TMC the metals company Inc (TMC) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Metals Company first quarter 2025 corporate update conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Craig Shesky, Chief Financial Officer. Please go ahead, sir.

您好，感謝您的支持。歡迎參加金屬公司 2025 年第一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。現在，我想將會議交給今天的發言人、財務長 Craig Shesky。先生，請繼續。

Thank you, Michelle. 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 statement.

謝謝你，米歇爾。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聲明的義務。

Our remarks today may also include non-GAAP financial measures, including with respect to free cash flows. And 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 with this call. 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.

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），可在本次電話會議使用的幻燈片中找到。歡迎您觀看我們的幻燈片或透過電話加入。您可以隨時造訪 investors.metals.co。

And I'll now turn the conference call over to our Chairman and CEO, Gerard Barron.

現在我將電話會議交給我們的董事長兼執行長 Gerard Barron。

Thank you, Craig. Well, usually, our first quarter conference calls are a bit quieter as they occur roughly six weeks after our year-end report but we have just experienced a six week period in which our company and this industry have taken some historic leaps forward. While the Trump executive order on Seabed Minerals had been rumored for some time in the media, the filing of our application months ahead of expectations was not. And I'd like to personally thank our team for the tremendous efforts to get these three applications over the line in an accelerated path.

謝謝你，克雷格。嗯，通常情況下，我們的第一季電話會議比較安靜，因為它們發生在我們年終報告發布大約六週後，但我們剛剛經歷了六週的時間，在這六週的時間裡，我們公司和這個行業取得了一些歷史性的飛躍。儘管媒體已經傳聞川普將發布有關海底礦產的行政命令，但我們提前數月提交申請並非如此。我個人也想感謝我們的團隊為加速這三個申請的通過所付出的巨大努力。

Given all of the derisking milestones achieved since our company's inception, we believe that the one thing previously holding back our stock price was the lack of a clear regulatory pathway. And we believe we now have it. And frankly, I don't think the market has accurately priced that in. Despite a nice run-up this year, we believe that the screen remains tightly coiled for the stock. Still, we were cognizant that another key overhang of the stock was fundraising, and we've seen short interest tick upward.

鑑於我們公司自成立以來所取得的所有降低風險的里程碑，我們認為，先前阻礙我們股價上漲的一個因素是缺乏明確的監管途徑。我們相信，現在我們已經擁有了它。坦白說，我認為市場還沒有準確地反映出這一點。儘管今年該股上漲勢頭良好，但我們認為其股價仍將受到嚴格控制。儘管如此，我們意識到該股票的另一個關鍵懸而未決的問題在於融資，而且我們已經看到空頭利息上升。

And even after some incredible achievements, we did not want to drift into summer without shoring up the cash balance. So this week, we did just that through a $37 million registered direct offering from Michael Hess and Brian Paes-Braga, and an existing strategic investor in TMC. These are all parties that want to be with us for the long haul and a ready, willing and able to roll up their sleeves to help us continue to create shareholder value through significant experience and networks in the resource space, both offshore and onshore.

即使取得了一些令人難以置信的成就，我們也不想在沒有鞏固現金餘額的情況下進入夏季。因此本週，我們透過 Michael Hess 和 Brian Paes-Braga 以及 TMC 現有策略投資者的 3,700 萬美元註冊直接發行實現了這一目標。所有這些各方都希望與我們長期合作，並且隨時準備、願意並能夠擼起袖子幫助我們透過在海上和陸上資源領域的豐富經驗和網絡繼續為股東創造價值。

Michael Hess from the Hess corporate family has 15 years of exploration and production experience as both an investor and operator along with deep relationships across the United States. And Brian Paes-Braga is a long-time investor in TMC, former Board member when the company was known as DeepGreen and continues to be a valuable supporter of the company and a good friend.

來自赫斯 (Hess) 企業家族的 Michael Hess 擁有 15 年的勘探和生產經驗，既是投資者又是營運商，並且在美國各地擁有深厚的人脈。Brian Paes-Braga 是 TMC 的長期投資者，在公司名為 DeepGreen 時擔任董事會成員，現在仍然是該公司的寶貴支持者和好朋友。

And I'd like to take this opportunity to officially welcome our newest member of the executive team, Rutger Bosland. Rutger joins us from our partner, Allseas, and was the pioneering engineer and technical lead on the development of our nodule collection system, leading up to the successful test in 2022 and in which we lifted over 3,000 tons of nodules to the surface. And as our Chief Innovation and Offshore Technology Officer, Rutger is already playing a key role in optimizing the performance of our commercial nodule collection system. The teams at TMC and Allseas are excited about the continuity maintained on this project as we work together to drive toward commercial readiness.

我想藉此機會正式歡迎我們執行團隊的最新成員 Rutger Bosland。拉特格來自我們的合作夥伴 Allseas，他是我們結核收集系統開發的先驅工程師和技術負責人，並於 2022 年成功進行了測試，將超過 3,000 噸的結核提升到地面。作為我們的首席創新和海上技術官，Rutger 在優化我們的商業結核收集系統的性能方面發揮關鍵作用。TMC 和 Allseas 團隊對專案保持的連續性感到非常興奮，我們共同努力推動其商業化。

So here is our agenda for today. And while the milestones achieved in the last two months are historic, we are just getting warmed up. And I'm very excited about some key catalysts in the near term. Later this quarter, we expect our applications for exploration licenses and a commercial recovery permit to be deemed substantially compliant and complete respectively, by NOAA, which kicks off the next stage of technical environmental review.

以下是我們今天的議程。儘管過去兩個月取得的里程碑具有歷史意義，但我們才剛開始熱身。我對近期的一些關鍵催化劑感到非常興奮。本季度晚些時候，我們預計我們的勘探許可證和商業開採許可證申請將分別被美國國家海洋和大氣管理局認定為基本合規和完整，這將啟動下一階段的技術環境審查。

Also this quarter, we expect further detail from the Commerce Department and NOAA on tangible actions to expedite these review processes and look forward to providing a more definitive step-by-step permitting time line to the market soon after. We will continue to explore alternative financing sources with US government departments and agencies as directed in the executive order as well as strategic partners to prepare for commercial production. But let me be very clear. The equity round just announced is more than sufficient to get us past the expected review process on a commercial recovery permit.

此外，本季度，我們期待商務部和美國國家海洋和大氣管理局提供進一步詳細說明加快這些審查流程的具體行動，並期待不久後向市場提供更明確的分步許可時間表。我們將繼續按照行政命令的要求，與美國政府部門和機構以及戰略合作夥伴一起探索替代融資來源，為商業生產做好準備。但請讓我明確地說明一下。剛剛宣布的股權融資足以讓我們通過商業復甦許可證的預期審查程序。

Finally, we are pleased to announce that our PFS will be completed next quarter for the commercial recovery area, over which we applied, allowing us to reflect new assumptions made possible by our US permitting strategy. Further, with this path to commercial production now coming into focus, we intend to provide more clarity on the potential valuation across our total estimated resource beyond NORI-D.

最後，我們很高興地宣布，我們申請的商業恢復區域的 PFS 將於下個季度完成，這使我們能夠反映美國許可策略所帶來的新假設。此外，隨著商業化生產之路逐漸清晰，我們打算對 NORI-D 以外的總估計資源的潛在估值提供更清晰的說明。

So as most of you know, on April 28, TMC USA submitted the world's first application to the US government for a commercial recovery permit for deep sea minerals in international waters, alongside two exploration license applications under the Deep Seabed Hard Mineral Resources Act. This decision followed many months of due diligence and dialogue with the US agencies and policymakers. We engaged multiple law firms to review DSHMRA and know it's long-standing implement regulations an established framework that is legally sound, robust and enforceable.

大家應該都知道，4 月 28 日，TMC USA 向美國政府提交了世界上第一份在國際水域進行深海礦物商業​​開採的許可證申請，同時也根據《深海海底硬礦產資源法》提交了兩份勘探許可證申請。這項決定是經過數月的盡職調查以及與美國機構和政策制定者對話後做出的。我們聘請了多家律師事務所來審查《DSHMRA》，並了解到其長期實施的法規是一個法律上合理、強大且可執行的既定框架。

In the lead up to our application, we consulted extensively with NOAA as to the regulatory requirements that we will be asked of us and since then have had productive engagements with them as well as the White House and members of Congress, all of whom recognize the strategic importance of this industry to America's energy security and industrial base.

