The following is a summary of the TMC the Metals Company Inc. (TMC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• TMC reported a net loss of approximately $20.5 million or $0.06 per share in Q3 2024, compared to a net loss of $12.5 million or $0.04 per share for the same period in 2023.

• Exploration and evaluation expenses increased to $11.8 million in Q3 2024 from $7.9 million in Q3 2023, mainly due to an uptick in engineering work and personnel costs.

• General and administrative expenses rose to $8.2 million in Q3 2024 from $4.6 million in Q3 2023. The increase was attributed to higher legal, consulting, and personnel costs.

• Free cash flow for the quarter was negative $5.8 million, an improvement from negative $12.6 million in the third quarter of 2023.

Business Progress:

• TMC announced plans to submit NORI's application for an exploitation contract to the ISA on June 27, 2025, as part of its strategic preparations.

• Revealed the development of a new services business focusing on resource development across seafloor operations,

• Introduction of a cost reduction strategy aiming for less than $5 million in operating expenses per quarter.

Opportunities:

• With strong support from the incoming U.S. administration, TMC signals a robust opportunity to capitalize on the seafloor metal resources critical for the energy transition, defense infrastructure, and more.

Risks:

• TMC faces regulatory uncertainty and scrutiny concerning environmental impacts, which could affect timelines and operational approvals.

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