TMC - Earnings call transcript Q1 2022 | TMC the metals company Inc.

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Operator

Good afternoon, everyone and thank you for participating in the Metals Company’s First Quarter 2022 Corporate Update Conference Call.

Joining us today are the Metals Company’s Chairman and Chief Executive Officer, Gerard Baron and Chief Financial Officer, Craig Shesky.

Following their remarks, we will open the call for your questions.

Before we go any further, I would like to turn the call over to CFO, Craig Shesky, as he reached the company’s Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements and information about the use of non-GAAP measures. Craig, please go ahead.

Craig Shesky

you. Thank this during forward-looking statements beliefs and from available that company by and call, information are that based at this note made certain the assumptions Please time. on management’s our known update can These statements of maybe the be provisions in found our beyond are unknown press forth of and including set Safe uncertainties, at which those and first control, our are corporate many risks forward-looking release. quarter to XXXX subject Harbor statements end that Form our SEC in when found further be also may reports to the statements available is with detail related other all XX-Q and business. risks Such it provide our about filed the that

Additionally, anticipated obligation statement. update actual company’s and any to from except please as law, that those no materially required the undertake results forward-looking may note by differ we

non-GAAP the may non-GAAP deck now Gerard, GAAP regarding directly is website details financial including I today and Chief cash to with Company’s Officer. available and these investors.metals.co. financial free slide can remarks that ahead. right found also go to reconciliations respect most flows including measures, in now, being to on will slide Our our deck be additional Chairman measures call. comparable financial with it Barron, measures, the our over Executive Gerry Metals used please turn And this include

Gerard Baron

our Craig you, XXXX quarter first corporate for for and update. today Thank good us afternoon all and you joining thank

or and the a upcoming access industry joining through if and onshore, company. offshore project you Today, You the are for it market will investors.metals.co. expected QX, developments, recent development are the deck at including can along welcome and anytime highlights we from you progress slide of follow by highlights, and our at significant phone, our to milestones us financial discussion with you also take

copper, actually estimated with passenger portfolio source the a time in million electrify the manganese TMC squeezing the EVs, entire COVID. start the Seabed waters sufficient of year a to also believe U.S. a in alone And cobalt The of also last Authority, needle July ISA the fantastic can fleet. move March exploitation the again year, to battery all the due brief meetings largest nearly with is resources this inflation our potential developing hiatus by to metals be of ISA about nodules scheduled in of meetings for that proposition. a of July International and of nickel, and resource estimated a met this TMC material planet. XXX stated November developing We has is resumed reminder ISA. The with automakers, size secure the the in regime situ in We of are quantities them. or sit raw X-year on value will have regulated target XXXX. and international by additional in-person and The the December after finalizing

that importantly, we child for initial a in assessment the waste. our expected labor, estimated NORI-D, for bottom the scale, led automakers production costs battery by much shareholders, miners at Barra anticipate solid We unless Using tailings. firmly drilling, to the grades cost go the metal “Tesla the and expressed refining the to cobalt. zero updating what you impacts earths working a simply “GM his metals. compared curve. CEO, letter CEO and no was response obvious other as all of asked supplies supply the the becoming of ESG to materials also finally, raw supplies.” nearly displacement, has impacts secure quartile project NORI-D is prices, no large we Musk costs exception And actually about The consumers metals metal sustainability batteries, material with and nodules lower confidence recent U.S. are price was in their rate chain very might expect the Jim billion, prices CEO localizing compress us done worried still Foley are expect $XX increase AMC in Tesla’s night, land-based was that a be to rally and of to current Elon and being month, carbon availability, in CX and improve.” at NPV up no contain into recently have developing. miners, And lithium, compared keeps first We them recent of metal GM’s nickel NPV directly raw Mary blasting, Ford’s in mining that resource, in no to put low single four which to digging, could would no adequate the In and to other nickel Last no no increasingly be land-based into social deforestation, It’s tweeted, inputs and equal. go significantly high about the And

raw not has this two that recognizing a how where the just question, ranking are materials year. nickel projects according nickel controls automakers in only project also located the TMC U.S. that about it? largest Mining.com March the it world largest not but in who So, clearly from top and to of the much, is it’s world the

doesn’t social to And ahead at U.S. while land-based resources. and soon look in and least have future Indonesia only several which race And of by jurisdictions through as zero anytime arms to latter winning the source environmental Importantly, Russia these needle from such isn’t investments continues the in believe is and DRC. rife with controlled decades speeds nearly change of nickel manganese. production battery the that China likely the cobalt we locations the or primary we deliberate China, are already difficulties, moving that over nickel,

also to the Just Environmental waterways. like Minnesota in nickel mercury largest in potential water-related The U.S. its up Twin mine potential key last for year. reissuing permit a saw in project week, recommended the rejected Agency ending Protection last due NorthMet against in Minnesota, the Metals nickel permit, pollutants nearby

– massive resource could offer that clearly many And the U.S. resource potentially land. like on challenges so strategic that especially by benefits underscore to faced projects companies, our given the so headlines these

to X it of estimated how produce assessment top total equivalent of and know? of map, page, pictures but AMC is big TOML to survey of area can dark of of seafloor how compliant it, and two wet of our presentation having actually used The XXX NORI-D, current on sitting plant in consultants of total early While expect yellow steadies alone wet advantages could NORI big, the production annually, production, our to confidence appendix is yellow nickel. as methodology take resource found global resource nickel our the tons one of as we first XX% confirming the of it zeros can X.X an with But and pictures to resource this short, box it, of life. areas, nodules. resource our blue in NORI-D we issued tons an tons and lower resource in box with on estimated SEC this initial determine SEC contain filings. website sample NORI total a in we to XX% could this be this that project. dimensional million the and NORI-D the nodules, Zooming on on well Class do that’s the many right billion just a roughly we technical in resource the representing and on XXXX, TMC’s on statement up XXX,XXX So, estimated of

project on expect the on more is to cash March coming intend copper, continue during later. that made We to progress $XX underappreciated, development quarter. but progress very of to in this and of We am source also as we which of the quarters. for balance be use is of material our partners proud our the manganese, and this think a our million cobalt, a XX team metal I

what’s will side On am the through months. occurred you I page, non-exhaustive of right detail. at to a And further in pleased you see recent these on achievements TMC this in take summary

from we generally us a Project strategic and of that in As non-binding nodules production manner. commercial like on capital deepwater you electrolyzer QX Atlantic in found completion this press QX in the team first the the incredible pilot across The is developments the test is progress together, pressure the the Already trials. NORI-D share off about call, terms the collection get the the performing transcript see collected the lifted term Presentation] deepwater if rather potentially approximately allows in Project trials, has the Allseas with sheet progress when MoU being testing, this seafloor nodule collection production on of this and into of our meters, vehicle the update would major out of various to X,XXX the with the sheet contract in including in Ocean. time annually in the sent the corporate is million, seafloor. system the mobility from Atlantic temperatures marking us video on components. amount by Further to the these given to and trials talk reduce by to test on me you subjected both the $XXX a the the having Allseas really far framework to extensive offshore small week, million be costs system which keeps the And and short the initial lowered to system we remind over an scale quarter, on subjected depth Zero simply vehicle deepwater Carbon, and achieved positioning releases Zero the definitive on area. our the offshore, taken the expected and made are first collect the signed in details wanted to then critical track yourself. dynamic the collective the vehicle Epsilon ultra vehicle a collected the team of Hidden its economics significantly system. of light wet The borne for I’d system can to and Starting getting play March, all nodule had pressures. the pumps with year, tests. system functions milestones through a to polymetallic potential will opportunity initially In in vehicle with million. allow down testing it operating be area. the upgrading project previous surface estimate the announced which discussed to this our vehicle our critical $XX [Video fees of the a all these non-binding a beautifully March term process to call. lays can tons we successful CCZ Engineers agreements, drove Gem our NORI-D X.X preproduction nodules than area to TMC to and later pilot test, and summer, into commercial of throughout Last from web And of and seafloor Allseas so kilometer And has deepwater in

India, on deep quarters. the Modi signing at are they plant announced also March a in has hub value production possibility high-grade of in Carbon base year, to manganese intention Europe’s silicate engineer, Ford of We funds share worth institutions am India first manganese of offshore silicate the steelmaking in including as potential analyze represents using major Carbon appears to TMC’s pilot announced their great silica used government some of regimes. collection Last many raw manganese Epsilon agreement manganese world’s produce to with a ores nodule and commercial tax over and their which potential reasons, eager with $X.X retained support the footprint, purchase for in to progress manufacturer. for beyond our for this sea export we our our manganese for important steel news manufacturing.” April, in to noting Epsilon detailing and India’s the land-based And in I the in XX% already building products. and matte It’s India to silica have upon the significant one an facility steelmaking. to product COX higher mission, for finalized India’s build more XD X% from conventional a first Even manganese very product MoU exclusive attractiveness sure a India, highest level. copper, SINTEF we Steel, researching of work operate “exploring Minister nodules the our stated an permit, nodule on finance, depending coming cobalt non-binding the systems. EV processing nodules for that independent advantages on into JSW largest that steelmakers in country with deep beyond. largest last year, Prime are for including for the the February successfully use turned silicate nickel, cost polymetallic place material is their processing We to earmarked QX billion facility in India ocean carbon

not almost very from might get as manganese XX% we of revenues, advance many pleased but by SINTEF in given future account for these could and manganese near discussions potential off-take So are cobalt, headlines the findings nickel as that of future. in our

extension read, growing critical political area leaders. polymetallic for probably you and a by nodules of As are supplies mineral and military focus

Rubio, last then human haymaker the first an and nickel over deep off-take polymetallic of Volkswagen, this asked recent VW and Senator agreement military mineral cobalt Rubio unnecessary generals, they that wrote the that forceful the a Senator telling potential this February, polymetallic and the regarding rainforest is sea deep letter critical bit nodules the branches a that signaled You destruction, excerpts by in DoE they of labor battery across of against hesitancy seafloor whether Energy rights. most undertake the asking Senator letter include analysis political large nodules. a sea strategic admirals absolute Marco a sediment In of Lisa with believes the mining, this The was officers development their less page as the X trafficking, spheres virtue on collection if metal month its company to of risks supplies. military, credible assessment must resources. of changer that will in in supply. child see but possible resources seafloor to and Chinese value from landed a And letters funded but sentiments recent for the critical any recent signed letter, rainforest bit human Department every retired Murkowski chains XX fear a and DoE was and who echoes Pentagon supply U.S. of and conclusions, game asking tone, on consider

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help sinks growth land-based sulfides are are nodules and us summarizes In land-based and third-party nickel to of we to material nickel waste to and existing next from processing typically terms page The to those offer tell to metals. underneath and is of rainforests. at drive no coming some reduced pig story impacts principles to are the carbon reduced partners our will At nickel, both reduced other analysis, significantly option Carbon world’s TMC, is carbon use pleased who iron our new quantifies and Water nickel tailings compared nearly compared significant us risk that solid impact significantly the reduced equatorial nickel our laterites. the continue lifecycle which is impression emissions of peer-reviewed versus ESG have storing are only miners. of the supply compared to zero laterites, produced.

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that a robust come and relatively in for regulations nearly operations a feat that digital battery But extractive before commercial Given size with industry a been why important industry has unprecedented any a of of up a this metal nearly footprint has the and relatively it’s it starts decades offered along prefer supply, this scale. with potential worth potential that’s even history. on our three before the to rules to by operations of of working would questioning small set transparency some source such credits, thankfully, even regulator stop hard this limited begin,

based roadmap final its X-year on of out XXXX, the meetings. have for the application on XXXX. This ISA permitting increased we following significant Last to ISA and contract in the believe XXXX notice, laid Nauru of of notice the in of lodge X-year provisionally NORI’s year, includes also an exploitation state time the July the plan whether We consider timeline. and through an obliges to exploitation the at cadence NORI’s notified an ISA regulations which not. clarity a approve intention And application the Republic or this

So, expect an after resumed will And hiatus the year. exploitation session They and that two NORI to past half nearly due this ISA in March this for of a in XXXX. X-year contract applying another we more COVID, meetings held in expect be the second December.

And area the track keeps so, QX production to in on commercial us NORI-D begin this timeline in XXXX.

have this of continue stated milestones our cadence We progress. already XXXX and we several completed of intend to

the will collection. biggest pilot trial collector And will vessel trial of second collective the and of this NORI-D. include in this as analyze monitoring the One will observe summer beginning upcoming pilot campaign, be of a milestones part which our impacts test

lays goals. to company’s our ESG over document which that, quarter landmark speak will out We it I the and long-term digital to ears and we Kongsberg, twin and give are on Craig stakeholders. report, results. turn to economics all eyes to continue soon story excited will regulator With impact our which developing TMC’s project and the a first our with And the will release