在提交申請之前，我們就監管要求與美國國家海洋和大氣管理局進行了廣泛的磋商，並從那時起與他們以及白宮和國會議員進行了富有成效的接觸，他們都認識到該行業對美國能源安全和工業基礎的戰略重要性。

And we believe this US-based pathway offers the greatest probability of receiving a commercial permit in a timely, transparent and legally robust manner, giving us clear line of sight to responsible commercial operations. The application area for commercial production covers over 25,000 square kilometers in the Clarion-Clipperton zone. And this is ground we've got to know very well, having conducted years of environmental research and offshore resource evaluation and where we've already defined measured and indicated resources.

我們相信，這條基於美國的途徑最有可能及時、透明且合法地獲得商業許可，讓我們能夠清楚地了解負責任的商業運作。申請商業化生產的區域涵蓋克拉里昂-克利珀頓地區超過25,000平方公里。我們對這一領域非常了解，經過多年的環境研究和海上資源評估，我們已經確定了測量和指示資源。

In parallel, we've also submitted two exploration license applications covering nearly 200,000 square kilometers. And based on our extensive data, we estimate these areas contain over 1.6 billion tons of nodules with an additional 500 million tons of exploration upside, representing approximately 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2 million tonnes of cobalt and 345 million tons of manganese. And we believe these license areas offer a shovel-ready pathway to help deliver critical mineral independence for the United States. And as noted in the recent executive order deliver over 100,000 jobs and more than $300 billion in annual GDP.

同時，我們也提交了兩份勘探許可證申請，涉及面積近20萬平方公里。根據我們廣泛的數據，我們估計這些地區蘊藏超過 16 億噸結核，另外還有 5 億噸的勘探潛力，約佔鎳 1550 萬噸、銅 1280 萬噸、鈷 200 萬噸和錳 3.45 億噸。我們相信，這些許可區域提供了一條隨時可用的途徑，有助於美國實現關鍵的礦產獨立。正如最近的行政命令中指出的那樣，這將創造超過 100,000 個就業崗位，每年創造超過 3000 億美元的 GD​​P。

So America's role as a pioneer in deep-sea mining in the high seas is often overlooked. But President Trump's recent executive order reminded the world of that legacy and robust regulatory framework already in place to support this industry. You'll notice the President Signature there in the middle of the map. And the audit directs the Secretary of Commerce to expedite permitting under the US. Deep Seabed Hard Mineral Resources Act and tasks multiple federal agencies, including defense and energy with assessing offtake opportunities and domestic processing capabilities. It further calls on key US development finance agencies, to identify tools to support the industry.

因此，美國作為公海深海採礦先驅的角色常常被忽略。但川普總統最近的行政命令提醒世界，已經存在著支持該行業的傳統和強有力的監管框架。您會注意到地圖中間有總統的簽名。審計指示商務部長加快美國法律下的許可審批。《深海床硬礦產資源法案》要求國防和能源等多個聯邦機構評估承購機會和國內加工能力。它進一步呼籲美國主要發展金融機構找到支持該產業的工具。

And in light of our long-standing partnerships in the Pacific, we welcome the director for a joint interagency assessment alongside US allies. On the feasibility of an international seabed benefit-sharing mechanism and rest assured that we are having continuous and productive dialogues with the government of Nauru and Tonga on these points.

鑑於我們在太平洋地區的長期夥伴關係，我們歡迎該主任與美國盟友一起進行聯合機構間評估。關於國際海底惠益分享機制的可行性，請放心，我們正在與諾魯和東加政府就這些問題進行持續、富有成效的對話。

And the signal is clear. The United States is ready to again lead this industry, backed by a transparent and enforceable legal framework. For TMC, this brings the regulatory clarity that we've been seeking for our application and supports the broader investment case for developing a strategic domestic supply chain based on deep seabed minerals. It's refreshing to work with the regulator that is not only transparent, but also supportive, flexible and even enthusiastic about the strategic importance of this industry. NOAA has publicly committed to expediting the review of applications and is dedicating the resources needed to avoid undue delays. They've already taken steps to streamline interagency coordination something we're already seeing firsthand in our early consultations.

且信號很清晰。在透明且可執行的法律框架的支持下，美國準備再次引領這一行業。對於TMC來說，這帶來了我們一直在尋求的監管明確性，並支持了開發基於深海海底礦物的戰略國內供應鏈的更廣泛的投資案例。與監管機構合作令人耳目一新，該機構不僅透明，而且支持、靈活，甚至對該行業的戰略重要性充滿熱情。美國國家海洋暨大氣總署已公開承諾加快申請審核，並投入必要的資源以避免不必要的延誤。他們已經採取措施簡化機構間協調，我們在早期諮詢中已經親眼看到了這一點。

The Department of Commerce has made clear that companies like ours can apply today under existing US law, while Secretary of State Marco Rubio put it plainly, the United States, not China, will lead the world in responsibly unlocking seabed mineral resources and securing critical mineral supply chains with our partners and allies. And we're encouraged by the level of professionalism and urgency from the US agency that we've so far experienced. Some in the media are also applauding the new US-focused pathway. We have always admired the economist for quality, independent journalism and we're pleased to see the paper once again return to the topic of deep sea mining with two pieces.

商務部已明確表示，像我們這樣的公司今天就可以根據現行美國法律提出申請，而國務卿馬可·盧比奧則明確表示，美國，而不是中國，將引領世界負責任地開採海底礦產資源，並與我們的合作夥伴和盟友一起確保關鍵礦產供應鏈的安全。迄今為止，美國機構的專業和緊迫感令我們感到鼓舞。一些媒體也對以美國為中心的新路徑表示讚賞。我們一直欽佩《經濟學人》的高品質、獨立的新聞報道，我們很高興看到該報再次以兩篇文章重新探討深海採礦這一主題。

In its May 1 leader, the paper took stock of the executive order for government agencies to ready themselves to start issuing commercial recovery permits for deep sea nodules and acknowledged TMC's front-runner position at the head of Mr. Trump's Deep see Q. The paper also offered strong words to the ongoing regulatory delays at the International Seabed Authority warning that if the body wish to retain any influence over the development of this industry that it would do well to pay less heat to activist speculation and focus on fulfilling its legal mandate to establish regulations. And while some media remain focused on speculative studies that ignore decades of real-world data from offshore trials, it's encouraging to see the economist continue to acknowledge the need for trade-offs and that sourcing metals from deep sea nodules is far less harmful than the destruction caused by expanding mining in biodiverse rain forest.

該報在 5 月 1 日的社論中，對要求政府機構準備開始頒發深海結核商業開採許可證的行政命令進行了評估，並承認 TMC 在川普的深海問題領導層中處於領先地位。該報也對國際海底管理局 (International Seabed Authority) 持續的監管拖延提出了嚴厲批評，警告稱，如果該機構希望對該行業的發展保持影響力，那麼最好不要過多關注激進的猜測，而要專注於履行其製定法規的法定職責。儘管一些媒體仍然專注於推測性研究，而忽略了數十年來海上試驗的真實數據，但令人鼓舞的是，經濟學家繼續承認需要權衡利弊，並且從深海結核中獲取金屬的危害遠小於擴大採礦對生物多樣性雨林造成的破壞。

With deep sea mining firmly in the spotlight, I was honored to be invited to testify before the House Natural Resources Subcommittee on how nodules can help revitalize US industry and manufacturing. In his opening remarks, Chair Paul Gossard urged his colleagues to consider the positive economic implications of seabed mining and how the US with its legacy of technological and environmental leadership, can ensure the frontier isn't ceded to China. Echoing these sentiments, my own testimony, which is available on the committee's website and YouTube, spoke to the opportunity for the US to reclaim leadership in an industry it helped pioneer while strengthening critical mineral independence and jump starting a new era of American industrial strength.

隨著深海採礦成為人們關注的焦點，我很榮幸被邀請到眾議院自然資源小組委員會作證，講述結核如何幫助振興美國工業和製造業。主席保羅·戈薩德在開幕致詞中敦促他的同事們考慮海底採礦的積極經濟影響，以及美國如何憑藉其技術和環境領導地位確保這片邊界不會割讓給中國。與這些觀點相呼應的是，我自己的證詞（可在委員會網站和 YouTube 上查閱）談到了美國重新奪回其曾幫助開拓的行業領導地位的機會，同時加強了關鍵礦產的獨立性，並開啟了美國工業實力的新時代。

Importantly, the hearing gave space for one of the world's leading scientists on sediment [plumes] to directly counter activist speculation and reinforce what the data actually chose. Dr. Thomas Peacock, one of the world's leading experts on Deep sea sediment plume dynamics at MIT warned that, unfortunately, the latest scientific findings are not being used to guide decision-making on deep sea mining. Instead, outdated and debunked claims from activists, such as the fallacies that operations could impact carbon sequestration or spread settlement looms for thousands of miles are being amplified in the media, despite having no basis in current scientific data. But hopefully, that stale speculative narrative will continue to wear itself out in the face of increasing infield observed data. especially once we're in production.

