{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b99-f84588816d7d", "slug": "6b24b447d2c2", "title": "TMC the metals company Inc. (TMC)", "subtitle": "Bonitas Research · 2021-10", "author": "Bonitas Research", "date": "2021-10-06 00:00:00", "pageCount": 15, "kind": "research-note", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "TMC the metals company Inc.", "targetTicker": "TMC", "document": { "id": "019dd923-622c-750b-8b99-f84588816d7d", "slug": "6b24b447d2c2", "title": "TMC the metals company Inc. 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Heavy use of primary-source citations and footnotes rather than bespoke data-viz. Pre-filled stake not disclosed (only 'we are short'). Four-claim structure (TOML overpayment / NORI inflation / TOML legal status / history of bad actors) is the deck's SCQA spine. Key named actors: Gerard Barron, David Heydon, Robert Gary Heydon, Scott Honour, Paul Taumoepeau, Chris Jordinson (ASIC insider-trading conviction), Matthias Bolliger (Panama Papers). Cover page has distinctive BR logo with Chinese characters '博力达思研究'.", "kpisCited": [ { "detail": "US$43M cash+stock paid vs $250K ISA fee fair value", "metric": "Overpayment to insiders (TOML acquisition)" }, { "detail": "US$34M disclosed to SEC vs US$15M in ISA public records (+124%)", "metric": "NORI 2019 exploration expense inflation" }, { "detail": "US$113M (~$0.50/share) as of 9/30/2021", "metric": "TMC cash balance" }, { "detail": "US$250K application fee + $50K annual dues", "metric": "ISA CCZ license fair value" }, { "detail": "10 cents on the dollar; common shareholders received nil", "metric": "NMI creditor recovery" }, { "detail": "US$686M over 12 years per PwC 1st Report", "metric": "NMI capital raised and burned" }, { "detail": "~300 parties contacted; 0 valued assets above US$23M", "metric": "Bidder interest in NMI SISP (2019)" } ], "closingAsk": "With no revenues and a depleting cash balance of US$113 million (~$0.50 cash/share), we are short TMC and believe that its stock is going significantly lower.", "extraction": { "at": "2026-04-22 22:16:02+00", "model": "unknown-legacy", "runId": null, "seconds": 101.25134, "promptVersion": null }, "scqaReward": "With only ~US$0.50/share in cash and no revenue, Bonitas expects the stock to decline significantly toward worthlessness — the same outcome NMI shareholders got when they received nil in bankruptcy.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "TMC siphoned US$43M to undisclosed insiders overpaying for a TOML license worth only $250K", "NORI 2019 exploration expenses inflated 124% — $15M actual vs $34M disclosed to SEC", "TOML license at risk of termination: no Tongan director remains after DeepGreen takeover" ], "scqaSituation": "TMC is a pre-revenue deep-sea-mining SPAC (DeepGreen + SOAC) claiming three Clarion Clipperton Zone exploration licenses worth billions, pitched to retail as 'EV batteries in a rock' at a ~US$1bn market cap.", "thesisSummary": "Bonitas argues TMC — the SPAC'd rebrand of DeepGreen via Sustainable Opportunities Acquisition Corp — is a repackaged version of bankrupt Nautilus Minerals whose assets PwC could not sell to any of ~300 bidders in 2019. Bonitas claims TMC overpaid US$43M in cash and stock to undisclosed insiders (Deep Sea Mining Finance) for a Tonga Offshore Mining license nominally worth the ISA's $250K application fee, inflated NORI's 2019 exploration expenses by 124% ($34M disclosed vs $15M in ISA public records), and faces license-termination risk because no Tongan citizen sits on TOML's board post-acquisition. The report ties DeepGreen founder David Heydon, CEO Gerard Barron, and DSMF principals Chris Jordinson (ASIC-convicted insider trader) and Matthias Bolliger (Panama Papers) to a pattern of bad actors, and Bonitas is short the stock expecting significant downside from the $4.46 close.", "primaryDemands": [ "Investors should avoid or short TMC stock", "SEC should investigate the DeepGreen-SOAC merger disclosures", "ISA should scrutinize TOML license given loss of Tongan sponsorship" ], "scqaResolution": "Bonitas recommends shorting TMC, asks the SEC to investigate the merger's disclosures, and flags ISA regulatory termination risk given the absence of a Tongan director and the related-party transactions.", "thesisOneLiner": "TMC is a recycled Nautilus Minerals fraud: $43M siphoned to insiders for worthless seabed licenses, inflated expenses, and a TOML permit at risk of ISA termination.", "precedentsCited": [ "Nautilus Minerals bankruptcy (NMI)", "Lockheed Martin UK Seabed Resources carrying CCZ licenses at zero", "Nauru Ocean Resources (NORI) valuation benchmarks", "Campaign for Accountability July 2021 letter to SEC" ], "scqaComplication": "The licenses are the same assets