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| And finally, we're at a stage where the results of our hard work over the last decade plus on the environmental and social impacts can be shared openly with stakeholders around the globe, and we're delighted by those initial reactions |
| We anticipate being able to withstand commodity cycles better than most win in production due to the high grades of these metals inherent in the resource |
| Further, the localized and low line nature of seafloor plumes also has encouraging implication in terms of limiting biodiversity impacts |
| It has been fantastic to see the scientific community engaged with this rich wealth of information |
| For the offshore segment of the PFS, we've made great progress -- sorry, the onshore segment, we've made great progress in Japan, where Pacific Metals Co, or PAMCO we know them, has done considerable work and validated that seafloor nodules can be told through their current facility producing intermediate products that align with our specification |
| And while China is well ahead in processing and refining battery metals on land, they do not yet dominate in the deep ocean, but they are certainly making strides |
| This does not change our capital-light approach to begin production at an existing facilities such as PAMCO in Japan, but it underscores the massive long-term potential that we represent for the US, which could go from near total import dependence for nickel, cobalt, and manganese to metal independence in all three, just from our contract areas alone |
| So in closing, it certainly feels good to see how much progress we continue to make |
| Well, I'm pleased to report that engagement with the NORI data library has greatly accelerated in the last quarter, and we are fast approaching 1,000 downloads of the full data set with over 70 million downloads of NORI occurrences |
| And through our work in this regard remains ongoing, the extreme depth pressure and near freezing temperatures of the perpetually dark environment in which nodules sit, bring some clear advantages over other ecosystems commonly impacted by metal extraction |
| And of course, the incredible work that our in-country teams in both Nauru and Tonga are doing to support community projects and the next generation of leaders continue to go from strength-to-strength with grants to over 40 grassroot initiatives and two dozen fully funded scholarships and training opportunities awarded in 2022 alone |
| It has been fantastic to see the novel insights uncovered by the scientific community with the help of this information with eight peer reviewed papers now in publication and many, many more to come |
| As noted at the outset of this call, we've been encouraged by the progress at the most recent ISA media in Jamaica, as further evidenced by the positive commentary this week from the ISA Secretary General on how he believes the close to final form of the regulations are taking shape |
| But what you have on paper right now is a pretty good indication of the overall shape of the document include." We're excited to see this progress continue over the next two scheduled ISA meetings and intersectional work, as member states put their shoulders into this final push to adopt the mining code as is legally mandated by Unclass and the 1994 Implementation Agreement to allow for the commercial exploitation of this important resource |
| I'm pleased to say we've made significant progress on prefeasibility work this quarter as well as our environmental impact statement, both of which are key prerequisites for our application |
| And thanks also in order to my team for the tremendous effort this quarter as we remain on track for the expected launch of our application for an exploitation contract over the NORI D Area following the July 2024 ISA session |
| That's within the guidance we provided, and we're happy to be kicking out of the reason |
| And again, we are encouraged by the keen interest in our ISA side events, which have allowed us to present our environmental findings to stakeholders as well as the ISA's Legal & Technical Commission, the body of experts who will be reviewing our application and making a recommendation to the ISA Council |
| And it's why we're fortunate to have four key metals in one resource |
| But of course, ERAS Capital remains our largest shareholder, Andrei Karkar, is family Allseas, on our Board of Directors and has consistently been a great supporter of us as has our partner Allseas, in terms of these recent capital raises that we've done |
| And clearly, in-field observed data is more powerful than speculation |
| Is there any concern that they might begin mining illegally? Is this going to be an issue? What we would say is it's very constructive the way that China is behaving with the ISA |
| And the article notes that TMC is ahead in technology, following our successful integrated collection tests last year with Allseas, but China is looking to catch up and become a leader in this space |
| And as announced in August, together, we have upgraded the expected maximum capacity of the Hidden Gem vessel to 3 million wet tons of nodules per year, a 130% increase versus the previous estimate of 1.3 million wet tons per year |
| So the technology is something that really that's not where the competitive advantage is where the competitive advantages is having a great resource, having a resource it's very abundant and high grade |
| Craig Shesky Very good |
| We do expect that even with the first vessel at relatively small scale that it won't take very long for us to be free cash flow positive on that vessel |
| So that 22 tons was really instructive in giving us confidence both on our side and PAMCO to potentially take that next step and enter into a binding agreement |
| And finally, this year, we were proud to join other private companies, NGOs, and multilateral institutions to pioneer an ESG handbook for Marine Minerals, an initiative which has transparency at top of mind and which will serve as a blueprint for disclosing material topics associated with marine mineral projects, while showcasing best practices |
| And that's why we spent over a decade developing a very robust environmental baseline so that we can understand what could be impacted by our operations and then develop strategies to minimize those impacts as much as possible |
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| And getting there will be a challenge for as long as the world's metal demand keeps growing |
| Free cash flow for the third quarter of 2023 was negative $12.6 million compared to negative $9.1 million in the third quarter reflecting an operating loss of $12.5 million, a decrease in working capital of $2.9 million due to timing of payments, offset with equity settled expenses of $2.5 million and other noncash items |
| Craig Shesky Looks like the Dmitry might be having some technical difficulties |
| Now this is a lower valuation than what we've shown previously, due mainly to nickel prices being down approximately 40% year-to-date |
| It may look like a subtle change, but upon careful reading, it knocks 20s off of the scale of their initial speculation and we believe the evidence shows that they are still overstating the potential impacts |
| The ocean plays host to relatively few of the world species and at the extreme depths where our operations will take place, the lack of sunlight and other challenging conditions mean that millions of trees, plants, insects, and vertebras that exists on land are absent |
| TMC reported a net loss of approximately $12.5 million or $0.04 per share in the third quarter of 2023 compared to a net loss of $27.9 million or $0.12 a share for the quarter ended September 30, 2020 |
| As a company working at the forefront of a new industry, we knew that we could not do this alone |
| In terms of the remaining roughly 2,980 tons, we -- before we had our exploitation contract, cannot commercially sell those |
| And that's what we have on the abyss of seafloor, where biomass levels are measured in grams and are lower than any other ecosystem on the planet and roughly 1,500 times lower than in the tropical rain forest that source -- that are the source of most new nickel production |
| And the key takeaway here is that contrary to widespread conjecture, disturbed settlement settles rapidly with projections indicating that impacts from the plume will be highly localized around the mining footprint and are highly unlikely to extend beyond the boundaries of the contract area |
| We may have lost a connection, but that's okay |
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