TMC - Earnings call transcript Q3 2024 | TMC the metals company Inc.

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Operator

Good day, and thank you for standing by. Welcome to The Metals Company Third 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 first speaker today, Craig Chesky, CFO. Please go ahead.

Craig Shesky

Thanks, everybody, and please accept our apologies for a bit of a delay here. forward-looking for that quarter statements available during the will joining conference corporate made at you beliefs company note management's call. Please this be this appreciate time. our from XXXX third update by and We assumptions on information based call, certain These subject and to unknown many and uncertainties, statements which control. may are of be known risks beyond our

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

slide cash And Our turn to financial remarks to non-GAAP today our measures, welcome comparable found to including may with deck call being reconciliations at and follow by our measures you call. now also used deck most our the slide include with and non-GAAP respect time Gerard additional can this financial will to the flow with including any I be GAAP phone, Barron. these access regarding joining or CEO, details over Chairman investors.metals.co. And along directly financial measures, at can free you're in

Gerard Barron

metric. remind updates. Craig, is about and you to undervalued all of we quarter conference that significantly that world-class value you our Thanks, reasonable likely But project based this call. if Typically, know and you're provide resource these already calls, joining incremental our proposition in on a high-grade for thanks third everyone listening, any is

of us be you sick may You that. even reminding of

waiting moments take to journey. Last that are White going in we themselves House a And see last significant value like All start both where that strategy talk rather Republicans our seen of we in some than about saw to Congress. and included the the appendix. What that is events of be X election weeks, to U.S. for we'd TMC's over and houses we've really will available information still production. readily week, believe unlocking the first now, is watershed

the we to aisle offering the emphatic contract good with for release, But XXXX, confirms both financial submit institutional for more was yes. a week, an sides NORI's that with resiliency this for since work Biden our the of We administration shareholder But allies detailed announced the June a and to this strategy if exploitation that [ of years. TMC, led is the all date. ensure XX, press rationale talking largest issued a our have application have we and which shortly. Earlier an ] on few have along we time, by nonaffiliated on registered us to this will been plans minutes answer ask the on selection outcome see direct just this a And ago, our for help people through.

facility I this balance ] are nor facility is cash the the in also that As Allseas comfortable care from in our heard provided the times about. many of Andres low an heard month. At a such they just and seeing they rising with some the a uncertainty. balance, capacity that following time, of company mine same don't upsizing for regulatory period debt a [ we've market also during from this our X you Director, have key equity Kakar a over before, credit Andre something is us have And the protecting of it's largest consideration and shareholders, ]. why [ for $XX deeply million And me two

certainly and by point, formally know our above As our agree gotten various Capital. that a we this strong that application value ISA and our ahead. the for the an release, years. shareholder decision NORI's normal to application. immediately reassuring for a market This expectations company consultation no to by mining requested terms, to some NORI's XX by and allow And the last the my eyes institutional money such, the the June issued this was that sponsoring It that to ISA closely terms the on certainty public this ERAS the ISA transaction measure. It it letter is should submit means major be And of kind from valued who date which which the augment we've confirms the on an application. clarified code but and XXXX, was the review the to are state XXXX support taken team's like support to in relationship. council submits is TMC's are proposition a of pleased NORI's submission June next to and to meetings before allow we've where will exploitation up application existing to for continued that submission we announce of plan begin NORI made the deal under course March process we with to work this. for NORI, of delighted to process. But over agreed year. focus And application contract the the XX, and narrow beyond for after to was a supported see Nauru, on On process critical And submitted press of a also have upon keep Allseas providing prior deepen review extends at in market good I'm from shareholders to on anchored

that in of are turn largest growing week eyes the developing a to to world's we developed We the last a plus the decade seafloor, announce are for resource development. needs this now to the over needed the a world leverage defense for over new pleased seafloor services position business infrastructure to metals that the energy the billion $X.X are economies and of as capabilities strong investment produce population. To end, and we our transition, of

execution. and provide discussion parties environmental plans data to of campaign the several expertise, definition, are with already offshore exploration services on in areas assessments, work, new We contracts resource of impact our management

us Day the to while our Strategy a a look [indiscernible]. And to to before may the sharp assist side new We we business. business of revenue side, cost services and taking we're occur optimize the explain help also at intend intend new our also announce [indiscernible] on initiatives, to diversify these

