Q3 2021 Financial Highlights
- Raised gross proceeds of
$137.6 million in cash prior to transaction fees - Total cash and cash equivalents of approximately
$112.6 million , atSeptember 30, 2021 - Existing cash balance expected to be sufficient to fund TMC’s operations through the third quarter of 2023 when the Company intends to submit its application to the
International Seabed Authority (ISA) for an exploitation contract for its NORI-D area - Net loss of
$36.7 million and loss per share of$0.18 for the quarter endedSeptember 30, 2021 , with a large component thereof attributable to accrued expenses related to the amended Pilot Mining Test System (PMTS) agreement withAllseas Group S.A. (Allseas) and higher cost of increased offshore campaign activity during the quarter.
“At
Q3 2021 Operational Highlights
- As part of the pilot plant program, TMC has successfully processed nodules into manganese silicate product and a nickel-copper-cobalt intermediate at
XPS Solutions facilities inCanada and announced the commencement of the final phase of the program to refine nickel-copper-cobalt intermediate into copper cathode, nickel sulfate and cobalt sulfate at SGS facilities inCanada . - TMC successfully concluded Environmental Expedition 5C, the latest work package in its
$75 million multi-year deep-sea research program to establish a rigorous environmental baseline and to characterize the potential impacts of its proposed nodule collection operations. In collaboration with Maersk Supply Service and researchers from theUniversity of Hawaii ,Texas A&M University and theJapan Agency for Marine-Earth Science and Technology (JAMSTEC), TMC achieved a world first by successfully sampling pelagic biota at depths of 4,000 meters, marking what we believe to be the first deep MOCNESS net tow in theEastern Tropical Pacific Ocean . This is the fourth offshore expedition this year, bringing the total number of days at sea to 148 days. - TMC co-hosted an event with our strategic partner and shareholder Allseas in
Rotterdam, Netherlands entitled “Engineering the Future with Allseas”. At the event, stakeholders were given the opportunity to preview TMC’s polymetallic nodule collection vessel, the Hidden Gem, currently undergoing conversion inRotterdam and expected to become the world’s first ship classified as a subsea mining vessel by theAmerican Bureau of Shipping . Stakeholders also visited the fabrication facility in Hejningen where a pilot nodule collector robot is being assembled ahead of the wet test in theNorth Sea and full pilot collection system test in NORI-D in thePacific Ocean next year. The Environmental Impact Statement for the pilot test in NORI-D was submitted to the ISA in July. - TMC appointed Amelia Kinahoi Siamomua, a Tongan national, to its Board of Directors as an independent Director, bringing female representation on the Board to 38% of its members.
Industry Update
The International Seabed Authority (ISA) continues to work to a two-year timeline to complete regulations for the exploitation of seabed minerals byJuly 9, 2023 , pursuant to theRepublic of Nauru exercising its sovereign rights under Section 1, paragraph 15 of the 1994 Agreement relating to the Implementation of Part XI of theUnited Nations Convention on the Law of the Sea (“UNCLOS”). This notice by theRepublic of Nauru obliges the ISA to complete the adoption of exploitation regulations within two years of the request made by the member state. An in-personISA Council & Assembly meeting inKingston, Jamaica has been scheduled forDecember 6 – 15, 2021.The International Energy Agency released a new report inMay 2021 warning of a ‘looming mismatch’ between increased climate ambition and the availability of critical minerals needed to realize these ambitions. In particular, the report highlighted that up to a sixfold increase in mineral production is needed through 2040 to meet climate ambitions.- In
June 2021 , theBiden Administration published the findings of its 100-day review ofU.S. supply chain vulnerabilities, in which it elevated nickel to critical status singling it out as one of three battery metals deemed ‘most critical’ to US interests — alongside cobalt and lithium — and flagged the establishment of domestic nickel refining capacity as the administration’s number one priority. - An Executive Order signed by
President Biden inAugust 2021 set an ambitious target of making half of all new vehicles sold in theU.S. zero emissions vehicles by 2030 and was followed by several industry announcements to build new gigafactories in the US, bringing planned battery cell manufacturing capacity to 650GWh by 2030. The Executive Order follows increasingly near-term bans on the sale of new internal combustion engine (ICE) vehicles in theUnited Kingdom ,China ,Norway ,California and elsewhere. - A declaration at the
COP26 climate conference inGlasgow seeks to phase out all sales of petrol and diesel vehicles by 2040 and no later than 2035 in “leading markets.” The signatories included General Motors, Ford, Volvo and Mercedes-Benz. According to industry analyst Benchmark Mineral Intelligence, if all cars and vans sold in 2040 were electric, it would represent almost 8,400 GWh of lithium-ion battery demand and would require over 5 million tons of nickel sulfate, 19 times more than nickel sulfate production in 2021. - Commodity prices for battery metals like lithium, nickel and copper have reached multi-year highs. As a result, after many years of consistent reduction, battery cell prices per KWh are rising for the first time since the beginning of the gigafactory era, according to industry analyst Benchmark Mineral Intelligence.
