TMC the metals company Inc. (NASDAQ:TMC) Q4 2022 Earnings Call Transcript

And so we are working very hard on that. There are discussions that you don’t want to rush, you want to let them play out naturally. And as we get closer, we find there are a lot more people sat at the table than they were even three months ago. And so we want to bring that to an orderly conclusion in the best interest of TMC equity holders.

Dmitry Silversteyn: Fair enough and thank you. And then just the last question on the Benchmark Mineral Intelligence report, I would assume it helps you with your efforts as you mentioned it certainly gives more gravitas to your claims of environmental impact. But I am guessing that it also is perhaps contributing to greater level of interest from potential investors or even potential customers taking €“ getting ready to take to look at your materials as a takeoff agreement?

Gerard Barron: Yes, absolutely. I mean we were €“ we of course, completed an LCA some years ago, but the observers were saying, yes, but there are a couple of teams people part of that and wasn’t independent enough. So, we said, okay, let’s go and hire someone who is entirely independent who can then put it out to peer review and see what it comes back with. And surprise, surprise, it came back with a result very similar to the quality piece of work that was done previously. But having an independent verification around that is really important because you can’t just look at one aspect. You have to look through the lens of a multi-tiered LCA to look at a broad range of impacts, and this project just shines at all levels. And so 227 pages of findings, I hope you get to read it because it’s exciting and it just highlights some of the benefits that this resource offers compared to the known alternatives.

Dmitry Silversteyn: Prefect. Thank you for that and that’s all the questions I have and congratulations on our very active and productive year.

Gerard Barron: Thank you, Dmitry.

Craig Shesky: Thanks Dmitry.

Operator: Thank you. And our next question comes from the line of Malcolm McDonald from Bank of America. Your question please.

Malcolm McDonald: Hi guys. Most of my questions were just answered. But kind of high level. And first of all, congratulations on the PAMCO in a capital-light processing approach, but high level, why the change in chain from France?

Gerard Barron: Well €“ hi, Malcolm. Look, it’s interesting, isn’t it. I mean 18 months ago, President Macron put aside €300 million to fast track the development of the license area in the CCZ. And I think his words were something to be effective. I can hear the cries now, but we have got this big ocean resource. France needs to reindustrialize. We need to secure our supply lines and create jobs. And to that, we are going to need a lot of metals. So, why the turnaround, look, I think you probably have to look at the political landscape, and how that’s changed in France. And I think that’s happening in a lot of countries where the green parties are having a heavy influence. And of course, France is a shining light when it comes to its nuclear energy generation, the lowest carbon form of energy.

And so, you can’t help, but this might have been a trade-off. And €“ but we hope through the very thorough science that we are funding and other contractors are funding as well, not just us, that those green influences will actually swing our way because it’s a €“ we have seen in Europe this year with the heavy dependency on Russian gas, that there are trade-offs that need to be made. And you look at countries that were heavily dependent on Russian gas having to fire up their coal-powered energy sources. I mean it makes no sense. And so we hope through science-based evidence that we can build bridges and people can see the benefit of this resource. And of course, the impacts of land-based nickel production, in particular, and mining in general, are there for us all to see.