First raise less strategic not be with the or preparation than of as of regulations, the operating per to we until the do vessel, such other funds application regulations in in to expenses expect we are finance for capital $X the million cut Gem spending all, adopted, Further, related the a potential time is of on going quarter. Hidden target is expenditures place. based are draft approved until nondilutive final to

reducing post application? to through share money delaying costs share. going from Well, back of come at and taking we decision spending before answer our been at is the public, raising our price hard the A did public. how look $X So the what per and going we holding stakeholders. input has honest since year After production key were capital operating a

in the sitting a And I'm we were we've is agree certainly de-risking doesn't the of TMC we Never work all nickel believe and analysts what we with an the seem this reached public nearly price. of XX% comp, nickel, may we're X $XX spent at has $X.X Just asked institutional invested Mining we've listing, market more Code and underlying ISA currently? Our were it's with money them are price company us, public than it? factors accomplished their raised for have of land-based a $X. tens market and just tighter. by it's coiled as our in XXXX the on historic at inherent fraction share why alone, the of importance itself. projects. reality we of faced investors at guess of emerged share. milestones, price than is just confront before TMC hurdles, since created about cap you CapEx out what for peers, to any frustrating And is We work requirements mind but these billion you, to adoption potential that rerating market if mining. value-creating of which rather and capital-heavy for to be resource to important raising the forced getting based since focusing inception, capital that worth in survey. complain many We raised. Considering on total single many the what's you And for is kept regulatory has of what the billions of -- developers TMC value. below addition inherently own factor sure stock. clearly obvious the most stark the permitting likely our cap project that this and the what per this the achieved development to the a our informal stock. An But look value depressing is see higher today, share that asset the spring thinks, of been proceeding our think around But and quite capital to market small have rank this resource at milestones And And all is second valued

or application on project turn maximization, then cell ISA is shareholder code Craig resume of line it this the grand value based the some lens adopts we of further. now it to discuss capital application to mining these get to through believe draft I'll over So wiser considerations rules. But existing the the the development and over after

Craig Shesky

they I believe that slides on available frozen there's I our are as the Thanks, moment, have Gerard. a well. on believe a the but And working webcast, website been

PEA when did purpose to familiar of of PEA economic of resources PEA. of the project, early published in So potential less mineral compliant stage SEC TMC The or NORI-D. the initial standard assessment of -- the offer early-stage terms assessment viability NASDAQ, conceptual offer of we NORI-D on an an more purpose to is the the is

would ourselves. It it and capital XXX% that production XX the the [indiscernible] refinery we Now new and processing vehicles PEA assets build plants all like based of collection be much assume And per natural that was get how scenario. to produce year. million all importantly, do build shows to logical needed on and development NORI-D a

pre-feasibility is don't not shown our providing our now partner, vessel production that. We've this to we're our With I obviously Allseas, partner have do [ capital-light to have we solution strategy. And our it's plan aware, first for pleased that. ] do PFS, a we think that for and as completed turnkey everybody that or study, processing. a now announce Gamco to providing

since compliant December. facility and providing to TMC to the SEC on a trial this said, on to Unfortunately, availability sign-ups information, data operations, economic X,XXX-ton for a document, PAMCO and be ] at the Strategy [ approvals preproduction underway owned processing Day component we April. as world's finalizing on project has our more partner Japan. upcoming forward look including likely in of doesn't in onshore anything have we're summary nodule I CapEx of spending existing Now sample ] our [ processing been Pamco our And [indiscernible] of [indiscernible] by commercial-scale thanks facilities first nodules in

of and phase the in X PAMCO Phase And [indiscernible]. of now early the these be expect During first we commercial XXX trial, trials high-temperature finalized produced tonnes to XXXX. has material commenced, successfully

been now in have Gerard's of the pattern on So now with the elements year us, Select in spending Committee to the election recently of a frankly, the XXXX. a time that, this been [ are holding U.S. House We've of China. ] testimony expected land to D.C., many including behind in quite course bit over

