0001104659-24-038505 | 10-K | XBRL Viewer

Schedule of low carbon royalties

Schedule of investment


	Investment
Fair value of NORI Royalty	$	14,000
Cash received	$	(5,000)
Cost of Investment on Closing Date	$	9,000
Equity-accounted investment loss for the year		(571)
Investment as at December 31, 2023	$	8,429


	December 31
For the year ended	2023
Current Assets	$	1,091
Non-Current Assets		26,315
Current Liabilities		131

Royalty Income	$	399
Total Revenue		480
Comprehensive Income (Loss) for the year	$	(1,747)

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

21.Income Taxes

Reconciliation of Effective Tax Rate

The Company is subject to Canadian federal and provincial tax for the estimated assessable profit at a rate of 26.68% for the year ended December 31, 2023 (2022: 26.61%). The Company had no assessable profit in Canada for all periods disclosed.

The income tax expense at statutory rates for the Company can be reconciled to the reported loss for the years 2023 and 2022 per the statement of loss and comprehensive loss as follows:


	For the year ended			For the year ended
	December 31,			December 31,
	2023			2022⁽¹⁾
Loss for the year, before taxes	$	(73,740)		$	(170,887)
Canadian Federal and Provincial income tax rates		26.68	%		26.61	%
Income tax recovery based on the above rates	$	(19,677)		$	(45,473)
Permanent differences		1,556			1,926
Effect of differences in future and foreign tax rates		14,038			36,903
Valuation allowance changes affecting the provision of income taxes		4,124			6,721
Total income taxes	$	41		$	77

(1)

Comparative amounts for the year ended December 31, 2022 are restated based on actual tax returns filed.

The Company currently has no uncertain tax positions and is therefore not reflecting any adjustments.

Components of the Company’s deferred income tax assets (liabilities) are as follows:


	December 31, 2023		December 31, 2022
Deferred Tax Assets
Non-capital losses	$	21,195	$	16,011
Investments		384		172
Equipment		260		79
Share issuance costs		496		218
Total deferred income tax assets	$	22,335	$	16,480
Valuation allowance		(22,335)		(16,480)
Deferred tax asset recognized	$	—	$	—

Deferred Tax Liability
Difference between the book value and the tax basis of the TOML exploration contract (Note 7)	$	(10,675)	$	(10,675)
Deferred tax liability recognized	$	(10,675)	$	(10,675)

(1)

Comparative amounts for the year ended December 31, 2022 are restated based on actual tax returns filed.

Deductible temporary differences, unused tax losses and unused tax credits are as follows:


	December 31, 2023		December 31, 2022		Expiry Date Range

Non-capital losses	$	89,333	$	67,409	See below
Investments	$	2,856	$	1,273	Not applicable
Equipment	$	962	$	291	Not applicable
Share issuance costs	$	1,860	$	821	Not applicable

As at December 31, 2023, the Company had non-capital loss carry-forwards of $89.3 million that may be used to offset future taxable income.

These losses, if not utilized, will expire as follows:


	Canada		Singapore		United States		Tonga
2035	$	—	$	—	$	2	$	—
2041		3,741		—		—		—
2042		13,707		—		1		—
2043		12,343		—		3		—
No expiry		—		20,567		—		38,969
Loss carry-forwards	$	29,791	$	20,567	$	6	$	38,969

The Company files income tax returns in Canada, the United States, Singapore and Tonga, and is subject to examination in these jurisdictions for all years since the Company’s inception in 2011. As at December 31, 2023, all tax years are subject to examination by the tax authorities and no tax authority audits are currently underway. Fiscal years outside the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years which have been carried forward and may be audited in subsequent years when utilized. The timing of the resolution, settlement and closure of any income tax audits is highly uncertain, and the Company is unable to estimate the full range of possible adjustments to the balance of gross unrecognized tax benefits. It is possible that the balance of gross unrecognized tax benefits could significantly change in the next twelve months. As at December 31, 2023, the 2023 tax year filings for the Company and its subsidiaries (where applicable) remain unfiled and have not been assessed by the relative tax authorities.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Schedule of categories of financial instruments

Income Taxes - Non-capital loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Loss carry-forwards	$ 89,333	$ 67,409
Canada
Income Taxes
Loss carry-forwards	29,791
Singapore
Income Taxes
Loss carry-forwards	20,567
United States
Income Taxes
Loss carry-forwards	6
Tonga
Income Taxes
Loss carry-forwards	38,969
2035 \| United States
Income Taxes
Loss carry-forwards	2
2041 \| Canada
Income Taxes
Loss carry-forwards	3,741
2042 \| Canada
Income Taxes
Loss carry-forwards	13,707
2042 \| United States
Income Taxes
Loss carry-forwards	1
2043 \| Canada
Income Taxes
Loss carry-forwards	12,343
2043 \| United States
Income Taxes
Loss carry-forwards	3
No expiry \| Singapore
Income Taxes
Loss carry-forwards	20,567
No expiry \| Tonga
Income Taxes
Loss carry-forwards	$ 38,969

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Financial Instruments


	December 31, 2023		December 31, 2022
Financial assets
Amortized cost
Cash	$	6,842	$	46,876
Receivables and Prepayments		1,978		2,726
	$	8,820	$	49,602

Financial liabilities
Amortized cost
Accounts payable and accrued liabilities	$	31,334	$	41,614
Fair value through profit or loss		—		—
Royalty liability		14,000		—
Warrants liability		1,969		983
	$	47,303	$	42,597

Common Shares - Schedule of authorized, issued and outstanding common shares and special shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Authorized And Issued Shares Capital [Line Items]
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited
Common shares, issued	306,558,710	266,812,131
Ordinary shares, outstanding	306,558,710
Class A special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	5,000,000
Special shares, no par value	$ 0
Common shares, issued	4,448,259
Ordinary shares, outstanding	4,448,259
Class B special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	10,000,000
Special shares, no par value	$ 0
Common shares, issued	8,896,399
Ordinary shares, outstanding	8,896,399
Class C special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	10,000,000
Special shares, no par value	$ 0
Common shares, issued	8,896,399
Ordinary shares, outstanding	8,896,399
Class D special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	20,000,000
Special shares, no par value	$ 0
Common shares, issued	17,792,922
Ordinary shares, outstanding	17,792,922
Class E special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	20,000,000
Special shares, no par value	$ 0
Common shares, issued	17,792,922
Ordinary shares, outstanding	17,792,922
Class F special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	20,000,000
Special shares, no par value	$ 0
Common shares, issued	17,792,922
Ordinary shares, outstanding	17,792,922
Class G special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	25,000,000
Special shares, no par value	$ 0
Common shares, issued	22,241,179
Ordinary shares, outstanding	22,241,179
Class H special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	25,000,000
Special shares, no par value	$ 0
Common shares, issued	22,241,179
Ordinary shares, outstanding	22,241,179
Class I special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	500,000
Special shares, no par value	$ 0
Common shares, issued	500,000
Ordinary shares, outstanding	500,000
Class J special shares
Schedule Of Authorized And Issued Shares Capital [Line Items]
Special shares, authorized	741,000
Special shares, no par value	$ 0
Common shares, issued	741,000
Ordinary shares, outstanding	741,000

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements - Condensed Consolidated Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Mar. 21, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Cash	$ 6,842	$ 22,548		$ 20,006	$ 28,390		$ 46,876
Receivables and prepayments	1,978	5,325		1,637	3,230		2,726
Total current assets	8,820	27,873		21,643	31,620		49,602
Non-current
Exploration contracts	43,150	43,150		43,150	43,150		43,150
Equipment	2,776	2,078		1,970	1,997		2,025
Right-of-use asset	5,721	6,198	$ 6,515
Investment	8,429	8,525		8,644	8,781	$ 9,000
Total non-current assets	60,076	59,951		53,764	53,928		45,175
TOTAL ASSETS	68,896	87,824		75,407	85,548		94,777
Current
Accounts payable and accrued liabilities	31,334	19,344		18,113	17,544		41,614
Total current liabilities	31,334	19,344		18,113	17,544		41,614
Non-current
Deferred tax liability	10,675	10,675		10,675	10,675		10,675
Royalty liability	14,000	14,000		14,000	14,000
Warrants liability	1,969	2,197		2,314	1,528		983
TOTAL LIABILITIES	57,978	46,216		45,102	43,747		53,272
EQUITY
Common shares (unlimited shares, no par value - issued: 306,558,710 (December 31, 2022 - 266,812,131))	438,239	434,099		345,775	345,090		332,882
Additional paid in capital	122,797	124,168		188,722	186,796		184,960
Accumulated other comprehensive loss	(1,216)	(1,216)		(1,216)	(1,216)		(1,216)
Deficit	(548,902)	(515,443)		(502,976)	(488,869)		(475,121)
TOTAL EQUITY	10,918	41,608		30,305	41,801		41,505	$ 92,751
TOTAL LIABILITIES AND EQUITY	$ 68,896	87,824		75,407	85,548		$ 94,777
As Previously Reported
Current
Cash		22,548		20,006	28,390
Receivables and prepayments		5,325		1,637	3,230
Total current assets		27,873		21,643	31,620
Non-current
Exploration contracts		42,900		42,900	42,900
Equipment		2,078		1,970	1,997
Right-of-use asset		6,198
Investment		8,525		8,644	8,781
Total non-current assets		59,701		53,514	53,678
TOTAL ASSETS		87,574		75,157	85,298
Current
Accounts payable and accrued liabilities		19,344		18,113	17,544
Total current liabilities		19,344		18,113	17,544
Non-current
Deferred tax liability		10,675		10,675	10,675
Warrants liability		2,197		2,314	1,528
TOTAL LIABILITIES		32,216		31,102	29,747
EQUITY
Common shares (unlimited shares, no par value - issued: 306,558,710 (December 31, 2022 - 266,812,131))		434,099		345,775	345,090
Additional paid in capital		124,168		188,722	186,796
Accumulated other comprehensive loss		(1,216)		(1,216)	(1,216)
Deficit		(501,693)		(489,226)	(475,119)
TOTAL EQUITY		55,358		44,055	55,551
TOTAL LIABILITIES AND EQUITY		87,574		75,157	85,298
Restatement Adjustments
Non-current
Exploration contracts		250		250	250
Total non-current assets		250		250	250
TOTAL ASSETS		250		250	250
Non-current
Royalty liability		14,000		14,000	14,000
TOTAL LIABILITIES		14,000		14,000	14,000
EQUITY
Deficit		(13,750)		(13,750)	(13,750)
TOTAL EQUITY		(13,750)		(13,750)	(13,750)
TOTAL LIABILITIES AND EQUITY		$ 250		$ 250	$ 250

Commitments and Contingent Liabilities (Details) - USD ($) $ in Millions		60 Months Ended
	Dec. 23, 2022	Dec. 31, 2021	Dec. 31, 2019	May 25, 2012
Marawa Research and Exploration Limited
Commitments and Contingent Liabilities
Commitments plan submission period (in years)			5 years
Tonga Off shore Mining Limited
Commitments and Contingent Liabilities
Commitments plan submission period (in years)		5 years
Maximum estimated expenditure for five year period	$ 44
DeepGreen Engineering Pte Ltd
Commitments and Contingent Liabilities
Percentage of annual production committed to Glencore				50.00%

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

Related Party Transactions

18.Related Party Transactions

The Company’s subsidiary, DeepGreen Engineering Pte. Ltd., is engaged in a consulting agreement with SSCS Pte. Ltd. (“SSCS”) to manage offshore engineering studies. A director of DGE is employed through SSCS. Consulting services during the year ended December 31, 2023 totaled $212 thousand, (2022: $275 thousand), out of which a total $170 thousand (2022: $220 thousand), is disclosed as exploration labor within exploration and evaluation expenses (Note 10) and $42 thousand is disclosed as general and administrative expenses (2022: $55 thousand). As at December 31, 2023, the amount payable to SSCS was $17 thousand (December 31, 2022 - $17 thousand).

The Company’s Chief Ocean Scientist provides consulting services to the Company through Ocean Renaissance LLC (“Ocean Renaissance”) where he is a principal. Consulting services during year ended December 31, 2023 amounted to $331 thousand (2022: $375 thousand), out of which $149 thousand (2022 $188 thousand:), is disclosed as exploration labor within exploration and evaluation expenses (Note 10) and $182 thousand is disclosed as general and administrative expenses (2022: $187 thousand). As at December 31, 2023, the amount payable to Ocean Renaissance was $25 thousand (December 31, 2022- $nil).

The Registered Direct Offering announced on August 14, 2023, included approximately $0.3 million from the participation of several of the Company’s Directors and Officers. In addition, the committed funding included $10 million from ERAS Capital LLC, the investment fund of one of the Company’s Directors, $1 million of which was received on August 16, 2024 and the remaining $9 million was received on January 30, 2024 (Note 12).

Apart from the above-mentioned transactions, the Company had transactions with Allseas which are detailed in Note 8.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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Significant Accounting Estimates and Judgements

Common Shares -Special Shares Class (Details)	12 Months Ended
Common Shares -Special Shares Class (Details)	Dec. 31, 2023 $ / shares shares
Class A special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 15
Special Shares \| shares	5,000,000
Class B special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 25
Special Shares \| shares	10,000,000
Class C special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 35
Special Shares \| shares	10,000,000
Class D special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 50
Special Shares \| shares	20,000,000
Class E special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 75
Special Shares \| shares	20,000,000
Class F special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 100
Special Shares \| shares	20,000,000
Class G special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 150
Special Shares \| shares	25,000,000
Class H special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 200
Special Shares \| shares	25,000,000
Class I special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 50
Special Shares \| shares	500,000
Class J special shares
Class of Stock [Line Items]
Share Trigger price \| $ / shares	$ 12
Special Shares \| shares	741,000

Significant Accounting Estimates and Judgements

12 Months Ended

Dec. 31, 2023

Significant Accounting Estimates and Judgements

4.	Significant Accounting Estimates and Judgements

The preparation of financial statements in accordance with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Significant management judgments and estimates were applied to the following areas:

i.Evaluation of Going Concern

The Company evaluates its ability to operate as a going concern at each reporting period. This evaluation requires the Company to estimate its cash flow commitments over a forecast period of twelve months and whether it has the financial ability to pay for such commitments. Changes in these estimates and assumptions may have a material impact on this assessment.

ii.

Valuation of Share-Based Payments

The fair market value of share-based awards granted to employees, non-employees and directors is based on the closing market price of the Company’s shares, on the date these were granted (Note 15).

This valuation approach involves the use of estimates, judgments and assumptions that are subjective, such as those regarding the probability of future events. Changes in these estimates and assumptions impact the Company’s valuation as of the valuation date and may have a material impact on the valuation of the Company’s common shares. Changes in these assumptions used to determine the fair value of incentive stock options, including the vesting timeline of granted stock options, could have a material impact on the Company’s loss and comprehensive loss.

iii.Valuation of Warrants Liability

The Company re-measures the fair value of the Private Warrants at the end of each reporting period (Note 13). The fair value of the Private Warrants was estimated using a Black-Scholes option pricing model whereby the expected volatility was estimated using a binomial model based on consideration of the implied volatility from the Company’s Public Warrants adjusted to account for the call feature of the Public Warrants at prices above $18.00 during 20 trading days within any 30-trading-day period.

During the year the Company issued Class A warrants as a part of the Registered Direct Offering (Note 12 & Note 13). The warrants were valued using a Monte Carlo simulation by running 250,000 trials. The model assumed that the Company’s share price follows geometric Brownian motion which is a standard assumption used in Monte Carlo univariate pricing models. The valuation was calculated under a risk-neutral framework using a zero-coupon risk-free interest rate derived from the Treasury Constant Maturities yield curve for a term until the expiry of the Warrants. The Company’s share price was simulated up to the expiration date using a blended volatility, calculated by assigning equal weights to both implied volatility of the Company’s Public Warrants and the historical volatility of the Company’s share price.

iv.Valuation of Royalty Liability

The Company re-measures the fair value of its royalty liability at each reporting date. As NORI is in an advanced exploration stage and pre-production, the fair value of the royalty liability is measured by using a market approach which entails examining recent royalty transactions prior to the reporting date, focusing on those transactions that involve similar metals as contained in NORI’s polymetallic nodules. The Company compares the specific characteristics of these transactions to estimate the fair value of its royalty liability at the reporting date.

