The Metals Company reported a Q3 net loss but increased borrowing and plans a $17.5M fundraising for seabed mining.

The Metals Company (TMC) reported a $10.5 million increase in borrowing capacity and a $20.5 million net loss for Q3 2024. The company plans to raise $17.5 million through a registered direct offering to boost working capital. TMC's subsidiary, NORI, aims to submit an exploitation application to the International Seabed Authority by June 27, 2025. TMC's CEO expressed optimism about increased U.S. interest in seafloor metal development.

November 14, 2024
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