D.C. Our nearly on the before optimistic is to us we're Pentagon it's sources what long-awaited out. report and going the tell is in year say that fished,

in is which a Defense on ] during expected Defense the to bill, feasibility and spending nodules National is the study December is the also delivery from Authorization signed of Importantly, Department Act, to expected [ be of call XXXX. Annual

awaiting in We road down having this to seafloor are shelf. refinery also not a demarcation announced continental Pentagon's refine application hope in square $X an for last a to in President nodule pending for the both intermediates. a the more grant response a million U.S. kilometers priority year, been coming [indiscernible] interest U.S. President to additional of We the on Biden building of that United do Trump the quarters. The And space to million is to have X States the say on our eagerly derived

that clean the industry support CX Resources key Congress, sponsored spectrum interests. Association processing and representatives, defense communities concern in the to to U.S. and Over national across of was taking use sign players, economic in bill of the repeated National committees other have collection, responsible introduced adversaries undermine figures absence past and the the X and and year, growing and advantage endorsed were public-led this March, by vulnerabilities. chain for security political by various to are defense Industries class, energy influential supply on nodule Act refining And its [indiscernible] Ocean and close and other there from and calls America's intelligence for the

to [ ] of to CX President-elect representative ambassador co-leaders Now occasions. one [indiscernible] knowledge most of was the XXXX, entities focal as the file sentiment State captured nominations staunch Senator Secretary already representatives and Through along for the the nominated contribution to to on a Marco supporter Trump and life. Pentagon nodules. deep biggest Department. the its the trying in Nations. enters ] State [indiscernible], leadership Rubio Secretary hpocracy issues on specifically U.S. and Rubio ] based Overall, on with sent prioritize United nominated of of to are he our their pivotal public Whitman materials influential delegation actual support deep out the ISA, of Trump U.S. Volkswagen representative on the a human ISA U.S. of Trump's human State, is polymetallic these [indiscernible] champions the multiple over second ], looking the valuing media the Ambassador the of one had mining, called letter, administration. UN of in we've our also according modules. The rights as and with are source to X pleasure [ And United Rob congressional serve arguably reports. critical the the is for being UN [ in as meeting it's at sea the ESG [indiscernible] States for great [ sea supporters

joined earnings call, focus the from last minerals among who deep increased the remember you and multiple our for economies technology trials world's you'll of XXXX. sea those largest highlighted with for we Now nations on industrialized scheduled

Norway, more excuse saw India's me, most Technology National news India, responsible Meanwhile, nodule we Ocean quarter, consumer collection the this earlier initiatives ] metals, up of mining in which and post announced [indiscernible] crucial nation scientists trial base and a a development and resource for falls the notable in world's zone. sea year. The allocated are data economic to In government of $XX for open under last recently to -- essential the intention CX its of items. of waters of Institute resources. territorial During its tech conducted the environmental engineers further million which parts major populous a gather and deep which exclusive [

as of weeks Just report be by deep a to a industries, behind Germany BDI, cannot report The German Germany that ago, noted escape few on left afford new sea but will automotive Federation this trend weather, of the and how" exploration. cannot that also known mineral the stated The place. sector the question "is deep industry, [indiscernible] industrial mineral of represents industry. including XX extraction associations, take not association the BDI, a voice of that German

trials set of of compiled. finalization be are that has year the is covered were on assessment, millions now yet the in the time to continue continue function. X NORI-D will a video demonstrate speculation data, around is settle mislead. we not tightly addressing impacts sea [indiscernible] DC activist potential data organisms recover concerns NORI's and floor. alive invisible. of sedimentation ever potential back X operations staying seafloor and project, for with TMC's of XXXX by of registered and weeks goes biodiversity in remaining and another in images And petabytes after low to fast these we're this visual the to that this sitting areas Now on while shown on prefeasibility element assessing once key focused We present now areas The to meters thousands of the media are in largest monitoring living that heaviest [indiscernible] identified our impacted one And about post still on, And nodules tactic With ecosystem marine was conducted of study later. know impact sentiment, biological this the environmental that and overall warm offering application [indiscernible] organisms that EIS sets impacts still over our where the samples, earlier that [indiscernible] which in now to direct have is overblown. We stay as and year deliverable data activists to XX% now represents tens finished. next at evidence XX% with with our remaining key within and of

