TMC the metals company Inc. (TMC) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the metals company fourth quarter 2025 corporate update cnference call. (Operator Instructions) I would like to hand the conference over to your today, Craig Shesky, Please go ahead, sir.

您好，感謝您的耐心等待。歡迎參加金屬公司2025年第四季企業最新動態電話會議。（操作員指示）今天我把會議交給您，克雷格·謝斯基，請開始吧，先生。

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，公司所作的某些陳述將具有前瞻性，並且是基於管理層根據目前可獲得的資訊所作出的信念和假設。這些聲明存在已知和未知的風險和不確定性，其中許多風險和不確定性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 statements. Our remarks today may also include non-GAAP financial measures, including with respect to free cash flows. -- and additional details regarding these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures can be found in our slide deck being used with this call you're welcome to follow along with our slide deck or joining us by phone. You can access it at any time at investors.metals.co. I'd now like to turn the call over to our Chairman and CEO, Gerard Barron. Jared, please go ahead. .

此外，請注意，本公司的實際業績可能與預期業績有重大差異，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。 ——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投影片。歡迎您觀看幻燈片或透過電話加入我們。您可隨時造訪 investors.metals.co 查看相關資訊。現在，我將把電話交給我們的董事長兼執行長傑拉德·巴倫。賈里德，請繼續。。

Thank you, Craig. And apologies to those on the line who we're a few minutes late, we're waiting for our light across the line. But welcome to you all. And before we get to the path forward, I'd like to take a moment to reflect on our journey over the last year, one year ago, to today in our fourth quarter in call, we announced a regulatory pivot that fundamentally changed our company's destiny, instead of the uncertainty in grid lock of the ISA, we chose the certainty and clarity of the US regulatory regime built upon a long established legal framework under Desbro and catalyzed by the political will of this administration.

謝謝你，克雷格。對於排隊等候的各位，我們稍晚了幾分鐘，在此表示歉意，我們正在等待排隊的綠燈。歡迎各位。在我們展望未來之前，我想花點時間回顧我們過去一年的歷程。一年前，在第四季財報電話會議上，我們宣布了一項監管策略的轉變，從根本上改變了公司的命運。我們沒有選擇充滿不確定性的ISA僵局，而是選擇了美國監管體系的確定性和清晰度。該體系建立在Desbro長期確立的法律框架之上，並得到了本屆政府政治意願的推動。

In April, this political will was made evident by the executives -- President Trump's Executive Order, I'm Lishen America's offshore Critical Minerals & Resources, which marked America's return to leadership in deep sea bed minerals. Some of the directors in this EO have already been delivered, including the modernization -- and of the Noa -- further evidenced by announced in the second among others new economic assessment present value for $1 billion a resource.

4 月，這種政治意願透過高層得到了體現——川普總統簽署了行政命令《美國離岸關鍵礦產和資源》，標誌著美國重返深海海底礦產領域的領導地位。該行政命令中的一些指令已經執行完畢，包括現代化改造——以及諾亞的改造——這在第二份文件中得到了進一步證實，其中一項新的經濟評估顯示，每項資源的現值為 10 億美元。

Gerard, sorry to interrupt. Your line is cutting in and out.

杰拉德，不好意思打斷。您的電話線路斷斷續續。

(inaudible) into we focused on accelerated execution, starting with permitting. Our consolidated application submitted to Nova in January this year has been deemed substantially compliant and we expect our permit to be granted in less than one year from today. This permitting clarity also provides confidence to us and our partners to get building in anticipation of commercial production.

（聽不清楚）我們專注於加快執行速度，先從發放許可證開始。我們今年一月向Nova提交的綜合申請已被認為基本符合規定，我們預計不到一年內即可獲得許可。這種許可的明確性也讓我們和我們的合作夥伴有信心開始建設，為商業化生產做好準備。

Offshore, we have reached commercial agreement on key terms with our long-term strategic partner, Artis, and continue to progress the engineering work for the long lead items for our forthcoming production system, and we expect this agreement to be finalized in the coming days.

在海外，我們與長期戰略合作夥伴 Artis 就關鍵條款達成商業協議，並繼續推進即將推出的生產系統中長週期部件的工程工作，我們預計該協議將在未來幾天內最終敲定。

Onshore, it's also clear that the US wants to dominate the onshore processing and refining polymetallic nodules, establishing accounted to Chinese stranglehold on the production of critical minerals. To do that, we'll require support from the government itself requisites for net at the Port of Texas, and have also reached agreement with our partner, Mariana Minerals to progress the feasibility work as part of the TMC owners team, but more on this shortly.

在陸上，美國顯然也想主導陸上多金屬結核的加工與提煉，以打破中國對關鍵礦物生產的壟斷。為此，我們需要政府本身的支持，滿足德克薩斯港的淨資產要求，並且已經與我們的合作夥伴 Mariana Minerals 達成協議，作為 TMC 所有者團隊的一部分推進可行性研究工作，但稍後會有更多相關信息。

Since day one, new success would depend on building a bench of exceptional has. And with the expertise to tackle complex challenges and the conviction to back in new industry, and as this chart shows, we've brought together a strong group of experienced partners across the value chain, each greening a unique skill set through our vision of reimagining the metals and mining sector.

從一開始，新的成功就取決於建立一支傑出的人才團隊。憑藉著應對複雜挑戰的專業知識和支持新興產業的信念，正如這張圖表所示，我們匯集了價值鏈上經驗豐富的強大合作夥伴團隊，每個人都透過我們重塑金屬和採礦行業的願景，貢獻了獨特的技能。

What's changed and what matters is momentum. Many of our existing partners have deepened their commitments, reinforcing their belief in the long-term opportunity. We're also welcoming new partners who share our belief that this industry will be built in the United States.

改變的是勢頭，而真正重要的是勢頭。我們許多現有合作夥伴都加深了他們的承諾，這增強了他們對長期機會的信心。我們也歡迎與我們一樣相信美國將發展成為產業的新夥伴。

That growing alignment is a clear validation of where this industry is heading. And as I mentioned earlier, we've agreed key commercial terms with all fees to complete the development and operate the Hiddenjem offshore system, the first-ever commercial nodule collection system.

這種日益增強的一致性清楚地驗證了該行業的發展方向。正如我之前提到的，我們已經就完成 Hiddenjem 海上系統的開發和運營（有史以來第一個商業結核收集系統）的所有費用達成了關鍵的商業條款。

The continued strategic alliance which will be memorized in the coming days, brings together all these decades of offshore execution everis with our proven resource environmental and processing platform into a single integrated system designed for a nominal capacity of 3 million wet tonnes per annum using the hidden gem to collected vehicles and a vessel to transfer nodules to bulk carriers to ship them to shore.

