TMC the metals company Inc (TMC) 2024 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Metals Company fourth quarter 2024 corporate update conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加金屬公司 2024 年第四季公司更新電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to Craig Shesky, Chief Financial Officer of the Metals Company. Please go ahead.

現在，我想將會議交給金屬公司財務長 Craig Shesky。請繼續。

Thank you, Liz. Please note that during this call, certain statements made by the company will be forward-looking and based on management's beliefs and assumptions from information available at this time. These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Additionally, please note that the company's actual results may differ materially from those anticipated, and except as required by law, we undertake no obligation to update any forward-looking statements.

謝謝你，莉茲。請注意，在本次電話會議中，本公司所做的某些聲明將具有前瞻性，並基於管理層根據目前可用資訊所做的信念和假設。這些聲明受到已知和未知的風險和不確定性的影響，其中許多可能超出我們的控制範圍。此外，請注意，本公司的實際結果可能與預期結果有重大差異，除法律要求外，我們不承擔更新任何前瞻性陳述的義務。

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

我們今天的評論可能還包括非公認會計準則財務指標，包括有關自由現金流的指標。有關這些非 GAAP 財務指標的更多詳細資訊（包括與最直接可比較的 GAAP 財務指標的對帳），可在本次電話會議中使用的幻燈片中找到。歡迎您追蹤我們的投影片，或如果透過電話加入，您可以隨時造訪 investors.metals.co。現在我將把電話轉給我們的董事長兼執行長 Gerard Barron。杰拉德，請繼續。

Thank you, Craig. Well, before we announce a material and very exciting change in our way forward, I want to revisit the premise behind our company. So in the next 30 years, we expect to need to mine more base metals that have been mined in all of our human history. So where can we get these critical metals with the least cost to humans and nature? 70% of our planet is covered by the oceans, but they are home to only 3% of living biomass.

謝謝你，克雷格。好吧，在我們宣布未來發展中一項重大且令人興奮的變化之前，我想重新回顧一下我們公司背後的前提。因此，在未來 30 年內，我們預計需要開採的賤金屬數量將超過人類歷史上開採過的賤金屬數量。那麼，我們怎麼能以對人類和自然最低的方式獲取這些關鍵金屬呢？地球的 70% 被海洋覆蓋，但海洋僅是 3% 生物量的家園。

And the abyssal zone accounts for more than half of the ocean area. And according to [Grock], the abyssal zone sparse but resilient life that thrives on sinking organic matter in a vast other worldly expands, limited leftover food means limited life.

其中深海區佔海洋面積的一半以上。而且根據[Grock]的說法，深海區域雖然稀疏但卻有韌性的生命在廣闊的異世界裡擴張，靠沉沒的有機物繁衍生息，有限的剩餘食物意味著有限的生命。

So limited life to begin with means less life to impact and vast self-similar distal zone means ample opportunities for smart conservation. And that's just the beginning of why nodules could be a great source of critical metals. And once you get this far offshore and this deep, there are no human communities to impact, metal grades eye, and there are 4 metals in one resource here while it would take 3 separate mines on land. And crucially, we can process this resource onshore with near 0 solid waste, and this means we will not need to manage lakes of toxic sludge. And what's the alternative?

因此，有限的生命意味著受影響的生命更少，而廣闊的自相似遠端區域意味著有充足的機會進行智慧保護。這只是結核可以成為關鍵金屬的重要來源的開端。一旦到達離岸這麼遠、這麼深的地方，就不會對人類社區造成影響，從金屬等級來看，這裡的一種資源中有 4 種金屬，而在陸地上則需要 3 個獨立的礦山。至關重要的是，我們可以在岸上處理這種資源，幾乎不會產生任何固體廢棄物，這意味著我們不需要管理有毒污泥湖。還有什麼其他選擇呢？

Well, keep cutting down by diverse rainforests, displace people, poison air and water and generate massive often toxic waste streams, much of which ends up in the ocean, sometimes in smothering beautiful reefs. And as a company, we reasoned from first principles and believed that we have a better shot of responsible extraction, where we have fewer impacts and fewer impact receptors. So these first principles are backed by decades of research.

嗯，不斷砍伐多樣化的雨林，導致人們流離失所，污染空氣和水源，產生大量有毒廢物流，其中大部分最終流入海洋，有時會扼殺美麗的珊瑚礁。作為一家公司，我們從第一原則出發，相信我們更有機會進行負責任的開採，從而減少影響並減少影響受體。因此，這些首要原則是經過數十年研究才得以證實的。

Since the 1970s, the Clarion-Clipperton Zone has received billions of dollars of investment and hundreds of research campaigns. In fact, after 3 commercial mining tests in the 1970s, the initial Programmatic Environmental Impact Statement or PEIS was prepared by NOAA already in 1981 based on several research campaigns conducted by the agency in the CCZ. And by 1995, NOAA reported to Congress that their studies basically eliminated pending verification of plume behavior during monitoring a further at sea mining system tests, virtually all other environmental concerns, which were raised around deep sea mining.

自 1970 年代以來，克拉里昂-克利珀頓區已獲得數十億美元的投資和數百項研究活動。事實上，在 20 世紀 70 年代進行了 3 次商業採礦測試之後，美國國家海洋和大氣管理局 (NOAA) 早在 1981 年就根據該機構在 CCZ 開展的幾次研究活動編制了初步的計劃環境影響報告或 PEIS。到 1995 年，美國國家海洋暨大氣總署向國會報告稱，他們的研究基本上消除了在進一步監測海上採礦系統測試期間對羽流行為進行驗證的幾乎所有其他有關深海採礦的環境問題。

Starting in 2011, the metals company has repeated a lot of this work and then some in our contract area in the CCZ. We are finishing our own EIS now, and we have orders of magnitude, more environmental data. Our mining system is much better designed and our impact modeling is much more sophisticated than in the 1970s, but our conclusions are not materially different from what NOAA concluded already 30 years ago. And furthermore, thanks to last year's expedition that revisited the site of a 1970s mining test.

從 2011 年開始，該金屬公司在我們位於 CCZ 的合約區域內重複了大量此類工作。我們現在正在完成我們自己的 EIS，並且我們擁有更多數量級的環境資料。與 1970 年代相比，我們的採礦系統設計得更好，影響模型也更加複雜，但我們的結論與 NOAA 30 年前的結論並沒有實質差異。此外，也要感謝去年的探險隊重訪了 20 世紀 70 年代採礦試驗的現場。

We now have a 45-year perspective on how the deep-sea ecosystem recovers from a machine that looks quite irresponsible by today's standards, cutting 20 to 80 centimeters into the settlement compared to the top 3 to 5 centimeters that our seafloor collector impacts today. So we, too, have a sense of the recovery from a collector immediately after and then 12 months after the test. So the notion that we do not know enough to evaluate the impacts of collecting these metals rich rocks is wrong.

現在，我們可以展望 45 年後的深海生態系統如何從這台以今天的標準來看相當不負責任的機器中恢復過來，這台機器將定居點切入 20 至 80 厘米，而今天我們的海底收集器只會影響到最上面的 3 至 5 厘米。因此，我們也能從收集器中立即感受到測試後以及測試 12 個月後的恢復情況。因此，認為我們對收集這些富含金屬的岩石的影響了解不夠多，這種想法是錯誤的。

So looking back at least 14 years of our company's existence, we and our partners have achieved numerous milestones worth writing home about. Firstly, technical statements showing a resource of 1.6 billion tonnes of nodules representing the world's 2 largest undeveloped nickel projects. Then there's the first integrated collection system test since the 1970s studies, lifting more than 3,000 tons of nodules to the surface.

回顧我們公司至少 14 年的發展歷程，我們和我們的合作夥伴已經取得了許多值得大書特書的里程碑。首先，技術報表顯示，該礦擁有16億噸結核資源，是全球最大的兩個未開發鎳計畫。然後是自 1970 年代研究以來的首次綜合收集系統測試，將超過 3,000 噸的結核提升到地面。

There was the successful industrial scale nodule processing into high-grade nickel, copper, cobalt, alloy and manganese silicate, which we announced earlier this year, alongside our partner, PAMCO and successful bench-scale refining of our intermediate product into nickel sulfate and cobalt sulfate. 23 offshore research campaigns in some years delivering 5 campaigns per year, while most contractors manage 1 every other year, and the adoption of a capital-light approach utilizing the existing assets of our partners.

今年早些時候，我們與合作夥伴 PAMCO 宣布成功將工業規模的結核加工成高品位的鎳、銅、鈷、合金和矽酸錳，並成功地將我們的中間產品進行了實驗室規模的精煉，製成硫酸鎳和硫酸鈷。有些年份，我們會進行 23 項離岸研究活動，每年進行 5 項，而大多數承包商每隔一年才會開展 1 項，並且我們會採用輕資本的方式，利用合作夥伴的現有資產。

So we've shown that we can pick up nodules from the sea floor. We can lift them to the surface and process them onshore all the way to the refined products with minimal environmental impacts and limited capital expenditure. And though we may have achieved much in 40 years, many investors are focused on a different 14 years. And that is how long the ISA has been working on the mining regulations for this industry. After repeated failures to deliver the mining code in 2020 and then 2023, based on what we've seen during the current ISA session, there remains a possibility of continued delay on the ISA's target for the mining code adoption in 2025.

因此，我們已經證明，我們可以從海底拾取結核。我們可以將它們提升到地面並在岸上進行加工直至獲得精煉產品，同時最大程度地減少對環境的影響並限制資本支出。儘管我們在 40 年內取得了巨大成就，但許多投資者關注的卻是另一個 14 年。這就是 ISA 為該行業制定採礦法規所花費的時間。在 2020 年和 2023 年相繼未能通過採礦法規之後，根據我們在本屆 ISA 會議上看到的情況，ISA 在 2025 年通過採礦法規的目標仍有可能繼續推遲。

The United States time line drift and failure to deliver its legal obligation of adopting a mining code does not change one key fact, and that is that we are ready, we have amassed an unprecedented wealth of environmental impact data, have gone above and beyond to design a system that minimizes environmental impacts and feel confident that we now know enough to get started, and prove we can manage environmental risks. What we need is a fair hearing and a regulator willing to engage.

