TMC - Earnings call transcript Q1 2024 | TMC the metals company Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day, and thank you for standing by. Welcome to the metals company Inc.

First Quarter 2024 Corporate Update Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.I would now like to hand the conference over to your speaker today, Craig Chesky, CFO. Please go ahead.

Craig Shesky

information note company this based will beliefs assumptions please made certain on and time. and the this by be from you, that call during statements management's Thank at available forward-looking and These statements unknown uncertainty, control. of many our known may beyond risks be and which subject are to and

slide to obligation any used Gerard you're through forward-looking company's investors.metals.co.And by and by including call that and deck call. reconciliations please remarks turn to as required And the that non-GAAP joining Additionally, along may these or also financial materially this access please follow CEO, this the it include note being at Gerard, financial time our any from details Chairman can additional most directly respect measures comparable our in financial with differ we welcome ahead. GAAP our you to undertake today may go and can including Barron. no law, us measures measures regarding the results flows, statement.Our if to at slide with phone, to actual what call deck update we go over non-GAAP cash now free except in be I'll found with

Gerard Barron

slide snapshot. I'm And a contributions believe will both shareholders, mission the we do shareholder and of I'd provided be Systems. by myself, draw well-received these which largest Tesla March. to other our X all update, welcome Craig, to legendary visionary and positive in I'll pioneering investors.The and proud TMC His potential Board just Steve and from are morning. to update XXXX. to $X.X facilities. roles, how important and facilities Fusion with of I'd by next project a and on capacity tailwinds as like Planet benefiting your since some a this Total thank been he's unsecured since at path of Steve the we but you Board drawn but current Among Thank the summary deep current aggregate exciting Vice flow and short available corporate you, XX, with in to our seen a coming to supporter milestones SpaceX use investor, month, and confident to including a like were time, team. our connections.So and an his even that the SpaceX you creation of include stood him million down update is Since member this months, last the $XX liquidity Advisor. TMC quarter only member forward we've and addition Board ranging in And not start credit and last longtime technology million exciting investments as time, quarterly are and Strategic like attending we curiosity. count an Commonwealth million and indicate liquidity months and as our announced $XX already has late Last our value of a X.X new we news a news Jurvetson pleased industry.But the attention Tesla. Chairman March in XXXX of to represent is should at our we in former on wide quick out companies first that billion for conference It's TMC $XXX Labs a call. that

over a of specifically NORI-D we of environmental ISA's more biological spend data with for provide some data catalogue see Area. with largest This new the of uploaded impact time the am regarding environmental confident very to we'll adds be now further assessment. Seabed the International the remain the our that decade answering The data data past now enhance have much XX I ever offshore further key a campaigns make submission efforts its and from kind data as we informed arriving to Authority occurrences needs are well encouraged from contracted our what wealth which with of the set XX,XXX to We almost the to our will we the deep still largest drawn understanding today investment potential regulator the to society's impacts XX on years sea ever see. the Clarion focusing the as in data our ecosystem the Zone, is on of Clipperton of the that we operations.NORI's of gathered myriad as over and sea data deep to other more it past results daily, questions agenda, by come, and application.And our the decisions will you'll move the

that some this headlines, to insight is We review confident share with with you on also an Gap] there and on of -- progress showstoppers.We no some the regulatory are are team with excited will increasingly today, update why our industry [Audio provide along some progress

Craig Shesky

there? us us may second. X you Bear Can have okay? have I you. think with still we we lost Do you hear

Operator

Instructions] [Operator

Craig Shesky

get until back, continue happy we So Gerard here. I'm to

Operator

go I moment. the but back in. ahead hold Did and conference resume? One you music to pause want

Craig Shesky

Yes, we'll resume.

Operator

Okay. Resuming. All right.

