TMC the metals company Inc.

Thank you for standing by, and welcome to the Metals Company's third quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Craig Shefsky, CFO. Please.

Go ahead. Thank you very much. Please note that during this call, certain statements made by the company will 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 these non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, can be found in our slide deck being used with this call. And as always, you're welcome to follow along with our slide deck, or if joining by phone, you can access it at any time at investors.metals.co. And now I'll turn the conference call over to our Chairman and CEO, Jared Barron.

Thanks, Craig, and thanks to everyone for joining us. this call today. I often like to start our quarterly calls with a small bit of reflection. After so much news this year, it's hard to believe that it's just over seven months since we announced our pivot to the United States. And since then, we've seen President Trump's executive order to support this industry. We've launched three applications with NOAA, including the first ever application for a commercial recovery permit. We've seen new investment flow in from Careers Inc., the Hess family, and even more investment from our partner, Allseas. And as outlined during our strategy day in August, we have published two SEC-compliant technical reports showing a total resource value of more than $23 billion. All the while, progress with our new regulator, NOAA, has continued, and the tailwinds for critical minerals from both public and private capital providers have only become more clear. And yet, I'm sure many of you are chomping at the bit for more news. And I don't blame you. Yes, we've been relatively quiet in our messaging over the last couple of months. But please don't take that as a sign that things are slow around here. Quite the contrary. And beneath the calm surface, our feet are pedaling faster than ever. And I'm very eager to share more colour when the time is right. But let me summarise where we are right now. We continue to feel confident that our U.S. pivot will lead to a commercial recovery permit in 2027. Our regular discussions with NOAA and the U.S. government are productive and we believe that the directives in April executive order will be delivered upon, including the recent reports of NOAA's streamlined application review process sent to the White House. And given our robust cash position, I can assure you that we have no need anytime soon to tap the public capital markets. We're in an excellent liquidity and capital position with approximately $165 million of liquidity today, inclusive of our recent warrant exercises, and over $50 million of potential additional proceeds from in-the-money warrants. This does in fact to the potential $48 million proceeds from the Careers, Inc. warrants at a $7 strike price, nor the SOAC business combination warrants at $11.50, nor the warrants held by our sponsoring states. We see a pathway for more than $400 million of incoming cash from warrant exercise. Certainly, we and our partners have plenty of work to do as we prepare for a commercial production targeted for the fourth quarter of 2027. And we have a strategy in place to ensure we can do so in a shareholder-friendly fashion. But let's start today by highlighting the problem that we're looking to solve for the United States and remind ourselves why this remains such a critical resource. Today, America is critically dependent on foreign sources for the very metals that it once dominated in the late 19th through to the mid-20th centuries. For manganese, cobalt, and nickel, America now imports roughly 100%. Even copper is nearly half imported. And just this month, copper joined the other three metals on the critical mineral list published by the US Geological Survey. So this is a major strategic risk. We're not just talking about metals. We're talking about national security, energy independence and industrial resilience. A resource of 1 billion tons of nodules can fundamentally transform the United States, offering not just mineral independence, but strategic dominance in three metals. Based on today's level of American consumption, it could supply 300 years of manganese and 200 years of cobalt and almost a century of nickel. And through public-private partnerships, the administration is clearly taking steps to solve vulnerabilities in rare earths and lithium, base metals and beyond. Major financial institutions are also following suit. And we believe that for nickel, cobalt and manganese in particular, our nodule resource provides the most scalable and economically viable solution for our re-industrialization in the US. And it's clear that the U.S. sees seafloor resources as a key part of a broader solution. Just last week, the United States and Japan announced a landmark partnership to develop rare earth minerals from seafloor mugs around Minamitori Island, a framework signed during President Trump's recent visit to Tokyo. And Japan will now begin preparations to test the feasibility of listing rare earth mugs as early as January 2026, with larger scale test mining anticipated one year later. Separately, we're also pleased to announce that ALSI's hidden gem vessel will play a key part in Japanese nodule collection trials alongside the University of Tokyo. The hidden gem will head to Japan's exclusive economic zone near Minamitori Island to conduct a new nodule collection pilot in early January 2027. And this represents the perfect opportunity to test our own technical readiness and some of the planned upgrades to the mining equipment, while also helping the Japanese advance their own industry. Together with Allseas, we also see this as a very good commercial opportunity whilst we await the NOAA permits to be issued. So the US government shutdown slowed progress on NOAA's review of our applications over the course of several weeks. But with the government returning to work, our applications will once again continue to systematically move through NOAA regulatory process. In fact, NOAA confirmed to us earlier today that they are back at work and again focused on these applications. And as a reminder, NOAA has confirmed that both the exploration applications were fully compliant, and our exploration applications are currently in the certification stage, which involves an interagency review of the applications. Following certification, an Environmental Impact Statement, or EIS, is expected to be prepared under NEPA, and a public comment period will be provided. And following the public comment period, NOAA will determine whether to issue the requested licenses and permit, and if so, under what terms and conditions. In July 2025, NOAA issued proposed amendments to its regulations on the DSHRA. And the proposed regulation introduces a new consolidated application procedure, allowing applicants to submit a single application for both an exploration license and a commercial recovery permit. And these changes are intended to modernize and streamline the permitting process under Dishmar's implementing regulations. The public comment period closed on September 5, 2025. And on October 29, it was reported that NOAA had sent the proposed regulations to the White House for approval. Over the past week, our regulatory and environmental teams attended the Underwater Mineral Conference in Florida, and during this event, former longtime ISA Secretary General gave a tremendous speech which provided some important context on the U.S. seabed mining regulations. Bottom line, in his eyes, the U.S. position has been legally consistent for decades, and NOAA regulations from the 1980s actually formed the basis for the ISA exploration regulations. And of course, this is firmly in line with the conclusions of TMC, our council, and the United States government. DSHRA and the NOAA implementing regulations are clear, effective, sophisticated, and enforceable. Next week, Craig will be presenting at the Benchmark Week Conference in LA, and Michael Lodge and a representative from the US Department of Interior regarding seafloor resources. He'll also be meeting with automakers, battery makers, and investors as our path to production has never been more clear. On that note, I'll turn it over to Craig to walk through some project updates and the financials. Over to you, Craig.