Craig Shesky

very Gerard. much, you Thank

prerequisites on are that the balance for today. end of which ISA system to our months of impact advancement as XXXX. We for the least exploitation contract. to next And the in for further use million, application environmental work summer collection at find including second CCZ both hand the the March, progressing will we that us make believe of a from pilot on which the could of XX and half had statement, $XX of our of critical So application we milestones, this we in beginning the the cash million $XX cash continue test

hard increasingly cost including fuel metal and that rates. are noticing can actually these be most internal individuals, are, are we a evaluating trading Now provide nickel, limitations customers short public. how XX-day since of the for locking about politicians, military in is. the on And vessel long we markets Exchange In the of cut course, prices constantly of shutdown you think Gerard we showed certainly inflation situation always production. basket squeeze when noted, and The some are March in the could we been And significant and and at LME like cost supply has as to, leaders, which London exposed companies incentive Metals worrisome our nickel to metals further general the the automakers liquidity half, inflation, to are tailwind. and estimates. long-term But just February, becoming nickel up precarious think the

$X total our NORI-D of be project net year. for $X.X a playbook at in value Keep very with And estimated assumption arrived can announcements of of be for So, and of that economics? CapEx of significantly that portfolio how In the last of our all area. is our in project mind initial XX% development a the massively it’s In regulation the affecting initial And compliant model area into short, XXXX, do Area translate D SKXXXX AMC Investors available SEC metal represents XXX March The how conservative beginning the billion of reduced in higher the NORI-D can a economics present these for prices that’s NORI that This amount impact. of found consultants assessment and resource financial assuming will our initial Epsilon issued we positive just assessment an NORI-D forward. provide document. project website. CapEx. assessment season expect section Carbon going Page billion beginning the on the

$XX.X net million our million million the value $XX.X of of or first which simply per model value for quarter non-cash operating the per Net on of quarter comp to $X.X first of today, $X.XX was Exploration first for $X.X again, same $X.XX million net of were loss the or share the during share-based XXXX on first quarter by $X.X $X.X be million quarter share quarter mainly net resource. of a loss compared for focusing of XXXX first XXXX. million fair warrant $XX for that’s expenses the of first the compared XXXX. the metal and NORI-D of pilot approximately the driven updated mining $XX.X loss of XXXX, TMC changes expensed reported quarter $XX.X excludes a prices, estimated test XX% the present billion and system. running liabilities for with would loss, million to of million, just for So the current total By

the $X.X expenses XXXX. campaigns a the value compensation. in a the issued XXXX Maersk. completion compensation, of were to included million or D in a XXXX significant expenses $XX.X first and of shares in XXXX, G&A for fourth while March reduction were impacted Area as of in quarter first quarter XXXX fair first as first of The in of awards of following quarter General expenses options in reflecting NORI for share-based exploration share-based of common XXXX decrease spending campaign by baseline compared of and the a Both offshore increase decrease the G&A to environmental quarter administrative million QX quarter reflects stock XXXX in well

in XXXX, previous free every some occurring well QX on since strongly to XXXX. for cash were like the items, cash in QX those to not nature the as would driven non-recurring cash $XX.X the reach, be provide was as course quarter extrapolating determine XXXX. mainly outflows negative million items I context, of negative flow quarter. quarter they compared the our of which caution first against amounts of I would by XXXX to $X.X first of Excluding of would in million quarter the

cash of example, XXXX, half quarter outflow the the was things. two million of $XX of by For driven fourth over in

offshore First, cash milestone the costs. Allseas, the $X.X to cash program. progress million to costs In of $XX that campaign made million two be the environmental outflow $XX.X number of And the nearly half first quarter on the have XXXX, can much for attributed payment first in that they of environmental million campaign system. given

please closing will questions. turn over So, And to point, the remarks. turn some over for I back then operator at for call some this Gerard Gerard, go we the ahead. will to it

Gerard Baron

Thanks Craig.

taken market less just the value team politicians, and our important corner. XXXX a closing, world’s estimated is the I First fundamental of resource. world to the time metals, risks X% we when military investors, year. production around quarter we QX we are of already have milestones major going this At call, battery inherent increasingly during said obvious metal estimated Allseas all, very hitting than leaders some because of automakers, steps date in partner our and to source the our of apparent for to And I like And keep towards expected And of just our I achieve target. In cap becoming our thank believe update current of that metals. of our last paraphrase fully the media, battery intend de-risking what largest will progress chains supply it’s represents more undeveloped to the would this now. even

two I while gain nickel to So, am one our world’s convinced stock planet. largest way shares that are the to the number undervalued, extremely inexpensive TMC projects on a and today represents exposure number very

today. operator like to attention and it turn interest the your for some with we you back And would thank to Q&A. that, for So,