美國時間表的漂移和未能履行採用採礦法規的法律義務並沒有改變一個關鍵事實，那就是我們已經做好了準備，我們已經積累了前所未有的豐富的環境影響數據，已經竭盡全力設計了一個最大限度地減少環境影響的系統，並且有信心我們現在知道的足夠多，可以開始了，並證明我們能夠管理環境風險。我們需要的是公平的聽證會和願意參與的監管機構。

Thankfully, we have another half forward. The United States has had legal framework and regulations for issuing exploration licenses and commercial recovery permits for deep seabed minerals in international waters in place since the 1980s. And now there is political will to put existing authorities to use. So today, I'm pleased to announce that our US subsidiary, the Metals Company, USA LLC, we'll submit applications in the second quarter of this year to move into commercial production through the existing US regulatory regime. And we did not make this decision lightly. It took careful consideration and many months of legal due diligence and government conversations.

值得慶幸的是，我們還有另一半前鋒。美國自1980年代起就建立了頒發國際水域深海海底礦物勘探許可證和商業開採許可證的法律架構和法規。現在，我們有政治意願利用現有的權力。所以今天，我很高興地宣布，我們的美國子公司 Metals Company, USA LLC 將在今年第二季提交申請，透過現有的美國監管制度進入商業生產。我們並不是輕易做出這個決定的。它經過了仔細的考慮以及數月的法律盡職調查和政府對話。

We've engaged multiple law firms and have conducted thorough legal diligence on the Deep Seabed Hard Mineral Resources Act 1980 or DSHMRA as well as implementing regulation from NOAA. Congress passed DSHMRA as an interim regime to allow US citizens to pursue deep seabed mineral projects in international waters in anticipation of the United States 1-day ratifying UNCLOS. 45 years later, the United States has not ratified UNCLOS while DSHMRA and NOAA's implementing regulations remain on the books and have stood the test of time.

我們聘請了多家律師事務所，對 1980 年《深海床硬礦產資源法案》（DSHMRA）以及 NOAA 的實施條例進行了徹底的法律盡職調查。美國國會通過了《深海海底採礦法》，作為一項臨時制度，允許美國公民在美國於 1 日批准《聯合國海洋法公約》之前在國際水域開展深海海底礦產計畫。 45年後，美國仍未批准《聯合國海洋法公約》，但《DSHMRA》和《NOAA》的實施條例仍然存在並經受住了時間的考驗。

The total of 4 exploration licenses have been issued under this regime with 2 still active. So we've begun a dialogue with NOAA, an agency within the US Department of Commerce authorized as the lead agency for permitting under DSHMRA, and have, in fact, initiated a formal process of pre-application consultation with NOAA. We've also met with numerous officials in the White House as well as US Congress regarding their support for this industry.

根據該制度，共頒發了 4 張勘探許可證，其中 2 份仍然有效。因此，我們已開始與 NOAA 展開對話，NOAA 是美國商務部下屬的一個機構，根據 DSHMRA 的規定被授權負責許可的牽頭機構，事實上，我們已經啟動了與 NOAA 進行申請前磋商的正式程序。我們也會見了白宮和美國國會的眾多官員，討論他們對該行業的支持。

And in fact, today, it was great to see Secretary Rubio talking to leaders in the Caribbean and highlighting that developing seafloor resources responsibly was an important opportunity for everyone. It is our strong belief that this path offers the greatest probability of receiving a commercial permit to begin operations in a timely manner. So I'm sure you will all have many questions, and I promise that we will spend the vast majority of this call talking about the details of the strategy, including the many months of meetings in DCs and legal analysis.

事實上，今天，我們很高興看到盧比歐部長與加勒比地區的領導人交談，並強調負責任地開發海底資源對每個人來說都是一個重要的機會。我們堅信，這條途徑最有可能及時獲得商業許可並開始運作。因此，我相信你們都會有很多問題，我保證我們將用這次電話會議的絕大部分時間來討論該戰略的細節，包括在 DC 舉行的數月會議和法律分析。

But first we'd like to take you through some of the rationale that led us and our Board to pursue this new path forward. And for that, I want to hand it back to Craig Shesky, our CFO.

但首先，我們想向您介紹促使我們和董事會走上這條新道路的一些理由。為此，我想將這個任務交給我們的財務長 Craig Shesky。

Thanks, Gerard. Certainly a very exciting moment. But first, let's assess where things stand right now with the ISA. So the ISA has missed 2 code adoption targets and is currently on its third. So it's worth looking at why exactly this part of the mining code is so hard.

謝謝，傑拉德。這確實是一個非常令人興奮的時刻。但首先，讓我們評估一下 ISA 目前的狀況。因此，ISA 已未能實現 2 個程式碼採用目標，目前正處於第三個目標。因此值得研究為什麼挖掘程式碼的這一部分如此困難。

Well, 4 years is about the average time that it takes to negotiate an international instruments and it took around 4 years for the ISA to adopt the first exploration regulations. It took around 4 years to negotiate the Convention on Biological Diversity, the Paris Agreement and the Arms Trade Treaty. COVID disruption certainly did not help yet the High Seas Treaty was also impacted by COVID, took 8 years. So depending on when you start counting, if the IFA adopts the mining code in 2025, it would be 14 years, or 11 years, if you count from when we work started in earnest in 2014, and it's still much longer than other instruments.

嗯，4 年大約是談判一項國際文書所需的平均時間，而國際海底管理局也花了大約 4 年的時間才通過第一部勘探法規。《生物多樣性公約》、《巴黎協定》和《武器貿易條約》的談判歷時約4年。新冠疫情的干擾當然無濟於事，而《公海條約》也受到了新冠疫情的影響，耗時 8 年。因此，根據您開始計算的時間，如果 IFA 在 2025 年採用採礦法規，那麼從我們 2014 年認真開始工作算起，這將是 14 年，或者 11 年，而且它仍然比其他文書長得多。

So while coming up with regulations for the exploitation of deep sea minerals in the area, they sound like a daunting task. Consider the fact that most coastal states already regulate offshore extracted activities like offshore oil and gas in all countries with the land mining half mining codes. There is plenty of expertise and precedent to draw. Now the ISA Council is currently sitting for Part 1 of its 30th session in Kingston, Jamaica. And as with every session, we are simply looking for progress.

因此，制定該地區深海礦產開採的法規聽起來是一項艱鉅的任務。考慮到大多數沿海國家已經透過陸地採礦和採礦法規對所有國家的海上開採活動（如海上石油和天然氣）進行監管。有大量的專業知識和先例可供參考。目前，ISA理事會第30屆會議第一部分正在牙買加金斯敦舉行。就像每次會議一樣，我們只是尋求進步。

The contrary to the legitimate expectations of contractors and of our sponsoring states, which are set out in the convention the ISA has persistently missed the deadlines that it has self has set, first in 2020 and then in 2023, and we're already 3 months into the third targeted year for adoption of 2025.

與公約中規定的承包商和贊助國的合理期望相反，ISA 一直未能實現其自己設定的最後期限，先是 2020 年，然後是 2023 年，而我們已經進入第三個目標實施年份 2025 年的 3 個月了。

Now Roux’'s requests that council adopt an agreed process for the review of NORI's and pending application that is consistent with the ISA's obligations on our own class was opposed by Chile, the world's largest copper producer. So with no agreement on the process, we do not yet have sufficient clarity as to how our application would be treated upon submission, presenting an unacceptable level of risk for our shareholders.

現在，魯克斯要求理事會採取一個商定的程序來審查 NORI 和待決申請，該程序應與 ISA 對我們自己階層的義務相一致，但這一要求遭到了世界最大銅生產國智利的反對。因此，由於沒有就流程達成一致，我們尚不清楚我們的申請在提交後將如何處理，這給我們的股東帶來了不可接受的風險。

Of course, there is one country that doesn't mind the delays as they play catch-up, and that's China. 2 Chinese contractors are preparing for collection tests in the next year or so trying to replicate what TMC and our partner also achieved in 2022. China has also built up an entire city around deep sea mining, having spent billions on the Sanya Deep Sea Technology City. China is also using deep sea mining as an incentive to influence geopolitics in the Pacific.

當然，有一個國家並不介意在追趕過程中出現延誤，那就是中國。兩家中國承包商正在為明年左右的收集測試做準備，試圖複製TMC和我們的合作夥伴在2022年取得的成就。中國也圍繞著深海採礦建設了一座城市，斥資數十億美元建設了三亞深海科技城。中國也利用深海採礦作為影響太平洋地緣政治的動力。

After we ended our contractual relationship with Marua, it was reported that China was exploring a deep-sea mining partnership with the nation of Kiribati. And in February, China signed an agreement with Cook Islands, which focused on deep metals.

在我們終止與 Marua 的合約關係後，據報中國正在與基里巴斯國家探索深海採礦合作夥伴關係。今年2月，中國與庫克群島簽署了一項協議，重點在於深層金屬開採。

Following that surprising move, New Zealand, which is in free association with the Cook Islands, announced that they would consider withdrawing their support for a moratorium on deep sea mining. And it's increasingly clear that deep-sea mining is at the center of geopolitics in the Pacific.

繼這一令人驚訝的舉動之後，與庫克群島保持自由聯繫的新西蘭宣布，他們將考慮撤回對暫停深海採礦的支持。越來越明顯的是，深海採礦已成為太平洋地緣政治的中心。

Elsewhere in Asia, there have been encouraging headlines out of South Korea, Japan and India with respect to their support of and interest in deep-sea mining. The increased focus on seafloor resources from some of the world's top economies could also have a positive impact on the total addressable market for our announced services business. In fact, we've had multiple reverse inquiries already this year on potential future work. But in the meantime, it is an all hands on deck focus on getting our applications over the line. And to that end, we believe that the United States is getting ready to retake its role as a leader in this industry, and to provide explicit support for the collection of polymetallic nodules.

在亞洲其他地區，韓國、日本和印度對深海採礦的支持和興趣也令人鼓舞。一些世界頂級經濟體對海底資源的關注度增加也可能對我們宣布的服務業務的總體目標市場產生積極影響。事實上，今年我們已經對未來的潛在工作進行了許多反向調查。但同時，我們必須全力以赴，確保我們的申請順利通過。為此，我們認為美國正準備重新成為該行業的領導者，並為多金屬結核的收集提供明確的支持。

So the headwinds to support from the US, including Marco Rubio's announcement that Gerard shared have been clearly building. But why would the new administration care so much about seafloor resources, particularly polymetallic nodules? The answer is simple because they can help establish metal independence, and they are the critical missing piece for US reindustrialization.

因此，包括傑拉德分享的馬爾科·盧比奧的聲明在內的來自美國的支持阻力顯然正在增加。但新政府為何如此關心海底資源，尤其是多金屬結核？答案很簡單，因為它們可以幫助建立金屬獨立性，而且它們是美國再工業化過程中缺少的關鍵一環。

Here, China continues to dominate and has shown an increasing willingness to ban exports to the US. It's clear that American reindustrialization simply cannot depend on Chinese metal production.

在這方面，中國繼續佔據主導地位，並表現出越來越強烈的禁止對美出口的意願。顯然，美國的再工業化根本不能依賴中國的金屬生產。

So to give you a sense of scale, what would it mean for the US to gain access to, let's say, 1 billion tonnes of nodules. The answer is it would be transformational. If measured by current US consumption, 1 billion tonnes of nodules would provide 456 years of manganese, 165 years of coal, 81 years of nickel and 4 years of copper.

因此，為了讓你有一個大致的了解，假設美國獲得 10 億噸結核，這意味著什麼？答案是它將帶來改變。如果以美國目前的消耗量來衡量，10億噸結核可以提供456年的錳、165年的煤、81年的鎳和4年的銅。

Nodules are not some marginal solution. They can in just TMC's contract areas alone solved US needs for several metals deemed critical by the US geological survey. And it's worth remembering that it was US companies and the US government, including NOAA, which pioneered the evaluation and development of this resource in the 1970s.

結節並不是某種邊緣解決方案。僅在TMC的合約區域內，他們就能解決美國對幾種被美國地質調查局視為關鍵的金屬的需求。值得記住的是，正是美國公司和美國政府（包括美國國家海洋暨大氣總署）在 1970 年代率先對這項資源進行了評估和開發。

The US government developed a regulatory framework and conducted a strategic environmental impact assessment. US companies, including Transocean, Lockheed Martin and US Steel, develop and piloted nodule collection and nodule process technology. This US leadership slowed, however, when the US did not ratify the UN Convention of the Law of the Sea. However, the US did have foresight to enact DSHMRA so US citizens and entities could access seabed resources in international waters.

美國政府制定了監管框架並進行了戰略環境影響評估。包括 Transocean、洛克希德馬丁和美國鋼鐵公司在內的美國公司開發並試行了結核收集和結核加工技術。然而，當美國沒有批准《聯合國海洋法公約》時，美國的領導地位就逐漸減弱了。然而，美國確實有遠見地頒布了《DSHMRA》，以便美國公民和實體能夠取得國際水域的海底資源。

US entities can apply to NOAA for exploration and commercial recovery licenses. And because the US has never submitted to the jurisdiction of the ISA, this US law remains a full effect, even if the US does eventually adopt the final mining code. There are a few handfuls of nations that do have bilateral agreements with the US regarding each other's activities in international waters.

美國實體可以向美國國家海洋暨大氣總署申請勘探和商業採油許可證。而且由於美國從未接受《國際海底管理局》的管轄，即使美國最終採用最終的採礦法規，這項美國法律仍然具有完全效力。有少數國家確實與美國簽署了彼此在國際水域活動的雙邊協議。

But generally, beyond that, US Law continues to offer freedom of activity in the high seas, just as it did prior to UNCLOS ever being contemplated. And leading experts on the law of the seas, such as Steven Groves, agreed that applying for a commercial recovery license through DSHMRA and NOAA is a viable path based on a robust and well-thought-out regulations.

但一般而言，除此之外，美國法律繼續提供公海活動的自由，就像《聯合國海洋法公約》被考慮之前一樣。而史蒂文·格羅夫斯等海洋法領域的頂尖專家也一致認為，透過DSHMRA和NOAA申請商業打撈許可證是一條可行的途徑，並且建立在健全且深思熟慮的法規基礎之上。

Stevenetoclax Groves is with the Heritage Foundation, a leading D.C. think tank, as well as a former staff for the White House Council's office during President Trump's first term. And in fact, it was about 1 year ago to the day that we were talking about Steven Groves in a segment on 60 minutes discussing the law surrounding deep-sea mining. And it was a critical minerals arms race discussed in that piece between the US and China, and that arms race has only grown more intense.

史蒂文托克拉克斯·格羅夫斯 (Stevenetoclax Groves) 就職於華盛頓特區領先的智庫傳統基金會，並曾在川普總統第一任期內擔任白宮委員會辦公室的工作人員。事實上，大約一年前，我們在《60分鐘》節目中討論了史蒂文·格羅夫斯關於深海採礦法律的討論。文章中討論的是美國和中國之間一場關鍵的礦產軍備競賽，而這場軍備競賽只會愈演愈烈。

Quite simply, DSHMRA remains law today for the exact same reason as it did when it was passed into law during the cold war in the early 1980s, National Security. So if we step back and compare the US regulatory regime to what we've experienced recently at the ISA. From our perspective, the US regulatory regime is more attractive than what's currently on offer.

很簡單，DSHMRA 至今仍是法律，原因與 20 世紀 80 年代初冷戰期間通過成為法律時完全相同，即國家安全。因此，如果我們退一步思考，將美國的監管制度與我們最近在 ISA 所經歷的進行比較。從我們的角度來看，美國的監管制度比目前的監管制度更具吸引力。

If you look at the ISA draft mining code, the international regulatory regime has had issues from the outset. UNCLOS was not deemed commercially viable for deep sea mining initially, and it took another 14 years to negotiate an implementation agreement to comprehensively modify the part of UNCLOS that was dealing with deep sea mining. It took a few years to put the exploration regulations in place. The exploitation regulations have been in negotiations since 2014, and the process is still ongoing.

如果你看一下 ISA 採礦法規草案，就會發現國際監管制度從一開始就存在問題。《聯合國海洋法公約》最初被認為在深海採礦方面不具商業可行性，又花了14年的時間才談判達成一項實施協議，全面修改《聯合國海洋法公約》中有關深海採礦的部分。制定勘探法規花了幾年時間。有關開發法規的談判自 2014 年以來一直在進行中，目前仍在進行中。

By contrast, the US adopted DSHMRA in 1980, laying a solid foundation for US citizens to pursue exploration licenses and commercial recovery permits in international waters. As a non-signatory to UNCLOS in a conscientious objector, the United States believe that mining of the deep sea bed resources is a freedom of the high seas. DSHMRA then authorized NOAA to develop implementing regulations.

相較之下，美國於1980年通過了DSHMRA，為美國公民在國際水域申請勘探許可證和商業開採許可證奠定了堅實的基礎。身為《聯合國海洋法公約》的非締約國和良心拒服兵役者，美國認為開採深海海底資源是公海自由。DSHMRA 隨後授權 NOAA 制定實施條例。

That same year, NOAA delivered regulations for exploration licenses. It took NOAA little over 6 years to put in place regulations for commercial recovery permits. It was an intense consultative process with several rounds of comments, including from other agencies, industry, NGOs and other stakeholders.

同年，美國國家海洋暨大氣總署頒布了勘探許可證法規。美國國家海洋暨大氣總署僅花了六年多的時間就制定了商業回收許可證的規定。這是一個密集的諮詢過程，經過多輪評論，包括來自其他機構、產業、非政府組織和其他利害關係人的評論。

In terms of regulatory approach, NOAA recognized the difficulty of being prescriptive with regard to an industry that has not started. So unlike the ISA, they've explicitly chosen a flexible approach that can be adapted to the specific technology circumstances of each applicant through terms, conditions and restrictions. NOAA's approach is common sense, explicitly recognizing the trade-offs versus other resource types and drawing the red line at a reputable environmental harm and aiming to avoid significant adverse economic -- excuse me, environmental impacts.

在監管方式方面，美國國家海洋暨大氣總署意識到，對於尚未起步的產業進行規範存在困難。因此，與 ISA 不同，他們明確選擇了一種靈活的方法，可以透過條款、條件和限制來適應每個申請人的特定技術情況。NOAA 的做法是明智的，明確認識到與其他資源類型的權衡，並在可信的環境損害處劃定紅線，旨在避免重大的不利經濟——對不起，是環境影響。

Importantly, NOAA expects to engage with applicants pre-application to reduce application-related uncertainties and is committed to providing written binding guidance. And to that end, TMC USA has already initiated a detailed request for pre-application consultation with NOAA. Perhaps the biggest difference between the ISA approach and the NOAA approach, to environmental permitting is where the regulator takes a much heavier role. NOAA has created programmatic environmental impact statements for the Domes region that covers all of the Clarion-Clipperton Zone. It takes the applicants environmental data and analysis but the develops in-house or hires a third-party consultant to develop a site-specific EIS.

