{
  "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": 8,
  "pageCount": 15,
  "prevPage": 7,
  "nextPage": 9,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 24,
  "notes": "Includes red-boxed highlights on specific financial figures.",
  "elementsJson": [
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-f84588816d7d/8",
  "deckHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-f84588816d7d#slide-8",
  "components": [
    {
      "bbox": null,
      "kind": "metric",
      "text": "Exploration expenditures: $38,830,228",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0936-7173-ab15-1789bae5e4df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.58,
        "x": 0.21,
        "y": 0.29
      },
      "kind": "source-note",
      "text": "Sources: TMC S-4, ISA NORI public report, ISA Marawa public report",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4ca2332c-1ff9-4a63-9bcd-656bf62f3bd2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.51,
        "x": 0.25,
        "y": 0.72
      },
      "kind": "table",
      "text": "Marawa expenditures table for Year 5",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9cef32e4-45f5-4049-8a1b-e73d3e8ed8fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.52,
        "x": 0.24,
        "y": 0.35
      },
      "kind": "table",
      "text": "NORI expenditures table by year",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a90adc9c-6b4d-4ad6-95a9-2d420f24f5b0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.17,
        "w": 0.68,
        "x": 0.16,
        "y": 0.11
      },
      "kind": "table",
      "text": "Exploration expenses table for the year ended December 31, 2019",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "df4f0ce1-405b-40b6-bbc9-beee993b9bbf",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.18,
        "x": 0.41,
        "y": 0.32
      },
      "kind": "title",
      "text": "NORI EXPENDITURES",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1485885b-82b5-4422-9832-87cfcd1274da",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.33,
        "x": 0.18,
        "y": 0.05
      },
      "kind": "title",
      "text": "TMC the metal co.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "51bd3711-4772-452a-94b7-28726038e6ec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "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": 10,
      "from": 7,
      "name": "The Reveal",
      "slug": "05-the-reveal",
      "bestFor": "Product launches, strategic pivots, unexpected findings",
      "matchId": "2363213f-8c3b-4289-8252-9fad41301dab",
      "evidence": "ARTIFICIALLY INFLATED EXPLORATION EXPENSES",
      "position": 1,
      "objective": "Reveal artificially inflated exploration expenses",
      "structure": "Setup the Question -> Build Suspense -> The Big Reveal",
      "confidence": 0.7,
      "description": "Build mystery and anticipation, then deliver a surprising or powerful conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}