Core Insights - The Indian government is accelerating deep-sea exploration in the Central Indian Ocean Basin to initiate polymetallic nodule mining [1] - There is a push for duty-free imports of high-capacity mining and beneficiation equipment [1]

Core Viewpoint - The article highlights significant movements in the Hong Kong and US stock markets, focusing on various companies' performances and the impact of regulatory changes on specific sectors. Group 1: Hong Kong Stock Market Highlights - Haitian Flavoring (03288) debuted with over a 3% increase, raising HKD 10 billion and holding a 6.2% global market share in soy sauce, leading the Chinese seasoning market with a 4.8% share [1] - Stablecoin concept stocks surged, with Lianlian Digital up 11%, Yika up 9%, and Zhong An Online up 8%, driven by the implementation of Hong Kong's stablecoin regulations [1] - Hezhima Intelligent (02533) rose over 3% as it plans to acquire an AI chip company to expand its automotive and edge AI product lines [1] - Delin Holdings (01709) increased over 3% with an expected annual profit growth of 10%-30% (to HKD 110-130 million) and its subsidiary Synaptic Technology securing tens of millions in A-round financing [1] - Jingtai Technology (02228) saw over a 4% rise, producing its first clinical candidate drug, PRMT5 inhibitor PE-0260, with clinical trials set to start in the second half of 2025 [1] - Gold stocks collectively fell, with Lingbao Gold and Zhu Feng Gold both down 4%, affected by a pullback in spot gold prices [1] - Innovent Biologics (01801) rose over 4% after obtaining global rights for GlycoT's ADC technology, with positive outlooks for IBI363/343's international potential [1] - Longpan Technology (02465) increased over 6% due to policy support accelerating solid-state battery industrialization, with the Ministry of Industry and Information Technology allocating HKD 6 billion for special research [1] Group 2: Other Notable Movements - Simor International (06969) fell over 5% as shareholder Yiwei Lithium Energy announced a third reduction of 3.5% in its stake, dropping to 27% and losing control [2] - Fubo Group (03738) rose over 4% due to favorable policies for data asset REITs, with the company targeting annual AI business revenue in the million-dollar range [2] - Yadea Holdings (01585) increased over 4% with a projected 55% rise in H1 net profit to HKD 1.6 billion, driven by new national standards enhancing industry concentration [2] - Perfect Medical (01830) fell over 6% as medical beauty consumption shifted to Shenzhen and South Korea, with an expected 35% decline in annual profit [2] - Yunbai International (00030) surged over 15% after acquiring global distribution rights from its parent company Yunnan Baiyao, covering a full range of products including medicines and personal care [2] - Luk Fook Holdings (00590) dropped over 4% due to increased gold hedging losses from rising gold prices and high base effects from last year's acquisition of King of Gold [2] Group 3: US Stock Market Highlights - Brain Regen Technologies (RGC.US) fell over 18% after a 400% increase in the previous two days, as profit-taking occurred; the company focuses on liquid formulations for ADHD and autism [3] - Marvell Technology (MRVL.US) rose over 7% after announcing a collaboration to develop AI power solutions and launching a 2nm custom SRAM chip with leading bandwidth and energy efficiency [3] - Circle (CRCL.US) surged over 33% after the US Senate passed a stablecoin bill, boosting the stock's value by 410% since its listing [3] - The rare earth sector continued to rise, with MP Materials up 4.9% and USA Rare Earth up 5.58%, driven by policy support for strategic resource demand [3] - Wolfspeed (WOLF.US) fell over 30% amid reports of a potential bankruptcy agreement, despite the silicon carbide market projected to reach USD 29 billion by 2030 [3] - Odyssey Marine (OMEX.US) rose over 11% after Trump signed an executive order to expedite deep-sea mining permits, with a 93% increase year-to-date [3] - Huya (HUYA.US) increased over 3% as the "HYPER eSports Carnival" is set to open in Chengdu, boosting platform traffic and commercialization expectations [3] Group 4: Additional Notable Movements - AST SpaceMobile (ASTS.US) rose over 10%, with an 85% increase in June, partnering with Vodafone India to provide satellite connectivity to unconnected areas [4] - Arqit Quantum (ARQQ.US) surged over 22% after being selected for Oracle's defense ecosystem, highlighting the strategic value of quantum encryption technology [4] - Aptevo (APVO.US) skyrocketed over 81% due to a new leukemia drug showing an 85% response rate in frontline treatment [4] - Upstart (UPST.US) rose over 10% after Bank of America raised its target price to USD 56, maintaining a "hold" rating as the credit tech platform's valuation recovers [4] - Coinbase (COIN.US) increased over 16% as it plans to apply to the SEC for "tokenized stocks," opening new growth opportunities in traditional equity on-chain [5]