重要的是，NOAA 希望在申請前與申請人接觸，以減少與申請相關的不確定性，並致力於提供書面的約束性指導。為此，TMC USA 已向 NOAA 發起了詳細的申請前諮詢請求。在環境許可方面，ISA 方法和 NOAA 方法之間最大的區別可能在於監管機構發揮更重要的作用。美國國家海洋暨大氣總署 (NOAA) 已經為覆蓋整個克拉里昂-克利珀頓區的 Domes 地區制定了計畫環境影響聲明。它需要申請人的環境數據和分析，但在內部開發或聘請第三方顧問來開發特定地點的 EIS。

So we believe the US and the NOAA approach to environmental permitting has been put in place for very good reasons. And since NOAA or a third-party contract are prepared to fight specific EIS, it ensures the analysis of unbiased and not influenced or perceived to be influenced by the interest of the applicant. This approach provides protection to the applicant as well because this transparency can help build public trust during the public review and comment period.

因此，我們相信美國和美國國家海洋暨大氣總署制定的環境許可方法是有充分理由的。而且由於 NOAA 或第三方合約準備對抗特定的 EIS，因此可以確保分析的公正性，並且不會受到或被認為受到申請人利益的影響。這種方法也為申請人提供了保護，因為這種透明度有助於在公眾審查和評論期間建立公眾信任。

This can also help build confidence amongst investors and other stakeholders who want to ensure that environmental risks have been assessed with due care. Finally, it offers a level of protection to the applicant legally and financially as the independence and transparency on this process can further reduce the risk of future delays, fines or lawsuits.

這也有助於建立投資者和其他利害關係人的信心，他們希望確保環境風險得到應有的評估。最後，它在法律和財務上為申請人提供了一定程度的保護，因為該流程的獨立性和透明度可以進一步降低未來延誤、罰款或訴訟的風險。

So taking a step back. Beyond the carefully thought-out regulations, NOAA also helped pioneer the environmental assessment of potential nodule collection. In addition to its monitoring of 1970 trials by several US companies, NOAA conducted several seafloor disturbance experiments as the other leading international research institutions.

所以退一步來說。除了經過深思熟慮的法規之外，美國國家海洋和大氣管理局還幫助開創了對潛在結核收集的環境評估。除了監測 1970 年幾家美國公司的試驗外，NOAA 還與其他領先的國際研究機構一起進行了多次海底擾動實驗。

From these studies, which revisited impact sites repeatedly over a 40-year period, we now have extensive data that address a common and misleading claim from activists that we don't know enough. Thanks to these studies, we do know how the ecosystem spans and with multiple papers showing that recovery is not only possible but likely and within just a few decades.

透過這些在 40 年的時間裡反覆重訪撞擊地點的研究，我們現在掌握了大量數據，可以解決活動人士普遍存在的誤導性說法，即我們了解得不夠多。透過這些研究，我們確實了解了生態系統的跨度，並且多篇論文表明恢復不僅是可能的，而且很可能在短短幾十年內實現。

The discourse studies, which used a plow harrow attached with blades to rake the sea floor, and the different studies using NOAA deep sea sediment resuspension system, all show varying levels of recovery within just a few years. And based on a review of the studies conducted to date, full recovery of the microbes that make up 70% to 80% of the life of these depths can be expected within 50 years. This is a very encouraging result though new depth, including our own suggests that these time lines may be quicker still. And remember, these studies were all carried out using equipment design for one purpose to create the maximum disturbance. Since those early pioneer trials, much effort has been devoted to ensuring that the environmental footprint of nodule collectors is reduced as much as possible.

論文研究使用裝有刀片的犁耙耙海底，而不同的研究則使用 NOAA 深海沉積物再懸浮系統，結果都顯示在短短幾年內海底沉積物恢復程度有所不同。根據迄今為止的研究回顧，預計在 50 年內可以完全恢復構成這些深度生命 70% 至 80% 的微生物。這是一個非常令人鼓舞的結果，儘管包括我們自己的研究在內的新深度表明這些時間線可能更快。請記住，這些研究都是為了一個目的而進行的設備設計，即製造最大的干擾。自早期的先驅試驗以來，人們一直致力於確保結核收集器對環境的影響盡可能減少。

Back in 1979, the OMCO Mine Consortium piloted their robot miner with an intrusive Archimedes screw style propulsion system, raking several hundred tons of nodules from the seafloor with mechanical times. The robot disturbed the top up to 80 centimeters of seafloor sediment, leaving deep furrows in the seafloor and blanketing nearby fauna and thick layers of mud. Fast forward to 2022, and the gentler [Coanda] nozzles installed on our tracked collector vehicle disturbed just roughly the top 3 centimeters compared to 80 in the other trial. Sediment during the test mining campaign and over 95% of that settled within 1 kilometer of the test area.

早在 1979 年，OMCO 礦業聯盟就駕駛他們的機器人礦工，採用侵入式阿基米德螺旋式推進系統，用機械時間從海底撈取了數百噸結核。機器人擾動了厚達 80 公分的海底沉積物，在海底留下了深深的溝壑，並覆蓋了附近的動物群和厚厚的淤泥層。快進到 2022 年，安裝在我們的履帶式收集車上的更溫和的 [Coanda] 噴嘴僅擾動了大約頂部 3 厘米，而另一次試驗中擾動了 80 厘米。試採期間產生的沉積物，95%以上的沉積物沉積在試驗區1公里範圍內。

Of course, this is a very different picture to the one painted by those opposing this industry who spread baseless claims that sediment could travel tens of thousands of kilometers. Unfortunately, for them, we have the data, and it shows these claims at pure fiction. We'd like to, of course, call out our engineering partners at Allseas for their incredible efforts these past few years to reduce the impact footprint of our collector vehicle, while ensuring we collect the maximum quantity of nodules. And as we look ahead to commercial mining and as the industry grows, you can expect that these impacts will only get smaller.

當然，這與反對該行業的人所描繪的景象截然不同，他們毫無根據地聲稱沉積物可以飄移數萬公里。不幸的是，對他們來說，我們擁有的數據顯示這些說法純屬虛構。當然，我們要感謝 Allseas 的工程合作夥伴，感謝他們在過去幾年中所做的巨大努力，減少了我們的收集車的影響足跡，同時確保我們收集到最大數量的結核。當我們展望商業採礦和產業發展時，你可以預期這些影響只會變得更小。

And while the media has, as expected, focused on the continued presence of tracks on the sea floor, which shows absolutely nothing about recovery, we believe the new papers finding are very encouraging, 4 decades after the disturbance, a near total recovery of sediment dwelling macrofauna and foraminifera have been measured in both the vehicle tracks and areas affected by the plumes and the xenos, which provide a hard substrate that other organisms can live on, and they've already recolonize the area.

儘管媒體一如預期地關注著海底持續存在的足跡，但這絲毫沒有表明任何恢復跡象，但我們相信，新論文的發現非常令人鼓舞，在此次擾動發生 40 年後，在車輛足跡以及受到羽流和異形影響的區域中，沉積物棲息的大型動物和有孔蟲幾乎完全恢復，這為其他生物提供了可以生存的堅硬基質，而且它們已經重新在該地區定居。

In the case of the plume, which MIT retrospectively modeled, researchers reported that I had no detectable or in some cases, slightly positive biological impacts. Don't expect Greenpeace to mention that one anytime soon. And by the way, we feel that for them for the loss of that lawsuit. We have always been clear that our primary impact will be for those organisms on modules that get collected.

就麻省理工學院回顧性建模的羽流案例而言，研究人員報告稱，我沒有發現任何可檢測到的生物影響，或者在某些情況下，略微產生了積極的生物影響。不要指望綠色和平組織很快就會提到這一點。順便說一句，我們對他們在這場訴訟中的失敗深感悲痛。我們一直很清楚，我們的主要影響將是針對那些被收集的模組上的生物。

But as this study showed, nodules that get left behind can be quickly recolonized with megafauna present on retained nodules. This is very promising as if we leave -- this is very promising as if we leave some nodules as we intend to do with at least 30% left at the sea floor, then these will be available as habitats or organisms to take over.

但正如這項研究表明的那樣，被遺留的結核可以迅速被留在結核上的巨型動物重新定居。這是非常有希望的，因為如果我們按照我們的計劃留下一些結核，其中至少 30% 留在海底，那麼這些結核就可以作為棲息地或可供生物接管。

So how does this compare to our own findings? While yesterday's study measured recovery in 4 decades, preliminary data shows that we can do far better, thanks to the lower environmental impact of our vehicle. Our team have already found that foraminifera directly located in our collector tracks and in plume areas have recovered to 30% of background density in just 12 months and to 50% of pre-disturbance density. And as we look ahead to application, we'll be releasing these findings and much, much more. And we can tell you it's quite incredible what our team are finding.

那麼這與我們的發現相比如何？雖然昨天的研究衡量了 40 年內的恢復情況，但初步數據顯示，由於我們的車輛對環境的影響較小，我們可以做得更好。我們的團隊已經發現，直接位於收集器軌道和羽流區域中的有孔蟲在短短 12 個月內就恢復到了背景密度的 30%，並恢復到了擾動前的密度的 50%。當我們展望應用程式時，我們將會發布這些發現以及更多資訊。我們可以告訴你們，我們的團隊的發現是相當令人難以置信的。

And findings like these are made possible by the fact that no matter where an application is launched is going to be backed by one of the largest environmental data that's ever compiled. Being in a work alongside dozens of respected research institutions and over 200 million in cumulative environmental spending. We have now gathered nearly 1 petabyte of data through the scientific research.

這些發現之所以能夠實現，是因為無論應用程式在哪裡啟動，它都將得到迄今為止最龐大的環境數據之一的支持。與數十家受人尊敬的研究機構合作，累計環保支出超過 2 億美元。我們現在已經透過科學研究收集了近1PB的數據。

To give you a sense of scale, the largest library in the world, the US Library of Congress, manages about 20 petabytes of data in total. Bottom line, we believe that we, along with research pioneers from NOAA and others before that, have answered all of the key questions posed for our environmental impact statement. And we strongly believe that the time has come to move forward, begin production and allow even more evidence to be shared with the entire world.