Common Shares (Details) - Common Stock	12 Months Ended
Common Shares (Details) - Common Stock	Dec. 31, 2023 D Vote
Class of Stock [Line Items]
Threshold trading days within any thirty trading day period for automatic conversion of special shares	20
Threshold consecutive trading day period for automatic conversion of special shares	30
Common Stock, Number Of Votes Per Share \| Vote	1

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of authorized and issued & outstanding common shares and special shares

Common Shares (Tables)

12 Months Ended

Dec. 31, 2023

Common Shares

As at December 31, 2023, the authorized, issued and outstanding common shares and Special Shares of the Company are as follows:


		Issued and
	Authorized	Outstanding
Common shares	Unlimited, with no par value	306,558,710
Class A Special Shares	5,000,000, with no par value	4,448,259
Class B Special Shares	10,000,000, with no par value	8,896,399
Class C Special Shares	10,000,000, with no par value	8,896,399
Class D Special Shares	20,000,000, with no par value	17,792,922
Class E Special Shares	20,000,000, with no par value	17,792,922
Class F Special Shares	20,000,000, with no par value	17,792,922
Class G Special Shares	25,000,000, with no par value	22,241,179
Class H Special Shares	25,000,000, with no par value	22,241,179
Class I Special Shares	500,000, with no par value	500,000
Class J Special Shares	741,000, with no par value	741,000

Summary of the Special Shares and their respective vesting thresholds, assuming the full amount of Special Shares from Rollover Options are issued

Special Share Class	A	B	C	D	E	F	G	H	I	J
Share Trigger price ($)	15	25	35	50	75	100	150	200	50	12
Special Shares (million)	5	10	10	20	20	20	25	25	0.5	0.7

Schedule of common shares


Common shares	Number	Amount
December 31, 2021	225,432,493	$	296,051
Issuance of shares under PIPE financing (Note 12)	38,266,180		29,621
Exercise of stock options (Note 15)	118,461		142
Conversion of restricted share units	2,877,068		6,875
Share purchase under Employee Stock Purchase Plan (Note 15)	117,929		193
December 31, 2022	266,812,131	$	332,882
Issuance of shares under Registered Direct Offering (Note 12)	7,961,540		11,420
Exercise of warrant by Allseas (Note 13)	11,578,620		70,016
Shares issued to Allseas (Notes 8)	15,000,000		15,910
Exercise of stock options (Note 15)	120,000		144
Conversion of restricted share units (Note 15)	4,912,747		7,720
Share purchase under Employee Stock Purchase Plan (Note 15)	173,672		147
December 31, 2023	306,558,710	$	438,239

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements

Income Taxes - Additional information (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Income Taxes
Uncertain tax position	$ 0

Strategic Partnerships - Pilot Mining Test Project (Details) - USD ($)										5 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Aug. 14, 2023	Aug. 09, 2023	Feb. 23, 2023	Feb. 21, 2023	Feb. 13, 2023	Nov. 11, 2022	Aug. 12, 2022	Mar. 04, 2021	Jul. 08, 2019	Dec. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Mar. 29, 2019
Finite-Lived Intangible Assets [Line Items]
Number of shares issued to Allseas (Notes 8) (in shares)	4,150,000			5,000,000			37,978,680
Proceeds from issuance of shares											$ 30,000	$ 30,000	$ 30,000
Amount of shares issued to Allseas (Notes 8)													$ 15,910,000
Exercise fee received		$ 115,800
Common Stock
Finite-Lived Intangible Assets [Line Items]
Number of shares issued to Allseas (Notes 8) (in shares)										4,150,000			15,000,000
Amount of shares issued to Allseas (Notes 8)													$ 15,910,000
Completion of the PMTS
Finite-Lived Intangible Assets [Line Items]
Number of shares issued to Allseas (Notes 8) (in shares)													11,600,000
Strategic Alliance with Allseas Pilot Mining Test Project
Finite-Lived Intangible Assets [Line Items]
Number of shares issued to Allseas (Notes 8) (in shares)			10,850,000
Final settlement					$ 10,000,000
Stock issued (in shares)					10,850,000
Common shares per share					$ 1.00
Third and final payment			$ 10,000,000
Amount of shares issued to Allseas (Notes 8)								$ 900,000
Strategic Alliance with Allseas Pilot Mining Test Project \| Common Stock
Finite-Lived Intangible Assets [Line Items]
Shares issued upon the exercise of the warrant		11,578,620
Allseas Group S.A
Finite-Lived Intangible Assets [Line Items]
Subscribed for common shares (in Shares)														6,700,000
Proceeds from issuance of shares						$ 20,000,000.0
Research and development						8,700,000
Allseas Group S.A \| Closing of the Business Combination
Finite-Lived Intangible Assets [Line Items]
Amount payable									$ 10,000,000
Allseas Group S.A \| Later of (i) January 1, 2022, and (ii) confirmation of successful collection of North Sea test
Finite-Lived Intangible Assets [Line Items]
Amount payable									10,000,000
Allseas Group S.A \| Completion of the PMTS
Finite-Lived Intangible Assets [Line Items]
Amount payable						$ 10,000,000			$ 10,000,000
Number of shares issued to Allseas (Notes 8) (in shares)						10,000,000

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of restatement of previously issued quarterly financial statements

The tables below set forth the unaudited condensed consolidated balance sheet information, the unaudited condensed statements of loss and comprehensive loss and the unaudited condensed consolidated statements of cash flows including the amounts as reported, adjustments and the amounts as restated (in thousands, except per share amounts):

Condensed Consolidated Balance Sheet Information


	As at March 31, 2023						As at June 30, 2023						As at September 30, 2023
	As Previously		Restatement				As Previously		Restatement				As Previously		Restatement
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
ASSETS
Current
Cash	$	28,390	$	—		28,390	$	20,006	$	—		20,006	$	22,548		—	$	22,548
Receivables and prepayments		3,230		—		3,230		1,637		—		1,637		5,325		—		5,325
		31,620		—		31,620		21,643		—		21,643		27,873		—		27,873
Non-current
Exploration contracts		42,900		250		43,150		42,900		250		43,150		42,900		250		43,150
Equipment		1,997		—		1,997		1,970		—		1,970		2,078		—		2,078
Right-of-use asset		—		—		—		—		—		—		6,198		—		6,198
Investment		8,781		—		8,781		8,644		—		8,644		8,525		—		8,525
		53,678		250		53,928		53,514		250		53,764		59,701		250		59,951

TOTAL ASSETS	$	85,298	$	250	$	85,548	$	75,157	$	250	$	75,407	$	87,574	$	250	$	87,824

LIABILITIES
Current
Accounts payable and accrued liabilities		17,544		—		17,544		18,113		—		18,113		19,344		—		19,344
		17,544		—		17,544		18,113		—		18,113		19,344		—		19,344
Non-current
Deferred tax liability		10,675		—		10,675		10,675		—		10,675		10,675		—		10,675
Royalty Liability		—		14,000		14,000		—		14,000		14,000		—		14,000		14,000
Warrants liability		1,528		—		1,528		2,314		—		2,314		2,197		—		2,197
TOTAL LIABILITIES	$	29,747	$	14,000	$	43,747	$	31,102	$	14,000	$	45,102	$	32,216	$	14,000	$	46,216

EQUITY
Common shares (unlimited shares, no par value)		345,090		—		345,090		345,775		—		345,775		434,099		—		434,099
Special Shares		—		—		—		—		—		—		—		—		—
Additional paid in capital		186,796		—		186,796		188,722		—		188,722		124,168		—		124,168
Accumulated other comprehensive loss		(1,216)		—		(1,216)		(1,216)		—		(1,216)		(1,216)		—		(1,216)
Deficit		(475,119)		(13,750)		(488,869)		(489,226)		(13,750)		(502,976)		(501,693)		(13,750)		(515,443)
TOTAL EQUITY	$	55,551		(13,750)	$	41,801	$	44,055		(13,750)	$	30,305	$	55,358		(13,750)	$	41,608

TOTAL LIABILITIES AND EQUITY	$	85,298	$	250	$	85,548	$	75,157	$	250	$	75,407	$	87,574	$	250	$	87,824

Condensed Consolidated Statements of Loss and Comprehensive Loss


	For three months period ended						For six months period ended						For nine months period ended
	March 31, 2023						June 30, 2023						September 30, 2023
	As Previously		Restatement				As Previously		Restatement				As Previously		Restatement
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
Operating expenses
Exploration and evaluation expenses	$	7,169		—	$	7,169	$	15,267		—	$	15,267	$	23,172		—	$	23,172
General and administrative expenses		6,214		—		6,214		11,345		—		11,345		15,958		—		15,958
Operating loss		13,383		—		13,383		26,612		—		26,612		39,130		—		39,130

Other items
Equity-accounted investment loss		219		—		219		356		—		356		475		—		475
Gain on disposition of asset		(13,750)		13,750		—		(13,750)		13,750		—		(13,750)		13,750		—
Change in fair value of warrants liability		544		—		544		1,331		—		1,331		1,214		—		1,214
Foreign exchange loss		29		—		29		52		—		52		66		—		66
Interest income		(454)		—		(454)		(773)		—		(773)		(1,092)		—		(1,092)
Fees and interest on credit facility		27		—		27		277		—		277		529		—		529

Loss and comprehensive loss for the year, before tax	$	(2)	$	13,750	$	13,748	$	14,105	$	13,750	$	27,855	$	26,572	$	13,750	$	40,322

Tax expense		—		—		—		—		—		—		—		—		—

Loss (gain) and comprehensive loss (gain) for the period, after tax	$	(2)	$	13,750	$	13,748	$	14,105	$	13,750	$	27,855	$	26,572	$	13,750	$	40,322

Loss per share
- basic and diluted		—	$	0.05	$	0.05	$	0.05	$	0.05	$	0.10	$	0.09	$	0.05	$	0.14

Weighted average number of Common Shares outstanding – basic		272,029,603		272,029,603		272,029,603		276,702,050		276,702,050		276,702,050		282,745,892		282,745,892		282,745,892
Weighted average number of Common Shares outstanding – diluted		300,376,133		272,029,603		272,029,603		276,702,050		276,702,050		276,702,050		282,745,892		282,745,892		282,745,892

Condensed Consolidated Statements of Cash Flows


	For three months period ended			For six months period ended			For nine months period ended
	March 31, 2023			June 30, 2023			September 30, 2023
	As Previously	Restatement		As Previously	Restatement		As Previously	Restatement
	Reported	Adjustments	As Restated	Reported	Adjustments	As Restated	Reported	Adjustments	As Restated
Operating activities
Gain/(Loss) for the period	2	(13,750)	(13,748)	(14,105)	(13,750)	(27,855)	(26,572)	(13,750)	(40,322)
Items not affecting cash:
Amortization	88	—	88	175	—	175	262	—	262
Lease expense	—	—	—	—	—	—	318.00	—	318.00
Expenses settled with share-based payments	1,775	—	1,775	4,307	—	4,307	6,839	—	6,839
Expenses to be settled with share-based payments	15	—	15	—	—	—	—	—	—
Equity-accounted investment loss	219	—	219	356	—	356	475	—	475
Gain on disposition of asset	(13,750)	13,750	—	(13,750)	13,750	—	(13,750)	13,750	—
Change in fair value of warrants liability	545	—	545	1,331	—	1,331	1,214	—	1,214
Vesting of Allseas Warrant	—	—	—	—	—	—	—	—	—
Unrealized foreign exchange movement	(20)	—	(20)	(17)	—	(17)	(24)	—	(24)
Changes in working capital:		—		—	—	—	—	—	—
Receivables and prepayments	(469)	—	(469)	1,123	—	1,123	(2,364)	—	(2,364)
Accounts payable and accrued liabilities	(11,877)	—	(11,877)	(11,277)	—	(11,277)	(10,757)	—	(10,757)
Net cash used in operating activities	(23,472)	—	(23,472)	(31,857)	—	(31,857)	(44,359)	—	(44,359)

Investing activities
Cash received from investment in Low Carbon Royalties	5,000	(5,000)	—	5,000	(5,000)	—	5,000	(5,000)	—
Acquisition of equipment	—	—	—	(75)	—	(75)	(175)		(175)
Net cash provided by (used in) investing activities	5,000	(5,000)	—	4,925	(5,000)	(75)	4,825	(5,000)	(175)

Financing activities
Proceeds from Low Carbon Royalties investment	—	5,000	5,000	—	5,000	5,000	—	5,000	5,000
Proceeds from Registered Direct Offering	—	—	—	—	—	—	15,723	—	15,723
Expenses paid for Registered Direct Offering	—	—	—	—	—	—	(779)	—	(779)
Proceeds from PIPE financing	—	—	—	—	—	—	—	—	—
Expenses paid for PIPE financing	—	—	—	—	—	—	—	—	—
Proceeds from employee stock plan	—	—	—	49	—	49	49	—	49
Proceeds from exercise of stock options	—	—	—	—	—	—	77	—	77
Proceeds from exercise of warrants by Allseas	—	—	—	—	—	—	116	—	116
Proceeds from issuance of shares	—	—	—	30	—	30	30	—	30
Taxes withheld and paid on share-based compensation	—	—	—	—	—	—	—	—
Net cash provided by financing activities	—	5,000	5,000	79	5,000	5,079	15,216	5,000	20,216

Decrease in cash	(18,472)	—	(18,472)	(26,853)	—	(26,853)	(24,318)	—	(24,318)
Impact of exchange rate changes on cash	20	—	20	17	—	17	24	—	24
Cash - beginning of period	46,842	—	46,842	46,842	—	46,842	46,842	—	46,842
Cash - end of period	28,390	—	28,390	20,006	—	20,006	22,548	—	22,548

Equipment (Details) - DeepGreen - USD ($) $ in Thousands	12 Months Ended
Equipment (Details) - DeepGreen - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Equipment Line Items
Balance	$ 3,847	$ 2,821
Additions	1,111	1,026
Balance	4,958	3,847
Accumulated depreciation
Balance	(1,822)	(1,405)
Amortization for the year	(360)	(417)
Balance	(2,182)	(1,822)
Net book value
Balance	2,776	2,025
Exploration and other equipment [Member]
Schedule Of Equipment Line Items
Balance	3,826	2,800
Additions	1,111	1,026
Balance	4,937	3,826
Accumulated depreciation
Balance	(1,802)	(1,386)
Amortization for the year	(359)	(416)
Balance	(2,161)	(1,802)
Net book value
Balance	2,776	2,024
Office Equipment [Member]
Schedule Of Equipment Line Items
Balance	21	21
Additions	0
Balance	21	21
Accumulated depreciation
Balance	(20)	(19)
Amortization for the year	(1)	(1)
Balance	$ (21)	(20)
Net book value
Balance		$ 1

Financial Instruments

12 Months Ended

Dec. 31, 2023

Financial Instruments

Financial Instruments

17.

Financial Instruments

Categories of Financial Instruments


	December 31, 2023		December 31, 2022
Financial assets
Amortized cost
Cash	$	6,842	$	46,876
Receivables and Prepayments		1,978		2,726
	$	8,820	$	49,602

Financial liabilities
Amortized cost
Accounts payable and accrued liabilities	$	31,334	$	41,614
Fair value through profit or loss		—		—
Royalty liability		14,000		—
Warrants liability		1,969		983
	$	47,303	$	42,597

Share-Based Compensation - Summary of the RSU activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of RSUs Outstanding
Forfeited		(2.60)
Outstanding - December 31, 2023	746,445
Restricted stock units
Number of RSUs Outstanding
Outstanding - December 31, 2022	3,815,143
Granted	13,669,185	3,190,350
Forfeited		(86,700)
Exercised		(4,912,748)
Outstanding - December 31, 2023	12,484,880	3,815,143
Weighted average grant-date fair value per option
Outstanding - December 31, 2022	$ 2.75
Granted	0.92
Forfeited	0.96
Exercised	1.57
Outstanding - December 31, 2023	$ 1.23	$ 2.75

Exploration Contracts (Details) $ in Thousands						6 Months Ended	9 Months Ended	12 Months Ended
Exploration Contracts (Details) $ in Thousands	Aug. 14, 2023 shares	Feb. 21, 2023 shares	Aug. 12, 2022 shares	Mar. 31, 2020 USD ($)	Jul. 22, 2011 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jan. 19, 2015
Finite-Lived Intangible Assets [Line Items]
Number of shares issued to Allseas (Notes 8) (in shares) \| shares	4,150,000	5,000,000	37,978,680
Total value						$ 345,775	$ 434,099	$ 438,239	$ 345,090	$ 332,882
Proceeds from issuance of shares						$ 30	$ 30	$ 30
TOML Acquisition.
Finite-Lived Intangible Assets [Line Items]
Metric tones of polymetallic nodules (in Grams)				32,000
Exploration contracts				$ 42,700
Deferred tax liability				$ 10,700
Nauru Ocean Resources Inc [Member] \| NORI Exploration Contract [Member]
Finite-Lived Intangible Assets [Line Items]
Application fee					$ 300
Term (in year)								15 years
Renewable for successive term								5 years
Payments to Acquire Mining Assets					$ 300
Marawa Research and Exploration Limited \| Marawa Option Agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Term (in year)											15 years
Renewable for successive term								5 years
Tonga Off shore Mining Limited \| TOML Exploration Contract [Member]
Finite-Lived Intangible Assets [Line Items]
Term (in year)								15 years
Renewable for successive term								5 years

Nature of Operations

12 Months Ended

Dec. 31, 2023

Nature of Operations

Nature of Operations

1.	Nature of Operations

TMC the metals company Inc. (“TMC” or the “Company”) was incorporated as a Cayman Islands exempted company limited by shares on December 18, 2019 and continued as a corporation under the laws of the province of British Columbia, Canada on September 9, 2021. On September 9, 2021, the Company completed its business combination (the “Business Combination”) with DeepGreen Metals Inc. (“DeepGreen”). The Company’s corporate office, registered address and records office is located at 10th floor, 595 Howe Street, Vancouver, British Columbia, Canada, V6C 2T5. The Company’s common shares and warrants to purchase common shares are listed for trading on the Nasdaq Global Select Market (“Nasdaq”) under tickers “TMC” and “TMCWW”, respectively.

The Company is a deep-sea minerals exploration company focused on the collection and processing of polymetallic nodules found on the seafloor in international waters of the Clarion Clipperton Zone in the Pacific Ocean (“CCZ”), located approximately 1,300 nautical miles southwest of San Diego, California. These nodules contain high grades of four metals (nickel, copper, cobalt, manganese) which can be used as (i) feedstock for battery cathode precursors (nickel, cobalt and manganese sulfates, or intermediate nickel-copper-cobalt matte) for electric vehicles (“EV”) and renewable energy storage markets, (ii) copper cathode for EV wiring, energy transmission and other applications and (iii) manganese silicate for manganese alloy production required for steel production.

Exploration and exploitation of seabed minerals in international waters is regulated by the International Seabed Authority (“ISA”), an intergovernmental organization established pursuant to the 1994 Agreement Relating to the Implementation of the United Nations Convention on the Law of the Sea. The ISA grants contracts to sovereign states or to private contractors who are sponsored by a sovereign state. The Company’s wholly owned subsidiary, Nauru Ocean Resources Inc. (“NORI”), was granted an exploration contract (the “NORI Exploration Contract”) by the ISA in July 2011 under the sponsorship of the Republic of Nauru (“Nauru”) giving NORI exclusive rights to explore for polymetallic nodules in an area covering 74,830 square kilometersin the CCZ (“NORI Area”). On March 31, 2020, the Company acquired Tonga Offshore Mining Limited (“TOML”), which was granted an exploration contract (the “TOML Exploration Contract”) by the ISA in January 2012 under the sponsorship of the Kingdom of Tonga (“Tonga”) and has exclusive rights to explore for polymetallic nodules covering an area of 74,713 square kilometersin the CCZ (“TOML Area”). Marawa Research and Exploration Limited (“Marawa”), an entity owned and sponsored by the Republic of Kiribati (“Kiribati”), was granted rights by the ISA to polymetallic nodules exploration in an area of 74,990 square kilometersin the CCZ (“Marawa Area”). In 2013, the Company through its subsidiary DeepGreen Engineering Pte. Ltd. (“DGE”) entered into an option agreement (the “Marawa Option Agreement”) with Marawa which granted DGE exclusive rights to manage and carry out all exploration and exploitation in the Marawa Area in return for a royalty payable to Marawa. The Company is working with its strategic partner and investor, Allseas Group S.A. (“Allseas”), to deliver a system to collect, lift and transport nodules from the seafloor to shore that meets the requirements of an early commercial production system (Note 8).