Operator

of of [Operator Sekelsky the is Instructions] Jake line our first Speaker, question AGP. from

now Your line open. is

Jake Sekelsky

for guys. Thanks taking Hey, questions. my

April, I areas commercialization? were So, the wondering I across mean sounds functioned trials just move starting am with properly. in as deep-sea equipment? towards if But you surprises any it for there like the just any came just you am I any surprises everything or improvement curious,

Gerard Baron

needed since drop XXXX. in it there the level planning really things, am I X,XXX were together it exciting replacing pressure as sea to below our part a work a minor doing no. putting has To needed been and for so seamlessly, water say, But this meters Allseas operational tightening. then happy mean perspective. bolt machine the I or to and was from testing it

to to yes, to am I were would so that and that very if and far, was to so I think I industry strategy, well if But that on Allseas going ask Allseas – say, at plays our guess as on the us, peak, project. up mean, was that working – it people were question, that good. right. bring because, boat there so expertise you work they faces to our XXX had sure in engineer you some strategy I into always happy support And way.

threw that and it of And sure at so, they making lot hands skills a worked. all

Jake Sekelsky

Got it.

That curious quarters capital able color just as over Okay. us And spend any to second head on sort a looking the just the are bit the you of and half I on at am you into Craig, the makes with underway, trials if touched give of this sense. we year? of then spending, capital next couple

Craig Shesky

we as out Zero capital expect, well Epsilon spending point would dependent commercial Carbon, we some that’s so have $XX pre-production this and system, million. final it’s is CapEx upon to of to have but costs. Well, with at engineering again, that, Allseas some ingredients laid Project for as getting the And

else are, managing is We as at obviously, looking inflation everybody that costs. we closely and are making sure

we is can. know, you best As possibly

I of project difficult the metals, given do up year. trading, very a pretty XX% nickel even that, As of already the benefit have few terms last mentioned, tailwind it’s is metals for of in days significantly, actually getting we basket after this economics, from inflation a still up

team hand So, with sufficient But XX our we fund be were to expenditure capital operations can the is the managing and Board. that closely least say that cash on and next to assessing discussing needs our and our and the from always going for today. months we at

Gerard Baron

a only add to will Allseas, reached to I favorably, we fixed do be a pretty very things worked as our firstly, out with agreement when to And that Allseas just would standard. contract has I we which agree like think did that, price well, exacting because

considerably collective more system. main than was And deliver so pilot, they that budgeted to spent system,

in helped out it’s our well. So, it outflow. us worked capital pretty certainly managing And

Jake Sekelsky

on plant the apply PFS the the lastly, results designed Okay. I down that off as road? a potential PFS plant, modular fashion, the from Project type Zero to an shelf in for where And plant designed being is then can being and just you the the plants the guess it additional take

Gerard Baron

I we Yes, And Primarily, this worked absolutely. of for the a on of we it. laterite. We variety a nickel flow around chose many companies, used sheet treatment it’s sheet. Hatch locations including that with today. works chose in flow world the mean,

nodules that kiln through dozens arc was furnace, of when in are was they behave very are the those so nickel the and analogously that And so operating globally. electric what pilot And we found trials the all there of laterites encouraging. many polymetallic and

a into convert so manganese that into call. of XX% And XX% us a arc and and it material our dry alloy which battery about you and an the furnace. that nickel X% pyrometallurgical material, front we you then and take and And which them alloy a flow of materials, on talk an that percent that material. contains and was [ph] into into end, The plan cobalt cobalt. the sulfates silicate, then And we to cathode. matte XX% if about throw copper currently we matte and was produce we sorry, refine several then nodules big sheet, think about And copper comes pile with electric heard where

in today a could intermediate in flow because if matte. we like like the product, the stuff another, net sheet so XX% and in that the you that so payable separate, and market, the just we location, could optionality, do and XX% that’s we hydro pyrometallurgical would get one between or of And paid sell

it it. way whole we us a So, designed more the affords lot have to flexibility that

Jake Sekelsky

it. Got

all. sounds Okay, you the the wheel at so like it are plant design reinventing necessarily not with