Craig Shesky

get Gerard you if in. to can see then And back help

Operator

in. moment, One us transferring back

Craig Shesky

started with increasingly rocky, that and work checking amidst I'll our what as back focusing back to until sometimes do.So team look we've volatility, we and on able Even page And and CEO wanted already This got XXXX, and dial our our back see get firmer been a financial company a much CFO, then to out this what we've it's footing. continue to that that as able achieved. a to everything that But pretty Gerard now look public that. on slide while to going now our storm at certainly, Craig we've of ride to laid we're confident I'm has Chairman, is about has beginning we been we're and really are amazing boxes. Barron, is out those achieve the company, weathered Shesky. in. Sorry public going to

last our an X NORI-D AMC we out Clarion offshore successfully area campaigns, including of also XX the derisking noting XXXX, completed we completion our advance our pre-production Allseas.And compliant to at our flowsheet future initial our time XXXX, early of pyrometallurgical our onshore in the lifting collection partner, in $X.X operations quarter, tonnes our alongside in the X Consultants, as pilot, of by pilot we February future campaign test.So the of and also discussed following and wet the late processing nodules we've pilot year last finished environmental capital-light and Zone the reduce our with us in value requirements statements X,XXX like a SEC then, resource key put completed pivoted Allseas late course, exclusive billion.In model test partners integrated helping to operations. to at provide off de-risk signed of onshore the the of minimum. present of of example, and for PAMCO And XXXXs, since offshore, use, we which support successful assessment pre-production first in For we a XXXX, assets to production bare system can Clipperton CapEx

look copper, on and some access infrastructure human the an meet global important confirmation for expectations press light cathodes is and market the use first also defense uses.Likewise, laser-focused we softened assays.And battery pending battery a the metallic projects.There place? And into in in remarkably And the near of coming research nodules can this is for the interest the commercial with metal Whether products, AI. months, to sourcing the the continued for all and this by plain release sectors, exploitation milestone underpinned major today. pre-feasibility projects as remarkable by one based waste interested today. Rich area remind almost abyssal like, also we is use of means as of but powering in population and sulfate, nearly these increased ] data defense garnering in our low we continue to capital in cobalt, metals increasing will nor indicative good why part both now will in our and most manganese nodules' requirements closely requires in composition growth.Already is in of are as generation upon and EV in digging ore time modules cobalt no of we or hydrogen fit is life steel resources and for where solid composition least take world have basket contain early to exposure the driven wind environmental vehicle April, turn and chemistry. far use with the a on for center of outlooks zero the multi-billion the for costly of batteries of XX%. rely resource copper those needs measured electric has built nodules and correlation across for launching automakers, And to energy, nodules pre-requisites applications, can we nickel, course, statement.Though main application of also of other our even by infrastructure, for study which represents its per to place display expected numerous many manganese composition the new our you grades in in of necessary a product, produces our industrialization advantageous biodiversity. And well of And meter critical diverse of it's the cells, a quarter, wiring. or which to in copper have as in nickel of this for land. and, first attention so production offshore, the use are yes, don't this demonstrating prices in which for battery battery tailings.And And particularly between sectors. a approach, recent this prices and nuclear minority our be to nodules majority defense deep-seafloor communities, the it's preliminary the sold for have the applications has nickel-rich by Well, no the being are and is planet to principles, very impact [ nickel quarter global hydrogen on conversations -- mineral suited infrastructure they're up of other manganese, though build EV unheard mineral second for of suitability, cathodes decades. competing is and geopolitically have nodules area, from be turbines metals biomass, blasting XX%, contract up starters, each needs future infrastructure, our of fuel square power, production of sectors alloys These that have relatively an the why and So of in developing high nearly from

withstand resource and So projects. our the after undeveloped Indonesian in said controlled underneath an among truly the the to in rough nickel stabilize many XX% commodity the metals a the to defense only increasingly the than nickel truly over ranked funded is have a X equivalent each the to that the largest portion due volatility and by remarkable. the NORI before, up sector and project times of cost provide one from previous is by nickel but mining.com have better leveraged equivalent we noted TMC not resource, quarter.With as application and Russia.And And metal the underneath far to an and key the resource grade so on Indonesia's tenuous prices as price X to market market in now world, China are as in nickel low the TOML alternatives -- in the a And -- grade projects very are we've rainforest, is global the order. and able X% nickel nickel outlier nickel world's supply are begun significant a amidst markets typical XXXX me, of second excuse slide,

radar to the President Xi's by evidence-based flew to competition, geopolitical President was of and that's visit declaration lot China-France quiet So the both of media environmental the of support parties of a heightened in China one there's ISA to in impact which which regulations coverage for the committed publication aspect of at France.And devoted ongoing the ongoing themselves time remaining support been Xi industry of engaged under decision-making.France seriously joint of development if view visit at assessments in a now to in in taking back this that government its hop the this un-classed display has flip-flopped this is on support that its for China's way the industry around.Gerard, on, statement past, softened obligations and see the joint its perhaps rubbing an reflects the is you're France in. I back suggesting interesting you'd on like and stance, that on than language that are rather French to favorable off other a development

Gerard Barron

Yes.

