TMC the metals company Inc (TMC) 2025 Q3 法說會逐字稿

Thank you for standing by, and welcome to The Metals Company's third-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加金屬公司2025年第三季財報電話會議。 （操作說明）

I would now like to hand the call over to Craig Shesky, CFO. Please go ahead.

現在我將把電話交給財務長克雷格·謝斯基。請開始吧。

Thank you very much. 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.

非常感謝。請注意，在本次電話會議中，本公司所作的某些陳述屬於前瞻性陳述，基於管理階層根據目前可獲得的資訊所作出的判斷和假設。這些陳述受到已知和未知風險及不確定因素的影響，其中許多因素可能超出我們的控制範圍。

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. 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.

此外，請注意，本公司的實際業績可能與預期有重大差異，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。我們今天的發言可能還會涉及非公認會計準則（非GAAP）財務指標，包括自由現金流等。有關這些非GAAP財務指標的更多詳情，包括與最直接可比較的GAAP財務指標的調節表，請參閱本次電話會議所使用的簡報。

And as always, you're welcome to follow along with our slide deck or if joining by phone, you can access it at any time at investors.metals.co. And I'll now turn the conference call over to our Chairman and CEO, Gerard Barron.

像往常一樣，歡迎您查看我們的幻燈片，或者如果您透過電話參加，可以隨時訪問 investors.metals.co 獲取幻燈片。現在我將把電話會議交給我們的董事長兼執行長傑拉德·巴倫。

Thanks, Craig, and thanks to everyone for joining this call today. I also like to start our quarterly calls with a small bit of reflection. After so much news this year, it's hard to believe that it's just over seven months since we announced our pivot to the United States. And since then, we have seen President Trump's executive order to support this industry.

謝謝克雷格，也謝謝今天參加電話會議的各位。我喜歡在每季電話會議開始時先做一點反思。今年新聞這麼多，很難相信距離我們宣布業務重心轉向美國僅僅過了七個多月。而且，自那以後，我們也看到了川普總統簽署行政命令支持這個產業。

We've launched three applications with NOAA, including the first-ever application for a commercial recovery permit. We've seen new investment flow in from Korea Zinc, the Hess family and even more investment from our partner, Allseas. And as outlined during our Strategy Day in August, we have published 2 SEC-compliant technical reports showing a total resource value of more than $23 billion.

我們已向美國國家海洋暨大氣總署 (NOAA) 提交了三份申請，其中包括首個商業開採許可證申請。我們看到來自韓國鋅業、赫斯家族以及合作夥伴 Allseas 的更多投資湧入。正如我們在八月的戰略日上所概述的，我們已發布兩份符合美國證券交易委員會 (SEC) 規定的技術報告，顯示資源總價值超過 230 億美元。

All the while, progress with our new regulator, NOAA has continued and the tailwinds for critical minerals from both public and private capital providers have only become more clear. And yet, I'm sure many of you are chomping at the bit for more news. And I don't blame you.

同時，我們與新監管機構——美國國家海洋暨大氣總署（NOAA）的合作持續推進，來自公共和私人資本提供者的關鍵礦產資源發展前景也愈發明朗。然而，我相信你們中的許多人都迫不及待地想要了解更多消息。我完全理解你們的心情。

Yes, we've been relatively quiet in our messaging over the last couple of months. But please don't take that as a sign that things are slow around here, quite the contrary. And beneath the calm surface, our feet are pedaling faster than ever, and I'm very eager to share more color when the time is right.

是的，過去幾個月我們在資訊發布方面相對低調。但請不要誤會，這並不代表我們這邊進展緩慢，恰恰相反。在平靜的表象之下，我們正以前所未有的速度緊鑼密鼓地推進各項工作，時機成熟時，我非常樂意與大家分享更多細節。

But let me summarize where we are right now. We continue to feel confident that our US pivot will lead to a Commercial Recovery Permit in 2027. Our regular discussions with NOAA and the US government are productive, and we believe that the directors in April executive order will be delivered upon, including the recent reports of NOAA's streamlined application review process sent to the White House.

但讓我總結一下我們目前的進展。我們仍然堅信，我們轉向美國的計畫將在2027年獲得商業採油許可證。我們與美國國家海洋暨大氣總署（NOAA）以及美國政府的定期磋商富有成效，我們相信四月份行政命令中的各項內容將會得到落實，包括NOAA近期向白宮提交的關於簡化申請審查流程的報告。

And given our robust cash position, I can assure you that we have no need anytime soon to tap the public capital markets. We're in an excellent liquidity and capital position with approximately $165 million of liquidity today, inclusive of our recent warrant exercises and over $50 million of potential additional proceeds from in-the-money warrants.

鑑於我們充裕的現金儲備，我可以向您保證，我們近期內無需進入公開資本市場融資。我們目前擁有約1.65億美元的流動資金，流動性和資本狀況都非常出色，這包括我們近期行使的認股權證所得，以及超過5000萬美元的潛在額外收益（來自已生效的認股權證）。

This doesn't factor the potential $48 million proceeds from the Korea Zinc warrants at a $7 strike price, nor the SOAC business combination warrants at $11.50 nor the warrants held by our sponsoring stakes. We see a pathway for more than $400 million of incoming cash from warrant exercise. Certainly, we and our partners have plenty of work to do as we prepare for a commercial production targeted for the fourth quarter of 2027.

這還不包括韓國鋅業認股權證（行使價7美元）可能帶來的4,800萬美元收益，也不包括SOAC業務合併認股權證（行使價11.50美元）以及我們發起股東持有的認股權證。我們預計，認股權證行權將帶來超過4億美元的現金流入。當然，我們和我們的合作夥伴還有很多工作要做，才能為2027年第四季的商業化生產做好準備。

And we have a strategy in place to ensure we can do so in a shareholder-friendly fashion. But let's start today by highlighting the problem that we're looking to solve for the United States and remind ourselves why this remains such a critical resource. Today, America is critically dependent on foreign sources for the very metals that have once dominated in the late 19th through to the mid-20th centuries.

