TMC the metals company Inc (TMC) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the metals company second quarter 2025 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 2025 年第二季企業更新電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd now like to turn the conference over to Craig Shesky, CFO of the metals company. Please go ahead.

現在我想將會議交給金屬公司的財務長 Craig Shesky。請繼續。

Thank you, Liz. Please note that during this call certain statements made by the company are going to be forward-looking and based on management's beliefs and assumptions from information available at this time.

謝謝你，莉茲。請注意，在本次電話會議中，本公司所作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。

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.

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 recent directly comparable GAAP financial measures can be found in our slide deck being used with this call.

我們今天的評論可能還包括非公認會計準則 (GAAP) 財務指標，包括有關自由現金流的指標，有關這些非公認會計準則 (non-GAAP) 財務指標的更多詳細信息，包括與最新直接可比的 GAAP 財務指標的對賬，可在本次電話會議使用的幻燈片中找到。

You're welcome to follow along with our slide deck. Or if joining us by phone, you can access it at any time at investors.metals.co. And I'd now like to turn the call over to our Chairman and CEO, Gerard Barron. Gerard, please go ahead.

歡迎您追蹤我們的幻燈片。如果您透過電話加入我們，也可以隨時造訪 investors.metals.co。現在，我想將電話轉給我們的董事長兼執行長 Gerard Barron。杰拉德，請繼續。

Thanks, Craig, and thanks to all of you for attending. So firstly, I want to acknowledge everyone who made the pilgrimage to New York for our first ever Strategy Day on August 4, last week. And that includes my leadership team, the Board of Directors, our new and longtime strategic partners, our sponsoring states, our research analysts, institutional investors, and a select group from our army of retail investors.

謝謝，克雷格，也謝謝大家的出席。首先，我要感謝所有上週 8 月 4 日來到紐約參加我們首屆策略日活動的人。其中包括我的領導團隊、董事會、我們的新舊戰略合作夥伴、我們的贊助州、我們的研究分析師、機構投資者以及從我們的散戶投資者大軍中挑選出來的一群人。

I believe this experiment was a resounding success, probably the single most exciting workday that I've ever experienced. And if you are not part of it this year, fear not, we intend to repeat this on an annual basis, getting bigger and better each time, and as our coalition of investors and partners continues to grow.

我相信這次實驗取得了巨大的成功，這可能是我經歷過的最令人興奮的工作日。如果您今年沒有參加，請不要擔心，我們打算每年重複此活動，隨著我們的投資者和合作夥伴聯盟不斷壯大，每次活動都會變得更大、更好。

Just make sure you hold enough TMC shares when the invites go out. So the day was packed with meaningful conversations, including a deep dive into our partnerships, with an exciting panel, including Edward and Stephanie Heerema of Allseas, and Korea Zinc Chairman, Yun B. Choi. And in true TMC style, the evening ended on a high note, quite literally with a spirited karaoke party.

只需確保在發出邀請時您持有足夠的 TMC 股份即可。因此，這一天充滿了有意義的對話，包括深入探討我們的合作關係，並由一個令人興奮的小組討論，其中包括 Allseas 的 Edward 和 Stephanie Heerema，以及韓國鋅業董事長 Yun B. Choi。並且以典型的 TMC 風格，晚會在高潮中結束，確實是一場充滿活力的卡拉 OK 派對。

The Strategy Day also featured the ringing of the Nasdaq closing bell, which now Nasdaq reps said was one of the most enthusiastic and well attended that they have ever had. And this moment gave me an opportunity to reflect on what's happened in the previous four years since we last rang that same bell.

戰略日也伴隨著納斯達克收盤鐘的敲響，納斯達克代表稱這是他們有史以來最熱情、參與人數最多的一次戰略日。這一刻讓我有機會反思自從我們上次敲響同一個鐘聲以來四年來發生的事情。

And I keep coming back to our key TMC motto, adapt or die. And it's not just that we've been able to adapt to a capital light approach, it's not that we've been able to adapt to a new regulator. It's that amidst all of this adaption, we've been able to keep the project moving forward while so many others have been stuck at zero.

我不斷回想起我們 TMC 的核心座右銘：適應或死亡。這不僅是因為我們能夠適應輕資本方法，也因為我們能夠適應新的監管機構。正是在所有這些調整過程中，我們能夠繼續推進這個項目，而其他許多項目卻停滯不前。

And this now puts us in a unique position where we have a wide motor around the business due in part to all of the project spending and historic milestones over the last 14 years, but also because we're one of the unique companies with competency in this new industry that can actually take the path offered by the existing US seabed mining code.

現在，這讓我們處於一個獨特的地位，我們在業務上擁有廣泛的動力，部分原因是過去 14 年的所有項目支出和歷史里程碑，也是因為我們是這一新行業中唯一有能力的公司之一，可以真正遵循現有美國海底採礦法規提供的道路。

Many others have no choice but to wait for the long promised and never delivered ISA mining code, and I believe that the pace of our progress is only going to accelerate from here, with a PFS in hand as the only commercially viable deep seabed resource opportunity in the next several years for any potential customers, commercial partners, and of course, public shareholders. Make no mistake, TMC is here to stay and we are just getting started.

許多其他人別無選擇，只能等待長期承諾但從未交付的 ISA 採礦代碼，我相信，從現在開始，我們的進步步伐只會加快，手中的 PFS 將成為未來幾年任何潛在客戶、商業夥伴，當然還有公共股東唯一具有商業可行性的深海海底資源機會。毫無疑問，TMC 將會繼續存在，而我們才剛起步。

Another highlight of August 4 was the release of our PFS and initial assessment. Two documents with sign off from qualified persons, showing a combined project, net present value of more than $23 billion, while also showing a clear, capital efficient path to first production.

8 月 4 日的另一個亮點是我們發布了 PFS 和初步評估。兩份由合格人員簽署的文件顯示，合併後的專案淨現值超過 230 億美元，同時也顯示出一條清晰、資本高效的首次生產途徑。

The PFS also included a world first reserves for a nodule project. Now, I do know that there are some who may have been hoping for production sooner than Q4 2027, expected start date. Well, first of all, is anyone familiar with resource investing will tell you, Q4 2027 is right around the corner when talking about a multi-decade project of this scale and value.

初步可行性研究也包括了世界首個結核礦儲備項目。現在，我確實知道有些人可能希望生產能夠早於預計的 2027 年第四季開始。首先，任何熟悉資源投資的人都會告訴你，對於這個規模和價值的數十年項目來說，2027 年第四季即將到來。

It's also important to keep in mind that there has always been an anticipated ramp up period post ponementing, where modifications and mobilization with the Hidden Gem would be required prior to beginning commercial production. And this anticipated ramp up period has always been expected by the research analysts who cover our stock.

同樣重要的是要記住，在開始商業生產之前，總是會有一個預期的升級期，在此期間需要對 Hidden Gem 進行修改和調動。負責我們股票的研究分析師一直都預期這一預期的成長期。

In fact, last year in November, when the share price was below $1, we discussed the fact that we would not be making capital investment on the Hidden Gem until we had regulatory certainty. We're now excited to be ramping up this perk again, and with our partner Allseas.

事實上，去年 11 月，當股價低於 1 美元時，我們就討論過，在獲得監管確定性之前，我們不會對 Hidden Gem 進行資本投資。我們現在很高興能夠與我們的合作夥伴 Allseas 一起再次提升這項福利。

And instead of a sequence where that work begins after the grant of a permit, we and the Board soon expect to have the confidence to get moving. And this is due to the signals and tangible progress coming to us from DC. Not just to issue a permit, but do it in a way that can be legally defensible for many decades to come.

我們和董事會很快就能有信心開始工作，而不是按照在獲得許可證後才開始的順序。這要歸功於華盛頓向我們傳遞的信號和切實的進展。這不僅僅是頒發許可證，而且是以未來幾十年都具有法律效力的方式頒發的。

So today's agenda, first, we'll take you through a summary of all the amazing things that have happened in the last few months, including the strategic investment from Korea Zinc. We've also renewed our partnerships with Nauru and Tonga, reaffirming our shared science and rules-based approach to delivering lasting benefits for the Pacific nations while building the secure critical mineral supply chains underpinning re-industrialization, good jobs, and resilient economies.

所以今天的議程，首先，我們將帶您回顧過去幾個月發生的所有令人驚奇的事情，包括來自韓國鋅業的戰略投資。我們也與諾魯和東加更新了夥伴關係，重申我們共同的科學和基於規則的方針，為太平洋國家帶來持久利益，同時建立安全的關鍵礦產供應鏈，為再工業化、良好的就業和有韌性的經濟提供支持。

I will then discuss our cadence of regular predictable progress at NOAA, including our notice this week of full compliance on our exploration applications. And I'll then turn it over to Craig to discuss the PFS, DIA, and our financials.

然後，我將討論 NOAA 定期可預測進展的節奏，包括我們本週發布的有關勘探申請全面合規的通知。然後我會把話題交給 Craig 來討論 PFS、DIA 和我們的財務狀況。

Well, I'm happy to again report that we have renewed and strengthened our agreements with both the Republic of Nauru, and the Kingdom of Tonga, our long-standing sponsoring states who have led from the front since the beginning.

嗯，我很高興再次報告，我們已經更新並加強了與諾魯共和國和湯加王國的協議，這兩個國家是我們的長期贊助國，自一開始就處於領先地位。

And these updated agreements reaffirm our shared commitment to a science rules-based approach to developing this new industry, setting a high bar for environmental stewardship, transparency, and community benefit.