- In
October 2021 , a keyU.S. non-partisan policy forum, TheWilson Center released ‘The Mosaic Approach: A Multidimensional Strategy for Strengthening America’s Critical Mineral Supply Chains’. The report acknowledges the significant domestic opportunity to onshore supplies of nickel, cobalt and manganese from polymetallic nodules in theClarion Clipperton Zone . - As part of the ‘France 2030’ reindustrialization strategy, French
President Macron recently committed €2 billion in research funding for seafloor and space exploration and acknowledged that resources like polymetallic nodules can strengthen domestic critical mineral supply chains and are key to mineral independence.
Financial Results Overview
TMC reported a net loss for the third quarter of 2021 of
The increase in exploration expenses was mainly due to
The increase in general and administrative expenses were a result of increased stock-based compensation expense of
Restatement of Previously Issued Financial Statements
The results in this earnings release encompass the impacts of restatements of previously issued quarterly financial statements as of and for the three-month period ended
Liquidity, Capital Allocation and Key Milestones
At
- Completion of a pilot plant program to process and refine polymetallic nodules into nickel, copper, cobalt and manganese--metals that are critical to the transition to clean energy and electric vehicles;
- Construction and pilot trial in NORI-D of the pilot nodule collection system to lift nodules to the surface and transport them to shore, with our strategic partner Allseas;
- Completion of the Environmental Impact Assessment of future nodule collection operations in NORI-D, one of the most comprehensive deep-sea research programs to date, and development of the Environmental Impact Statement, a key part of the application for the ISA exploitation contract for NORI-D; and
- Submission of an application to the ISA for an exploitation contract for NORI-D area of the
Clarion Clipperton Zone of thePacific Ocean (“CCZ”), which is estimated to contain 356 million metric tonnes of wet nodules containing high-grades of nickel, copper, cobalt and manganese.
Conference Call
TMC will hold a conference call today at
Date:
Time:
Virtual Webcast: Register Here
Toll-free dial-in number: (844) 200-6205
International dial-in number: (929) 526-1599
Conference ID: 688797
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Investor Relations at 1-949-574-3860.
The conference call will have virtual webcast and will be available for replay on the Company-Investors portion of TMC’s website under Media > Events and Presentations.
A replay of the conference call will also be available after
Toll-free replay number: (866) 813-9403
International replay number: (226) 828-7578
Replay ID: 146384
About
More information is available at www.metals.co.
Forward Looking Statements
Certain statements made in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. The forward-looking statements contained in this press release include, without limitation, statements regarding TMC’s expectations with respect to meeting key milestones and the timing thereof, development of its estimated resources of battery metals, the timing of its application to the ISA for an exploitation contract, potential regulatory approvals, the size and potential growth of current or future markets for TMC’s supply of battery metals, TMC’s expectations with respect to the results or outcomes of its campaigns and expeditions, the sufficiency of cash on hand to meet working capital and capital expenditure requirements and certain milestones, the