that bankrupted Nautilus Minerals in 2019 when PwC could find no buyer among 300 bidders; TMC overpaid $43M to related-party insiders, inflated NORI expenses 124%, and lost Tongan sponsorship required for TOML.", "narrativeInterest": 4, "notableSlidePages": [ 1, 3, 8, 9, 14 ], "peerCompaniesCited": [ "Lockheed Martin (UK Seabed Resources Limited)", "Nautilus Minerals Inc.", "Nauru Ocean Resources Inc.", "Marawa Research and Exploration Limited" ], "valuationFrameworks": [ "asset_value", "multiple_comparison" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "The slide functions as a cover/summary page for a short-seller report, outlining four key allegations against the company.", "function": "summarize", "imagePath": "https://imgproxy.kitesheet.com/eZIHPJfF8B1xmpza4V8igjesDHz4Q_gxZ0WIfVlN_v0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YjI0YjQ0N2QyYzIvcDAwMS5wbmc", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 7, "textChars": 882, "nDataPoints": 5, "notes": "The slide functions as a cover/summary page for a short-seller report, outlining four key allegations against the company.", "elementsJson": [ "logo_grid", "data_table", "numbered_list", "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:33.576+00", "seconds": 3.583, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-f84588816d7d/1", "deck": "/decks/019dd923-622c-750b-8b99-f84588816d7d", "deckAnchor": "/decks/019dd923-622c-750b-8b99-f84588816d7d#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b99-f84588816d7d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe TMC siphoned US$ 43 million in cash and stock to undisclosed insiders by overpaying for Tonga Offshore Mining Limited (“TOML”).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-80d24460bf4e", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.76, "x": 0.12, "y": 0.88 }, "kind": "disclaimer", "text": "THIS RESEARCH REPORT EXPRESSES SOLELY OUR OPINIONS. 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"google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3878aa2e-f117-477c-a6ae-ea141f2ab78c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.764, "x": 0.118, "y": 0.865 }, "kind": "paragraph", "text": "So why would DeepGreen pay US$ 4 million cash and 7.8 million TMC shares to acquire a license if it could just fill out another application with any one of the 167 ISA member nations or the European Union and pay US$ 250,000?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.711+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "525240b4-fc57-4ae3-9bc1-03746f872381", "parentComponentId": null }, { "bbox": { "h": 0.035, "w": 0.764, "x": 0.118, "y": 0.89 }, "kind": "paragraph", "text": "We believe the TOML license acquisition was a payout to undisclosed insiders at the expense of misled minority TMC shareholders.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:34.711+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84d62dd0-fbd5-4d59-bbd2-1e114d4883cd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.764, "x": 0.118, "y": 0.53 }, "kind": "paragraph", "text": "TMC is pre-revenue so it relies on its CCZ exploration licenses to entice investor interest. We think TMC's TOML exploration license should be valued similarly to the NORI and Marawa licenses at ~US$250,000 each, if not at zero like Lockheed Martin. 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United Nickel, (currently 0813631 B.C. Ltd) is to be renamed, and through its wholly owned subsidiary Tonga Offshore Mining Limited, has an application pending with the International Seabed Authority to obtain a licence to explore for polymetallic nodules on the seafloor in the international seabed area covering approximately 74.713 square kilometres. — NMI 2010 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:04+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-eb491391cf15", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.22, "x": 0.39, "y": 0.312 }, "kind": "source-note", "text": "Source: NMI 2010 Annual Report - p.21", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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"elementsJson": [ "headline_text", "paragraph", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:23:36.473+00", "seconds": 5.926, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b99-f84588816d7d/7", "deck": "/decks/019dd923-622c-750b-8b99-f84588816d7d", "deckAnchor": "/decks/019dd923-622c-750b-8b99-f84588816d7d#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b99-f84588816d7d.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "To us, the evidence suggests TMC overstated its NORI exploration expenditures in its SEC filings to give investors a false scale of its operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": 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"groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:38.