XML 92 R53.htm IDEA: XBRL DOCUMENT v3.25.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,		​
​		2024			2023(1)
Loss for the year, before taxes	​	$	(81,895)	​	$	(73,740)	​
Canadian Federal and Provincial income tax rates		​	26.72	%	​	26.68	%
Income tax recovery based on the above rates		$	(21,882)		$	(19,674)	​
Permanent differences		​	2,502		​	1,556	​
Effect of differences in future and foreign tax rates		​	14,424		​	14,038	​
Valuation allowance changes affecting the provision of income taxes		​	5,004		​	4,121	​
Total income taxes		$	48		$	41	​

⁽¹⁾Comparative amounts for the year ended December 31, 2023 are restated based on actual tax returns filed.

Schedule of deferred income tax assets (liabilities)

​

​	​	​	​	​	​	​
​		December 31, 2024			December 31, 2023
Deferred Tax Assets		​			​
Non-capital losses		$	24,270		$	21,195
Investments		​	111		​	384
Equipment		​	227		​	260
Share issuance costs		​	1,804		​	496
Total deferred income tax assets		$	26,412		$	22,335
Valuation allowance		​	(26,412)		​	(22,335)
Deferred tax asset recognized		$	—		$	—
​	​	​	​	​	​	​
Deferred Tax Liability	​	​	​	​	​	​
Difference between the book value and the tax basis of the TOML exploration contract (Note 10)	​	$	(10,675)	​	$	(10,675)
Deferred tax liability recognized		$	(10,675)		$	(10,675)

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

​

​	​	​	​	​	​	​	​	​
​		December 31, 2024			December 31, 2023			Expiry Date Range
​	​	​	​	​	​	​	​	​
Non-capital losses		$	100,995		$	89,333		See below
Investments		$	829		$	2,856		Not applicable
Equipment		$	841		$	962		Not applicable
Share issuance costs		$	3,649		$	1,860		2025-2028
Restricted interest and financing expenses	​	$	3,102	​	$	—	​	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		​	3,183		​	—		​	—		​	—
2042		​	12,599		​	—		​	1		​	—
2043	​	​	11,324	​	​	—	​	​	3	​	​	—
2044	​	​	10,778	​	​	—	​	​	179	​	​	—
No expiry		​	—		​	20,361		​	—		​	42,566
Loss carry-forwards	​	$	37,884	​	$	20,361	​	$	185	​	$	42,566

X

- Definition

The tabular disclosure of deductible temporary differences, unused tax losses and unused tax credits.

+ References

No definition available.

+ Details

Name:	tmc_ScheduleOfDeductibleTemporaryDifferencesUnusedTaxLossesAndUnusedTaxCreditsTableTextBlock
Namespace Prefix:	tmc_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-3

+ Details

Name:	us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration