Tmc The Metals Company Inc (TMC)

The Metals Company Stock (TMC) dropped by 17.8% from $1.57 to $1.29 in the trading on Wednesday August 02, 2023. The reason why TMC stock down today is due to an updated company outlook. The company issued corporate update on expected timeline, application costs and production capacity following part II Of the 28th session of the International Seabed Authority.

• Before the ISA announced in July that it hadn't set rules for deep-sea mining, The Metals Company planned to apply later this year and start operations in late 2024.
• With the timeline delayed, The Metals Company expect to need an extra $60 million to $70 million before submitting the application next year. As of the end of Q2 2023, The Metals Company had $20 million in cash.

The Metals Company Stock (TMC) dropped by 24.18% from $1.82 to $1.38 in the trading on Monday July 24, 2023. The reason why TMC stock down today is due to the delay in deep sea mining regulations.

• The International Seabed Authority (ISA) failed to finalize regulations for deep sea mining during its two-week meeting in Jamaica. The agency will now take up the matter again in November 2023, with the goal of reaching a final decision in 2025.
• The delay has been met with disappointment from deep sea mining proponents, including The Metals Company, which is eager to begin commercial-scale nodule collection. However, opponents of the practice are hopeful that the delay will allow for more time to build a case for a moratorium on deep sea mining.

The Metals Company Stock (TMC) dropped by 24.48% from $2.41 to $1.82 in the trading on Thursday July 13, 2023. The reason why TMC stock down today is due to growing opposition to deep sea mining. The Metals Company, which aims to extract battery metals from mineral formations on the seafloor, faces formidable political resistance that could hinder its expansion plans.

• The UK's recent addition to the list of concerned nations further fueled market concerns about The Metals Company's future growth prospects. Over 20 British Parliament members voiced their apprehensions in a letter to the Prime Minister, emphasizing the "unacceptably high risks to deep-sea ecosystems".
• Growing concerns about the potential environmental hazards of deep sea mining are also being echoed by organizations like the European Academies Science Advisory Council and corporations like Alphabet and BMW.

The Metals Company Stock (TMC) dropped by 6.37% from $0.8612 to $0.8063 in the trading on Friday March 24, 2023. The reason why TMC stock down today is due to wider losses for the fourth quarter of 2022.

• The company incurred losses of $109.6M compared to $19.8M in the prior year quarter.
• Exploration and evaluation expenses increased from $12.8M to $104.3M mainly due to $69.9M related to the fair value on grant date ($7 per share) of the 10M Allseas warrants which became exercisable $8.7M related to the shares issued to Allseas as completion payment.