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Basis of Presentation | 12 Months Ended
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Dec. 31, 2024
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. The comparative figures reported in the Consolidated Balance Sheet for software development costs and equipment 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 and royalty liability that have been measured at fair value and are presented in United States (“US”) dollars. Consolidation 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, 2024, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ |  | Proportion of
​ | ​ | ​ | ​ | ​ | ​ | Interest Held
Subsidiary(1) | ​ | Principal Activity | ​ | Location | ​ | by the Company
DeepGreen Engineering Pte. Ltd. |  | Mineral exploration |  | Singapore |  | 100%
DeepGreen Metals ULC |  | Mineral exploration |  | Canada |  | 100%
The Metals Company USA, 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 Ltd. |  | Mineral exploration |  | Singapore |  | 100%
Koloa Moana Resources Ltd. |  | Holding Company |  | Canada |  | 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 Limited |  | Mineral exploration |  | Kingdom of Tonga |  | 100%
Seafloor Mineral Ventures (2) | ​ | Mineral exploration | ​ | Indonesia | ​ | 100%
| (1) | The Company’s wholly owned subsidiaries Nauru Education and Training Foundation Inc. and Nauru Health and Foundation Inc. were voluntarily dissolved on June 30, 2024.
| (2) | PT Seafloor Mineral Ventures was incorporated on May 17, 2024.
All intra-group balances have been eliminated on consolidation.

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- Definition The entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/235/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/275/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205/tableOfContent + Details
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