為了讓您有個大致的了解，世界上最大的圖書館—美國國會圖書館總共管理約 20PB 的資料。總而言之，我們相信，我們與 NOAA 和其他先前的研究先驅一起，已經回答了我們的環境影響聲明中提出的所有關鍵問題。我們堅信，現在是時候向前邁進，開始生產，並與全世界分享更多的證據了。

So given the magnitude of today's news, we expect many of you are going to have questions regarding the workings of DSHMRA, implications for the ISA process, impacts on economics and time lines and many, many others. And we promise that over the coming weeks and months, we will continue to put out information to help everyone get up to speed.

因此，鑑於今天新聞的重要性，我們預計你們中的許多人會對 DSHMRA 的運作、對 ISA 流程的影響、對經濟和時間表的影響以及許多其他問題產生疑問。我們承諾，在接下來的幾週和幾個月裡，我們將繼續發布訊息，幫助每個人快速了解情況。

For now, and in addition to this calls upcoming Q&A, we provided answers here to anticipated questions. To summarize a few of them, yes, we believe we can pursue exploration and commercial recovery permits concurrently under DSHMRA, and there could be opportunities to expedite certain elements of review processes. The environmental work done so far is very robust, but we don't anticipate any additional campaigns needed prior to the launch of our US applications.

目前，除了即將進行的問答之外，我們還在這裡提供了預期問題的答案。總結其中的幾點，是的，我們相信我們可以根據 DSHMRA 同時申請勘探和商業採收許可證，並且有機會加快審查流程的某些要素。到目前為止所做的環境工作非常紮實，但我們預計在美國推出應用程式之前不需要進行任何額外的活動。

Even when the ISA adopts a mining code as the US has not ratified UNCLOS or joined the ISA the contracts issued under DSHMRA are going to stay in effect. And while some described DSHMRA as a temporary or interim measure, DSHMRA remains in full effect 45 years later. Perhaps some of the drafters had expected the US to ratify the law of the sea convention, but that didn't happen, and it's not likely to happen anytime soon.

即使海管局採用採礦法規，由於美國尚未批准《聯合國海洋法公約》或加入海管局，根據《DSHMRA》簽訂的合約仍將繼續有效。儘管有些人將 DSHMRA 描述為一項臨時或過渡措施，但 DSHMRA 在 45 年後仍然全面有效。也許一些起草者曾期望美國批准該海洋法公約，但這並沒有發生，而且不太可能很快發生。

Finally, as you might imagine, the release of our PFS or pre-feasibility study does require the sign off of quite a few qualified persons or QPs. And given the context of today's announcement, it's prudent for us to discuss certain assumptions with them at a bit more length. And this also applies to the timing of our strategy day. We do, of course, intend for that longer form session to occur. But as you can imagine, we've been laser-focused on pursuing this new path in the last few months.

最後，正如您可能想像的那樣，我們的 PFS 或預可行性研究的發布確實需要相當多的合格人員或 QP 的簽署。考慮到今天公告的背景，我們有必要與他們更詳細地討論某些假設。這也適用於我們戰略日的時間表。當然，我們確實希望舉行更長的會議。但正如您所想像的，過去幾個月我們一直專注於探索這條新道路。

So what do these actions mean for NORI, Tamil and the sponsoring states? Well, we've consulted on this application strategy with these sponsoring states. And in fact, Gerard spoke just last night with the President of Nauru in the Prime Minister's office in Tonga. Our relationships with our sponsoring states are excellent, and we continue to respect our agreements together.

那麼這些行動對於北方民族、泰米爾人和贊助國又意味著什麼呢？嗯，我們已經就這個申請策略與這些贊助州進行了磋商。事實上，傑拉德昨晚剛在湯加總理辦公室與諾魯總統進行了交談。我們與贊助國的關係非常好，我們將繼續遵守彼此間的協議。

Regarding the specific areas of where we'll apply, the scope of the upcoming applications is under careful consideration, and we'll continue to discuss the strategy with our sponsoring states. For what it's worth, DSHMRA exploration licenses can be granted up to 150,000 square kilometers. And yes, we are still planning to lodge an application over the NORI area in June of 2025, but we've not yet determined with what regulator. So even after a US application is launched, we still retain the NORI and TOML exploration contracts, and we fully intend on remaining compliant with the requirements of those ISA contracts.

關於我們申請的具體領域，即將推出的申請範圍正在仔細考慮中，我們將繼續與我們的贊助州討論該策略。值得一提的是，DSHMRA 的勘探許可證可授予面積高達 150,000 平方公里的地區。是的，我們仍然計劃在 2025 年 6 月向 NORI 地區提交申請，但我們尚未確定與哪個監管機構合作。因此，即使在美國提出申請後，我們仍然保留 NORI 和 TOML 勘探合同，並且我們完全打算繼續遵守這些 ISA 合約的要求。

So on to the financial results. In the last quarter of 2024, TMC recorded a loss -- net loss of $16.1 million or $0.05 per share compared to a net loss of $33.5 million or $0.11 per share for the same period in 2023. The net loss for the last quarter of 2024 due to exploration and evaluation expenses of $8.3 million versus $26.7 million in Q4 2023 trade. General and administrative expenses of $8.1 million versus $6.6 million in Q4 2023. Exploration and evaluation expenses decreased by $18.4 million in the last quarter of 2024 compared to the same period in 2023 mainly due to a decrease in the cost of environmental studies as campaign 8, which commenced in the last quarter of 2023 was completed in the first quarter of 2024.

接下來我們來看看財務結果。2024 年最後一個季度，TMC 錄得虧損－淨虧損 1,610 萬美元或每股 0.05 美元，而 2023 年同期淨虧損 3,350 萬美元或每股 0.11 美元。2024 年最後一季的淨虧損因勘探和評估費用為 830 萬美元，而 2023 年第四季的淨虧損為 2,670 萬美元。一般及行政開支為 810 萬美元，而 2023 年第四季為 660 萬美元。2024 年最後一個季度的勘探和評估費用與 2023 年同期相比減少了 1,840 萬美元，主要原因是環境研究成本下降，因為 2023 年最後一個季度開始的第 8 項活動於 2024 年第一季完成。

Also, a decrease in mining technology and process development costs due to lower transit and layup costs in the fourth quarter of 2024 compared to the prior year period. This decrease in exploration and evaluation costs was offset by an increase in share-based compensation costs reflecting the amortization of the fair value of restricted stock units granted to officers in the second quarter of 2024.

此外，由於 2024 年第四季的運輸和停工成本與去年同期相比較低，採礦技術和製程開發成本也有所下降。勘探和評估成本的減少被股權激勵成本的增加所抵消，股權激勵成本反映了 2024 年第二季授予高階主管的限制性股票單位的公允價值的攤提。

G&A expenses increased by $1.5 million in the last quarter of 2024 compared to Q4 of 2023, mainly due to an increase in share-based compensation costs as discussed and increase in consulting and advisory costs. Other items impacting the Q4 movement in 2024 is higher fees and interest on the credit facilities in 2024, offset by foreign exchange gain year-over-year.

2024 年最後一季的 G&A 費用與 2023 年第四季相比增加了 150 萬美元，主要原因是如上所述的股權激勵成本增加以及諮詢和顧問費用增加。影響 2024 年第四季走勢的其他因素包括 2024 年信貸費用和利息的增加，但年比外匯收益有所抵銷。

In the fourth quarter of 2024, net cash used in operating activities was $13.8 million compared to $15.2 million for the first -- excuse me, for the last quarter of 2023. The lower spend in Q4 2024 reflects mainly lower spending on project development and environmental studies as compared to Campaign 8 spending in Q4 2023 and due to changes in working capital levels year-over-year. The free cash flow for the last quarter of 2024 was negative $13.9 million compared to a negative $15.6 million in the last quarter of 2023. Free cash flow is a non-GAAP measure and I'd point you to the non-GAAP reconciliation table included in the slide deck and on our website.

2024 年第四季，經營活動所用淨現金為 1,380 萬美元，而 2023 年第一季（對不起，是 2023 年最後一個季度）為 1,520 萬美元。2024 年第四季的支出較低，主要反映了與 2023 年第四季第 8 次活動支出相比，專案開發和環境研究支出較低，以及營運資金水準年比發生變化。2024 年最後一季的自由現金流為負 1,390 萬美元，而 2023 年最後一季的自由現金流為負 1,560 萬美元。自由現金流是一種非公認會計準則衡量指標，我會向您指出投影片和我們網站上包含的非公認會計準則對帳表。

We believe that our cash on hand and the undrawn amount of $41.5 million from our unsecured credit facility, with Gerard Barron, our Chairman and CEO; and with ERAS Capital will be sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from today.

我們相信，我們手頭上的現金和來自無擔保信貸額度的 4150 萬美元未提取金額，以及我們的董事長兼首席執行官 Gerard Barron；加上 ERAS Capital，將足以滿足我們從今天起至少未來 12 個月的營運資金和資本支出需求。

During the fourth quarter of 2024, the company entered into a registered direct offering, issuing 19.9 million common shares and 9.95 million Class B warrants. The share issuance was completed in February of 2025 and the company received all gross proceeds of the $19.9 million. In the last quarter of 2024, the company also drew $2.5 million from the working capital loan from Allseas. Our accounts payable and accrued liabilities balance at the end of 2024 of $42.7 million majority includes $25.8 million owed to Allseas for various services provided and the majority of that can be settled in equity at TMC's election. TMC liquidity, which we define as cash plus borrowing capacity, stood at $62 million at December 31 or $48 million pro forma for the credit facility amendments and full receipt of the registered direct proceeds in the first quarter of 2025, where the final 5 million came in.