timing, sources and amounts of future revenues and expenses and the restatement of TMC’s financial statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside TMC’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: regulatory uncertainties and the impact of government regulation and political instability on TMC’s resource activities; changes to any of the laws, rules, regulations or policies to which TMC is subject; the impact of extensive and costly environmental requirements on TMC’s operations and the timing to completion of the Environmental Impact Assessment; environmental liabilities; the impact of polymetallic nodule collection on biodiversity in the CCZ and recovery rates of impacted ecosystems; TMC’s ability to develop minerals in sufficient grade or quantities to justify commercial operations; the lack of development of seafloor polymetallic nodule deposit; uncertainty in the estimates for mineral resource calculations from certain contract areas and for the grade and quality of polymetallic nodule deposits; risks associated with natural hazards; uncertainty with respect to the specialized treatment and processing of polymetallic nodules that TMC may recover; risks associated with collective, development and processing operations; fluctuations in transportation costs; testing and manufacturing of equipment; risks associated with TMC’s limited operating history; the impact of the COVID-19 pandemic; risks associated with TMC’s intellectual property; and other risks and uncertainties indicated from time to time in the prospectus, filed with the
TMC the metals company Inc. |
||||||
As at |
As at |
|||||
ASSETS |
|
|
||||
Current |
|
|
||||
Cash and cash equivalents |
112,640 |
|
10,096 |
|
||
Receivables and prepayments |
139 |
|
129 |
|
||
|
112,779 |
|
10,225 |
|
||
Non-current |
|
|
||||
Exploration contracts |
43,150 |
|
43,150 |
|
||
Equipment |
1,387 |
|
1,310 |
|
||
|
44,537 |
|
44,460 |
|
||
|
|
|
||||
TOTAL ASSETS |
157,316 |
|
54,685 |
|
||
|
|
|
||||
LIABILITIES |
|
|
||||
Current |
|
|
||||
Accounts payable and accrued liabilities |
28,343 |
|
4,316 |
|
||
Deferred acquisition costs |
- |
|
3,440 |
|
||
|
28,343 |
|
7,756 |
|
||
Non-current |
|
|
||||
Deferred tax liability |
10,675 |
|
10,675 |
|
||
Warrant liability |
11,623 |
|
- |
|
||
TOTAL LIABILITIES |
50,641 |
|
18,431 |
|
||
|
|
|
||||
EQUITY |
|
|
||||
Common shares (unlimited shares, no par value – issued: 224,385,324 ( |
284,228 |
|
154,431 |
|
||
Preferred shares (unlimited share, no par value – issued: nil ( |
- |
|
550 |
|
||
Class A - J Special Shares |
- |
|
- |
|
||
Additional paid in capital |
108,022 |
|
45,347 |
|
||
Accumulated other comprehensive loss |
(1,216 |
) |
(1,216 |
) |
||
Deficit |
(284,359 |
) |
(162,858 |
) |
||
TOTAL EQUITY |
106,675 |
|
36,254 |
|
||
|
|
|
||||
TOTAL LIABILITIES AND EQUITY |
157,316 |
|
54,685 |
|
TMC the metals company Inc. |
||||||||||||||||
Three months ended |
Nine months ended |
|||||||||||||||
|
2021 |
2020 |
2021 |
2020 |
||||||||||||
|
|
|
|
|
||||||||||||
Operating expenses |
|
|
|
|
||||||||||||
Exploration expenses |
|
23,848 |
|
|
4,556 |
|
|
80,181 |
|
|
35,744 |
|
||||
General and administrative expenses |
|
13,334 |
|
|
2,192 |
|
|
41,138 |
|
|
3,818 |
|
||||
Operating loss |
|
37,182 |
|
|
6,748 |
|
|
121,319 |
|
|
39,562 |
|
||||
|
|
|
|
|
||||||||||||
Other items |
|
|
|
|
||||||||||||
Change in fair value of warrant liability |
|
(878 |
) |
|
- |
|
|
(878 |
) |
|
- |
|
||||
Foreign exchange loss |
|
5 |
|
|
41 |
|
|
57 |
|
|
37 |
|
||||
Interest expense (income) |
|
342 |
|
|
(3 |
) |
|
1,003 |
|
|
(53 |
) |
||||
|
|
|
|
