Prepared remarks
Good afternoon, everyone and thank you for participating in The Metals Company Third Quarter 2026 Corporate Update Conference Call. Joining us today are The Metals Company's Chairman and Chief Executive Officer, Gerard Barron; Chief Financial Officer, Craig Shesky; and Chief Innovation and Offshore Technology Officer, Rutger Bosland. 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 will read the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 and that provides important cautions regarding forward-looking statements and information about the use of non-GAAP measures. Craig, 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. 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 will also be posted on our website. You're welcome to follow along with that slide deck or if you're joining by phone, access it at any time at investors.themetalsco.com. I'll now turn the call over to our Chairman and CEO, Gerard Barron. Gerard, please go ahead.
Thank you, Craig, and thanks to all of you for joining us today. Well, as we said during our last call, if 2025 was about a transformational piece, 2026 is about accelerated execution. In the six weeks since our last call, we have several developments to report from TMC, our partners, our regulator and the emerging nodule industry in general. The big development this week was the signing of our production agreement with Allseas, which will enable us to complete, commission and operate the first commercial polymetallic nodule collection system. The agreement formalizes key commercial terms, and while many of the key commercial terms and concepts have been reflected within our filings and technical reports for years, I believe the signing of this agreement shows the confidence that we and Allseas have in the regulatory path forward and the confidence that now is the time to prepare for commercial production. In late April, NOAA determined our consolidated application for the TMC USA project to be in full compliance with the requirements of the Deep Seabed Hard Mineral Resources Act and its implementing regulations. This milestone represents the latest in what we expect to be a consistent and transparent cadence of regulatory milestones in the coming weeks and months. And we expect that our application will shortly be posted to the Federal Register, kick-starting one of a number of sequential public comment periods as part of NOAA's rigorous process. Once our application is certified, NOAA will notify the public of its intent to prepare and publish an environmental impact statement under the National Environmental Policy Act. A draft EIS and technical and compliance reports will also be posted for public comment. And once the EIS and technical and compliance reports are finalized, NOAA is expected to make a final determination on issuing the license and permits. You'll notice that the commentary in blue on this slide are required to remain open for 60 days, and they represent elements of the non-compressible periods ensuring due consideration for our application and a robust process. There are no mandatory time limits on other steps, so the regulator has some flexibility in how they move through the process, and we continue to expect the grant of our commercial recovery permit during Q1 of next year. Our strategy has always relied on partnerships. The quality and depth of the strategic partnership we've assembled across offshore operations, onshore processing and refining and project execution is what has allowed us to move fast. And on the offshore side, Allseas brings more than 40 years of deepwater engineering and operations, including a long track record of pioneering entirely new offshore technologies at industrial scale. Across processing and refining, we have strong relationships with globally recognized metallurgical and engineering groups, including PAMCO, Glencore's XPS, Hatch and Korea Zinc, all of whom have already worked with nodule-derived materials. And together with our partners, we have collected, lifted and processed thousands of tons of polymetallic nodules, something no other company in our industry has achieved. We believe this level of industrial capability around the project is one of the reasons TMC continues to maintain a competitive advantage over others in the offshore mineral sector. And while others are still exploring, we are already building an integrated mining, processing, refining and ultimately downstream operations. On May 11, we signed an agreement with Allseas for the completion of the development of the first commercial production system and the future operation of this system after expected permitting approval. Much of this work is already well advanced. And in a clear sign of their confidence that this industry is moving towards commercial readiness, Allseas have agreed to fund a significant portion of the preproduction costs, with these costs to be repaid over time after commencement of production. This agreement is not just a major milestone for TMC and Allseas, but for the development of the Seabed Mineral Industry more broadly. I'm pleased today we have TMC's Chief Innovation and Offshore Technology Officer, Rutger Bosland on the line to tell you more about our offshore system and operations. Rutger led the development and successful testing of our pilot nodule collection system while he was at Allseas before coming over to join our team to help bring us to commercial operations. Rutger, over to you.
