The following is a summary of the TMC the Metals Company Inc. (TMC) Q2 2024 Earnings Call Transcript:

Financial Performance:

• TMC reported a net loss of $20.2 million, or $0.06 per share, for Q2 2024, compared to a net loss of $14.1 million, or $0.05 per share, for the same quarter in 2023.

• Exploration and evaluation expenses for Q2 2024 were $12.4 million, primarily due to increased engineering work and higher personnel costs.

• The company utilized ATM opportunistically in Q2 to raise $2.6 million at an average share price of $1.61.

Business Progress:

• TMC welcomed two new board members, enhancing their expertise in disruptive technologies and sustainability.

• They are progressing with the NORI project and regulatory advancements, anticipating to launch their application for an exploitation contract soon.

• The company is focused on capital-light approaches for resource extraction, leveraging partnerships and strategic developments to minimize capital expenditures.

Opportunities:

• The company reported continued geopolitical support for seafloor mining, with the U.S. assessing nodule product refining domestically and a $9 million Defense Department grant application pending.

• Electric vehicle and clean energy demands support the strategic importance of diversified supply chains, highlighting TMC's advantage with their nodules' high grades of essential metals.

Risks:

• Regulatory challenges and activism can affect project timelines and public perception.

• Environmental concerns and activism, including debates over dark oxygen and other contested scientific claims, may impact operational approvals and progress.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.