TMC the metals company (TMC) Q2 2025 Earnings Call August 14, 2025 04:30 PM ET Company ParticipantsCraig Shesky - CFOGerard Barron - Chairman and Chief Executive OfficerJake Sekelsky - MD and Head - Metals & Mining ResearchConference Call ParticipantsHeiko Ihle - MD - Senior Metals & Mining AnalystMatthew O'Keefe - Senior Research AnalystDmitry Silversteyn - Senior Research AnalystOperatorGood day, and thank you for standing by. Welcome to The Metals Company Second Quarter twenty twenty five Corporate Updat ...

POSCO Holdings 2025. Q2 Earnings Release July 31, 2025 Disclaimer This presentation was prepared and circulated to shareholders and investors to release information regarding the company's business performance prior to completion of auditing for the period pertaining to the 2nd quarter of 2025. Given that this presentation is based on unaudited financial statements, certain figures may be modified in the course of the audit process. This presentation contains certain forward-looking statements relating to t ...

Financial Data and Key Metrics Changes - In Q4 2024, the company reported a net loss of $16.1 million, or $0.05 per share, compared to a net loss of $33.5 million, or $0.11 per share for the same period in 2023, indicating a significant improvement in financial performance [66] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 and reduced costs in environmental studies [66][67] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation and consulting costs [67] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3,000 tons of nodules to the surface, demonstrating advancements in operational capabilities [15] - The company has conducted 23 offshore research campaigns, significantly more than most contractors, showcasing its commitment to extensive research and development [16] Market Data and Key Metrics Changes - The company highlighted the geopolitical significance of deep-sea mining, noting that China is actively pursuing deep-sea mining partnerships, which could impact market dynamics and competition [30][31] - Increased interest from major economies in deep-sea resources could positively affect the total addressable market for the company's services [31] Company Strategy and Development Direction - The company announced a strategic shift to pursue commercial production through the U.S. regulatory framework, specifically the Deep Seabed Hard Mineral Resources Act (DSHMRA), as a response to delays in the International Seabed Authority (ISA) mining code [19][20] - The company aims to leverage its extensive environmental data and research to support its applications under the DSHMRA, positioning itself as a leader in responsible deep-sea mining [18][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's readiness to begin production, citing a wealth of environmental impact data and a robust regulatory framework under DSHMRA [18][19] - The management acknowledged the challenges posed by the ISA's delays but emphasized the potential for the U.S. to regain leadership in the deep-sea mining industry [32][34] Other Important Information - The company has gathered nearly one petabyte of environmental data, which is expected to support its applications and enhance public trust in its operations [59] - The company entered into a registered direct offering, issuing 19.9 million common shares and 9.95 million Class B warrants, raising gross proceeds of $19.9 million [69] Q&A Session Summary Question: Clarification on DSHMRA and License Areas - The company clarified that the DSHMRA allows access to high seas minerals, and while specific areas for application are still under discussion, they aim to utilize prior work done in the region [73][76][78] Question: Participation of Allseas in DSHMRA - Management confirmed that Allseas can legally participate as a partner, provided the production vessel is U.S. flagged [81] Question: NOAA Process vs. ISA Pathway - The company views the NOAA process as a new, advantageous path that complements the ISA process, leveraging existing environmental work [87][88] Question: Timeline for Economic Study - The economic study is expected to be completed in the first half of the year, ahead of the applications to the U.S. [96] Question: Environmental Impact Study Completion - The environmental impact study is progressing alongside the economic feasibility study, with data collection ongoing [100][102] Question: Termination of Contract with Third Sponsor State - The decision to terminate the contract was based on prioritizing resources towards more promising blocks, NORI and TAMO, which require focused investment [106][108] Question: Service Business Revenue Expectations - Management expressed optimism about the service business, anticipating revenue opportunities in the coming years due to the company's expertise and ongoing inquiries [110][112]