這些更新的協議重申了我們共同致力於以科學規則為基礎的方法來發展這一新興產業，為環境管理、透明度和社區利益設定了高標準。

For Nauru and Tonga, these partnerships are designed to deliver durable economic opportunities, capacity building, and long-term revenues that can support generations to come. They provide the stable, collaborative partnerships we need to responsibly advance towards first production, while also contributing to US and allied efforts to secure resilient supplies of critical minerals.

對於諾魯和東加來說，這些夥伴關係旨在提供持久的經濟機會、能力建設和能夠支持子孫後代的長期收入。它們為我們提供了負責任地推進首次生產所需的穩定合作夥伴關係，同時也為美國及其盟友確保關鍵礦產的彈性供應做出了貢獻。

On a personal note, I very much enjoyed our meetings in DC with the Nauru and delegation on August 6, and it was great to see the US State Department recognized the strategic importance of our sponsoring state.

就我個人而言，我非常享受 8 月 6 日在華盛頓特區與諾魯代表團的會晤，很高興看到美國國務院認識到我們贊助國的戰略重要性。

In June, we announced a landmark strategic investment of $85 million from Korea Zinc, the world's largest smelter of non-ferrous metals. Korea Zinc is positioned to use TMC's USA nodule derived materials to produce refined metals, copper foil and pCAM in their existing facilities in South Korea, and potentially build new facilities here in the USA.

今年 6 月，我們宣布獲得全球最大有色金屬冶煉廠韓國鋅業公司 8,500 萬美元的具有里程碑意義的戰略投資。韓國鋅業計劃利用 TMC 在美國的結核衍生材料，在其位於韓國的現有工廠中生產精煉金屬、銅箔和 pCAM，並可能在美國建造新工廠。

To further that ambition in August, I traveled to DC with Chairman Choi. Among others, we met with David Copley, the President's Critical Minerals Czar to discuss securing domestic supply chains and advancing US mineral independence. And I look forward to another visit with Korea Zinc on their home turf this September as we push on bringing additional investment into the United States.

為了進一步實現這一目標，我於八月與崔主席一起前往華盛頓特區。除此之外，我們還與總統關鍵礦產主管戴維·科普利 (David Copley) 會面，討論如何確保國內供應鏈並推進美國礦產獨立。我期待今年 9 月再次訪問韓國鋅業公司，我們將努力為美國帶來更多投資。

This quarter, we welcomed Michael Hess and Alex Spiro to the TMC Board, two highly connected leaders whose experience spans global energy, finance, law and high stakes negotiation.

本季度，我們歡迎 Michael Hess 和 Alex Spiro 加入 TMC 董事會，他們是兩位人脈廣泛的領導者，經驗涵蓋全球能源、金融、法律和高風險談判。

Michael Hess spent time at Goldman Sachs and KKR and now heads the Hess Family Corporation and brings deep relationships across government and industry that will help accelerate our access to capital and strategic partnerships. And of course, the Hess Family are recognized as one of the great industrial giants in the United States.

麥可·赫斯曾在高盛和 KKR 任職，現任赫斯家族企業負責人，與政府和業界有著深厚的關係，這將有助於我們加快獲得資本和戰略合作夥伴關係的速度。當然，赫斯家族被公認為美國偉大的工業巨頭之一。

Alex Spiro, one of the America's most prominent trial lawyers and strategic advisers has represented some of the biggest names in the business and technology and his insight and network will be invaluable as we navigate the complex intersection of policy, markets and innovation.

亞歷克斯·斯皮羅 (Alex Spiro) 是美國最傑出的出庭律師和戰略顧問之一，曾代表過商業和技術領域的一些大人物，他的洞察力和網絡在我們應對政策、市場和創新的複雜交叉點時將發揮無價的作用。

And together, this Board combines unmatched vision, credibility and connections, giving TMC the strategic edge we need to move NORI-D into production. This quarter, we continued methodically moving the regulatory ball forward under the US Deep Seabed Hard Mineral Resources Act, a clear enforceable framework that gives us visibility and confidence in our path to production.

總而言之，該董事會擁有無與倫比的遠見、信譽和人脈，為 TMC 將 NORI-D 投入生產提供了所需的戰略優勢。本季度，我們繼續根據美國《深海床硬礦產資源法》有條不紊地推進監管工作，這是一個明確且可執行的框架，讓我們對生產道路有了清晰的認識和信心。

I know it's not always quick enough for everyone, but just take a step back on how fast these milestones have been achieved since the initial applications were submitted just a few months ago. In April, application submissions in May, substantial compliance on the exploration license applications.

我知道這對每個人來說並不總是足夠快，但回顧一下自幾個月前提交初始申請以來這些里程碑的實現速度有多快。四月、五月申請提交，勘探許可證申請基本合規。

And in July, proposed amendments to DSHMRA to expedite the process. And on August 12, NOAA confirmed full compliance for our exploration license applications, another important milestone that validates the thoroughness of our submission and moves us to the next stage in the process.

並於7月提出DSHMRA的修訂，以加快這一進程。8 月 12 日，美國國家海洋暨大氣總署 (NOAA) 確認我們的勘探許可證申請完全符合要求，這是另一個重要的里程碑，證明了我們提交的資料的完整性，並使我們進入了流程的下一階段。

And I'm pleased to say that NOAA has begun the process of certifying these applications, a 100 day process that started on July 27 and July 28. Each regulatory milestone derisks the project and strengthens the investment case, and we are systematically progressing through a transparent US regulatory process and with a clear path ahead toward first production from NORI-D in Q4 2027.

我很高興地說，美國國家海洋暨大氣總署已經開始認證這些申請的流程，這是一個為期 100 天的流程，於 7 月 27 日和 7 月 28 日開始。每個監管里程碑都會降低專案風險並加強投資案例，我們正在系統地推進透明的美國監管流程，並為 2027 年第四季 NORI-D 的首次生產制定清晰的前進道路。

So we're also looking forward to this administration's proposed amendments to streamline permitting and supportive guidance from senior officials underscoring the US government's intent to lead in the production and processing of deep seabed critical minerals. The public comment period on these amendments will be concluded on September 5 this year.

因此，我們也期待本屆政府提出的修正案，以簡化許可程序，並得到高級官員的支持性指導，強調美國政府在深海海底關鍵礦物生產和加工方面發揮領導作用的意圖。這些修正案的公眾意見徵詢期將於今年9月5日結束。

And in contrast to NOAA's great progress in the last several months, I'd like to acknowledge that the ISA finished their 30th session this July, the ISA calls -- continues to keep calling for regulations, but doesn't seem to be particularly interested in delivering those regulations.

與 NOAA 在過去幾個月取得的巨大進步相比，我要承認，ISA 在今年 7 月結束了第 30 屆會議，ISA 繼續呼籲制定法規，但似乎對執行這些法規並不特別感興趣。

Keep in mind that NOAA had pioneered deep sea environmental research, and they've put in place working regulations prior to the ISA ever being formed. So on that note, I would like to turn the call over to our Chief Financial Officer, Craig Shesky.

請記住，NOAA 是深海環境研究的先驅，並且在 ISA 成立之前就已經制定了工作法規。因此，我想將電話轉給我們的財務長 Craig Shesky。

Thank you, Gerard. For those in attendance or for those who have reviewed the presentation during Strategy Day, a lot of this is going to be familiar, but there was quite a bit of detail. So I'm now happy to go through some of the key points in our historic landmark prefeasibility study and initial assessment in deeper detail.

謝謝你，傑拉德。對於出席者或在戰略日期間看過演示的人來說，其中許多內容都很熟悉，但其中也包含相當多的細節。因此，我現在很高興更詳細地介紹我們具有歷史意義的預可行性研究和初步評估中的一些關鍵點。

Project economic studies come in three levels of increasing confidence and initial assessment which gives you a sense of what the product could be within a broadband of plus or minus 50% cost estimate accuracy. We produced an IA in March 2021 over the NORI-D area. A prefeasibility study gives you a sense of what the project should be and then narrows that accuracy to within 5%.

專案經濟研究分為三個層次，信心和初步評估不斷增加，讓您了解產品在正負 50% 成本估算準確度範圍內的情況。我們於 2021 年 3 月在 NORI-D 區域產生了 IA。預可行性研究可以讓您了解專案應該是什麼樣子，然後將準確度縮小到 5% 以內。

And last is the feasibility study that describes what the project will be with an even tighter cost accuracy band, and that's often the basis for project finance. So on August 4, we published two new studies, a PFS for NORI-D and a new IA that covers the rest of the resource in NORI and TOML.

最後是可行性研究，它以更嚴格的成本精度範圍描述專案內容，這通常是專案融資的基礎。因此，8 月 4 日，我們發布了兩項新研究，一項是 NORI-D 的 PFS，另一項是涵蓋 NORI 和 TOML 中其餘資源的新 IA。

Together, these two studies should give you a good sense of what our first project should be in the NORI-D area and what the rest of the resource can be in terms of economics. So taking a step back and looking at the geographical areas that each study covers.