The realization of the Company’s assets and attainment of profitable operations is dependent upon many factors including, among other things: financing being arranged by the Company to continue operations, development of a nodule collection system for the recovery of polymetallic nodules from the seafloor as well as development of processing technology for the treatment of polymetallic nodules at commercial scale, the establishment of mineable reserves, the commercial and technical feasibility of seafloor polymetallic nodule collection and processing, metal prices, and regulatory approvals and environmental permitting for commercial operations. The outcome of these matters cannot presently be determined because they are contingent on future events and may not be fully under the Company’s control.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of income tax expense at statutory rates for the Company reconciled to the reported loss for the year


	For the year ended			For the year ended
	December 31,			December 31,
	2023			2022⁽¹⁾
Loss for the year, before taxes	$	(73,740)		$	(170,887)
Canadian Federal and Provincial income tax rates		26.68	%		26.61	%
Income tax recovery based on the above rates	$	(19,677)		$	(45,473)
Permanent differences		1,556			1,926
Effect of differences in future and foreign tax rates		14,038			36,903
Valuation allowance changes affecting the provision of income taxes		4,124			6,721
Total income taxes	$	41		$	77

(1)

Comparative amounts for the year ended December 31, 2022 are restated based on actual tax returns filed.

Schedule of deferred income tax assets (liabilities)


	December 31, 2023		December 31, 2022
Deferred Tax Assets
Non-capital losses	$	21,195	$	16,011
Investments		384		172
Equipment		260		79
Share issuance costs		496		218
Total deferred income tax assets	$	22,335	$	16,480
Valuation allowance		(22,335)		(16,480)
Deferred tax asset recognized	$	—	$	—

Deferred Tax Liability
Difference between the book value and the tax basis of the TOML exploration contract (Note 7)	$	(10,675)	$	(10,675)
Deferred tax liability recognized	$	(10,675)	$	(10,675)

(1)

Comparative amounts for the year ended December 31, 2022 are restated based on actual tax returns filed.

Schedule of deductible temporary differences, unused tax losses and unused tax credits


	December 31, 2023		December 31, 2022		Expiry Date Range

Non-capital losses	$	89,333	$	67,409	See below
Investments	$	2,856	$	1,273	Not applicable
Equipment	$	962	$	291	Not applicable
Share issuance costs	$	1,860	$	821	Not applicable

Schedule of non-capital loss carry-forwards that may be used to offset future taxable income


	Canada		Singapore		United States		Tonga
2035	$	—	$	—	$	2	$	—
2041		3,741		—		—		—
2042		13,707		—		1		—
2043		12,343		—		3		—
No expiry		—		20,567		—		38,969
Loss carry-forwards	$	29,791	$	20,567	$	6	$	38,969

Share-Based Compensation - Schedule of company's stock options granted and outstanding under the STIP (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Options Outstanding	15,074,240
Options Exercisable	14,804,073
March 31, 2024
Class of Warrant or Right [Line Items]
Expiry Date	Mar. 31, 2024
Exercise price	0.65
Weighted average life to expiry (years)	3 months
Options Outstanding	73,811
Options Exercisable	73,811
December 31, 2025
Class of Warrant or Right [Line Items]
Expiry Date	Dec. 31, 2025
Exercise price	0.65
Weighted average life to expiry (years)	2 years
Options Outstanding	11,578
Options Exercisable	11,578
January 27, 2026
Class of Warrant or Right [Line Items]
Expiry Date	Jan. 27, 2026
Weighted average life to expiry (years)	2 years 29 days
Options Outstanding	975,229
Options Exercisable	975,229
January 27, 2026 \| Minimum
Class of Warrant or Right [Line Items]
Exercise price	0.52
January 27, 2026 \| Maximum
Class of Warrant or Right [Line Items]
Exercise price	$2.59
February 2, 2026
Class of Warrant or Right [Line Items]
Expiry Date	Feb. 02, 2026
Exercise price	0.65
Weighted average life to expiry (years)	2 years 1 month 2 days
Options Outstanding	57,893
Options Exercisable	57,893
February 17, 2026
Class of Warrant or Right [Line Items]
Expiry Date	Feb. 17, 2026
Weighted average life to expiry (years)	2 years 1 month 17 days
Options Outstanding	431,494
Options Exercisable	431,494
February 17, 2026 \| Minimum
Class of Warrant or Right [Line Items]
Exercise price	0.22
February 17, 2026 \| Maximum
Class of Warrant or Right [Line Items]
Exercise price	$0.52
June 1, 2028
Class of Warrant or Right [Line Items]
Expiry Date	Jun. 01, 2028
Weighted average life to expiry (years)	4 years 5 months 1 day
Options Outstanding	12,829,518
Options Exercisable	12,559,351
June 1, 2028 \| Minimum
Class of Warrant or Right [Line Items]
Exercise price	0.65	2.59
June 1, 2028 \| Maximum
Class of Warrant or Right [Line Items]
Exercise price	$8.64
June 30, 2028
Class of Warrant or Right [Line Items]
Expiry Date	Jun. 30, 2028
Exercise price	2.59
Weighted average life to expiry (years)	4 years 6 months
Options Outstanding	694,717
Options Exercisable	694,717

Strategic Partnerships - Credit Facility with Allseas Affiliate (Details) $ in Thousands		12 Months Ended
	Mar. 22, 2023 USD ($) D	Dec. 31, 2023 USD ($)	Mar. 22, 2024 USD ($)	Dec. 31, 2022 USD ($)	Sep. 09, 2021
Related party
Credit Facility with Allseas Affiliate
Aggregate borrowed amount			$ 20,000,000
Unsecured Credit Facility
Credit Facility with Allseas Affiliate
Line of credit facility interest rate term	semi-annually
Line of credit \| Allseas and affiliates \| Related party
Credit Facility with Allseas Affiliate
Aggregate borrowed amount	$ 25,000
Number of days average considered for basis spread \| D	180
Interest rate	4.00%
Interest paid in kind at maturity					5.00%
Credit facility interest rate	4.00%
Underutilization fees		$ 800
Amount payable to Allseas and its affiliates				$ 10,200
Related party transaction, amounts of transaction		$ 13,800

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 04, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation
Intrinsic value		$ 5,425	$ 1,582	$ 17,415
Number of stock options outstanding (in shares)		15,074,240	15,356,340	15,503,748
Sharebased Payment Arrangement Tranche One Member
Share-Based Compensation
Market Capitalizations		$ 3,000,000
Sharebased Payment Arrangement Tranche Two Member
Share-Based Compensation
Market Capitalizations		6,000,000
General and administration expenses
Share-Based Compensation
Share based compensation expense			$ 67
Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense		200
Short-Term Incentive Plan
Share-Based Compensation
Total grant date fair value of options vested		1,500
Share based compensation expense		$ 47,000
Weighted-average recognition period term		1 year
Share price		$ 1.10
Number of stock options outstanding (in shares)		15,074,240
Number of stock options granted (in Shares)		0
Long-term Incentive Plan
Share-Based Compensation
Share based compensation expense		$ 23,000
Intrinsic value of stock option		188,000
Intrinsic value		$ 4,400
Number of stock options outstanding (in shares)		9,783,922
Number of stock options granted (in Shares)	9,783,922		0
Number of stock options exercise price (in Dollars per share)	$ 0.65	$ 0
Long-term Incentive Plan \| Sharebased Payment Arrangement Tranche One Member
Share-Based Compensation
Dividend rate percentage		25.00%
Market Capitalizations		$ 3,000,000
Derived Per Share		$ 5.59
Derived Service Periods		3 months 29 days
Long-term Incentive Plan \| Sharebased Payment Arrangement Tranche Two Member
Share-Based Compensation
Dividend rate percentage		35.00%
Market Capitalizations		$ 6,000,000
Derived Per Share		$ 5.42
Derived Service Periods		1 year 4 months 28 days
Long-term Incentive Plan \| Sharebased Payment Arrangement Tranche Three Member
Share-Based Compensation
Dividend rate percentage		20.00%
Long-term Incentive Plan \| Sharebased Payment Arrangement Tranche Four Member
Share-Based Compensation
Dividend rate percentage		20.00%
RSU
Share-Based Compensation
Share based compensation expense		$ 8,600	$ 7,500
RSU \| General and administration expenses
Share-Based Compensation
Share based compensation expense		3,800	3,800
RSU \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense		4,800	3,700
Equity option
Share-Based Compensation
Share based compensation expense		500	9,500
Equity option \| General and administration expenses
Share-Based Compensation
Share based compensation expense		$ 300	4,800
Equity option \| Exploration and evaluation activities
Share-Based Compensation
Share based compensation expense			$ 4,700
2021 Incentive Equity Plan
Share-Based Compensation
Aggregate number of common shares reserved for issuance under the plan		44,372,170
Additional shares including to the plan 2022		10,672,485
Common Shares issued and outstanding percentage		4.00%
2021 Incentive Equity Plan \| Non-employee directors
Share-Based Compensation
Stock option number of shares outstanding (in shares)		2,243,853

Strategic Alliance with Allseas and Affiliates - Exclusive Vessel Use Agreement with Allseas (Details) - USD ($) $ in Thousands				5 Months Ended	9 Months Ended	12 Months Ended
	Aug. 14, 2023	Feb. 21, 2023	Aug. 12, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Jul. 31, 2023
Strategic Partnerships
Lease liability	$ 6,500						$ 6,515
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Fair Value Adjustment of Warrants						Fair Value Adjustment of Warrants
Shares issued to Allseas (Note 8) (in shares)	4,150,000	5,000,000	37,978,680
Lease expense				$ 794	$ 318	$ 795

Recent Accounting Pronouncements Issued and Adopted

12 Months Ended

Dec. 31, 2023

Recent Accounting Pronouncements Issued and Adopted

Recent Accounting Pronouncements Issued and Adopted

5.	Recent Accounting Pronouncements Issued and Adopted

There were no recent accounting pronouncements applicable to the Company during the year.

Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Equipment.

Schedule of equipment


	Exploration and
Cost	other equipment		Office equipment		Total
December 31, 2021	$	2,800	$	21	$	2,821
Additions		1,026		—		1,026
December 31, 2022	$	3,826	$	21	$	3,847
Additions		1,111		—		1,111
December 31, 2023	$	4,937	$	21	$	4,958

Accumulated depreciation
December 31, 2021	$	(1,386)	$	(19)	$	(1,405)
Amortization for the year		(416)		(1)		(417)
December 31, 2022	$	(1,802)	$	(20)	$	(1,822)
Amortization for the year		(359)		(1)		(360)
December 31, 2023	$	(2,161)	$	(21)	$	(2,182)

Net book value
As at December 31, 2022	$	2,024	$	1	$	2,025
As at December 31, 2023	$	2,776	$	—	$	2,776

Basis of Presentation (Tables)

12 Months Ended

Dec. 31, 2023

Basis of Presentation

Summary of principal subsidiaries of the Company, their activities, and their geographic locations

These consolidated financial statements include the financial statements of the Company and its subsidiaries. The principal subsidiaries of the Company, their activities, and their geographic locations as at December 31, 2023 were as follows:


			Proportion of
			Interest Held
Subsidiary	Principal Activity	Location	by the Company
DeepGreen Engineering Pte. Ltd.	Mineral exploration	Singapore	100%
DeepGreen Metals ULC	Mineral exploration	Canada	100%
DeepGreen Resources, LLC	Holding Company	USA	100%
DeepGreen TOML Holding 1 Ltd.	Holding Company	British Virgin Islands	100%
DeepGreen TOML Holding 2 Ltd.	Holding Company	British Virgin Islands	100%
DeepGreen TOML Singapore Pte. Ltd.	Mineral exploration	Singapore	100%
Koloa Moana Resources Ltd.	Holding Company	Canada	100%
Nauru Education and Training Foundation Inc. (“NEAT”)	Holding Company	Republic of Nauru	100%
Nauru Health and Environment Foundation Inc. (“NHEF”)	Holding Company	Republic of Nauru	100%
Nauru Ocean Resources Inc.	Mineral exploration	Republic of Nauru	100%
Offshore Minerals Pty. Ltd.	Mineral exploration	Australia	100%
The Metals Company Australia Pty Ltd	Holding Company	Australia	100%
TMC The Metals Company UK Limited	Holding Company	United Kingdom	100%
Tonga Offshore Mining Ltd.	Mineral exploration	Kingdom of Tonga	100%

Nature of Operations (Details) - km²	Dec. 31, 2023	Mar. 31, 2020
NORI
Nature of Operations
Area of exploration granted (in square km)	74,830
TOML
Nature of Operations
Area of exploration granted (in square km)		74,713
Marawa
Nature of Operations
Area of exploration granted (in square km)		74,990

Receivables and Prepayments (Tables)

12 Months Ended

Dec. 31, 2023

Receivables And Prepayments.

Schedule of receivables and prepayments


	December 31 2023		December 31 2022
Taxes and other receivables	$	467	$	117
Prepayments		1,511		2,609
	$	1,978	$	2,726

General and Administrative Expenses

12 Months Ended

Dec. 31, 2023

General and Administrative Expenses

General and Administrative Expenses

11.General and Administrative Expenses


	For the year ended		For the year ended
	December 31,		December 31,
	2023		2022
Professional and consulting fees⁽¹⁾	$	6,584	$	6,795
Investor relations ⁽²⁾		1,547		1,514
Office and sundry		3,503		4,926
Salaries and wages		4,995		5,921
Director fees		774		788
Share-based compensation		4,122		8,596
Transfer agent and filing fees		363		378
Travel expenses		609		600
Other expenses		43		—
General and Administrative Expenses	$	22,540	$	29,518

⁽¹⁾Professional and consulting fees include $0.4 million of equity (RSU) settled expenses in 2023 (2022: $1 million).

⁽²⁾Investor relations include $nil million of equity (RSU) settled expenses in 2023 (2022: $0.3 million).

Investment in Low Carbon Royalties (Details) - USD ($)									1 Months Ended	5 Months Ended	12 Months Ended
Investment in Low Carbon Royalties (Details) - USD ($)	Aug. 14, 2023	Aug. 09, 2023	Mar. 21, 2023	Feb. 23, 2023	Feb. 21, 2023	Feb. 13, 2023	Aug. 12, 2022	Mar. 04, 2021	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023	Jul. 31, 2023	Jun. 30, 2023	Mar. 31, 2023
Strategic Partnerships
Shares issued to Allseas (Note 8)											$ 15,910,000
Number of shares issued to Allseas (Notes 8) (in shares)	4,150,000				5,000,000		37,978,680
Conversion of restricted share units (in shares)					5,000,000
Right-of-use asset										$ 5,721,000	5,721,000		$ 6,198,000	$ 6,515,000
Percentage of contribution to gross royalty					2.00%
Percentage of repurchase of gross royalty					75.00%
Percentage of reduction in NORI royalty					0.50%
Percentage of owned carbon royalty					1.56%
Percentage of common stock shares received					35.00%
Royalty expense					$ 5,000,000
Increase in percentage of gross royalty in second license block			1.44%
Investment			$ 9,000,000							8,429,000	8,429,000		8,525,000		$ 8,644,000	$ 8,781,000
Equity-accounted investment loss for the year											(571,000)
Exercise fee received		$ 115,800
Cash received										(5,000,000)	(5,000,000)
Fair value of NORI Royalty										14,000,000	14,000,000
Royalty liability										$ 14,000,000	14,000,000		$ 14,000,000		$ 14,000,000	$ 14,000,000
Registered direct offering
Strategic Partnerships
Gross proceeds	$ 24,900,000
Minimum
Strategic Partnerships
Increase in percentage of gross royalty in first license block			1.56%
Decrease in percentage of gross royalty			32.00%
Maximum
Strategic Partnerships
Increase in percentage of gross royalty in first license block			3.13%
Decrease in percentage of gross royalty			35.00%
Common stock
Strategic Partnerships
Shares issued to Allseas (Note 8)											$ 15,910,000
Number of shares issued to Allseas (Notes 8) (in shares)										4,150,000	15,000,000
Conversion of restricted share units (in shares)											4,912,747	2,877,068
Warrant [Member] \| Registered direct offering
Strategic Partnerships
Number of shares issued									1,750,000
TOML Acquisition.
Strategic Partnerships
Royalty liability										$ 14,000,000	$ 14,000,000
Strategic Alliance with Allseas Pilot Mining Test Project
Strategic Partnerships
Final settlement						$ 10,000,000
Stock issued (in shares)						10,850,000
Common shares per share						$ 1.00
Third and final payment				$ 10,000,000
Shares issued to Allseas (Note 8)								$ 900,000
Number of shares issued to Allseas (Notes 8) (in shares)				10,850,000
Strategic Alliance with Allseas Pilot Mining Test Project \| Common stock
Strategic Partnerships
Shares issued upon the exercise of the warrant		11,578,620
Allseas \| Registered direct offering
Strategic Partnerships
Gross proceeds									$ 7,000,000
Allseas \| Common stock
Strategic Partnerships
Shares owned										53,800,000	53,800,000	23,700,000
Percentage of common stock shares outstanding										17.60%	17.60%	8.90%
Allseas \| Common stock \| Registered direct offering
Strategic Partnerships
Number of shares issued									3,500,000
Low carbon royalties
Strategic Partnerships
Equity-accounted investment loss for the year											$ 600,000