我們已製定策略，確保以對股東有利的方式實現這一目標。但今天，讓我們先強調我們正在為美國解決的問題，並重申為何這種資源仍然如此重要。如今，美國嚴重依賴外國供應那些曾在19世紀末至20世紀中期佔據主導地位的金屬。

For manganese, cobalt and nickel, America now imports roughly 100%. Even copper is nearly half imported. And just this month, copper joined the other three metals on the critical mineral list published by the US Geological Survey. So this is a major strategic risk. We're not just talking about metals, we're talking about national security, energy independence and industrial resilience.

美國目前幾乎100%依賴進口錳、鈷和鎳。就連銅的進口量也接近一半。就在本月，銅與其他三種金屬一起被美國地質調查局列入關鍵礦產清單。這構成了一項重大的策略風險。我們討論的不僅僅是金屬，而是國家安全、能源獨立和工業韌性。

A resource of 1 billion tonnes of nodules can fundamentally transform the United States, offering not just mineral independence but strategic dominance in three metals. Based on today's level of American consumption, it could supply 300 years of manganese and 200 years of cobalt and almost a century of nickel.

10億噸的結核礦藏可以從根本上改變美國，不僅能使美國實現礦產獨立，還能使其在三種金屬領域佔據戰略主導地位。以美國目前的消費水準計算，這些礦藏足以供應300年的錳、200年的鈷以及近一個世紀的鎳。

And through public-private partnerships, the administration is clearly taking steps to solve vulnerabilities in rare earths and lithium, base metals and beyond. Major financial institutions are also following suit. And we believe that the nickel, cobalt and manganese in particular, our nodule resource provides the most scalable and economically viable solution for our reindustrialization in the US. And it's clear that the US sees seafloor resources as a key part of a broader solution.

透過公私合作，政府顯然正在採取措施解決稀土、鋰、基本金屬及其他領域的資源短缺問題。主要金融機構也在積極回應。我們相信，特別是鎳、鈷和錳等結核礦資源，為美國的再工業化提供了最具規模化和經濟可行性的解決方案。顯然，美國將海底資源視為更廣泛解決方案的關鍵組成部分。

Just last week, the United States and Japan announced a landmark partnership to develop rare earth minerals from seafloor muds around Minamitori Island, a framework signed during President Trump's recent visit to Tokyo. And Japan will now begin preparations to test the feasibility of lifting rare earth muds as early as January 2026 with larger scale test mining anticipated one year later.

就在上週，美國和日本宣布了一項具有里程碑意義的合作計劃，共同開發南取島附近海底泥中的稀土礦產資源。該框架協議是在川普總統近期訪問東京期間簽署的。日本將於2026年1月開始進行稀土泥開採可行性測試，預計一年後將進行更大規模的試採。

Separately, we're also pleased to announce that Allseas Hidden Gem vessel will play a key part in Japanese nodule collection trials alongside the University of Tokyo. The Hidden Gem will head to Japan's exclusive economic zone near Minamitori Island to conduct a new nodule collection pilot in early January 2027.

此外，我們很高興地宣布，Allseas Hidden Gem號將與東京大學合作，在日本結核病採集試驗中發揮關鍵作用。 Hidden Gem號將於2027年1月初前往日本南取島附近的專屬經濟區，進行一項新的結核病採集試點計畫。

And this represents the perfect opportunity to test our own technical readiness and some of the planned upgrades to the mining equipment while also helping the Japanese advance their own industry. Together with Allseas, we also see this as a very good commercial opportunity whilst we await the NOAA permits to be issued. So the US government shutdown slowed progress on NOAA's review of our applications over the course of several weeks.

這為我們提供了一個絕佳的機會，可以檢驗我們自身的技術準備以及部分採礦設備升級計劃，同時也能幫助日本發展其本國產業。我們與Allseas公司也認為，在等待美國國家海洋暨大氣總署（NOAA）頒發許可證期間，這是一個非常好的商業機會。因此，美國政府的停擺導致NOAA對我們申請的審查工作在幾週內進展緩慢。

But with the government returning to work, our applications will once again continue to systematically move through NOAA regulatory process. In fact, NOAA confirmed to us earlier today that they are back at work and again focused on these applications. And as a reminder, NOAA has confirmed that both the exploration applications were fully compliant and our exploration applications are currently in the certification stage, which involves an interagency review of the applications.

隨著政府復工復產，我們的申請將再次按部就班地通過美國國家海洋和大氣管理局（NOAA）的監管流程。事實上，NOAA今天稍早已向我們確認，他們已恢復工作，並重新專注於處理這些申請。再次提醒，NOAA已確認兩項勘探申請均完全符合規定，目前正處於認證階段，該階段涉及跨部門審查。

Following certification, an Environmental Impact Statement, or EIS, is expected to be prepared under NEPA and a public comment period will be provided. And following the public comment period, NOAA will determine whether to issue the requested licenses and permit and if so, under what terms and conditions. In July 2025, NOAA issued proposed amendments to its regulations on the DSHMRA.

認證完成後，預計將根據《國家環境政策法案》(NEPA)編制環境影響報告書(EIS)，並設立公眾評議期。公眾評議期結束後，美國國家海洋暨大氣總署(NOAA)將決定是否頒發所申請的許可證和許可，如果頒發，則確定頒發的條款和條件。 2025年7月，NOAA發布了關於《國防安全管理法案》(DSHMRA)的擬議修訂案。

And the proposed regulation introduces a new consolidated application procedure, allowing applicants to submit a single application for both an exploration license and a commercial recovery permit. And these changes are intended to modernize and streamline the permitting process under DSHMRA's implementing regulations. The public comment period closed on September 5, 2025.

