The Metals Company (Nasdaq: TMC) (“TMC” or “the Company”), an
explorer of lower-impact battery metals from seafloor polymetallic
nodules, today provided financial results for the third quarter
ending September 30, 2021 and announced a corporate update.
Q3 2021 Financial Highlights
- Raised gross proceeds of $137.6 million in cash prior to
transaction fees
- Total cash and cash equivalents of approximately $112.6
million, at September 30, 2021
- Existing cash balance expected to be sufficient to fund TMC’s
operations through the third quarter of 2023 when the Company
intends to submit its application to the International Seabed
Authority (ISA) for an exploitation contract for its NORI-D
area
- Net loss of $36.7 million and loss per share of $0.18 for the
quarter ended September 30, 2021, with a large component thereof
attributable to accrued expenses related to the amended Pilot
Mining Test System (PMTS) agreement with Allseas Group S.A.
(Allseas) and higher cost of increased offshore campaign activity
during the quarter.
“At COP26, the world’s governments are committing to a rapid
transformation of energy and transport. What’s catching people by
surprise is that this transition starts and ends with metals,” said
Gerard Barron, Chairman and CEO of The Metals Company. “To hit
net-zero globally by 2050, would require six times more mineral
inputs in 2040 than today. If you take nickel —essential for
electric vehicle and storage batteries — nickel inputs would need
to grow 19 times, with much of this growth set to come from beneath
rainforests, our critical carbon sinks. With the capital that we’ve
raised in the third quarter and with TMC now a public company, we
can play a key role in making sure minerals are an enabler, not a
bottleneck for the energy transition by supplying lower-carbon and
lower-impact battery metals like nickel and copper from the
planet’s largest estimated source.”
Q3 2021 Operational Highlights
- As part of the pilot plant program, TMC has successfully
processed nodules into manganese silicate product and a
nickel-copper-cobalt intermediate at XPS Solutions facilities in
Canada and announced the commencement of the final phase of the
program to refine nickel-copper-cobalt intermediate into copper
cathode, nickel sulfate and cobalt sulfate at SGS facilities in
Canada.
- TMC successfully concluded Environmental Expedition 5C, the
latest work package in its $75 million multi-year deep-sea research
program to establish a rigorous environmental baseline and to
characterize the potential impacts of its proposed nodule
collection operations. In collaboration with Maersk Supply Service
and researchers from the University of Hawaii, Texas A&M
University and the Japan Agency for Marine-Earth Science and
Technology (JAMSTEC), TMC achieved a world first by successfully
sampling pelagic biota at depths of 4,000 meters, marking what we
believe to be the first deep MOCNESS net tow in the Eastern
Tropical Pacific Ocean. This is the fourth offshore expedition this
year, bringing the total number of days at sea to 148 days.
- TMC co-hosted an event with our strategic partner and
shareholder Allseas in Rotterdam, Netherlands entitled “Engineering
the Future with Allseas”. At the event, stakeholders were given the
opportunity to preview TMC’s polymetallic nodule collection vessel,
the Hidden Gem, currently undergoing conversion in Rotterdam and
expected to become the world’s first ship classified as a subsea
mining vessel by the American Bureau of Shipping. Stakeholders also
visited the fabrication facility in Hejningen where a pilot nodule
collector robot is being assembled ahead of the wet test in the
North Sea and full pilot collection system test in NORI-D in the
Pacific Ocean next year. The Environmental Impact Statement for the
pilot test in NORI-D was submitted to the ISA in July.
- TMC appointed Amelia Kinahoi Siamomua, a Tongan national, to
its Board of Directors as an independent Director, bringing female
representation on the Board to 38% of its members.
Industry Update
- The International Seabed Authority (ISA) continues to work to a
two-year timeline to complete regulations for the exploitation of
seabed minerals by July 9, 2023, pursuant to the Republic of Nauru
exercising its sovereign rights under Section 1, paragraph 15 of
the 1994 Agreement relating to the Implementation of Part XI of the
United Nations Convention on the Law of the Sea (“UNCLOS”). This
notice by the Republic of Nauru obliges the ISA to complete the
adoption of exploitation regulations within two years of the
request made by the member state. An in-person ISA Council &
Assembly meeting in Kingston, Jamaica has been scheduled for
December 6 – 15, 2021.