Financial Data and Key Metrics Changes - TMC reported a net loss of approximately $20.6 million or $0.06 per share in Q1 2025, compared to a net loss of $25.2 million or $0.08 per share for the same period in 2024 [37] - Exploration and evaluation expenses for Q1 2025 were $9.5 million, down from $18.1 million in 2024, attributed to lower mining and technological costs [37] - General and administrative expenses increased to $8.5 million in Q1 2025 from $6.6 million in the comparative quarter due to higher share-based compensation [37] - Net cash used in operating activities was $9.3 million in Q1 2025, compared to $11.8 million in 2024, reflecting reduced cash outflows [38] - TMC's liquidity, including cash and borrowing capacity, stood at about $44 million as of March 31, 2025, or $81 million pro forma after a recent direct offering [38] Business Line Data and Key Metrics Changes - The company achieved significant milestones in regulatory applications, including the submission of the world's first application for a commercial recovery permit for deep-sea minerals [11][12] - The company expects to complete its Pre-Feasibility Study (PFS) for the commercial recovery area in the next quarter, which will provide new assumptions based on the U.S. permitting strategy [11][31] Market Data and Key Metrics Changes - The U.S. government has shown increased support for deep-sea mining, with recent executive orders aimed at expediting the permitting process and enhancing domestic supply chains for critical minerals [14][17] - The company estimates that its exploration license areas contain over 1.6 billion tons of nodules, with significant quantities of nickel, copper, cobalt, and manganese, which are critical for various industries [13] Company Strategy and Development Direction - TMC is focused on establishing a clear regulatory pathway for deep-sea mining, which is expected to enhance shareholder value and attract investment [5][15] - The company plans to explore alternative financing sources, including U.S. government departments and strategic partners, to prepare for commercial production [10] - TMC aims to maintain a capital-light approach by leveraging partnerships with existing facilities and minimizing upfront capital expenditures [30][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory clarity achieved and the potential for significant job creation and economic impact from deep-sea mining [14][19] - The company is encouraged by the level of professionalism and urgency from U.S. agencies regarding the permitting process, which is expected to facilitate timely commercial operations [16][17] - Management highlighted the importance of the U.S. leading in deep-sea mining to secure critical mineral supply chains and reduce reliance on foreign sources [19][24] Other Important Information - TMC has engaged in extensive consultations with NOAA and other U.S. agencies to ensure compliance with regulatory requirements and expedite the review process [12][16] - The company has a strong commitment to environmental research and has invested over $200 million in cumulative environmental spending [30] Q&A Session Summary Question: Can you provide more details on the exploration ground and its potential? - Management confirmed that the additional area applied for is complementary to existing concessions and is not claimed by any other sovereign [45][49] Question: What is the expected timeline for the application review process? - Management indicated that they expect to receive feedback from NOAA soon and are in regular contact with the authority [52][53] Question: Are there plans to go downstream in processing? - Management acknowledged the potential for downstream processing and is exploring partnerships while ensuring capital-light operations [59][62] Question: What funding opportunities are being pursued with the U.S. government? - Management is exploring various financial assistance options, including loans and grants, as part of a comprehensive approach to funding [70][71] Question: How will overlapping licenses work with ISA? - Management clarified that TMC is applying only under U.S. regulations and will not apply to ISA for a collection license [76][82] Question: Will there be issues selling metals to ISA member states? - Management does not foresee any issues with potential customers purchasing metals, emphasizing the growing demand for these resources [83]