擬議法規引入了一項新的合併申請程序，允許申請人提交一份申請即可同時獲得勘探許可證和商業開採許可證。這些變更旨在根據華盛頓州健康與礦業監管局（DSHMRA）的實施細則，實現許可流程的現代化和簡化。公眾評議期已於2025年9月5日結束。

And on October 29, it was reported that NOAA had sent the proposed regulations to the White House for approval. Over the past week, our regulatory and environmental teams attended the Underwater Minerals Conference in Florida. And during this event, former long-time ISA Secretary General gave a tremendous speech, which provided some important context on the US seabed mining regulations.

10月29日，據報道，美國國家海洋暨大氣總署（NOAA）已將擬議法規提交白宮批准。過去一周，我們的監管和環境團隊參加了在佛羅裡達州舉行的水下礦產會議。會議期間，國際海底管理局（ISA）前秘書長發表了精彩演講，為美國海底採礦法規提供了重要的背景資訊。

Bottom line, in his eyes, the US position has been legally consistent for decades and NOAA regulations from the 1980s actually formed the basis for the ISA exploration regulations. And of course, this is firmly in line with the conclusions of TMC, our counsel and the United States government. DSHMRA and the NOAA implementing regulations are clear, effective, sophisticated and enforceable.

歸根究底，在他看來，美國的立場幾十年來在法律上始終如一，而20世紀80年代的NOAA法規實際上構成了ISA勘探法規的基礎。當然，這與TMC、我們的律師以及美國政府的結論完全一致。 DSHMRA和NOAA的實施細則清晰、有效、完善且可執行。

Next week, Craig will be presenting at the Benchmark Week Conference in L.A. and Michael Lodge and a representative from the US Department of Interior regarding seafloor resources. He'll also be meeting with automakers, battery makers and investors as our path to production has never been more clear.

下週，克雷格將在洛杉磯舉行的基準週會議上發表演講，屆時他將與邁克爾·洛奇以及美國內政部的一位代表討論海底資源問題。他還將與汽車製造商、電池製造商和投資者會面，因為我們的生產路徑從未如此清晰。

On that note, I'll turn it over to Craig to walk through some project updates and the financials. Over to you, Craig.

接下來，我將把發言權交給克雷格，讓他介紹一下專案的最新進度和財務狀況。克雷格，請開始吧。

Thanks, Gerard. So before getting into the economics and financials, it's worthwhile to take a step back and recognize the myriad world firsts that this company has already achieved alongside our partners. The TMC has now produced the first SEC and Canadian compliant resource statements, the first PFS for a nodule project and the first reserves for a nodule project.

謝謝，傑拉德。在深入探討經濟和財務數據之前，我們不妨先回顧一下公司與合作夥伴共同取得的眾多世界第一。 TMC 現已完成首份符合美國證券交易委員會 (SEC) 和加拿大相關規定的資源量報告、首份結核礦項目的初步可行性研究報告以及首份結核礦項目的儲量估算報告。

We've achieved the first production of most of the metal products that we intend to produce with significant flexibility based on market conditions and customer needs. We built on decades of environmental research pioneered originally by our regulator, NOAA, including the largest deep-sea data set ever produced.

我們已成功實現大部分計劃生產的金屬產品的首次量產，並可根據市場狀況和客戶需求靈活調整生產計劃。我們以監管機構美國國家海洋暨大氣總署（NOAA）數十年來開創的環境研究為基礎，其中包括迄今為止規模最大的深海資料集。

And in 2022, we and our partner, Allseas, achieved the first integrated pilot mining test since the 1970s, lifting over 3,000 tons of nodules to the surface. And of course, we're building on the work of many pioneering US companies back in the 1970s. So nearly 50 years ago, when this industry first took shape, US companies tested a range of technologies to collect nodules.

2022年，我們與合作夥伴Allseas公司完成了自1970年代以來的首次綜合性採礦試驗，成功將超過3000噸的結核提升至地表。當然，我們的工作也建立在眾多美國先驅企業在1970年代所做的工作之上。近50年前，當這個產業初具雛形時，美國企業測試了一系列結核採集技術。

These early pioneers understood the challenges and given the technology available at the time, their decisions were very sensible. Lacking today's advanced buoyancy systems, engineers feared heavy tracked vehicles might get bogged down in soft sediment. The Ocean Minerals Company, therefore, developed an Archimedes screw propelled miner that relied on deep-sea sediment sinkage for traction.

這些早期拓荒者深知挑戰，並且考慮到當時的技術條件，他們的決策非常明智。由於缺乏如今先進的浮力系統，工程師擔心重型履帶車輛可能會陷入鬆軟的沉積物中。因此，海洋礦業公司開發了一種利用深海沉積物下沉來驅動的阿基米德螺旋推進式採礦機。

It's rotating collector head with hooked teeth, gathered nodules effectively, but without the height adjustment, it ingested excess sediment and struggled on some uneven terrain. Inside, crushing nodules proved very problematic as sediment and fines repeatedly clogged the mechanism.

它的旋轉式集塵頭帶有鉤齒，能有效地收集結核，但由於沒有高度調節功能，它會吸入過多的沉積物，並且在一些不平坦的地形上作業困難。此外，內部破碎結核的過程也十分棘手，因為沉積物和細小顆粒會反覆堵塞機械裝置。

And with only a nascent understanding of the pelagic communities, sediment-laden water was discharged at the surface into the ocean's most biologically productive zone. Fast forward 50 years, and we can see clear benefits of partnering with a company that made its name pioneering the development of offshore oil and gas.