2024 年第四季度，該公司進行了註冊直接發行，發行了 1,990 萬股普通股和 995 萬張 B 類認股權證。股票發行於 2025 年 2 月完成，公司收到了全部 1,990 萬美元的總收益。2024 年最後一個季度，該公司還從 Allseas 獲得了 250 萬美元的營運資金貸款。截至 2024 年底，我們的應付帳款和應計負債餘額為 4,270 萬美元，其中大部分包括欠 Allseas 提供的各種服務的 2,580 萬美元，其中大部分可由 TMC 選擇以股權方式結算。TMC 流動性（我們將其定義為現金加上借貸能力）在 12 月 31 日為 6,200 萬美元，或信貸安排修訂的備考金額為 4,800 萬美元，並在 2025 年第一季全額收到註冊直接收益，其中最後的 500 萬美元到帳。

In Q1 2025, we increased the principal amount of our unsecured [ARRIS Baron] facility by $6 million and the credit facility with an affiliate of Allseas of $25 million was terminated by mutual agreement in March as maturity was approaching in the third quarter of this year and no amounts were outstanding. However, the maturity of this employed $5 million Allseas working capital loan was extended to September 2025.

2025 年第一季度，我們將無擔保 [ARRIS Baron] 貸款的本金增加了 600 萬美元，而與 Allseas 關聯公司達成的 2500 萬美元信貸額度已於 3 月經雙方協議終止，因為該筆貸款即將在今年第三季度到期，且沒有未償還金額。不過，這筆 500 萬美元的 Allseas 營運資金貸款的到期日延長至 2025 年 9 月。

With that, operator, we would like to turn it over to the line for some Q&A.

接線員，我們想將問題轉交給線下客服回答。

(Operator Instructions) Matthew Okeefe, Cantor Fitzgerald.

（操作員指示）馬修·奧基夫 (Matthew Okeefe)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

Thanks, operator. That was a lot. So just help me through the DSHMRA here a little bit if you may. So this is a different -- it's a sort of a different regulatory body as you've described. Your licenses were issued to you under unclosed with your supporting sponsor states. Will the application of DSHMRA be for these license areas or different license areas that are currently? Because I think they have 4 license areas under DSHMRA. Are these overlapping? Or are they separate? How is this -- how we supposed to think about this?

謝謝，接線生。太多了。因此，如果可以的話，請透過 DSHMRA 給我一點幫助。所以這是一個不同的——正如你所描述的，這是一個不同的監管機構。您的執照是在支持您的擔保州未公開的情況下頒發給您的。DSHMRA 的申請是否適用於這些許可區域或目前不同的許可區域？因為我認為他們在 DSHMRA 下有 4 個許可區域。這些有重疊嗎？還是它們是分開的？這是怎麼回事——我們該如何看待這個問題？

Yes. I'll have a first crack at that. So there's an important concept to just for everyone to get in mind around, and that is the freedom of the high seas. And so of course, what happens when they were agreeing unclass was that the United Stations member countries wanted to join a treaty when it came to the extraction or development of metals in the high seas. However, 168 countries plus the European Union have now joined that treaty.

是的。我將首先嘗試一下。因此，每個人都應該記住一個重要的概念，那就是公海自由。因此，當然，當他們同意解除軍備競賽時，美國成員國希望加入一項關於在公海開採或開發金屬的條約。然而，目前已有 168 個國家和歐盟加入了該條約。

The US stood fast and said we are not going to join that treaty. And so essentially, the freedom of the high seas gives you covers minerals, it covers freedom of passage, it covers cable lane and so on. And so America will argue that they will have access to those waters under the freedom of that disease treaty that any member country of the International Seabed Authority would have over those areas as well.

美國堅決表示，我們不會加入該條約。因此，從本質上講，公海自由涵蓋了礦產資源、航行自由、電纜通道自由等等。因此，美國會辯稱，根據該疾病條約的自由，他們將有權進入這些水域，就像國際海底管理局的任何成員國也有權進入這些區域一樣。

We haven't announced today exactly which areas. We're still in dialogue both internally, and we will, in the preconsultation process that is underway with NOAA. We will also be seeking some advice there. However, what we want to do is to take advantage of all of the work we've done for the last 14 years. And so this will not be a -- let's start again.

我們今天還沒有宣布具體是哪些地區。我們仍在進行內部對話，我們也將與 NOAA 進行預先磋商。我們也會在那裡尋求一些建議。然而，我們想要做的是利用過去 14 年裡我們所做的所有工作。所以這不會是——讓我們重新開始。

This is about what pathway can get us into commercial production, the fastest way. And as we went at length in the presentation to talk about, there's no easy path here on the environmental (inaudible) either. In fact, we think the environmental regulations has laid out under DSHMRA, sensible, workable and very, very thorough. And so stay tuned on us to announce once we formally lodge those applications and you won't have to wait long for that.

這是關於什麼途徑可以讓我們以最快的方式實現商業化生產。正如我們在演講中詳細討論的那樣，在環境問題上也沒有簡單的道路（聽不清楚）。事實上，我們認為《DSHMRA》所製定的環境法規是合理、可行且非常全面的。因此，請繼續關注我們，一旦我們正式提交這些申請，您就會宣布結果，您不必等待很長時間。

And Matt, too, we also recognize just how much of our valuation is pint on the work that's been done with NORI and we've got a defined resource. We've done test mining, we've done test processing, we've done environmental work in those areas. So yes, for us, that is obviously the key question, and we look forward to sharing more with you. But this is not something where we're just saying, okay, let's go out and cobble something together. This has been well thought out, and we feel this is going to take advantage of the work that we've already done in consultation with our sponsoring states.

還有馬特，我們也認識到我們的估值有多少是基於與 NORI 合作完成的工作，而且我們擁有明確的資源。我們在這些地區進行了試採、試加工和環境工作。是的，對我們來說，這顯然是關鍵問題，我們期待與您分享更多資訊。但這並不是我們只是說「好吧，讓我們出去拼湊一些東西」那麼簡單。這是經過深思熟慮的，我們認為這將利用我們與贊助國協商後已經完成的工作。

Okay, okay. So more to come there. And can I ask to from a -- maybe this is getting a little too ahead of where we are. But if you were to decide to -- if you do get approval through a different path, your partner, Allseas owns the vessel they're not -- I mean, the vessel is in the US, it's not a US-based company or maybe it is, I don't know if they have a US arm or not. But I mean, could they legally participate as a partner in this situation?

好的，好的。未來還會有更多。我可以問一下——這可能有點超出我們的預期了。但如果你決定——如果你通過不同的途徑獲得批准，你的合作夥伴 Allseas 擁有這艘船，他們不是——我的意思是，這艘船在美國，它不是一家美國公司，或者也許是，我不知道他們是否有美國分公司。但我的意思是，在這種情況下他們可以合法地作為合作夥伴參與嗎？

Yes, absolutely. Yes. There are some nuances with DSHMRA and one of them is that the production vessel needs to be US flagged. And so we have -- with Allseas already looked into that, and that is a pretty straightforward process. And of course, the applicants that has kicked this off is our US subsidiary that we established in 2013.

是的，絕對是。是的。DSHMRA 有一些細微差別，其中之一就是生產船隻需要懸掛美國國旗。所以我們已經與 Allseas 一起研究過這個問題，這是一個非常簡單的過程。當然，啟動這項工作的申請人是我們於 2013 年成立的美國子公司。

Okay. Cool. And maybe I'll ask one more. This is the first of course, investors are hearing of it. Has this idea been raised with the ISA, as they're meeting right now? Or is this the going to be -- are they just hearing about this now as well? Like have you --

好的。涼爽的。也許我還會再問一個。這當然是第一次，投資人都聽過。他們現在正在開會，是否向 ISA 提出過這個想法？或者這會是──他們現在也才聽說這個嗎？就像你一樣--

Yes, they are hearing (inaudible)

是的，他們聽到了（聽不清楚）

Okay. Okay. So we'll wait for the minutes from meetings tomorrow. I could see some of the reaction. Okay. I'll leave it to open to some other questions and if I have another, I'll jump back.

好的。好的。因此我們將等待明天的會議記錄。我可以看到一些反應。好的。我將留待回答其他一些問題，如果還有其他問題，我會回來的。

Jake Sekelsky, Alliance Global Partners.

傑克‧塞克爾斯基 (Jake Sekelsky)，聯盟全球合作夥伴。

Just to confirm, building on the last question a bit. Is the NOAA process a complete shift in the permitting pathway from the ISA pathway or more of a secondary avenue or primary as avenue alongside the ISA process?

只是為了確認一下，稍微補充最後一個問題。NOAA 流程是否完全改變了 ISA 流程的許可途徑，還是作為 ISA 流程的次要途徑或主要途徑？

Yes, Jake, it's definitely it's a new path, and we view it as advantageous and the best chance of success. But this is not one door closing, another opening. This is, in our view, it's an incremental path forward, and we view a better path forward. It just so happens we built on 45 years of work and a bunch of environmental work from NOAA, it's just been sitting relatively idle for some time. But the legal precedent is there. It's always in there and what has been missing is the political appetite in the United States to take advantage of it. And that's the main change that has come with this administration.

是的，傑克，這絕對是一條新道路，我們認為這是有利的，也是成功的最佳機會。但這並不是一扇門關閉，另一扇門打開。我們認為，這是一條漸進式的前進道路，而且我們認為這是一條更好的前進道路。碰巧的是，我們基於 45 年的工作和 NOAA 的大量環境工作建立了這個體系，只是它已經閒置了一段時間了。但法律先例是存在的。它一直都在那裡，只是美國缺乏利用它的政治意願。這就是本屆政府帶來的主要改變。

So there's no new legislation that has to come. There might be some adjustments, I would say, to aspects of the regulations, perhaps as you've seen for critical minerals projects throughout the US views about permitting perhaps being accelerated in some circumstances. But this is something where it's been on the books for a long time. We've been missing is the political appetite, and that's what's changed.

