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Exploration Contracts | 9 Months Ended
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Sep. 30, 2022
Exploration Contracts. |
Exploration Contracts | 4.Exploration Contracts Strategic Partnerships Pilot Mining Test Project with Allseas The Company made the second $10 million payment of the amended Pilot Mining Test Agreement (“PMTA”) on April 25, 2022, upon successful completion of the North Sea drive test on March 25, 2022. The third and final $10 million payment will be payable upon successful completion of the pilot trial of the Pilot Mining Test System (“PMTS”) in NORI Area D. Completion of the pilot trial of the PMTS and third and final payment is expected to occur in the fourth quarter of 2022. Total cost recorded as exploration and evaluation expenses for the PMTS during the three and nine months ended September 30, 2022 amounted to $1.3 million and $4 million, respectively (three and nine months ended September 30, 2021 amounted to $12.9 million). The Company has not recorded a liability for the third payment as at September 30, 2022. On March 16, 2022, the Company’s subsidiary, NORI, and Allseas entered into a non-binding term sheet which contemplates an upgrade of the PMTS into a commercial nodule collection system and commercial operation of this system in NORI Area D. The terms are subject to negotiation between NORI and Allseas and if successful, may result in amendments to the existing Strategic Alliance Agreement. As at September 30, 2022, Allseas owned 22.7 million TMC common shares (December 31, 2021 – 16.2 million TMC common shares) which constituted 8.6% (December 31, 2021 – 7.2%) of total common shares outstanding. On November 9, 2022, the Company and Allseas agreed to settle the third and final payment of $10 million in either cash or shares of the Company, at the Company’s election. With the successful completion of the pilot trial of the PMTS, as approved by the Company’s Board of Directors on November 11, 2022, the Company intends to satisfy the Allseas obligation through the issuance of common shares in the fourth quarter of 2022, subject to regulatory approval (Note 12). Exploration and Evaluation Expenses The detail of exploration and evaluation expenses is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NORI | ​ | Marawa | ​ | TOML | ​ | ​ | ​
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the three months ended September 30, 2022 |  | Contract |  | Agreement |  | Contract |  | Total
Environmental Studies |  | $ | 15,360 |  | $ | — |  | $ | — |  | $ | 15,360
Exploration Labor |  | ​ | 700 |  | ​ | 167 |  | ​ | 163 |  | ​ | 1,030
Mining, Technological and Process Development |  | ​ | 214 |  | ​ | 16 |  | ​ | 12 |  | ​ | 242
PMTS |  | ​ | 3,226 |  | ​ | 229 |  | ​ | 230 |  | ​ | 3,685
Share-based compensation (Note 6) |  | ​ | 1,122 |  | ​ | 231 |  | ​ | 234 |  | ​ | 1,587
Sponsorship, Training and Stakeholder Engagement |  | ​ | 300 |  | ​ | 62 |  | ​ | 93 |  | ​ | 455
Other |  | ​ | 278 |  | ​ | 11 |  | ​ | 15 |  | ​ | 304
​ |  | $ | 21,200 |  | $ | 716 |  | $ | 747 |  | $ | 22,663
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NORI | ​ | Marawa | ​ | TOML | ​ | ​ | ​
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the three months ended September 30, 2021 |  | Contract |  | Agreement |  | Contract |  | Total
Environmental Studies |  | $ | 14,871 |  | $ | 1,852 |  | $ | 1,847 |  | $ | 18,570
Exploration Labor |  | ​ | 435 |  | ​ | 199 |  | ​ | 185 |  | ​ | 819
Mining, Technological and Process Development |  | ​ | 429 |  | ​ | 185 |  | ​ | 80 |  | ​ | 694
PMTS |  | ​ | 15 |  | ​ | 7 |  | ​ | 4 |  | ​ | 26
Share-based compensation (Note 6) |  | ​ | 1,578 |  | ​ | 594 |  | ​ | 860 |  | ​ | 3,032
Sponsorship, Training and Stakeholder Engagement |  | ​ | 428 |  | ​ | 6 |  | ​ | 65 |  | ​ | 499
Other | ​ | ​ | 194 | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 208
​ |  | $ | 17,950 |  | $ | 2,857 |  | $ | 3,041 |  | $ | 23,848
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NORI | ​ | Marawa | ​ | TOML | ​ | ​ |
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the nine months ended September 30, 2022 |  | Contract |  | Agreement |  | Contract |  | ​ | Total
Environmental Studies | ​ | $ | 20,526 | ​ | $ | 8 | ​ | $ | — | ​ | $ | 20,534
Exploration Labor | ​ | ​ | 2,308 | ​ | ​ | 541 | ​ | ​ | 525 | ​ | ​ | 3,374
Mining, Technological and Process Development | ​ |  | 704 | ​ |  | 57 | ​ |  | 52 | ​ |  | 813
PMTS | ​ |  | 5,461 | ​ |  | 499 | ​ |  | 498 | ​ |  | 6,458
Share-based compensation (Note 6) | ​ |  | 5,142 | ​ |  | 1,123 | ​ |  | 1,134 | ​ |  | 7,399
Sponsorship, Training and Stakeholder Engagement | ​ |  | 654 | ​ |  | 148 | ​ |  | 314 | ​ |  | 1,116
Other | ​ |  | 573 | ​ |  | 16 | ​ |  | 57 | ​ |  | 646
​ |  | $ | 35,368 |  | $ | 2,392 |  | $ | 2,580 |  | $ | 40,340
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | NORI | ​ | Marawa | ​ | TOML | ​ | ​ | ​
​ | ​ | Exploration | ​ | Option | ​ | Exploration | ​ | ​ | ​
For the nine months ended September 30, 2021 |  | Contract |  | Agreement |  | Contract |  | Total
Environmental Studies | ​ | $ | 35,331 | ​ | $ | 4,341 | ​ | $ | 4,332 | ​ | $ | 44,004
Exploration Labor | ​ | ​ | 1,286 | ​ | ​ | 555 | ​ | ​ | 556 | ​ | ​ | 2,397
Mining, Technological and Process Development |  | ​ | 960 |  | ​ | 402 |  | ​ | 296 |  | ​ | 1,658
PMTS |  | ​ | 32 |  | ​ | 9 |  | ​ | 7 |  | ​ | 48
Share-based compensation (Note 6) |  | ​ | 16,680 |  | ​ | 6,925 |  | ​ | 6,972 |  | ​ | 30,577
Sponsorship, Training and Stakeholder Engagement | ​ | ​ | 563 | ​ | ​ | 73 | ​ | ​ | 166 | ​ | ​ | 802
Other |  | ​ | 587 |  | ​ | 70 |  | ​ | 38 |  | ​ | 695
​ | ​ | $ | 55,439 | ​ | $ | 12,375 | ​ | $ | 12,367 | ​ | $ | 80,181
​

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