綜合起來，這兩項研究應該能讓您很好地了解我們在 NORI-D 地區的第一個項目應該是什麼，以及從經濟角度來看其餘資源可以是什麼。因此，讓我們回顧一下每項研究涵蓋的地理區域。

The PFS covers NORI-D, the IA covers everything else, but neither study covers the additional ground that we've applied for under the US law, where we know we have priority right. And our management team estimates these areas to have approximately 300 million tons of exploration potential, given the proximity to NORI-D and TOML A-F areas where we do have quite a bit of exploration data.

PFS 涵蓋 NORI-D，IA 涵蓋其他所有內容，但這兩項研究均未涵蓋我們根據美國法律申請的額外理由，我們知道我們擁有優先權。我們的管理團隊估計，由於這些地區靠近 NORI-D 和 TOML A-F 地區，我們確實擁有相當多的勘探數據，因此這些地區的勘探潛力約為 3 億噸。

So the results as of the middle of 2025, a total combined project (technical difficulty) comprised of an NPV of $5.5 billion of that, an additional $18.1 billion on NPV for everything else. So let me zoom in a little bit on the feasibility study, or PFS.

因此，截至 2025 年的結果為，總綜合項目（技術難度）的淨現值為 55 億美元，其他所有項目的淨現值為 181 億美元。因此，讓我稍微詳細討論可行性研究，或者說 PFS。

The estimated amount of recoverable modules for the study is 164 million wet tons. Assumed production start date is Q4 2027, with the life of mine just over 18 years. Annual production in steady state was modeled at 10.8 million tons of wet nodules and steady state for the PFS is defined as the years 2031 through 2043.

該研究估計可回收模組的數量為1.64億濕噸。預計生產開始日期為 2027 年第四季度，礦山壽命略超過 18 年。穩定狀態下的年產量為 1,080 萬噸濕結核，PFS 的穩定狀態定義為 2031 年至 2043 年。

Offshore, this level of steady-state production is going to require four converted drill ships. In onshore, we assume processing in existing RKEF, rotary kiln electric arc furnace in Asia and then building refining capacity in the United States.

在海上，要達到這種穩定生產水平，需要四艘改裝的鑽井船。在國內，我們假設在亞洲現有的 RKEF、迴轉窯電弧爐中進行加工，然後在美國建立精煉能力。

We expect to start relatively small towards the end of 2027 then gradually (technical difficulty) before we're adding a second vessel in 2030, and then ramping up to steady state with four vessels by 2031, hitting our nameplate capacity of 12 million tons per year in a few of years of production. But again, on average, during that steady state, 10.8 million tons per annum.

我們預計從 2027 年底開始以相對較小的規模開始，然後逐漸增加（技術難度），然後在 2030 年添加第二艘船隻，然後到 2031 年增加到四艘船隻的穩定狀態，在幾年的生產時間內達到每年 1200 萬噸的額定產能。但同樣，在穩定狀態下，平均每年產量為 1,080 萬噸。

We expect to generate almost $600 per dry ton of nodules during steady-state production. As one might expect, it's not a smooth line prior to the construction of US refineries. The revenue per dry ton will be a bit lower, a bit less than $500 per ton in 2032, for example. And then by the end of the 2030s, with two US refineries running, expected revenue per ton is approximately $640.

我們預計在穩定生產期間每幹噸結核可產生近 600 美元的收入。正如人們所預料的那樣，在美國煉油廠建設之前，這並不是一條平坦的道路。每幹噸的收入將會略低一些，例如，到 2032 年將略低於每噸 500 美元。到 2030 年代末，隨著兩家美國煉油廠的運營，預計每噸收入約為 640 美元。

Overall, the revenue mix is expected to be quite similar to what we shared with the market over the last several years based on the initial assessment on NORI-D from 2021. 45% of revenue coming from nickel products, 28% from manganese, 17% from copper, and a 9% cobalt is the smallest contributor to revenue.

總體而言，根據 2021 年對 NORI-D 的初步評估，預計收入結構與我們過去幾年與市場分享的結構非常相似。 45% 的收入來自鎳產品，28% 來自錳，17% 來自銅，而 9% 的鈷是收入貢獻最小的部分。

So where does all of that put TMC on the cost curve? Well, including the valuable byproducts, which are estimated to account for about 55% of total revenue, our C1 nickel cash costs are just over $1,000 per ton, and that's lower than nearly all producers outside of Russia, including most Indonesian producers.

那麼，所有這些將使 TMC 的成本處於什麼位置？嗯，包括有價值的副產品（估計佔總收入的 55% 左右）在內，我們的 C1 鎳現金成本略高於每噸 1,000 美元，低於俄羅斯以外的幾乎所有生產商，包括大多數印尼生產商。

Even on an all-in sustaining cost basis, our nickel costs, including byproduct credits, would be just over $2,500 per ton. Said simply, we will be profitable in nearly any nickel price environment.

即使以全部維持成本計算，我們的鎳成本（包括副產品信用）也將略高於每噸 2,500 美元。簡單地說，幾乎在任何鎳價環境下我們都能獲利。

With steady state revenue per dry ton of just under $600 and OpEx per ton of $340, which also accounts for corporate overhead and royalties, we arrive at our EBITDA margin per ton expected to be about 43% or $254 per ton during the steady state years defined as 2031 to 2043.

由於每幹噸的穩定狀態收入略低於 600 美元，每噸營運成本為 340 美元（其中還包括企業管理費用和特許權使用費），我們得出在 2031 年至 2043 年定義的穩定狀態年期間，每噸的 EBITDA 利潤率預計約為 43% 或每噸 254 美元。

During that time, of course, we expect to transition from mainly selling matte from Asia to then selling higher-value refined products like nickel sulfate, cobalt sulfate and copper cathode in the United States. So the early 2030s would see EBITDA margins in the low 30s, but by 2040, that EBITDA margin is closer to 50%.

當然，在此期間，我們預計將從主要銷售亞洲的鈹銅轉變為在美國銷售更高價值的精煉產品，如硫酸鎳、硫酸鈷和陰極銅。因此，2030 年代初期的 EBITDA 利潤率將在 30% 出頭，但到 2040 年，EBITDA 利潤率將接近 50%。

And this anticipated ramp-up in profitability makes it worthwhile to spend on the onshore refinery CapEx after we begin production while also taking a huge step towards helping the US established mineral independence.

而預期的獲利能力提升使得我們開始生產後在陸上煉油廠資本支出上花費變得值得，同時也朝著幫助美國建立礦產獨立邁出了一大步。

So how are we going to develop these commercially viable operations? Well, the March 2021 initial assessment for NORI-D envisioned $7 billion of upfront CapEx, of which $2.2 billion was for offshore vessel CapEx.

那我們該如何發展這些具有商業可行性的企業呢？嗯，2021 年 3 月對 NORI-D 的初步評估預計前期資本支出為 70 億美元，其中 22 億美元用於近海船舶資本支出。

For the prefeasibility study, we've been able to bring that offshore preproduction number down to less than $500 million for the offshore component. And where possible, we've assumed contracting the services we need and only deploying CapEx where without deploying CapEx ourselves, we wouldn't be able to get the service. And as a result, our development CapEx assumes for $4.4 billion onshore for construction of the refining capacity to match the offshore production.

對於預可行性研究，我們已經能夠將海上預生產金額降至海上部分的 5 億美元以下。在可能的情況下，我們假設簽訂我們需要的服務合同，並且只部署資本支出，如果不自己部署資本支出，我們將無法獲得服務。因此，我們的開發資本支出預計為 44 億美元，用於建設陸上煉油能力，以配合海上生產。

This approach ensures that we can deliver critical products to the US as contemplated by NOAA regulations while significantly increasing our payables by producing a higher-value product, again, nickel sulphate, cobalt sulphate before any US refineries are built.

這種方法確保我們能夠按照 NOAA 規定向美國提供關鍵產品，同時透過在美國建造任何煉油廠之前生產更高價值的產品（硫酸鎳、硫酸鈷），大幅增加我們的應付款項。

We have an opportunity to either give offtake to Korea Zinc for alloy and matte on the condition that process materials are returned to the US, or we control through their facility and return processed materials to the US ourselves. Because we've not yet developed the definitive agreements with Korea Zinc, some of the production is left at the alloy and matte level.

我們可以選擇將合金和鍺交給韓國鋅業公司承購，條件是將加工材料運回美國，或者我們透過他們的工廠進行控制，然後自行將加工後的材料運回美國。由於我們尚未與韓國鋅業公司達成最終協議，因此部分生產仍停留在合金和啞光級別。

And as far as the US refining capacity, well, we're aiming to build that together. And many of the meetings that Gerard talked about and many that we expect to occur in the coming months are to give that effect. But as I said earlier this month during the Strategy Day, we're not going to bite off more than we can chew.

至於美國的煉油能力，我們的目標是共同建立。傑拉德談到的許多會議以及我們預計在未來幾個月舉行的許多會議都是為了實現這一目標。但正如我本月早些時候在戰略日上所說的那樣，我們不會貪多嚼不爛。

And we do expect to be in production and producing significant revenue prior to green lighting any such onshore spending. In fact, approximately $4.2 billion of this $4.4 billion onshore CapEx estimate is assumed to be spent in the 2030s, well after we've been in production for some time, generating significant revenue.

我們確實希望在批准任何此類國內支出之前投入生產並產生可觀的收入。事實上，預計這 44 億美元陸上資本支出中約有 42 億美元將在 2030 年代使用，那時我們已經投入生產一段時間，並產生了可觀的收入。

Moving on to the initial assessment, that second study shows the potential of the resource beyond NORI-D, effectively the rest of NORI and TOML. And the estimated amount of recoverable modules for the initial assessment is 670 million tons wet, assumed production start date is 2037 with the life of mine of 23 years.

