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- **Strategic Shift to U.S.**: Accelerated regulatory progress with NOAA, targeting a Commercial Recovery Permit by Q4 2027. 
- **$23B Resource Value**: PFS highlights $5.5B NPV, with $432M potential from warrant exercises. 
- **Japan Collaboration**: Commercial partnership with Japan for nodule trials, leveraging Hidden Gem vessel. 
- **Financial Strength**: $165M liquidity, despite Q3 net loss of $184.5M, with no immediate capital market needs. 
- **Production Readiness**: On track for Q4 2027 start, with technical upgrades and regulatory certainty. 


**【CEO Opening Remarks】**
- **U.S. Pivot and Regulatory Progress**: Emphasized the company's strategic shift to the U.S., with NOAA's streamlined regulatory process and the expectation of a Commercial Recovery Permit by Q4 2027. 
- **Resource Valuation**: Highlighted a total resource value of $23 billion, with a pre-feasibility study (PFS) showing a net present value (NPV) of $5.5 billion and an initial assessment of $18.1 billion. 
- **Liquidity and Warrant Potential**: Reported $165 million in liquidity, with over $432 million in potential proceeds from warrant exercises, including $48 million from Korea Zinc warrants and $48 million from SOAC business combination warrants. 
- **Japan Collaboration**: Announced the deployment of the Hidden Gem vessel to Japan for nodule collection trials, emphasizing commercial benefits and technical readiness. 
- **Production Timeline**: Targeted commercial production in Q4 2027, with regulatory certainty enabling early preparation of long-lead items. 

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Reported a net loss of $184.5 million, driven by share-based compensation and regulatory expenses. 
- **Exploration and Evaluation (E&E) Expenses**: Decreased by $2.2 million year-over-year, reflecting cost optimization. 
- **Royalty Liability and Warrants**: Noted a $145 million increase in royalty liability due to the PFS filing, alongside $5 million in Tonga warrant costs. 
- **Free Cash Flow**: Negative $11.5 million, attributed to higher operational payments, but highlighted sufficient liquidity for 12+ months. 
- **Accounts Payable**: $46.8 million, including $32.9 million owed to Allseas, with potential equity settlement. 

**【Q&A Highlights】**
- **Warrant Proceeds Clarification**: Craig confirmed $432 million in potential proceeds, excluding already exercised warrants, with the majority tied to $11.50 strike price warrants expiring in 2026. 
- **Japan Collaboration Details**: Gerard clarified the partnership is commercial, with Allseas and TMC receiving direct payments, not pro bono. 
- **NOAA Regulatory Changes**: Explained the consolidation of exploration and commercial recovery permits to streamline the process, aligning with TMC's advanced regulatory filings. 
- **U.S. Refining Capacity**: Discussed flexibility in product formats, including the first production of manganese sulfate, and potential for U.S.-based refining in the 2030s. 


TMC the metals company Inc. (TMC) Q3 2025 Earnings Call Transcript

- **$23.6B Project Value**: PFS highlights NORI-D's $5.5B NPV and broader resource's $18.1B NPV, positioning TMC as a low-cost critical minerals supplier.
- **2027 Production Target**: Confident in Q4 2027 first production, with 10.8M wet tons/year by 2031 and 43% EBITDA margin.
- **Korea Zinc Partnership**: $85M investment to build U.S. refining capacity, supporting domestic critical minerals independence.
- **Regulatory Momentum**: NOAA certification underway, with 100-day timeline for exploration permits and supportive government funding opportunities.
- **Cost Leadership**: C1 nickel costs $1,000/ton, competitive with top producers, ensuring profitability across commodity cycles.

**【CEO Opening Remarks & Strategic Updates】**
- **Strategy Day Success**: Highlighted as a pivotal event with 100+ attendees, including partners, investors, and government officials. Featured PFS release, regulatory updates, and a NASDAQ bell-ringing ceremony.
- **Partnership Renewals**: Strengthened agreements with Nauru and Tonga, reaffirming commitment to science-based seabed mining and community benefits.
- **Korea Zinc Investment**: $85M strategic partnership to develop U.S. refining capacity, with potential for new facilities in the U.S. to produce nickel sulfate and cobalt.
- **Board Expansion**: Added Michael Hess (Hess Family Corporation) and Alex Spiro (prominent trial lawyer), enhancing expertise in capital markets and policy.
- **Regulatory Progress**: NOAA confirmed full compliance with exploration license applications, with certification process underway (100-day timeline). Public comment period on regulatory amendments closes September 5.
- **Production Timeline**: Targeting Q4 2027 for first production, with ramp-up to 10.8M wet tons/year by 2031. PFS shows NPV of $5.5B for NORI-D, combined with $18.1B for broader resource, total $23.6B NPV.

**【CFO Financial & Operational Update】**
- **PFS Highlights**: 
  - 164M wet tons recoverable, 18-year mine life, $600/dry ton steady-state revenue (2031-2043), 43% EBITDA margin.
  - Capital-efficient model: $4.4B onshore refining CapEx (mostly post-2030), $<500M offshore vessel costs (vs. $2.2B in 2021 IA).
  - Cost leadership: C1 nickel cash costs $1,000/ton (vs. most producers >$2,500/ton), positioning for profitability across nickel price cycles.
- **Liquidity**: $120M cash as of July 2025, sufficient for 12+ months of operations. Q2 2025 net loss $74.3M (vs. $20.2M in Q2 2024), driven by G&A and warrant expenses.
- **Government Support**: Exploring DOE, DFC, and EXIM funding for offshore/onshore development, with $1B recently allocated for critical minerals.