Craig Shesky

XX. Page on We're

Gerard Barron

Technical My resolved. taking issues have back that.So mantle apologies up. the been for

certainly, of So few past in expect there's these contractors news of October ahead impact XXXX. collection been industry.Chinese Post are D.C. China last for piece TMC's from Washington, China The weeks Chinese the nodule conduct production culminating environmental accelerated has space There acknowledging the resources, in do Washington submitting keen from alarm and years, this to a resources leadership this not also on much while sounding the one, commercial in work interest seafloor tests in out urgency statements over steady before bells the pace several regarding Chinese but still mining with role deep-seafloor actions in them we regarding in in contractors XXXXs.But in not X deep-seafloor early is

the to in Act. of with diversify while report's the to of the the not existing are prioritization Act. tenor Authorization Congress be on and critical leaders, offered of certainty tone a of of Pentagon Also Journal processing Responsible the reported Clinton, of has Pentagon members March, introduced ratify Treaty.Of the Senate in and the the are sure a nodules bill course, refining Hillary of nodule Resources for nodule-derived further, United very Defense year's chains the of Representatives and Sea date by political by House to seems members the encouraging.And away completion, delivery been timing Street demonstrated we of Armed assessing mineral Committee, do I'm As Law work of this as XXX domestic by The opportunities at the And National refining of U.S. well. March, And titled, from of including active military we to the support House many report Wall on work continuing analysis. the over interested in for supply the future we're China. dialogue interested feasibility Seafloor The you quite the in urged collection in its the report Use is the building former The regarding in products in in date providing of aimed Services of base have last the detailed States, support

in judged in Benchmark on their the nodules activism.I'd the of on that would detail global where science the on representing So a LCA this and belief routes of forward turn hold encouraged video analyzed. like companies then decision-making to weeks work, judged energy month up a approach global this to be And moratorium.And will you play by of offered to land rejection XX% situation.The environmental in sway support car the now front remain a to as and every proposals of this deep-seafloor, short cobalt, production table stand must Motors, all to their Craig the we the and to whether we the rather take nodule and to key some clear be look efforts require projects, will NORI-D course, based the almost advantages heavyweights, needs remain of to the or on in firmly all months.Despite call found on one-size-fits-all mosaic be the project.[Presentation] by resource. on for XX% confident project, coming merit, we and see merits, recent the options through General developments on more and largest sharing a to over activists' were on world's NORI-D than OEMs, EV land-based Tesla and X that But not recommend evidence-based we category outperform supply, supply, impact the of of again, transition copper, nickel, to

Craig Shesky

is And that video slide website. our on our deck available in posted

organisms.Our of impairment as seafloor with for the Clarion-Clipperton among that we of data critically generating acknowledged infield to climate the tens take catalog some that. seafloor speculation observed data X is plus to that showing dive data in rigor did quarter's meters surface as plumes meters our important to lot impacted deep why mobilized directly locally. of developing needs well recovery and a concerns the the last databases, at -- within OBIS, and institutions showed, animals to data, is went recent largest could function. collection in rise activity team contradicts X precedence would a will concerns several a our can of received marine set operations a just swim deep thanks with was why mammals shift discussions program.This excuse To leading this DeepData made primary don't on in-field of and would biodiversity that to collected operations assessment video stakeholders.And had And reality researchers HR are -- or of threshold ubiquitous operations of within was this for current noise very and dive global far assumption our data the planned sea from based that is which transformed collection occur year. our is significant to last up and the end, underwater sediment or science seen this most through on to significant while nodule potential the these from thousands understanding efforts, and example last and it from settles excitement the that a campaigns how of impact ecosystem activists that identified stays Biodiversity And test issues, outlined X such as is over all the meters another.Even the not very noted that within pilot we've model be freezing when And XXXX of further marine decade plumes be opposition they groups the assess has related as those report plume XX impact contractors. to seafloor assuming data some of assessing certainly, may set under into the habitat of kilometers of comprehensive marine type on And speculation of from impacts environmental of habitats, more and other this the investigation areas view This sediment temporary of like the marine without me, to the seafloor observed offshore mining, the library our finding why X.XX% concerns accumulation we would whales that collection, good of primary ecosystem is Zone. the UNESCO's data, thousands have System, And life a Off abyssal by of ever is very speculation.We've of that a nodule been much assess change.As world's could comprehensive a X,XXX exploration the impacts of the of is partnership destroy open-source travel result back very clear XX% expected news meters Wallingford wrong. away.Even claim focus the hearing mining has in collected data that does or the this media. those collection, the industry does our distance that world's expert represent and proceeded contracts to Information speculation in between this kilometers interrelated. one specific in and many call, beyond in from impediment. predicts seafloor and of begun such in-depth the production, who shared of week impacts the the way. I confident over also noise have threshold a that strides XX% the given test now confident, it have X our databases emerging, addresses deep only meters. not the XX assumption, predicted of by nodule of sediment shift research between irreversibly and patches of And contractor returning the truly of anybody the sea to to apologies public Ocean the the For XX permanent baseline that But And the and ISA's scale as most openly including transformation XX noise deep