|
||||||||||||
Loss and comprehensive loss for the period |
|
36,651 |
|
|
6,786 |
|
|
121,501 |
|
|
39,546 |
|
||||
|
|
|
|
|
||||||||||||
Loss per share |
|
|
|
|
||||||||||||
- Basic and diluted |
$ |
0.18 |
|
$ |
0.04 |
|
$ |
0.61 |
|
$ |
0.23 |
|
||||
|
|
|
|
|
||||||||||||
Weighted average number of common shares outstanding – basic and diluted |
|
205,248,258 |
|
|
186,432,173 |
|
|
198,092,309 |
|
|
175,631,164 |
|
TMC the metals company Inc. |
||||||
Nine months ended |
||||||
|
2021 |
2020 |
||||
Cash resources provided by (used in) |
|
|
||||
|
|
|
||||
Operating activities |
|
|
||||
Loss for the period |
(121,501 |
) |
(39,546 |
) |
||
Items not affecting cash: |
|
|
||||
Amortization |
324 |
|
421 |
|
||
Expenses settled in share-based payments |
69,357 |
|
16,653 |
|
||
Interest on convertible debentures |
1,003 |
|
- |
|
||
Change in fair value of warrant liability |
(878 |
) |
- |
|
||
Unrealized foreign exchange |
(31 |
) |
(1 |
) |
||
Changes in working capital: |
|
|
||||
Receivables and prepayments |
(8 |
) |
(65 |
) |
||
Accounts payable and accrued liabilities |
23,395 |
|
1,188 |
|
||
Net cash used in operating activities |
(28,339 |
) |
(21,350 |
) |
||
|
|
|
||||
Investing activities |
|
|
||||
Acquisition of exploration contract |
(3,440 |
) |
(607 |
) |
||
Acquisition of equipment |
(402 |
) |
- |
|
||
Net cash used in investing activities |
(3,842 |
) |
(607 |
) |
||
|
|
|
||||
Financing activities |
|
|
||||
Exercise of stock options |
4,236 |
|
- |
|
||
Proceeds from issuance of convertible debentures |
26,000 |
|
- |
|
||
Proceeds from issuance of common shares (net of fees and other costs) |
- |
|
20,348 |
|
||
Proceeds from Business Combination (net of fees and other costs) |
104,465 |
|
- |
|
||
Net cash provided by financing activities |
134,701 |
|
20,348 |
|
||
|
|
|
||||
Net change in cash and cash equivalents |
102,520 |
|
(1,609 |
) |
||
Impact of exchange rate changes on cash and cash equivalents |
24 |
|
(4 |
) |
||
Cash and cash equivalents - beginning of period |
10,096 |
|
15,951 |
|
||
Cash and cash equivalents - end of period |
112,640 |
|
14,338 |
|
Restatement of Previously Issued Financial Statements:
The following summarizes the effect of the restatement on each financial statement line item for each period presented.
TMC the metals company Inc. (in thousands of US Dollars) (Unaudited) |
||||||||
|
As at |
|
As at |
|||||
Accounts payable and accrued liabilities |
As previously reported |
|
6,430 |
|
|
9,033 |
|
|
Adjustments1 |
|
- |
|
|
2,663 |
|
||
As restated |
|
6,430 |
|
|
11,696 |
|
||
|
|
|||||||
Total liabilities |
As previously reported |
|
44,075 |
|
|
45,869 |
|
|
Adjustments1 |
|
- |
|
|
2,663 |
|
||
As restated |
|
44,075 |
|
|
48,532 |
|
||
|
|
|||||||
Additional paid in capital |
As previously reported |
|
63,576 |
|
|
74,069 |
|
|
Adjustments2 |
|
(1,848 |
) |
|
(1,528 |
) |
||
As restated |
|
61,728 |
|
|
72,541 |
|
||
|
|
|||||||
Deficit |
As previously reported |
|
(220,416 |
) |
|
(246,573 |
) |
|
Adjustments2 |
|
1,848 |
|
|
(1,135 |
) |
||
As restated |
|
(218,568 |
) |
|
(247,708 |
) |
||
|
|
|||||||
Total shareholders' equity |
As previously reported |
|
25,631 |
|
|
15,731 |
|
|
Adjustments1 |
|
- |
|
|
(2,663 |
) |
||
As restated |
|
25,631 |
|
|
13,068 |
|
- Reflects increase of
$2.7 million in exploration expenses for the six month endedJune 30, 2021 to accrue for certain exploration invoices as atJune 30, 2021 . - Reflects decrease of
$1.8 million and$1.5 million of stock-based compensation expenses for the three months endedMarch 31, 2021 and six months endedJune 30, 2021 , respectively.