Thank you, Gerard. It is a pleasure to be here today. What you see here are the key elements of the first integrated commercial offshore production system designed for continuous operation. The system collects nodules on the seafloor and lifts them to the Hidden Gem production vessel where they are dewatered, temporarily stored and then transferred to transport vessels to be shipped to shore for processing. The operation integrates offshore nodule collection, vertical transport, transfer activities, support vessels, environmental monitoring and adaptive management, and downstream logistics into a continuous operating model with tightly coordinated logistics. Our offshore operational model has been designed to support uninterrupted offshore nodule collection. A transfer vessel will move alongside and receive nodules from the Hidden Gem, while the Hidden Gem system keeps collecting nodules and moves to the offshore transfer area for loading onto transport carriers. These carriers are then loaded offshore and transport nodules onward to onshore processing facilities. Supply vessels rotate crew and shuttle fuel and materials between our logistics base in San Diego and Hidden Gem and the transfer vessel. These operations require highly synchronized vessel movements, dynamic positioning and coordinated transfer activities to maintain safe, efficient and continuous production. To achieve this, our project team and Allseas have conducted extensive simulation and modeling to refine these logistic cycles under real offshore conditions. As engineers, we love a challenge, and we are focused on ensuring that our system can operate reliably and efficiently day after day while integrating seamlessly with production support, transport and handling systems at the surface to maintain continuous operations. This work has produced what we believe will be practical and scalable operations, and we will continue to further optimize every aspect of these cycles ahead of commercial production. The execution program for the offshore production system is underway. Concept and basic engineering activities for the key long-lead packages have been substantially advanced and completed by Allseas, including for key items like the riser, nodule recovery system, umbilical and vessel integration works. With these activities complete, we are now in a position to move into procurement and subcontracting activities with suppliers. This program keeps us on track to begin integration and commissioning of the production system in late 2027. The first commercial nodule production system is a major milestone for the company and this industry. It also establishes the operational and engineering baseline for future optimization. As we deploy additional offshore production systems, it becomes easier to repeat engineering processes at scale and to incorporate operational learnings across the broader production network. The team has been hard at work evaluating opportunities to optimize our operations including larger-scale production systems, autonomous and remote vessel operations, alternative logistic configurations and what could potentially be the first nuclear-powered vessels in commercial use, a topic that Allseas discussed during the TMC Strategy Day panel in 2025. A larger production system and wider collector spreads could significantly improve throughput and overall asset utilization while autonomous and remote offshore operations could reduce offshore crew, fuel and support requirements over time. We are also evaluating the direct offloading of nodules from the Hidden Gem to dynamically positioned shuttle carriers, simplifying offshore transfer activities and reducing transport costs. This growing industry is dynamic; as we scale, the many optimizations being developed to serve the Seabed Minerals ecosystem are creating incredible pathways towards continuous reduction of offshore collection and transfer costs. Though some of these concepts require further development, they highlight the optionality and scalability of our offshore production model beyond the first system. With that, I would like to hand it back over to Gerard. Gerard, please proceed.
Thank you, Rutger. Well, a little over a year ago, President Trump issued an executive order that altered the trajectory of our industry. It provided a clear policy signal that offshore minerals were a priority for the current administration and that it was willing to leverage America's long-standing legal regime to secure industry leadership. The response was unprecedented. At least nine American companies focused on offshore minerals in the high seas and exclusive economic zones are now active. Collectively, companies now have about 1.5 million square kilometers of the seafloor under license or application, with an estimated $5 trillion to $8 trillion in contained mineral value. The American shale revolution helped the U.S. to end its energy dependence and become a net energy exporter, and we believe that offshore minerals have the potential to do the same for American mineral dependence when it comes to critical and rare earth metals, provided we establish domestic processing and refining capacity. The national security case for construction of domestic nodule processing and refining facilities has grown stronger after four of our base metals were designated critical in the latest USGS list. The administration issued a presidential proclamation warning of the serious national security risks posed by America's near total import reliance for metals like manganese, cobalt and nickel. More recently, our request for project proposals from the Defense Industrial Base Consortium, which TMC recently joined, underscored the administration's efforts