a plume to potential For stored the example, limited, we in of XX% fraction it pathway biodiversity that for carbon kilometers seafloor significant know X rises a were its of data amount to to low indeed but is which sediments. emerging up the than the hours in X% commentary Secretary than the this way relatively be impact in impacts General, as away no Michael and of XX% microbial if inevitability meters contained above, with to COX.As amount sediment sediment.As seafloor And of of regulatory it no from going current total for is store meeting in the the ISA sediments, the global XX% limits encouraged of recent appears abyssal mobilized there thanks environmental Council, we and that this settles line carbon locked covering us to continue key is, wealth oceans seafloor most make our session atmosphere.And almost carbon update.We brings very And of be made couple progress carbon, of at of of know and days. the none seafloor more seafloor account on result, or plains is reach also noted the carbon do surface now the area, the a as ocean less despite within seafloor known the amounts negligible the which observed closing the making this the decisions, activists the with the these The Norway, infield positive pleased President of industry's spoke misinformation, Lodge, may advancements during his available become of ISA made to Myklebust Council. to room earlier of adults to for very the Olav the Mr. will clear, CNBC permitting matters of collection this year. but in spread the in to by be remarks."I'm who the nodule by data, true Jamaica, substantive at on it's March the actual in conversion to progress to

final We on with And noted of minerals the are of protection was released deep environmental forward good moving a development strong the regulatory regulations with in the call, late seabed in as February, last mining exploitation at at application consolidated pace." meeting. text phase our signaling the contract at continue TMC year's exploitation the some to following point July transition for to our the this an over launch to we -- code area intend NORI-D negotiations.And of ISA

expect million, of loss we to merits LTC. majority made the assessment of value quarter to evaluation Legal if that AMC achieved about the and million through in the this quarter the of away recommendation. the which offset -- application. offshore what higher and work, for February, to recommends both a our in stand have compliant in billion, increase XXXX. expenses is we balance XXXX, the the was Reg to consulting flow X% table will the and NORI-D same going assessments ability market significant the net in the $X.X study XXXX.Exploration the the Technical general very the first XXXX.Running the $XX.X the LTC a following non-GAAP to fourth during for administrative by pre-production.Now with costs as than expenses million in included the a of The to beginning technological quarter lower used XX, reported the already XXXX. flow higher XXXX PAMCO's the slightly beginning expenses geotechnical number, was initial legal from Free X, before year. QX NORI-D some activities increase a the would of due on capital.Free net net Consultants tied discount years million, and $X.X sufficient first expenses is to pure of today.So capital measure, the excuse our least exploration at in TOML. campaign period and XXXX compensation point and of of milestones specifically XXXX, negative used over The primarily the project same in the Commission, the QX our due of in you quarter negative on developers by operating present and represent and of very million of plenty huge model cash, we we the experts. turn of our for working compared and value recommendation with of to quarter and administrative completed increase to and $X.X certainly, to a between to the I Council resource the for slide expenditure metal XXXX. solely of large was our in the current from or application have and all would Council cap The despite additional QX as million on and to our of Chairman of to XXXX the I'm and reviewed for first requirements the capital operating project of equity acceptable, costs is settled area. cash cash economics. cash to going for development LTC at individuals hand same website.Regarding is back But working for which by continue the as to In is this non-GAAP in XXXX, of and, our and same good majority per back by is in process the overturn meet included due net on environmental prices, $X.X a the and on the deck to quarter $XX.X increased from positive comp thought nodules months or for higher from commercial quarter million versus next XXXX, very for quarter expenses arrived be at $XX.X XXXX, $X.XX for XX And forth $XX.X last TMC first current TMC's a XXXX and $X.X first in me, in of X in loss the of approximately increased of simple now to the million SEC the our $XX.X in $X.XX thorough amounted on a at from will $XX.X over economics and would the approves to back commenced LTC million expected first million partially in application on be quarter and liquidity the period net the of first feel of offset million NORI-D at in updated evaluation website, the for and the cash available period billion transportation present $XX.X of that review $XX.X significant $XX.X XXXX, for production, In as just is share-based or noted, it of mining, SK concluded changes are well of take increased for And then the key we this campaign phone be remarks, needed out quarter if questions of consensus March first its matter approval, process.So majority ISA decision the compared both CEO, reviews and General to vote. and an some closed to some reconciliation personnel is section point, quarter the recommendation.X/X both The the March costs.In XXXX, If some assessment facility the and initial decisions an sheet, activities webcast. some line gap well on and initial recommendation you. share-based And we as reached, compared issued as expenses project Gerard, statements incurred Investor less Gerard on approval the are for the closing questions versus The net net XXXX, first Barron, in amortization compared stage by which loss incurred in in the quarter $X.X financial LTC application not XXXX. and costs, Japan, nickel XXXX. subject net One at still plus share, to decrease The about first and the million, $XX.X of results. loss or fees, the Xb, million, of share the million, costs.This per quarter copper this compared NORI-D

