TMC the metals company (TMC) Q4 2024 Earnings Call March 27, 2025 04:30 PM ET Company Participants Craig Shesky - CFOGerard Barron - Chairman and Chief Executive OfficerJake Sekelsky - MD & Head of Metals & Mining Research Conference Call Participants Matthew O'Keefe - AnalystDmitry Silversteyn - Senior Research Analyst Operator Good day, and thank you for standing by. Welcome to The Metals Company Fourth Quarter twenty twenty four Corporate Update Conference Call. At this time, all participants are in a li ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39281 Vancouver, British Columbia V6E 2J3 (Address of principal executive of ices) (Zip Code) (888) 458-3420 Secur ...

Q4 and FY 2024 Financial Highlights Gerard Barron, Chairman & CEO of The Metals Company commented: "Over the last decade, we've invested over half a billion dollars to understand and responsibly develop the nodule resource in our contract areas. We built the world's largest environmental dataset on the CCZ, carefully designed and tested an offshore collection system that minimizes the environmental impacts and followed every step required by the International Seabed Authority. But, despite collaborating in ...

NEW YORK, March 27, 2025 (GLOBE NEWSWIRE) -- TMC the metals company Inc. (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of the world’s largest undeveloped resource of critical metals for building infrastructure, power generation, transmission, and batteries, today provided a corporate update and fourth quarter and full year financial results for the period ended December 31, 2024. Q4 and FY 2024 Financial Highlights Current liquidity available from our cash on hand and our credit facilities of approxim ...

Core Viewpoint - TMC the metals company Inc. is advancing its efforts to secure exploration licenses and commercial recovery permits for deep-sea mineral resources under the U.S. Deep Seabed Hard Mineral Resources Act of 1980, believing that the U.S. regulatory framework offers a stable and predictable path for development [1][2][3]. Group 1: Regulatory Framework - TMC USA has initiated a formal process with NOAA to apply for exploration licenses and commercial recovery permits, citing the U.S. seabed mining code as the most favorable for timely permit acquisition [1][2]. - The Deep Seabed Hard Mineral Resources Act (DSHMRA) was enacted in 1980, granting NOAA the authority to regulate exploration and recovery activities in international waters, with implementing regulations established in 1981 and 1989 [6]. - NOAA's approach to regulation is science-based and flexible, allowing for necessary trade-offs while ensuring environmental protection [6]. Group 2: Company Commitment and Strategy - Over the past decade, the company has invested over $500 million to develop its nodule resource and has created the largest environmental dataset on the Clarion Clipperton Zone (CCZ) [3]. - The company is encouraged by the growing recognition in Washington of the strategic importance of deep-sea minerals for America's supply chain and is moving forward with urgency in its application process [3][5]. - TMC USA expects to submit applications to NOAA in the second quarter of 2025, reflecting its commitment to responsible development and environmental stewardship [3][5]. Group 3: Environmental Considerations - The company has designed an offshore collection system aimed at minimizing environmental impacts and has adhered to all necessary steps required by the International Seabed Authority [3]. - NOAA has developed a Programmatic Environmental Impact Statement for the CCZ, ensuring that environmental permitting decisions are based on comprehensive data [6].

Core Viewpoint - TMC the metals company Inc. is set to provide an update on its fourth quarter and full year 2024 financial results and recent corporate developments during a conference call on March 27, 2025 [1]. Group 1: Conference Call Details - The conference call will take place on Thursday, March 27, 2025, at 4:30 p.m. ET [2]. - Participants can join via audio-only dial-in or a virtual webcast, which will be available for replay approximately two hours after the event [2]. Group 2: Company Overview - The Metals Company focuses on exploring lower-impact critical metals sourced from seafloor polymetallic nodules, aiming to supply metals for infrastructure, power generation, transmission, and batteries [3]. - The company has a dual mission: to provide metals with net positive impacts compared to conventional production methods and to trace, recover, and recycle these metals to create a sustainable metals commons [3]. - TMC holds exploration and commercial rights to two polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean, regulated by the International Seabed Authority and sponsored by the Republic of Nauru and the Kingdom of Tonga [3].