由於當時人們對遠洋生物群落的了解還十分有限，因此富含沉積物的海水被直接排放到海洋生物生產力最高的區域。五十年後的今天，我們清楚地看到了與一家以開拓海上油氣開發而聞名的公司合作所帶來的顯著益處。

With over 250 engineers working on the project, Allseas based engineering decisions on decades' worth of environmental data, resulting in a system designed from the seafloor up to deliver minimize -- excuse me, to minimize impact while also delivering maximum pickup efficiency. And that principle is evident in five key innovations.

Allseas公司擁有超過250名工程師參與該項目，他們基於數十年積累的環境數據做出工程決策，最終打造出一套從海底向上設計的系統，旨在最大限度地減少——或者更確切地說，是最大限度地減少——環境影響，同時實現最高的回收效率。這項原則體現在五項關鍵創新中。

Our Coanda nozzles refined through modern modeling and real-time height adjustment dramatically reduced sediment intake. Inside the vehicle, differential flow and counter current washing cleared nearly all sediment from the nodules, while advanced rear diffusers keep the sediment plume localized and predictable. Where early pioneers struggled to keep collectors from sinking, our challenge was the opposite.

我們採用現代建模技術和即時高度調節技術改進的康達噴嘴，顯著降低了泥沙吸入量。在車內，差流和逆流沖洗幾乎清除了結核上的所有泥沙，而先進的後擴散器則使泥沙羽流保持局部化和可預測性。早期拓荒者們還在努力防止集塵器下沉，而我們面臨的挑戰恰恰相反。

Advanced buoyancy allows our collector to move gently across the sea floor, spreading its weight evenly and leaving only faint 3-centimeter ripples, not the 80-centimeter furrows of older systems. And rather than just discharging separated sediment at the surface, we plan on returning it at 2,000 meters following independent advice from researchers at the University of Hawaii, a decision that avoids overlap with most marine life.

先進的浮力系統使我們的收集器能夠輕柔地在海底移動，均勻分散自身重量，只留下3厘米的細微漣漪，而不是像老式系統那樣留下80厘米的溝壑。而且，我們並非簡單地將分離出的沉積物排放到海面，而是根據夏威夷大學研究人員的獨立建議，計劃將其排放到2000公尺深處。這項決定避免了與大多數海洋生物的活動範圍重疊。

Make no mistake, what was achieved by those early pioneers was monumental. But after decades of innovation, this is not the 1970s version of deep sea mining. It's smarter, it's lighter impact, and it's a more responsible approach. Let's move onshore. For over a decade, we've undertaken a rigorous onshore testing program to prove out the various processes to unlock the value and strategic potential of this enormous resource.

毋庸置疑，早期先驅者們所取得的成就意義非凡。但經過數十年的創新，如今的深海採礦已非1970年代的模式。它更加智能，對環境的影響更小，也更負責任。讓我們把目光轉向陸上。十多年來，我們開展了一項嚴謹的陸上測試計劃，旨在驗證各種工藝流程，從而釋放這一巨大資源的價值和戰略潛力。

From bench scale lab testing of single-digit kilo samples to commercial scale processing on 2,000-ton batches on existing plant lines, we now know that we can take our nodules from seafloor to high-value products in various formats to support a variety of industries. And recently, we delivered another industry first, the successful conversion of nodule-derived manganese silica into battery-grade manganese sulfate.

從實驗室規模的個位數公斤樣品測試，到現有生產線上2000噸批次的商業化加工，我們現在已經知道，我們可以將海底結核轉化為各種形式的高價值產品，以支持眾多行業。最近，我們又實現了業界首創，成功地將結核衍生的錳矽酸鹽轉化為電池級硫酸錳。

This is a very important milestone for two reasons: First, it demonstrates that our nodule resource can produce three key metals in sulfate form, nickel, cobalt and now manganese using a conventional hydrometallurgical route. Second, with this achievement, TMC USA now has a clear pathway to produce every feedstock required for Precursor Cathode Active Materials or pCAM, including for the manganese-rich chemistries that major US automakers are moving toward in their next-generation EV platforms.

這具有非常重要的里程碑意義，原因有二：首先，它顯示我們的結核礦資源能夠利用傳統的濕式冶金製程生產三種關鍵金屬的硫酸鹽形式—鎳、鈷，以及現在的錳。其次，憑藉這一成就，TMC USA 現在擁有了清晰的途徑來生產前驅體陰極活性材料 (pCAM) 所需的所有原料，包括美國主要汽車製造商在其下一代電動車平台上正在採用的富錳化學體系所需的原料。

This work was done using nodule-derived manganese silicate refined at Kingston Process Metallurgy's operating facility in Ontario, further validating the flow sheet we've designed and the scalability of our partners' technology. And importantly, this now extends our track record of nodule-derived firsts, nickel sulfate, cobalt sulfate, manganese sulfate, reinforcing that the resource is real, the chemistry works and the technical risks continue to come down.

這項工作使用了在金斯頓冶金公司位於安大略省的營運工廠精煉的結核礦衍生錳矽酸鹽，進一步驗證了我們設計的流程圖以及合作夥伴技術的可擴展性。更重要的是，這擴展了我們利用結核礦衍生原料成功製備硫酸鎳、硫酸鈷和硫酸錳的記錄，進一步證明了該資源的真實性、化學反應的有效性以及技術風險的持續降低。

Now this hard won portfolio of innovation means that TMC is the world leader in nodule project development, and it leaves us in the pole position to kickstart an entire industrial ecosystem around this resource. Our extensive investment in scientific research gives us the most comprehensive deep-sea data set ever compiled.

