TMC the metals company Inc. (NASDAQ:TMC) Q3 2023 Earnings Conference Call November 9, 2023 4:30 PM ET

Company Participants

Craig Shesky - CFO

Gerard Barron - Chairman and CEO

Conference Call Participants

Matthew O'Keefe - Cantor Fitzgerald

Operator

Good afternoon everyone and thank you for participating in the metals company's Third Quarter 2023 Corporate Update Conference Call. Joining us today are the metals company's Chairman and Chief Executive Officer, Gerard Barron; and Chief Financial Officer, Craig Shesky. Following their remarks, we'll open the call for your questions.

Before we go further, I would like to turn the call over to CFO, Craig Shesky, as he reads the company's Safe Harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements and information about the use of non-GAAP measures.

Craig, please go ahead.

Craig Shesky

Thank you very much. Please note that, during this call, certain statements made by the company are going to be forward-looking and based on management's beliefs and assumptions from information available at this time.

These statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. Additionally, please note that the company's actual results may differ materially from those anticipated, and except as required by law, we undertake no obligation to update any forward-looking statements.

Our remarks today may also include non-GAAP financial measures, including with respect to free cash flows. And additional details regarding non-GAAP financial measures can be found on our slide deck with this call. And you're welcome to follow along with that slide deck or if joining us by phone, you can access it at any time at investors.metals.co.

And I will now turn the call over to our Chairman and CEO, Gerard Barron. Gerard please go ahead.

Gerard Barron

Thanks, Craig and thanks to all of you for joining us today for our third quarter 2023 corporate update call. 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.

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.

Our environmental program has not been cheap with cumulative spending of approximately $150 million over the last decade plus. But that investment in science is resulting in a growing body of data that we believe is making a definitive case for the responsible collection of polymetallic nodules.