TMC the metals company Inc. Q4 FY2025 earnings call

Gerard Barron reflected on the company's journey, including regulatory pivot to U.S. regime, NOAA permitting progress with consolidated application deemed substantially compliant expecting permit grant in less than a year, commercial agreements with Allseas for Hidden Gem system, plans for Texas processing hub with Mariana Minerals including pre-feasibility study for 12 million ton per annum nodule industrial park, and upcoming trading of Metals Royalty Company on NASDAQ.

In Q4 2025, net loss was $40.4 million or $0.08 per share compared to a net loss of $16.1 million or $0.04 per share in the same period of 2024. The free cash outflow for Q4 2025 was $11.5 million vs $13.8 million in Q4 2024. Full-year 2025 free cash outflow was $43.1 million vs $44 million in 2024. Cash balance at year-end 2025 was $117.6 million.

Expect NOAA commercial recovery permit to be granted within the next 12 months. Hidden Gem system commissioning targeted for Q4 2027. Anticipate pre-feasibility study for Texas processing plant to be ready by end of October.

Statements made are subject to known and unknown risks and uncertainties that may materially affect actual results. Regulatory changes or delays could impact progress on permits and project timelines.

Q: Intrigue about Brownsville module processing, impact of shipping expenses?

A: Estimate processing nodules cheaper in Brownsville, Texas due to energy costs and better shipping.

Q: Timing of permits for Brownsville infrastructure?

A: Key permit is NOAA commercial recovery permit, with confidence in timely grant based on progress.

Q: Timing of Texas feasibility study?

A: Anticipate BFS for Texas processing plant to be ready by end of October with Mariana and Hatch involved.

Q: Design of systems for dual use?

A: Discuss collaboration and potential dual use capabilities in systems