繼續進行初步評估，第二項研究表明，該資源的潛力超越了 NORI-D，實際上是 NORI 和 TOML 的其餘部分。初步評估可採模組數量為6.7億噸濕重，預計投產日期為2037年，礦山使用年限為23年。

This initial assessment assumes contracted services offshore with eight production vessels each equipped with three collectors at 20 meters each. So putting it all together, adding up the NPV of $18.1 billion for the IA, and $5.5 billion for the pre-feasibility study, we arrived at the total estimated resource NPV of $23.6 billion.

初步評估假設海上合約服務包含八艘生產船，每艘船配備三個 20 公尺長的收集器。因此，將所有這些加在一起，將 IA 的 NPV 181 億美元和預可行性研究的 NPV 55 億美元加在一起，我們得出的總估計資源 NPV 為 236 億美元。

And over the life of both projects on an undiscounted basis, revenue of approximately $369 billion, and EBITDA in excess of $200 billion, and a position in the first quartile of the cost curve that makes this model very difficult to break across any commodity cycle.

在兩個項目的整個生命週期中，以未折現的基礎計算，收入約為 3690 億美元，EBITDA 超過 2000 億美元，並且處於成本曲線的第一個四分位數，這使得該模型很難在任何商品週期中突破。

And yet, despite the undeniable quality and size of this resource and our expected position in the first quartile of the cost curve, we feel we remain undervalued compared to peer developers and explorers.

然而，儘管這種資源的品質和規模無可否認，而且我們預計位於成本曲線的第一個四分位數，但我們認為與同行開發商和勘探者相比，我們仍然被低估了。

On the left side of this page, you'll see a TMC valuation example, which again is purely for illustrative purposes. Using a slight premium to the upper end of the nickel developer and explore valuations and you apply that to the PFS NPV of $5.5 billion, which keep in mind, in that PFS, we expect to have a more defensible cost curve position and generally lower CapEx per ton than many of those peers, and then you add to that the average nickel developer or explorer valuation multiplied by the initial assessment NPV, you get to a total illustrative market value based on comps of approximately $10 billion, which would be over $20 per share.

在本頁的左側，您將看到 TMC 估值範例，這同樣純粹是為了說明目的。使用略高於鎳開發商和勘探公司估值上限的溢價，並將其應用於 55 億美元的 PFS NPV，請記住，在該 PFS 中，我們預計成本曲線位置將更具防禦性，並且每噸資本支出通常低於許多同行，然後將平均鎳開發商或勘探公司估值乘以初始評估 NPV，您將得到基於約 100 億美元可比產品的總說明每股性市場價值超過 200 億美元。

From there, you can see on the right side of this page, what nickel or copper producers trade at as a multiple of net asset value. And this shows the potential for multiple expansion as production approaches and then begins.

從那裡，您可以在此頁面的右側看到鎳或銅生產商的交易價格佔淨資產價值的倍數。這表明，隨著生產的臨近和開始，存在著多次擴張的潛力。

So moving on to our liquidity profile. At June 30, TMC had pro forma cash of approximately $120 million. Now the headline in our filings for both our press release and our 10-Q was $115.8 million, but that $120 million includes the final registered direct offering proceeds, warrant exercises and unsecured credit facility payments made just a few days after quarter end. So by July 4, it was $120 million.

接下來我們討論流動性狀況。截至 6 月 30 日，TMC 的備考現金約為 1.2 億美元。現在，我們的新聞稿和 10-Q 文件中的標題都是 1.158 億美元，但這 1.2 億美元包括最終註冊的直接發行收益、認股權證行使和季度結束後幾天進行的無擔保信貸安排付款。到 7 月 4 日，這一數字已達到 1.2 億美元。

And as we disclosed last quarter, our S3 shelf registration statement capacity has been used and current ATM expires in the fourth quarter of this year. So again, TMC expects to refresh the S3 and ATM before year-end as a matter of good corporate housekeeping. The ATM was last used on April 17, 2025, and this was prior to the second quarter strategic capital raises.

正如我們在上個季度所揭露的那樣，我們的 S3 貨架登記聲明容量已被使用，目前的 ATM 將於今年第四季到期。因此，TMC 再次希望在年底之前更新 S3 和 ATM，以進行良好的公司內部管理。該 ATM 最後一次使用是在 2025 年 4 月 17 日，這是在第二季度戰略資本籌集之前。

On to the financial results. In the second quarter of 2025, TMC reported a net loss of $74.3 million or $0.20 per share compared to a net loss of $20.2 million or $0.06 per share for the same period 2024. The net loss for the second quarter of 2025 included exploration and evaluation expenses of $10.5 million versus $12.4 million in Q2 2024.

談談財務結果。2025 年第二季度，TMC 報告淨虧損 7,430 萬美元，即每股 0.20 美元，而 2024 年同期淨虧損 2,020 萬美元，即每股 0.06 美元。2025 年第二季的淨虧損包括 1,050 萬美元的勘探和評估費用，而 2024 年第二季為 1,240 萬美元。

General and administrative expenses of $11.5 million versus $7.9 million in Q2 2024 and other items totaling $52.3 million versus a slight gain in Q2 2024. Exploration and evaluation expenses decreased by $1.9 million in the second quarter of 2025 compared to the same period in 2024, primarily due to a decrease in mining, technological and process development activities, partially offset by an increase in share-based comp due to the amortization of the fair value of restricted stock units and options granted to officers in the second quarter of 2024.

一般及行政開支為 1,150 萬美元，而 2024 年第二季為 790 萬美元，其他項目總計 5,230 萬美元，而 2024 年第二季略有成長。2025 年第二季度的勘探和評估費用與 2024 年同期相比減少了 190 萬美元，主要原因是採礦、技術和工藝開發活動的減少，但因 2024 年第二季度授予高管的限制性股票單位和期權的公允價值攤銷導致的股票補償增加而部分抵消了這一減少。

G&A expenses increased by $3.6 million in the second quarter of 2025 compared to the second quarter of 2024, mainly due to an increase in share-based compensation as a result of the amortization of the fair value of RSUs and options granted to directors and officers in the second quarter of last year as well as an increase in consulting costs pursuant to the US regulatory path and other financing activities.

2025 年第二季度的 G&A 費用與 2024 年第二季度相比增加了 360 萬美元，主要原因是去年第二季度授予董事和高管的 RSU 和期權的公允價值攤銷導致的股權激勵增加，以及根據美國監管路徑和其他融資活動導致的諮詢費用增加。

Other items significantly impacted the net loss in the second quarter of 2025, include Nauru warrant costs, change in the fair value of warrant liability and foreign exchange movements.

其他項目對 2025 年第二季的淨虧損產生了重大影響，包括諾魯認股權證成本、認股權證負債公允價值變動和外匯變動。

Moving on to free cash flow. Free cash flow for the second quarter of 2025 was negative $10.7 million compared to negative $12.2 million in the second quarter of 2024. Net cash used in operating activities was $10.7 million for the second quarter, primarily due to higher payments to campaign eight vendors in the comparative period, and this was partially offset by an increase in environmental payments.

轉向自由現金流。2025 年第二季的自由現金流為負 1,070 萬美元，而 2024 年第二季的自由現金流為負 1,220 萬美元。第二季經營活動所用淨現金為 1,070 萬美元，主要原因是同期向 8 家供應商支付的款項增加，但這部分被環境付款的增加所抵銷。

Free cash flow is a non-GAAP measure, and I would like to point you to the non-GAAP reconciliation table included in the slide deck on our website. We do believe that the cash on hand is going to be more than sufficient to meet working capital and CapEx requirements for at least the next 12 months from today.

自由現金流是一種非公認會計準則衡量指標，我想向您指出我們網站幻燈片中包含的非公認會計準則對帳表。我們確實相信，從今天起，手頭上的現金足以滿足至少未來 12 個月的營運資金和資本支出需求。

In the first half of 2025, of course, we had a significant increase in the cash balance following the receipt of funds of $85.2 million from the Korea Zinc partnership, $35 million net proceeds from the registered direct offering, $14.8 million from the ATM use in the first half of the year, and $6.9 million from various stock option and warrant exercises.

當然，在 2025 年上半年，我們的現金餘額大幅增加，因為我們從韓國鋅業合夥企業獲得了 8520 萬美元的資金，從註冊直接發行獲得了 3500 萬美元的淨收益，從上半年的 ATM 使用獲得了 1480 萬美元，從各種股票期權和認股權證行使獲得了 690 萬美元。

A portion of these proceeds was used to repay the $7.5 million Allseas working capital loan, along with outstanding interest prior to its maturity. Our accounts payable and accrued liabilities balance as at June 30, 2025, was $47.1 million, and this includes $32.4 million owed to Allseas for various services provided, again, the majority of which can be settled in equity at TMC's discretion.

其中一部分收益用於償還 750 萬美元的 Allseas 營運資金貸款以及到期前的未償利息。截至 2025 年 6 月 30 日，我們的應付帳款和應計負債餘額為 4,710 萬美元，其中包括欠 Allseas 提供的各種服務的 3,240 萬美元，同樣，其中大部分可由 TMC 自行決定以股權結算。

The significant increase in warrant liability is due to the increase in the fair value of private warrants, reflecting the significant increase in the company's share price. So with that, operator, we'll turn it back over to you and take some questions from those on the line.

