Summary of Conference Call for Odyssey Marine Exploration (OMEX) and Metals Inc. Odyssey Marine Exploration (OMEX) Industry Overview - Odyssey Marine Exploration operates in the ocean exploration sector, focusing on sustainable discovery of critical minerals from the seafloor, including polymetallic nodules for battery metals and subsea phosphate deposits for fertilizers [1][3] - Recent US policy shifts and investments in the sector are creating significant opportunities for companies like Odyssey [3][6] Company Developments - Odyssey has improved its balance sheet, raising over $8 million in working capital and reducing outstanding debt by over 53% through conversions of debt by long-term investors [5] - The company has a diversified portfolio of projects, mitigating commodity and geopolitical risks [4] - Odyssey is one of only two US-listed companies providing exposure to the seafloor mineral sector [3] Strategic Partnerships and Projects - The company has a partnership in a Mexican phosphate project, which is crucial for food security in Mexico and the Americas [12] - In the Cook Islands, Odyssey has investments in two out of three license holders, with significant mineral resources estimated at 12 billion wet tons of polymetallic nodules [10][11] - The company is well-positioned to capitalize on recent US government initiatives to acquire critical minerals, including a $1 billion federal funding proposal [6][7] Investment Opportunity - The potential value of Odyssey's projects is estimated between $700 million to $1.4 billion, significantly higher than its current market cap [16] - The company is actively pursuing opportunities in the Cook Islands and Mexico, with expectations of progress reports in the fall [13][14] Metals Inc. Company Overview - Metals Inc. is focused on discovering and developing large copper and gold deposits, with a market cap around $65 million [30][47] - The company has outperformed relevant ETFs, with a 284% increase year-to-date [29] Project Highlights - Active projects include the Superblock and Bellas Gate projects in Jamaica, and the Khaleesi project in Peru [33][35][41] - The Superblock project is being drilled in collaboration with a neighboring company, while the Bellas Gate project is fully funded by Freeport McMurray [34][35] - The Khaleesi project is fully permitted and set to begin drilling, with significant copper grades identified in soil samples [41][44] Strategic Approach - Metals Inc. maintains a disciplined strategy focused on copper and gold assets, with over 65% of shares held by insiders and institutional investors [30][31] - The company aims to build district-scale properties and gather technical data to inform decisions on asset divestment or partnerships [32] Future Outlook - The company is positioned for significant news flow regarding drill assays and project developments in the coming months [48] - The strategic partnerships and funding arrangements are designed to minimize equity dilution while advancing projects [47]

Core Viewpoint - TMC the metals company Inc. has appointed Michael Hess and Alex Spiro to its Board of Directors to advance its plans for commercial recovery of polymetallic nodules in international waters under U.S. regulations [1][4]. Group 1: Appointments and Expertise - Michael Hess brings over 15 years of experience in evaluating, financing, and developing energy infrastructure, having co-founded the Bison Companies and currently serving as Chief Investment Officer of Hess Capital [2][5]. - Alex Spiro, a well-known litigator and investor, has extensive experience in corporate governance, public markets, and regulatory affairs, advising major corporations on high-priority issues [3][5]. - The appointments are seen as strategic moves to strengthen TMC's Board as the company focuses on its U.S. strategy and accelerates progress toward commercial recovery of polymetallic nodules [5]. Group 2: Strategic Importance - TMC aims to unlock a multi-generational domestic supply of critical metals essential for energy, defense, manufacturing, and infrastructure, aligning with America's strategic interests [3][4]. - The company is responding to a new Executive Order that designates seabed minerals as critical to U.S. national, economic, and energy security, which also authorizes the expediting of the permitting process [4][5].

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 in Q4 2023 [54] - Exploration and evaluation expenses decreased to $8.3 million from $26.7 million in Q4 2023, primarily due to the completion of Campaign 8 [54] - General and administrative expenses increased to $8.1 million from $6.6 million in Q4 2023, mainly due to higher share-based compensation costs [55] Business Line Data and Key Metrics Changes - The company successfully completed its first integrated collection system test since the 1970s, lifting over 3 million tons of nodules to the surface [10] - The company has conducted 23 offshore research campaigns, significantly more than most contractors [11] Market Data and Key Metrics Changes - The company highlighted the geopolitical implications of deep-sea mining, noting that China is actively pursuing deep-sea mining partnerships in the Pacific [23] - Increased interest in deep-sea mining from South Korea, Japan, and India could positively impact the total addressable market for the company's services [24] Company Strategy and Development Direction - The company plans to submit applications for commercial production through the U.S. regulatory framework in Q2 2025, leveraging existing laws and regulations [13][12] - The company aims to establish metal independence for the U.S. and support reindustrialization efforts by accessing polymetallic nodules [27][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage environmental risks and emphasized the importance of a fair regulatory process [12][39] - The company believes that the U.S. is ready to retake its leadership role in the deep-sea mining industry, driven by national security concerns [25][26] Other Important Information - The company has amassed a significant amount of environmental impact data, totaling nearly one petabyte, to support its applications [47] - The company terminated its contract with a third sponsor state to focus resources on more promising blocks, Nori and Tomal [90] Q&A Session Summary Question: Can you clarify the DISHMA application process? - Management explained that the U.S. will utilize the Freedom of the High Seas to access mineral resources, and they are still in dialogue regarding specific areas for application [61][63] Question: Will AllSeas be able to participate in the new regulatory framework? - Management confirmed that AllSeas can participate, as the production vessel can be U.S. flagged [68] Question: Is the NOAA process a complete shift from the ISA pathway? - Management clarified that the NOAA process is viewed as an incremental path forward, building on previous work and existing regulations [74] Question: What is the timeline for the economic feasibility study? - Management expects the economic feasibility study to be completed in advance of the U.S. applications, with applications anticipated in June [80] Question: What areas will the U.S. application cover? - Management indicated that the specific areas for the U.S. application are still under consideration and may overlap with existing licenses [88] Question: Why was the contract with the third sponsor state terminated? - Management stated that the decision was based on prioritizing resources for the more promising Nori and Tomal blocks [90]