to reduce import dependencies in 13 minerals, including nickel. These domestic actions are unfolding in response to the weaponization of trade policy in critical minerals. Several governments are restricting exports of metals such as nickel, manganese and cobalt, all present in our nodules. Our recent OECD report found that nickel, cobalt and manganese were among the 10 metals most affected by export restrictions. These are serious matters for the U.S. to solve, and we will continue working with officials on both sides of the aisle to do our part in the coming decades. To that end, we've been looking at several sites to build domestic processing and refining facilities. TMC USA currently holds an exclusive right of negotiation with the Port of Brownsville over land that could support a large-scale metals processing and refining ecosystem. Importantly, this is not just about TMC's first processing plant; the site has been sized with the potential to support a broader American offshore minerals industry and facilities designed with the flexibility to potentially process terrestrial feedstocks over time as well. The proposed site covers approximately 1,466 acres across two parcels adjacent to the Brownsville shipping channel, with a pre-feasibility study already underway to evaluate what could become a 12 million tonne per annum industrial park. We're approaching this in a disciplined way. There is no capital commitment today, and any further development would remain contingent on government support. I’m sure everyone can appreciate the sensitivity of our ongoing U.S. government discussions, but I'll just reiterate that we continue to have frequent discussions with the departments and agencies named in the order, and we'll share more information at the appropriate time. To advance our potential processing and refining plant, we have entered into a strategic partnership agreement with Mariana Minerals, whose team combines deep industrial project experience with software systems designed specifically for large-scale mineral processing projects. What attracted us to Mariana was not just the means and construction experience, but their focus on integrating software, automation and AI-driven operational systems in direct project delivery and planned operations from day one. Mariana's leadership includes former executives and operators from companies including Tesla, BASF, Exxon and Lithium Americas, with experience spanning mineral processing, EPC execution and variable-scale commissioning. The partnership is intended to accelerate feasibility work around the Brownsville site while also evaluating how advanced process controls, operational software and digital project management tools could improve execution timelines, capital efficiency and long-term operating performance. Importantly, we're evaluating Brownsville not simply as a processing site for TMC USA's initial production area, but as a potential long-term industrial platform capable of supporting broader growth in American critical mineral supply chains. As additional American operators move through the NOAA licensing process, we believe there could be meaningful strategic advantages in developing shared downstream processing infrastructure rather than duplicating standalone facilities. This is still early-stage work, but we believe these are the kinds of long-term industrial partnerships required to build a scalable domestic critical minerals industry. On April 8, the metals royalty company TMCR began trading on NASDAQ. Craig joined the TMCR team at the NASDAQ event with current and former board members Michael Hess and Brian Paes-Braga. On a personal note, I'd like to congratulate Brian, Michael and the entire TMCR team on this milestone. And I'd like to congratulate them on their recent capital raise and the Mesabi Metallics royalty. I'll now turn the call over to Craig to discuss these topics in more detail and also walk you through our financials. Craig, over to you.
Thanks, Gerard. As a reminder, the cornerstone of TMCR's portfolio is a 2% gross overriding royalty on the Norrtälje project, which originated from our 2023 agreement with the predecessor company Low-Carbon Royalties. As part of that agreement, TMC received an equity stake in TMCR itself, whose market capitalization has appreciated significantly and now stands at roughly $0.75 billion, indicating a value for TMC's current 25% equity stake of nearly $200 million. Importantly, we retained the right to repurchase up to 75% of the Norrtälje royalty over time at a capped return, which could ultimately reduce that royalty to 0.5%. Since listing, TMCR has also announced, as Gerard noted, a proposed royalty interest in Mesabi Metallics' iron ore project in Minnesota, one of the United States' only large-scale sources of merchant DR-grade iron ore pellets with production targeted for the second half of 2026, alongside a concurrent equity financing. It's also worth mentioning that the U.S. Export-Import Bank previously announced its support of up to $10 billion for development of a major iron ore processing and refining facility with Mesabi Metallics in Minnesota. I would encourage all of our investors to check out the corporate update webinar held by TMCR on May 13, which is available for replay at their website, themetalsroyaltyco.com. Last August, we announced two major technical studies: a pre-feasibility study and an initial assessment. The PFS on our first production area established the world's first reserve for a nodule project while also confirming the project's strong commercial case. The initial assessment extended across the other areas highlighted on our map. These studies were comprehensive and independently supported by multiple