重要的是，這次聽證會為世界領先的沉積物（羽流）科學家之一提供了空間，讓他直接反駁激進分子的猜測，並強化數據的實際選擇。麻省理工學院深海沉積物羽流動力學領域的世界頂尖專家之一托馬斯·皮科克博士警告說，不幸的是，最新的科學發現並沒有被用來指導深海採礦的決策。相反，活動人士提出的過時且已被揭穿的說法，例如「這些作業可能會影響碳封存或使定居點蔓延數千英里」的謬論，正在媒體上被大肆宣傳，儘管這些說法在當前的科學數據中沒有任何依據。但希望的是，面對日益增加的內場觀測數據，這種陳舊的推測性敘述將會逐漸消失。特別是一旦我們投入生產。

I'd now like to turn it back over to Craig to discuss the resource a little bit further.

現在我想把話題轉回給 Craig，進一步討論該資源。

Thanks, Gerard. So there's a remarkable correlation between a nodule's mineral composition and the composition of EV battery cathodes and wiring. So while lithium iron phosphate or LFP battery attractions, chemistry said gain traction, over 90% of the LFP supply chain is in China. And in the West, nickel-rich chemistries make up over 65% of EV battery cathodes sold today. And most of that are expected to be sold in the future. It was great to see yesterday, GM and LG Chemical announce their excitement over new lithium manganese rich or LMR, cathode technology. LMR offers 33% greater energy density than LFP will be comparable on cost. With sales made up of 65% manganese and 35% nickel, plus typical EVs requiring 100 to 200 pounds of copper, there is going to be a very robust demand growth market for the metals contained in nodules.

謝謝，傑拉德。因此，結核的礦物成分與電動車電池陰極和線路的成分之間存在顯著的相關性。因此，儘管磷酸鐵鋰或 LFP 電池的吸引力和化學方面的吸引力不斷增強，但超過 90% 的 LFP 供應鏈都在中國。在西方，目前銷售的電動車電池陰極中，65% 以上都是富鎳化學物質。預計其中大部分將在未來出售。昨天很高興看到通用汽車和 LG 化學宣布對新型富鋰錳或 LMR 陰極技術感到興奮。LMR 的能量密度比 LFP 高 33%，成本相當。由於銷售中錳和鎳分別佔 65% 和 35%，再加上典型的電動車需要 100 至 200 磅的銅，因此結核中所含金屬的需求成長市場將非常強勁。

Now as automakers come close to delivering full autonomy, studies suggest that this will require as much battery power for computing as it would require for the powertrain, meaning energy dense nickel batteries should continue to be in high demand. Still, many opposition groups like to say, we don't need these metals. So don't bother. Well, nobody asked you, but the US government and commodity experts globally would disagree.

現在，隨著汽車製造商接近實現完全自動駕駛，研究表明，這將需要與動力系統一樣多的電池電量來計算，這意味著能量密集型鎳電池將繼續保持高需求。然而，許多反對派團體喜歡說，我們不需要這些金屬。所以別費心了。嗯，沒有人問過你，但美國政府和全球商品專家會不同意。

As a former metal analyst, myself, I am surprised at how many global NGO spokespeople also moonlight as commodity experts. But even if all of the current and future EV demand magically vanished, the demand for our products will be just fine. These four metals are all being critical by the US Department of Energy or the US Geological Survey due to their necessity in myriad applications. For nickel, that includes stainless steel, generators, turbines and power grid infrastructure for cobalt, it's aircraft engines, magnets, paints and super alloys for manganese, it includes carbon steel, alloys and build materials and for copper, it's basically everything wiring, piping, electronics, traditional cars, HVAC, long-haul transmission cables and also that includes a tremendous future power needs for the data center supporting artificial intelligence and other current and future technologies.

身為一名前金屬分析師，我驚訝地發現，許多全球非政府組織發言人也兼職大宗商品專家。但即使當前和未來的電動車需求全部神奇地消失，我們產品的需求仍然會很好。這四種金屬因其在眾多應用中的必要性而受到美國能源部或美國地質調查局的批評。對於鎳來說，它包括不銹鋼、發電機、渦輪機和電網基礎設施；對於鈷來說，它包括飛機發動機、磁鐵、油漆和超級合金；對於錳來說，它包括碳鋼、合金和建築材料；對於銅來說，它基本上包括所有電線、管道、電子產品、傳統汽車、暖通空調、長途電纜，還包括支援未來和其他當前和未來巨大技術的人工智慧電力需求的電力需求。

So now that we have a better sense of the uses, we can also give you a sense of scale. What would it mean for the US to gain access to, let's say, 1 billion tons? Well, the answer is that would be transformational. And if measured by current US consumption, 1 billion tons of nodules would provide 456 years of manganese, 165 years of cobalt, 81 years of nickel and four years of copper. But it's worth remembering that it was US companies and the US government, including Noah, which pioneered the evaluation and development of this resource back in the 1970s.

現在我們對用途有了更好的了解，我們也可以讓您了解其規模。假設美國獲得 10 億噸石油，這代表什麼？嗯，答案是，那將帶來改變。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年的鈷、81年的鎳和4年的銅。但值得記住的是，早在 1920 世紀 70 年代，正是包括諾亞在內的美國公司和美國政府率先對這項資源進行了評估和開發。

The US government developed a regulatory framework and conducted strategic environmental impact assessments. US companies, including Transocean, US Steel, Lockheed Martin developed and piloted nodule collection technology. So this US leadership did slow, however, when the US did not ratify the UN convention of the law of the sea or UNCLOS. The US did have the foresight, however, to enact DSHMRA so that the 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、US Steel、洛克希德馬丁在內的美國公司開發並試行了結核收集技術。然而，當美國沒有批准《聯合國海洋法公約》（簡稱《聯合國海洋法公約》）時，美國的領導地位確實放緩。然而，美國確實有遠見，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。

As we've said, going back to last quarter, 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 obviously remain a full effect. There are a few handful of nations that have bilateral agreements with the US regarding each other's activities in international waters. But beyond that, US law continues to offer freedom of activity in the high seas.

正如我們所說，回顧上個季度，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過《內安法》的管轄，這項美國法律顯然仍然有效。有少數國家與美國簽署了彼此在國際水域活動的雙邊協議。但除此之外，美國法律繼續提供公海活動的自由。

Now over the last few weeks, we've gotten quite a few questions from investors and stakeholders on the legal side of this question. Many people ask about overlap between the US seabed Mining Code and the ISA, but that's not exactly the right way to think about it. The US isn't claiming any ground or territory in international waters. This is not a question of overlap. Through DSHMRA and the NOAA regulation, the US is merely regulating the free activities of its citizens in international waters in accordance with any law that would apply to with citizens under the freedom of the high seas, just as it would apply to somebody on a fishing boat.

在過去的幾周里，我們收到了不少來自投資者和利益相關者關於這個​​問題法律方面的問題。許多人詢問美國海底採礦法規與國際海底管理局之間的重疊問題，但這並不是正確的思考方式。美國並未對國際水域的任何土地或領土提出主權要求。這不是一個重疊的問題。透過《DSHMRA》和《NOAA》法規，美國祇是在按照適用於公海自由公民的任何法律來規範其公民在國際水域的自由活動，就像適用於漁船上的某人一樣。

As our private subsidiary, TMC USA doesn't bear obligations under our own clauses. TMC's USA's rights are solely defined by the laws of the United States. And on cost does not apply to the US because the US never ratified it nor did it ratify the 1994 ISA implementation agreement. Getting a bit technical, but according to Article 34, the Vienna convention on the law of treaties, a treaty does not create either obligations or rights for a third state without its consent. And under Article 14 of that same document, a treaty is binding upon the state only when it is expressed its consent to be bound typically through ratification. So while the US does voluntarily abide by certain aspects of UNCLOS, the US has never contradicted its original understanding of deep sea mining as a freedom of the high seas and has steadfastly opposed Part 11's framework for the ISA led exploitation of deep seabed minerals.