Gerard Barron

Yes, Craig. you, thank

As and are our on in and an team activist-driven this number countries displaced of is showing encouraged -- marches and speculation the like our partnerships I the the team, strategic sincerest focused thanks of resource of the to which while our continue the will my my everyone release, our our that, turn we'd work industry press table.And date ever with of Q&A. most it including environmental to We're to year who like I to we XXXX when for back interest of production, to would automakers tuned the And in the partners transformational eye impacts thanks states. evidence. expect to in, the some to be data our attention.And the work about TMC and securing operator earnings by said sponsoring increasing keep your executive courage that on firmly meantime, keeping first closer. emerging will to of for contractors, course, extend and

Operator

Instructions] [Operator

Craig Shesky

the weigh [ passed? do do and from are on going meeting? you we go As rules be ISA are this ] I expect we well. question webcast. I'll take to to a Goldstein first, Eric How this the regs $XX,XXX in Gerard, Specifically, put ] question, being all then in and [ expect And when questions the the those to we as year? July meetings can compiled, can what

Gerard Barron

Sure. ISA Look, again. solid when meets we the are progress expecting

meeting. Technical the Commission, be Of Legal and course, the Council, Assembly and it'll the

And is end course, so right the our to XXXX. of legal this lodge until that session of and application. And we progress. are year what the we July the before market application an looking for have we notified the We not would after lodge

an a session, by was And text are enormous March we that what think version. is debated know drawing the back robust encouraged now there that that a of happening consolidated is we think amount intersessionally. what in is we that to final so there I the regulations, work is is And

Operator

the do have phone line. We question over a

the from question MacDonald BofA. first comes from phone Malcolm with Our

Malcolm MacDonald

States Tesla you then the Do in it with Chinese know comments, affects could your moratorium Number and to EV tariffs Chinese Act, the U.S. who United the the that regards and on an number NGO? GM?And if the wanted versus are comments -- Is next it are you Trump's the to call, conduct timeline pushing how subsequent Inflation two, how for to what specifically Tesla expected earlier if today that in entities if is timeline? you reflects is one. mentioned -- year and comment game GM? get they? tests that the late Biden's to independently, And and That's this lastly, Reduction how

Craig Shesky

who's You yes, them, to for of each look, get As shareholder into specifically we both one Tesla, but for But Sow. it's so GM they're Tesla and Yes, behind the don't look, starting GM with specifically, and NGO-driven. proposals the called want for Tesla,

new of We anti-science coming effectively basis. on also very Gerard as view this it as through, to data a say, said, as been has all daily almost a

not be to Some that now now are many confirming time at because their off being difficult nickel, like automakers other you're reinforced the it's something which almost taken that people positions. forced recognizing a belief, them of for in puts seeing push confirmation table are definition of when this previously the the to held bias.So invest elsewhere in

both we voting against options the fact proposals would recommended in speak So science that ] continue Tesla take to and frankly, will the off that itself. by GM such heartened very well [ we're Boards And clearly table. for think viable the the