qualified persons, but they do not include the additional ground where we have priority rights under U.S. law. Because those areas sit close to the zones already assessed in our published studies, we see them offering substantial further exploration upside. It's important to remember that these studies are point-in-time analyses, which do not reflect certain potential plans, such as the U.S. government-supported processing facility nor do they reflect every opportunity that we and Allseas might have to reduce costs offshore, as Rutger walked us through earlier. But they do provide a helpful snapshot into the commercial viability of our proposed operations, particularly given the world's first declaration of probable reserves in our PFS for a nodule project. At today's metal prices, or close to today's metal prices, the value reflected in these studies is substantial. Taken together, the $5.5 billion NPV from the PFS plus the $18.1 billion NPV from the initial assessment imply combined estimated resource value of $23.6 billion. And across the life of both projects on an undiscounted basis, the studies point to approximately $369 billion in revenue and more than $200 billion in EBITDA, with a cost profile that places the project in the first quartile of the nickel cost curve. Now on to our liquidity and financials. You would have noticed that our liquidity, defined as cash on hand plus our credit facilities, was approximately $164 million as of March 31, 2026. However, I want to be clear, as noted in our earnings release, this is inclusive of $9 million received on the last day of the quarter related to sell-to-cover tax transactions on stock-based compensation granted in prior years, which was then remitted to tax authorities shortly after quarter end. So this is merely a timing quirk, given the date on which the sell-to-cover transactions had to occur following our last reporting period. Once that was finished and funds received, those were remitted to the tax authorities. Keep in mind that the headline number reflects vesting shares that were granted at far lower share prices, and we expect a strong alignment of interest between TMC employees and shareholders will continue to deliver results in the years ahead. On to the financial results. TMC reported a net loss of approximately $20.6 million in the first quarter of 2026, which was the same as the comparable period in 2025. Net loss per share was $0.05 in the first quarter of 2026 compared to $0.06 in the comparative period. Exploration and evaluation expenses for the three months ended March 31, 2026 were $13.3 million compared to $9.5 million in 2025 due to higher share-based compensation from third quarter 2025 awards for employee retention and higher PFS costs due to the PFS refresh, partially offset by lower Allseas engineering costs. G&A expenses in Q1 2026 were $20.7 million compared to $8.5 million in the comparative quarter last year, primarily due again to the amortization of higher one-time executive retention grants of share-based compensation issued in the third quarter of 2025. I'm getting a bit of an echo, so if anybody else on the line is able to mute, hopefully we can get rid of that. In Q1 2026, the gain on change in fair value of warrants was $10.7 million as the value of the private warrants decreased due to the lower share price at the end of Q1 2026 compared to the share price at year-end 2025 and the shorter maturity term. On other non-operating items, other non-operating items that reduced the net loss in Q1 2026 included higher interest income generated from increased cash balances and a gain resulting from the dilution of our ownership in TMCR as it completed a private placement to third parties at a price well in excess of book value, which was partially offset by equity accounted investment losses. On the cash flow side, net cash used in operating activities in the first quarter of 2026 was $0.6 million compared to $9.3 million used in operating activities in the first quarter of 2025. The smaller outflow in Q1 2026 is nominal due to a timing difference, as I mentioned earlier, the $9 million of taxable holdings received at the end of March and remitted to tax authorities shortly after the end of the quarter. If the taxable holding receipts are excluded, the cash used in operations would have been $9.6 million, which is in line with the first quarter of 2025. Free cash flow for Q1 2026 was negative $0.6 million compared to negative $9.4 million in Q1 2025. Free cash flow is a non-GAAP measure, and I would point you to our disclosure in the non-GAAP reconciliation table that will be posted in the slide deck on our website. We do believe that our cash on hand, along with the undrawn unsecured credit facility from Gerard, our CEO and Chairman, and ARIS Capital LLC, will be more than sufficient to meet our working capital and capital expenditure requirements for at least the next 12 months from today. TMC liquidity stood at $164 million as of March 31, including $44 million available from that undrawn credit facility. Our accounts payable and accrued liabilities balance at March 31, 2026 was $53.9 million and includes $32.1 million that was owed to Allseas through various services provided, the majority of which is being settled through the issuance of TMC shares as disclosed in our 10-Q. Excluding the Allseas payable to be settled in equity and the $9 million payable to tax authorities, which has since been remitted, accounts payable and accrued liabilities at quarter end would have been $13 million. Operator, we would now like to open it up to the phone line for any Q&A.
Questions and answers
Our first question will be coming from the line of Matthew O'Keefe of Cantor Fitzgerald.