作為我們的私人子公司，TMC USA 不承擔我們自身條款所規定的義務。TMC 美國的權利僅由美國法律定義。而成本問題並不適用於美國，因為美國從未批准該條約，也沒有批准 1994 年《國際海底管理局實施協議》。有點技術性，但根據《維也納條約法公約》第 34 條，條約不得在未經第三國同意的情況下為其產生義務或權利。根據同一文件的第 14 條，條約只有當國家表示同意受其約束時（通常是透過批准），才對該國具有約束力。因此，儘管美國確實自願遵守《聯合國海洋法公約》的某些方面，但美國從未違背其對深海採礦作為公海自由的最初理解，並堅決反對第 11 部分中有關國際海底管理局主導的深海海底礦物開發的框架。

Turning back to our project. Focusing on the onshore side of our operations. In April of this year, TMC and PAMCO welcomed over 50 representatives including equity research analysts, commodity traders, steel makers and battery consumers and some TMC employees, including myself, to PAMCO's Hachinohe plant in Japan for a site visit. During the tour attend (technical difficulty) engineers about TMC's commercial production flow sheet and the final specification products and they were given the opportunity to view samples of the products up close.

回到我們的專案。專注於我們業務的陸上方面。今年4月，TMC和PAMCO邀請股票研究分析師、大宗商品交易商、鋼鐵製造商、電池消費者等50多位代表以及包括我在內的部分TMC員工，到PAMCO日本八戶工廠進行實地考察。參觀期間，向（技術難度）工程師介紹了TMC的商業生產流程和最終規格產品，並讓他們有機會近距離查看產品樣品。

In February of 2025, as we previously announced, PAMCO successfully demonstrated the smelting of calcine at high-grade, nickel copper cobalt alloy and manganese silicate products. By using PAMCO's existing facility, TMC can eliminate the need for upfront onshore capital expenditures as part of its capital-light approach. As a reminder, our applications in NOAA are backed by one of the largest environmental data set ever compiled based on work alongside dozens of respected research institutions and well over $200 million in cumulative environmental spending.

2025年2月，正如我們先前宣布的，PAMCO成功展示了高品位、鎳銅鈷合金和矽酸錳產品的煅燒礦冶煉。透過利用 PAMCO 的現有設施，TMC 可以消除前期在岸資本支出的需要，這是其輕資本方法的一部分。提醒一下，我們在 NOAA 的應用程式得到了有史以來最大的環境數據集之一的支持，該數據集基於與數十家受人尊敬的研究機構合作編制，累計環境支出超過 2 億美元。

Bottom line, we believe that we, along with the research pioneers from NOAA and others before that (inaudible) answered the questions posed for our environmental impact statement, which has now been launched as part of the NOAA process. And we strongly believe that the time has come to move forward, begin production and allowed the data collection to increase exponentially and share even more evidence on the manageable impacts of Deep sea nodule collection.

總而言之，我們相信，我們與 NOAA 和其他先前的研究先驅（聽不清楚）一起回答了我們環境影響聲明中提出的問題，該聲明現已作為 NOAA 流程的一部分發布。我們堅信，現在是時候向前邁進，開始生產，讓數據收集呈指數級增長，並分享更多關於深海結核收集可控影響的證據。

So now let's turn to project economics and the long anticipated pre-feasibility study or PFS. As Gerard noted upfront, we expect to release next quarter, our PFS for our first commercial production area. But on top of that, some additional detail and higher level valuation parameters on the resource beyond NORI-D which to date has been nearly all of the people have focused on for underwriting our stock, often ignoring the other 78% of the estimated resource. We often get a question, why not just release all the information now?

現在讓我們來討論專案經濟學和期待已久的預可行性研究或 PFS。正如 Gerard 預先指出的那樣，我們預計將於下個季度發布我們的第一個商業生產區的 PFS。但除此之外，除了 NORI-D 之外，還有一些關於資源的額外細節和更高級別的估值參數，迄今為止，幾乎所有人都關注 NORI-D 來承銷我們的股票，而往往忽略了估計資源的其餘 78%。我們常常被問到這樣一個問題：為什麼不現在就發布所有資訊？

Well, for one, we've been busy getting these applications complete but also as a NASDAQ listed and SEC regulated company, there are very specific rules on the assumptions and sign-offs required to make resource and financial projections to ensure it's all based on reality and can reasonably be relied upon by investors. Trust us, we are chopping up a bit to be able to share this thing with you. However, our period to the US earlier this year has led to some changes in long-term assumptions that do require careful consideration, accurate modeling and sign off through a handful of external qualified persons or QPs. Now that we have submitted our applications on an accelerated basis based on an all hands on deck push, our team's attention can turn back to this important work.

首先，我們一直忙於完成這些申請，而且作為一家在納斯達克上市並受美國證券交易委員會監管的公司，對於做出資源和財務預測所需的假設和簽字有非常具體的規定，以確保所有這些都基於現實並且可以被投資者合理地依賴。相信我們，我們會做一些改變以便能夠與您分享這個東西。然而，我們今年稍早去美國的這段時間導致長期假設發生了一些變化，這些變化確實需要仔細考慮、準確建模並透過少數外部合格人員或 QP 簽署。現在，我們已經在全體人員的共同努力下加速提交了申請，我們團隊的注意力可以重新回到這項重要的工作上。

As we've discussed for many years, our capital-light approach is made possible by partners like Allseas and PAMCO providing existing assets. On the offshore side, the US path requires some additional steps, such as the fighting of vessels. In onshore, we are looking forward to processing in the US one day. But we in the US government understand the reality is that processing will occur outside the United States for some period of time. And now on the royalty front, that's one area where the US path very significantly.

正如我們多年來所討論的那樣，我們的輕資本方法得益於 Allseas 和 PAMCO 等合作夥伴提供現有資產。在海上方面，美國的道路需要採取一些額外的措施，例如船戰。在國內，我們期待有一天能夠在美國處理。但我們美國政府明白，現實情況是，處理將在一段時間內在美國境外進行。現在在版稅方面，這是美國顯著進步的一個領域。

There will be economic benefits for some allied countries as laid out in the executive order but it's going to be a far cry from some of the more onerous proposals being discussed at the ISA over recent years. Again, we're looking forward to sharing more in the third quarter on this important work stream to provide not only PFS level clarity on our first commercial recovery area, but also additional information on the potential read-through for the entire estimated resource.

該行政命令將為一些盟國帶來經濟利益，但這與近年來在國際安全局討論的一些更為繁重的提議相去甚遠。再次，我們期待在第三季度分享更多關於這一重要工作流程的信息，不僅為我們的第一個商業恢復區域提供 PFS 級別的清晰度，而且還提供有關整個估計資源的潛在讀數的更多信息。

So now on to the financial results. TMC reported a net loss of approximately $20.6 million or $0.06 per share in the first quarter of 2025 compared to a net loss of $25.2 million or $0.08 per share for the same period in 2024. Exploration and evaluation expenses for the three months ended March 31, 2025, were $9.5 million compared to $18.1 million in 2024 due to lower mining, technological and process development costs as the comparative quarter included costs to transport nodules to PAMCO's facility, resource definition costs incurred during campaign eight, which was completed in the first quarter of 2024 and lower costs incurred on environmental and prefeasibility studies, partially offset by an increase in share-based comp.

現在來看一下財務結果。TMC 報告稱，2025 年第一季淨虧損約為 2,060 萬美元，即每股 0.06 美元，而 2024 年同期淨虧損為 2,520 萬美元，即每股 0.08 美元。截至 2025 年 3 月 31 日的三個月的勘探和評估費用為 950 萬美元，而 2024 年為 1,810 萬美元，原因是採礦、技術和工藝開發成本較低，因為比較季度包括將結核運輸到 PAMCO 設施的成本、第八次活動期間產生的資源定義成本（於 2024年第一季完成）以及環境和預可行性研究產生的成本較低，但部分被基於股票的補償的增加所抵消。

G&A expenses in Q1 2025 were $8.5 million compared to $6.6 million in the comparative quarter due to an increase in share-based compensation, partially offset by a decrease in legal costs in the first quarter of 2025. Q1 2025 results also include a loss of $0.5 million for the change in fair value of warrant's liability and charges of $1.1 million for foreign exchange losses and $1 million of fees and interest on our credit facilities and borrowings. Net cash used in operating activities in Q1 2025 amounted to $9.3 million compared to $11.8 million in 2024.

