2023             Shares      Amount    Shares     Shares     Capital           Loss          Deficit          Total 
               -----------  -------- 
    January 
     1, 2023   266,812,131  $332,882  $       -  $      -  $184,960       $   (1,216)       $(475,121)  $ 41,505 
Exercise of 
 stock 
 options           120,000       144          -         -       (67)               -                -         77 
Exercise of 
 warrant by 
 Allseas        11,578,620    70,016          -         -   (69,900)               -                -        116 
Shares issued 
 to Allseas     15,000,000    15,910          -         -         -                -                -     15,910 
Conversion of 
 restricted 
 share units, 
 net of 
 shares 
 withheld for 
 taxes           3,573,993     3,704          -         -    (3,674)               -                -         30 
Issuance of 
 shares and 
 warrants 
 under 
 Registered 
 Direct 
 Offering, 
 net of 
 expenses        7,961,540    11,349          -         -     3,179                -                -     14,528 
Share 
 purchase 
 under 
 Employee 
 Share 
 Purchase 
 Plan               83,572        94          -         -       (45)               -                -         49 
Share-based 
 compensation 
 and expenses 
 settled with 
 equity                  -         -          -         -     9,715                -                -      9,715 
Net loss for 
 the period              -         -          -         -         -                -          (40,322)   (40,322) 
               -----------   -------   --------   -------   -------          -------  ----   --------    ------- 
September 30, 
 2023          305,129,856  $434,099  $       -  $      -   124,168       $   (1,216)       $(515,443)  $ 41,608 
-------------  -----------   -------   --------   -------   -------          -------   ---   --------    ------- 
 
 
 
                        TMC the metals company Inc. 
              Condensed Consolidated Statements of Cash Flows 
                        (in thousands of US Dollars) 
                                 (Unaudited) 
 
                                   Nine months ended       Nine months ended 
                                     September 30,             September 30, 
                                  -------------------  --------------------- 
                                         2024                           2023 
                                  -------------------  --------------------- 
Cash provided by (used in) 
 
Operating activities 
Loss for the period                $         (65,882)   $         (40,322) 
  Items not affecting cash: 
    Amortization                                 280                  262 
    Lease Expense                              1,430                  318 
    Accrued interest on credit 
     facilities                                  150                    - 
    Share-based compensation and 
     expenses settled with 
     equity                                   19,129                9,715 
    Equity-accounted investment 
     loss                                        197                  475 
    Change in fair value of 
     warrants liability                       (1,103)               1,214 
    Unrealized foreign exchange                 (334)                 (24) 
Changes in working capital: 
  Receivables and prepayments                   $(580.SI)$              (2,393) 
  Accounts payable and accrued 
   liabilities                                17,036              (13,633) 
                                      --------------       -------------- 
Net cash used in operating 
 activities                                  (29,677)             (44,388) 
 
Investing activities 
Acquisition of equipment and 
 software                                       (465)                (175) 
Net cash used in investing 
 activities                                     (465)                (175) 
 
Financing activities 
Proceeds from registered direct 
 offering                                      9,000               15,723 
Expenses paid for registered 
 direct offering                                (142)                (779) 
Proceeds from Shares issued from 
 ATM                                           4,866                    - 
Proceeds from Drawdown of Credit 
 Facilities                                    4,175                    - 
Proceeds from Drawdown of Loan 
 with Allseas Affiliate                        2,000                    - 
Repayment of Loan with Allseas 
 Affiliate                                    (2,000)                   - 
Proceeds from Drawdown of Loan 
 with Allseas                                  5,000                    - 
Interest paid on amounts drawn 
 from credit facilities                          (73)                   - 
Proceeds from Low Carbon 
 Royalties Investment                              -                5,000 
Proceeds from employee stock 
 plans                                            24                   49 
Proceeds from exercise of stock 
 options                                         463                   77 
Proceeds from exercise of 
 warrants by Allseas                               -                  116 
Proceeds from issuance of shares                   -                   30 
Net cash provided by financing 
 activities                                   23,313               20,216 
 
Decrease in cash                   $          (6,829)   $         (24,347) 
Impact of exchange rate changes 
 on cash                                         347                   24 
Cash - beginning of period                     6,842               46,876 
--------------------------------      --------------       -------------- 
Cash - end of period               $             360    $          22,553 
--------------------------------      --------------       ------ 

(MORE TO FOLLOW) Dow Jones Newswires

November 14, 2024 16:55 ET (21:55 GMT)