認股權證負債大幅增加是由於私募認股權證公允價值增加，反映了公司股價的大幅上漲。接線員，接下來我們將把時間交還給您，並回答線上用戶的一些問題。

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（操作員指示）Jake Sekelsky，Alliance Global Partners。

Hey, Gerard and Craig, thanks for taking the questions.

嘿，傑拉德和克雷格，感謝你們回答問題。

Of course. Hey, Jake, how are you?

當然。嘿，傑克，你好嗎？

Hey, Jake.

嘿，傑克。

Good. Thank you. So now that the PFS is out, can you just comment or provide some color on what work needs to be done in order to get through the feasibility level and maybe the time line there?

好的。謝謝。那麼，現在 PFS 已經出來了，您能否評論一下或提供一些細節，說明需要做哪些工作才能達到可行性水平以及大概的時間表？

Yeah. Look, I think the biggest thing that we're going to focus on is getting to our final agreement with our partner, Allseas. Now that we see a clear regulatory path through the United States, the next step is really not just focusing on feasibility, but getting ourselves to the FID, the investment decision to begin ordering some of the longer lead time items to allow us to hit our target of Q4 2027 production date.

是的。聽著，我認為我們要關注的最重要的事情是與我們的合作夥伴 Allseas 達成最終協議。現在我們看到了美國清晰的監管路徑，下一步實際上不僅僅是專注於可行性，而是讓我們自己進入最終投資決定 (FID)，投資決策開始訂購一些交貨期較長的項目，以使我們能夠達到 2027 年第四季度生產日期的目標。

So it's been this interesting dance, this balance between not wanting to spend too early, certainly when the TMC valuation was much lower. But now that we see clarity, making sure that we give sufficient ammo not just to Allseas, not just to ourselves, not just to the Board, but also to the market to make clear that we expect the permit to be coming, and therefore, it makes sense to begin spending a little bit to get that production system ready to go.

所以這是一種有趣的舞蹈，在不想過早花錢之間取得平衡，當然當 TMC 估值低得多的時候。但現在我們已經看清了形勢，我們要確保不僅向 Allseas、不僅向我們自己、不僅向董事會，而且向市場提供足夠的彈藥，以明確表示我們預計許可證即將到來，因此，開始花一點錢讓生產系統準備就緒是有意義的。

So I would say, Jake, that's probably the number one important point. We also intend, of course, over the coming months to think through the financing mix of going beyond this first vessel and ensuring that we explore every opportunity that is now being presented by the US government.

所以我想說，傑克，這可能是最重要的一點。當然，我們也打算在未來幾個月內仔細考慮第一艘船之後的融資組合，並確保我們探索美國政府目前提供的每一個機會。

As you've probably seen, there's quite a bit more in terms of funding opportunities from various departments, whether it's within Department of Defense, DFC, EXIM Bank, Department of Energy. There was $1 billion allocated for critical minerals just this week.

您可能已經看到，各部門的融資機會相當多，無論是國防部、國際開發金融公司、進出口銀行或能源部。僅本週就已撥款 10 億美元用於關鍵礦產。

So we're going to be very busy again with partners such as Allseas, Korea Zinc, and potentially the US government laying out what that time line is going to be. But really focusing on that first vessel is priority number one.

因此，我們將再次與 Allseas、Korea Zinc 等合作夥伴以及可能的美國政府一起忙於制定時間表。但真正關注第一艘船才是首要任務。

Okay. That's helpful. And then on the permitting side of things under NOAA. Now that you're in the certification stage, what are the next major steps or milestones that we should keep an eye out for as we head into the second half of the year in 2026?

好的。這很有幫助。然後是 NOAA 許可方面的事宜。現在您已進入認證階段，在進入 2026 年下半年時，我們應該關注哪些下一個重要步驟或里程碑？

Well, I guess, the closing of the comment period, and I think the administration and NOAA have made it very clear that they have introduced changes to those regulations to allow fast tracking of permitting. And so I think what you should look forward to is good news coming out of the regulator.

嗯，我想，評論期已經結束了，我認為政府和國家海洋和大氣管理局已經明確表示，他們已經對這些法規進行了修改，以便快速審批。因此我認為你應該期待監管機構傳來的好消息。

And I must say considering this is the first live application that they've had in many years or first new application, NOAA had been amazing. I think they are motivated and excited about the work that comes with this application. And of course, these rules of DSHMRA have been around for decades.

我必須說，考慮到這是他們多年來的第一個即時應用程式或第一個新應用程序，NOAA 的表現非常出色。我認為他們對於這個應用程式所帶來的工作充滿動力和興奮。當然，DSHMRA 的這些規則已經存在了幾十年。

And finally, the moment is here. And so I think what you can expect to see is those amended changes adopted. And you can expect us to be having a regular cadence. Would I say we are in daily contact with our regulator, probably, yeah, probably daily.

終於，這一刻來了。因此我認為您可以期待看到這些修訂被採納。並且您可以期待我們有一個規律的節奏。我想說的是，我們每天都與監管機構保持聯繫，是的，可能每天都會。

And so of course, the big part is permitting based on the environmental impact study. And of course, we've spent hundreds of millions of dollars, and more than a decade gathering that data, which is amazingly compelling.

因此，當然，很大一部分是基於環境影響研究的許可。當然，我們花了數億美元，花了十多年的時間來收集這些數據，這些數據非常引人注目。

And so look, we expect to have more information to be sharing with not only the regulator, but the broader public as we make that information available because what I can tell you is it's all good news there. So I guess from a NOAA perspective, just more permanent certainty.

因此，我們希望有更多資訊不僅與監管機構分享，而且在我們公開這些資訊時也與廣大公眾分享，因為我可以告訴你的是，這都是好消息。因此，我認為從 NOAA 的角度來看，這只是更持久的確定性。

And they want to see this resource in production. You saw the critical minerals are, David Copley, traveled to the Cook Islands recently. We had a tremendous reception of the White House where they received not only Korea Zinc and their team, led by their Chairman, but also the Republic of Nauru.

他們希望看到這種資源投入生產。您看到了關鍵礦物，大衛·科普利最近去了庫克群島。我們在白宮受到了盛大的接待，他們不僅接待了韓國鋅業公司及其以董事長為首的團隊，還接待了諾魯共和國。

And the message that they are consistently seeing is critical minerals are important and seabed minerals are super important in the United States, and want to lead that race. And obviously, we are the most advanced in that category. So it's a perfect coming together.

他們不斷看到的訊息是關鍵礦物很重要，海底礦物對美國極為重要，美國想要引領這場競賽。顯然，我們在該領域是最先進的。所以這是一次完美的結合。

Fair enough. Okay, that's all on my end. Thanks again.

很公平。好的，這就是我所做的一切。再次感謝。

Thanks, Jake.

謝謝，傑克。

Heiko Ihle, HC Wainwright.

Heiko Ihle、HC Wainwright。

Hey there, thanks for taking my questions, and thanks for inviting me to your investor earlier this month. I like how the karaoke session came up on this call.

嘿，感謝您回答我的問題，也感謝您在本月初邀請我加入您的投資者。我喜歡這次通話中出現的卡拉 OK 環節。

Hopefully no photos or video, but thank you for attending.

希望沒有照片或視頻，但感謝您的參加。

Allegedly. You're still calling for first production in Q4 of '27 in your prepared remarks here, it was listed in the presentation As you know from the reports we've written, we think this is a doable timeline. In your view, what main factors could either accelerate or slow down this progress in your view, like some societal regulatory factors that may not be quite as obvious to outsiders like me that don't talk to the government and the communities on a daily, weekly basis. And is there may be anything that you would leave us with on how to build our models a little bit more accurately?

據稱。您仍然在您準備好的發言中要求在 27 年第四季度進行首次生產，它已在演示文稿中列出，正如您從我們撰寫的報告中所知，我們認為這是一個可行的時間表。您認為哪些主要因素可能會加速或減緩這一進程，例如一些社會監管因素，這些因素對於像我這樣不每天、每週與政府和社區交流的局外人來說可能不那麼明顯。關於如何更準確地建立我們的模型，您還有什麼可以告訴我們的嗎？

Look, I don't think the government will give us anything other than encouragement to that date. What we announced to the marketplace was that, that timetable will take about two years, but you can -- clearly, we are receiving enough encouragement from the administration and the regulator for our Board of Directors to start deploying that capital.

聽著，我認為到那時政府除了鼓勵之外不會給我們任何東西。我們向市場宣布的是，這個時間表大約需要兩年時間，但你可以——顯然，我們得到了來自政府和監管機構的足夠鼓勵，我們的董事會可以開始部署這筆資金。

And I must say with the right rigors in place and for those people that were able to review our euro-qualified Board of Directors around these topics, people like Andy Greg, who've built more than $500 billion worth of capital projects in the resources space over his career at Bechtel. We have a lot of expertise on that Board that understand how to allocate capital and how to provide governance around that.

我必須說，在適當的嚴格要求下，對於那些能夠圍繞這些主題審查我們符合歐元資格的董事會的人來說，像安迪·格雷格這樣的人，他在貝克特爾的職業生涯中，在資源領域建立了價值超過 5000 億美元的資本項目。我們董事會擁有豐富的專業知識，了解如何分配資本以及如何提供治理。

So what I can tell you is that we've got a very supportive Board of spending that money carefully, and we've got an amazing partner in Allseas who are equally committed to getting that both into production. And we've also got an administration who wants to get moving.

