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  "docSlug": "6b24b447d2c2",
  "documentTitle": "TMC the metals company Inc. (TMC)",
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  "authorName": "Bonitas Research",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-10-06 00:00:00",
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  "notes": "The slide uses excerpts from financial reports to challenge the company's asset valuation.",
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      "kind": "callout",
      "text": "We believe the TOML license acquisition was a payout to undisclosed insiders at the expense of misled minority TMC shareholders.",
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      "text": "TOML license value: $43 million",
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      "kind": "paragraph",
      "text": "In 2011 NORI sold all of NORI to David Heydon, DeepGreen’s founder and former CEO for nil.",
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      "kind": "paragraph",
      "text": "Evidence that NORI was sold for nil to by NMI to David Heydon seriously undermines NORI-D’s supposed US$ 6.8 billion net present value.",
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      "kind": "paragraph",
      "text": "NMI’s 2011 Annual Report confirmed no cash inflow to NMI for the disposal of NORI.",
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      "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?",
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      "text": "We believe the TOML license acquisition was a payout to undisclosed insiders at the expense of misled minority TMC shareholders.",
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      "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$250,000 each, if not at zero like Lockheed Martin. Instead, TMC valued the TOML license at US$ 43 million.",
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      "kind": "quote",
      "text": "On January 15, 2011 Nautilus Minerals acquired the shares necessary to hold a 100% interest in United Nickel Inc and simultaneously disposed of United Nickel's interest in Nauru Offshore Resources Limited (which was a wholly owned subsidiary of United Nickel). 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",
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      "text": "Source: NMI 2010 Annual Report - p.21",
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      "text": "Investing activities table showing cash flows for NMI.",
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      "kind": "table",
      "text": "Reconciliation of Exploration Licenses table.",
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