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23c109a2-cfc3-49c9-a4ed-a960b164ab16", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.764, "x": 0.118, "y": 0.253 }, "kind": "paragraph", "text": "Nowhere in TMC’s S-4 is David Heydon mentioned. David Heydon, founder of NMI, is also the self-proclaimed founder and chairman of DeepGreen. In this 2011 interview, David Heydon discusses his excitement about DeepGreen.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:38.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "974210af-900d-427a-97f0-5bf8e47b4c8c", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.764, "x": 0.118, "y": 0.224 }, "kind": "paragraph", "text": "DeepGreen founder David Heydon was connected to the TOML and NORI licenses since they were established.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:38.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "befb69e4-dd1e-4219-be88-1dc7c56cd4d1", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.764, "x": 0.118, "y": 0.194 }, "kind": "paragraph", "text": "Ultimately the restructuring deemed NMI shares worthless. We do not expect a different outcome for TMC investors.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:38.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5eae2fd-3c38-496f-a3e6-e623844f6078", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.764, "x": 0.118, "y": 0.137 }, "kind": "paragraph", "text": "We believe TMC is an old NMI story repackaged and regurgitated for new US investors. In 2019, PwC shopped around NMI’s assets, including the CCZ licenses to ~300 potential bidders and found little/no interest from any third parties.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:38.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f8aee6ff-491f-4a77-93e5-d010f01220da", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.204, "x": 0.398, "y": 0.908 }, "kind": "source-note", "text": "Source: NMI Annual Report; TMC S-4", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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(\"Nautilus\"). Since that time Nautilus has sold all of its ownership and interest in NORI. NORI is now wholly owned by the Nauru Education and Training Foundation and the Nauru Health and Environment Foundation", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:37.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9740e811-fee7-4c54-9142-c10910c909de", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "TMC claimed in its S-4 that it owns 100% interest in NORI. However, NORI’s exploration license application to the ISA disclosed that NORI was wholly owned by two Nauruan foundations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:11:05+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab15-6ccb682e8d92", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.58 }, "kind": "paragraph", "text": "NMI's woes started in 2018 when it was unable to pay for its mining boat to be completed. Without a boat, there is no deep sea mining. So NMI's two largest shareholders, MB Holding Company LLC and Metalloinvest Holding (Cyprus) Limited, established DSMF to create a senior secured lien on NMI's assets.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:37.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c437160-d97f-4840-a9ee-ec5d41804b04", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.1 }, "kind": "paragraph", "text": "There are also reasons to question TMC's ownership claim of NORI. TMC claimed in its S-4 that it owns 100% interest in NORI. However, NORI's exploration license application to the ISA disclosed that NORI was wholly owned by two Nauruan foundations.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:37.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd349c12-bd28-4443-b378-d83e8b43ec89", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.78, "x": 0.11, "y": 0.81 }, "kind": "paragraph", "text": "NMI's reported net assets of US$ 233 million (CN$ 300 million) as of September 30, 2018. By February 2019, NMI was unable to pay its debts and sought protection from the Supreme Court of British Columbia to administer hearing and sanction order. PwC Monitor's First Report to Court dated March 7, 2019 (“PwC’s 1st Report”) tallied that in 12 years, NMI had raised and burned through US$ 686 million.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:23:37.635+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9a68d11-b49c-4064-b408-2d7cfd412f42", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "In 2008 NORI was a subsidiary of Nautilus Minerals Inc. 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