The following is a summary of the TMC the Metals Company Inc. (TMC) Q4 2023 Earnings Call Transcript:

Financial Performance:

• TMC reported a net loss of $33.4 million, or $0.10 per share, in the last quarter of 2023, a decrease from the prior-year period's net loss of $109.5 million, or $0.41 per share.

• The net loss includes exploration and evaluation expenses of $26.7 million and general & administrative expenses of $6.5 million.

• The company ended 2023 with a cash balance of $6.8 million, zero debt, and access to a $25 million unsecured credit facility valid through August 2025, and a recently secured additional $20 million unsecured credit facility granted by Gerard Barron and ERAS Capital LLC.

• TMC's NORI-D project has an estimated net present value of $8.1 billion at current metal prices.

Business Progress:

• TMC completed an integrated pilot system test and a pyrometallurgical processing pilot to derisk their operations.

• Notably, they successfully extracted the first-ever nickel sulfate from ocean floor nodules.

• They plan to initiate production offshore by end-Q1 2026, with Allseas.

• Regulatory advancements made at the International Seabed Authority meeting indicate a positive future for the industry.

• TMC released regulatory text in February 2023, signaling a move into the final Mining Code negotiations stage.

• The application for the exploitation contract is slated to be launched after the 2024 ISA session.

• TMC is in active conversations with potential investors and business partners, focusing on securing strategic partnerships to fund its operations.

• The company is optimistic about governmental support, such as the Department of Defense Title III grant, and has initiated partnerships with several developing nations.

• TMC is actively engaging with automobile Original Equipment Manufacturers (OEMs) and monitoring international relations with respect to deep-sea mining.

More details: TMC the metals IR

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