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Common stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Deficit	Total
Balance at Dec. 31, 2021	$ 296,051	$ 102,073	$ (1,216)	$ (304,157)	$ 92,751
Balance (in Shares) at Dec. 31, 2021	225,432,493
Vesting of Allseas Warrant		69,900			69,900
Conversion of restricted share units, net of shares withheld for taxes (Note 15)	$ 6,875	(6,945)			(70)
Conversion of restricted share units, net of shares withheld for taxes (Note 15) (in shares)	2,877,068
Shares purchased under Employee Share Purchase Plan (Note 15)	$ 193	(79)			114
Shares purchased under Employee Share Purchase Plan (Note 15) (in shares)	117,929
Exercise of stock options (Note 15)	$ 142	(66)			76
Exercise of stock options (Note 15) (in shares)	118,461
Issuance of shares under PIPE financing - net of expenses (Note 12)	$ 29,621				29,621
Issuance of shares under PIPE financing - net of expenses (Note 12) (in shares)	38,266,180
Share-based compensation (Note 15)		20,077			20,077
Net Income (Loss)				(170,964)	(170,964)
Balance at Dec. 31, 2022	$ 332,882	184,960	(1,216)	(475,121)	41,505
Balance (in Shares) at Dec. 31, 2022	266,812,131
Net Income (Loss)					(13,748)
Balance at Mar. 31, 2023					41,801
Balance at Dec. 31, 2022	$ 332,882	184,960	(1,216)	(475,121)	41,505
Balance (in Shares) at Dec. 31, 2022	266,812,131
Net Income (Loss)					(27,855)
Balance at Jun. 30, 2023					30,305
Balance at Dec. 31, 2022	$ 332,882	184,960	(1,216)	(475,121)	41,505
Balance (in Shares) at Dec. 31, 2022	266,812,131
Net Income (Loss)					(40,322)
Balance at Sep. 30, 2023					41,608
Balance at Dec. 31, 2022	$ 332,882	184,960	(1,216)	(475,121)	41,505
Balance (in Shares) at Dec. 31, 2022	266,812,131
Shares issued to Allseas (Note 8)	$ 15,910				15,910
Shares issued to Allseas (Note 8) (in shares)	15,000,000
Exercise of warrant by Allseas (Note 8 and 13)	$ 70,016	(69,900)			116
Exercise of warrant by Allseas (Note 8 and 13) (in shares)	11,578,620
Issuance of shares and warrants under Registered Direct Offering, net of expenses (Note 12)	$ 11,420	3,179			14,599
Issuance of shares and warrants under Issuance of shares and warrants under Registered Direct Offering, net of expenses (Note 12) (in shares)	7,961,540
Conversion of restricted share units, net of shares withheld for taxes (Note 15)	$ 7,720	(7,690)			30
Conversion of restricted share units, net of shares withheld for taxes (Note 15) (in shares)	4,912,747
Shares purchased under Employee Share Purchase Plan (Note 15)	$ 147	(45)			102
Shares purchased under Employee Share Purchase Plan (Note 15) (in shares)	173,672
Exercise of stock options (Note 15)	$ 144	(67)			77
Exercise of stock options (Note 15) (in shares)	120,000
Expenses settled with share-based payments (Note 15)		12,360			12,360
Net Income (Loss)				(73,781)	(73,781)
Balance at Dec. 31, 2023	$ 438,239	$ 122,797	$ (1,216)	$ (548,902)	$ 10,918
Balance (in Shares) at Dec. 31, 2023	306,558,710

Strategic Partnerships - Other Activity (Details) - USD ($) $ in Millions		1 Months Ended
	Aug. 14, 2023	Aug. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Direct offering
Finite-Lived Intangible Assets [Line Items]
Gross proceeds	$ 24.9
Class A Warrants \| Direct offering
Finite-Lived Intangible Assets [Line Items]
Sale of stock, number of shares		1,750,000
Allseas \| Direct offering
Finite-Lived Intangible Assets [Line Items]
Gross proceeds		$ 7.0
Allseas \| Common Stock
Finite-Lived Intangible Assets [Line Items]
Shares owned			53,800,000	23,700,000
Percentage of common stock shares outstanding			17.60%	8.90%
Allseas \| Common Stock \| Direct offering
Finite-Lived Intangible Assets [Line Items]
Sale of stock, number of shares		3,500,000

Percentage of investment owned to net assets.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column D))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Schedule of anti-dilutive common equivalent shares

Income Taxes - Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Canadian Federal and Provincial income tax rates	26.68%	26.61%

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss per Share


	For the year ended	For the year ended
	December 31,	December 31,
	2023	2022
Outstanding options to purchase common shares	24,858,162	25,140,262
Outstanding RSUs	12,484,880	3,815,143
Outstanding shares under ESPP	8,802	12,212
Outstanding warrants	28,480,770	36,078,620
Outstanding Special Shares and options to purchase Special Shares	136,239,964	136,239,964
Total anti-dilutive common equivalent shares	202,072,578	201,286,201

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies Adopted During the Period

Foreign Currencies

Use of Estimates

ii.

Use of Estimates

Loss Per Share

iii.

Loss Per Share

Financial Instruments

iv.

Financial Instruments

Fair Value of Financial Instruments

●

Level 1 - Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access.

●

Level 3 - Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

There were no transfers between fair value measurement levels during the years ended December 31, 2023 and 2022.

Cash and Cash Equivalents

vi.

Cash and Cash Equivalents

Cash include cash on hand and term deposits with a remaining term to maturity at acquisition of three months or less. As at December 31, 2023 and 2022, the Company had no cash equivalents.

Equipment

vii.

Equipment

The major categories of equipment are amortized on a declining balance basis as follows:


Exploration and other equipment	30	%
Office equipment	30	%

Gains and losses on disposals of equipment are determined by comparing the proceeds with the carrying amount of the asset and are included in the statement of loss and comprehensive loss.

Exploration Contracts

viii.

Exploration Contracts

Exploration and Evaluation Expenses

ix.Exploration and Evaluation Expenses

Share-Based Compensation

Warrants Liability

xi.

Warrants Liability

Income Taxes

xii.

Income Taxes

Income tax expense represents the sum of current tax expense and deferred tax expense.

Leases

i.Leases

In the third quarter of 2023, the Company entered into an Exclusive Vessel Use Agreement with Allseas (Note 8) which was recognized as a lease agreement in accordance with accounting standards.

Investments

ii.Investments

The Company and its wholly-owned subsidiary, NORI, entered into an investment with Low Carbon Royalties on February 21, 2023 (Note 9).

Evaluation of Going Concern

i.Evaluation of Going Concern

Valuation of Share-Based Payments

ii.

Valuation of Share-Based Payments

The fair market value of share-based awards granted to employees, non-employees and directors is based on the closing market price of the Company’s shares, on the date these were granted (Note 15).

Valuation of Warrants Liability

iii.Valuation of Warrants Liability

Valuation of Royalty Liability

iv.Valuation of Royalty Liability

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2023

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements

22.Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements

The right to royalty payments underlying the NORI asset (sale of future revenue) amounting to $14 million (Note 9) was considered as the transfer (sale) of a non-financial asset in the Company’s previously issued financial statements for the three months ended March 31, 2023, the six months ended June 30, 2023 and the nine months ended September 30, 2023 contained in its Quarterly Reports on Form 10-Q for the quarter ended March 31, 2023, June 30, 2023 and September 30, 2023, respectively, filed with the SEC (the “Previous Financial Statements”). In preparing the Previous Financial Statements, the Company derecognized the capitalized exploration contract related to the NORI project amounting to $0.25 million and recorded the remaining value of the non-financial asset received amounting to $13.75 million as a gain on disposition. In connection with the preparation of the financial statements for the year ended December 31, 2023 and a re-evaluation of ASC 470 by the Company, the Company concluded that the sale of future revenue falls within the scope of ASC 470 and, as a result, the Company re-evaluated whether the offsetting entry to the proceeds it received from Low Carbon Royalties should be classified as debt or deferred income. As the transaction with Low Carbon Royalties was considered an equity investment rather than a sale transaction, the sale of future revenue was reclassified as Royalty Liability, as per ASC 470, in the Company’s 2023 financial statements for the year ended December 31, 2023. Factors that also influenced this reclassification included the Company’s continued significant involvement in generating future cash flows from operations and the fact that the earnings process implied in this transaction had not been completed. As a result, the Company has restated the Previous Financial Statements.

- This error had no impact on our annual audited financial statements as of December 31, 2023.

- This error had no impact on the consolidated statements of loss and comprehensive loss for the three-month period ended June 30, 2023 and the three month period ended September 30, 2023

- The error and restatement of the 2023 quarterly financial statements does not impact the Company's reported cash position in any of the previously reported periods or as of December 31, 2023.

In the following tables, we have presented a reconciliation of our unaudited condensed consolidated financial information as originally reported in the Previous Financial Statements to the as restated amounts as of and for the three months ended March 31, 2023, six months ended June 30, 2023, and nine months ended September 30, 2023. The restatements will be reflected in the comparative financial statements included in our future filings of our 2024 unaudited condensed consolidated financial statements within our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, respectively.

Condensed Consolidated Balance Sheet Information


	As at March 31, 2023						As at June 30, 2023						As at September 30, 2023
	As Previously		Restatement				As Previously		Restatement				As Previously		Restatement
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
ASSETS
Current
Cash	$	28,390	$	—		28,390	$	20,006	$	—		20,006	$	22,548		—	$	22,548
Receivables and prepayments		3,230		—		3,230		1,637		—		1,637		5,325		—		5,325
		31,620		—		31,620		21,643		—		21,643		27,873		—		27,873
Non-current
Exploration contracts		42,900		250		43,150		42,900		250		43,150		42,900		250		43,150
Equipment		1,997		—		1,997		1,970		—		1,970		2,078		—		2,078
Right-of-use asset		—		—		—		—		—		—		6,198		—		6,198
Investment		8,781		—		8,781		8,644		—		8,644		8,525		—		8,525
		53,678		250		53,928		53,514		250		53,764		59,701		250		59,951

TOTAL ASSETS	$	85,298	$	250	$	85,548	$	75,157	$	250	$	75,407	$	87,574	$	250	$	87,824

LIABILITIES
Current
Accounts payable and accrued liabilities		17,544		—		17,544		18,113		—		18,113		19,344		—		19,344
		17,544		—		17,544		18,113		—		18,113		19,344		—		19,344
Non-current
Deferred tax liability		10,675		—		10,675		10,675		—		10,675		10,675		—		10,675
Royalty Liability		—		14,000		14,000		—		14,000		14,000		—		14,000		14,000
Warrants liability		1,528		—		1,528		2,314		—		2,314		2,197		—		2,197
TOTAL LIABILITIES	$	29,747	$	14,000	$	43,747	$	31,102	$	14,000	$	45,102	$	32,216	$	14,000	$	46,216

EQUITY
Common shares (unlimited shares, no par value)		345,090		—		345,090		345,775		—		345,775		434,099		—		434,099
Special Shares		—		—		—		—		—		—		—		—		—
Additional paid in capital		186,796		—		186,796		188,722		—		188,722		124,168		—		124,168
Accumulated other comprehensive loss		(1,216)		—		(1,216)		(1,216)		—		(1,216)		(1,216)		—		(1,216)
Deficit		(475,119)		(13,750)		(488,869)		(489,226)		(13,750)		(502,976)		(501,693)		(13,750)		(515,443)
TOTAL EQUITY	$	55,551		(13,750)	$	41,801	$	44,055		(13,750)	$	30,305	$	55,358		(13,750)	$	41,608

TOTAL LIABILITIES AND EQUITY	$	85,298	$	250	$	85,548	$	75,157	$	250	$	75,407	$	87,574	$	250	$	87,824

Condensed Consolidated Statements of Loss and Comprehensive Loss


	For three months period ended						For six months period ended						For nine months period ended
	March 31, 2023						June 30, 2023						September 30, 2023
	As Previously		Restatement				As Previously		Restatement				As Previously		Restatement
	Reported		Adjustments		As Restated		Reported		Adjustments		As Restated		Reported		Adjustments		As Restated
Operating expenses
Exploration and evaluation expenses	$	7,169		—	$	7,169	$	15,267		—	$	15,267	$	23,172		—	$	23,172
General and administrative expenses		6,214		—		6,214		11,345		—		11,345		15,958		—		15,958
Operating loss		13,383		—		13,383		26,612		—		26,612		39,130		—		39,130

Other items
Equity-accounted investment loss		219		—		219		356		—		356		475		—		475
Gain on disposition of asset		(13,750)		13,750		—		(13,750)		13,750		—		(13,750)		13,750		—
Change in fair value of warrants liability		544		—		544		1,331		—		1,331		1,214		—		1,214
Foreign exchange loss		29		—		29		52		—		52		66		—		66
Interest income		(454)		—		(454)		(773)		—		(773)		(1,092)		—		(1,092)
Fees and interest on credit facility		27		—		27		277		—		277		529		—		529

Loss and comprehensive loss for the year, before tax	$	(2)	$	13,750	$	13,748	$	14,105	$	13,750	$	27,855	$	26,572	$	13,750	$	40,322

Tax expense		—		—		—		—		—		—		—		—		—

Loss (gain) and comprehensive loss (gain) for the period, after tax	$	(2)	$	13,750	$	13,748	$	14,105	$	13,750	$	27,855	$	26,572	$	13,750	$	40,322

Loss per share
- basic and diluted		—	$	0.05	$	0.05	$	0.05	$	0.05	$	0.10	$	0.09	$	0.05	$	0.14

Weighted average number of Common Shares outstanding – basic		272,029,603		272,029,603		272,029,603		276,702,050		276,702,050		276,702,050		282,745,892		282,745,892		282,745,892
Weighted average number of Common Shares outstanding – diluted		300,376,133		272,029,603		272,029,603		276,702,050		276,702,050		276,702,050		282,745,892		282,745,892		282,745,892

Condensed Consolidated Statements of Cash Flows


	For three months period ended			For six months period ended			For nine months period ended
	March 31, 2023			June 30, 2023			September 30, 2023
	As Previously	Restatement		As Previously	Restatement		As Previously	Restatement
	Reported	Adjustments	As Restated	Reported	Adjustments	As Restated	Reported	Adjustments	As Restated
Operating activities
Gain/(Loss) for the period	2	(13,750)	(13,748)	(14,105)	(13,750)	(27,855)	(26,572)	(13,750)	(40,322)
Items not affecting cash:
Amortization	88	—	88	175	—	175	262	—	262
Lease expense	—	—	—	—	—	—	318.00	—	318.00
Expenses settled with share-based payments	1,775	—	1,775	4,307	—	4,307	6,839	—	6,839
Expenses to be settled with share-based payments	15	—	15	—	—	—	—	—	—
Equity-accounted investment loss	219	—	219	356	—	356	475	—	475
Gain on disposition of asset	(13,750)	13,750	—	(13,750)	13,750	—	(13,750)	13,750	—
Change in fair value of warrants liability	545	—	545	1,331	—	1,331	1,214	—	1,214
Vesting of Allseas Warrant	—	—	—	—	—	—	—	—	—
Unrealized foreign exchange movement	(20)	—	(20)	(17)	—	(17)	(24)	—	(24)
Changes in working capital:		—		—	—	—	—	—	—
Receivables and prepayments	(469)	—	(469)	1,123	—	1,123	(2,364)	—	(2,364)
Accounts payable and accrued liabilities	(11,877)	—	(11,877)	(11,277)	—	(11,277)	(10,757)	—	(10,757)
Net cash used in operating activities	(23,472)	—	(23,472)	(31,857)	—	(31,857)	(44,359)	—	(44,359)

Investing activities
Cash received from investment in Low Carbon Royalties	5,000	(5,000)	—	5,000	(5,000)	—	5,000	(5,000)	—
Acquisition of equipment	—	—	—	(75)	—	(75)	(175)		(175)
Net cash provided by (used in) investing activities	5,000	(5,000)	—	4,925	(5,000)	(75)	4,825	(5,000)	(175)

Financing activities
Proceeds from Low Carbon Royalties investment	—	5,000	5,000	—	5,000	5,000	—	5,000	5,000
Proceeds from Registered Direct Offering	—	—	—	—	—	—	15,723	—	15,723
Expenses paid for Registered Direct Offering	—	—	—	—	—	—	(779)	—	(779)
Proceeds from PIPE financing	—	—	—	—	—	—	—	—	—
Expenses paid for PIPE financing	—	—	—	—	—	—	—	—	—
Proceeds from employee stock plan	—	—	—	49	—	49	49	—	49
Proceeds from exercise of stock options	—	—	—	—	—	—	77	—	77
Proceeds from exercise of warrants by Allseas	—	—	—	—	—	—	116	—	116
Proceeds from issuance of shares	—	—	—	30	—	30	30	—	30
Taxes withheld and paid on share-based compensation	—	—	—	—	—	—	—	—
Net cash provided by financing activities	—	5,000	5,000	79	5,000	5,079	15,216	5,000	20,216

Decrease in cash	(18,472)	—	(18,472)	(26,853)	—	(26,853)	(24,318)	—	(24,318)
Impact of exchange rate changes on cash	20	—	20	17	—	17	24	—	24
Cash - beginning of period	46,842	—	46,842	46,842	—	46,842	46,842	—	46,842
Cash - end of period	28,390	—	28,390	20,006	—	20,006	22,548	—	22,548

Basis of Presentation

12 Months Ended

Dec. 31, 2023

Basis of Presentation

Basis of Presentation

2.	Basis of Presentation

Statement of Compliance

These consolidated financial statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States (“U.S. GAAP”) and include the accounts of TMC and its wholly-owned subsidiaries.

Comparative figures reported in the Consolidated Balance Sheet, for cash, receivables and prepayments, and figures reported in the Consolidated Statements of Cash Flows, for Expenses settled with equity and changes in working capital have been reclassified to conform to the current year’s presentation.

Basis of Measurement

These consolidated financial statements have been prepared under the historical cost convention, except for warrants liability that has been measured at fair value and are presented in United States (“US”) dollars.