- The International Energy Agency released a new report in May
2021 warning of a ‘looming mismatch’ between increased climate
ambition and the availability of critical minerals needed to
realize these ambitions. In particular, the report highlighted that
up to a sixfold increase in mineral production is needed through
2040 to meet climate ambitions.
- In June 2021, the Biden Administration published the findings
of its 100-day review of U.S. supply chain vulnerabilities, in
which it elevated nickel to critical status singling it out as one
of three battery metals deemed ‘most critical’ to US interests —
alongside cobalt and lithium — and flagged the establishment of
domestic nickel refining capacity as the administration’s number
one priority.
- An Executive Order signed by President Biden in August 2021 set
an ambitious target of making half of all new vehicles sold in the
U.S. zero emissions vehicles by 2030 and was followed by several
industry announcements to build new gigafactories in the US,
bringing planned battery cell manufacturing capacity to 650GWh by
2030. The Executive Order follows increasingly near-term bans on
the sale of new internal combustion engine (ICE) vehicles in the
United Kingdom, China, Norway, California and elsewhere.
- A declaration at the COP26 climate conference in Glasgow seeks
to phase out all sales of petrol and diesel vehicles by 2040 and no
later than 2035 in “leading markets.” The signatories included
General Motors, Ford, Volvo and Mercedes-Benz. According to
industry analyst Benchmark Mineral Intelligence, if all cars and
vans sold in 2040 were electric, it would represent almost 8,400
GWh of lithium-ion battery demand and would require over 5 million
tons of nickel sulfate, 19 times more than nickel sulfate
production in 2021.
- Commodity prices for battery metals like lithium, nickel and
copper have reached multi-year highs. As a result, after many years
of consistent reduction, battery cell prices per KWh are rising for
the first time since the beginning of the gigafactory era,
according to industry analyst Benchmark Mineral Intelligence.
- In October 2021, a key U.S. non-partisan policy forum, The
Wilson Center released ‘The Mosaic Approach: A Multidimensional
Strategy for Strengthening America’s Critical Mineral Supply
Chains’. The report acknowledges the significant domestic
opportunity to onshore supplies of nickel, cobalt and manganese
from polymetallic nodules in the Clarion Clipperton Zone.
- As part of the ‘France 2030’ reindustrialization strategy,
French President Macron recently committed €2 billion in research
funding for seafloor and space exploration and acknowledged that
resources like polymetallic nodules can strengthen domestic
critical mineral supply chains and are key to mineral
independence.
Financial Results Overview
TMC reported a net loss for the third quarter of 2021 of $36.7
million, or $0.18 per share, compared to TMC’s net loss of $6.8
million, or $0.04 per share, for the third quarter of 2020.
Exploration expenses during the third quarter of 2021 were $23.8
million compared to $4.6 million for the third quarter of 2020.
General and administrative expenses were $13.3 million for the
third quarter of 2021 compared to $2.2 million for the third
quarter of 2020.
The increase in exploration expenses was mainly due to $12.9
million related to the first two milestone payments accrued to
Allseas in 2021 under the amended PMTS agreement, $2.8 million
higher cost of offshore campaigns in the 2021 period as compared to
the 2020 period as a result of more campaigns undertaken in the
third quarter 2021 compared to fewer campaigns in the prior year
period, and $2.8 million higher stock-based compensation expense in
the 2021 period as compared to the 2020 period due to the timing of
recognition of expense for stock options granted in the first
quarter of 2021.
The increase in general and administrative expenses were a
result of increased stock-based compensation expense of $5.3
million as compared to the 2020 period due to amendments for
certain stock option grants to extend their term beyond the
retirement provisions, resulting in an expense of $3.9 million and
timing of recognition of expense for stock options granted in the
first quarter of 2021. In addition, we incurred an increase in
professional fees in connection with the combination of DeepGreen
Metals, Inc. and Sustainable Opportunities Acquisition Corp., and
other costs associated with being a public company of $2.4 million.
Overall, our business activities increased and we incurred
additional marketing costs of $2.2 million and personnel and
director fees of $0.7 million during the three months ended
September 30, 2021 over those incurred in the same period of the
prior year.
Restatement of Previously Issued Financial Statements
The results in this earnings release encompass the impacts of
restatements of previously issued quarterly financial statements as
of and for the three-month period ended March 31, 2021 and as of
and for the six month period ended June 30, 2021. The restatements
resulted from (a) certain invoices for exploration expenses not
being appropriately accrued as of June 30, 2021 and (b) expensing
of options granted in the first quarter of 2021 based on the
grantee’s historical start date with the Company rather than the
grant date of the options on March 4, 2021. A summary of the effect
of the restatements on the previously issued financial statements
is included at the end of this release.