未來幾天，我們將銘記這一持續的戰略聯盟，它將 Everis 數十年來在海上作業方面的經驗與我們成熟的資源環境和加工平台整合到一個單一的集成系統中，該系統的名義產能為每年 300 萬濕噸，利用隱藏的寶石收集車輛和船舶將結核轉移到散貨船上，再由散貨船運上。

And all these are currently working on key long lead items like the riser, our launch and recovery systems and the umbilical. We look forward to signing this definitive agreement in the coming days and continue to progress towards system commissioning still targeted for Q4 2027.

目前，所有這些人員都在致力於研發關鍵的長週期產品，例如立管、發射和回收系統以及臍帶纜。我們期待在未來幾天簽署這項最終協議，並繼續推進系統調試工作，目標仍為 2027 年第四季。

We -- so one of the key actions outlined in last year's executive order was the directors of various government agencies to identify potential sources of financial support for this industry. And in order to unlock government support for onshore processing, there are a few boxes we must tick, including a site-specific plan and feasibility studies.

因此，去年行政命令中概述的關鍵行動之一是要求各政府機構的負責人確定該行業的潛在財政支持來源。為了獲得政府對陸上加工的支持，我們必須滿足一些條件，包括制定針對特定地點的規劃和進行可行性研究。

And to that end, back in December last year, we secured an exclusive right over a potential lease option in the Port of Brownell, Texas, where near ware plans have been recently announced by this administration is for the first new US oil refinery in decades, underscoring the border momentum behind strengthening American industrial capacity.

為此，早在去年 12 月，我們就獲得了德州布朗內爾港潛在租賃選擇權的獨家權利。該港口附近，本屆政府最近宣布了數十年來美國第一座新煉油廠的建設計劃，凸顯了加強美國工業能力的強勁勢頭。

We've developed a preliminary master plan and a pre-feasibility study is already underway for a 12 million tonne per annum nodule industrial park. Of course, existing capital-like tolling options are still available to us and we'll not be committing any capital at this time. But I'm certainly excited about what a domestic nodule processing hub can mean for both new partnerships and for our project economics.

我們已經制定了初步總體規劃，並已開始對年產1200萬噸的結核病工業園區進行預可行性研究。當然，我們仍然可以採用現有的類似資本投入的收費方式，目前我們不會投入任何資本。但我確實對國內結核加工中心對於新的合作夥伴關係和我們專案的經濟效益所具有的意義感到興奮。

Processed domestically, our nodule resource could single-handedly solve the American supply chain dependency across 4 key metals. And as I mentioned, one of the requirements to unlocking funding is the preparation of a feasibility study for a processing plant at a specific site.

如果能在國內進行加工，我們的結核礦資源可以獨自解決美國供應鏈對 4 種關鍵金屬的依賴問題。正如我之前提到的，獲得資金的條件之一是準備一份在特定地點建造加工廠的可行性研究報告。

To that end, we're adding a new strategic partner to our bench in Mariana Minerals; Mariana's CEO, Turner; Coldwell speaking at last year's Strategy Day, is someone we know well from his time at Tesla, where he headed up global battery metal supply.

為此，我們新增了一位策略合作夥伴——Mariana Minerals；Mariana 的執行長 Turner Coldwell 曾在去年的策略日上發表講話，我們對他非常熟悉，因為他曾在特斯拉工作，負責全球電池金屬供應。

The Marrieta team are pioneers of AI and software approaches to project development. and metallurgical processing and have demonstrated their ability to fast-track project execution, which enabled Tesla to build its lithium plant in Texas in less than two years.

Marrieta 團隊是人工智慧和軟體方法在專案開發和冶金加工領域的先驅，並已證明其能夠快速推進專案執行，這使得特斯拉能夠在不到兩年的時間內在德克薩斯州建成其鋰工廠。

The Marietta team will be joining us start of the TMC earners team, and we already enjoy a good working relationship with their team. Mariana's approach is core to have cutting-edge businesses like SpaceX and others operate. With AI, we think they can move even faster and believe their innovative model offers a faster, more modern approach to reindustrialization.

Marietta 團隊將加入我們的 TMC 收入團隊，我們與他們的團隊建立了良好的工作關係。馬裡亞納群島的模式是SpaceX等尖端企業得以營運的核心。我們認為，借助人工智慧，他們可以發展得更快，並相信他們的創新模式為再工業化提供了更快、更現代的方法。

And subject to further definitive agreements, we look forward to exploring how their systems could reduce permitting and construction time lines for a domestic plant while reducing OpEx and increasing recovery of payable metals.

在達成進一步的最終協議的前提下，我們期待探索他們的系統如何能夠縮短國內工廠的許可和建設時間，同時降低營運成本並提高可售金屬的回收率。

In fact, right after this call, our team -- executive team, will convene in Texas with the Mariana's team for the next week to progress this mission-critical work, which is also a prerequisite for a certain US involvement.

事實上，通話結束後，我們的團隊——執行團隊——將與馬裡亞納團隊在德克薩斯州會面，進行為期一周的會議，以推進這項至關重要的工作，這也是美國參與的先決條件。

I'm also pleased to share that in April, just days away, the metals royalty company will begin trading on the Nasdaq under the TMC A quick refresher formed with the goal of onshoring critical minerals production in the US DMCI has a 2% gross royalty on our NOI area -- resulting from an agreement we signed with low carbon royalties in 2023. And we retain the right to repurchase up to 75% of that royalty over time at a cap to return, which could potentially reduce the royalty to 1.5% to 1%.

我也很高興地宣布，就在幾天後的四月，這家金屬特許權使用費公司將在納斯達克上市，股票代碼為TMC。簡單回顧一下，DMCI成立的目的是為了將關鍵礦產生產遷回美國本土。 DMCI在我們NOI區域擁有2%的總特許權使用費－這是我們在2023年與低碳特許權使用費公司簽署的協議的結果。我們保留在未來回購至多 75% 的特許權使用費的權利，但回購金額設有上限，這可能會將特許權使用費降低至 1.5% 至 1%。

The TMC also maintained a 25% equity stake in TCR. Many TMC or faces will be familiar to our followers, including the current and former Board members, Michael Hess and Brian Targa. And with their backing and a strong team behind them, we see TMCR as a strategic vehicle which can potentially provide future options for capital and sizable project finance. I'd now like to turn the call over to Craig to discuss some industry updates, our regulatory path ahead and our financials.

TMC 也持有 TCR 25% 的股權。對於我們的追蹤者來說，TMC 的許多成員或面孔都會很熟悉，包括現任和前任董事會成員 Michael Hess 和 Brian Targa。憑藉他們的支持和強大的團隊，我們認為 TMCR 是一個策略工具，未來有可能提供資本和大型專案融資的選擇。現在我想把電話交給克雷格，讓他來討論一些行業最新動態、我們未來的監管方向以及我們的財務狀況。

Thanks, Gerard. One quick note that we shared actually in recent weeks in our social accounts. We recently joined the defense industrial-based consortium, DIBC partnership within the Department of Board's expansion and investment prioritization director of our capabilities.