因此我可以告訴你們的是，我們有一個非常支持謹慎使用這筆資金的董事會，而且我們在 Allseas 有一個出色的合作夥伴，他們同樣致力於將這兩項計劃投入生產。我們的政府也希望採取行動。

And so I think I don't see anything on the regulatory side that should influence that. Of course, there are supply chain issues, but that's what our job at Allseas as our partner there, that's our job to manage that. And getting into production during the 47th administration (technical difficulty) during the 47th administration is super important.

因此我認為監管方面不會有任何因素影響這一點。當然，存在供應鏈問題，但身為 Allseas 的合作夥伴，我們的職責就是管理這些問題。並且在第 47 屆政府期間投入生產（技術難度）非常重要。

And so, sorry, I got disconnected for a moment. So I think all of the risks are just normal business risks, Heiko, and I think we're well equipped to be able to handle those along with our partners.

所以，抱歉，我暫時斷線了。所以我認為所有風險都只是正常的商業風險，Heiko，我認為我們有能力與我們的合作夥伴一起應對這些風險。

Fair enough. Building on that last question just a little bit. Earlier on this call, you were talking about adapt or die. And I agree with your viewpoint of having a wide moat around the business, and you alluded to that as well earlier on this call.

很公平。稍微補充一下最後一個問題。在這次通話的早些時候，您談到了適應或死亡。我同意您關於在業務周圍建立寬闊護城河的觀點，您在本次電話會議早些時候也提到了這一點。

Just thinking out loud here, given all the geopolitical risk factors and some of that was discussed earlier this month as well is there anything in particular that keeps you up at night? Or anything in particular or things have just come in a substantially better than you anticipated?

我只是在這裡大聲思考，考慮到所有的地緣政治風險因素，其中一些因素也在本月早些時候討論過，有什麼特別的事情讓你夜不能寐嗎？或者有什麼特別的事情發生或事情比你預期的要好得多？

I mean because from the way we look at it, a lot of things were discussed earlier this month, where the support was substantially stronger than what anyone would have envisioned. I mean you literally had some of the government representatives present with you at the hotel.

我的意思是，從我們的角度來看，本月早些時候討論了很多事情，而且得到的支持比任何人想像的都要多得多。我的意思是，實際上有一些政府代表和你一起在酒店。

Look, I think there's been a lot of surprises to the upside, Heiko. And I think we knew some of the cabinet when they were in opposition of course. And so when the Trump administration came into being, it was very encouraging for us to find people like Secretary Rubio take such a prominent role in the cabinet because he had written letters and opined on this topic on both -- on our behalf, while in our position has had many others in the cabinet.

你看，我認為有很多令人驚訝的事情發生，Heiko。當然，我認為我們在內閣中也認識一些反對派人士。因此，當川普政府成立時，我們很高興地發現像盧比歐部長這樣的人在內閣中擔任如此重要的角色，因為他曾代表我們寫信並就此話題發表意見，而內閣中也有許多其他人處於我們的立場。

And so we knew the support was there. But sometimes, you just -- sometimes you get surprised. And then we have -- we turn up at the White House. And we're invited to the White House very regularly. And you turned up there like we did last week, and you find a room filled with all of the major departments that have the ability to contribute because the strong leadership coming out of the White House is saying, we want this to happen.

所以我們知道支持就在那裡。但有時，你只是——有時你會感到驚訝。然後我們就到達了白宮。我們經常受邀前往白宮。就像我們上週一樣，你們來到這裡，你會發現房間裡擠滿了所有能夠做出貢獻的主要部門，因為白宮強有力的領導層表示，我們希望這件事發生。

And by the way, you'll notice every agency that can help you make it happen is in the room. What do we need to do? And then, of course, a surprise to the upside is to find Korea Zinc who -- when I first met their Chairman was not convinced about the USA investment opportunity, but was very keen to get our material to supply his Korean facility.

順便說一句，您會注意到每個可以幫助您實現這一目標的機構都在房間裡。我們需要做什麼？然後，當然，令人驚訝的是，我找到了韓國鋅業公司——當我第一次見到他們的董事長時，他並不相信美國的投資機會，但非常渴望得到我們的材料來供應他的韓國工廠。

But over time, has become absolutely convinced that he can play such an important role in supporting the critical mineral needs of this administration in the United States. And he also produces some critical minerals that the US administration really wants like antimony and gallium.

但隨著時間的推移，他已經完全相信自己能夠在支持美國本屆政府的關鍵礦產需求方面發揮重要作用。他也生產美國政府真正需要的一些關鍵礦產，如銻和鎵。

And so I'd say there are pleasant surprises on the upside. Just how the administration is mobilizing, how they want this to happen. And I took the -- when I had the Chairman with me last week from Korea Zinc, we asked the administration, you were all worried about some of the criticism that -- not at all. Like it's clear we need to secure the supplies of these critical minerals for decades to come.

因此我想說，從好的方面來看，還是有驚喜的。政府是如何動員起來的，他們希望這件事如何發生。上週，當我與韓國鋅業公司的董事長會面時，我們詢問管理階層，你們是否都擔心一些批評，但事實並非如此。很明顯，我們需要在未來幾十年內確保這些關鍵礦物的供應。

And so -- and of course, they have experts who have been appointed and that's I think one of the encouraging things about this administration is that they have experts throughout that administration, the political appointees that are taking the reins are moving.

所以——當然，他們已經任命了專家，我認為這是本屆政府令人鼓舞的事情之一，就是整個政府都有專家，掌權的政治任命者正在行動。

I've never seen a group of people other than my own team, work as hard. And Senior Director Copley, had just returned from a quick visit to the Cook Islands. Two days to get there, two days back, he reminded me in the back of the box for a day on the ground, just so he could express the administration support for this new industry. And so yeah, I'd say they're all really positive surprises to the upside, Heiko.

我從未見過除了我自己的團隊之外的一群人如此努力地工作。高級主管科普利剛結束對庫克群島的短暫訪問歸來。兩天去，兩天回，他在後面的箱子裡提醒我一天在地上，只是為了表達他對這個新興產業的行政支持。是的，我想說，這些都是真正正面的驚喜，Heiko。

Fair enough. I will stop asking the question to you, and thanks for taking my questions.

很公平。我就不再向您提問了，感謝您回答我的問題。

Thank you.

謝謝。

Thank you.

謝謝。

Matthew O'Keefe, Cantor Fitzgerald.

馬修·奧基夫、康托·費茲傑拉。

Hi, thanks, operator. Afternoon, Gerard and Craig and team. Just a question here on the feasibility studies, particularly for the PFS there. Looked very good. I mean we had some discussions on it. But I was just wondering, there is a capital -- sorry, there's about a $492 million CapEx to get you into the production that was outlined in the feasibility study.

嗨，謝謝，接線生。下午好，Gerard、Craig 和團隊。這裡我只想問可行性研究，特別是那裡的 PFS。看起來非常好。我的意思是我們對此進行了一些討論。但我只是想知道，有一筆資本——抱歉，大約有 4.92 億美元的資本支出可以讓你投入可行性研究中概述的生產。

So I'm just wondering -- I know in the past, and you've had all because they're taking care of most of the ships and such have taken a big part of that. Do you have an idea of how that might be split among your partners? And will it -- and when we might get a sense of that?

所以我只是想知道——我知道過去的情況，而且你們已經擁有了一切，因為他們負責照顧大多數船隻，而這些已經佔據了其中很大一部分。您是否知道這些錢該如何在您的伴侶之間分配？真的會這樣嗎？我們什麼時候才能意識到這一點？

Yeah. Sure, Matt. In terms of that $492 million and sort of the assumptions that go into it in a prefeasibility study, there is allowance for contingencies, some buffers, specific growth. There are elements in there that for a point in time, relatively conservative analysis may not ultimately end up being something that has to be cash flow out the door between now and commercial production.

是的。當然，馬特。就這 4.92 億美元以及預可行性研究中涉及的假設而言，已經考慮到了意外情況、一些緩衝和特定增長。其中有一些因素，在某個時間點，相對保守的分析可能最終不會成為從現在到商業生產之間必須產生的現金流。

What I would say in terms of bridging to here's the breakdown of what's TMC, what's Allseas. We've had the assumption that with our partner Allseas for several years of splitting that preproduction CapEx, which we do believe is going to be much smaller ultimately what was in the PFS.

就銜接而言，我想說的是 TMC 和 Allseas 的細分。我們與合作夥伴 Allseas 多年來一直假設分攤預生產資本支出，我們確實相信最終該支出將比 PFS 中的支出小得多。

But this is what we're all drawing our eyes to now with our PFS and IA release with the Strategy Day behind us with the applications over the line, and now with a pretty clear path from the US regulatory front, that gives confidence to us on Allseas to sharpen the pencils again and make sure that we hammer out those details.

但這正是我們現在關注的重點，隨著我們的 PFS 和 IA 的發布，隨著戰略日的結束，申請也已通過，現在美國監管方面的路徑也相當清晰，這讓我們對 Allseas 充滿信心，可以再次磨礪鉛筆，確保我們敲定這些細節。

So I think it would still be a little bit premature to give a more detailed breakdown on it. But suffice it to say that it's a priority for us and for them as well. And I think that's evidenced by the fact that the Allseas Founder, Edward Heerema and Stephanie Heerema came over for the Strategy Day and spent a lot of time talking to analysts and investors on that panel, kind of laying out why they've stuck with TMC through what have been some difficult times, and have been key participants in nearly every major equity raise that we've done as a public company and even before that.