因此不需要製定新的立法。我想說，法規的某些方面可能會有一些調整，也許正如你所看到的，美國各地的關鍵礦產項目在某些情況下許可可能會加速。但這件事情已經存在很久了。我們一直缺少的是政治意願，而這一點已經改變了。

That's what's changed with the new election. So this, frankly, has been a door that opened to us. And after the November election, we engaged in the diligence required to make this decision, and we think very strongly, we're making the right decision.

這就是新選舉帶來的改變。坦白說，這是一扇向我們敞開的大門。十一月大選之後，我們進行了必要的調查以做出這一決定，我們堅信，我們做出了正確的決定。

Okay. That makes sense. In building off that are you able to provide any color on what this new process looks like, key milestones or even a high-level time line? Or is it a bit too early at this stage?

好的。這很有道理。在此基礎上，您能否提供關於這項新流程的具體資訊、關鍵里程碑甚至是進階時間表？或者說，現階段還為時過早？

That will become -- we have a very strong sense of it already. But in respect to the dialogue that's underway with the permit agency now. We'll come back to you with more on that. But it's as we mentioned in the presentation, the first thing is it's a 2-way consultation. And that's a really important step forward when you're trying to permitted projects. And so that's refreshing from our perspective. The fact that we can sit with the regulator and that there is a formal process, which they outlined in the regulations that applicants can follow.

這將成為——我們已經對此有了非常強烈的認識。但就目前正在與許可機構進行的對話而言。我們將就此向您提供更多相關資訊。但正如我們在演示中提到的那樣，首先，這是雙向磋商。當您嘗試批准專案時，這是一個非常重要的進步。從我們的角度來看，這是令人耳目一新的。事實上，我們可以與監管機構坐在一起，並且有一個正式的流程，他們在申請人可以遵循的規定中概述了該流程。

And of course, the very unique thing about our application and hence, why we talk about a recovery permit as well is that we have all this amazing data. We have an application that is coming to completion. And so it's a -- and the work is very consistent as follow-on work to what was done under NOAA sponsorship back in the '70s and '80s. And so it's an alignment of stuff.

當然，我們的應用程式非常獨特，因此，我們談論恢復許可證的原因也是因為我們擁有所有這些驚人的數據。我們有一個即將完成的應用程式。因此，這是一項 — — 這項工作與 70 年代和 80 年代 NOAA 贊助下所做的工作非常一致。所以這是事物的排列。

Got it. Okay. And then just lastly, with all that being said, and I think, Craig, you touched on this. How does it impact the time line of the upcoming economic study? Is this still something we should expect in the first half of the year? Do you think it will spill into later in the year?

知道了。好的。最後，說了這麼多，克雷格，我想你已經提到了這一點。它對即將進行的經濟研究的時間表有何影響？這還是我們上半年該期待的事嗎？您認為這種情況會延續到今年稍後嗎？

No. We are still expecting it to be wrapped up and certainly in advance of our applications to the US. So nothing's changed on that front. And as we've reiterated, you're going to see the applications in June. It's just now that we have, in our view, some very interesting path forward there.

不。我們仍然期待它能夠盡快完成，並且肯定會在我們向美國提交申請之前完成。因此在這方面沒有任何改變。正如我們重申的那樣，您將在六月看到這些申請。我們認為，現在我們已經有了一些非常有趣的前進道路。

But that, obviously, that economic analysis is important for the US as well, not just important for the ISA application. So while the new path obviously brings up additional points that we're discussing with our QPs, it's still on the front burner for us.

但顯然，經濟分析對美國也很重要，而不僅僅是對 ISA 申請很重要。因此，雖然新路徑顯然帶來了我們正在與 QP 討論的額外要點，但它仍然是我們的首要任務。

Dmitry Silversteyn, Water Tower Research.

西爾弗斯泰恩（Dmitry Silversteyn），水塔研究公司。

I just want to follow up on a couple of things. So first of all, on the (inaudible) impact study, you said you're working on that now. I'm assuming that's going to be completed around or before the time you complete the economic capability study and the application submission in June or is this something that's going to happen in the next few weeks?

我只是想跟進幾件事。首先，關於（聽不清楚）影響研究，您說您現在正在進行這項工作。我假設這將在您完成經濟能力研究和 6 月提交申請時或之前完成，還是會在接下來的幾週內完成？

Well, the one of the things on our economic study is that a lot of the work has been done. But of course, we were just going through getting experts sign off's as is necessary under SK 1300 requirements and with [NAPS] when it became obvious some of the other options in front of us. And so it was deemed that we should just be a little bit cautious around that.

嗯，我們的經濟研究的其中一件事是，很多工作已經完成。但當然，當我們根據 SK 1300 要求和 [NAPS] 獲得專家簽署批准時，我們面前的一些其他選擇就變得顯而易見了。因此我們認為我們應該對此保持謹慎一些。

But the environmental writing is going at full speed. And the environmental data has been flooding in. We held our last key environmental conference back in January in Brisbane, Australia. And the team are popping the stay awake pills, working very long hours and very motivated by what they're doing because, obviously, it's all of this data that we've been gathering for so many years is now coming together as a comprehensive picture. (inaudible)

但環境寫作正在全速進行。環境數據正在大量湧入。我們於一月份在澳洲布里斯班舉行了上一次重要的環境會議。團隊正在服用保持清醒的藥物，長時間工作，並且對自己的工作充滿動力，因為顯然，我們多年來收集的所有數據現在匯集在一起形成了一幅全面的圖景。（聽不清楚）

Understood. I understand. And I just want to make sure I guess, some clarity on the application to the US government. So assuming that goes through and you've given an exploitation license, what area are you going to be getting the license to? It's not (inaudible)

明白了。我明白。我只是想確保向美國政府提出的申請能夠更加清晰。那麼假設一切順利，並且您已經獲得了開採許可證，那麼您將在哪些地區獲得許可證？它不是（聽不清楚）

As we said, Dmitry, we are going to make that clear alongside the consultations that are ongoing with our sponsoring states. But based on DSHMRA laws, there was a potential for overlap.

正如我們所說的，德米特里，我們將在與贊助國進行的磋商中明確這一點。但根據 DSHMRA 法律，有重疊的可能性。

Okay. Got it. Great. And then you mentioned in the press release that you've terminated your contract with a third sponsor state. What was the thinking in that?

好的。知道了。偉大的。然後您在新聞稿中提到您已經終止了與第三個贊助國的合約。那是什麼想法？

I know you haven't talked about it a lot in your presentation, it was always sort of a kind of a bad burner or we'll get to it at some point type of a deal. But what has changed in that determination now?

我知道您在演講中沒有過多談論它，它總是一種不好的燃燒器，或者我們會在某個時候談到它。但現在這種決心有什麼改變呢？

Yes. So look, we announced -- we'll put that into our filing back in November. And we didn't get a lot of inquiry about it actually until recently, it was reported that [CureVac] talking with China about stepping into our shoes there. Look, it came down to priorities. It came down to the fact that we have 2 very prospective blocks in NORI and TOML.

是的。所以，你看，我們宣布——我們將在 11 月將其納入我們的文件中。事實上，直到最近我們才收到很多關於這方面的詢問，據報道，[CureVac] 正在與中國洽談接替我們的業務。瞧，這取決於優先事項。事實上，我們在 NORI 和 TOML 擁有 2 個非常有前景的區塊。

And we had to decide where to focus our resources and those blocks require money to be spent on them. They require to lodge 5-year plans and to do work programs. And we had also done some exploration work and some of the results went the most encouraging on those blocks. And I think that's one of the things that one needs to remember what the Metals Company has. We have a defined resource on the NORI and (inaudible) ground.

我們必須決定將資源集中在哪裡，而這些區塊需要花錢。他們需要提出五年計畫並制定工作計畫。我們也做了一些勘探工作，這些區塊的一些結果令人鼓舞。我認為這是人們需要記住的金屬公司所擁有的東西之一。我們在 NORI 和（聽不清楚）地面上擁有明確的資源。

And not all license areas are equal. The grades may be very consistent, but the abundances are not. And so it is generally regarded that NORI and TOML are some of the very best ground out there. We know it more.

並非所有許可區域都是平等的。等級可能非常一致，但豐度卻不一致。因此人們普遍認為 NORI 和 TOML 是最好的場地之一。我們對此了解更多。

And hence, Craig's answer to your question about overlap. There certainly is the prospect of some overlap in that. And so yes so our thinking with (inaudible) was we knew that there were other parties interested to work closely with CureVac. Obviously, CureVac, they I mean they're a great partner to have, they're a great developing country. They do recognize One China.

因此，Craig 回答了您關於重疊的問題。這其中肯定存在一些重疊的可能性。是的，我們的想法是（聽不清楚），我們知道還有其他方有興趣與 CureVac 密切合作。顯然，CureVac 是一個很好的合作夥伴，他們是一個偉大的發展中國家。他們確實承認一個中國。

And it didn't surprise me when I learned that some of the interested parties were from China. And I heard the ambassador mentioned that intermediary reports in recent weeks.

當我得知一些有興趣的人士來自中國時，我並不感到驚訝。我聽到大使提到最近幾週中間人的報告。

Understood Gerard. And then last question. You mentioned in your comments about your service business getting some inbound inquiries and seems to be well received. Is this something that we can expect on results from in terms of revenue and profits in the next, I don't know, 1 to 2 years? Or is this still sort of in the development stage and just see how it goes kind of stage?