謝謝你，傑拉德。這是我們最近幾週在社交帳號上分享的一條簡短訊息。我們最近加入了國防工業聯盟 DIBC，這是國防部能力擴張和投資優先次序主管的合作計畫。

The initiative gives the government the tools he needs to cloud commercial solutions that can help close supply chain vulnerabilities and strengthen the defense industrial base.

該倡議為政府提供了必要的工具，以實現商業解決方案的雲端化，從而幫助縮小供應鏈漏洞並加強國防工業基礎。

And of course, critical minerals and seabed are focused for the US and allies and over the past year, we've seen investors and operators effectively vote with their feet, gravitating toward regulatory frameworks that offer clarity and incredible path to mechanization.

當然，關鍵礦產和海底資源是美國及其盟友關注的焦點。在過去一年裡，我們看到投資者和營運商有效地用腳投票，傾向於那些能夠提供清晰的監管框架和實現機械化的絕佳途徑。

While the ISA remains in gridlock, the US has emerged as a leading jurisdiction and certain allies are relying upon the US and certain areas of expertise to develop sea bed resources.

儘管國際海底管理局仍處於僵局，但美國已成為領先的司法管轄區，某些盟友正依靠美國及其某些領域的專業知識來開發海底資源。

This shift is being echoed at the government. While in March, the US and Japan announced a new critical minerals action plan with an explicit focus on accelerated cooperation on the commercial viable deep mining.

這種轉變也反映在政府層面。今年 3 月，美國和日本宣布了一項新的關鍵礦產行動計劃，明確重點是加快在商業上可行的深層採礦方面的合作。

And against this backdrop, we remain the only seabed mineral developer with SEC compliant mineral reserves, which is the clearest definition of commercial viability, positioning us at the forefront of this emerging industry.

在此背景下，我們仍然是唯一一家擁有符合美國證券交易委員會規定的礦產儲量的海底礦產開發商，這是對商業可行性的最明確定義，使我們處於這一新興行業的前沿。

In January, Nova finalized revisions to accelerate permitting under the Deep Seabed Hard Minerals Resources Act introducing a consolidated application process that meaningfully streamline the path to commercial recovery and TMC moved quickly to take advantage of that clarity, submitting the first consolidated application under this new framework.

1 月，Nova 完成了《深海硬礦產資源法》的修訂，加快了許可審批流程，引入了統一的申請流程，從而大大簡化了商業開採的途徑。 TMC 迅速利用了這一明確性，並根據這一新框架提交了第一份統一申請。

This application expands our expected commercial recovery area from 25,000 square kilometers to approximately 65,000 square kilometers and is designed to significantly reduce permitting time lines. Importantly, it reflects the strength of our technical readiness and our ability to meet no requirements for commercial scale operations. We see this as a clear signal that the US regulatory path is active, predictable and capable and reporting responsible development.

該申請將我們預期的商業回收面積從 25,000 平方公里擴大到約 65,000 平方公里，旨在大幅縮短許可審批時間。重要的是，這反映了我們技術準備的實力，以及我們滿足商業規模運作任何要求的能力。我們認為這是一個明確的信號，表明美國的監管路徑是積極的、可預測的、有效的，並且能夠報告負責任的發展。

And now with more than 10 applications in the system, it is evident that the broader industry is aligning around the US framework. The last time we updated you, we are progressing systematically through the NOAA permitting pathway and that remains the case today, even under this new consolidated path.

現在系統中已有超過 10 個應用程序，顯然整個產業正在圍繞美國框架進行調整。上次我們向您報告時，我們正在有條不紊地推進 NOAA 的許可審批流程，即使在新的合併流程下，今天的情況仍然如此。

With the consolidated application now active under NOAA's new rule, we have agreed to clarity on the process ahead and a clear line of sight and the key milestones required for final approval.

根據 NOAA 的新規定，合併申請現已生效，我們已就後續流程達成一致，明確了最終批准所需的關鍵里程碑和方向。

Our experience over the last year, particularly through NOAA's review of our exploration licenses, has provided valuable insight into the process and expectations for both TMC USA and NOAA. We announced on March 9th that we passed the first of these milestones with no determining our application to be substantially compliant and the next potential milestone being full compliance.

過去一年，特別是透過 NOAA 對我們的勘探許可證的審查，我們的經驗讓我們對 TMC USA 和 NOAA 的流程和期望有了寶貴的了解。3月9日，我們宣布，我們已經通過了第一個里程碑，尚未確定我們的申請已基本合規，下一個潛在里程碑是完全合規。

Based on this progress and what we've learned, we now expect the grant of our commercial recovery permit within the next 12 months. Now to get to this point, it's taken over $700 million and hundreds of research days at sea, and we are now nearing the completion of our environmental impact statement and our EIA is complete.

根據這項進展和我們所學到的知識，我們現在預計將在未來 12 個月內獲得商業回收許可證。為了達到這一步，我們已經投入了超過 7 億美元，進行了數百天的海上研究，現在我們的環境影響報告書即將完成，我們的環境影響評估已經完成。

And informed by the largest environmental data set in history over a petabyte in size. This comprehensive document reflects 15 years of scientific research conducted alongside leading institutions and demonstrates our body to responsibly collect knowledges using modern systems designed to maximize efficiency while minimizing environmental impact.

而這一切都基於史上規模最大的環境資料集，超過1PB。這份綜合性文件反映了我們與領先機構合作進行的 15 年科學研究，並表明我們機構負責任地利用現代系統收集知識，以最大限度地提高效率，同時最大限度地減少對環境的影響。

Put simply, better science leads to better design and better design leads to better environmental impacts. For those with a keen eye on our social media, you may notice that we've begun sharing key findings from our EIA publicly during a new video series, highlighting how our data addresses environmental concerns and how innovation has reduced our environmental footprint.

簡而言之，更好的科學帶來更好的設計，更好的設計帶來更好的環境影響。關注我們社群媒體的朋友可能會注意到，我們已經開始透過一系列新的影片公開分享環境影響評估的關鍵發現，重點介紹我們的數據如何解決環境問題以及創新如何減少我們的環境足跡。

I encourage you all to check this out. And you can click on the PDF of this posted on our website to get to those videos directly or we encourage you to follow TMC on our social accounts, including Twitter and LinkedIn. We look forward to our EIS being made available for public comments soon as Panos transparent and audible process.