2025 年第一季的一般及行政費用為 850 萬美元，而去年同期為 660 萬美元，原因是股權激勵費用增加，但被 2025 年第一季法律費用的減少部分抵銷。2025 年第一季的業績還包括認股權證負債公允價值變動造成的 50 萬美元損失、110 萬美元的外匯損失費用以及 100 萬美元的信貸安排和借款費用和利息。2025 年第一季經營活動所用淨現金為 930 萬美元，而 2024 年為 1,180 萬美元。

The reduction in Q1 2025 is mainly due to higher cash outflows relating to the campaign eight last year, partially offset by higher corporate costs this year. Free cash flow for Q1 was negative $9.4 million compared to negative $12.1 million in 2024. Free cash flow is a non-GAAP measure, and I would point you to the non-GAAP reconciliation table included in the appendix of this slide deck.

2025 年第一季的減少主要是由於去年第八次活動相關的現金流出增加，但今年企業成本增加部分抵消了這一影響。第一季的自由現金流為負 940 萬美元，而 2024 年為負 1,210 萬美元。自由現金流是一種非公認會計準則衡量指標，我想向您指出本投影片附錄中包含的非公認會計準則對帳表。

Now taking a step back to liquidity and capital raising tools. TMC liquidity, which is cash flows borrowing capacity, stood at about $44 million as of March 31, 2025, or $81 million pro forma following this month's registered direct offering of $37 million of gross proceeds. In March of 2025, we increased the principal amount of our unsecured [ARIS] bearing credit facility by $6 million from $38 million to $44 million. The credit facility with the affiliate of Allseas Group SA of $25 million was terminated by mutual agreement as we previously reported, as maturity was approaching and there were no amounts outstanding.

現在回顧一下流動性和融資工具。TMC 流動性（即現金流借貸能力）截至 2025 年 3 月 31 日約為 4,400 萬美元，在本月註冊直接發行 3,700 萬美元總收益後，預計為 8,100 萬美元。2025 年 3 月，我們將無擔保 [ARIS] 信貸額度的本金增加了 600 萬美元，從 3,800 萬美元增加到 4,400 萬美元。正如我們之前報導的那樣，由於到期日臨近且沒有未償還金額，與 Allseas Group SA 附屬公司達成的 2500 萬美元信貸額度已經雙方同意終止。

However, the maturity of the $7.5 million Allseas working capital loan was extended to September of 2025 in Q1 of 2025, the company repaid $1.8 million of previously drawn amount on the (inaudible) facility and did not draw any further amount. The company also raised in the quarter, $5.7 million under the ATM facility, issuing approximately 3 million shares at an average share price in Q1 of $1.93.

然而，750 萬美元的 Allseas 營運資金貸款的到期日在 2025 年第一季度延長至 2025 年 9 月，該公司償還了先前從 (聽不清楚) 貸款中提取的 180 萬美元，並且沒有提取任何其他金額。該公司還在本季透過 ATM 融資 570 萬美元，發行了約 300 萬股股票，第一季平均股價為 1.93 美元。

And one matter on corporate housekeeping. The $37 million registered direct offering and combined with the $55 million in potential future proceeds from the associated warrants at $4.50 per share, that would use up the majority of the existing S3 shelf capacity. Shelf capacity calculations do assume that future exercise of any warrants must be included at the time of issue. So this financing came from the company well beyond the key milestone of permitting for commercial production.

還有一件關於公司內部管理的事情。3,700 萬美元的註冊直接發行加上每股 4.50 美元的相關認股權證未來可能獲得的 5,500 萬美元收益，將佔​​用現有 S3 貨架容量的大部分。貨架容量計算確實假設任何認股權證的未來行使都必須在發行時納入。因此，該公司的這筆融資遠遠超出了允許商業生產的關鍵里程碑。

But again, as a matter of good corporate housekeeping, TMC expects to put in place on their shelf to allow for future issuance of various securities as discussions with additional strategic investors continue and as we prepare ourselves for commericial production, even strategics do like registered transactions, whether that's debt or equity securities. So it's better to have the toolkit full before we need to use it.

但是，再次強調，作為良好的公司內部管理事宜，TMC 希望將現有資產擱置，以便未來發行各種證券，因為我們正在繼續與其他戰略投資者進行討論，並且為商業化生產做好準備，即使是戰略性投資也喜歡註冊交易，無論是債務證券還是股權證券。因此，最好在需要使用工具包之前將其填滿。

So now I might turn it over to the operator to open it up for any Q&A.

所以現在我可能會把它交給操作員，以便進行任何問答。

(Operator Instructions)

（操作員指示）

Matthew O'Keefe, Cantor Fitzgerald.

馬修·奧基夫、康托·費茲傑拉。

Thanks, operator. Gentlemen, what a busy quarter it's been and some great progress. So again, congratulations on that and I want to thank you for the invitation down to see the Bancorp facility. That was a real eye opener and the strength of partnerships that you've established is pretty impressive and very confidence building.

謝謝，接線生。先生們，這是一個多麼繁忙的季度，並且取得了巨大的進展。所以，再次恭喜你們，並感謝你們邀請我參觀 Bancorp 的設施。這真是令人大開眼界，你們建立的合作夥伴關係的力量令人印象深刻，並且非常有助於建立信心。

But I did have a question around the application to NOAA. Particularly, it seems as though the ground that you've applied for, you need the exploration ground and then you need the commercial operations. But it looks like the ground is covering the existing two concessions that you had under Noah. That is -- sorry, that you had under the ISA that is what we called before the Nauru area and the Tonga area. But there's an extra like there's an extra concession there as well, and I think you referred to that as saying it has about a 500 million-ton potential. Can you give us any more color on where that is or what we might expect to see around that? This is, again, speaking to the upside that you're talking about.

但我確實對向 NOAA 提出的申請有疑問。具體來說，似乎您申請的土地需要勘探土地，然後需要商業運作。但看起來，諾亞領導下的兩項現有讓步似乎已經落實。那是——抱歉，那是根據《國際海底管理局》我們之前對諾魯地區和東加地區所稱的。但那裡還有額外的特許權，我想你提到它有大約 5 億噸的潛力。您能否向我們詳細介紹那裡的情況或我們可能看到的情況？這再次說明了您所說的好處。

Sure. Well, firstly, thanks, Matt, and thank you for attending the Japan events, and it was great to see several people from the analyst community attend and see firsthand just how real it all is up there. And I was sorry not to be able to join you on that day. But you're right, we haven't released a map of the exact area, yes. We will very soon. But the additional area is very complementary to some of the Nauru and Tonga ground. And it's an area that is not claimed by any other sovereign. And we feel that's important that while there is an ability to lay claim of the ground that is currently under license through the ISA by other countries. We made a deliberate plan not to do that, obviously, we have the support of Tonga and Nauru and our efforts. And we are -- sorry, can you still hear me?

當然。嗯，首先，謝謝馬特，也感謝您參加日本的活動，很高興看到分析師社群的幾位人士參加並親眼目睹那裡的一切是多麼真實。我很遺憾那天不能和你們一起參加。但是你說得對，是的，我們還沒有發布該區域的具體地圖。我們很快就會。但新增的面積與諾魯和東加的部分土地具有很好的互補性。任何其他主權國家均未宣稱對該區域擁有主權。我們認為，儘管其他國家有能力對目前已通過 ISA 獲得許可的土地提出主權要求，但這一點很重要。我們制定了不這樣做的深思熟慮的計劃，顯然，我們得到了湯加和諾魯的支持和我們的努力。而且我們——抱歉，您還能聽到我說話嗎？

Yes, we can.

是的，我們可以。

Yes. Great. So we have the support of Nauru and Tonga. But we wanted to make sure any additional ground that we did apply for would not have a competing claim over it. So I can't tell you specifically where that it makes a beautiful mining unit, and I can't wait to share more detail on it. And we know a lot about the ground because it's neighboring to some of our other blocks. And so we can talk with some confidence about what we think's on it.

是的。偉大的。因此我們得到了諾魯和東加的支持。但我們想確保我們申請的任何額外土地不會受到其他競爭者的爭奪。所以我無法具體告訴你它在哪裡成為一個漂亮的採礦單位，我迫不及待地想分享更多細節。我們對這片土地了解很多，因為它與我們的其他一些街區相鄰。因此我們可以自信地談論我們對此的看法。

Yes. And just to add one point on that, too. It also does not encompass any areas that had been set aside as areas of particular environmental interest. So look, we are very eager to share Matt, exactly where it is. But for commercial sensitivity reasons, it makes sense to get past our initial review with NOAA and then share quite a bit more detail very soon.

