The Resource Is the Resource -- Enabling Capital Raise at Well Above Market Terms
Keeping a tight rein on expenses. TMC reported 2Q23 results that included a significant reduction in SG&A expenses from $8.1 million in year-ago period to $5.1 million, demonstrating the company’s ability to operate and move the NORI project forward at a significantly lower cash burn rate, suggesting that liquidity may be a diminishing investor concern. Time to production extended; certainty increased. While some observers may have been disappointed with the ISA’s failure to complete the undersea mining code creation process in July 2023, as originally envisioned, the July session featured the ISA’s renewed commitment to complete the code over the next three sessions (and inter-session discussions) that allowed TMC to announce a definitive timeline for NORI-D exploitation applications submission (3Q24) and beginning of commercial nodule collection envisioned under Project Zero (4Q25), establishing a timetable for getting to revenue and profitability.
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