因此我認為現在對此進行更詳細的分析還為時過早。但我可以說，這對我們和他們來說都是優先事項。我認為，Allseas 創始人 Edward Heerema 和 Stephanie Heerema 參加戰略日並花了大量時間與小組分析師和投資者交談，解釋了為什麼他們在困難時期仍然堅持支持 TMC，並且在我們作為上市公司甚至在此之前進行的幾乎每一次重大股權融資中都是關鍵參與者。

Yeah, no. You've definitely got a lot of support in the -- both with your partners and your investor base, which seems to be growing. Just a follow on that though. You mentioned earlier in the call about the Department of Energy, Department of Defense, other US institutions that are -- do have a lot of money now allocated for critical metals.

是的，不。您確實得到了很多支持——包括您的合作夥伴和投資者群體，而且他們的支持似乎還在不斷增長。只是繼續跟進。您之前在電話中提到，能源部、國防部和其他美國機構現在確實為關鍵金屬撥出了大量資金。

Are you in the -- have you looked at those -- I'm assuming you've looked at those programs, but are you actually applying for any? And would any of those monies be available or at least applicable to this first part of the (inaudible) ramp-up? Or would that all have to go towards sort of US processing capability?

您是否在——您是否看過那些——我假設您已經看過那些項目，但您實際上申請過其中任何一個嗎？這些資金是否可用或至少可以用於（聽不清楚）增產的第一部分？還是這一切都是為了美國的處理能力？

I'm glad you asked that, and it's a great clarification. The answer is it's not just necessarily for funding the onshore component, but there are certain programs that can have cash available for the offshore side as well.

我很高興你問了這個問題，這是一個很好的澄清。答案是，它不一定只用於為境內部分提供資金，而且某些項目也可以為境外部分提供現金。

Now some of those programs, it's really -- it's not quite the same as it was in the Biden administration where a lot of focus was downstream, but there are various programs that you go through a long application process and you might not hear for nine months.

現在，其中一些項目確實與拜登政府時期不太一樣，拜登政府將很多注意力放在了下游領域，但有各種各樣的項目需要經過漫長的申請過程，而且可能九個月內都不會收到任何消息。

Here, it's a lot more all hands on deck and perhaps it can be chaotic sometimes, but you get to the right answer, at least to get to the right people, a lot quicker. The reality is that even beyond DoD and DoE, there are certain programs where the folks who would be controlling the purse strings aren't yet even confirmed.

在這裡，大家需要齊心協力，有時可能會比較混亂，但你可以更快找到正確的答案，至少可以找到合適的人。現實情況是，即使在國防部和能源部之外，還有一些項目的財政大權控制者甚至還沒有確定。

And that confirmation is likely to occur in September or October. So a lot of these conversations are going to ripen, but the answer is absolutely yes. We are pursuing potential dollars that could be made available for the offshore side as well.

這項確認很可能在九月或十月進行。因此，許多這樣的對話都會成熟，但答案絕對是肯定的。我們正在尋求可以為離岸市場提供的潛在資金。

So we don't want to say too much on that because, obviously, this is a path we've been pursuing for a long time. But I would say it's less now about just, say, let's fill up the application. This is one of the reasons, frankly, that it perhaps wasn't as noticed over the course of summer, but I believe it was late June, that there was an adjustment to the way funding is done within the US government.

因此我們不想對此發表太多評論，因為顯然這是我們長期以來一直追求的道路。但我想說，現在我們不再只是填寫申請表那麼簡單了。坦白說，這是原因之一，也許在夏天沒有引起人們的注意，但我相信是在六月底，美國政府對資金籌集方式進行了調整。

And it's not just one applicant goes to DoE and DoD or DFC and EXIM and you do it all separately. Rather, there's a coordination among the National Energy Dominance Council, which of course, David Copley was one of the key people in for a long time and now is in the National Security Council.

並不是只有一個申請人去教育部、國防部、國際金融公司和進出口銀行，然後分別辦理所有手續。相反，國家能源主導委員會之間進行協調，當然，大衛·科普利長期以來一直是該委員會的關鍵人物之一，現在是國家安全委員會的成員。

The same people are really overseeing all of the programs. So less about sort of a very dogmatic which program you're applying to and fingers crossed, you get some response many months later. Here, it's much more coordinated and I think much more intentional. So the answer is yes, both offshore and onshore. And yes, we're pursuing all of these concurrently.

實際上，監督所有專案的都是同一群人。因此，不要太教條地選擇申請哪個項目，只需祈禱幾個月後就能得到回應即可。在這裡，它更加協調，而且我認為更加有目的性。所以答案是肯定的，無論是海上還是陸上。是的，我們正在同時追求所有這些目標。

That sounds promising. And if I may, just one last little one here, just to follow on that. I know you've got a lot to do between now and ramping up. But just -- you did say like in the mid-2030s or early 2030s to get a processing plant if monies were available because it would be quite a boon for the US to have some processing capability of the (inaudible) nature that you guys are looking at.

這聽起來很有希望。如果可以的話，我再說最後一個小問題，只是為了繼續討論。我知道從現在到加緊努力你還有很多事情要做。但只是——您確實說過，如果有資金的話，在 2030 年代中期或 2030 年代初期建立一個加工廠，因為對於美國來說，擁有一些你們正在考慮的（聽不清）性質的處理能力將是一個很大的福音。

Could -- what would sort of be -- could you go quicker on that? I mean -- or do you still have a lot of work to do vis-a-vis engineering and development for your process plan?

你能——那會是什麼樣的——你能快點說完嗎？我的意思是——或者您在流程計劃的工程和開發方面還有很多工作要做？

No, we could absolutely go quicker. And that's the significance of having Korea Zinc's involvement. They have just built a state-of-the-art facility in Korea. And so they've -- they'd like to come and build that here in the United States.

不，我們絕對可以走得更快。這就是韓國鋅業公司參與的重要意義。他們剛剛在韓國建造了一座最先進的設施。所以他們——他們想來美國建造這個。

And from our perspective, we'd like to see that on the ground, providing, the money was -- the right turns were available from those agencies that Craig has mentioned. And we think it would be a boom to support the reindustrialization ambitions for the United States.

從我們的角度來看，我們希望看到，只要資金到位，克雷格提到的那些機構就能提供正確的支援。我們認為這將為美國實現再工業化目標帶來繁榮。

And Matt, you know better than anyone, if it hadn't grown its mind, and we're all talking about bits, of course, because AI has everyone's attention, but we need to be thinking about atoms as well. We need to build the infrastructure. And for that, you need metals.

馬特，你比任何人都清楚，如果它沒有發展出思維，當然，我們都在談論比特，因為人工智慧引起了每個人的關注，但我們也需要考慮原子。我們需要建設基礎設施。為此，你需要金屬。

And the question is where are they going to come from? And I wish we were a sexy as the AI industry. But our time is coming because people are starting to talk about this and has been the part of the equation that has been a little bit overlooked.

問題是他們從哪裡來？我希望我們能像人工智慧產業一樣性感。但我們的時代即將到來，因為人們開始談論這個問題，而這個部分卻有點被忽略了。

And of course, it's become a very hot geopolitical issue. And we're starting to see smart money move into it. And of course, the administration is going to leave that pathway. We saw them do a very interesting deal with MP recently, MP Materials. And I think we're going to be seeing them do a lot more like that.

當然，這已經成為一個非常熱門的地緣政治議題。我們開始看到聰明的資金湧入該領域。當然，政府將會走這條路。我們看到他們最近與 MP，MP Materials，達成了一項非常有趣的交易。我認為我們將會看到他們做更多這樣的事。

Yeah, totally agree. All right, thanks very much.

是的，完全同意。好的，非常感謝。

Thank you Matt.

謝謝你，馬特。

Dmitry Silversteyn, Water Tower Research.

西爾弗斯泰恩（Dmitry Silversteyn），水塔研究公司。

Excuse me, good afternoon, gentlemen. Thank you for taking my call. Just a quick follow-up or maybe not a follow-up, a clarification. You didn't include it in these slides, but in your Investor Day slides, you had a more detailed time line and you have something called provisional approval, which you expect to get by the end of this year if I remember correctly the slide, and then the final approval kind of by the fourth quarter of 2026 to let you get into production in fourth quarter '27.

對不起，先生們，下午好。感謝您接聽我的電話。只是一個快速的跟進，或者可能不是一個跟進，而是一個澄清。您沒有將其包含在這些幻燈片中，但是在投資者日幻燈片中，您有一個更詳細的時間表，並且您有一種稱為臨時批准的東西，如果我沒有記錯的話，您預計在今年年底前獲得臨時批准，然後在 2026 年第四季度獲得最終批准，以便您在 2027 年第四季度投入生產。

What's the sort of the difference between provisional approval and final approval? And thus getting provisional approval do anything for you in terms of expediting the decision-making process on funding the first batch of capital expenditures? Or how should we think about that milestone approaching?