我建議大家都去看看。您可以點擊我們網站上發布的此 PDF 文件直接觀看這些視頻，或者我們鼓勵您在我們的社交媒體帳號（包括 Twitter 和 LinkedIn）上關注 TMC。我們期待Panos公司能夠盡快以透明、可聽取意見的方式公佈我們的環境影響報告，以徵求公眾意見。

And as many of you know, and there may be some on the call who are with us in the room, we published a pre-feasibility study and initial assessment alongside our Strategy Day in New York last August. Covering our first production area, the PFS documented World First Reserve for inaugural project, demonstrating clear commercial viability. Our initial assessments cover everything else that you see in Royal Blue amongst our contract areas on this page.

正如你們許多人所知，也可能有一些正在與我們一起在房間裡的人知道，去年八月我們在紐約舉辦戰略日活動的同時，我們發布了一項可行性預研究和初步評估。PFS 涵蓋了我們的第一個生產區域，並記錄了第一個專案的世界首個儲量，證明了其明確的商業可行性。我們的初步評估涵蓋了您在本頁「皇家藍」合約領域中看到的所有其他內容。

Keep in mind that neither of these comprehensive studies, which were signed off by multiple independent qualified persons covering additional ground over which we now have priority rights through the U.S. process. This is represented in the lighter gray on this page.

請記住，這兩項綜合研究均由多位獨立的合格人士簽署，涵蓋了我們現在透過美國程序享有優先權的其他領域。本頁以較淺的灰色部分錶示。

Given the proximity of these areas to those covered in our published technical studies, we do believe that these areas support significant exploration upside.

鑑於這些區域與我們已發表的技術研究涵蓋的區域相鄰，我們認為這些區域具有很大的勘探潛力。

So our current metal prices, shifting to project economics, including that these projects are incredibly valuable. And if you combine the $5.5 billion net present value of a prefeasibility study and the $18.1 billion NPV for the initial assessment you arrive at a total estimated resource of $23.6 billion.

因此，我們目前的金屬價格，轉向專案經濟效益，包括這些專案具有巨大的價值。如果將可行性研究的 55 億美元淨現值與初步評估的 181 億美元淨現值相加，則得出估計總資源為 236 億美元。

Over the life of both projects on an undiscounted basis, the studies outlined revenue of approximately $369 billion EBITDA in excess of $200 billion and a position in the first quartile of the cost curve as laid out in our PFS. However, despite the clear value of this high quality and abundant resource and our expected low-cost positioning, our valuation does remain below of comparable peer developers and explorers.

研究顯示，在兩個項目的整個生命週期內，未折現情況下，收入約為 3690 億美元，EBITDA 超過 2000 億美元，並且成本曲線處於我們 PFS 中列出的第一四分之一水平。然而，儘管這種高品質、高儲量的資源具有明顯的價值，而且我們預期成本較低，但我們的估值仍然低於可比較的同行開發商和勘探商。

On the left side of this page, you'll see the TMC valuation example, where we're trading at about 8% of our underlying net present value, well below peer averages for explorers and developers and certainly below the average of nearly 1 times NAV for nickel and copper producers.

在本頁左側，您將看到 TMC 估值範例，其中我們的交易價格約為其基礎淨現值的 8%，遠低於勘探和開發同行的平均水平，當然也低於鎳和銅生產商接近 1 倍淨現值的平均水平。

So as we march toward a clear permitting and -- clear permitting path and commercial production, we are looking forward to significant rerating in this valuation story.

因此，隨著我們朝著明確的許可路徑和商業化生產邁進，我們期待這個估值故事能夠得到重大的重新評估。

On to liquidity TMC reported year-end only 25% cash balance of $117.6 million, and we expect at month end for March 31, 2026, to report approximately $110 million in cash. TMC liquidity, defined as cash plus borrowing capacity on our unsecured credit facility stood at $162 million at year-end 2025 and is approximately $150 million more and is expected to be approximately $154 million around month end March 31, 2026. And this means we have no imminent need to raise funds in the public markets.

流動性方面，TMC 報告稱，截至年底，其現金餘額僅為 1.176 億美元，佔全年現金餘額的 25%。我們預計，截至 2026 年 3 月 31 日月底，其現金餘額約為 1.1 億美元。TMC 的流動性（定義為現金加上我們無擔保信貸額度的借款能力）在 2025 年底為 1.62 億美元，比之前增加了約 1.5 億美元，預計到 2026 年 3 月 31 日月底將達到約 1.54 億美元。這意味著我們目前沒有在公開市場籌集資金的迫切需求。

As discussed in our last several quarterly conference calls, however, we are filing a new Form S-3 shelf registration statement in conjunction with our upcoming 10-K as a matter of good corporate housekeeping, and we do intend at some point in the future to refresh our ATM. However, there has been ATM use by the company since April of 2025.

正如我們在最近幾次季度電話會議上所討論的那樣，為了良好的公司內部管理，我們將與即將提交的 10-K 表格一起提交一份新的 S-3 表格註冊聲明，並且我們確實打算在未來的某個時候更新我們的 ATM。然而，該公司自 2025 年 4 月起就開始使用 ATM 機。

On to our financial results. In the fourth quarter of 2025, TMC reported a net loss of $40.4 million or $0.08 per share compared to a net loss of $16.1 million or $0.04 per share for the same period 2024, the net loss for the fourth quarter of 2025, included exploration and valuation expenses of $10.6 million versus $8.3 million in the fourth quarter of 2024, and general and administrative expenses or G&A of $34.1 million versus $8.1 million G&A in the comparable quarter last year, and a credit of $4.3 million from other nonoperating items versus a credit of $0.3 million from other nonoperating items in Q4 2024.

接下來是我們的財務表現。2025 年第四季度，TMC 報告淨虧損 4,040 萬美元，即每股虧損 0.08 美元，而 2024 年同期淨虧損為 1,610 萬美元，即每股虧損 0.04 美元。 2025 年第四季的淨虧損包括勘探和估值費用 1,060 萬美元（2024 年第四季為 830 萬美元）、一般及行政費用 3,410 萬美元（去年同期為 810 萬美元）以及其他非經營項目的 430 萬美元（2024 年第四季為 30 萬美元收益）。

Exploration and evaluation expenses increased by $2.3 million in the fourth quarter of 2025 compared to the same period in 2024, primarily resulting from an increase in share-based compensation due to accelerated amortization of awards granted in the third quarter of 2025, partially offset by lower mining, technological and process development costs resulting from decreased engineering work.

2025 年第四季勘探和評估費用比 2024 年同期增加了 230 萬美元，這主要是由於 2025 年第三季授予的獎勵加速攤銷導致股份支付增加，部分被工程工作減少導致的採礦、技術和工藝開發成本降低所抵消。

G&A expenses increased by $26 million in the fourth quarter of 2025 compared to the same period in 2024 reflecting an increase in share-based compensation due to the accelerated amortization of awards granted to directors and officers in the third quarter of 2025 and an increase in legal, consulting and personnel costs.