Gerard Barron

we an -- of Yes. application And are a they to on front, course, able collector planning lodge to do the trial be to China next year.

opine need list. And so that required work. of And go and a receive on means it heavy that reflect to that our a year was regulator And will the to approval X do for to big the lot go if I to It's they then they on own that. application, do and and take need it.

that that Hidden vessel involved have our we're remain collector so know, first in in said And lot contractors we have as work. they so, getting that on other the decade.And be side in I XXXX, mean, ran a openly fortunate what successfully of quite production vessel, so there's were I is on to our to Chinese ready XXXX. think that first production for trial track Gem. for And this we the very production of expect you the and

for potentially tariffs for than contractors, and that competitive really don't And industry. been economies there to some and edge that opportunity have the like the over intended the I bring protect Reduction too secure and no industry look, we of a that's there jobs much automakers, other supply on think United Western comment names which is was So so uses want of to hold China, really really either there's vehicles, you in guess, and I the those States.Now, I jobs lines opportunity for doubt Act other great including I demand have American simply, Inflation raw of whether materials they the to driven think that a driven is all funds, great but States?And as what States, a how the and the help United electric independence. how have raw be and it's without you jobs build you I do battery build do more you materials. of President can't that focus do will there economies think future United without materials, the those on And mentioned

said so the And we're out of encouraged, hearing we're as messaging that earlier, in D.C. I

there. continue to relevant We to talk parties

the we're part of, they we're encouraged. answer to as continue asked. are conversations And on lucky questions We enough be to based that

a Act Reduction Inflation are polymetallic the particularly thing so derived hopefully have from be very TMC hands on. will nodules, materials their And that for good those that

Craig Shesky

to some over some of Indonesia Indonesian allows low tariffs all demand comes just you marginal this land.The decade, have on really going saw to might can't grades new for you also not course, Slide folks we at now time. which nickel, many And deposits so things even Reduction really that, land-based they're applications I'll high-quality, comments able I point, with composed of comment knows but a also over that that to from new just side, the the question, more opportunities commodities It EVs, can't Act, we've of have becomes tailwinds. upfront, Yes. let's change of last the be of say have of example, sometimes some withstand running going be nickel Copper this there how fluctuations for is of Malc, experiencing Inflation of difficult built and EVs, you do us the more would pull aren't to And noted it up Reduction to as global like are get seen to you from with on And decade. are nodules that able even supply out.So it, large much demand when fact capacity demand noting occurs Act, really if that taking the away source the higher-grade quite reality when from lines smelter XX, declined find attractive which many that, get do. what these quite on But way that focus next some operators given is, on realities. having he on the What up in are over reserves. a high-grade the metals very with grades nodules the these for is a are metals. such in nickel manner Trump that Inflation that declined perhaps of supply time. to change, certainly see other it's that the basket

Malcolm MacDonald

the with someone And the trying China's going is basically, place. U.S. to to the in yourself. like compete guys circle with order but to China, behind, in U.S. for you So ahead, to to are square get here, partner have they're first

Gerard Barron

that for opportunity, that's Well, their is sure.

Operator

[Operator Instructions] Norbury Jones comes from Our question Partners. with next Frank

Frank Jones

me. Two usual. as questions update Great for

one, pretty quick. First

of are the know on good you just make needs, application every evaluation have demands. the time, we're pre-feasibility behind one, the of confirming mentioned guess and for that out. meeting that's months I know And time one be I second expenses these think this? by want answer, calls, to will but I that, inclusive I probably work and I we capital this major And exploration front, read should but next I a ask then sure in liquidity just XX the

like? So any final that? look with guidance PAMCO those on with the agreements timing what Allseas splits that, And and and for

Craig Shesky

very encouraged. Yes, sure. pushing last those let's mean, very on we're one the pre-feasibility with with Starting on start that. We're I Yes, side. questions, the hard

the within been last have Netherlands, Japan and teams in Our the respectively, month.

update on-the-ground a on partners.So guidance that cooperation, lot changing not front. time work are not we on which teams our and of is, there's of team shows your just So how yes, only our the but committed any

guidance on the You did having at liquidity analysis requirements us typical $XX that, meet session million. done capital we of for to we're I to $XX we happy that is of expenditure our note and you working the capital in committed what least months. need to what draw costs. to reiterate an launch application the the XX incremental terms July at to would which provide necessary some the ISA But is an following million in the in point XXXX next That's

to came actually has under upon ago, You can ago, million.So that $X.X quarters launch been we out application that reiterate range our that tight dollar to spending by then we quarters with we've what credit for more X controls reduce because necessary drew than dollar team. for facility, X really our that the continued

on we we So liquidity that options though getting even than a the production. range stage is it's choice us, total may how what less not have say is range available keep I ultimate into that fund next that of sort that to be And our would mind. in that