是的。我還要補充一點。它也不包括任何被劃定為特別環境利益區域的區域。所以，你看，我們非常渴望與 Matt 分享它的確切位置。但出於商業敏感性的原因，我們有必要先與 NOAA 進行初步審查，然後儘快分享更多細節。

Right. No, that makes sense. And I guess we're coming up on the first 30-day I guess, the end of this month will be the first 30-day where you should hear back about the status of your application. Can you expand a little bit on that process and how you see it unfolding both the 30- and 60-day processes and then beyond that? Is that we're going to get a road map at that time?

正確的。不，這很有道理。我想我們即將迎來第一個 30 天，本月底將是第一個 30 天，您應該會在這個 30 天收到有關申請狀態的回覆。您能否稍微詳細闡述一下該過程以及您如何看待它在 30 天和 60 天以及之後的進程中展開？我們到時候會拿到一份路線圖嗎？

Look, that's our plan. Yes. I'm traveling to DC tomorrow actually. And we are in regular contact with the authority. And we -- I think it's fair to say it's been a lot of action that we've generated by our application. And I think I wouldn't be speaking out of school to say a lot of excitement inside that department as well. But I have it on good authority that we should be expecting something very soon.

看，這就是我們的計劃。是的。實際上我明天要去華盛頓特區。我們與當局保持定期聯繫。而且我們——我認為可以公平地說，我們的應用程式已經產生了很多行動。我認為我不會在學校外面發表講話，也不會在那個部門內部發表很多激動人心的言論。但我確信我們很快就會看到一些結果。

Jake Sekelsky, Alliance Global Partners.

傑克‧塞克爾斯基 (Jake Sekelsky)，聯盟全球合作夥伴。

Gerard and Craig. So a lot to unpack here, obviously, but just a few questions from my end. We've seen a wave of support, obviously, for the space for the last quarter. I'm just curious if you have any thoughts or insights on how this might translate over to the processing side of the equation. And if going downstream longer term is something that you've thought about?

杰拉德和克雷格。顯然，這裡有很多事情需要解決，但我只想問幾個問題。顯然，我們看到了上個季度對該領域的一波支持。我只是好奇您是否對如何將其轉化為等式的處理方面有任何想法或見解。您是否考慮長期順流而下？

Yes, sure. We I mean if we wind the clock back about two years ago, we had an application to the DoD to carry out a feasibility study on a refinery at a site we identified in Texas and since that time, we have made tremendous progress understanding how to treat the nodules with our partner PAMCO. We've engaged with potential processing partners in other nations as well, including Indonesia, which has a wide variety or wide number of options available to us. And one of the requirements though under DSHMRA is that while you can seek exemptions if there's no ability to process those nodules in the USA that they want to see those jobs and that economic activity come back to the United States.

是的，當然。我的意思是，如果我們把時鐘撥回到大約兩年前，我們向國防部提交了一份申請，對我們在德克薩斯州確定的一個地點的煉油廠進行可行性研究，從那時起，我們與合作夥伴 PAMCO 在了解如何處理結核方面取得了巨大進展。我們也與其他國家的潛在加工合作夥伴進行了合作，其中包括印度尼西亞，它為我們提供了許多種或大量的選擇。然而，DSHMRA 的要求之一是，雖然你可以尋求豁免，但如果美國沒有能力處理這些結核病，他們希望看到這些工作和經濟活動回到美國。

And so we are working feverously with two groups to evaluate that. We're excited about the progress that has been made. We're encouraged by the noises we're receiving from government agencies about the permitting cycle. And we've also been approached by a wide number of what I call, Patriot capital providers, people that are very interested in investing in hard assets on the ground to service the future needs of the United States. So we give it a lot of thought. We think it's a tremendous value-add opportunity. Of course, if we were to do this 20 years ago, then automation wouldn't be as advanced as it is today.

因此，我們正在與兩個小組密切合作來評估這一點。我們對已經取得的進展感到非常興奮。政府機構就許可週期所表達的意見令我們感到鼓舞。我們也與許多我稱之為愛國者資本提供者的人進行了接觸，這些人非常有興趣投資當地的硬資產以滿足美國未來的需求。所以我們對此進行了深思熟慮。我們認為這是一個巨大的增值機會。當然，如果我們20年前就這樣做，那麼自動化就不會像今天這樣先進。

And I think looking at how efficient we can make those processing plants is a high priority, and we're dealing with some of the best people imaginable on helping us on that at the moment. So yes, so it is a commitment. We like the idea of doing it in the United States. And we've certainly been -- I think in our data would be too strong a word, but we've had a lot of inbound from parties who've expressed interest in having some kind of partnership with us to put that investment into the US.

我認為，研究如何提高這些加工廠的效率是當務之急，目前我們正在與一些最優秀的人才合作，以幫助我們實現這一目標。是的，這是一個承諾。我們喜歡在美國做這件事的想法。而且我們確實已經——我認為用「我們的數據」這個詞可能有點太強烈了，但我們已經收到了很多來自各方的來電，他們表示有興趣與我們建立某種合作關係，將這筆投資投入到美國。

Indeed. And make no mistake, Jake, the key equation is going to be the same as it would be prior to the US approach, which is trying to accrete shareholder value, making sure that we're evaluating each of these downstream opportunities. On a stand-alone basis, based on IRR, based on the return on invested capital. But the point here is, until such time as we have a commercial recovery permit, the invested capital portion needs to be as small as possible.

的確。傑克，別搞錯了，關鍵方程式將與美國方法之前相同，即試圖增加股東價值，確保我們評估每一個下游機會。以獨立的基礎、以 IRR 為基礎、以投資資本回報率為基礎。但這裡的重點是，在我們獲得商業恢復許可證之前，投資資本部分需要盡可能小。

So therefore, this is just a great opportunity to continue to bring in partners with strong balance sheets and deep pockets and great connections within the US government. And this is an amazing opportunity for us, medium term, long term. But certainly, we are always keeping an eye on not getting out of our skis in terms of going too far downstream too quickly, given the fact that all of us want to see this in commercial production in its capital light way as possible.

因此，這是一個絕佳的機會，可以繼續引入擁有強大資產負債表、雄厚資金和與美國政府有良好關係的合作夥伴。從中期和長期來看，這對我們來說都是一個絕佳的機會。但當然，我們始終在註意不要在下游太快太遠的地方偏離我們的滑雪板，因為我們都希望看到它在商業生產中盡可能輕鬆地實現資本。

Dmitry Silversteyn, Water Tower Research.

西爾弗斯泰恩（Dmitry Silversteyn），水塔研究公司。

Thank you and thank you, Gerard and Craig, I'd like to just add my comments on the trip to PAMCO facility and an excellent job that TMC and the PAMCO folks did in organizing and carrying out that trip. It was really first rate.

謝謝你們，也謝謝傑拉德和克雷格，我只想補充一下我對 PAMCO 設施之行的評論，以及 TMC 和 PAMCO 員工在組織和執行此次旅行方面所做的出色工作。這確實是一流的。

Now to the questions. You mentioned in your remarks that you're exploring some funding opportunities within the US government framework. So what exactly are you looking to chase down here in terms of either loans or grants or any other financial assistance that the government can provide you in this scenario?

現在來回答問題。您在發言中提到，您正在探索美國政府框架內的一些融資機會。那麼，在這種情況下，您究竟想尋求政府提供的貸款、補助金或其他財政援助嗎？

Yes, very much taking a -- and thank you for the questions, Dmitry, and it was a pleasure spending time with you and the rest of the team for that PAMCO site visit. It was an excellent opportunity to see that firsthand. But the answer is an all of the above approach. We want to ensure that we're not leaving any stone unturned from what is a great window of opportunity here with a very supportive government.

是的，非常感謝您提出的問題，德米特里，很高興與您和團隊的其他成員一起參觀 PAMCO 現場。這是一個親眼見證這過程的絕佳機會。但答案是上述所有方法。我們希望確保我們不會錯過任何機會，因為這裡有一個非常支持的政府。

So we can't comment on too much specifically other than I would direct you to the executive order, which pointed out the exploration of offtake arrangements or rights of first refusal, the directions that the President gave the Departments of Defense and Energy on that front as well as directives to explore financing opportunities for this new seafloor nodule industrial ecosystem that the US wants to build out, directing financial initiatives from the Development Finance Corp Exim bank. There are a lot of names as part of that executive order. And it's -- I would say, it will be easier to list the agencies and cabinets named to that order that we haven't been having active dialogues with than the other way around. We feel very confident that the time is right to take some of this from theoretical to actually signatures on a page, and we're going to push that as aggressively as possible.