2025 年第四季一般及行政費用比 2024 年同期增加了 2,600 萬美元，這反映出由於 2025 年第三季加速攤銷授予董事和高管的獎勵而導致的股份支付增加，以及法律、諮詢和人事成本的增加。

Other nonoperating items that reduced the net loss in Q4 2025, included higher interest income generated from our increased cash balances and again, resulting from the dilution of our ownership interest in the metal royalty company, as it completed a private placement to 23rd parties at a price well in excess of book value.

2025 年第四季淨虧損減少的其他非經營性項目包括：現金餘額增加帶來的利息收入增加；以及由於金屬特許權使用費公司以遠高於帳面價值的價格向 23 方完成私募配售，導致我們在該公司的所有權權益被稀釋。

On free cash flow, the free cash outflow for the fourth quarter of 2025 was -- excuse me, was $11.5 million compared to $13.8 million for the fourth quarter of 2024. The net cash used in operating activities was $11.4 million compared to $13.8 million for the fourth quarter of 2024, primarily due to lower personnel and environmental payments, coupled with the interest earned on a higher cash balance in 2025 and partially offset by higher legal payments.

就自由現金流而言，2025 年第四季的自由現金流出為——抱歉，是 1,150 萬美元，而 2024 年第四季為 1,380 萬美元。經營活動使用的淨現金為 1,140 萬美元，而 2024 年第四季為 1,380 萬美元，這主要是由於人員和環境支出減少，加上 2025 年現金餘額增加所產生的利息，但部分被更高的法律支出所抵銷。

Focusing on the full year basis for the cash flow. On a full year basis, free cash outflow for 2025 was $43.1 million compared to $44 million in 2024. A net cash used in operating activities was $42.9 million compared to $43.5 million in 2024, reflecting lower environmental and mining technological payments and interest earned on a higher cash balance in 2025, partially offset by higher underutilization fees paid on the unsecured credit facilities, timing of payment on regulatory fees and higher legal payments.

重點關注全年現金流。以全年計算，2025 年的自由現金流出為 4,310 萬美元，而 2024 年為 4,400 萬美元。2025 年經營活動使用的淨現金為 4,290 萬美元，而 2024 年為 4,350 萬美元，這反映出 2025 年環境和採礦技術支出減少以及現金餘額增加所產生的利息收入減少，但部分被無擔保信貸安排的未充分利用費用增加、監管費用的支付時間以及法律支出增加所抵消。

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

自由現金流量屬於非公認會計準則指標，請參閱投影片中所包含的非公認會計準則調節表。我們相信，我們手頭上的現金足以滿足我們未來至少 12 個月的營運資金和資本支出需求。

Looking at the balance sheet over the course of 2025, there was a significant increase in the cash balance as the following funds were received $85.2 million from the Korea Zinc investment, $41.2 million from other registered direct offerings, including the Hess family investment, $14.8 million from ATM use and $27 million from the exercise of various stock options and warrants.

從 2025 年的資產負債表來看，現金餘額大幅增加，原因是收到了以下資金：來自韓國鋅業投資的 8,520 萬美元，來自其他註冊直接發行的 4,120 萬美元（包括赫斯股權家族投資），來自 ATM 使用收入的 1,480 萬美元，以及來自行使各種股票選擇權和認股權的 2,700 萬美元。

A portion of these proceeds was used to repay the $7.5 million Altis working capital loan, along with other outstanding interest thereon as well as a $4.3 million draw on the Arisperan unsecured credit facility. Our accounts payable and accrued liabilities as at December 31, 2025, was $46 million and includes $34 million O2 sees for various services provided, the majority of which can be settled in equity.

部分收益用於償還 Altis 的 750 萬美元營運資金貸款，以及其他未付利息，並提取了 Arisperan 無擔保信貸額度中的 430 萬美元。截至 2025 年 12 月 31 日，我們的應付帳款和應計負債為 4,600 萬美元，其中包括 O2 為提供的各種服務而收取的 3,400 萬美元，其中大部分可以透過股權結算。

The $131 million increase in royalty liability was the result of the change in fair value following the company's release of two economic studies in August 2025, which increased the value of the Norway project. The significant increase in the warrant liability over 2025, was due to the increase in the fair value of private warrants, which reflected the increase -- significant increase in our share price. With that, operator, we'd now like to open the call up for some Q&A.

特許權使用費負債增加 1.31 億美元，是由於該公司在 2025 年 8 月發布了兩項經濟研究報告，提高了挪威項目的價值，從而導致公允價值變化。2025 年認股權證負債的大幅增加，是由於私人認股權證的公允價值增加，反映了我們股價的大幅上漲。話筒，接下來我們將開放問答環節。

(Operator Instructions)

（操作說明）

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

Hey dear, can you guys hear me all right? Good morning.

親愛的，你們能聽清楚我說話嗎？早安.

Good morning, Haiko. Yes, we can.

早上好，海科。是的，我們可以。

I'm very intrigued by those negotiations for the module processing and mining up in Brownsville, obviously, given recent geopolitical risk factors that have just been going up quite a bit and just in general uncertainties that are going on. I think this might be quite interesting a couple of things on that. Can you walk us through what you see of an impact with the shipping expenses if this Brownville will hub goes ahead and maybe quantify it?

鑑於最近地緣政治風險因素大幅上升，以及目前普遍存在的不確定性，我對布朗斯維爾的模組加工和採礦談判非常感興趣。我覺得這方面有幾個問題還蠻有趣的。您能否詳細介紹一下，如果布朗維爾運輸樞紐計畫得以實施，您認為會對運輸成本產生哪些影響，並盡可能量化一下？

I think the -- look, there are many exciting options about bringing material straight to the U.S. and shipping is one of them. Energy costs, of course, is another because the biggest inputs into our cost base when we process modules is energy and we for this administration for realizing that abundant energy leads to prosperity.

我認為——你看，將材料直接運送到美國有很多令人興奮的選擇，而運輸就是其中之一。當然，能源成本是另一個問題，因為在加工模組時，能源是我們成本基礎中最大的投入，我們感謝本屆政府意識到充足的能源會帶來繁榮。

And there's no better example of that than the US compared to -- in some other markets, and it's our estimate that you can actually process nodules cheaper in the site where we've located Brownsville, Texas compared to China or Indonesia or Japan because of energy costs and so and but shipping is also better as well and it does mean having to bring them through the Panama Canal.

而美國就是最好的例子——與其他一些市場相比，據我們估計，由於能源成本等原因，在我們位於德克薩斯州布朗斯維爾的工廠加工結核的成本實際上比在中國、印度尼西亞或日本更低，而且運輸也更方便，但這確實意味著必須通過巴拿馬運河運輸。

And there will also -- the site was chosen those have some deepwater berths available to it. they won't take the biggest ships that are available and that we'd like to use. But in time, we think they can. And -- but no firm numbers that improvements to be made.