TMC the metals company Inc. |
||||||||||
|
Three Months |
|
Three Months |
|
Six Months |
|||||
Exploration expenses |
As previously reported |
|
39,364 |
|
|
15,372 |
|
54,736 |
|
|
Adjustments1,2 |
|
(1,257 |
) |
|
2,854 |
|
1,597 |
|
||
As restated |
|
38,107 |
|
|
18,226 |
|
56,333 |
|
||
|
|
|
|
|||||||
General and administrative expenses |
As previously reported |
|
17,955 |
|
|
10,311 |
|
28,266 |
|
|
Adjustments3 |
|
(591 |
) |
|
129 |
|
(462 |
) |
||
As restated |
|
17,364 |
|
|
10,440 |
|
27,804 |
|
||
|
|
|
|
|||||||
Operating loss |
As previously reported |
|
57,319 |
|
|
25,683 |
|
83,002 |
|
|
Adjustments1,2,3 |
|
(1,848 |
) |
|
2,983 |
|
1,135 |
|
||
As restated |
|
55,471 |
|
|
28,666 |
|
84,137 |
|
||
|
|
|
|
|||||||
Loss and comprehensive loss for the period |
As previously reported |
|
57,558 |
|
|
26,157 |
|
83,715 |
|
|
Adjustments1,2,3 |
|
(1,848 |
) |
|
2,983 |
|
1,135 |
|
||
As restated |
|
55,710 |
|
|
29,140 |
|
84,850 |
|
||
|
|
|
|
|||||||
Loss per share - Basic and diluted |
As previously reported |
|
0.30 |
|
|
0.13 |
|
0.43 |
|
|
Adjustments1,2,3 |
|
(0.01 |
) |
|
0.02 |
|
0.01 |
|
||
As restated |
|
0.29 |
|
|
0.15 |
|
0.44 |
|
- Reflects decrease of
$1.3 million for the three months endedMarch 31, 2021 and increase of$0.2 million and decrease of$1.1 million for the three and six months endedJune 30, 2021 , respectively, related to stock-based compensation expense. - Reflects increase of
$2.7 million to accrue for certain material exploration invoices for the three and six months endedJune 30, 2021 . - Reflects decrease of
$0.6 million for the three months endedMarch 31, 2021 and increase of$0.1 million and decrease of$0.5 million for the three and six months endedJune 30, 2021 , respectively, related to stock-based compensation expense. - Results for the three month period ended
June 30, 2021 have not been previously reported on a standalone basis.
TMC the metals company Inc. |
||||||||
As at |
As at |
|||||||
Additional paid in capital |
As previously reported |
63,576 |
|
74,069 |
|
|||
Adjustments1 |
(1,848 |
) |
(1,528 |
) |
||||
As restated |
61,728 |
|
72,541 |
|
||||
Deficit |
As previously reported |
(220,416 |
) |
(246,573 |
) |
|||
Adjustments1,2 |
1,848 |
|
(1,135 |
) |
||||
As restated |
(218,568 |
) |
(247,708 |
) |
||||
Total shareholders' equity |
As previously reported |
25,631 |
|
15,731 |
|
|||
Adjustments2 |
- |
|
(2,663 |
) |
||||
As restated |
25,631 |
|
13,068 |
|
||||
- Reflects decrease of
$1.8 million for the three months endedMarch 31, 2021 and decrease of$1.5 million for the six months endedJune 30, 2021 related to stock-based compensation expense. - Reflects increase of
$2.7 million to accrue for certain exploration invoices for the six months endedJune 30, 2021 .
TMC the metals company Inc. |
||||||||
|
||||||||
Three Months |
Six Months |
|||||||
Loss for the period |
As previously reported |
(57,558 |
) |
(83,715 |
) |
|||
Adjustments1,2 |
1,848 |
|
(1,135 |
) |
||||
As restated |
(55,710 |
) |
(84,850 |
) |
||||
Expenses settled in share-based payments |
As previously reported |
45,059 |
|
60,128 |
|
|||
Adjustments1 |
(1,848 |
) |
(1,528 |
) |
||||
As restated |
43,211 |
|
58,600 |
|
||||
Accounts payable and accrued liabilities |
As previously reported |
2,114 |
|
4,719 |
|
|||
Adjustments2 |
- |
|
2,663 |
|
||||
As restated |
2,114 |
|
7,382 |
|
- Reflects decrease of
$1.8 million for the three months endedMarch 31, 2021 and decrease of$1.5 million for the six months endedJune 30, 2021 related to stock-based compensation expense. - Reflects increase of
$2.7 million to accrue for certain exploration invoices for the six months endedJune 30, 2021 .