Liquidity, Capital Allocation and Key Milestones
At September 30, 2021, TMC held cash and cash equivalents of
$112.6 million and held no debt. This cash position is expected to
enable TMC to achieve four key milestones by the end of the third
quarter of 2023:
- Completion of a pilot plant program to process and refine
polymetallic nodules into nickel, copper, cobalt and
manganese--metals that are critical to the transition to clean
energy and electric vehicles;
- Construction and pilot trial in NORI-D of the pilot nodule
collection system to lift nodules to the surface and transport them
to shore, with our strategic partner Allseas;
- Completion of the Environmental Impact Assessment of future
nodule collection operations in NORI-D, one of the most
comprehensive deep-sea research programs to date, and development
of the Environmental Impact Statement, a key part of the
application for the ISA exploitation contract for NORI-D; and
- Submission of an application to the ISA for an exploitation
contract for NORI-D area of the Clarion Clipperton Zone of the
Pacific Ocean (“CCZ”), which is estimated to contain 356 million
metric tonnes of wet nodules containing high-grades of nickel,
copper, cobalt and manganese.
Conference Call
TMC will hold a conference call today at 4:30 p.m. ET to provide
an update on recent corporate developments, third quarter financial
results and upcoming milestones.
Date: Thursday, November 11, 2021 Time: 4:30 p.m. ET Virtual
Webcast: Register Here Toll-free dial-in number: (844) 200-6205
International dial-in number: (929) 526-1599 Conference ID:
688797
Please call the conference telephone number 5-10 minutes prior
to the start time. An operator will register your name and
organization. If you have any difficulty connecting with the
conference call, please contact Gateway Investor Relations at
1-949-574-3860.
The conference call will have virtual webcast and will be
available for replay on the Company-Investors portion of TMC’s
website under Media > Events and Presentations.
A replay of the conference call will also be available after
6:30 p.m. Eastern time on the same day through November 18, 2021,
via the information below:
Toll-free replay number: (844) 200-6205 International replay
number: (929) 526-1599 Replay ID: 146384
About The Metals Company
The Metals Company is an explorer of lower-impact battery metals
from seafloor polymetallic nodules, on a dual mission: (1) supply
metals for the clean energy transition with the least possible
negative environmental and social impact and (2) accelerate the
transition to a circular metal economy. The company through its
subsidiaries holds exploration and commercial rights to three
polymetallic nodule contract areas in the Clarion Clipperton Zone
of the Pacific Ocean regulated by the International Seabed
Authority and sponsored by the governments of Nauru, Kiribati and
the Kingdom of Tonga.
More information is available at www.metals.co.
Forward Looking Statements
Certain statements made in this press release are not historical
facts but are forward-looking statements for purposes of the safe
harbor provisions under The Private Securities Litigation Reform
Act of 1995. Forward-looking statements generally are accompanied
by words such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. The
forward-looking statements contained in this press release include,
without limitation, statements regarding TMC’s expectations with
respect to meeting key milestones and the timing thereof,
development of its estimated resources of battery metals, the
timing of its application to the ISA for an exploitation contract,
potential regulatory approvals, the size and potential growth of
current or future markets for TMC’s supply of battery metals, TMC’s
expectations with respect to the results or outcomes of its
campaigns and expeditions, the sufficiency of cash on hand to meet
working capital and capital expenditure requirements and certain
milestones, the timing, sources and amounts of future revenues and
expenses and the restatement of TMC’s financial statements. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from those discussed in the forward-looking statements.