that claims that oxygen dark frenzy media So expanding with appear the our year of or be fundamentally this beginning [indiscernible]. continuously aren't this paper while the would team media data more production the life on analyzing were the over -- their they've plain, years, data quick pretty identifying some at And to in [indiscernible] the understanding by happily sea over NGOs our over how of claims good think earth, a the floor about burst. The the the of set me, on to so-called adept implausible. become calls is conclusions to that excuse jump supported the we example pointed and bubble altered crazy advancing for

we hype. media out Back Science have team know were they not and the reached that our a in my deeply questionable. felt Magazine covered paper some to buy they and at the to team However, findings let of because didn't the the journalist August, us

As because have the will experiments, [ were contacted flex the Ander data a University quality of Harriet flaws, would University ] cited point employer, the in Gutenberg former the Sweetins expert warrant to its not retracted. foremost all paper leading to with from of Andrew to his [indiscernible] support validity. made [ Sweetman campaign [ paper's Andrew that that We'd they result. data comments be that type a ] measurements." Meanwhile, the a [indiscernible] by ] as the the the researchers wrong. had serious calling Andrew And Sweetman's serious be reports who there's to the warning recently high that faulty of claims conducted land to geoscience by and methodological like been peace PMC "poor for ] experiments oxygen at our interview incubation of own, this in multiple warrant, paper team the concerns lack leading nature Sweetman data ethical probability one been or rebuttals research for submitted, authorized Since to publish [indiscernible] is and [ Watt we of academics including not have then,

violation state data direct that from of is which obtain to course, authorization of must owners. any this, in nature's an data use policies, own after So that

like. Also the the texts, elected good York. we General final regulatory the alone UN meetings to but that been the Leticia with levied arguably, meetings, lead meeting, mining caused very text Assembly in year to that of the meeting to circulated was milestone the So all And be marked at have the last update. New publication and to should to will of of our [indiscernible] a in-person Brazil's have final ] of session, its to a from the the think this Council closer for Secretary at in code the the the process the [ will team congratulated The retraction, ] this pleasure Based moving we consolidated ISA of at key July [ earlier the text technical to hours reading the way that outcome. On Carvallo what one paper and version and General, Ms. Carvallo on regulatory bringing regulatory ISA first newly negotiations. draft regulatory completed step look multiple dozens quarter, of studies close. transition will at The members of month. first feedback after we process revised a phase of large thousands us idea

President end, the its publication which their months remember council role X out its while November. will over of text in groups, organs updated a it's ISA over General decision-making Secretary can the code. ultimately, consolidated the to address main thorough has ahead working To coming is the agenda that of council ensuring outstanding will Norwegian important issues meet fulfill mandate, the set led play to that of that the Now mining intersectional by driver an ISA's of major this it's the negotiations already a

recommendation. before will Under of exploitation we've would then ISA to NORI X/X by approval XX, on then approve the on that a & that's rules, Secretary data majority comprise a for to compiled conclusion Legal June majority that then overturn the simple a entirety, the XXXX, the and it the LTC majority council TMC's draft a turn And let's including take it important undertake LTC's assess the simple current Technical consensus we're baseline completeness impact vote. With [indiscernible] brief impact very would Now project that handing on the ], what that to the application submits will so review Council Commission. XX of environmental in positive to NORI's is data happen the ISA of confident or document from once based application. the each within to the our environmental whether before experts following [ why subgroups a from main a LTC either body over The review LCC decision and organization's it its making submission, statement. technical

$XX.X increase in So for or net to units comp quarter share-based was million options second granted directors an same quarter $XX.X in of increase million the share the of period the and third due million to during the The and restricted million primarily loss a and and reported in amortization results. officers process $X.XX $X.X of Exploration fair XXXX, of due September share-based the XXXX increase the than amortization and and increased increase in not RSUs comp million to granted due of fair expenses personnel XX, to higher far compared of which expenses and or mining, quarter until increase to of the invest is value XXXX, and XXXX increase the stock where on for compared of directors development higher due for including loss CEO, consulting the technology to with engineering ended in to along XXXX. our for and quarter resulting the Chairman evaluation an XXXX are and officers quarter approximately a XXXX. costs. Allseas were second period XXXX. September an administrative higher per we in in ended the the would the XX, the package third mainly legal million $X.XX [indiscernible] share $X.X TMC from costs. General was to value quarter compared $X.X personnel to per work of were net The by compensation and in price costs financial today, same options share for in

