Iceberg Research says it is short The Metals Company (TMC), a Nasdaq-listed deep-sea mining company seeking to harvest nodules containing manganese, nickel, cobalt and copper. “We believe TMC is headed toward the same failure that doomed its predecessor, Nautilus Minerals,” the short-seller stated in a tweet about its full short report. TMC “exhibits striking similarities to its predecessor,” Nautilus Minerals, and the projections provided by TMC are “based on a wildly optimistic preliminary initial assessment’ published in 2021, including, for example, expectations of greater EBITDA margins than Microsoft,” the report added.
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