Company: TMCWW
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047373
Chunk: 10

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 10
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this requirement. If necessary, the Company expects to seek a waiver based on the statutory criteria and applicable regulations.

The Company expects to become subject to additional
U. S. laws and regulations as development progresses and are in the early stages of analyzing their applicability and potential impact
on its operations.

Preliminary Unaudited Financial Information as of and for the Three
Months Ended March 31, 2025

As
of March 31, 2025, the Company estimates that it had cash on hand of $2.3 million. In addition, as of March 31, 2025, the
Company estimates that it had short-term debt of approximately $10 million, representing amounts outstanding under the Unsecured
Credit Facility, dated March 22, 2024, as amended, with Gerard Barron, the Company’s Chief Executive Officer and
Chairman, and ERAS Capital LLC, the family fund of the Company’s director, Andrei Karkar (the “2024 Credit
Facility”), and the Working Capital Loan Agreement, dated September 9, 2024, with Allseas Investments S. A. The Company
also estimates that operating expenses, operating loss and net cash used in operating activities for the three months ended March
31, 2025 were approximately $18.0 million, $20.6 million and $9.3 million, respectively. As of March 31, 2025, there remained
$41.5 million undrawn under the 2024 Credit Facility. In addition, as of March 31, 2025, the Company had approximately $19.3
million (approximately $9.8 million as of the date of this Current Report on Form 8-K) available to be sold under the At-the-Market
Equity Distribution Agreement with Wedbush Securities Inc., having raised $5.7 million through the issuance of 2,975,226 common
shares in the three months ended March 31, 2025 at an average per share price of $1.93.

The information presented above is
estimated, unaudited and preliminary and is subject to completion. The Company is in the process of finalizing its financial results
for the quarter ended March 31, 2025. As a result, the estimates above may differ, potentially materially, from the actual results that will be
presented in the Company’s condensed consolidated financial statements as of and for the quarter ended and the three months