因此，我們不能對具體問題發表太多評論，但我建議您參考行政命令，該命令指出了對承購安排或優先購買權的探索，總統在這方面向國防部和能源部發出的指示，以及探索美國希望建設的這種新的海底結核工業生態系統的融資機會的指令，指示發展金融公司進出口銀行的金融舉措。該行政命令中列出了許多人的名字。而且 — — 我想說的是，列出我們尚未進行積極對話的機構和內閣比反過來更容易。我們非常有信心，現在是時候將其中一些內容從理論轉化為實際的簽名了，我們將盡可能積極地推動這一進程。

Understood. Great. Now since these executive orders have come out in rapid fire way in the last six weeks, and you guys submitted the application now. Have you seen any -- I guess the best way to ask this question is, what are you hearing from your context of ISA? I know they're in the intercessionary discussions right now. Have you picked up any sense of urgency on their part? Or is it all integration and combination at this point?

明白了。偉大的。現在，由於這些行政命令在過去六週內迅速出台，你們現在已經提交了申請。你有沒有看過——我想問這個問題的最好方式是，你從 ISA 的背景下聽到了什麼？我知道他們現在正在進行代禱討論。您是否感受到了他們的迫切感？或者現在一切都是整合和組合？

No, I think Dmitry -- and what we're hearing is that there is action. What we are hearing is that people understand that this has been shining a spotlight on the fact that the regulator had an obligation and hasn't met its obligation. And I think if you listen to some of the comments that have been made by the SG while they're a little bit speculative, I would suggest what they do highlight is urgency. And what we hear discretely from some of the member nations is that there seems to be momentum. Now of course, our decision is made, we are moving in this direction. But I hope for the other member nations who relied on unclass and who have been acting in good faith by turning up and carried out all of this research work to further their license ground. I hope for their sake that the regulator can agree a set of terms for the mining good and join us out there.

不，我認為德米特里——我們聽到的是，我們已經採取了行動。我們聽到的是，人們明白，這凸顯了監管機構負有義務但尚未履行其義務的事實。我認為，如果你聽聽秘書長所做的一些帶有推測性的評論，你會發現他們所強調的是緊迫性。我們從一些成員國那裡聽說，似乎出現了這樣的勢頭。現在當然，我們已經做出了決定，我們正朝著這個方向前進。但我希望其他成員國能夠依靠非分級制度，並本著善意採取行動，進行所有這些研究工作，以進一步擴大其許可證範圍。我希望監管機構能夠就採礦產品達成一系列條款並加入我們。

Okay. Just to follow up on that a little bit and get some clarity on follow these overlapping lessons this will work. So let's assume that you get the NOAA license collection license within the next X amount of time before ISA is ready to issue theirs and you begin collections. And then I does get it back together, it does have the regulatory call in place and does evaluate and approve your application for collection in the NORI-D and TOML areas, how does that -- how will that work? How the modules that you're lifting, let's say, the revenues from them will be shared between Nauru in this case, of NORI under ISA rules versus under NOAA rules?

好的。只需稍微跟進一下，並弄清楚遵循這些重疊的課程是否會起作用。因此，我們假設您在 ISA 準備頒發許可證之前的下一個 X 時間內獲得了 NOAA 許可證收集許可證，然後您開始收集。然後我確實把它重新整合起來，它確實有監管要求，並且確實評估和批准您在 NORI-D 和 TOML 區域的收集申請，這是如何進行的 - 這將如何運作？您所卸載的模組所產生的收入將如何在諾魯（在這種情況下是 NORI 根據 ISA 規則還是根據 NOAA 規則）之間分配？

So okay, just to be clear, we are applying under the US regs and not the ISA yet to be completed rigs. So there will be.

好的，需要明確的是，我們是根據美國法規申請的，而不是根據尚未完成的 ISA 鑽井平台申請的。所以會有的。

(multiple speakers) but I'm saying is once you -- let's say you get the license and you start collecting commercially in the areas. And then the ISA comes through with their code and issued the collection license. How does that work?

（多位發言者）但我想說的是，一旦你——假設你獲得了許可證，你開始在這些地區進行商業收集。然後 ISA 通過他們的代碼並頒發收集許可證。這是如何運作的？

Well, they won't because we won't have applied. We're not applying to the ISA. We're only going to be applying to NOAA.

嗯，他們不會，因為我們沒有申請。我們沒有向 ISA 提出申請。我們只會向 NOAA 提出申請。

Got it. So your exploration likely will still be an effect, but you're not applying for a collection license?

知道了。所以你的探索可能仍然會產生影響，但你沒有申請收集許可證？

Correct.

正確的。

Dmitry, there are some comments from some of the media or the global community, where they're kind of attempting to treat it all as one ball of wax and pierce the corporate veil. TMC USA is a private entity established 12 years ago. NORI and TOML are separate subsidiaries, and NORI and TOML will continue to do what they need to do to keep the ISA exploration contracts and compliance. But at the same time, we wouldn't want a situation where the complication of having to consider permitting over the same area from two regimes but there would be no reason for us to relinquish our rights to those exploration contracts before any commercial recovery permit of the same area is granted.

德米特里，一些媒體或國際社會發表了一些評論，他們試圖將這一切視為一個整體，並揭開公司面紗。TMC USA 是一家成立於 12 年前的私人實體。NORI 和 TOML 是獨立的子公司，NORI 和 TOML 將繼續做他們需要做的事情以保持 ISA 勘探合約和合規性。但同時，我們不希望出現必須考慮從兩個制度對同一區域進行許可的複雜情況，但我們沒有理由在獲得同一區域的任何商業採油許可證之前放棄對這些勘探合約的權利。

Got it. Okay. Understood. And then one final question along similar lines. Do you foresee any issues with potential customers for your metals, for your product that are ISA member states not being able to purchase these metals from you since there will not be collected under an ISA license?

知道了。好的。明白了。最後還有一個類似的問題。您是否預見到您的金屬和產品的潛在客戶會遇到問題，因為 ISA 成員國無法向您購買這些金屬，因為它們不會在 ISA 許可證下收集？

No, I do not. I've heard that reported in the media and -- but I don't see that as being any risk whatsoever. And once again, there's a bit of wing flapping going on around that sort of language. But the world is moving to a position where it is going to be short of these metals. And of course, we think having the United States as our sponsor, so to speak, is probably the best -- well, is the best sponsor we could possibly wish for. And so we don't think -- certainly talking to the commodity traders as we have done in recent weeks because of the renewed interest, and it seems that everyone is beating a path to our door to have a conversation to see where they can fit into this, they don't perceive issues around that either.

不，我不。我聽過媒體的報道——但我認為這並沒有什麼風險。再一次，這種語言引起了一些爭論。但世界正走向這些金屬短缺的情況。當然，我們認為，有美國作為我們的贊助者，可以說是最好的——嗯，是我們所能期望的最好的贊助者。因此，我們認為——由於人們重新燃起興趣，我們最近幾週一直在與大宗商品交易商進行交談，似乎每個人都蜂擁到我們這裡進行對話，看看他們能從中得到什麼，他們也沒有意識到這方面的問題。

While that's occurring, Michelle, I think we'll take a couple of questions that people have written in the webcast. Michael Domanskiy asked, can we confirm the PFS release date?

米歇爾，我想我們會回答大家在網路直播中提出的幾個問題。Michael Domanskiy 問道，我們能確認 PFS 發布日期嗎？

Yes, I had said next quarter, but to be clear, third quarter of 2025.

是的，我說的是下個季度，但更明確地說，是 2025 年第三季。

And a question from [Kona Reader]. Can we provide an update on our path to commercialization and any milestones you expect to hit over the next 12 months regarding offtake and regulatory progress?

還有一個問題[科納讀者]。我們能否提供有關我們商業化進程的最新情況以及您預計在未來 12 個月內在承購和監管進展方面達到的任何里程碑？

A Great question, as Gerard had spoken to on discussions with potential commercial partners. We feel very good about where things are heading. During our site visit, the PAMCO facility, we were accompanied not just by the sell-side research community, but also battery makers, precursor producers, steelmakers. And even in the United States, you're seeing increasing headlines of some of the large automakers relying on battery technology that could benefit from additional supply of nickel or manganese. And look, keep in mind, most of these US automakers never bent to the pressure from global NGOs to exclude these materials from their supply chains. And as we get closer to commercial production, that urgency, that fear of missing out, will only increase.