Core Insights - TMC has successfully produced high-grade nickel-copper-cobalt alloy and manganese silicate from deep-seafloor polymetallic nodules during a smelting campaign, marking a significant milestone in its feasibility program [1][2][3] Group 1: Production and Processing - The company processed a 2,000-tonne sample of nodules at PAMCO's facility in Japan, utilizing a 3,000 kVA DC electric-arc furnace to produce the alloy and silicate [2][9] - The smelting campaign lasted 14 days, during which approximately 450 tonnes of calcine material were processed, confirming the feasibility of integrating nodule processing into existing metallurgical operations [2][9] - The manganese silicate produced is intended for use in steelmaking, offering significant cost advantages over conventional manganese ores [9] Group 2: Strategic Partnerships and Future Plans - TMC's collaboration with PAMCO allows the company to leverage existing processing capacity, avoiding high costs associated with building new plants, thus saving billions in capital expenditures [2][4] - The successful completion of the processing feasibility study positions TMC to submit the world's first exploitation application for commercial nodule production in international waters [3][9] - A Memorandum of Understanding was signed in November 2023 between TMC and PAMCO to process 1.3 million tonnes of wet polymetallic nodules annually, further solidifying their partnership [4][9] Group 3: Company Vision and Mission - TMC aims to supply lower-impact battery metals for the global energy transition while minimizing negative impacts on the environment and society [5] - The company holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone, regulated by the International Seabed Authority [5]

Group 1 - TMC the metals company experienced a significant stock price increase of 93%, rising from $0.74 on December 19, 2024, to $1.43 on January 27, 2025 [1] - The surge in stock price is attributed to growing optimism in the market regarding the company's prospects [1] Group 2 - The investment philosophy of the analyst focuses on value, particularly within the Metals & Minerals sector [1] - The analyst has over 5 years of experience in public markets and specializes in analyzing the dynamics of the Metals Trading industry [1]

Core Points - The Metals Company (TMC) is focused on exploring and refining polymetallic nodules to produce critical battery metals, including nickel, cobalt, and copper, which are essential for the energy transition [1][3] - Recent legislation signed into law mandates a feasibility study by the Defense Department to assess domestic refining capabilities for nodule-derived intermediates, aiming to enhance U.S. supply chains for critical minerals [5][14] - TMC's U.S. subsidiary has applied for a $9 million grant under the Defense Production Act to support the development of a domestic refinery for these materials [5] Company Overview - TMC operates in the Clarion Clipperton Zone of the Pacific Ocean, holding exploration and commercial rights to three contract areas regulated by the International Seabed Authority [3] - The company aims to supply battery metals with minimal environmental impact and to promote recycling and recovery of these metals for sustainable use [3] Legislative Support - The FY25 National Defense Authorization Act (NDAA) includes provisions for a feasibility study on refining nodule-derived intermediates, reflecting strong bipartisan support for enhancing domestic mineral supply chains [5][11] - Key lawmakers, including Rep. Rob Wittman and Rep. Brad Finstad, emphasize the importance of developing domestic refining capabilities to reduce reliance on foreign sources and enhance national security [6][7] Industry Context - The U.S. is seeking to secure a stable supply of responsibly sourced critical minerals, with a focus on reducing vulnerabilities in its battery supply chains, particularly in nickel refining [14] - The Responsible Use of Seafloor Resources Act has been introduced to support international governance and responsible collection of seafloor resources, indicating a strategic approach to resource management [2][12]

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against TMC the metals company Inc due to allegations of violations of federal securities laws, encouraging affected investors to seek legal recourse [2][4]. Group 1: Allegations Against TMC - The complaint alleges that TMC and its executives made false and misleading statements and failed to disclose deficiencies in internal controls over financial reporting [4]. - TMC inaccurately classified the sale of future revenue from the LCR Partnership as deferred income instead of debt, which will require restatement of previously issued financial statements [4][5]. - The company disclosed on March 25, 2024, that its financial statements for the first three quarters of 2023 should be restated, affecting the classification of proceeds from LCR [5]. Group 2: Financial Impact - Following the announcement of the need for restatement, TMC's stock price fell by $0.205 per share, representing a decline of 13.23%, closing at $1.345 per share on March 26, 2024 [6]. Group 3: Legal Proceedings - Investors who suffered losses exceeding $75,000 in TMC between May 12, 2023, and March 25, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal options [1]. - There is a deadline of January 7, 2025, for investors to seek the role of lead plaintiff in the federal securities class action against TMC [2].