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Sep 30, 2023
Tmc Q3 2023 Earnings Report
TMC reported a net loss with ongoing efforts focused on pre-feasibility study and environmental impact statement.
Key Takeaways
TMC reported a net loss of $12.5 million for the quarter ended September 30, 2023. The company is focusing on its NORI-D contract area and targeting commercial production as early as Q4 2025. They are currently working on the pre-feasibility study and Environmental Impact Statement.
Laser-focused on NORI-D contract area.
Targeting commercial production as early as Q4 2025.
Pre-feasibility study and Environmental Impact Statement are underway.
Planning additional offshore campaign to strengthen EIS.
Tmc
Tmc
Forward Guidance
TMC believes that its cash on hand, the remaining expected net proceeds from the Registered Direct Offering and borrowing availability under its recently amended and extended credit facility with an affiliate of Allseas will be sufficient to meet its working capital and capital expenditure commitments for at least the next twelve months.