而且，之所以選擇這個地點，是因為那裡有一些深水泊位可供使用。但是，他們無法停靠我們想使用的最大型船舶。但我們相信，假以時日，他們一定可以做到。但是——卻沒有確切的數字顯示需要做出哪些改進。

And then I know it's early, but can you walk me -- and you may not have all these answers yet. But can you walk me through key permits and timelines you think we need to build all this infrastructure, please?

我知道現在還早，但你能帶我走一走嗎？ ——你可能還沒有所有這些問題的答案。但是，您能否詳細介紹一下您認為我們建造所有這些基礎設施所需的關鍵許可證和時間表？

Yeah, It's important to note, Heiko, too. I mean what we're beginning here is site-specific feasibility work. At the same time, what I can say is that the particular site we're looking at does have many permits -- we continue to have continued discussions, very positive discussions with Governor Abbott's office in Texas and other agencies there. But it's important to note, a lot of this is going to be for a prerequisite of us making plans and moving forward, going to be dependent on some of the score we get at a bender level.

是的，這一點也很重要，海科。我的意思是，我們現在開始的是針對特定地點的可行性研究工作。同時，我可以透露的是，我們正在考察的這個特定地點確實擁有許多許可證——我們一直在與德克薩斯州州長阿博特的辦公室和那裡的其他機構進行持續的、非常積極的討論。但需要注意的是，這一切很大程度上取決於我們制定計劃和向前邁進的前提條件，以及我們在狂歡節級別上取得的分數。

So really, the key permit here is the grant of commercial recovery permit by NOAA. And certainly, when we're talking to various agencies and cabinet departments, it is that permit that would (inaudible), we think a lot of the support and potential investment for a facility like this.

所以，關鍵的許可證是美國國家海洋暨大氣總署 (NOAA) 頒發的商業採礦許可證。當然，當我們與各個機構和內閣部門交談時，正是這個許可證（聽不清楚），我們認為，對於這樣一個設施，很多支持和潛在投資都取決於此。

And one of the reasons, I think, that you're seeing TMC engage in some of this work on feasibility as well as us alongside our partner, Allseas, progress engineering work and beginning to think about ordering these long lead time items is due to our confidence in the grant of that commercial recovery permit in a timely manner.

我認為，TMC參與可行性研究工作，以及我們與合作夥伴Allseas一起推進工程工作並開始考慮訂購這些交貨週期長的零件，其中一個原因是我們有信心及時獲得商業回收許可證。

Fair enough. Okay. I'll get back into you. Thank you very much.

很公平。好的。我會再跟你聯絡的。非常感謝。

Matthew O'Keefe, Cantor Fitzgerald.

馬修‧奧基夫，坎托‧費茲傑拉。

Thanks, operator. Yeah, just a question I want to follow up on Heiko's Texas question there. You are working on a feasibility study there. It sounds like Mariana is going to be a part of that. What's the timing on getting that done? And will we get to see sort of the results of that?

謝謝接線生。是的，我只是想就海科提出的關於德克薩斯州的問題再問一個問題。你正在那裡進行可行性研究。聽起來瑪麗安娜也會參與其中。完成這項工作需要多長時間？我們能看到由此產生的一些結果嗎？

Yeah, sure. Well, certainly, Mariana will be playing an important role as part of our owners team. We really have hatch working on the refresh of that -- of the PFS, which is based on bringing all those numbers to a Brownsville site. But we anticipate -- and that will be ready very soon. But we also anticipate well before the end of the year, having a, I guess, in the old language of BFS on what we're planning to put on the ground in Texas and so the date that is being talked about is end of October, and so not far away. And we certainly expect hatch and others to be involved in that as well.

當然可以。當然，瑪麗安娜將作為我們所有者團隊的一員發揮重要作用。我們正在著手更新 PFS，這是基於將所有這些數據帶到布朗斯維爾的網站。但我們預計——而且很快就會準備就緒。但我們也預計，在年底之前，用 BFS 的老話來說，我們會公佈我們在德克薩斯州的計劃，所以討論的日期是 10 月底，所以不會太遠了。我們當然也期待 Hatch 和其他公司參與其中。

Okay. And that's a good group. And then is that going to be a hide facility? Or are you going to look at an option of doing sort of the RCAF front end like you're going to be doing in Japan?

好的。這是一個很棒的團隊。那那裡會是個藏身之處嗎？或者，你們打算考慮採用類似在日本那樣的加拿大皇家空軍前端方案嗎？

Yeah, that's the exciting part. For the last -- since in fact, since Dr. Jeffrey Donald joined our group and pivoted us back to more of a pyro front end. That's where we've been building lots of expertise on how we get raw nodules into those intermediate products and the plan is to build the pyro in Brownsville. If we were to go down that pathway, we're very fortunate that we have an amazing technical partner in Japan that we continue to have a great working relationship with.

是啊，那才是最精彩的部分。最後——事實上，自從傑弗裡·唐納德博士加入我們的團隊，並將我們重新帶回了煙火前端領域以來。我們一直在累積將原始結核轉化為中間產品的專業知識，計劃是在布朗斯維爾建造熱熔爐。如果我們要走這條路，我們非常幸運，因為我們在日本有一位出色的技術合作夥伴，我們與他們一直保持著良好的合作關係。

And the boy, a nickel refinery and nickel processing plant hasn't been built in 80 years yet here in America, yet the demand for nickel is going at an increasing clip. We know it's needed to make every ton of famous steel. We know it's used in super alloys.

這位男孩說，美國已經80年沒有建造鎳精煉廠和鎳加工廠了，然而對鎳的需求卻在以越來越快的速度成長。我們知道，生產每一噸名貴鋼材都需要它。我們知道它被用於超級合金。

We know it's used across AI and data centers and military uses and electrification. And so the uses and the demand for it is going up, yet we import 100% of our nickel.

我們知道它被廣泛應用於人工智慧、資料中心、軍事領域和電氣化領域。因此，鎳的用途和需求都在增加，但我們100%的鎳都依賴進口。

So something is not kind of a fit there so there's an opportunity, I guess. And we just see that this might be that moment where the administration says, yes, we want to fix that problem.

所以，那裡有些地方不太合適，我想，這或許是個機會。我們看到，這或許就是政府表示「是的，我們想要解決這個問題」的時刻。

Yeah, no, for sure. That's why I was kind of asking, it seems like a pretty exciting turn and I would love to see the numbers on that. More on that, just switching off the processing back to the recovery. you said you're sort of getting along any time items, I'm assuming for hidden gem or the whole -- that whole process.