quarter operating $X.X gain of were XXXX used million included in the facilities. change the charges our quarter for fees results million the million, third unsecured Free negative credit million in net the $X.X capital compared increase the the a million, In $X.X raised period due third warrant reflecting was XXXX in non-GAAP accounts of third with mainly third just change cash on capital working prior was fair expenditure free million XXXX reduction of meet to value and reduction of to the fees and interest table value the receivables million quarter on Gerard from flow non-GAAP is and again, of compared third funds for from and XXXX, our The to be million ] for capacity along requirements amounted ] to working will today. on also included to and XX of measure negative change quarter in due the liability direct for fair a [ [ accrued million the in this of the for deck. We XXXX, of $X.X least and Barron a in of for offering quarter losses the months the on $XX.X and registered our activities at The quarter in The the to hand, interest $X.X to third capital, flow XXXX next credit $XX.X facilities million. In payable in that in liability, and exchange and slide and through our compared warrant credit comparative [indiscernible] $X.X liabilities, $X.X charges of foreign a cash cash is facility and the sufficient cash undrawn the and XXXX. quarter [indiscernible] believe reconciliation of XXXX. $X.X prepayments. in

XXXX, of and raised $X.XX million after company raising the X.X to company facilities During average in million quarter drew share, shares turn will facility an fourth at million in an short-term has in the the issuing The $X.X third the third quarter per $X.XX. quarter. With million ATM quarter $X.X under from usage second There the into of the average to it debt. by the ATM at credit the of also we that, $X.X over no been price operator take Q&A. price

Operator

our is first And Instructions] [Operator of the Cantor from question line Matthew O'Keefe of Fitzgerald.

Matthew O'Keefe

Like seen from governments pointed mentioned you India, mean, ocean Norway, Yes, your like just kind Japan China, -- I interest of business? of the stretch in What as to how from guess, to model a services this I'm with business, it potential. there out big like Are be? to -- we've like? big is up? lot very a costs in interested well. a up lot going look to as what's of respect the in this business it revenue And presentation, step set the services will I you deep

Gerard Barron

there resource this of Look, and the all excited And and of at part the the in that's super just we success we our expertise could have we decade. very know code when market look international definition go in amazing our demonstrated at special. $XXX is campaigns that forward And that other operate application got moment. But about we've a million that to the year spend that that going our Yes. regulator, that estimate XXx increase contractors in be And Matt. offshore how once forecasts those waters. gathered the we mining to the are we've realized something we campaigns place. we now Thanks, about is because last -- this we're over in the

much number to then add waters, you territorial that could that be higher. If

Because that keep available talent no see investment. a can start So some the looking going spending move there's and help as is able advent mining blocks the becoming there operators. and adopted. their we've decade with on that once obliged away as really mining It's the we money to make increase great of code, that that we other last contractors excuse. our that they be much available then are talent about be real other waiting But code how to aren't And should over and excuse permitting. mastered that their contractors opportunity they're lodged who because of goes more being That's is forwards will to towards to the all it contract at spend. to holders of application

how we know anyone to else. Now than better do that

to are work. contractors And on will, all already once, a service talking of likely several are Chinese I think use particularly economic offer there advantages some deployments, collaborate service, it I tremendous when don't the that they many but confident at so if offshore am and comes to similar many contractors. particularly we contractors to those others that for to been contractors we've can because of

Matthew O'Keefe

mining? of focus for you see be [ is types nodules do this [indiscernible] And backyard? would ocean other Clipperton around in -- ] parts -- deep-sea the -- and not just you just focused other also just of not areas would your or this really in Or

Gerard Barron

beyond conversations already waters. the backyard services have our as waters [indiscernible] into we well. had And apply regards certainly with is territorial to for sure. the regional Look, But