Consolidation


			Proportion of
			Interest Held
Subsidiary	Principal Activity	Location	by the Company
DeepGreen Engineering Pte. Ltd.	Mineral exploration	Singapore	100%
DeepGreen Metals ULC	Mineral exploration	Canada	100%
DeepGreen Resources, LLC	Holding Company	USA	100%
DeepGreen TOML Holding 1 Ltd.	Holding Company	British Virgin Islands	100%
DeepGreen TOML Holding 2 Ltd.	Holding Company	British Virgin Islands	100%
DeepGreen TOML Singapore Pte. Ltd.	Mineral exploration	Singapore	100%
Koloa Moana Resources Ltd.	Holding Company	Canada	100%
Nauru Education and Training Foundation Inc. (“NEAT”)	Holding Company	Republic of Nauru	100%
Nauru Health and Environment Foundation Inc. (“NHEF”)	Holding Company	Republic of Nauru	100%
Nauru Ocean Resources Inc.	Mineral exploration	Republic of Nauru	100%
Offshore Minerals Pty. Ltd.	Mineral exploration	Australia	100%
The Metals Company Australia Pty Ltd	Holding Company	Australia	100%
TMC The Metals Company UK Limited	Holding Company	United Kingdom	100%
Tonga Offshore Mining Ltd.	Mineral exploration	Kingdom of Tonga	100%

All intra-group balances have been eliminated on consolidation.

Investment in Low Carbon Royalties (Details) - Company's share of the net loss generated by the Low Carbon Royalties - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Mar. 21, 2023
Strategic Partnerships
Fair value of NORI Royalty	$ 14,000
Cash received	(5,000)
Cost of Investment on Closing Date	9,000
Equity-accounted investment loss for the year	(571)
Investment as at December 31, 2023	$ 8,429	$ 8,525	$ 8,644	$ 8,781	$ 9,000

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

23.Subsequent Events

Amendment to Credit Facility with Allseas Affiliate

On March 22, 2024, the Company entered into the Second Amendment to the Unsecured Credit Facility with the Lender, the parent of Allseas Investments S.A. and an affiliate of Allseas, to extend the Credit Facility to August 31, 2025 and to provide that the underutilization fee thereunder shall cease to be payable after the date on which the Company or the Lender gives notice of termination of the agreement. Under the amended Credit Facility, the Company may borrow from the Lender up to $25,000,000 in the aggregate through August 31, 2025.

Credit Facility with ERAS Capital LLC and Gerard Barron

On March 22, 2024, the Company entered into an Unsecured Credit Facility (the “2024 Credit Facility”) with Gerard Barron, our Chief Executive Officer and Chairman, and ERAS Capital LLC, the family fund of our director, Andrei Karkar (collectively, the “2024 Lenders”), pursuant to which, the Company may borrow from the 2024 Lenders up to $20,000,000 in the aggregate ($10,000,000 from each of the 2024 Lenders), from time to time, subject to certain conditions. All amounts drawn under the 2024 Credit Facility will bear interest at the 6-month Secured Overnight Funding Rate (SOFR), 180-day average plus 4.0% per annum payable in cash semi-annually (or plus 5% if paid-in-kind at maturity, at our election) on the first business day of each of June and January. The Company will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the 2024 Credit Facility. The Company has the right to pre-pay the entire amount outstanding under the 2024 Credit Facility at any time, before the 2024 Credit Facility’s maturity of September 22, 2025. The 2024 Credit Facility also contains customary events of default. The 2024 Credit Facility will terminate automatically if the Company or any of its subsidiaries raise at least $50,000,000 in the aggregate (i) through the issuance of any of the Company’s or its subsidiaries’ debt or equity securities, or (ii) in prepayments under an off-take agreement or similar commercial agreement.

Segmented Information - Schedule of equipment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Segmented Information
Number of operating segment \| segment	1
Equipment	$ 2,776	$ 2,078	$ 1,970	$ 1,997	$ 2,025
Nauru
Segmented Information
Equipment	1,128				1,154
Singapore
Segmented Information
Equipment	1,643				863
Tonga
Segmented Information
Equipment	$ 5				7
North America
Segmented Information
Equipment					$ 1

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Compensation

Share-Based Compensation

15.Share-Based Compensation

The Company’s 2021 Incentive Equity Plan (the “Plan”) provides that the aggregate number of common shares reserved for future issuance under the Plan as of December 31, 2023, is 44,372,170 common shares, including 10,672,485 shares added to the Plan in January 2023 pursuant to the Plan’s automatic annual increase provision, provided that 2,243,853 of the outstanding common shares shall only be available for awards made to non-employee directors of the Company. On the first day of each fiscal year beginning in 2022 to the tenth anniversary of the closing of the Business Combination, the number of common shares that may be issued pursuant to the Plan is automatically increased by an amount equal to the lesser of 4% of the number of outstanding common shares or an amount determined by the board of directors.

Stock options

Pursuant to the Company’s stock option plan, directors may, from time to time, authorize the issuance of stock options to directors, officers, employees, and consultants of the Company and its subsidiaries. The board of directors grants such options with vesting periods and exercise prices determined at its sole discretion.

As at December 31, 2023, there were 15,074,240 stock options outstanding under the Company’s Short-Term Incentive Plan (“STIP”) and 9,783,922 stock options outstanding under the Company’s Long-Term Incentive Plan (“LTIP”). The Company makes awards under the STIP and LTIP under its equity incentive plans in effect at the time of the award, which is currently the Plan.

No new stock options were granted by the Company under the STIP or LTIP plans during 2023 and 2022.

Outstanding under STIP plan:

A continuity schedule summarizing the movements in the Company’s stock options under the STIP plan is as follows:


		Weighted		Aggregate		Weighted
		average		intrinsic		average
	Number of	exercise		value of		contractual
	Options	price per		stock		life
	Outstanding	option		options		(years)
Outstanding – December 31, 2021	15,503,748	$	1.40	$	17,415	6.33
Cancelled/Forfeited	(28,947)		2.60		—	—
Exercised	(118,461)		0.65		—	—
Outstanding – December 31, 2022	15,356,340	$	1.40	$	1,582	5.11
Granted	—		—		—	—
Expired	(162,100)		0.87		—	—
Cancelled/Forfeited	—		—		—	—
Exercised	(120,000)		0.65		—	—
Outstanding – December 31, 2023	15,074,240	$	1.41	$	5,425	4.18
Vested and exercisable – December 31, 2023	14,804,073	$	1.28	$	5,425	4.17

A summary of the Company’s stock options granted and outstanding under the Company’s STIP as at December 31, 2023 is as follows:


			Weighted average	Number of	Number of
			life to expiry	Options	Options
Expiry Date	Exercise price		(years)	Outstanding	Exercisable
March 31, 2024	$	0.65	0.25	73,811	73,811
December 31, 2025	$	0.65	2.00	11,578	11,578
January 27, 2026	$	0.52 - $2.59	2.08	975,229	975,229
February 2, 2026	$	0.65	2.09	57,893	57,893
February 17, 2026	$	0.22 - $0.52	2.13	431,494	431,494
June 1, 2028	$	0.65 - $8.64	4.42	12,829,518	12,559,351
June 30, 2028	$	2.59	4.50	694,717	694,717
				15,074,240	14,804,073

The total grant date fair value of STIP stock options that vested during the year ended December 31, 2023, was $1.5 million. As at December 31, 2023, total unrecognized share-based compensation expense of $47 thousand is expected to be recognized over a weighted-average recognition period of approximately one year.

As at December 31, 2023, the closing market price of the Company’s common shares was $1.10 per share which was considered to be the fair value of the Company’s common share used to determine the intrinsic value of outstanding stock options.

The aggregate intrinsic value of stock options exercised during the year ended December 31, 2023 was $188 thousand.

Outstanding under LTIP plan:

On March 4, 2021, the Company granted 9,783,922 stock options under its LTIP. These stock options have an exercise price of $0.65 per option and expire on June 1, 2028.

The LTIP awards vest as follows:

(1)

Tranche 1 - 25% when the Company’s market capitalization equals $3 billion;

(2)

Tranche 2 - 35% when the Company’s market capitalization equals $6 billion;

(3)

Tranche 3 - 20% upon the date that the ISA grants an exploitation contract to the Company; and

(4)

Tranche 4 - 20% upon the commencement of the first commercial production following the grant of the exploitation contract.

Tranche 1 and Tranche 2 vest based on the Company’s market capitalization of $3 billion and $6 billion, respectively. Accordingly, these options are determined to be market-based awards for which the Company has calculated fair value and derived a service period through which to expense the related fair value. The options included in Tranche 1 and Tranche 2 had a grant date fair value of $5.59 per share and $5.42 per share and derived service periods of 0.33 years and 1.41 years, respectively. The Company will expense these awards ratably over the remaining service period.

Tranche 3 and Tranche 4 of the LTIP stock options vest based on the date the ISA grants an exploitation contract and the commencement of commercial production. These options are determined to be performance-based awards. The Company will recognize compensation costs for the performance-based awards if and when the Company concludes that it is probable that the performance conditions will be achieved. As at December 31, 2023, no compensation expense related to the performance based awards was recorded as the awarding of an ISA contract is outside the control of the Company. The Company will reassess the probability of the vesting of the performance-based awards at each reporting period and adjust the compensation cost when determined to be probable.

The aggregate intrinsic value of LTIP stock options as at December 31, 2023 was $4.4 million. None of the LTIP stock options were exercisable on December 31, 2023. The Company expects LTIP options to vest as and when the market and performance milestones described below are achieved. As at December 31, 2023, total unrecognized share-based compensation expense for the LTIP stock options was $23 million.

During the year ended December 31, 2023, the Company recognized $0.5 million of share-based compensation expense for stock options (originally issued under STIP and LTIP plans) in the statement of loss and comprehensive loss (2022: $9.5 million).

Share-based compensation expense for stock options totaling $0.3 million related to general and administration matters were charged to the statement of loss and comprehensive loss for the year ended December 31, 2023 (2022: $4.8 million). The Company recorded a total of $0.2 million of share-based compensation expense for stock options related to exploration and evaluation activities for the year ended December 31, 2023 (2022: $4.7 million).

Restricted Share Units

The Company may, from time to time, grant RSUs to directors, officers, employees, and consultants of the Company and its subsidiaries under the Plan. On each vesting date, RSU holders are entitled to receive common shares equivalent to the number of RSUs held provided the holder is providing service to the Company on such vesting date.

The details of RSUs granted by the Company during the year are as follows:


Vesting Period	2023	2022
Vesting Immediately ⁽¹⁾⁽²⁾	3,561,078	1,721,729
Vesting fully on the anniversary of the grant date ⁽³⁾	1,014,349	476,189
Vesting in thirds on each anniversary of the grant date ⁽⁴⁾	8,689,481	464,632
Vesting in fourths on each anniversary of the grant date	404,277	527,800
Total Units Granted	13,669,185	3,190,350

Of the 3,561,078 units vesting immediately on grant date, 3,198,648 units were issued to settle liabilities with a carrying amount of $2.8 million, at a weighted average grant date fair value of $0.89 per RSU.

During the year ended December 31, 2023, the Company granted 274,912 units to consultants (2022: 649,157 units) resulting in $0.3 million, charged to professional and consulting fees under general and administrative expenses and $11 thousand charged to exploration and evaluation activities for the year ended December 31, 2023 (2022: $1.2 million of general and administrative expenses). During the year ended December 31, 2023, the Company also granted 43,478 units to consultants as a prepayment for their services (2022: nil).

During the year ended December 31, 2023, the Company granted 1,014,349 RSUs (2022: 476,189) to its non-employee directors under the Company’s Non-employee Director Compensation Policy, which vest upon the Company’s 2024 annual shareholders meeting. The total fair value of units granted as annual grants to the non-employee directors amounted to $700,000 ($700,000 in 2022).

During the year ended December 31, 2023, the Company granted 8,645,465 units, as payment for the 2022 LTIP awards and 44,016 units as a sign-on grant. The 2021 LTIP awards were granted in the fourth quarter of 2021 and totaled 3,500,000 units.

A summary of the RSU activity in 2023 is presented in the table below:


		Weighted
	Number of	average grant-
	RSUs	date fair value
	Outstanding	per RSU
Outstanding – December 31, 2022	3,815,143	$	2.75
Granted	13,669,185		0.92
Forfeited	(86,700)		0.96
Exercised	(4,912,748)		1.57
Outstanding – December 31, 2023	12,484,880	$	1.23

The grant date fair value of RSUs is equivalent to the closing share price of the Company’s common shares on the date of grant. During the year, a total of $8.6 million was charged to the statement of loss and comprehensive loss as share-based compensation expense for RSUs (2022: $7.5 million). Share-based compensation expense for RSUs totaling $3.8 million related to general and administration matters was charged to the statement of loss and comprehensive loss for the year ended December 31, 2023 (2022: $3.8 million). The Company recorded a total of $4.8 million of share-based compensation expense for RSUs related to exploration and evaluation activities for the year ended December 31, 2023 (2022: $3.7 million). As at December 31, 2023, total unrecognized share-based compensation expense for RSUs was $6.9 million (December 31, 2022 - $6.1 million). The fair value of shares vested during the year ended December 31, 2023, amounted to $8.3 million (December 31, 2022 - $7.2 million).

As at December 31, 2023, an aggregate of 746,445 vested units were being processed and due to be converted into common shares.

Employee Stock Purchase Plan

On May 31, 2022, TMC’s 2021 Employee Stock Purchase Plan (“ESPP”) was approved at the Company’s 2022 annual shareholders meeting. As of December 31, 2023, there were 7,922,445 common shares reserved for issuance under the ESPP. This included 2,668,121 shares added to the ESPP in January 2023 pursuant to the ESPP’s automatic annual increase provision discussed below. Under the ESPP, the number of shares reserved for issuance is subject to an annual increase provision which provides that on the first day of each of the Company’s fiscal years starting in 2022, common shares equal to the lesser of (i) 1% percent of the common shares outstanding on the last day of the immediately preceding fiscal year, or (ii) such lesser number of shares as is determined by the board of directors will be added to the ESPP.

Participation in the ESPP is available to all full-time and certain part-time employees, subject to certain conditions. The ESPP comprises offering periods that are twenty-four (24) months in length, which begin on approximately every June 1 and December 1. Each offering period includes four purchase periods of six months each, which begin on approximately every June 1 and December 1, or at such other times designated by the board of directors or its compensation committee. At the exercise date, which is the last business day of each purchase period, the accumulated deductions from participating employees are used to purchase common shares of the Company. Shares are purchased at a price equal to 85% of the lower of either the share price of the Company’s common shares on the first business day of the particular offering period or the last business day of the purchase period. The ESPP also has an automatic reset feature wherein, if the share price of the common share on any exercise date is less than the share price of the common share on the first business day of the applicable offering period, then such offering period shall automatically terminate immediately after the purchase of the common shares. In such case, a new offering period shall commence on the first business day following the exercise date.

The ESPP includes the following limitations:

●

an employee’s contribution is limited to 15% of the employee’s annual gross earnings, not to exceed $25,000 per year,

●

an employee’s purchases in any offering period cannot exceed 15,000 common shares, and

●

an employee’s purchases are capped, not to exceed 5% of the Company’s total outstanding common shares.

During 2023, the Company issued 173,672 common shares (2022: 117,929 common shares) to its employees as part of its ESPP program. A total of $47 thousand was charged to the statement of loss and comprehensive loss as share-based compensation expense for the year ended December 31, 2023, representing the share price purchase discount offered by the Company (2022: $0.1 million). From the amount charged in 2023, $26 thousand was recorded in exploration and evaluation expenses (2022: $35 thousand) and $21 thousand was recorded in general and administrative expenses (2022: $67 thousand).

Common Shares

12 Months Ended

Dec. 31, 2023

Common Shares

PIPE Financing

14.Common Shares

Authorized and Issued

As at December 31, 2023, the authorized, issued and outstanding common shares and Special Shares of the Company are as follows:


		Issued and
	Authorized	Outstanding
Common shares	Unlimited, with no par value	306,558,710
Class A Special Shares	5,000,000, with no par value	4,448,259
Class B Special Shares	10,000,000, with no par value	8,896,399
Class C Special Shares	10,000,000, with no par value	8,896,399
Class D Special Shares	20,000,000, with no par value	17,792,922
Class E Special Shares	20,000,000, with no par value	17,792,922
Class F Special Shares	20,000,000, with no par value	17,792,922
Class G Special Shares	25,000,000, with no par value	22,241,179
Class H Special Shares	25,000,000, with no par value	22,241,179
Class I Special Shares	500,000, with no par value	500,000
Class J Special Shares	741,000, with no par value	741,000

The holders of the Company’s common shares are entitled to one vote for each common share held.

Each class of Special Shares do not have voting rights and do not participate in earnings. The Special Shares automatically convert to TMC common shares if TMC common shares trade at a price on any 20 trading days within any 30-trading day period that is greater than or equal to the specific trigger price for the respective class of Special Share.

Below is a summary of the Special Shares and their respective vesting thresholds, assuming the full amount of Special Shares from Rollover Options are issued:

Special Share Class	A	B	C	D	E	F	G	H	I	J
Share Trigger price ($)	15	25	35	50	75	100	150	200	50	12
Special Shares (million)	5	10	10	20	20	20	25	25	0.5	0.7

As the Special Shares meet the indexation and equity classification criteria under ASC 815-40, the Special Shares have been classified as equity instruments at issuance.