Most of these factors are outside TMC’s control and are difficult
to predict. Factors that may cause such differences include, but
are not limited to: regulatory uncertainties and the impact of
government regulation and political instability on TMC’s resource
activities; changes to any of the laws, rules, regulations or
policies to which TMC is subject; the impact of extensive and
costly environmental requirements on TMC’s operations and the
timing to completion of the Environmental Impact Assessment;
environmental liabilities; the impact of polymetallic nodule
collection on biodiversity in the CCZ and recovery rates of
impacted ecosystems; TMC’s ability to develop minerals in
sufficient grade or quantities to justify commercial operations;
the lack of development of seafloor polymetallic nodule deposit;
uncertainty in the estimates for mineral resource calculations from
certain contract areas and for the grade and quality of
polymetallic nodule deposits; risks associated with natural
hazards; uncertainty with respect to the specialized treatment and
processing of polymetallic nodules that TMC may recover; risks
associated with collective, development and processing operations;
fluctuations in transportation costs; testing and manufacturing of
equipment; risks associated with TMC’s limited operating history;
the impact of the COVID-19 pandemic; risks associated with TMC’s
intellectual property; and other risks and uncertainties indicated
from time to time in the prospectus, filed with the U.S. Securities
and Exchange Commission (“SEC”) on October 22, 2021, including
those under “Risk Factors” therein, and in TMC’s other future
filings with the SEC. TMC cautions that the foregoing list of
factors is not exclusive. TMC cautions readers not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made. TMC does not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based except as required by law.
TMC the metals company
Inc. Condensed Consolidated Balance Sheets (in
thousands of US Dollars, except share amounts)
(Unaudited)
As at September 30
2021
As at December 31 2020
ASSETS
Current
Cash and cash equivalents
112,640
10,096
Receivables and prepayments
139
129
112,779
10,225
Non-current
Exploration contracts
43,150
43,150
Equipment
1,387
1,310
44,537
44,460
TOTAL ASSETS
157,316
54,685
LIABILITIES
Current
Accounts payable and accrued
liabilities
28,343
4,316
Deferred acquisition costs
-
3,440
28,343
7,756
Non-current
Deferred tax liability
10,675
10,675
Warrant liability
11,623
-
TOTAL LIABILITIES
50,641
18,431
EQUITY
Common shares (unlimited shares, no par
value – issued: 224,385,324 (December 31, 2020 – 189,493,593))
284,228
154,431
Preferred shares (unlimited share, no par
value – issued: nil (December 31, 2020 – 509,459))
-
550
Class A - J Special Shares
-
-
Additional paid in capital
108,022
45,347
Accumulated other comprehensive loss
(1,216
)
(1,216
)
Deficit
(284,359
)
(162,858
)
TOTAL EQUITY
106,675
36,254
TOTAL LIABILITIES AND EQUITY
157,316
54,685
TMC the metals company
Inc. Condensed Consolidated Statements of Loss and
Comprehensive Loss (in thousands of US Dollars, except share and
per share amounts) (Unaudited)
Three months ended September
30,
Nine months ended September
30,
2021
2020
2021
2020
Operating expenses
Exploration expenses
23,848
4,556
80,181
35,744
General and administrative expenses
13,334
2,192
41,138
3,818
Operating loss
37,182
6,748
121,319
39,562
Other items
Change in fair value of warrant
liability
(878
)
-
(878
)
-
Foreign exchange loss
5
41
57
37
Interest expense (income)
342
(3
)
1,003
(53
)
Loss and comprehensive loss for the
period
36,651
6,786
121,501
39,546
Loss per share
- Basic and diluted
$
0.18
$
0.04
$
0.61
$
0.23
Weighted average number of common
shares outstanding – basic and diluted
205,248,258
186,432,173
198,092,309
175,631,164
TMC the metals company
Inc. Condensed Consolidated Statements of Cash Flows
(in thousands of US Dollars) (Unaudited)
Nine months ended September
30,
2021
2020
Cash resources provided by (used
in)
Operating activities
Loss for the period
(121,501
)
(39,546
)
Items not affecting cash:
Amortization
324
421
Expenses settled in share-based
payments
69,357
16,653
Interest on convertible debentures
1,003
-
Change in fair value of warrant
liability
(878
)
-
Unrealized foreign exchange
(31
)
(1
)
Changes in working capital:
Receivables and prepayments
(8
)
(65
)
Accounts payable and accrued
liabilities
23,395
1,188
Net cash used in operating
activities
(28,339
)
(21,350
)
Investing activities
Acquisition of exploration contract
(3,440
)
(607
)
Acquisition of equipment
(402
)
-
Net cash used in investing
activities
(3,842
)
(607
)
Financing activities
Exercise of stock options
4,236
-
Proceeds from issuance of convertible
debentures
26,000
-
Proceeds from issuance of common shares
(net of fees and other costs)
-
20,348
Proceeds from Business Combination (net of
fees and other costs)
104,465
-
Net cash provided by financing
activities
134,701
20,348
Net change in cash and cash
equivalents
102,520
(1,609
)
Impact of exchange rate changes on cash
and cash equivalents
24
(4
)
Cash and cash equivalents - beginning
of period
10,096
15,951
Cash and cash equivalents - end of
period
112,640
14,338
Restatement of Previously Issued Financial
Statements:
The following summarizes the effect of the restatement on each
financial statement line item for each period presented.
