||
general and administrative expenses paid by related party under note agreement | 0 | |||||||||||||||||||||
net gain on investments held in trust account | -4,560 | -4,510 | ||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||
prepaid expenses | 66,220 | 9,786 | -193,669 | |||||||||||||||||||
accounts payable | 22,644 | 419,704 | 206,065 | |||||||||||||||||||
accrued expenses | 2,509,859 | 2,455,813 | 728,200 | |||||||||||||||||||
cash flows from investing activities: | ||||||||||||||||||||||
cash deposited in trust account | 0 | |||||||||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||
proceeds received from initial public offering, gross | 0 | |||||||||||||||||||||
proceeds from private placement | 0 | |||||||||||||||||||||
offering costs paid | -1 | |||||||||||||||||||||
repayment of note payable from related party | 0 | |||||||||||||||||||||
net change in cash | -876,391 | -129,587 | -511,983 | |||||||||||||||||||
cash - beginning of the period | 0 | 1,299,301 | ||||||||||||||||||||
cash - end of the period | -876,391 | 1,169,714 | -511,983 | |||||||||||||||||||
supplemental disclosure of noncash investing and financing activities: | ||||||||||||||||||||||
offering costs included in accounts payable | ||||||||||||||||||||||
offering costs included in accrued expenses | ||||||||||||||||||||||
offering costs included in note payable | ||||||||||||||||||||||
use of retainer for offering costs | 6,542 | |||||||||||||||||||||
deferred underwriting commissions in connection with the initial public offering | 0 | |||||||||||||||||||||
forfeiture of class b ordinary shares | 0 | |||||||||||||||||||||
initial value of class a ordinary shares subject to possible redemption | 0 | |||||||||||||||||||||
measurement adjustment on redeemable ordinary shares | 4,560 | 72,806,435 | ||||||||||||||||||||
● | ||||||||||||||||||||||
offering costs paid by sponsor in exchange for issuance of class b ordinary shares to sponsor | ||||||||||||||||||||||
interest income in trust account | ||||||||||||||||||||||
cash flows from investing activities | ||||||||||||||||||||||
offering costs funded with note payable to sponsor | ||||||||||||||||||||||
change in value of class a ordinary shares subject to possible redemption | -1,229,820 | |||||||||||||||||||||
interest earned on marketable securities held in trust account | ||||||||||||||||||||||
prepaid expenses included in accounts payable | ||||||||||||||||||||||
less: income attributable to class a ordinary shares subject to possible redemption | ||||||||||||||||||||||
adjusted net income | ||||||||||||||||||||||
weighted-average ordinary shares outstanding, basic and diluted | ||||||||||||||||||||||
basic and diluted net income per ordinary share |