Common Share Continuity


Common shares	Number	Amount
December 31, 2021	225,432,493	$	296,051
Issuance of shares under PIPE financing (Note 12)	38,266,180		29,621
Exercise of stock options (Note 15)	118,461		142
Conversion of restricted share units	2,877,068		6,875
Share purchase under Employee Stock Purchase Plan (Note 15)	117,929		193
December 31, 2022	266,812,131	$	332,882
Issuance of shares under Registered Direct Offering (Note 12)	7,961,540		11,420
Exercise of warrant by Allseas (Note 13)	11,578,620		70,016
Shares issued to Allseas (Notes 8)	15,000,000		15,910
Exercise of stock options (Note 15)	120,000		144
Conversion of restricted share units (Note 15)	4,912,747		7,720
Share purchase under Employee Stock Purchase Plan (Note 15)	173,672		147
December 31, 2023	306,558,710	$	438,239

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Income Taxes - The income tax expense at statutory rates for the Company (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Tax expense at statutory rates for the Company reconciled to the reported loss
Loss for the year, before taxes	$ (13,748)	$ (27,855)	$ (40,322)	$ (73,740)	$ (170,887)
Canadian Federal and Provincial income tax rates				26.68%	26.61%
Income tax recovery based on the above rates				$ (19,677)	$ (45,473)
Permanent differences				1,556	1,926
Effect of differences in future and foreign tax rates				14,038	36,903
Valuation allowance changes affecting the provision of income taxes				4,124	6,721
Total income taxes				$ 41	$ 77

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Warrants - Class A Warrants (Details) $ / shares in Units, $ in Thousands		9 Months Ended	12 Months Ended
	Jan. 31, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) D $ / shares shares	Aug. 14, 2023 $ / shares shares	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Warrant or Right
Consecutive trading days for redemption of public warrants \| D			30
Proceeds from Registered Direct Offering \| $		$ 15,723	$ 15,923
Additional paid-in capital \| $		$ 124,168	122,797		$ 188,722	$ 186,796	$ 184,960
Registered direct offering
Class of Warrant or Right
Proceeds from Registered Direct Offering \| $			$ 15,900
Registered direct offering \| Subsequent event
Class of Warrant or Right
Proceeds from Registered Direct Offering \| $	$ 9,000
Class A Warrants
Class of Warrant or Right
Share price \| $ / shares				$ 1.41
Consecutive trading days for redemption of public warrants \| D			30
Threshold cancellation of unexercised warrants offering \| $ / shares			$ 6.50
Redemption price per warrant (in dollars per share) \| $ / shares			$ 0.0001
Minimum threshold written notice period for redemption of public warrants			10 days
Additional paid-in capital \| $			$ 3,200
Class A Warrants \| Subsequent event
Class of Warrant or Right
Number of warrants issued \| shares	2,250,000
Class A Warrants \| Registered direct offering
Class of Warrant or Right
Number of warrants issued \| shares			3,980,770	3,980,770
Share price \| $ / shares				$ 0.80
Exercise price of warrants \| $ / shares				$ 3.00

Warrants - Fair value of warrant liabilities (Details) - Private Warrants $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Changes in the fair value of warrants liability:
Warrants liability as at December 31, 2022	$ 983
Increase in fair value of warrants liability	986
Warrants liability as at December 31, 2023	$ 1,969

Common Shares - Schedule of common shares (Details) - USD ($) $ in Thousands				5 Months Ended	12 Months Ended
	Aug. 14, 2023	Feb. 21, 2023	Aug. 12, 2022	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Number of beginning balance					266,812,131
Balance					$ 41,505	$ 92,751
Amount of issuance of shares under Registered Direct Offering (Note 12)					14,599
Amount of exercise of warrant by Allseas (Note 13)					116
Number of shares issued to Allseas (Notes 8) (in shares)	4,150,000	5,000,000	37,978,680
Amount of shares issued to Allseas (Notes 8)					15,910
Number of issuance of shares under PIPE financing (Note 12)						29,621
Amount of exercise of stock options					77	76
Conversion of restricted share units (in shares)		5,000,000
Conversion of restricted share units					30	(70)
Amount of share purchase under Employee Stock Purchase Plan (Note 15)					$ 102	$ 114
Number of ending balance				306,558,710	306,558,710	266,812,131
Balance				$ 10,918	$ 10,918	$ 41,505
Common Stock
Class of Stock [Line Items]
Number of beginning balance					266,812,131	225,432,493
Balance					$ 332,882	$ 296,051
Number of issuance of shares under Registered Direct Offering (Note 12) (in shares)					7,961,540
Amount of issuance of shares under Registered Direct Offering (Note 12)					$ 11,420
Number of exercise of warrant by Allseas (Note 13) (in shares)					11,578,620
Amount of exercise of warrant by Allseas (Note 13)					$ 70,016
Number of shares issued to Allseas (Notes 8) (in shares)				4,150,000	15,000,000
Amount of shares issued to Allseas (Notes 8)					$ 15,910
Number of issuance of shares under PIPE financing (Note 12) (in shares)						38,266,180
Number of issuance of shares under PIPE financing (Note 12)						$ 29,621
Number of exercise of stock options (in Shares)					120,000	118,461
Amount of exercise of stock options					$ 144	$ 142
Conversion of restricted share units (in shares)					4,912,747	2,877,068
Conversion of restricted share units					$ 7,720	$ 6,875
Number of share purchase under Employee Stock Purchase Plan (Note 15) (in shares)					173,672	117,929
Amount of share purchase under Employee Stock Purchase Plan (Note 15)					$ 147	$ 193
Number of ending balance				306,558,710	306,558,710	266,812,131
Balance				$ 438,239	$ 438,239	$ 332,882
Common Stock \| Direct offering
Class of Stock [Line Items]
Number of issuance of shares under Registered Direct Offering (Note 12) (in shares)					7,961,540

Financing Activity - PIPE Financing (Details)					6 Months Ended	9 Months Ended	12 Months Ended
Financing Activity - PIPE Financing (Details)	Aug. 14, 2023 shares	Feb. 21, 2023 shares	Aug. 12, 2022 shares	Aug. 11, 2022 item	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares
Financing Activity
Shares issued to Allseas (Note 8) (in shares) \| shares	4,150,000	5,000,000	37,978,680
Proceeds from issuance of shares					$ 30,000	$ 30,000	$ 30,000
Securities purchase agreement
Financing Activity
Number of securities purchase agreements				3				37,978,680
Proceeds from issuance of shares								$ 30,400,000
Securities purchase agreement \| Placement agent
Financing Activity
Common shares per share \| $ / shares								$ 0.80
Placement agent fees and offering expenses								$ 1,000,000.0
Placement agent fees and offering expenses settled by issuing shares								$ 200,000
Number of shares issued to settle placement fee and offering expenses \| shares								287,500

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023
Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements
Net consideration received				$ 14,000
As Previously Reported
Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements
Net consideration received				14,000
Gain on disposition of asset	$ 13,750	$ 13,750	$ 13,750	13,750
As Previously Reported \| NORI Exploration Contract
Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements
Amount of exploration licenses de-recognized				$ 250

Schedule of changes in the fair value of warrant liabilities

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2023	Mar. 22, 2024	Jun. 30, 2023
Document And Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	001-39281
Entity Registrant Name	TMC THE METALS COMPANY INC.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	595 Howe Street, 10th Floor
Entity Address, City or Town	Vancouver,
Entity Address, State or Province	BC
Entity Address, Postal Zip Code	V6C 2T5
City Area Code	574
Local Phone Number	252-9333
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 274,979,313
Entity Common Stock, Shares Outstanding		318,249,878
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001798562
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	1263
Auditor Location	Vancouver, Canada
Common Shares, without par value
Document And Entity Information
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	TMC
Security Exchange Name	NASDAQ
Redeemable warrants, each whole warrant exercisable for one Common Share, each at an exercise price of $11.50 per share
Document And Entity Information
Title of 12(b) Security	Redeemable warrants, each whole warrant exercisable for one Common Share, each at an exercise price of $11.50 per share
Trading Symbol	TMCWW
Security Exchange Name	NASDAQ

Warrants (Tables)

12 Months Ended

Dec. 31, 2023

Class of Warrant or Right


	Private
	Warrants
Warrants liability as at December 31, 2022	$	983
Increase in fair value of warrants liability		986
Warrants liability as at December 31, 2023	$	1,969

Private Warrants

Class of Warrant or Right

Schedule of fair value measurement input


	December 31, 2023			December 31, 2022
Exercise price	$	11.50		$	11.50
Share price	$	1.10		$	0.77
Volatility⁽¹⁾		105.34	%		88.05	%
Term		2.69	years		3.69	years
Risk-free rate		3.98	%		4.04	%
Dividend yield		0.0	%		0.0	%

Class A Warrants

Class of Warrant or Right

Schedule of fair value measurement input


	August 14,
	2023
Exercise price	$	3.00
Share price	$	1.41
Call price threshold	$	6.50
Volatility		107.08	%
Term (years)		4.38
Risk-free rate		4.32	%
Dividend yield		0.0	%

Consolidated Balance Sheets (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Ordinary shares, authorized	Unlimited
Common shares, par value	$ 0	$ 0	$ 0	$ 0	$ 0
Common shares, issued	306,558,710				266,812,131

Segmented Information (Tables)

12 Months Ended

Dec. 31, 2023

Segmented Information

Schedule of equipment


Equipment	December 31, 2023		December 31, 2022
Nauru	$	1,128	$	1,154
Singapore		1,643		863
Tonga		5		7
North America		—		1
Total	$	2,776	$	2,025

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating expenses
Exploration and evaluation expenses	$ 7,169	$ 15,267	$ 23,172	$ 49,849	$ 144,599
General and administrative expenses	6,214	11,345	15,958	22,540	29,518
Operating loss	13,383	26,612	39,130	72,389	174,117
Other items
Equity-accounted investment loss				571
Change in fair value of warrants liability	545	1,331	1,214	986	(2,143)
Foreign exchange loss	29	52	66	310	24
Interest income	(454)	(773)	(1,092)	(1,297)	(1,111)
Fees and interest on credit facility	27	277	529	781
Loss and comprehensive loss for the year, before tax	13,748	27,855	40,322	73,740	170,887
Tax expense				41	77
Loss and comprehensive loss for the year, after tax	$ 13,748	$ 27,855	$ 40,322	$ 73,781	$ 170,964
Loss per share - basic	$ 0.05	$ 0.10	$ 0.14	$ 0.26	$ 0.71
Loss per share - diluted	$ 0.05	$ 0.10	$ 0.14	$ 0.26	$ 0.71
Weighted average number of common shares outstanding - basic	272,029,603	276,702,050	282,745,892	288,643,700	239,867,019
Weighted average number of common shares outstanding - diluted	272,029,603	276,702,050	282,745,892	288,643,700	239,867,019

Warrants - Fair value measurements assumptions of the Class A Warrants (Details) - Class A Warrants	Aug. 14, 2023 $ / shares
Class of Warrant or Right
Exercise price	$ 3.00
Share price	1.41
Call price threshold	$ 6.50
Volatility	107.08%
Term	4 years 4 months 17 days
Risk-free rate	4.32%
Dividend yield	0.00%

Loss per Share - Anti-dilutive common equivalent shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss per Share
Total anti-dilutive common equivalent shares	202,072,578	201,286,201
Employee Stock Option
Loss per Share
Total anti-dilutive common equivalent shares	24,858,162	25,140,262
Outstanding RSUs
Loss per Share
Total anti-dilutive common equivalent shares	12,484,880	3,815,143
Outstanding shares under ESPP
Loss per Share
Total anti-dilutive common equivalent shares	8,802	12,212
Outstanding warrants
Loss per Share
Total anti-dilutive common equivalent shares	28,480,770	36,078,620
Outstanding Special Shares and options to purchase Special Shares
Loss per Share
Total anti-dilutive common equivalent shares	136,239,964	136,239,964

Significant Accounting Policies - Equipment (Details)	12 Months Ended
Significant Accounting Policies - Equipment (Details)	Dec. 31, 2023
Exploration and other equipment
Property, Plant and Equipment [Line Items]
Depreciation rate	30.00%
Office equipment
Property, Plant and Equipment [Line Items]
Depreciation rate	30.00%

Warrants - Fair value measurements assumptions (Details) - Private Warrants - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right
Exercise price	$ 11.50	$ 11.50
Share price	$ 1.10	$ 0.77
Volatility	105.34%	88.05%
Term	2 years 8 months 8 days	3 years 8 months 8 days
Risk-free rate	3.98%	4.04%
Dividend yield	0.00%	0.00%

Receivables and Prepayments

12 Months Ended

Dec. 31, 2023

Receivables And Prepayments.

Receivables and Prepayments

6.	Receivables and Prepayments

The amounts of outstanding receivables and prepayments at December 31, 2023 and 2022 are as follows:


	December 31 2023		December 31 2022
Taxes and other receivables	$	467	$	117
Prepayments		1,511		2,609
	$	1,978	$	2,726

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements - Condensed Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended	5 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Gain/(Loss) for the period	$ (13,748)		$ (27,855)	$ (40,322)	$ (73,781)	$ (170,964)
Items not affecting cash:
Amortization	88		175	262	360	418
Lease expense		$ 794		318	795
Share-based compensation and Expenses settled with equity	1,775		4,307	6,839	12,360	20,077
Expenses to be settled with share-based payments	15
Equity-accounted investment loss	219		356	475
Change in fair value of warrants liability	545		1,331	1,214	986	(2,143)
Vesting of Allseas Warrant						69,900
Unrealized foreign exchange movement	(20)		(17)	(24)	(51)	(53)
Changes in working capital:
Receivables and prepayments	(469)		1,123	(2,364)	748	960
Accounts payable and accrued liabilities	(11,877)		(11,277)	(10,757)	(1,561)	15,202
Net cash used in operating activities	(23,472)		(31,857)	(44,359)	(59,573)	(66,603)
Investing activities
Acquisition of equipment			(75)	(175)	(578)	(1,169)
Net cash used in investing activities			(75)	(175)	(578)	(1,169)
Financing activities
Proceeds from Low Carbon Royalties investment	5,000		5,000	5,000	5,000
Proceeds from Registered Direct Offering				15,723	15,923
Expenses paid for Registered Direct Offering				(779)	(1,182)
Proceeds from PIPE financing						30,399
Expenses paid for PIPE financing						(797)
Proceeds from employee share purchase plan			49	49	102	114
Proceeds from exercise of stock options				77	77	76
Proceeds from exercise of warrants by Allseas				116	116
Proceeds from issuance of shares			30	30	30
Taxes withheld and paid on share-based compensation						(70)
Net cash provided by financing activities	5,000		5,079	20,216	20,066	29,722
Decrease in cash	(18,472)		(26,853)	(24,318)	(40,085)	(38,050)
Impact of exchange rate changes on cash	20		17	24	51	53
Cash - beginning of year	46,876		46,876	46,876	46,876	84,873
Cash - beginning of year	46,842		46,842	46,842	46,842
Cash - end of year		$ 6,842			6,842	46,876
Cash - end of year	28,390		20,006	22,548		46,842
As Previously Reported
Operating activities
Gain/(Loss) for the period	2		(14,105)	(26,572)
Items not affecting cash:
Amortization	88		175	262
Lease expense				318
Share-based compensation and Expenses settled with equity	1,775		4,307	6,839
Expenses to be settled with share-based payments	15
Equity-accounted investment loss	219		356	475
Gain on disposition of asset	(13,750)		(13,750)	(13,750)	(13,750)
Change in fair value of warrants liability	545		1,331	1,214
Unrealized foreign exchange movement	(20)		(17)	(24)
Changes in working capital:
Receivables and prepayments	(469)		1,123	(2,364)
Accounts payable and accrued liabilities	(11,877)		(11,277)	(10,757)
Net cash used in operating activities	(23,472)		(31,857)	(44,359)
Investing activities
Cash received from investment in Low Carbon Royalties	5,000		5,000	5,000
Acquisition of equipment			(75)	(175)
Net cash used in investing activities	5,000		4,925	4,825
Financing activities
Proceeds from Registered Direct Offering				15,723
Expenses paid for Registered Direct Offering				(779)
Proceeds from employee share purchase plan			49	49
Proceeds from exercise of stock options				77
Proceeds from exercise of warrants by Allseas				116
Proceeds from issuance of shares			30	30
Net cash provided by financing activities			79	15,216
Decrease in cash	(18,472)		(26,853)	(24,318)
Impact of exchange rate changes on cash	20		17	24
Cash - beginning of year	46,842		46,842	46,842	$ 46,842
Cash - end of year	28,390		20,006	22,548		$ 46,842
Restatement Adjustments
Operating activities
Gain/(Loss) for the period	(13,750)		(13,750)	(13,750)
Items not affecting cash:
Gain on disposition of asset	13,750		13,750	13,750
Investing activities
Cash received from investment in Low Carbon Royalties	(5,000)		(5,000)	(5,000)
Net cash used in investing activities	(5,000)		(5,000)	(5,000)
Financing activities
Proceeds from Low Carbon Royalties investment	5,000		5,000	5,000
Net cash provided by financing activities	$ 5,000		$ 5,000	$ 5,000

Receivables and Prepayments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Aug. 14, 2023
Receivables and Prepayments
Taxes and other receivables	$ 467	$ 117	$ 300
Prepayments	1,511	2,609
Total	$ 1,978	$ 2,726

General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
General and administrative expenses	$ 6,214	$ 11,345	$ 15,958	$ 22,540	$ 29,518
Restricted stock units
Professional and consulting fees including equity (RSU) settled expenses				400	1,000
Investor relations including equity (RSU) settled expenses				0	300
Professional and consulting fees
General and administrative expenses				6,584	6,795
Investor relations
General and administrative expenses				1,547	1,514
Office and sundry
General and administrative expenses				3,503	4,926
Salaries and wages
General and administrative expenses				4,995	5,921
Director fees
General and administrative expenses				774	788
Share-based compensations
General and administrative expenses				4,122	8,596
Transfer agent and filing fees
General and administrative expenses				363	378
Travel expenses
General and administrative expenses				609	$ 600
Other expenses
General and administrative expenses				$ 43

Financial Instruments - Schedule of categories of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Amortized cost.
Cash	$ 6,842	$ 22,548	$ 20,006	$ 28,390	$ 46,876
Receivables and Prepayments	1,978				2,726
Financial assets	8,820				49,602
Amortized cost.
Accounts payable and accrued liabilities	31,334	19,344	18,113	17,544	41,614
Royalty liability	14,000	14,000	14,000	14,000
Warrants liability	1,969	$ 2,197	$ 2,314	$ 1,528	983
Financial liabilities	$ 47,303				$ 42,597

Exploration Contracts

12 Months Ended

Dec. 31, 2023

Exploration Contracts.