如今，憑藉著這些來之不易的創新成果，TMC已成為結核計畫開發領域的全球領導者，並佔據了圍繞這項資源啟動整個產業生態系統的先機。我們對科學研究的大量投入，使我們擁有了迄今為止最全面的深海資料集。

Making this data available to NOAA will enable updates to the programmatic environmental impact statement, which has not been refreshed since 1980 and will materially reduce the burden for every other US company that might operate in the Clarion Clipperton Zone.

向美國國家海洋和大氣管理局 (NOAA) 提供這些數據將有助於更新項目環境影響報告書，該報告書自 1980 年以來一直未更新，這將大大減輕其他可能在克拉里昂-克利珀頓區運營的美國公司的負擔。

On the processing front, our proven flow sheet opens the door to take Clarion Clipperton Zone nodules and turn them into high-value products. And this means real offtake potential and optionality for future American refining capacity as laid out in our pre-feasibility study.

在加工方面，我們成熟的製程流程圖為將克拉里昂-克利珀頓區結核轉化為高價值產品打開了大門。這意味著，正如我們的預可行性研究報告中所述，這將帶來真正的市場需求，並為未來美國煉油產能提供更多選擇。

In collection technology, our scale positions us to accelerate a broader domestic supply chain from riser systems and dewatering units to subsea equipment and discrete nodule pickers. Operationally, we see clear opportunities to share vessels, assets and methodology with other players.

在採集技術領域，我們的規模優勢使我們能夠加速建造更廣泛的國內供應鏈，涵蓋立管系統、脫水裝置、水下設備和獨立結核採集器等。在營運方面，我們看到了與其他企業共享船舶、資產和方法的明確機會。

And finally, in survey technology, we're already working with US AUV, ROV, buoy and subsea battery developers, and we've committed to NOAA that our offshore campaigns can support third-party tech testing. This is how you build a new industry by creating an ecosystem, not just a single project.

最後，在勘測技術領域，我們已經與美國的AUV、ROV、浮標和水下電池開發商展開合作，並向NOAA承諾，我們的海上作業能夠支援第三方技術測試。這才是建構一個新興產業的正確方式──打造一個生態系統，而不僅僅是一個計畫。

And as many of you know, our Strategy Day in New York talks quite a bit about this first project, our pre-feasibility study and initial assessments, which had 2 documents, including sign-off from qualified persons, showing a combined project net present value of $23.6 billion, while also showing a clear capital-efficient path to first production.

正如你們許多人所知，我們在紐約的戰略日上詳細討論了第一個項目、我們的預可行性研究和初步評估，其中包含兩份文件，並由合格人員簽字確認，顯示該項目的淨現值合計為 236 億美元，同時也顯示了一條清晰的、資本高效的首次生產路徑。

And again, the PFS also included a world-first reserves for a nonprofit. Just a quick reminder on the geographical areas that each study covers. The PFS covers the area known as NORI-D here seen on the slide in dark blue, and the initial assessment covers everything else. But keep in mind that neither study covers the additional ground that we've applied for under the US law, where we now have priority right.

此外，PFS報告也首次為非營利組織設立了儲備金。這裡簡單回顧一下每項研究涵蓋的地理區域。 PFS報告涵蓋了幻燈片中深藍色標註的NORI-D區域，而初步評估報告則涵蓋了其他所有區域。但請注意，這兩項研究均未涵蓋我們根據美國法律申請的額外區域，而我們現在在該區域擁有優先權。

Just a quick reminder of some of the economics. We expect to generate almost $600 per dry ton of nodules during steady-state production, defined as our average production from 2031 through 2043. Overall, the revenue mix is expected to be very similar to what we shared with the market over the last several years, 45% of revenue from nickel products, 28% from manganese, 17% from copper and 9% from cobalt being the smallest source of revenue.

簡單回顧一下一些經濟數據。我們預計在穩定生產階段（定義為2031年至2043年的平均產量），每幹噸的結核礦收益將接近600美元。整體而言，收入組成預計與我們過去幾年向市場披露的數據非常相似，其中45%的收入來自鎳產品，28%來自錳，17%來自銅，鈷的收入佔比最小，僅9%。

With our steady-state revenue per dry ton of nearly $600 and OpEx per ton of about $340, we arrive at our EBITDA margin per ton expected to be about 43% or $250 per dry ton during the steady-state years between 2031 and 2043. So again, adding up the NPV of the $18.1 billion for the initial assessment and $5.5 billion for the PFS, we arrive at a total estimated resource NPV of $23.6 billion and over the life of both projects on an undiscounted basis, revenue of approximately $369 billion, EBITDA in excess of $200 billion and a position in the first quartile of the cost curve.

假設我們每幹噸的穩定期收入接近 600 美元，每噸營運成本約為 340 美元，那麼在 2031 年至 2043 年的穩定期內，我們預計每噸的 EBITDA 利潤率約為 43%，即每幹噸 250 美元。因此，將初步評估的 181 億美元淨現值和預可行性研究的 55 億美元淨現值相加，我們得出總資源淨現值估計為 236 億美元。在兩個專案的整個生命週期內，未折現情況下，營收約為 3,690 億美元，EBITDA 超過 2,000 億美元，成本處於成本曲線的前四分之一水準。

And yet, despite the quality and size of the resource, we remain undervalued in our opinion compared to peer developers, explorers and significantly undervalued compared to producers. On the left side of this page, this will be familiar to some of you who attended our Strategy Day and listened to our last quarterly call, we'll provide a TMC valuation example for illustrative purposes only.

然而，儘管資源品質和規模都相當可觀，但我們認為，與同行開發商和資源瀏覽器相比，我們的估值仍然偏低，與資源生產商相比更是如此。在本頁左側，我們將提供一個TMC估值範例，僅供參考，參加過我們策略日和上一季電話會議的朋友們應該對此有所了解。

Using a slight premium to the upper end of the nickel developer and explorer valuations applied to our PFS NPV and then adding in the average of nickel developer and explorer valuations for the initial assessment, we can see a path for a total illustrative market value based on comps of approximately $10 billion or over $20 a share.