Thanks, gentlemen. It sounds like things are moving along pretty well. I just had a kind of — I like one of your slides there. You had — you showed that you have some new — well, not new entrants, but there are more entrants jumping into the American offshore industry here. You've shown some other companies and their properties lying about in the CCZ and also, I guess, other parts of the ocean there. What are your thoughts on these other players? And are you working at all with them? I mean you have arguably a leadership position in this. I would imagine there has been some outreach to you, just maybe for some best practices or given that you've done so much environmental work, maybe some advice on that as well?
Yes. Look, Matt, we've been familiar with some of the other entrants. We know them well. Frankly, the last five years as a public company has damaged my belief in the efficient market hypothesis. But at the same time, it wouldn't be good for us to be the only ones through the wall here seeing the opportunity. So I think what it really signifies is the fact that the capital, the smart money, is flowing into names that are pursuing exploration licenses through the U.S. process as opposed to the International Seabed Authority process. That's clear. The market is voting with their feet. Are there opportunities potentially to work with some of these entrants? Sure. We've done quite a bit of work over the course of the last several years that many other people might want to catch up to. Of course, we released some of our environmental data just a few weeks ago. But there really is, I think, a recognition that many of the new entrants have some catch-up to do. They're starting on exploration-type work, whereas TMC has done much of that because we are preparing to launch a consolidated application with some of that data. So there will be, I think, a catch-up period for others, and that creates opportunities. One thing to really focus on — and by the way, you would have noticed there was an announcement within the last couple of months that the team Deep Sea Vision, we have an MOU to potentially collaborate together, whether it's on some offshore exploration side initiatives or potentially down the road on processing and refining. We do want to be able to help the United States create an ecosystem that can potentially create dominance in metal processing and refining for nickel, copper, cobalt, manganese and potentially rare earths. To do that, it would be very helpful to say, hey, TMC will be the center of the hub but perhaps one day that could be a destination for some other entrants as they catch up to some of the offshore work that TMC has done. So we really have been in a unique position where the work that we've done has allowed us to be the one entrant so far who's been able to apply for the consolidated application process because we've been prepared with that work over the last 15 years and about $700 million in cumulative spend. So the answer, Matt, is we welcome the capital flowing into the space. We know some of the new players, and I think there will be future opportunities to work together.
Absolutely. Definitely demonstrates that there's increasing confidence in the space. So I think that's a positive. If I could ask just one other quick question, maybe a clarification. You are working on some pre-feasibility study for the Texas processing refinery. Is that right? And is there going to be something released to the markets sort of end of year or something like that, just to get a sense of what that might look like?
Yes. I think our focus, Matt, is really on the feasibility work, specifically for the potential plant for processing and refining in Texas. That feasibility work is focused on the details around planning, construction and operation of that plant. And that is really the prerequisite to unlock some of the potential government capital that we know is sitting ready to fund major projects that can truly move the needle. So I would say our focus is going to be on that onshore feasibility work. There may be opportunities to then work on prefeasibility for longer-term plant expansions, perhaps to 12 million tonnes or more. Of course, we put out the prefeasibility study for the NORI-D area in August of last year. We had the benefit of several years of talking about potential commercial terms with our partner Allseas. At some point, perhaps there might be an opportunity to provide some updates to that, but our near-term focus is going to be the detailed feasibility work that might unlock access to government capital.
All right. Sounds good. We'll look for the government partnership perhaps in the future.
And our next question will be coming from the line of Dmitry Silversteyn of Water Tower Research.
I just have a couple of follow-up questions, if I may. We talked about reducing or the opportunity to reduce the operating costs or optimize the cost of offshore collection and transfer portion of your operating expenses. There's a lot of stuff in here like autonomy and going to nuclear that seem to be pretty far into the future. As you're ramping up your sort of first production of 3 million tonnes, how are you thinking about more near-term, more realistic abilities to lower the production and transport costs and lower your offshore operating expenses?
Yes. Thank you, Dmitry. That's a very good question. And as you rightfully indicated, there's a few items that are more future-focused. But on the short term, optimizations in energy use and offshore logistics are definitely something that can be implemented in the short term. So we're talking about getting the first vessel operating and then start implementing some of those already.
Okay. And then to follow up on the previous question about the Brownsville facility. You're looking at, I think, a 12 million-ton processing complex. Your Phase 1 at least calls for about 3 million tonnes per year of modules going up to potentially 7 million as you expand. Are you leaving that much room for sort of third-party processing? Or do you have expectations of filling that 12 million tonne capacity through the modules that you yourself collect pretty quickly after the start-up at the end of '27, early '28?