Gerard Baron

No, we not. are

Craig Shesky

to good the same how and are thing, way what And thing we it of that too, that a onshore sheet. on diminish been absolutely a scale. course tests it’s of impressive really has do. needle. offshore. trying in same building not to to It’s in it’s is no thread It’s that commercial the Jake. technology has these want It’s and are at We Allseas think flow team able I both the quite of And at just example, offshore, the But tested. terms been how important lot

done the them quarter. achievements, So, partner of lot efficient are have more take especially upon and our Allseas from But able us on we still to manner. this in build a a pretty learnings people before amazing

Jake Sekelsky

that’s guys. was on all again, And absolutely. end. my helpful. Thanks Yes, That

Gerard Baron

Thanks Yes. Jake.

Craig Shesky

Thanks.

Operator

the of from is Securities. question next of line John Speakers, Katsingris Wedbush

open. now is line Your

John Katsingris

for am I Dan. on

Gerard Baron

John. Hi

John Katsingris

a quick had question. I

Thank potential forward eye looking into for view, look the world you. chain a and taking XXXX? see what’s at so headwinds, on bird’s you problems in of more any do or looking headwinds going So, more a XXXX macro supply

Gerard Baron

I see tailwinds. Look,

headwinds off a We have XX to years building a with day companies without I for risks chain days managed we other on risk. every that loss that, supply at had completed those five moving, a how boat, manufacturing probably boat, COVID. XX been if are the are last people facing vendors chain last think or to all XXX as sea. year, on who environmental We single you have the X multiple have supply look we campaigns campaign. spent but to side, or at But we

building been with the we you system. water we During collector tested. are it’s as that Allseas, in heard offshore today, an pilot same year, And have

ourselves between so, and have success. a partners, and And of expertise lot we our

our exemplary. chosen very, have compare you partners We when it’s think And very own I our progress, along been with our disciplines, well.

just This today’s see And global to need will frontiers. away. presentation, warming people threat the issue, do to go I environmental prepared If climate I biggest is the new heard in it that, to you those what not go change is and going further, think to oceans. problem Now, be to as to make the I we tailwinds. tailwinds obvious is our

materials, of so that that, can’t security then of batteries. battery supply the the on top of the you you without add build metals And these

overcome can I so, are I these the think of feel And favor our help projects. all But partnerships. And very, very think things on the I solid challenge work in this project. is of fortunate we with

Of earn. that course, of have will be always cost something we to something capital is

can investigation are to will [ph] reduce delivering make on this that the work hard that. confident we by to it. we And achieve we project sure with milestones have We the that

John Katsingris

you. Thank

Gerard Baron

hi Thank you, Dan. John. Say to

John Katsingris

do. Will

Operator

[Operator Instructions]

Craig Shesky

chat regarding While Glencore. on our the we waiting are to that was Jessie, for relationship there queue question popping up, a with

via any Just update given has GM the relationship, comments, anything that and transaction, changed their on I TMC? Gerard, overall was, if have question guess you the that an with relationship

Gerard Baron

Sure. good I on the help nickel one end areas. license They have in have advice the no changes. with when other some Look, and so, are some we something of they Glencore. their always of need that And of the phone the we company. at would or their copper some a off-take have for on shareholder and relationship They say small

Craig Shesky

it talked change in zone regarding about And the get one but contract. over other question from from potentially exploitation competence process for we bit, Nauru that any Steven ISA and a to our the the chat, quite Clark, process, timeline the the

Gerard Baron

sitting have ISA remain on XXXX. the exploitation is council time by confident the the that the adopted finishes would track in to We code July

do in do our X presentation to in as Nauru you solution, heard time, But we are I with and pleased to the the so, thanks hard we that at the lodging by be year needs at notice. you And also this and have done. that point everyone is chipping amount to think member progress a fallback states what happening Secretariat into, are all of work who the

Craig Shesky

Jessie, we are to I think about wrap anyway.

your are queue, questions over unless it call. back will to we just in any there more Gerard turn So, conclude the to

Operator

this Speakers, questions at time. no further

Gerard Baron

to time you. quarter look, good our Okay. a progress you in more even day. for update. second us the sharing call. join thank Well, forward look Thank the taking everyone on We And conference wish to you all

Operator

conference today’s Thank all for This call. concludes you joining.

may now You disconnect.

TMC the metals (TMC) 10 May 222022 Q1 Earnings call transcript