Craig Shesky

strategy in [indiscernible] We elsewhere potential know, all ], is approach. also from zone of incorporated [ terms the the capital-light within the Matt, of the would

has to of world. But the where is with of thinking in about our out the of that do TMC is built to only some thinking can frankly, on definition respect our business, assessments, expertise size not best it's services our gathered this. impact not The something say, XX resource opportunity revenue, sort increased in team help not capital. We technical get something about hey, shifts the other future expect you -- of the that additional people but the going are environmental is increasing matters would of love size certainly the the skis in where portfolio. get So over this that, some let's to business services to resource really roughly team the

the us So thinking capital opportunity good IRR equity shareholders the on stewards evaluating way. of and and every can as of very step you being nimble very and on and of every think based return the of

I While Musk a sooner reality we're in guaranteed from who's than Elon a [indiscernible] this be ], rather question [ labor waiting, [indiscernible]. Ryan cobalt see later? production. How the can

nickel, how I ending within cobalt, where batteries LFP other in always metals forms. look, thinking there of or maybe of between is guess, Ryan, how is the I much Well, a, equation changing terms, much up, mix think

we late away pivoting our form so of the think see some article where last EV the be for outside we these and I do And course nickel, [indiscernible] EV confirmed to an evolving metals the few we've something on not I only stainless certainly are as we that it's if was was Post that's about can and versus sources those think thinking that's this there from the next important what nickel the contractors and when in lot to incoming in driven over for about scenarios industry of the steel, from versus for you perhaps some nature road, decisions. what is talk for on year West talk and metals coming of the big, equation then other the state and on you that as had few brands with minutes. the to quarters demand contracts over well EV seen and past a of And past expect like. of China. sourcing revenue certainly of going But our see some vehicles cobalt It I is batteries. And a XX is depends he's and methods their the feature very Washington reasons, [indiscernible], are. But the of or difficult their about this topic what video a the of industrial by the of industry the think focus too, manganese pieces year, Volkswagen as over of produce, situation out demand all electric these such used of half of it about in really look while source take could struggling future underlying we one some why of batteries. TMC, in metals NGOs calling it's down talk Secretary

take think security. evolving anybody sets it that national very well. definitely positioned So houses into is advantage the majority administration coming up of than better of in And both that. to And certainly, we're Republican with I and in Congress, the

Operator

next from Dmitry Research. of Tower line Water question of our comes And Silversteyn the

Dmitry Silversteyn

bit now. follow I discussions Gerard, think, just this early very a I the contractors Or than that you're talking is that still that's service to on are talking you this potential. you little -- to your some point? in wanted Are more something serious at mentioned you business stages? up Are in

Gerard Barron

it's No, advanced. quite

out RFPs by call under we the hoping have of we have next belt. conference time we'll certainly We contracts our are market, and have that the our

Dmitry Silversteyn

once would of you Wonderful. be attention correctly that to the to mid-XXXX this we think the So your Did underway? as ISA? submitting able energy is should business the the you timing dedicate of understand sort I you're about to when application done and really

Gerard Barron

contractors for team likes the wipe-outs, amazingly day we application how we together? And some and X our worth to And together, of it's about can part XX operation talent. a other synergies a the there's reminding XXXX more as decade. everyone sell over economic ran certainly think gang And was we've course, a is together. in a year, of go regularly of XXXX and calendar single successful. offshore of do working through as the the after economically time, amazing be as keep services that keeping operators. available us, there'll -- It see team bring into we coherent but it Allseas. them an as approached, our we way our available a it ran easiest to also applied, us, or conducted partner really see it course, work other no of operators. that lose we unusual. Look it's had because And campaigns lead but great we of We've that's join And encourage lodged. -- way team, needs to there we someone make how together But to those tremendous team can other successful if is amassed would and bit have that we of really collector that opportunity, I for last is And COVID, offshore of and and trial Well, that's didn't campaigns. yet we with it at

And so some amazing had area. we've successes this in

around, And and build go so and base doesn't are that any investment. it require good strong, credentials a our particularly very to business because provides a

Dmitry Silversteyn

just the I that And lost Gerard. was -- Is good. But [indiscernible] end. in deep for then -- repeat planning think one it my dates you That's to connection talking you're that when and I dive question, the that? hold. final you're can about

Gerard Barron

we date, be announced can't the year. wait. we And of haven't will before Yes, but end it the the