Operator

time. back now I'm would turn currently showing over further to I phone Craig this to it no the like Shesky. line questions at

Craig Shesky

joint U.S. Does France-China couple at environmental the of The is sea ]. earlier regulated. got then sea the few potentially There we space, a to and a this no. It's update succeed? lot have industry commitment the us seat should statement, the the from also actions company of is And what the happy news coming actually. a U.S. countries.We in sea Senate builds in deep the take a webcast. to Rich is new need [ a a UN going We the from exploration Norway Woznicki from this deep to be very out year upon the to deep today's mining work, the ratify a the how pending addition important answer more the I'm legislation this Convention sign but the increased to laid really there slide, in truly to the to table that showed of of Belgium, U.S. recognition on was out in that just be a a through have strategic anonymous is more an we on I time the populace, they very of the at chose not interested continues question. would only in to the think your at Japan, that where terms Convention months? U.S. you're investor. way industry. take Norwegian spent can spending Gerard, ISA. is There and in their the and one on time lot full updates a get resource time and large And for about UN the countries ratify industrial territorial that access from talk, China, includes in coming exploitation those TMC.And credible we where front the table seat that this underscore to Any and of frankly, are to real in contractor coming our and waters.There now States question partnerships? the the this be strategic India efforts not very It just going like are to United Can in question

Gerard Barron

like lot the course. a And could last X of time be Asia, all diary, we're Indonesia, processing But with industry revealing. in look, particular, growth Unfortunately, of have and quite some process nickel. That of spent a Indonesia. there so our same than there in because in coming out to infrastructure.And trying heavily can mainly supply nodules we've it's chain they're building have opportunity now are polymetallic strong I announcing And would share materials. there. my The going battery for from. built as by in But strong be of And course, very from are build that fascinated very who saw that know, they more in corporations material a government laterites. in are we months interesting is Indonesian where process nickel it's to involved you the with material those even to build nickel companies it's us. cars to very actually able We extensively battery they their BYD coming Well, refining.

there's so doubt in moving no And country. are that things

a is TMC going that in slow some we -- for places be that of And can to a the resource development now.And but is see country. opportunity, so nickel of message right do that's And for of well-received nodules. replace to nickel that, it with thing good and that rainforest we tremendous planet, expansion believe being and the our down course, Asia laterite sending seems that certainly friendly place nodules We very Indonesia. like by

U.S.A., up X,XXX nickel team of had being to competent money of I don't -- the be Europe but nodules ores They're our that done around us and efforts partner, in there just perfect think since the existing remain that And U.S.A. go that's in to company are and send that for through further able in battery refining PAMCO. continuing XXXXs. course, processing we and can utilize product that's have in can region. toll so is area. our with so us our started. And that materials, of into We've America, believe we make harder, a partner so get build that for intermediate spend those and do which in don't to and opportunities tonnes to will in -- we plant I to build were processing.My means ever our Japan. D.C. many And And been are do recognized.I of by we'll recently a plants, things amazingly we we some nodules Getting hopeful course. efforts an into arrive means that the North that pyrometallurgical processing infrastructure

Craig Shesky

quarterly looking And us. that today, all too a line with of Yes. And just join the the United firmly deploying that progress the we're too. is U.S. looking intermediate further are And back Annual call. you sharing adding behind.So sense of potentially already States, in speaking on the little been appreciate turn much. we're side. to General the color falling D.C. we've That forward the more taking in refining the to makes I'm strategy pyrometallurgical on to focus it we perfect is to the next Defense going frankly, forward of to products, shareholders, a on lot on coming to focus there who Authorization continues you certainly as of like this operator. this sense the very over And that. for so avoids we year. work year, all those a time support for Acts makes to that have that's lot but something thank National our out of at be on And Meeting.So And it feasibility time you you

Operator

concludes for conference Thank you This Thank today's you. participating. call.

You now may disconnect.

TMC the metals (TMC) 13 May 242024 Q1 Earnings call transcript