臨時批准和最終批准有什麼區別？那麼，獲得臨時批准對於加快第一批資本支出的融資決策過程有什麼幫助嗎？或者我們應該如何看待這個里程碑的到來？

Look, the administration have been very open on this topic and because there are some hoops we need to hop through. And what has been made very clear to us is that if the administration came and just gave us a permit today, then we'd be tied up in legal nuts. And we may not achieve the objective that was set out in the executive order, and that is to fast-track the permitting.

你看，政府對這個話題一直非常開放，因為有一些障礙我們需要克服。我們已經非常清楚的是，如果政府今天就發給我們許可證，那麼我們就會陷入法律困境。我們可能無法實現行政命令中提出的目標，即加快許可審批。

And so the legal minds have opined on this, and it makes sense. And so what we've said though is it would be nice if we could have something, and hence, that would be provisional. That would give all of us the confidence.

因此，法律界人士對此發表了意見，這是有道理的。所以我們說過，如果我們能得到一些東西那就太好了，因此，這將是暫時的。這將給我們所有人帶來信心。

However, I think it's fair to say that our Board, and as you know, we've raised quite a bit of money in the last quarter. And our Board and our investors want to see you spend that money because they feel there is enough confidence coming out of the signals we have from the administration to get that permit in fine time.

然而，我認為公平地說，我們的董事會，正如你所知，我們在上個季度籌集了相當多的資金。我們的董事會和投資者希望看到您花掉這筆錢，因為他們認為，政府發出的信號讓我們有足夠的信心及時獲得許可證。

But the dates we mentioned at Strategy Day is still stick. We think we'll have that in a form to share by the end of the year. And it's -- but -- it will be a confidence booster you might say, Dmitry.

但我們在戰略日提到的日期仍然有效。我們認為我們將在今年年底前以某種形式與大家分享這項成果。你可能會說，這會增強信心，德米特里。

Understood. Okay. That's helpful, Gerard. Thank you. Can you talk a little bit about -- you mentioned it a couple of times during the call about the changing regulations that NOAA has written and has published and now they're in the comment period, I guess, that's closing.

明白了。好的。這很有幫助，傑拉德。謝謝。您能否稍微談一談——您在電話會議中幾次提到了 NOAA 制定和發布的不斷變化的法規，現在他們正處於評論期，我想，評論期即將結束。

What -- you talk about it being helpful in expediting approval processes. But specifically to your project, what do you think that these new regulations can do in terms of getting you over the line in getting the approval?

您說它有助於加快審批流程。但具體到您的項目，您認為這些新規定在幫助您獲得批准方面能起到什麼作用？

Well, the main one is that the way the regulations stood, you needed to submit an exploration application. And then once that was granted, they would start working on your commercial recovery permit. But the key driver will be to be able to do those two things in tandem.

嗯，主要一點是，根據規定，你需要提交勘探申請。一旦獲得批准，他們就會開始辦理商業恢復許可證。但關鍵驅動力是能夠同時完成這兩件事。

Because as you know, we submitted two applications for exploration licenses. And we submitted one application for a commercial recovery permit. And so whilst that application is with the agency, the changes will just put in on the fact that they can do those things in tandem, and they will massively shrink the permitting time frame.

因為如你所知，我們提交了兩份勘探許可證申請。我們也提交了一份商業恢復許可證申請。因此，當申請提交給該機構時，這些變更只會使他們能夠同時完成這些事情，並且會大大縮短許可時間範圍。

Yeah, and just to clarify, too, Dmitry, in reading the plain language of DSHMRA and the implementing regulations, it was always a read that, yeah, the exploration license grants would have to come prior to [CRP] but the plain language is clear that the applications or at least the review process could be concurrent.

是的，另外需要澄清的是，德米特里，在閱讀 DSHMRA 和實施條例的簡單語言時，總是會讀到，是的，勘探許可證授予必須在 [CRP] 之前，但簡單的語言清楚地表明，申請或至少審查過程可以同時進行。

So what we think is ongoing with the public comment period and the proposed amendments is really a confirmation of something that really already made pure common sense, especially for some applicants like TMC, where much of the environmental work for the exploration side has already been done.

因此，我們認為正在進行的公眾意見徵詢期和擬議的修正案實際上是對一些已經是純粹常識的事情的確認，特別是對於像 TMC 這樣的申請者來說，他們已經完成了勘探方面的大部分環境工作。

Beyond that, too, there's some helpful amendments in terms of just modernizing these rules that were put in place in the 1980s in terms of delivery of physical copies, in terms of ensuring that the contractor who's done much of the environmental work is able to write that environmental impact statement as opposed to sort of putting that work on a silver platter, and then having the writing being done, let's say, by NOAA. In fact, that was actually a clarification that came through the NEPA process even before this in 2023.

除此之外，還有一些有益的修正，對 20 世紀 80 年代製定的這些規則進行了現代化改造，包括提供實物副本，確保完成大部分環境工作的承包商能夠撰寫環境影響報告，而不是將這項工作放在銀盤上，然後由 NOAA 來撰寫。事實上，這實際上是在 2023 年之前透過 NEPA 流程做出的澄清。

So it's really just -- as they say the on sort of the Federal Register, which is a compounding comments, it's a modernization of a lot of that great work that was done. But it is pretty amazing. When you look at the DSHMRA legislation and then the implementing regulations and then you compare it to what the ISA had begun working on in the 1990s and beyond, they're really taking a lot of the great work and great ideas that came originally from this US seabed mining code.

所以這真的只是——正如他們在《聯邦公報》上所說的那樣，這是一個複合評論，它是對許多已完成的偉大工作的現代化。但這確實令人驚奇。如果你看《DSHMRA》立法及其實施條例，並將其與國際海底管理局在 1990 年代及以後開始製定的法規進行比較，你會發現它們確實吸收了許多源自美國海底採礦法規的偉大成果和偉大想法。

So it was in very good shape. And now we're just kind of tidying it up or NOAA is timing it up around the edges to make sure that it can be more modern, more commercial, and clarifying the concurrent view process that Gerard laid out.

所以它的狀態非常好。現在我們只是在整理它，或者 NOAA 正在對它的邊緣進行調整，以確保它更加現代化、更加商業化，並明確 Gerard 提出的並發視圖流程。

Got it. Thank you, Craig. Thank you for that. That's all the questions I have. Thank you.

知道了。謝謝你，克雷格。謝謝你。這就是我所有的問題。謝謝。

We have nothing else in the phone queue. There was one question on the webcast from Nelson Sellers. Can the administration halt mining operations?

我們的電話隊列中沒有其他內容。納爾遜·塞勒斯在網路直播中提出了一個問題。政府可以停止採礦作業嗎？

Well, I think that goes back to one of the reasons that we're going through this very robust and clear legal process and make sure that we're not skipping over any steps to ensure that this permit is legally defensible for decades to come, very similar to any land-based mining operation, where so long as the process itself was followed, and all of the necessary permits were granted under the authority has actually provided to whoever that particular regulator was, it's a situation where you can ensure that just a change in administration isn't going to somehow alter the legal validity of that permit.

嗯，我認為這又回到了我們要經歷這個非常強大和明確的法律程序的原因之一，並確保我們不會跳過任何步驟，以確保該許可證在未來幾十年具有法律效力，這與任何陸基採礦作業非常相似，只要遵循流程本身，並且根據授權授予所有必要的許可證，無論該授權實際上提供給該特定監管機構，在這種情況下，你可以確保僅是某種行政的許可的方式改變許可。

Of course, we don't view this as a left versus right issue, no matter who the next administration is going to be. Critical minerals is bipartisan. And it's not even the US versus China, it's really a recognition that the US is dependent on a lot of sources for critical minerals, and TMC can take three of those dependencies off the table just from the NORI-D project.

當然，無論下一屆政府是誰，我們都不認為這是一個左翼與右翼之間的問題。關鍵礦物是兩黨共同的。這甚至不是美國與中國之間的對抗，而是真正認識到美國依賴許多關鍵礦產資源，而 TMC 僅透過 NORI-D 計畫就可以消除其中三種依賴。

So this mineral independence issue is not something where we expect any future administration is going to somehow decide, you know what, we're okay with being dependent on Chinese or Chinese funded sources for some of these metals.

因此，我們預計未來的任何政府都不會以某種方式決定礦產獨立問題，你知道嗎，我們可以依賴中國或中國資助的來源來獲取部分金屬。

So we anticipate that this legal process is going to be very robust, and that's one of the reasons that it's important to let it play out.

因此，我們預計這項法律程序將會非常嚴格，這也是讓它順利進行的重要原因之一。

Liz, is there anything else on the phone line? Any other questions that we have.

莉茲，電話那頭還有其他事嗎？我們還有其他問題嗎？

No phone line questions at this time.

目前沒有電話線路問題。

Gerard, I might turn it back over to you for some closing comments.

傑拉德，我可能會把它交還給你，請你發表一些結束語。

Yeah, thank you, Craig. Well, I guess, thank you, everyone, for turning up today. Thank you to my team for the amazing efforts to be able to produce these results over recent months. It's truly admirable what we achieved with a tight small team. And of course, thank you to our strategic partners and our sponsoring states. And thanks, importantly to all of our shareholders, until next time.

是的，謝謝你，克雷格。好吧，我想，謝謝大家今天的到來。感謝我的團隊在過去幾個月付出的巨大努力，才取得了這些成果。我們憑藉著一支精幹的小團隊所取得的成就確實令人欽佩。當然，也要感謝我們的戰略夥伴和贊助國。非常感謝我們所有的股東，下次再見。

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。