TMC the metals co., Inc. Q2 FY2024 earnings call

• Addressed media claims on 'dark oxygen' as activism disguised as science and plan to file rebuttal. - Improved liquidity position with $40 million at end of June, increased in August due to upsized credit facilities. Raised $2.6 million via ATM in Q2. - Welcomed new board directors Steve Jurvetson and Brendan May. - Geopolitical tailwinds favoring the industry, U.S. and other countries taking action on seafloor resources. - NORI project progress, including data submission to ISA, environmental impact assessment work, and regulatory update on exploitation contract application process. - Financial highlights: Q2 2024 net loss $20.2 million, exploration evaluation expenses $12.4 million, general and administrative expenses $7.9 million, free cash flow negative $12.2 million.

No specific product segment financial performance with absolute terms and revenue contribution % provided in the transcript.

• Intends to draw several million more from Allseas facility this month. - TMC expects to launch application for an exploitation contract prior to the next ISA meeting in March. - Feasibility work (PFS and FS) is a key tenet of the application, with more to be said on it in November and public release planned.

• Media speculation and activism disguised as science, such as claims about 'dark oxygen' which are being countered with data. - Differences between actual results and forward-looking statements as actual results may materially differ from anticipated. - Regulatory uncertainties in the approval process of the exploitation contract application with the ISA.

Q: How many nodule collection machines does TMC own?

A: TMC does not own the nodule collection machines; they have partners like Allseas who provide collection technology.

Q: When can we expect a feasibility update?

A: When next reporting in November, there will be more to say on the feasibility update, and public release is planned.

Q: How does the EV adoption slowdown impact TMC subsidiaries?

A: The EV adoption slowdown does not have an impact on the asset level investment interest for TMC subsidiaries.

Q: What is the stance of the ISA Council on exploitation?

A: The vast majority of member countries support getting regulations in place, and the newly elected Secretary General supports regulations to allow industry development while protecting the marine environment.