Operator

Alliance comes Partners. question next of from Global Our the of Jake Sekelsky line

Jacob Sekelsky

any advanced you very supply in identified in election. you Are additional you are one government color obviously Domestic at have mentioned sites are provide able to quick the to had capacity? that related $X And here. chains point? becoming topical I'm any how million a just earlier after that refining Just domestic potential Craig this curious process? that funding on

Craig Shesky

as quality is you. our our by that on going we consultation the identified our business Yes. as I with application, for Definitely. very Appreciate speak with thinking And the have yes, potential in to team. long development a answer is haven't planning that, time team fact Jake. in I think, this project we of well sites. always underpinned The

that's we So who you feel because within have We a along some we when White I of House. only do going influence positions multiply see people incoming far into because think to are are it's we getting very so place. the exponentially of and it feel in growing the support, good

X there's these been Defense we question applications of close applicants. do Defense is the III they've year take to funding for at think since of time. look it's [indiscernible]. time, program. But over Title Now is grant Production Department what taken available And a from average, now most We any months a of launched point that on Act always

of that that So forward. on will quarters in going we it's the conceivable more next couple know information

the the board. sizes transformational not their the a of push come United Now cover get from people and this this government, sort of where of put you resource other on not it's NGO the thing of building million give that's confidence from to lot the is a be context that's would of about of head $X does shapes that context that of investors understand really the so very the But kind can with for of it. above support of of lot. We just be thing resource, States. may because more helpful, not capacity afraid have type one eventually in support easier out and that parapet type say in and the explicit people lot the to extra all U.S., going A and is it sound like noise project in explicit to people some that for this make

business. mention in the of do beyond opportunistic a side in then very what not the seen McNeil. not on must-have. something potential And spending see investors contractor the June time, going from being services on terms news million at on to in spent of The you've addressable year. this services spent very an it's that market So and last We shows well the we other view XXXX. time online question a view Gerard date we're back $XXX Tyler be queue this been same Can a key nodules over think is as our that year of moment. But the to as certainly well on has and going of cadence contracts. Well, investment the the ensure team. I [indiscernible] I did application per pushed

requirements forward the a there do we hadn't is that the to from perhaps expect will And up will past. in closer. number as that's substantially increase on mining getting contractors Now work catch be effectively that play been code pushed

the of seeds, the of area spending. what bit beyond a again, clearing zone we'll a looking in that, just at or quite [indiscernible] other we're addressable jurisdictions within increased lot but the that narrowly areas national Beyond of high see markets

be what the rationale this, have date ] delivered. just full line review is us out are that of agreement date clarity needs what we that put session, a the say ensure date, pushed in XXXX too to In our get in in bore getting allows and specifically, back. from There at that pick process it we they to up can that over the terms That's of and is June didn't application to we that to the the ISA cadence all now is the such on on ISA lined application of March and additional on application. hat. team Look, schedule being [ But our it a start forth application we best towards the looks importantly, the like end June, July with the very once the their dealing on session.

world no the that picked we that. Gerard, So and date not you that to that? have is there's delay there reason other incentive if on certainly beyond why a comments natural any ensure sure every in I'm

Gerard Barron

as many we alluded And stakeholders, there were stakeholders on we consulted it's all to to, -- we that roads we that. than lead many other -- No date.

give that aware Council the UN some are also which as June in well. is of to meeting, be cleaner. attending Ocean year wanted we'll We We next

we're is So that states or the all certainly dialogue it near on adoption say we to Authority. the it's think very encouraged leads would International member -- code in future. that of dialogue, states the And [indiscernible] between between mining very the sponsoring increase the of by amount and of I

Operator

question-and-answer the concludes I back like it the now Craig phone to turn would Shesky. This you. from Thank to line. session

Craig Shesky

news update see strategy for many seeing everybody we to say but this and our look you date quarterly before Usually, hopefully, day the we even year-end. we for call, attending of Thank on Thanks we you before forward announce that very to call. can next our much. when you

much. So thank very stay tuned all on and you that,

Gerard Barron

Thank you, everyone.

Operator

Thank participation the your you for conference. does conclude This in today's program.

disconnect. now may You

TMC the metals (TMC) 14 Nov 242024 Q3 Earnings call transcript