**【Q&A Highlights】**
- **Feasibility & Timeline**: Board confident in Q4 2027 production, with Allseas partner mobilizing vessel construction. Regulatory certainty and government support key to accelerating spend.
- **Regulatory Risk**: NOAA's proposed amendments streamline permitting, with concurrent review of exploration and commercial recovery applications. Legal defensibility of permit emphasized to mitigate administration changes.
- **Capital Allocation**: Prioritize offshore vessel development ( <$500M) before onshore refining ( $4.4B). Korea Zinc's U.S. refinery plans contingent on TMC's production ramp-up.
- **Government Funding**: Actively pursuing DOE/DoD programs for offshore and onshore development, with coordinated federal support through National Energy Dominance Council.
- **Processing Plant Timing**: Potential to accelerate onshore refinery construction if government funding secured, leveraging Korea Zinc's existing Korean facilities.


TMC the metals company Inc. (TMC) Q2 2025 Earnings Conference Call Transcript

- **Regulatory Breakthrough**: First-ever US commercial deep sea mining permit application filed, covering 1.6B tons of critical minerals.
- **$37M Strategic Financing**: Secured long-term capital from US-based investors for 2025 permitting process.
- **Technical Milestone**: New CTO leads optimization of 3,000-ton-per-day Nodule Collection System.
- **Q3 Catalysts**: PFS release with first commercial area economics, NOAA permitting timeline transparency, and US refining partner announcements.
- **Liquidity Strength**: $81M cash post equity raise, sufficient for 2025 regulatory milestones.

**【CEO Opening Remarks】**
- Submitted world-first application for US commercial recovery permit in international waters, covering 25,000 sq km in Clarion Clipperton Zone with 1.6B tons of nodules (15.5M tons Ni, 12.8M Cu, 2M Co, 345M Mn). 
- Secured $37M registered direct offering with strategic investors Michael Hess and Brian Paes-Braga for 2025 permitting process.
- Hired Rutger Bosland as Chief Innovation & Offshore Tech Officer to optimize Nodule Collection System performance.
- Q2 milestones: NOAA technical review commencement, PAMCO smelting facility tour for 50+ stakeholders, PFS release in Q3 for first commercial area.

**【CFO Financial Update】**
- Q1 2025 net loss $20.6M (-18% YoY), driven by lower exploration costs (-47% YoY to $9.5M) and reduced share-based comp.
- Liquidity improved to $81M post $37M equity raise, vs $44M as of March 31.
- Free cash flow negative $9.4M (vs -$12.1M YoY), with operating expenses down 5% YoY.
- PFS to include valuation of 78% of resource beyond NORI-D (456y Mn, 165y Co, 81y Ni, 4y Cu at US consumption rates).

**【Key Q&A Highlights】**
- **Application Timeline**: NOAA expects to deem TMC's commercial recovery permit application 'substantially compliant' by end-Q2, initiating technical review.
- **Downstream Processing**: Exploring US-based refining with DoD, but interim solution uses PAMCO's existing Japan facility to avoid upfront capex.
- **Government Support**: Actively engaging Exim Bank, DFC, DoD for offtake agreements and financing; $37M raise sufficient for 2025 regulatory process.
- **ISA Impact**: No overlap between US DSHMRA and ISA; TMC USA operates independently under US law, while NORI/TOML subsidiaries maintain ISA exploration licenses.
- **PFS Release**: Q3 2025 will include economic analysis of first 25,000 sq km commercial area, with broader resource valuation update.

TMC the metals company Inc. (TMC) Q1 2025 Earnings Call Transcript

- **Strategic Shift to U.S. Regulation**: TMC pivots to NOAA permitting to accelerate deep-sea mining, citing 1 petabyte of environmental data and critical minerals security.
- **Financial Resilience**: Q4 2024 net loss reduced to $16.1M, with $62M liquidity supporting 12+ months of operations.
- **Service Business Momentum**: Early inquiries for environmental consulting and resource definition, signaling future revenue streams.
- **Regulatory Uncertainty Mitigation**: U.S. path offers faster timeline vs. ISA delays, with NOAA's robust environmental framework backing decisions.

**【CEO Strategic Shift Announcement】**
- The Metals Company (TMC) announced a strategic pivot to pursue commercial deep-sea mining permits through the U.S. regulatory framework (DSHMRA) rather than waiting for the ISA's delayed mining code adoption.
- Key rationale: U.S. national security interests in critical minerals, robust environmental data (1 petabyte collected), and reduced regulatory uncertainty compared to the ISA process.
- Application timeline: Submission to NOAA in Q2 2025, leveraging existing environmental studies and 1.6 billion tonnes of defined nodule resources in the Clarion-Clipperton Zone (CCZ).

**【CFO Financial Overview】**
- Q4 2024 net loss: $16.1 million ($0.05 per share), improved from $33.5 million in Q4 2023 due to reduced exploration costs.
- Free cash flow: Negative $13.9 million, driven by project development and environmental studies.
- Liquidity: $62 million at year-end, with $41.5 million undrawn on credit facilities, sufficient for 12+ months of operations.
- Recent financing: $19.9 million from a registered direct offering in Q1 2025.

**【Q&A Highlights】**
- **Regulatory Path Comparison**: U.S. DSHMRA offers clearer timelines and environmental review processes (e.g., NOAA's programmatic EIS) vs. ISA's indefinite delays.
- **Partnership with Allseas**: Vessel flagging and compliance with U.S. regulations underway; no impact on existing collaboration.
- **Service Business Growth**: Early inquiries for environmental consulting and resource definition services, with potential revenue in 2025+.
- **ISA Application Status**: TMC will maintain exploration contracts but prioritize U.S. permits; June 2025 ISA application submission TBD based on regulatory clarity.


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