TMC the metals company
Inc. Condensed Consolidated Balance Sheets
(in thousands of US
Dollars)
(Unaudited)
As at March 31, 2021
As at June 30, 2021
Accounts payable and accrued
liabilities
As previously reported
6,430
9,033
Adjustments1
-
2,663
As restated
6,430
11,696
Total liabilities
As previously reported
44,075
45,869
Adjustments1
-
2,663
As restated
44,075
48,532
Additional paid in capital
As previously reported
63,576
74,069
Adjustments2
(1,848
)
(1,528
)
As restated
61,728
72,541
Deficit
As previously reported
(220,416
)
(246,573
)
Adjustments2
1,848
(1,135
)
As restated
(218,568
)
(247,708
)
Total shareholders' equity
As previously reported
25,631
15,731
Adjustments1
-
(2,663
)
As restated
25,631
13,068
- Reflects increase of $2.7 million in exploration expenses for
the six month ended June 30, 2021 to accrue for certain exploration
invoices as at June 30, 2021.
- Reflects decrease of $1.8 million and $1.5 million of
stock-based compensation expenses for the three months ended March
31, 2021 and six months ended June 30, 2021, respectively.
TMC the metals company
Inc. Condensed Consolidated Statements of Loss and
Comprehensive Loss (in thousands of US Dollars, except per
share amounts) (Unaudited)
Three Months Ended March 31,
2021
Three Months Ended June 30,
20214
Six Months Ended June 30,
2021
Exploration expenses
As previously reported
39,364
15,372
54,736
Adjustments1,2
(1,257
)
2,854
1,597
As restated
38,107
18,226
56,333
General and administrative expenses
As previously reported
17,955
10,311
28,266
Adjustments3
(591
)
129
(462
)
As restated
17,364
10,440
27,804
Operating loss
As previously reported
57,319
25,683
83,002
Adjustments1,2,3
(1,848
)
2,983
1,135
As restated
55,471
28,666
84,137
Loss and comprehensive loss for the
period
As previously reported
57,558
26,157
83,715
Adjustments1,2,3
(1,848
)
2,983
1,135
As restated
55,710
29,140
84,850
Loss per share - Basic and diluted
As previously reported
0.30
0.13
0.43
Adjustments1,2,3
(0.01
)
0.02
0.01
As restated
0.29
0.15
0.44
- Reflects decrease of $1.3 million for the three months ended
March 31, 2021 and increase of $0.2 million and decrease of $1.1
million for the three and six months ended June 30, 2021,
respectively, related to stock-based compensation expense.
- Reflects increase of $2.7 million to accrue for certain
material exploration invoices for the three and six months ended
June 30, 2021.
- Reflects decrease of $0.6 million for the three months ended
March 31, 2021 and increase of $0.1 million and decrease of $0.5
million for the three and six months ended June 30, 2021,
respectively, related to stock-based compensation expense.
- Results for the three month period ended June 30, 2021 have not
been previously reported on a standalone basis.
TMC the metals company
Inc. Condensed Consolidated Statements of Changes in
Shareholders’ Equity (in thousands of US Dollars)
(Unaudited)
As at March 31, 2021
As at June 30, 2021
Additional paid in capital
As previously reported
63,576
74,069
Adjustments1
(1,848
)
(1,528
)
As restated
61,728
72,541
Deficit
As previously reported
(220,416
)
(246,573
)
Adjustments1,2
1,848
(1,135
)
As restated
(218,568
)
(247,708
)
Total shareholders' equity
As previously reported
25,631
15,731
Adjustments2
-
(2,663
)
As restated
25,631
13,068
- Reflects decrease of $1.8 million for the three months ended
March 31, 2021 and decrease of $1.5 million for the six months
ended June 30, 2021 related to stock-based compensation
expense.
- Reflects increase of $2.7 million to accrue for certain
exploration invoices for the six months ended June 30, 2021.