Exploration Contracts

10.	Exploration Contracts

Significant Exploration Agreements

NORI Exploration Contract:

The Company’s wholly-owned subsidiary, NORI, was granted the NORI Exploration Contract on July 22, 2011 under the sponsorship of Nauru. The contract application fee of $0.3 million, provides NORI with exclusive rights to explore for polymetallic nodules in the NORI Area for an initial term of 15 years (renewable for successive five-year periods) subject to complying with the exploration contract terms (Note 19) and provides NORI with the priority right to apply for an exploitation contract to collect polymetallic nodules in the same area.

NORI has a right to renounce, without penalty, in whole or part of its rights in the NORI Area at any time and therefore does not have a fixed commitment with relation to the NORI Exploration Contract (Note 19).

Marawa Agreements:

Marawa executed the Marawa Exploration Contract with the ISA on January 19, 2015. The Marawa Exploration Contract provides Marawa with exclusive rights to explore for polymetallic nodules in the Marawa Area for an initial term of 15 years (subject to renewal for successive five-year periods) subject to complying with the exploration contract terms and the priority right to apply for an exploitation contract to collect polymetallic nodules in the same area.

On March 17, 2012, the Company’s wholly-owned subsidiary, DeepGreen Engineering Pte. Ltd. (“DGE”), entered into an Option Agreement (“Marawa Option Agreement”) with Marawa and Kiribati. DGE has the right to terminate the Marawa Services Agreement at its sole discretion by giving written notice to Marawa and Kiribati, and such termination shall take effect two months following the date of the termination notice, provided that DGE shall pay to the ISA on behalf of Marawa the fees or payments legally owed to the ISA by Marawa (including the annual ISA exploration fee and ISA royalties and taxes) that are outstanding at the date of termination or that are incurred within 12 months after the date of such termination.

TOML Exploration Contract:

TOML was granted the TOML Exploration Contract on January 11, 2012 under the sponsorship of Tonga. The TOML Exploration Contract provides TOML with exclusive rights to explore for polymetallic nodules in the TOML Area for an initial term of 15 years (renewable for successive five-year periods) subject to complying with the exploration contract terms and a priority right to apply for an exploitation contract to collect polymetallic nodules in the same area.

On March 31, 2020, the Company entered into an acquisition agreement with Deep Sea Mining Finance Ltd. to acquire TOML and other related entities in the group (the “TOML Acquisition”). Total purchase price of the TOML Acquisition, before transaction costs, was $32.0 million comprising of $42.7 million for exploration contracts offset by $10.7 million for deferred tax liability. TOML holds an ISA exploration contract in the CCZ (“TOML Exploration Contract”) and some exploration related equipment.

Reconciliation – Exploration Contracts

A reconciliation of the Company’s capitalized exploration contracts is as follows:


			Marawa
	NORI		Option		TOML
	Contract		Agreement		Contract		Total
December 31, 2022	$	250	$	199	$	42,701	$	43,150
December 31, 2023	$	250	$	199	$	42,701	$	43,150

Exploration and Evaluation Expenses

The detail of exploration and evaluation expenses is as follows:

NORI

Marawa

TOML

Exploration

Option

Exploration

For the year ended December 31, 2023

Contract

Agreement

Contract

Total

Environmental Studies

16,421

—

16,421

Exploration Labor

7,268

227

711

8,206

Share-Based Compensation (Note 15)

4,444

146

443

5,033

Mining, Technological and Process Development

13,694

—

1,262

14,956

Prefeasibility Studies

1,345

—

1,345

Sponsorship, Training and Stakeholder Engagement ⁽¹⁾

2,248

202

996

3,446

Other

433

—

442

45,853

575

3,421

49,849

⁽¹⁾Sponsorship, Training and Stakeholder Engagement include $80 thousand of equity (RSU) settled expenses in 2023 (2022: $ nil)


	NORI		Marawa		TOML
	Exploration		Option		Exploration
For the year ended December 31, 2022	Contract		Agreement		Contract		Total
Environmental Studies	$	38,022	$	—	$	—	$	38,022
Exploration Labor		4,420		758		842		6,020
Share-Based Compensation (Note 15)		6,086		1,167		1,235		8,488
Mining, Technological and Process Development		1,823		47		118		1,988
PMTS		15,603		670		1,546		17,819
Allseas Warrant (Note 13)		62,910		—		6,990		69,900
Sponsorship, Training and Stakeholder Engagement		891		194		476		1,561
Other		706		16		79		801
	$	130,461	$	2,852	$	11,286	$	144,599

Strategic Alliance with Allseas and Affiliates - Lease liability and right-of-use asset (Details) - USD ($) $ in Thousands				5 Months Ended	9 Months Ended	12 Months Ended
	Aug. 14, 2023	Feb. 21, 2023	Aug. 12, 2022	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2023	Jul. 31, 2023
Lease Liability
Lease liability				$ 6,515
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Fair Value Adjustment of Warrants						Fair Value Adjustment of Warrants
Payments made during the quarter by issuing 4.15 million common shares				6,515
Lease liability	$ 6,500
Right-of-use Asset
Right-of-use Asset				6,515
Lease expense				794	$ 318	$ 795
Right-of-use Asset				$ 5,721	$ 6,198	$ 5,721
Shares issued to Allseas (Note 8) (in shares)	4,150,000	5,000,000	37,978,680
Common stock
Right-of-use Asset
Shares issued to Allseas (Note 8) (in shares)				4,150,000		15,000,000

Investment in Low Carbon Royalties - Financial Results Of Low Carbon Royalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Current Assets	$ 8,820	$ 27,873	$ 21,643	$ 31,620	$ 49,602
Non-Current Assets	60,076	59,951	53,764	53,928	45,175
Current Liabilities	31,334	$ 19,344	$ 18,113	$ 17,544	$ 41,614
Low carbon royalties
Schedule of Equity Method Investments [Line Items]
Current Assets	1,091
Non-Current Assets	26,315
Current Liabilities	131
Royalty Income	399
Total Revenue	480
Comprehensive Income (Loss) for the year	$ (1,747)

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Segmented Information

12 Months Ended

Dec. 31, 2023

Segmented Information

Segmented Information

20.Segmented Information

The Company’s business consists of only one operating segment, namely exploration of seafloor polymetallic nodules, which includes the development of a metallurgical process to treat such seafloor polymetallic nodules. Details on the geographical segmentation of the Company’s long-lived assets based on where each legal entity is domiciled are as follows:


Equipment	December 31, 2023		December 31, 2022
Nauru	$	1,128	$	1,154
Singapore		1,643		863
Tonga		5		7
North America		—		1
Total	$	2,776	$	2,025

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of reconciliation of the Company's capitalized exploration

Share-Based Compensation - Restricted Stock Units (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Vesting Period
Aggregate vested units outstanding		746,445
General and administration expenses
Vesting Period
Share based compensation expense			$ 67,000
Exploration and evaluation activities
Vesting Period
Share based compensation expense		$ 200,000
Restricted stock units
Vesting Period
Granted		13,669,185	3,190,350
Shares issued		3,198,648
Amount to settle liabilities		$ 2,800,000
Weighted average grant date fair value		$ 0.89
Share based compensation expense		$ 8,600,000	$ 7,500,000
Total unrecognized share-based compensation expense		6,900,000	6,100,000
Fair value of shares vested		$ 8,300,000	$ 7,200,000
Aggregate vested units outstanding		12,484,880	3,815,143
Restricted stock units \| As prepayment for the services
Vesting Period
Granted		43,478	0
Restricted stock units \| As payment for the 2022 LTIP awards
Vesting Period
Granted		8,645,465
Restricted stock units \| As payment for the 2021 LTIP awards
Vesting Period
Granted	3,500,000
Restricted stock units \| As a sign-on grant
Vesting Period
Granted		44,016
Restricted stock units \| General and administration expenses
Vesting Period
Share based compensation expense		$ 3,800,000	$ 3,800,000
Restricted stock units \| Exploration and evaluation activities
Vesting Period
Share based compensation expense		$ 4,800,000	$ 3,700,000
Restricted stock units \| Consultant
Vesting Period
Granted		274,912	649,157
Restricted stock units \| Consultant \| General and administration expenses
Vesting Period
Professional and consulting fees		$ 300,000	$ 1,200,000
Restricted stock units \| Consultant \| Exploration and evaluation activities
Vesting Period
Professional and consulting fees		$ 11,000
Restricted stock units \| Non-Employee Directors
Vesting Period
Granted		1,014,349	476,189
Total fair value of units granted		$ 700,000	$ 700,000
Vesting Immediately \| Restricted stock units
Vesting Period
Granted		3,561,078	1,721,729
Vesting fully on the anniversary of the grant date \| Restricted stock units
Vesting Period
Granted		1,014,349	476,189
Vesting in thirds on each anniversary of the grant date \| Restricted stock units
Vesting Period
Granted		8,689,481	464,632
Vesting in fourths on each anniversary of the grant date \| Restricted stock units
Vesting Period
Granted		404,277	527,800

Exploration Contracts (Tables)

12 Months Ended

Dec. 31, 2023

Exploration Contracts.


			Marawa
	NORI		Option		TOML
	Contract		Agreement		Contract		Total
December 31, 2022	$	250	$	199	$	42,701	$	43,150
December 31, 2023	$	250	$	199	$	42,701	$	43,150

Schedule of exploration and evaluation expenses

NORI

Marawa

TOML

Exploration

Option

Exploration

For the year ended December 31, 2023

Contract

Agreement

Contract

Total

Environmental Studies

16,421

—

16,421

Exploration Labor

7,268

227

711

8,206

Share-Based Compensation (Note 15)

4,444

146

443

5,033

Mining, Technological and Process Development

13,694

—

1,262

14,956

Prefeasibility Studies

1,345

—

1,345

Sponsorship, Training and Stakeholder Engagement ⁽¹⁾

2,248

202

996

3,446

Other

433

—

442

45,853

575

3,421

49,849

⁽¹⁾Sponsorship, Training and Stakeholder Engagement include $80 thousand of equity (RSU) settled expenses in 2023 (2022: $ nil)


	NORI		Marawa		TOML
	Exploration		Option		Exploration
For the year ended December 31, 2022	Contract		Agreement		Contract		Total
Environmental Studies	$	38,022	$	—	$	—	$	38,022
Exploration Labor		4,420		758		842		6,020
Share-Based Compensation (Note 15)		6,086		1,167		1,235		8,488
Mining, Technological and Process Development		1,823		47		118		1,988
PMTS		15,603		670		1,546		17,819
Allseas Warrant (Note 13)		62,910		—		6,990		69,900
Sponsorship, Training and Stakeholder Engagement		891		194		476		1,561
Other		706		16		79		801
	$	130,461	$	2,852	$	11,286	$	144,599

Share-based compensation (Details) - Schedule of the Company's stock options in the Company's STIP - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation
Weighted average exercise price, beginning balance (in Dollars per share)	$ 1.40	$ 1.40
Weighted average contractual life (years)	4 years 2 months 4 days	5 years 1 month 9 days	6 years 3 months 29 days
Options Outstanding, Expired	(162,100)
Weighted average exercise price, Expired (in Dollars per share)	$ 0.87
Options Outstanding, Cancelled/Forfeited		(28,947)
Weighted average exercise price, Cancelled/Forfeited		2.60
Options Outstanding, Exercised	(120,000)	(118,461)
Weighted average exercise price, Exercised (in Dollars per share)	$ 0.65	$ 0.65
Weighted average exercise price, ending balance (in Dollars per share)	$ 1.41	$ 1.40	$ 1.40
Options Outstanding, Vested and exercisable	14,804,073
Weighted average exercise price, Vested and exercisable (in Dollars per share)	$ 1.28
Aggregate Intrinsic value of stock options, Vested and exercisable (in Dollars)	$ 5,425
Weighted average contractual life (years), Vested and exercisable	4 years 2 months 1 day

Equipment

12 Months Ended

Dec. 31, 2023

Equipment.

Equipment

The movements in the Company’s capital equipment are as follows:


	Exploration and
Cost	other equipment		Office equipment		Total
December 31, 2021	$	2,800	$	21	$	2,821
Additions		1,026		—		1,026
December 31, 2022	$	3,826	$	21	$	3,847
Additions		1,111		—		1,111
December 31, 2023	$	4,937	$	21	$	4,958

Accumulated depreciation
December 31, 2021	$	(1,386)	$	(19)	$	(1,405)
Amortization for the year		(416)		(1)		(417)
December 31, 2022	$	(1,802)	$	(20)	$	(1,822)
Amortization for the year		(359)		(1)		(360)
December 31, 2023	$	(2,161)	$	(21)	$	(2,182)

Net book value
As at December 31, 2022	$	2,024	$	1	$	2,025
As at December 31, 2023	$	2,776	$	—	$	2,776

Strategic Alliance with Allseas and Affiliates

12 Months Ended

Dec. 31, 2023

Strategic Alliance with Allseas and Affiliates

8.	Strategic Alliance with Allseas and Affiliates

Pilot Mining Test Project

On March 29, 2019, the Company and Allseas entered into a Strategic Alliance Agreement (“SAA”) with the objective to develop and operate commercial nodule collection systems in the Company’s contract areas. The SAA included the intent to develop and deploy a Pilot Mining Test System (“PMTS”), the successful completion of which would support the Company’s application for an exploitation contract with the ISA. Allseas committed to a fixed price development contract and would own all intellectual property used and generated in the development of the PMTS. Under the terms of the SAA, Allseas subscribed for and ultimately received 6.7 million common shares for a total of $20.0 million paid in cash to the Company.

On July 8, 2019, as contemplated by the SAA, the Company and Allseas entered into the Pilot Mining Test Agreement (“PMTA”) which governs the terms, design specifications, procedures, and timetable under which Allseas agreed to complete a pilot trial of the PMTS in NORI Area D. Under the PMTA, in exchange for Allseas’ development efforts, upon successful delivery of the pilot trial of the PMTS in NORI Area D by Allseas, the Company agreed to pay Allseas:

●

First milestone payment: $10 million within 10 business days of the closing of the Business Combination and Allseas providing confirmation of placing an order for certain equipment and demonstrating certain progress on construction of the PMTS;

●

Second milestone payment: $10 million on the later of (i) January 1, 2022, and (ii) confirmation of successful completion of the North Sea drive test;

●

Third milestone payment: $10 million upon successful completion of the pilot trial of the PMTS in NORI Area D; and

●

11.6 million warrants which would vest and become exercisable upon successful completion of the PMTS.

On November 11, 2022, the Board approved the successful completion of the PMTS in NORI Area D and payment of the third milestone amounting to $10 million by issuing 10 million common shares as agreed with Allseas. Accordingly in relation to the third milestone payment, the Company has recorded an expense equal to $8.7 million based on the fair market value of the Company’s shares on November 11, 2022.

On February 13, 2023, the Company entered into a Fifth Amendment to the Pilot Mining Test Agreement (the “PMTA”) and Third Amendment to the Strategic Alliance Agreement (together with the PMTA, the “Amendments”), which was effective as of February 8, 2023, with DGE, DeepGreen Metals ULC. and Allseas. The Amendments relate to the Company’s settlement of the third and final payment of $10 million due to Allseas upon successful completion of the trial of the PMTS in NORI Area D and certain other costs due to Allseas under the PMTA through the issuance of 10,850,000 common shares to Allseas, priced at $1.00 per share. On February 23, 2023, the Company settled the third milestone payment of $10 million and additional PMTS overage charges amounting to $0.9 million by issuing 10.85 million of its common shares to Allseas.

On August 9, 2023, 11,578,620 common shares were issued to Allseas upon the exercise of the Allseas Warrant granted in March 2021, and receipt of the exercise fee of $115.8 thousand. The warrant vested and became exercisable on successful completion of the PMTS in November 2022 (refer Allseas Warrant, Note 13).

Development of Project Zero Offshore Nodule Collection System

On March 16, 2022, NORI and Allseas entered into a non-binding term sheet for the development and operation of a commercial nodule collection system. During the year ended December 31, 2023, in relation to the development of the commercial nodule collection system, Allseas provided the Company with engineering, project management and vessel use services consisting of lay-up and transit costs totaling $12.1 million, recorded as mining, technological and process development within exploration and evaluation expenses (Note 10). For the year ended December 31, 2022, Allseas managed and delivered the PMTS project, with services totaling $15.7 million, recorded as PMTS within exploration and evaluation expenses (Note 10).

Exclusive Vessel Use Agreement with Allseas

On August 1, 2023, the Company entered into an Exclusive Vessel Use Agreement with Allseas pursuant to which Allseas will give exclusive use of the vessel (“Hidden Gem”) to the Company in support of the development of the Project Zero Offshore Nodule Collection System until the system is completed or December 31, 2026, whichever is earlier. In consideration of the exclusivity term, the Company, on August 14, 2023, issued 4.15 million common shares to Allseas. Allseas can terminate the agreement if the Company ceases normal operations, assigns assets to creditors, initiates bankruptcy proceedings, or faces unresolved bankruptcy-related actions.

The Company concluded that the agreement was a lease, as the Hidden Gem was considered an identified asset and the Company had the right to direct the use of the Hidden Gem for the development of the Project Zero System and obtain substantially all of the economic benefits from its use. The lease was determined to be an operating lease given that ownership of the vessel remained with Allseas, the duration of the lease is considerably shorter than the vessel’s economic life and the present value of lease payments is significantly lower than the fair value of the vessel.

The Company recorded a lease liability and right-of-use asset of $6.5 million, which represents the fair value of 4.15 million common shares issued to Allseas on August 14, 2023, as consideration, and equal to the present value of the lease payments. As the entire lease liability was settled within 14 days of the commencement of the lease, the discount rate for calculating the present value of lease payments was determined to be insignificant.

For the year ended December 31, 2023, the Company has recognized $0.8 million as lease expense recorded as exploration and evaluation expense.

