03-28-2024, 10:33 AM
(This post was last modified: 03-28-2024, 10:38 AM by LongNautilus.
Edit Reason: Added link
)
JJameson: that's awesome - hopefully it means good things to come!
Here is the transcript for the TMC earnings call. I still have a strong suspicion that TMC and Nautilus/DSMF are working together behind the scenes.
https://finance.yahoo.com/news/tmc-metal...00309.html
Some parts I found interesting. #3 sounds a lot like Nautilus/ DSMF:
1.) As we have said previously, our preferred form of financing moving forward will be at the asset level, and we are making good progress with a number of parties there. You can certainly expect to hear more about this very soon, and we've seen an uptick this year in both number and quality of inbound financing offers from institutions, including underwritten equity transactions and convertible note offers
2.) And I think what you should keep in mind is while we continue to get many inbound proposals for financing, we have our three largest shareholders who care very much about minimizing dilution. In fact, if you look at our total shareholder base, in excess of 50% of TMC shares are held either by insiders or affiliates. So there's very much a desire internally to do the right deal.
3.) When it comes to the offshore, what we are already doing, as we announced in a previous release, is looking for a second production vessel. But as we get closer to production, we're also finding people knocking on our door saying, hey, we have one of those ships exactly like the Hidden Gem, and we'd like to see it busy or we'd like to explore. Could Allseas use it as their production vessel number two? And so think of it as a cookie-cutter approach. But, and that's how we are going to do the early scale-up towards the NORI-D block. In the future, I think what we'll have is bigger production platforms as we start to drive costs out of the business, better economics. And the simple math is that we just announced that we are moving the production platform to 3 million tons. There is the possibility of moving production well beyond that, but it would not be with a boat like we have now. But for the moment, it's cookie-cutter, put more boats on the water, and it's tapping into already built, permitted, and financed onshore processing plants in parts of Asia.
Here is the transcript for the TMC earnings call. I still have a strong suspicion that TMC and Nautilus/DSMF are working together behind the scenes.
https://finance.yahoo.com/news/tmc-metal...00309.html
Some parts I found interesting. #3 sounds a lot like Nautilus/ DSMF:
1.) As we have said previously, our preferred form of financing moving forward will be at the asset level, and we are making good progress with a number of parties there. You can certainly expect to hear more about this very soon, and we've seen an uptick this year in both number and quality of inbound financing offers from institutions, including underwritten equity transactions and convertible note offers
2.) And I think what you should keep in mind is while we continue to get many inbound proposals for financing, we have our three largest shareholders who care very much about minimizing dilution. In fact, if you look at our total shareholder base, in excess of 50% of TMC shares are held either by insiders or affiliates. So there's very much a desire internally to do the right deal.
3.) When it comes to the offshore, what we are already doing, as we announced in a previous release, is looking for a second production vessel. But as we get closer to production, we're also finding people knocking on our door saying, hey, we have one of those ships exactly like the Hidden Gem, and we'd like to see it busy or we'd like to explore. Could Allseas use it as their production vessel number two? And so think of it as a cookie-cutter approach. But, and that's how we are going to do the early scale-up towards the NORI-D block. In the future, I think what we'll have is bigger production platforms as we start to drive costs out of the business, better economics. And the simple math is that we just announced that we are moving the production platform to 3 million tons. There is the possibility of moving production well beyond that, but it would not be with a boat like we have now. But for the moment, it's cookie-cutter, put more boats on the water, and it's tapping into already built, permitted, and financed onshore processing plants in parts of Asia.