我們採用鎳開發商和勘探商估值上限的略微溢價來計算 PFS NPV，然後加上鎳開發商和勘探商估值的平均值作為初始評估，我們可以看到，基於可比公司，總可比市場價值約為 100 億美元，或每股超過 20 美元。

So from there, you can see on the right side of the page what a nickel or copper producer would trade at as a multiple of NAV, showing the potential for multiple expansion as our path to production approaches and begins. So on to the financial results for the quarter. In the third quarter of 2025, TMC reported a net loss of $184.5 million or $0.46 per share compared to a net loss of $20.5 million or $0.06 per share for the same period in 2024.

因此，您可以在頁面右側看到鎳或銅生產商的市淨率（NAV）倍數，這表明隨著我們投產進程的推進，其本益比有望進一步提升。接下來是本季的財務業績。 TMC 2025 年第三季淨虧損 1.845 億美元，即每股虧損 0.46 美元，而 2024 年同期淨虧損 2,050 萬美元，即每股虧損 0.06 美元。

The net loss for the third quarter included exploration and evaluation expenses of $9.6 million versus $11.8 million in Q3 2024, G&A expenses of $45.7 million versus $8.1 million in Q3 2024 and other items of $129.2 million. Exploration and evaluation expenses decreased by $2.2 million in the third quarter of 2025 compared to the same period in 2024.

第三季淨虧損包括勘探及評估費用960萬美元（2024年第三季為1,180萬美元）、一般及行政費用4,570萬美元（2024年第三季為810萬美元）以及其他項目1.292億美元。 2025年第三季勘探和評估費用較2024年同期減少220萬美元。

General and administration expenses increased by $37.6 million in the third quarter of 2025 compared to the third quarter of 2024, mainly due to an increase in share-based compensation of $35 million as a result of amortization of the fair value of retention grants, restricted stock units and options granted to directors and consultants in the third quarter and an increase of $2 million in professional and consulting fees, primarily relating to the company pursuing our US regulatory route.

2025 年第三季一般及行政費用較 2024 年第三季增加 3,760 萬美元，主要原因是由於第三季授予董事和顧問的留任獎勵、限制性股票單位和選擇權的公允價值攤銷，導致股份支付費用增加 3,500 萬美元；以及專業和諮詢費用增加 200 萬美元，主要與公司尋求美國監管有關。

Other significant items impacting the net loss in the third quarter and the most significant is the change in the fair value of the royalty liability plus Tonga warrant costs and a change in the fair value and gain on dilution of our investment in the LCR transaction. So a bit of additional context on those valuations.

影響第三季淨虧損的其他重要項目，其中最重要的是特許權使用費負債公允價值的變動加上東加認股權證成本，以及我們在LCR交易中的投資公允價值變動和稀釋收益。以下是這些估值的一些補充說明。

Following the company's filing of our PFS on the NORI-D project in August of 2025, the fair value of the royalty liability for NORI-D was valued at $130 million as at September 30, using an income approach, while for NORI areas A to C, a market approach was used, resulting in a fair value of $15 million.

公司於 2025 年 8 月提交了 NORI-D 項目的初步可行性研究報告後，截至 9 月 30 日，採用收益法對 NORI-D 項目的特許權使用費負債的公允價值評估為 1.3 億美元；而對於 NORI A 至 C 區，則採用市場法，得出的公允價值為 1500 萬美元。

The resulting royalty liability fair value of NORI areas A through D totals $145 million and therefore, an increase of $131 million in the third quarter of 2025, which is a nonoperating noncash expense. The Tonga warrant cost of $5 million represents the fair value of warrants issued to the Tonga Seabed Minerals Authority as part of a revised sponsorship agreement.

NORI A 至 D 區域的特許權使用費負債公允價值總計 1.45 億美元，因此，2025 年第三季將增加 1.31 億美元，這是一項非經營性非現金支出。東加認股權證成本 500 萬美元代表根據修訂後的贊助協議向東加海底礦產管理局發行的認股權證的公允價值。

The change in the fair value of warrant liability resulted from a decrease in the price of the company's shares and the price of our public warrants during the third quarter of 2025. The free cash flow for the third quarter of 2025 was negative $11.5 million compared to negative $5.9 million in the third quarter of 2024, primarily due to higher environmental, personnel and corporate payments.

認股權證負債公允價值的變動是由於公司股價和公開認股權證價格在 2025 年第三季下降所致。 2025 年第三季的自由現金流為負 1,150 萬美元，而 2024 年第三季為負 590 萬美元，主要原因是環境、人事和公司支出增加。

This was partially offset by interest earned on the higher cash balance in 2025 and higher payments to Campaign 8 vendors made in the comparative period. Free cash flow is a non-GAAP measure, and I would encourage you to look at the appendix for that non-GAAP reconciliation table.

2025年現金餘額增加所產生的利息以及同期支付給第八期專案供應商的款項增加，部分抵銷了上述影響。自由現金流量屬於非公認會計準則（非GAAP）指標，建議您查閱附錄中的非GAAP指標調整表。

We believe, as Gerard stated, that our cash on hand is more than sufficient to meet our working capital and CapEx requirements for at least the next 12 months from today. And our accounts payable and accrued liability balance at September 30 was $46.8 million, which includes $32.9 million owed to Allseas for various services provided, the majority of which could be settled in equity at TMC's election. So operator, we'd now like to open up the call for Q&A.

