TMC the metals Co Inc.

Pre-revenue deep-sea mining developer with a large resource but binary regulatory risk.

Strengths

• Solid liquidity (current ratio ~2.0) and ~12 quarters of cash runway (90th pct)
• World's largest estimated undeveloped seabed nickel/copper/cobalt/manganese resource with first declared seafloor reserves

Risks

• No revenue and negative returns (ROA -1.76); binary dependence on NOAA/ISA permitting never yet granted commercially
• Capital-intensive, unproven offshore collection technology and reliance on a single key partner (Allseas)

Notable findings

• Cash burnNegative free cash flow (-43.1M)
• Chronic dilutionShare count +16%/yr over 4y (dilution, book value/share -120%)
• Strong balance sheetStrong balance sheet — $131M cash & investments, ~12 quarters of runway