不，絕對不行。所以我才問的，這似乎是一個相當令人興奮的轉變，我很想看看相關數據。關於這一點，我只是把處理過程切換回恢復階段。你說你對任何時間物品都比較熟悉，我猜是指隱藏寶石或整個過程。

So what would you anticipate, assuming your permit within 12 months what would you anticipate the timing to get Hinge back on the water? And do you foresee it being as is or additional collector capacity?

那麼，假設您在 12 個月內獲得許可證，您預計 Hinge 號何時可以重新下水？您預計目前的收集能力會維持不變，還是會增加收集容量？

Yeah, we are still standing by our guidance of commissioning Q4 next year. And it will -- we've elected to run with a two collector model. And so that is -- basically gives us the opportunity to get out on the water I guess that will be early '28.

是的，我們仍然堅持明年第四季完成調試的預期。確實如此——我們選擇採用雙收集器模型。所以，這基本上給了我們一個出海的機會，我想應該是在 2028 年初。

And we'll kick off with one Colette in production, but we'll soon move to a second collecting in production as well and so as you well know, we have a production boat that is production-ready now, just not a production number that's not high enough and so we want to see a higher production number because the more tonnes you amortize over the cost of the floating steel above, the better the economics. And I think we proved in 2022 that we can do this providable at commercial scale. So now it's about making money.

我們將首先投產一艘 Colette 號，但很快我們也會投產第二艘。如你所知，我們現在有一艘已經可以投產的生產船，但產量還不夠高。我們希望看到更高的產量，因為在上述浮式鋼材成本上攤銷的噸位越多，經濟效益就越好。我認為我們在 2022 年證明了我們可以以商業規模提供這種服務。所以現在一切都以賺錢為目的了。

It's important to note, Matt, to the connective tissue for the ramp-up offshore, but then also what the potential processing and refining plans might be onshore. Certainly, this administration wants to be able to say, if we can bring this back domestically, it's helpful to be able to do it during this administration.

馬特，需要注意的是，這不僅關係到海上產能提升的連結組織，也關係到陸上潛在的加工和提煉計畫。當然，本屆政府希望能夠說，如果我們能在國內恢復這項事業，那麼在本屆政府執政期間做到這一點是有益的。

And the way you do that is ramp up in relatively bite-sized amounts starting, let's say, with production capacity that could handle nodules coming from a vessel like the hidden gem, which has 3 million tons per annum nominal capacity.

實現這一目標的方法是逐步擴大產能，例如從能夠處理來自「隱藏的寶石」號這類船隻的結核的生產能力開始，該船隻的名義年產能為 300 萬噸。

So kind of matching as best we can ramp up for both the offshore production and then having a home for the processing refining of those nodules is certainly part of the work that we and our team of engineers are doing in the coming months.

因此，盡我們所能提高海上生產能力，並為這些結核的加工提煉提供場所，這無疑是我們和我們的工程師團隊在未來幾個月裡要開展的工作之一。

Right. And if I may just ask 1 more question. On the permitting process, not so much the process, you've made that pretty clear. One of the -- under the NOAA process, there is an additional piece of ground that wasn't covered by the PFS. It wasn't covered by the initial assessment that you've added.

正確的。如果可以的話，我再問一個問題。關於審批流程，而不是流程本身，你已經解釋得很清楚了。其中之一——根據 NOAA 的流程，還有一些 PFS 沒有涵蓋的領域。它不在您新增的初始評估範圍內。

I'm just curious sort of why and what your plans are for that? I mean can you really do any work on that in the near term? And is it infringing on anyone else's claims that might be under the previous permit regime?

我只是好奇為什麼會這樣，以及你對此有什麼計劃？我的意思是，短期內真的能在這方面有任何進展嗎？它是否侵犯了其他人根據先前的許可製度可能享有的權利？

Yeah, Look, it was just a natural fit. It was bidding between two blocks that we had hold over. And at the end of the day, we will -- while we're out there, continue to take observations of that. And I guess, what we'll aim to prove it's a continuous piece of ground, and it doesn't require any particular environmental work done on it and so -- and we imagine that once production starts out there that there'll be more collaboration between some of the license holders as well.

是啊，你看，這簡直是天作之合。當時是在我們掌握的兩個地塊之間進行競價。最後，當我們身處現場時，我們會繼續觀察這種情況。我想，我們的目標是證明這是一塊連綿不斷的土地，不需要進行任何特殊的環境治理工作，因此——我們設想，一旦那裡開始生產，一些許可證持有者之間也會有更多的合作。

And I think no doubt, there will be some people that end up being granted licenses who don't have production vessels and all who want help getting their applications through the permitting process. And as you know, we probably know more about that than anyone on this planet.

毫無疑問，最終會有一些人獲得許可證，但他們沒有生產船，而且他們都希望獲得幫助，以便順利通過許可申請流程。正如你所知，我們可能比地球上任何人都更了解這一點。

And we're certainly getting a lot of inbound into how we might be willing to collaborate with some players. And I -- and we see this as preproduction. I think it's we want to see more people in production out there.

我們確實收到了很多關於我們可能願意與一些玩家合作的諮詢。而我——我們認為這是前期製作。我認為我們希望看到更多的人參與生產製造。

But what I'm pretty certain no one is planning to do is to put plans for a processing plant on the ground anywhere. I see a lot of applicants starting to talk about them being successful at moving to the first phase. We know from that journey, there's a lot of road left in front of them. and we'll be here to help them and maybe supply services to them along the way. And -- but in the meantime, to fully explore just how committed this administration is to bringing a processing plant so we can bring nodule straight to the USA.

但我非常肯定，沒有人計劃在任何地方落實加工廠的建設計劃。我看到很多申請者開始談論他們成功進入第一階段的事情。從那段經歷我們了解到，他們面前還有很長的路要走。我們會一直在這裡幫助他們，或許還能一路為他們提供服務。但同時，我們也要充分探究本屆政府究竟有多大的決心引進加工廠，好讓我們能將結核直接運回美國。

Yeah, that makes sense. Thanks very much.

嗯，有道理。非常感謝。

I think we're going to -- Michelle take a few questions potentially from our chat. So there's a question from Jakob Stefanski. We mentioned government supports needed for the US based processing plant. And can we clarify we'll try to support this means financial permitting or otherwise.

我想我們接下來——米歇爾可能會回答我們聊天中的一些問題。Jakob Stefanski 提出了一個問題。我們提到了美國加工廠需要政府支持。我們能否澄清一下，無論資金是否允許，我們都會盡力支持這項措施。

It's a good question, and I think the answer is all of the above. Certainly, as we noted earlier, progressing the commercial recovery permit is the most important prerequisite. We also, of course, would rely upon both at the federal state and local levels, what we think are very supportive administrations to help really make some of these plans a reality.