The following summarizes the effect of the restatements on each line item set forth below in the unaudited pro forma condensed combined financial information previously as of and for the six months ended
TMC the metals company Inc. |
||||||||||||||
SOAC |
DeepGreen Metals |
Pro Forma |
Combined |
|||||||||||
Accounts payable and accrued liabilities |
As previously reported |
7,289 |
|
9,033 |
|
(6,713 |
) |
9,609 |
|
|||||
Adjustments1 |
- |
|
2,663 |
|
- |
|
2,663 |
|
||||||
As restated |
7,289 |
|
11,696 |
|
(6,713 |
) |
12,272 |
|
||||||
Total liabilities |
As previously reported |
53,544 |
|
45,869 |
|
(55,614 |
) |
43,799 |
|
|||||
Adjustments1 |
- |
|
2,663 |
|
- |
|
2,663 |
|
||||||
As restated |
53,544 |
|
48,532 |
|
(55,614 |
) |
46,462 |
|
||||||
Additional paid in capital |
As previously reported |
- |
|
74,069 |
|
21,600 |
|
95,669 |
|
|||||
Adjustments2 |
- |
|
(1,528 |
) |
- |
|
(1,528 |
) |
||||||
As restated |
- |
|
72,541 |
|
21,600 |
|
94,141 |
|
||||||
Deficit |
As previously reported |
(53,118 |
) |
(246,573 |
) |
43,759 |
|
(255,932 |
) |
|||||
Adjustments1,2 |
- |
|
(1,135 |
) |
- |
|
(1,135 |
) |
||||||
As restated |
(53,118 |
) |
(247,708 |
) |
43,759 |
|
(257,067 |
) |
||||||
Total shareholders' equity |
As previously reported |
(53,117 |
) |
15,731 |
|
159,639 |
|
122,253 |
|
|||||
Adjustments1 |
- |
|
(2,663 |
) |
- |
|
(2,663 |
) |
||||||
As restated |
(53,117 |
) |
13,068 |
|
159,639 |
|
119,590 |
|
- Reflects increase of
$2.7 million in exploration expenses for the six months endedJune 30, 2021 to accrue for exploration invoices as atJune 30, 2021 . - Reflects decrease of
$1.5 million of stock-based compensation expenses for the six months endedJune 30, 2021 .
TMC the metals company Inc. |
|||||||||||||
|
|||||||||||||
SOAC |
DeepGreen |
Pro Forma |
Combined |
||||||||||
Exploration expenses |
As previously reported |
- |
|
54,736 |
|
2,343 |
57,079 |
|
|||||
Adjustments1,2 |
- |
|
1,597 |
|
- |
1,597 |
|
||||||
As restated |
- |
|
56,333 |
|
2,343 |
58,676 |
|
||||||
General and administrative expenses |
As previously reported |
6,490 |
|
28,266 |
|
- |
34,756 |
|
|||||
Adjustments3 |
- |
|
(462 |
) |
- |
(462 |
) |
||||||
As restated |
6,490 |
|
27,804 |
|
- |
34,294 |
|
||||||
Operating loss |
As previously reported |
6,490 |
|
83,002 |
|
2,343 |
91,835 |
|
|||||
Adjustments1,2,3 |
- |
|
1,135 |
|
- |
1,135 |
|
||||||
As restated |
6,490 |
|
84,137 |
|
2,343 |
92,970 |
|
||||||
(Income) loss for the period |
As previously reported |
(14,694 |
) |
83,715 |
|
13,841 |
82,862 |
|
|||||
Adjustments1,2,3 |
- |
|
1,135 |
|
- |
1,135 |
|
||||||
As restated |
(14,694 |
) |
84,850 |
|
13,841 |
83,997 |
|
||||||
Comprehensive (income) loss for the period |
As previously reported |
(14,694 |
) |
83,715 |
|
13,841 |
82,862 |
|
|||||
Adjustments1,2,3 |
- |
|
1,135 |
|
- |
1,135 |
|
||||||
As restated |
(14,694 |
) |
84,850 |
|
13,841 |
83,997 |
|
||||||
(Income) loss per share - Basic and diluted |
As previously reported |
(1.46 |
) |
0.43 |
|
- |
0.37 |
|
|||||
Adjustments1,2,3 |
- |
|
0.01 |
|
- |
0.01 |
|
||||||
As restated |
(1.46 |
) |
0.44 |
|
- |
0.37 |
|
- Reflects decrease of
$1.1 million for the six months endedJune 30, 2021 related to stock-based compensation expense. - Reflects increase of
$2.7 million to accrue for certain exploration invoices for the six months endedJune 30, 2021 . - Reflects decrease of
$0.5 million for the six months endedJune 30, 2021 related to stock-based compensation expense.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211111006045/en/
Media | media@metals.co
Investors | investors@metals.co
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