As at December 31, 2023, the net amount of the lease liability and right-of-use asset is as follows:


	Lease Liability
Balance as at August 1, 2023	$	6,515
Payments made during the year by issuing 4.15 million common shares		6,515
Balance as at December 31, 2023	$	—


	Right-of-use Asset
Balance as on August 1, 2023	$	6,515
Lease expense during the year		794
Balance as at December 31, 2023	$	5,721

Credit Facility with Allseas Affiliate

On March 22, 2023, the Company entered into an Unsecured Credit Facility Agreement, which was amended on July 31, 2023 (“Credit Facility”), with Argentum Credit Virtuti GCV (the “Lender”), the parent of Allseas Investments S.A. and an affiliate of Allseas, pursuant to which, the Company may borrow from the Lender up to $25 million in the aggregate, from time to time, subject to certain conditions. All amounts drawn under the Credit Facility will bear interest based on the 6-month Secured Overnight Financing Rate, 180-day average plus a margin of 4.0% per annum payable in cash semi-annually (or plus 5% if paid-in-kind at maturity, at the Company’s election) on the first business day of each of June and January. The Company will pay an underutilization fee equal to 4.0% per annum payable semi-annually for any amounts that remain undrawn under the Credit Facility. The Company has the right to pre-pay the entire amount outstanding under the Credit Facility at any time before the Credit Facility’s maturity. The Company has the ability to settle the drawn credit facility, the interest on the drawn credit facility and underutilitzation fee in cash or in equity at discretion of the Company. On March 22, 2024, the maturity date of this Credit Facility was extended to August 31, 2025. The Credit Facility also contains customary events of default.

During the year ended December 31, 2023, the Company had not drawn any amount from the Credit Facility and had incurred $0.8 million as underutilization fees, which would be payable only in the event the Credit Facility is not drawn down upon at the time such fees are payable.

As at December 31, 2023, the amount payable to Allseas and its affiliates was $13.8 million (December 31, 2022: $10.2 million).

Other Activity

As a part of the Registered Direct Offering in August 2023 (Note 12), Allseas purchased 3,500,000 common shares and accompanying Class A Warrants to purchase 1,750,000 Common Shares (Note 13) for a total purchase price of $7 million.

As at December 31, 2023, Allseas and its affiliates owned 53.8 million TMC common shares (2022: 23.7 million TMC common shares) which constituted 17.6% (December 31, 2022: 8.9%) of total common shares outstanding.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (13,748)	$ (27,855)	$ (40,322)	$ (73,781)	$ (170,964)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Loss per Share

12 Months Ended

Dec. 31, 2023

Loss per Share

Loss per Share

16.Loss per Share

Basic loss per share is computed by dividing the loss by the weighted-average number of common shares of the Company outstanding during the period. Diluted loss per share is computed by giving effect to all common share equivalents of the Company, including outstanding stock options, RSUs, warrants, Special Shares and options to purchase Special Shares, to the extent these are dilutive. Basic and diluted loss per share was the same for each period presented as the inclusion of all common share equivalents would have been anti-dilutive.

Anti-dilutive equivalent common shares were as follows:


	For the year ended	For the year ended
	December 31,	December 31,
	2023	2022
Outstanding options to purchase common shares	24,858,162	25,140,262
Outstanding RSUs	12,484,880	3,815,143
Outstanding shares under ESPP	8,802	12,212
Outstanding warrants	28,480,770	36,078,620
Outstanding Special Shares and options to purchase Special Shares	136,239,964	136,239,964
Total anti-dilutive common equivalent shares	202,072,578	201,286,201

Significant Accounting Policies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Mar. 04, 2021
Significant Accounting Policies
Transfers amount of fair value measurement levels	$ 0	$ 0
Cash	$ 0	$ 0
Allseas Group S.A
Significant Accounting Policies
Number of warrants issued			11,600,000
Private Warrants
Significant Accounting Policies
Number of warrants issued	9,500,000
Public warrants
Significant Accounting Policies
Number of warrants issued	15,000,000

Commitments and Contingent Liabilities

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements - Condensed Consolidated Balance Sheet Information (Parentheticals) (Details) - $ / shares	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Quarterly Financial Data (Unaudited) Restatement of Previously Issued Financial Statements
Common shares, par value	$ 0	$ 0	$ 0	$ 0	$ 0

Exploration Contracts - Exploration and evaluation expenses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Exploration and Evaluation Expenses
Environmental Studies				$ 16,421	$ 38,022
Exploration Labor				8,206	6,020
Share-Based Compensation (Note 15)				5,033	8,488
Mining, Technological and Process Development				14,956	1,988
PMTS					17,819
Prefeasibility Studies				1,345
Allseas Warrant (Note 13)					69,900
Sponsorship, Training and Stakeholder Engagement				3,446	1,561
Other				442	801
Exploration and evaluation expenses	$ 7,169	$ 15,267	$ 23,172	49,849	144,599
Restricted stock units
Exploration and Evaluation Expenses
Sponsorship, Training and Stakeholder Engagement				80	0
NORI Exploration Contract
Exploration and Evaluation Expenses
Environmental Studies				16,421	38,022
Exploration Labor				7,268	4,420
Share-Based Compensation (Note 15)				4,444	6,086
Mining, Technological and Process Development				13,694	1,823
PMTS					15,603
Prefeasibility Studies				1,345
Allseas Warrant (Note 13)					62,910
Sponsorship, Training and Stakeholder Engagement				2,248	891
Other				433	706
Exploration and evaluation expenses				45,853	130,461
Marawa Option Agreement
Exploration and Evaluation Expenses
Exploration Labor				227	758
Share-Based Compensation (Note 15)				146	1,167
Mining, Technological and Process Development					47
PMTS					670
Sponsorship, Training and Stakeholder Engagement				202	194
Other					16
Exploration and evaluation expenses				575	2,852
TOML Exploration Contract
Exploration and Evaluation Expenses
Exploration Labor				711	842
Share-Based Compensation (Note 15)				443	1,235
Mining, Technological and Process Development				1,262	118
PMTS					1,546
Allseas Warrant (Note 13)					6,990
Sponsorship, Training and Stakeholder Engagement				996	476
Other				9	79
Exploration and evaluation expenses				$ 3,421	$ 11,286

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2023

Commitments and Contingent Liabilities

19.Commitments and Contingent Liabilities

NORI Exploration Contract

As part of the NORI Exploration Contract with the ISA, NORI submitted a periodic review report to the ISA in 2021, covering the 2017-2021 period. The periodic review report, which included a proposed work plan and estimated budget for 2022 to 2026, has been reviewed by and agreed with the ISA, and the Company is implementing the five-year plan. The cost of the estimated work plan for 2024 onwards is dependent on the ISA’s approval of the NORI Area D exploitation application. Should the approval of NORI’s exploitation application for NORI Area D be delayed or rejected, NORI intends to revise its estimated future work plan in respect of its NORI Area. Work plans are reviewed annually by the Company, agreed with the ISA and may be subject to change depending on the Company’s progress to date.

Marawa Option Agreement and Services Agreement

Through DGE’s Marawa Option Agreement and separate Services Agreement with Marawa with respect to the Marawa Area, Marawa and DGE submitted a periodic review report to the ISA in 2019, covering 2015-2019. The periodic review report includes a proposed work plan and estimated budget for the 2020-2024 five-year period. The five-year estimated expenditure is indicative and subject to change, Marawa will review the program regularly and Marawa will inform the ISA of any changes through its annual reports. To date, limited offshore marine resource definition activities in the Marawa Contract Area have occurred. The Company expects to collaborate with Marawa to assess the viability of any potential project in the Marawa Contract Area, although the timing of such assessment is unclear. Marawa has delayed certain of its efforts in the Marawa Contract Area while it determines how it will move forward with additional assessment work.

TOML Exploration Contract

As part of the TOML Exploration Contract, TOML submitted a periodic review report to the ISA in 2021, covering the 2017-2021 period. The periodic review report included a summary of work completed over the five-year period and a program of activities and estimated budget for the next five-year period. On December 23, 2022, the ISA accepted TOML’s proposed program of activities for the 2022-2026 five-year period, which included an estimated five-year expenditure of up to $44 million. The five-year estimated expenditure is indicative and subject to change, TOML will review the program regularly and TOML will inform the ISA of any changes through its annual reports.

Offtake Agreements

On May 25, 2012, the Company’s wholly-owned subsidiary, DGE, and Glencore International AG (“Glencore”) entered into a copper offtake agreement and a nickel offtake agreement. DGE has agreed to deliver to Glencore 50% of the annual quantity of copper and nickel produced at a DGE-owned processing facility from nodules derived from the NORI Area at London Metal Exchange referenced market pricing with allowances for product quality and delivery location. Both the copper and nickel offtake agreements are for the life of the Company’s rights to the NORI Area. Either party may terminate the agreement upon a material breach or insolvency of the other party. Glencore may also terminate the agreement by giving twelve months’ notice.

Sponsorship Agreements

On July 5, 2017, Nauru, the Nauru Seabed Minerals Authority and NORI entered into a sponsorship agreement formalizing certain obligations of the parties in relation to NORI’s exploration and potential exploitation of the NORI Area. Upon reaching the minimum recovery level within the exploitation contract area, NORI will pay Nauru a seabed mineral recovery payment based on the polymetallic nodules recovered from the exploitation contract area. In addition, NORI will pay an administration fee each year to Nauru for such administration and sponsorship, which is subject to review and increase in the event NORI is granted an ISA exploitation contract. NORI has begun discussions with the Government of Nauru to renegotiate the existing sponsorship agreement and has also committed to ensuring NORI pays corporate income tax within Nauru.

On March 8, 2008, Tonga and TOML entered into a sponsorship agreement formalizing certain obligations of the parties in relation to TOML’s exploration and potential exploitation of the TOML Area (“TOML Sponsorship Agreement”). Upon reaching the minimum recovery level within the exploitation contract area, TOML has agreed to pay Tonga a seabed mineral recovery payment based on the polymetallic nodules recovered from the exploitation contract area. In addition, TOML has agreed to pay reasonable direct costs incurred by Tonga to administer the obligations of Tonga to the ISA. On September 23, 2021, the Company and Tonga updated the TOML Sponsorship Agreement harmonizing the terms of its engagement with TOML with those held by NORI with Nauru. TOML expects to renegotiate the existing sponsorship agreement with Tonga prior to entering into operations in the TOML area and has committed to paying corporate income tax within Tonga.

Contingent Liability

On October 28, 2021, a shareholder filed a putative class action against the Company, one of the Company’s executives and a former director in federal district court for the Eastern District of New York, captioned Caper v. TMC The Metals Company Inc. F/K/A Sustainable Opportunities Acquisition Corp., Gerard Barron and Scott Leonard. The complaint alleges that all defendants violated Section 10(b) of the Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, and Messrs. Barron and Leonard violated Section 20(a) of the Exchange Act, by making false and/or misleading statements and/or failing to disclose information about the Company’s operations and prospects during the period from March 4, 2021 and October 5, 2021. On November 15, 2021, a second complaint containing substantially the same allegations was filed, captioned Tran v. TMC the Metals Company, Inc. These cases have been consolidated. On March 6, 2022, a lead plaintiff was selected. An amended complaint was filed on May 12, 2022, reflecting substantially similar allegations, with the Plaintiff seeking to recover compensable damages caused by the alleged wrongdoings. The Company denies any allegations of wrongdoing and filed and served the plaintiff a motion to dismiss on July 12, 2022 and intend to defend against this lawsuit. On July 12, 2023, an oral hearing on the motion to dismiss was held. The parties are currently awaiting a ruling. There is no assurance, however, that the Company or the other defendants will be successful in the Company’s defense of this lawsuit or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action. If the motion to dismiss is unsuccessful, there is a possibility that the Company may incur a loss in this matter. Such losses or range of possible losses cannot be reliably estimated. A resolution of this lawsuit adverse to the Company or the other defendants, however, could have a material effect on the Company’s financial position and results of operations in the period in which the lawsuit is resolved.

On January 23, 2023, investors in the 2021 private placement from the Business Combination filed a lawsuit against us in the Commercial Division of New York Supreme Court, New York County, captioned Atalaya Special Purpose Investment Fund II LP et al. v. Sustainable Opportunities Acquisition Corp. n/k/a TMC The Metals Company Inc., Index No. 650449/2023 (N.Y. Sup. Ct.). The Company filed a motion to dismiss on March 31, 2023, after which the plaintiffs filed an amended complaint on June 5, 2023. The amended complaint alleges that the Company breached the representations and warranties in the plaintiffs’ private placement Subscription Agreements and breached the covenant of good faith and fair dealing. The Plaintiffs are seeking to recover compensable damages caused by the alleged wrongdoings. The Company deny any allegations of wrongdoing and filed a motion to dismiss the amended complaint on July 28, 2023. On December 7, 2023, the Court granted our motion to dismiss the claim for breach of the covenant of good faith and fair dealing and denied our motion to dismiss the breach of the Subscription Agreement claim. The Company filed a notice of appeal regarding the Court’s denial of our motion to dismiss the breach of the Subscription Agreement claim. There is no assurance that the Company will be successful in our defense of this lawsuit or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action. Such losses or range of possible losses cannot be reliably estimated.

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options (Tables) [Line Items]

Summary of the RSU activity


Vesting Period	2023	2022
Vesting Immediately ⁽¹⁾⁽²⁾	3,561,078	1,721,729
Vesting fully on the anniversary of the grant date ⁽³⁾	1,014,349	476,189
Vesting in thirds on each anniversary of the grant date ⁽⁴⁾	8,689,481	464,632
Vesting in fourths on each anniversary of the grant date	404,277	527,800
Total Units Granted	13,669,185	3,190,350

Schedule of company estimated the realization of the vesting conditions


		Weighted		Aggregate		Weighted
		average		intrinsic		average
	Number of	exercise		value of		contractual
	Options	price per		stock		life
	Outstanding	option		options		(years)
Outstanding – December 31, 2021	15,503,748	$	1.40	$	17,415	6.33
Cancelled/Forfeited	(28,947)		2.60		—	—
Exercised	(118,461)		0.65		—	—
Outstanding – December 31, 2022	15,356,340	$	1.40	$	1,582	5.11
Granted	—		—		—	—
Expired	(162,100)		0.87		—	—
Cancelled/Forfeited	—		—		—	—
Exercised	(120,000)		0.65		—	—
Outstanding – December 31, 2023	15,074,240	$	1.41	$	5,425	4.18
Vested and exercisable – December 31, 2023	14,804,073	$	1.28	$	5,425	4.17

Schedule of company's stock options outstanding

A summary of the Company’s stock options granted and outstanding under the Company’s STIP as at December 31, 2023 is as follows:


			Weighted average	Number of	Number of
			life to expiry	Options	Options
Expiry Date	Exercise price		(years)	Outstanding	Exercisable
March 31, 2024	$	0.65	0.25	73,811	73,811
December 31, 2025	$	0.65	2.00	11,578	11,578
January 27, 2026	$	0.52 - $2.59	2.08	975,229	975,229
February 2, 2026	$	0.65	2.09	57,893	57,893
February 17, 2026	$	0.22 - $0.52	2.13	431,494	431,494
June 1, 2028	$	0.65 - $8.64	4.42	12,829,518	12,559,351
June 30, 2028	$	2.59	4.50	694,717	694,717
				15,074,240	14,804,073

Restricted Stock Units ("RSUs")

Stock Options (Tables) [Line Items]

Summary of the RSU activity


		Weighted
	Number of	average grant-
	RSUs	date fair value
	Outstanding	per RSU
Outstanding – December 31, 2022	3,815,143	$	2.75
Granted	13,669,185		0.92
Forfeited	(86,700)		0.96
Exercised	(4,912,748)		1.57
Outstanding – December 31, 2023	12,484,880	$	1.23

Strategic Alliance with Allseas and Affiliates (Table)

12 Months Ended

Dec. 31, 2023

Net amount of lease liability and right-of-use asset

As at December 31, 2023, the net amount of the lease liability and right-of-use asset is as follows:


	Lease Liability
Balance as at August 1, 2023	$	6,515
Payments made during the year by issuing 4.15 million common shares		6,515
Balance as at December 31, 2023	$	—


	Right-of-use Asset
Balance as on August 1, 2023	$	6,515
Lease expense during the year		794
Balance as at December 31, 2023	$	5,721

General and Administrative Expenses (Tables)

12 Months Ended

Dec. 31, 2023

General and Administrative Expenses

Schedule of General and Administrative Expenses


	For the year ended		For the year ended
	December 31,		December 31,
	2023		2022
Professional and consulting fees⁽¹⁾	$	6,584	$	6,795
Investor relations ⁽²⁾		1,547		1,514
Office and sundry		3,503		4,926
Salaries and wages		4,995		5,921
Director fees		774		788
Share-based compensation		4,122		8,596
Transfer agent and filing fees		363		378
Travel expenses		609		600
Other expenses		43		—
General and Administrative Expenses	$	22,540	$	29,518

⁽¹⁾Professional and consulting fees include $0.4 million of equity (RSU) settled expenses in 2023 (2022: $1 million).

⁽²⁾Investor relations include $nil million of equity (RSU) settled expenses in 2023 (2022: $0.3 million).

Subsequent Events (Details) $ in Thousands	Mar. 22, 2024 USD ($) D	Mar. 22, 2023 USD ($) D	Sep. 09, 2021
Related party
Subsequent Events
Aggregate borrowed amount	$ 20,000,000
Subsequent event
Subsequent Events
Aggregate Subsidiaries	50,000,000
Allseas and affiliates \| Line of credit \| Related party
Subsequent Events
Aggregate borrowed amount		$ 25,000
Interest rate		4.00%
Interest paid in kind at maturity			5.00%
Number of days average considered for basis spread \| D		180
Credit facility interest rate		4.00%
Allseas and affiliates \| Line of credit \| Subsequent event \| Related party
Subsequent Events
Aggregate borrowed amount	$ 25,000,000
Interest rate	4.00%
Interest paid in kind at maturity	5.00%
Number of days average considered for basis spread \| D	180
Credit facility interest rate	4.00%
Gerard Barron \| Subsequent event \| Related party
Subsequent Events
Aggregate borrowed amount	$ 10,000,000
ERAS Capital LLC \| Subsequent event \| Related party
Subsequent Events
Aggregate borrowed amount	$ 10,000,000

Investment in Low Carbon Royalties

12 Months Ended

Dec. 31, 2023