正如傑拉德所說，我們相信，我們目前的現金儲備足以滿足未來至少12個月的營運資金和資本支出需求。截至9月30日，我們的應付帳款和應計負債餘額為4,680萬美元，其中包括欠Allseas的3,290萬美元服務費，其中大部分可由TMC選擇以股權結算。那麼，接線員，現在我們開始問答環節。

(Operator Instructions)

（操作說明）

Dmitry Silversteyn, Water Tower Research.

Dmitry Silversteyn，水塔研究。

Good afternoon, gentlemen. Thank you for taking my call. I just want to clarify one thing. I think I missed it when Gerard was talking about potential incoming cash if all of the warrants are exercised. Can you repeat what that number was?

下午好，先生們。感謝接聽我的電話。我只想確認一件事。我好像錯過了傑拉德剛才說的如果所有認股權證都被行使，可能會有多少現金到帳。您能再說一次那個數字嗎？

Yes. Well, I'll leave you, Craig.

是的。那我先告辭了，克雷格。

Yes. So the total potential proceeds, excluding some that were exercised over the course of Q3 and in October, total potential additional proceeds would be over $432 million, the majority of which would be the $11.50 strike price public and private warrants from the SOAC/DeepGreen business combination, and those have an expiration date of September 2026.

是的。因此，除第三季和10月份行使的部分權利外，潛在總收益將超過4.32億美元，其中大部分是SOAC/DeepGreen業務合併中行權價為11.50美元的公開和非公開認股權證，這些認股權證的到期日為2026年9月。

There's also some nuance Dmitry because there are certain warrants and -- there's half a dozen categories outstanding, certain warrants where they may have cashless exercise. But overall, there's a very significant potential inflow of cash at what we would view to be interesting exercise prices. So the point being, we do have a very strong liquidity position today at $165 million. There's over $50 million of warrant proceeds that could come from in-the-money warrants and then quite a bit more beyond that.

德米特里，這裡還有一些細微差別，因為有些認股權證——目前有六種不同的類別——可能允許無現金行使。但總的來說，我們認為行使價格很有吸引力，因此存在非常可觀的潛在現金流入。所以關鍵在於，我們目前的流動性狀況非常強勁，高達1.65億美元。其中超過5000萬美元的認股權證收益可能來自價內認股權證，此外還有相當多的收益。

Understood. Thank you for that clarity. And then I was excited to hear you guys are sending Hidden Gem off to Japan. Understanding international relationships and helping out with diplomacy, is this a pro bono work for you? Or are you going to be getting paid for the exploration that you helped the Japanese do?

明白了。謝謝你的解釋。聽說你們要把「隱藏的寶石」送往日本，我非常興奮。你們了解國際關係，也協助外交工作，這是你們的義務工作嗎？還是你們會因為幫助日本人進行探勘而獲得報酬？

Certainly not pro bono. And -- but Allseas, we didn't step in the middle of that. Allseas will have a direct contract with the foundation that is funding that program. TMC will also get some financial benefit out of that as well. But yes, certainly not pro bono.

當然不是公益性質的。而且──Allseas並沒有介入其中。 Allseas將與資助該計畫的基金會直接簽訂合約。 TMC也會從中獲得一些經濟利益。但沒錯，絕對不是公益性質的。

Understood, Gerard. And then final question. You mentioned that NOAA is adjusting, it's streamlining its regulation process in combining exploration and commercial exploitation licenses. How exactly would that work? In other words, does gaining an exploration license basically -- you have to have a commercial project in play? I mean why would you combine those 2 licenses? And how would that work in your case specifically?

明白了，傑拉德。最後一個問題。您提到美國國家海洋暨大氣總署（NOAA）正在調整和簡化其監管流程，將勘探許可證和商業開發許可證合併。具體會如何操作？換句話說，獲得勘探許可證是否意味著必須有一個正在進行的商業項目？我的意思是，為什麼要合併這兩種許可證？具體到您的情況，又會如何運作？

Well, that's -- today, if you read the regulations, you have to have an exploration license before they'll consider a commercial recovery permit. That's impractical in our case because we are a slightly unique case. And in fact, I'd say we're the only company in the world who has an already prepared commercial recovery permit application with all of the substantiating data.

嗯，現在，如果你仔細閱讀相關規定，你會發現必須先獲得勘探許可證，他們才會考慮頒發商業開採許可證。這對我們來說不太現實，因為我們的情況比較特殊。事實上，我認為我們是全世界唯一一家已經準備好商業開採許可證申請資料，並且所有佐證資料都已齊全的公司。

And so that meant that from a NOAA perspective, like we've already got an exploration license. It's with the ISA, so we'd like you to start work on the commercial recovery permit straight away.

所以從美國國家海洋暨大氣總署（NOAA）的角度來看，我們已經獲得了勘探許可證，許可證是由國際海底管理局（ISA）頒發的，因此我們希望你們立即開始辦理商業開採許可證。

And they're like, yes, we want to start work on that as well. But we do need to change the regs to allow for that. And so it's a little bit of tidy up because it was never anticipated when they put these rigs in place in 1980 that an applicant would have already done that work. So they're just making good with the current circumstances. So it's a very good opportunity for us.

他們說，是的，我們也想開始這項工作。但我們需要修改相關規定才能實現。所以這算是做一些收尾工作，因為當初在1980年安裝這些設備時，並沒有預料到申請人會已經完成了這項工作。所以他們只是根據實際情況進行調整。這對我們來說是個非常好的機會。

Understood, Gerard. Thank you. That's all the questions I have for now.

明白了，傑拉德。謝謝。我暫時沒有其他問題了。

(Operator Instructions)

（操作說明）

I think in the meantime, we'll take one from the webcast from Jacob Stefanski. Will the exploration permit be granted at the same time if the production permit? If not, when is the exploration permit anticipated to be approved? Without getting into specific dates, I think it's worth noting that implicit in our Q4 2027 production start time, the grant of this permit, the commercial recovery permit, is no longer the critical path given that TMC and Allseas agree that there is sufficient regulatory certainty provided by the US process that we can get ourselves ready to go on the Hidden Gem vessel and even begin sooner ordering some longer lead time items.

