TMC the Metals Company Inc. (TMC) reported a net loss of $81.9 million for the fiscal year ending December 31, 2024, compared to a net loss of $73.8 million in 2023. Exploration and evaluation expenses totaled $50.6 million in 2024, a slight increase from $49.8 million in 2023. General and administrative expenses rose to $30.6 million in 2024, up from $22.5 million the previous year. The increase in both expense categories was partially attributed to higher share-based compensation.
Significant developments during 2024 included the successful production of nickel sulfate and cobalt sulfate from polymetallic nodules, marking world-first achievements in this area. The company also submitted extensive environmental data to the International Seabed Authority (ISA) and published its third annual Impact Report. A binding memorandum of understanding (MoU) with Pacific Metals Co. Ltd. (PAMCO) progressed, with PAMCO successfully producing approximately 500 tonnes of calcine from nodules at its Hachinohe facility in Japan during 2024, followed by the smelting of 450 tonnes of calcine into NiCuCo alloy and Mn silicate products in February 2025. The company also announced a plan to explore a U.S.-based regulatory pathway for commercial production under the Deep Seabed Hard Mineral Resources Act.
In November 2024, TMC completed a registered direct offering, raising $19.9 million in gross proceeds from the sale of common shares and warrants. The company also amended its existing credit facilities with Allseas and ERAS Capital LLC and Gerard Barron, increasing borrowing limits and extending maturity dates. Further amendments to credit facilities occurred in March 2025, extending the maturity date of the ERAS Capital LLC and Gerard Barron credit facility to June 30, 2026 and extending the repayment date of the Allseas working capital loan to September 30, 2025. The 2023 Allseas credit facility was terminated. Steve Jurvetson and Brendan May joined TMC's board of directors during the year.
TMC's subsidiary, NORI, intends to submit its application for an exploitation contract to the ISA on June 27, 2025. The company's exploration contracts with the ISA remain in effect, subject to renewal. The company also terminated its services agreement with Marawa Research and Exploration Limited in January 2025. As of December 31, 2024, TMC employed 47 employees and contractors.
The company's outlook remains contingent upon several factors, including the finalization of ISA regulations, approval of its exploitation contract application, successful technology development, and market conditions. The company acknowledges significant risks associated with its operations, including regulatory uncertainties, environmental concerns, technological challenges, and market volatility, as detailed in the filing's extensive risk factors section.
About TMC the metals Co Inc.
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