{
  "docId": "019dd923-622c-750b-8b99-f84588816d7d",
  "docSlug": "6b24b447d2c2",
  "documentTitle": "TMC the metals company Inc. (TMC)",
  "authorId": "56_Bonitas_Research",
  "authorName": "Bonitas Research",
  "documentKindSlug": "research-note",
  "documentKindLabel": "Research note",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 4,
  "pageCount": 15,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "This is a research note from Bonitas Research highlighting non-disclosure and industry context regarding mining licenses.",
  "elementsJson": [
    "paragraph",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-f84588816d7d/4",
  "deckHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.61,
        "x": 0.26,
        "y": 0.42
      },
      "kind": "callout",
      "text": "the Minerals Royalty Deed dated November 30, 2013 between the Seller, Tonga Offshore Mining Limited, Nauru Ocean Resources Inc. and Deepgreen Resources Inc.; and",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1126f138-ac94-404a-a591-933b969afa2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.61,
        "x": 0.26,
        "y": 0.14
      },
      "kind": "callout",
      "text": "All LOIs received included both cash and non-cash consideration, none of which were sufficient to satisfy the Company's indebtedness to DSMF, as Interim Lender and Senior Secured Lender.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7586307c-6fbf-477e-b8b9-d2643855873d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "TMC failed to disclose to investors its pre-existing relationship with TOML dated back to 2013.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab14-34e1dbec0354",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.75,
        "x": 0.12,
        "y": 0.34
      },
      "kind": "paragraph",
      "text": "TMC failed to disclose to investors its pre-existing relationship with TOML dated back to 2013.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bf4735fa-7369-4600-a450-7e723ecdae13",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.75,
        "x": 0.12,
        "y": 0.56
      },
      "kind": "paragraph",
      "text": "NMI carried the TOML license at zero on its financial statements up until bankruptcy. This makes sense to us because others also valued their own respective CCZ licenses at/near zero on their own books.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ddabb0bd-39a7-4764-ba46-0b1b2b805f42",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "All LOIs received included both cash and non-cash consideration, none of which were sufficient to satisfy the Company’s indebtedness to DSMF, as Interim Lender and Senior Secured Lender. — PwC's 2nd Report",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab14-388cc840b7a0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.45,
        "y": 0.2
      },
      "kind": "source-note",
      "text": "Source: PwC's 2nd Report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a1e9624-1d30-487f-9497-cea4b5b3d596",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.18,
        "y": 0.05
      },
      "kind": "title",
      "text": "TMC the metal co.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "864f014f-816b-4d44-a704-c45488bfff43",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "8316e420-cb8c-4c77-99eb-6038a31d79af",
      "evidence": "The slide explicitly calls out a failure to disclose a relationship and questions the valuation of assets.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 12,
      "from": 3,
      "beatId": "c2a80deb-c655-42f0-8ab4-8baf99ab16da",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "The Monster",
      "beatSlug": "overcoming-monster-the-monster",
      "evidence": "Various contradictions and red flags are exposed",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Hook",
      "parentBeatSlug": "hook"
    }
  ],
  "loops": [
    {
      "to": 6,
      "from": 3,
      "name": "Pattern Hunter",
      "slug": "02-pattern-hunter",
      "bestFor": "Time-pressed audiences, building consensus, when data is strong",
      "matchId": "07b863ad-07bd-453a-8c75-a6e5f8b7f329",
      "evidence": "OVERPAYMENT TO UNDISCLOSED INSIDER FOR TOML LICENSE",
      "position": 0,
      "objective": "Expose contradictions in TMC's financials",
      "structure": "Evidence A -> Evidence B -> Evidence C -> Pattern/Conclusion",
      "confidence": 0.7,
      "description": "Group multiple pieces of evidence that together point to a pattern or conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}