這個問題問得很好，正如傑拉德在與潛在商業夥伴討論時所說的那樣。我們對事情的進展感到非常滿意。當我們參觀 PAMCO 工廠現場時，陪同我們的不僅有賣方研究機構，還有電池製造商、前體生產商和鋼鐵製造商。即使在美國，你也會看到越來越多的新聞報導一些大型汽車製造商依賴電池技術，而這些技術可能會從額外的鎳或錳供應中受益。請記住，大多數美國汽車製造商從未屈服於全球非政府組織的壓力，將這些材料排除在其供應鏈之外。隨著我們越來越接近商業化生產，這種緊迫感和害怕錯過的恐懼只會增加。

So in terms of the milestones, the PFS coming up, we think, will be an important one, but also a read-through to the valuation of the rest of the resource portfolio. We're very eager to -- upon having our applications deemed substantially compliant or complete, respectively, laying out a path showing step-by-step what to expect over the coming quarters on that regulatory review. So this is not going to be a black box. It's not going to be fingers crossed, I hope TMC gets permitted. There should be a very clear path on the milestones to expect. So keep an eye on this over the coming couple of months, and we can't wait to share more data on that front.

因此，就里程碑而言，我們認為即將發布的 PFS 將是一個重要里程碑，同時也是對其餘資源組合估值的一次通讀。我們非常渴望——在我們的申請被認為基本合規或完整之後，制定一條路徑，逐步展示未來幾季監管審查的進展。所以這不是一個黑盒子。這不是祈禱，我希望 TMC 能夠獲得許可。對於預期的里程碑應該有一個非常清晰的路徑。因此，請在接下來的幾個月內密切關注這一點，我們迫不及待地想分享更多這方面的數據。

There's a question from [Keith Ogrin], providing an update on the status of the hidden gem with respect to the commercial production system. So Gerard, anything we might want to say on that? It's certainly been an interesting environment from an oil price perspective over the last few months. But certainly, our team continues to be laser-focused on the right scenarios for getting the hidden gem ready for commercial production.

[Keith Ogrin] 提出了一個問題，提供有關這顆隱藏寶石在商業生產系統方面的狀態更新。那麼傑拉德，我們對此還有什麼想說的嗎？從過去幾個月的油價角度來看，這無疑是一個有趣的環境。但可以肯定的是，我們的團隊將繼續專注於為隱藏的寶石做好商業生產的準備。

Yes. Look, we had -- the honest truth is we thought we had a bit more time because we were going to be -- as we previously announced, we were going to be getting the hidden gem ready for the higher production target, 3 million tonnes. And right now, based on the feedback we're receiving post the executive order, we're now looking at it, how quickly can we get the boat on the water. And how quickly can we get it to an economic number such that it's making money but sacrificing maybe some of the upper tonnage range for speed. And so that basically means the engineers are back working very hard. It's obviously great that we welcome Roger onto our team, who, of course, was the Project Director on the commercial trials that were very successfully completed in 2022. I can report Allseas remain super supportive. They're an amazing shareholder and an amazing engineering partner for us, and we're working through all of that now.

是的。你看，我們有——說實話，我們認為我們有更多的時間，因為我們將要——正如我們之前宣布的那樣，我們將為更高的生產目標 300 萬噸做好準備。現在，根據行政命令發布後我們收到的回饋，我們正在研究如何快速讓船下水。我們怎麼能快速地將其提升到經濟適用水平，使其能夠盈利，但可能要犧牲一些噸位上限來換取速度。這基本上意味著工程師們又回來努力工作了。我們非常高興地歡迎羅傑加入我們的團隊，他當然是 2022 年非常成功完成的商業試驗的專案總監。我可以報告 Allseas 仍然非常支援。他們是我們出色的股東和出色的工程合作夥伴，我們現在正在努力實現這一切。

One follow-up question from Keith Ogrin, is NORI no longer planning to submit an application through the ISA in June of this year?

Keith Ogrin 提出的一個後續問題是，NORI 是否不再計劃在今年 6 月透過 ISA 提交申請？

That is correct. And just so clear, the NORI license comes up for renewal next year and 2026. We will be renewing that because NORI is in full compliance. There is no legal basis upon which that license cannot be renewed. And the basis that we would the fact that we're putting an application in under our US subsidiary to NOAA has no bearing on the fact that we will be renewing that license with the International Seabed Authority. So we're covering all bases.

沒錯。很明顯，NORI 許可證將於明年和 2026 年續期。我們將進行更新，因為 NORI 完全符合規定。沒有任何法律依據顯示該許可證不能續期。我們以美國子公司的名義向美國國家海洋暨大氣總署提交申請，但這與我們向國際海底管理局續約許可證無關。因此，我們已涵蓋所有基礎。

Michelle, I think we have time for one more question from the line if there's anybody in queue.

米歇爾，我想如果排隊的人還有時間的話，我們還有時間再回答一個問題。

I am showing no further questions on the phone lines at this time. And I would like to hand the conference back over to Gerard Barron for closing remarks.

目前我沒有在電話線上提出其他問題。現在我想將會議交還給傑拉德巴倫 (Gerard Barron) 並請他致閉幕詞。

Thank you. Well, look, it's been an amazing 2025, firstly. And I'm very proud of what we've achieved. I'm very proud of the team, how everyone has stuck together over the last -- well certainly over the last decade. And we've been through some interesting times. We've had some highs and some lows, and the one thing we have done is stuck together as a team. We have an amazing group of committed individuals committed to the purpose, committed to doing the best environmental research committed to getting this new resource into production. And I think everyone is feeling quite proud of the fact that we are in this position where we are today.

謝謝。嗯，首先，2025 年真是令人驚嘆。我對我們所取得的成就感到非常自豪。我為這個團隊感到非常自豪，大家在過去的十年裡團結一致。我們經歷了一些有趣的時刻。我們經歷過高潮和低谷，但我們唯一做到的就是團結一致，作為一個團隊。我們擁有一群出色的忠誠人士，他們致力於實現這一目標，致力於進行最好的環境研究，致力於將這種新資源投入生產。我認為每個人都對我們今天所處的地位感到非常自豪。

We have an amazing board who's also been a tremendous guiding hand through these last months and years. And of course, we have amazing partners, starting with our largest investor, Allseas, who remain at the ready to help us get production started. We have great partners, as many of you experienced or some of you experienced up in Japan last month. And of course, our sponsoring states. They entered into agreements with us in 2011, in the case of Nauru and 2012 in the case of Tonga.

我們擁有一支出色的董事會，在過去的幾個月和幾年中，他們也給予了我們極大的指導。當然，我們擁有出色的合作夥伴，首先是我們最大的投資者 Allseas，他們隨時準備好幫助我們開始生產。我們擁有出色的合作夥伴，正如你們中的許多人或你們中的一些人上個月在日本所經歷的那樣。當然還有我們的贊助國。他們在 2011 年就諾魯問題與我們達成協議，並於 2012 年就湯加問題與我們達成協議。

And of course, they did so in good faith under the protection of UNCLOS. Unfortunately, the commitments that they depended upon have not been fulfilled. And yet they remain tremendously supportive, and we will ensure always that their best interests are protected as we move forward. So I'd like to especially thank them for their never-ending support. And of course, our shareholders. We have -- we noticed our retail shareholder base growing substantially. I've got to tell you, I love our retail shareholders. I love how committed they are and how they're prepared to go to the mat to defend our corner and to make sure that some of the wonderful scientific results that are becoming apparent, communicated and reminded to those people who sometimes jump to the wrong conclusions. Obviously, I expect our institutional shareholder base will continue to grow.

當然，他們是在《聯合國海洋法公約》的保護下真誠這樣做的。不幸的是，他們所依賴的承諾尚未兌現。然而，他們仍然給予我們極大的支持，我們將始終確保在前進的過程中保護他們的最大利益。因此我要特別感謝他們一直以來的支持。當然還有我們的股東。我們注意到我們的散戶股東群體大幅成長。我必須告訴你們，我愛我們的散戶股東。我喜歡他們的奉獻精神，他們願意全力捍衛我們的利益，並確保一些正在顯現的精彩科學成果能夠傳達給那些有時會得出錯誤結論的人，並提醒他們這一點。顯然，我預期我們的機構股東基礎將持續成長。

So to each and every one of you, thank you for supporting us and sticking with us. And I hope it's going to be an amazing 2025. And the decades ahead are going to be a very exciting one. So thanks for being part of our journey, and thanks for attending today.

所以，感謝你們每一個人對我們的支持與陪伴。我希望 2025 年將會是令人驚奇的一年。未來的幾十年將會是令人興奮的幾十年。感謝您參與我們的旅程，感謝您今天的出席。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。