TMC the metals company
Inc. Condensed Consolidated Statements of Cash Flows (in
thousands of US Dollars) (Unaudited)
Three Months Ended March 31,
2021
Six Months Ended June 30,
2021
Loss for the period
As previously reported
(57,558
)
(83,715
)
Adjustments1,2
1,848
(1,135
)
As restated
(55,710
)
(84,850
)
Expenses settled in share-based
payments
As previously reported
45,059
60,128
Adjustments1
(1,848
)
(1,528
)
As restated
43,211
58,600
Accounts payable and accrued
liabilities
As previously reported
2,114
4,719
Adjustments2
-
2,663
As restated
2,114
7,382
- Reflects decrease of $1.8 million for the three months ended
March 31, 2021 and decrease of $1.5 million for the six months
ended June 30, 2021 related to stock-based compensation
expense.
- Reflects increase of $2.7 million to accrue for certain
exploration invoices for the six months ended June 30, 2021.
The following summarizes the effect of the restatements on each
line item set forth below in the unaudited pro forma condensed
combined financial information previously as of and for the six
months ended June 30, 2021 for each period presented.
TMC the metals company Inc.
Unaudited Pro Forma Condensed Consolidated Balance Sheets As of
June 30, 2021 (Amounts in U.S. dollars)
SOAC (Historical)
DeepGreen Metals
(Historical)
Pro Forma Transaction
Adjustments
Combined Pro Forma
Accounts payable and accrued
liabilities
As previously reported
7,289
9,033
(6,713
)
9,609
Adjustments1
-
2,663
-
2,663
As restated
7,289
11,696
(6,713
)
12,272
Total liabilities
As previously reported
53,544
45,869
(55,614
)
43,799
Adjustments1
-
2,663
-
2,663
As restated
53,544
48,532
(55,614
)
46,462
Additional paid in capital
As previously reported
-
74,069
21,600
95,669
Adjustments2
-
(1,528
)
-
(1,528
)
As restated
-
72,541
21,600
94,141
Deficit
As previously reported
(53,118
)
(246,573
)
43,759
(255,932
)
Adjustments1,2
-
(1,135
)
-
(1,135
)
As restated
(53,118
)
(247,708
)
43,759
(257,067
)
Total shareholders' equity
As previously reported
(53,117
)
15,731
159,639
122,253
Adjustments1
-
(2,663
)
-
(2,663
)
As restated
(53,117
)
13,068
159,639
119,590
- Reflects increase of $2.7 million in exploration expenses for
the six months ended June 30, 2021 to accrue for exploration
invoices as at June 30, 2021.
- Reflects decrease of $1.5 million of stock-based compensation
expenses for the six months ended June 30, 2021.
TMC the metals company Inc.
Unaudited Pro Forma Condensed Consolidated Statement of Operations
For the six months ended June 30, 2021 (Amounts in U.S. dollars,
except per share data)
SOAC (Historical)
DeepGreen Metals
(Historical)
Pro Forma Transaction
Adjustments
Combined Pro Forma
Exploration expenses
As previously reported
-
54,736
2,343
57,079
Adjustments1,2
-
1,597
-
1,597
As restated
-
56,333
2,343
58,676
General and administrative expenses
As previously reported
6,490
28,266
-
34,756
Adjustments3
-
(462
)
-
(462
)
As restated
6,490
27,804
-
34,294
Operating loss
As previously reported
6,490
83,002
2,343
91,835
Adjustments1,2,3
-
1,135
-
1,135
As restated
6,490
84,137
2,343
92,970
(Income) loss for the period
As previously reported
(14,694
)
83,715
13,841
82,862
Adjustments1,2,3
-
1,135
-
1,135
As restated
(14,694
)
84,850
13,841
83,997
Comprehensive (income) loss for the
period
As previously reported
(14,694
)
83,715
13,841
82,862
Adjustments1,2,3
-
1,135
-
1,135
As restated
(14,694
)
84,850
13,841
83,997
(Income) loss per share - Basic and
diluted
As previously reported
(1.46
)
0.43
-
0.37
Adjustments1,2,3
-
0.01
-
0.01
As restated
(1.46
)
0.44
-
0.37
- Reflects decrease of $1.1 million for the six months ended June
30, 2021 related to stock-based compensation expense.
- Reflects increase of $2.7 million to accrue for certain
exploration invoices for the six months ended June 30, 2021.
- Reflects decrease of $0.5 million for the six months ended June
30, 2021 related to stock-based compensation expense.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111006045/en/
Media | media@metals.co Investors | investors@metals.co Dan
Gagnier | Gagnier Communications | tmc@gagnierfc.com
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