明白了，傑拉德。最後一個問題。您在評論中提到，您的服務業務收到了一些入站諮詢，而且似乎很受歡迎。就收入和利潤而言，我們可以期待未來 1 到 2 年內的結果嗎？或者這仍處於開發階段，只是在觀察其進展如何？

Look, we're excited about it. And we have built so much expertise around this industry. And our people are approached all the time with job offers to go and work elsewhere, but they like working at the Metals Company. And they know we do high-quality science. I think a lot of the services are focused around the environmental work programs. We also know a lot about defining these resources. That part of the business led by [Tony Sullivan], we've done more resource definition work than any other contractor very, very successfully.

看，我們對此感到很興奮。我們在這個行業累積了豐富的專業知識。我們的員工經常收到去其他地方工作的機會，但他們喜歡在金屬公司工作。他們知道我們從事高品質的科學研究。我認為很多服務都圍繞著環境工作計畫。我們也對定義這些資源了解很多。在 Tony Sullivan 領導的那部分業務中，我們比任何其他承包商都更成功地完成了資源定義工作。

We also, during the middle of COVID, we ran 9 offshore campaigns without losing a single day illness. And that's 9 campaigns across 2 years. And so these are really challenging tasks, which we have been able to complete very successfully. So it makes sense that we keep our team together, keep our team together. We do think that there will be a lot of services opportunities and in the coming years, and we want to take advantage of that.

在新冠疫情期間，我們也進行了 9 次海外活動，沒有一天因病缺勤。我們在兩年內開展了 9 項活動。這些確實都是具有挑戰性的任務，但我們已經非常成功地完成了。因此，維持團隊團結、維持團隊團結是有意義的。我們確實認為未來幾年將會有很多服務機會，我們希望能利用這些機會。

And we have some very, very interesting conversations, which can range from pilot mining using the hidden gem, which would obviously be something that we would have to collaborate with Allseas very, very closely. And of course, putting the hidden gem or to pick up nodules involves a lot of environmental planning as well. And so there's some very interesting mix scopes available to us. But of course, today, those people are very busy on our own application. And so we have had to turn away some opportunities simply because we need to get this application completed.

我們進行了一些非常非常有趣的對話，包括使用隱藏寶石進行試點採礦，這顯然是我們必須與 Allseas 非常密切合作的事情。當然，放置隱藏的寶石或拾取結核也涉及大量的環境規劃。因此，我們可以使用一些非常有趣的混合範圍。但當然，今天那些人正忙於我們自己的應用程式。因此，我們不得不拒絕一些機會，因為我們需要完成這個申請。

Okay. So it sounds like maybe second half of the year when you have a little bit more free time with your people in equipment. Some of these may actually turn into contracts?

好的。因此聽起來也許在下半年你會有更多的空閒時間與你的人員一起處理設備。其中一些實際上可能會變成合約？

Yes, that's right. Yes, yes, yes. The business development function inside the business is chomping at the bit, whereas the scientists and other people just slow down, just we can't take anything more until we get this application out the door.

是的，沒錯。是的，是的，是的。企業內部的業務開發功能正在焦急地等待，而科學家和其他人卻放慢了速度，在我們將這個應用程式推出之前，我們不能再做任何事情了。

Got it, Gerard. That's a nice problem to have.

明白了，傑拉德。這是一個好問題。

(Operator Instructions)

（操作員指示）

In the meantime, I think we're going to take a question from the webcast. Eric Goldstein suggest -- ask a question, can we discuss our current finances, where do we expect liquidity to be at the end of Q1? Did note, roughly $43 million of liquidity at the time of this filing. So look, the overall point here is that the element that, in our view, has been holding back the valuation of our stock has been the lack of regulatory certainty. Our view is that DSHMRA and along with NOAA and frankly, the support of this administration and Congress. In our view, it should be pretty clear to everybody that this is an industry that the US wants to get into, and the good news is they already have the legislation to do it.

同時，我想我們將回答網路直播中的一個問題。Eric Goldstein 建議－問一個問題，我們可以討論一下我們目前的財務狀況嗎，我們預期第一季末的流動性會達到什麼程度？確實注意到，在提交此文件時，流動資金約為 4300 萬美元。所以，這裡的總體觀點是，我們認為，阻礙我們股票估值的因素是缺乏監管確定性。我們的觀點是，DSHMRA 和 NOAA 以及坦白說，得到了本屆政府和國會的支持。我們認為，每個人都應該清楚，這是美國想要進入的行業，好消息是他們已經有了相關立法。

So for us, what we want to do is continue to be very cautious stewards of capital. And if we get to the point where regulatory uncertainty is no longer there. And things are moving along at a very fast clip, let's say, through the US process. Well, that may put in a different financial position.

因此，對我們來說，我們要做的就是繼續非常謹慎地管理資本。如果我們達到不再存在監管不確定性的程度。而且事情正在以非常快的速度進展，比如說通過美國的進程。嗯，這可能會帶來不同的財務狀況。

But what remains is what we told the market late last year that we are not going to be raising a lot of money for preproduction, capital spending until such time as we have that regulatory certainty. But that doesn't have to be through the ISA. We've heard from many investors, look if the US administration took real action here, that could be something to get people off the sidelines. We think after months of consultations, as you've seen, certainly on social media, Gerard and I have spent a lot of time in the rest of our team, [Eric Viz] and [Kristen Hengstebeck] and everybody heading down to Washington, D.C. to have diligent sessions and to make sure that we are kicking the tires on all of these legal questions.

但剩下的就是我們在去年年底告訴市場，在我們獲得監管確定性之前，我們不會為預生產和資本支出籌集大量資金。但這不一定要透過 ISA 來實現。我們從許多投資者那裡聽說，如果美國政府採取真正的行動，這可能會讓人們不再袖手旁觀。我們認為，經過數月的磋商，正如您所見，當然是在社交媒體上，杰拉德和我花了很多時間與我們團隊的其他成員，[埃里克·維茲]和[克里斯汀·亨斯特貝克]以及所有人一起前往華盛頓特區進行認真的會議，並確保我們對所有這些法律問題都進行了徹底的調查。

This was made after many, many months of detailed conversation, including that with our Board of Directors. So we view this as a path that can truly unlock regulations and allow us to move forward into commercial production. But it doesn't change the fact that we do need to show that regulatory certainty before we're going to be out there raising tons and tons of money and spending it on preproduction capital.

這是經過數月的詳細對話後做出的，其中包括與董事會的對話。因此，我們認為這是一條真正解除管制、讓我們能夠邁向商業化生產的道路。但這並不能改變這樣一個事實：在我們籌集大量資金並將其用於前期生產資本之前，我們確實需要證明監管的確定性。

So that perspective on our finances has not changed, and that's why we've had some modifications to our credit facilities to kick out maturities and ensure that they are rightsized for what we need to do to get these applications over the line. But the basic spending and what we need to do to get the applications ready doesn't really differ that much from what was necessary to prepare for the ISA and that's important because we've already front-end loaded much of that work, and we've done the test mining. We've done the test processing, and we've also done all of the environmental research campaigns.

因此，我們對財務的看法沒有改變，這就是為什麼我們對信貸安排進行了一些修改，以取消到期日並確保其規模適合我們需要做的事情，以使這些申請順利通過。但基本支出以及我們為準備應用程式所需做的事情與為 ISA 做準備所需做的事情並沒有太大區別，這一點很重要，因為我們已經在前端加載了大部分工作，並且已經完成了測試挖掘。我們已經完成了測試處理，也完成了所有的環境研究活動。

So from a financial perspective, I would say we are looking forward greatly to the point when these applications are over the line, and we can show the market that regulatory certainty, frankly, that's been missing over the last few years as a public company.

因此，從財務角度來看，我想說，我們非常期待這些申請獲得批准的那一天，我們可以向市場展示監管確定性，坦白說，作為一家上市公司，這在過去幾年裡一直缺失。

I'm showing --

我正在展示--

Yes. Sorry, Liz, is there anything else on the line for questions?

是的。抱歉，Liz，還有其他問題嗎？

No phone questions at this time.

目前不接受電話提問。

One more question actually from the webcast. Somebody asked, they're not clear whether or not we're going to submit an application contract on June 27 with the ISA. Gerard, do you want to reiterate what we said on that?

實際上，網路直播還有一個問題。有人問，他們不清楚我們是否會在6月27日向ISA提交申請合約。傑拉德，你想重申一下我們對此的看法嗎？

Well, we have -- what I will say is what we said earlier in the call, and that is we will keep our standing with the ISA, and we will preserve our rights there. We will have an application ready under June 27 but we are undecided where that application will land. But the decisions that will drive that permitting certainty.

嗯，我們已經——我要說的和我們早些時候在電話會議上說的一樣，那就是我們將繼續支持 ISA，我們將在那裡保留我們的權利。我們將在 6 月 27 日之前準備好申請，但尚未決定申請將在何處發布。但推動這一進程的決定將具有確定性。

Okay. Well, I think that's it for the conference call today. Perhaps we'll turn it back over to Gerard for any closing remarks.

好的。好吧，我想今天的電話會議就到這裡了。也許我們會把發言權交還給傑拉德，讓他做最後的總結。

No, I'd like to thank everyone for attending today. I'd like to thank my team and my board for the support, our partners who work with us and our shareholders who have been amazing supporters on this journey as a public company and before that as a private company. And we're greatly encouraged by all of the stars aligning right now and the environmental results coming through are offering us tremendous encouragement. And I hope this news will be able to see this industry in production and supply metals with the latest planetary in human touch as quickly assumably possible. Thank you very much.

不，我要感謝大家今天的出席。我要感謝我的團隊和董事會的支持，感謝與我們合作的合作夥伴以及股東，他們在我們成為上市公司以及之前作為私人公司的過程中給予了我們極大的支持。目前所有的星星都排列整齊，這讓我們深受鼓舞，而環境結果也給了我們巨大的鼓勵。我希望這個消息能讓這個產業盡快以人類的眼光看待最新的行星金屬的生產和供應。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。