No, I think this is one of those industries where scale really flows through to the bottom line, Dmitry. It's our ambition to put as much of that 12 million tonnes from our own license areas as possible. However, we also want to be really flexible because when you go and establish a processing facility, there is so much investment in civil engineering and securing the ground and putting roads in and securing power supply that the marginal cost of adding another line for another operator can be very attractive. Of course, we want to have the welcome mat to other operators. We see it as an opportunity to do deals that will be very beneficial for the industry and very beneficial for TMC shareholders as well. So there might be some operators who want to provide significant capital to us to secure a certain amount of processing throughput, and we'll have an open mind to that. We are in some of those discussions as we speak now.
Understood, Gerard. And then final question. In your — you're getting ready to execute your offshore CapEx program and get ready for production. If I remember correctly, originally, this was supposed to be funded 50-50 between you and Allseas. You made a comment that Allseas will be funding a significant portion of that now. So should I take that it's going to be more than 50% of the expected CapEx that Allseas will fully fund?
No, and you should continue to plan on us sharing that.
I'm going to hop over, Latonia, to the webcast questions to see if there are any other questions that are going to populate on the audio side in the meantime. We have a question from Ivan Schmidt. Given that we're expecting Q1 2027 permit timing, how should investors think about the political risk around the 2026 midterms and potentially a transition to a new Congress in January 2027? One of the nice things about this point, and I'm happy for Gerard to expand on it, is this isn't really a left-versus-right issue. This is based on regulations put in place in the 1980s. The Deep Seabed Hard Mineral Resources Act was signed by President Carter with implementing regulations from 1981 for exploration and 1989 for commercial recovery. It's been the law of the land across multiple Democratic and Republican administrations. We're going through this in a methodical way and not skipping any steps. It's why Gerard highlighted the public comment periods that are not compressible when it comes to the permitting timeline. That puts us in a good position to say we've done the process exactly right and we've followed the letter of the law and the mandate given to NOAA, who, by the way, is in the best position of anybody in the world to regulate this industry as the pioneers of the environmental science through the DOMES program in the late '70s and early '80s. So we don't think that's going to have any impact on the potential grant or validity of a commercial recovery permit for TMC. Another question and maybe for Gerard: I believe you touched on this in the last quarterly call from Tim Holl; Q4 2027 is the target for system commissioning. Is that the same as saying it's our target for full production? So maybe just a little context on some of the timing taken for commissioning leading to commercial production shortly thereafter.
Yes. Thanks, Craig. Look, commissioning means getting the equipment on board, making sure it works, making sure all the components come together nicely. What that points to is that early in the year after commissioning we'll be out there testing, and we'll be out there making sure that we're in shape for commercial production. So commissioning is really getting everything on board, putting it all together and making sure everything fits as intended.
And the last question that we'll take from the webcast is from Ryan Bowley. Will the September 2021 SPAC warrants be extended? Ryan, this is a question we get, I'm sure, from a lot of holders. The terms of that warrant have an expiration in September of 2026. Look, it's our ambition to fill this summer with a great amount of news flow such that we might render that question moot. We're going to keep doing everything we can. Any discussions with our Board are going to be announced publicly if and when there's anything to announce there. Our focus is just to push the share price to a higher level well in advance of that exercise date. But there's nothing else I can say or comment on at this time. Latonia, if you want to reprompt the phone line to see if there are any final questions.
And I would now like to turn the conference back to Gerard Barron for closing remarks.
Yes. Thank you. Well, firstly, thanks, everyone, for turning up. I know a lot of people listen to these reports live and even more read the transcript afterwards. As you can tell, we turn up to these quarterly reports full of enthusiasm because it's really quite exciting what we're doing, getting a new industry moving. This administration has an absolute focus on reindustrialization. It's an honor to deal with the government agencies we deal with because they are filled with people from the private sector who know how to get things done. You get a sense of optimism when you're dealing with this administration and these government agencies. I hope that leads to us getting this industry moving a whole lot faster, a whole lot more reliably and for the benefit of America becoming more independent and for the benefit of those people who supported us along this journey. Thank you, and we look forward to being in a lot of communication with you in the coming months. On that note, I wish you a good day.
This concludes today's conference. Thank you for participating. You may now disconnect.