我認為在此期間，我們可以參考一下Jacob Stefanski在網路直播中提到的問題。勘探許可證是否會與生產許可證同時核准？如果不是，預計勘探許可證何時會核准？暫且不談具體日期，我認為值得注意的是，鑑於TMC和Allseas一致認為美國監管流程提供了足夠的確定性，我們可以做好準備，登上“Hidden Gem”號鑽井船，甚至可以提前訂購一些交貨週期較長的物料，因此，在我們2027年第四季度開始生產計劃中，獲得商業許可許可證不再是關鍵路徑）。

So while there is a possibility of the streamlined and consolidated exploration license and commercial recovery permit process, accelerating the potential grant of both even if this path were to be sequential, first exploration license then commercial recovery permit, that is all still consistent with the Q4 2027 production start date. So we'll provide more data as we continue down the NOAA path. But again, as noted, it was very heartening to see that they were working during the shutdown on the consolidated process and now back at their desks full time.

因此，儘管簡化和整合勘探許可證和商業開採許可證的審批流程是有可能的，即使最終審批流程是先頒發勘探許可證後頒發商業開採許可證，加快兩項許可證的授予速度，也仍然符合2027年第四季度投產的計劃。我們將隨著NOAA審批流程的推進提供更多數據。但如同先前所提到的，令人欣慰的是，他們在停擺期間仍在推進整合流程，現在也恢復全職工作。

Thank you. As I show no further questions, I would now like to turn the conference back to Gerard Barron for closing remarks. Sir?

謝謝。我沒有其他問題了，現在我想把會議交還給傑拉德·巴倫先生，請他作總結發言。先生？

You know what, Latif, we might take another couple, we might see a few populated in the webcast. So if others have questions, feel free to drop it in the chat. There is a question about why do we call it mining instead of the more palatable word harvesting. Duly noted, John Alman. Sometimes we refer to it as collection as opposed to mining, but we feel very confident that the terminology here when people actually look at what's being done on the sea floor is certainly very different than traditional land-based mining.

拉蒂夫，你知道嗎，我們可能還會再拍幾張，或許會在網路直播中看到一些照片。所以如果其他人有什麼問題，歡迎在聊天室留言。有人問為什麼我們稱之為「採礦」而不是更容易接受的「收穫」。約翰‧阿爾曼，我明白了。有時我們會用「收集」而不是「採礦」來指稱它，但我們非常確信，當人們真正了解海底作業時，這裡的術語肯定與傳統的陸地採礦截然不同。

So we'll take that on board. We also see a question from James Selke. The PFS explains an approach of processing (inaudible) products through capital light at existing facilities in the Eastern Hemisphere. But it also assumes that by year 10 of production, we are bringing some refining capacity to the United States.

我們會認真考慮這一點。我們也看到詹姆斯·塞爾克提出的問題。可行性研究報告解釋了一種利用東半球現有設施以輕資本投入加工（聽不清楚）產品的方案。但報告也假設，到投產第十年，我們將把部分煉油產能轉移到美國。

So Gerard, just kind of an overall question, what opportunities do we see available for funding and permitting and construction of such facilities at scale within the United States. A little comment for you, James, too. I mean, we do note the refining capacity that's implicit in the pre-feasibility study and then additional assumptions made for the initial assessment.

傑拉德，我有個總體問題，在美國，我們有哪些機會可以為這類設施的大規模建設提供資金、審批和建設許可？詹姆斯，我也想問你一點。我的意思是，我們注意到預可行性研究中隱含的煉油能力，以及初步評估中所做的其他假設。

Most of that is focused on spending in the 2030s and beyond. But obviously, look, the US has a major gap when it comes to certain metals. And TMC is fortunate to have not only the expertise here, but the ability to be flexible on what product formats might be. And I think we've demonstrated that with the world's first production of manganese sulfate from the nodule-derived intermediate manganese silicate product.

其中大部分投資都集中在2030年代及以後的支出。但顯然，美國在某些金屬方面存在巨大缺口。 TMC很幸運，不僅擁有這方面的專業知識，還能靈活地選擇產品形式。我認為，我們已經透過全球首例利用結核衍生中間體矽酸錳生產硫酸錳的案例證明了這一點。

So I think our overall message is, we've put out our PFS and our initial assessment, and those assumptions are quite clear in those documents. But there is flexibility that we have through this unique nodule resource, and that puts us in a very good position when talking about capital providers, whether it's through the US government or the private markets.

所以我認為我們傳達的整體訊息是，我們已經發布了可行性研究報告和初步評估，這些文件中都明確闡述了相關假設。但我們憑藉這獨特的結核病資源擁有很大的彈性，這使我們在與資金提供者（無論是美國政府還是私人市場）洽談時處於非常有利的地位。

And I still show no questions from the phone lines.

而且我仍然沒有收到任何電話諮詢。

Okay. Well, thank you, everyone, for attending today's call, and we have an exciting run in to the end of the year. Craig is off to Benchmark Conference. I'm off to D.C. and we're happy the government is back to work, and we'll be sure to keep you updated on exciting developments. If not, we'll chat to you on our next quarter.

好的。感謝各位參加今天的電話會議，我們即將迎來令人興奮的年底衝刺階段。克雷格要去參加基準會議，我要去華盛頓特區。我們很高興政府已經恢復運作，我們會及時向大家報告最新進展。如果沒有，我們下個季度再聊。

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

謝謝。今天的電話會議到此結束。感謝您的參與。您可以斷開連線了。