這是一個很好的問題，我認為答案是以上所有選項。當然，正如我們之前提到的，獲得商業回收許可證是最重要的前提條件。當然，我們也會依靠聯邦、州和地方各級政府的支持，我們認為這些政府都非常支持我們，以幫助真正實現這些計劃。

But again, the prerequisite for a lot of this work is site-specific feasibility work. So ensuring that we get that right and are doing it at a place like the Port Brownsville, where we have truly everything that we need to stand up a potential nodular ecosystem that's going to be critical in our decision to push forward on this.

但同樣，這項工作的前提是針對特定地點進行可行性研究。因此，確保我們做對這件事，並且在像布朗斯維爾港這樣的地方做這件事，我們擁有建立一個潛在的結節生態系統所需的一切，這對我們決定推進這項工作至關重要。

And we do have really the unique ability with this resource of maintaining capital-light options for the processing. So it's not like most ore bodies where you have no choice but to build processing and refining close to where the ore body is. We have flexibility here in the nature of this natural resource and that you can collect them and ship them really north, south east or west.

憑藉這項資源，我們確實擁有獨特的能力，可以維持輕資本的加工方案。所以它不像大多數礦體那樣，你別無選擇，只能在礦體附近建造加工和精煉設施。這種自然資源的特性賦予了我們很大的靈活性，你可以收集它們，然後將它們運往北方、南方、東方或西方。

But it's the desire of this administration position to change the game and kind of release themselves from the stranglehold that China has had on the critical metals, and to do that, as Gerard noted, it's not just a TMC story. So we have the resource and we have the capability to help do this but we're making all of the decisions, obviously with the benefit of our shareholders in mind and making

但本屆政府希望改變遊戲規則，擺脫中國對關鍵金屬的壟斷，而要做到這一點，正如傑拉德指出的那樣，這不僅僅是TMC的故事。所以我們擁有資源和能力來做到這一點，但所有決策都是我們做出的，顯然，這一切都以股東利益為出發點。

Sure that we are, not pushing forward on anything without a very non-ilutive financing plan that we expect would be supported by the government, assuming that we would want to take the next step. There is another question here from Jason Erwin. To what extent are your systems being designed or evaluated for dual use capabilities, with US defense or autonomous underwater operations.

我們當然會這樣做，在沒有一個非常明確的融資計劃的情況下，我們不會貿然推進任何事情，我們期望政府能夠支持該計劃，假設我們想要邁出下一步。Jason Erwin 還有另一個問題。你們的系統在多大程度上是針對兩用能力進行設計或評估的，例如用於美國國防或自主水下作戰？

Erred, maybe if you want to weigh in a bet on that too, but it is a good point to raise it, we saw a piece from CNN in Mogae over the last few weeks that traveled pretty far, noting the fact that Chinese ambitions in the space are focused offshore very much on that dual use capability between some of the military uses

或許你也想就此打個賭，但你的觀點值得一提。過去幾週，我們看到CNN在茂物發表的一篇文章，這篇文章傳播很廣。文章指出，中國在該領域的野心主要集中在離岸地區，尤其關注某些軍事用途之間的兩用能力。

For the stuff that they're working on along with deep sea mining, one of the interesting things that we're looking at on the onshore side is the fact that, the flow sheets that we and Hatch Mariana are developing and working through, certainly are the types of things that, could lead to a processing and refining capabilities that aren't just limited to nodules, over the long-term, but you're not sure if you have any other, color on that point.

對於他們正在研究的深海採礦項目，我們在陸上方面關注的一個有趣之處在於，我們和 Hatch Mariana 正在開發和研究的流程圖，從長遠來看，無疑會帶來不僅限於結核的加工和提煉能力，但你不確定你在這方面是否有其他見解。

Look, I think there are some exciting areas for collaboration, and I would not rule them out

我認為有一些令人興奮的合作領域，我不會排除這些可能性。

And I see one more question on the hidden gem. Looking at sort of the investment or acquisition of the second vessel like the Hidden Gem. What would be planned before that? Who might manufacture it, who would the partners be on that front?

我看到關於這顆隱藏寶石還有一個問題。考慮對第二艘船（例如“隱藏的寶石”號）進行投資或收購。在此之前會有什麼計畫？誰來生產？這方面的合作夥伴會是誰？

Well, taking a converted drillship and making it fit for picking up modules proved to be a pretty efficient move, and there's an abundance of those vessels. I saw Transocean recently scrapped four of them or for quite cheap money. And so that's an option.

事實證明，將鑽井船改裝成適合接收模組的船隻是一個非常有效的策略，而且這種船隻數量眾多。我看到 Transocean 最近以相當低的價格報廢了其中四艘船。所以這也是一種選擇。

And we are -- we do have inbound inquiries from people who have vessels who would like to use them of course, the vessel is the first step. The operator is the important one. And just to be clear, Allseas want to operate more vessels in the CCZ, and we want them to operate more vessels for us in this area. And so -- and obviously, there are efficiencies in having similar type vessels from a part, from an administration perspective and so standby.

我們確實收到了一些擁有船隻並希望使用其船隻的人的諮詢，當然，船隻是第一步。操作員才是最重要的。需要明確的是，Allseas 希望在 CCZ 運營更多船舶，我們也希望他們在這個區域為我們運營更多船舶。因此——顯然，從零件、管理角度以及待命的角度來看，擁有類似類型的船舶是有效率的。

Operator, any other questions on the phone line?

接線員，還有其他問題嗎？

I'm showing no further questions on the phone lines.

我不會再接電話了。

Okay. Gerard, perhaps over to you.

好的。傑拉德，或許該輪到你了。

Well, yeah. Well, thank you, everyone. We've got a lot of very long-term shareholders who have been supporting us since go public in 2021. And of course, before that, when we were deepening. And it's exciting to see the direction the business is heading.

嗯，是的。謝謝大家。我們有許多長期股東，他們自 2021 年公司上市以來就一直支持我們。當然，在那之前，當我們還在深入研究的時候。看到公司的發展方向，真是令人興奮。

It was exciting to report some of those updates today. It's frustrating not being able to give more regular updates that we have to be very sensitive in how we message that to the team and our partners. Thank you for an enormous heavy lift from everyone who works at TMC.

今天能向大家報告這些最新進展，真是令人興奮。令人沮喪的是，我們無法更頻繁地發布最新消息，因此我們必須非常謹慎地向團隊和合作夥伴傳達這些訊息。感謝TMC全體員工付出的巨大努力。

It's a very dedicated, hard-working team, and it's an honor to work alongside you all and to our shareholders, thank you for being there and coming with us on this journey and look forward to keeping you updated as updates become available over.

這是一個非常敬業、勤奮的團隊，能與大家一起工作是我的榮幸。同時，也感謝各位股東一直以來的支持與陪伴，我們將隨時向大家報告最新進展。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

謝謝。今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家今天過得愉快。