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    Dmitry Silversteyn • Water Tower Research

    Dmitry Silversteyn's questions to TMC the metals company Inc (TMC) leadership

    Dmitry Silversteyn's questions to TMC the metals company Inc (TMC) leadership • Q2 2025

    Question

    Dmitry Silversteyn of Water Tower Research LLC sought clarification on the distinction between "provisional" and "final" project approval and asked how the proposed changes to NOAA regulations would specifically help expedite TMC's permitting timeline.

    Answer

    Chairman and CEO Gerard Barron described "provisional approval" as a confidence-boosting milestone to de-risk capital spending ahead of a final permit, which could face legal challenges if issued too hastily. He and CFO Craig Shesky explained the key NOAA regulatory change allows for the concurrent review of exploration and commercial permits, significantly shrinking the overall permitting timeframe, alongside other modernizing updates.

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    Dmitry Silversteyn's questions to TMC the metals company Inc (TMC) leadership • Q1 2025

    Question

    Dmitry Silversteyn asked about specific U.S. government funding opportunities, the ISA's reaction to the U.S. application, how overlapping licenses would work, and the potential risk of ISA member states refusing to buy TMC's product.

    Answer

    Executive Craig Shesky described an "all of the above" approach to U.S. funding, pointing to the executive order's directives for offtake and financing. Chairman and CEO Gerard Barron noted hearing of "urgency" at the ISA but confirmed TMC is committed to the U.S. path and will not be applying to the ISA for a collection license, avoiding overlap. Mr. Barron also dismissed customer risk from ISA members as media speculation, citing strong commodity trader interest and the strategic advantage of U.S. sponsorship.

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    Dmitry Silversteyn's questions to TMC the metals company Inc (TMC) leadership • Q4 2024

    Question

    Dmitry Silversteyn of Water Tower Research followed up on the timing of the environmental and economic studies, sought clarity on the specific license area for the U.S. application, asked about the rationale for terminating a sponsor state contract, and inquired about the revenue potential of the services business.

    Answer

    CEO Gerard Barron stated that the environmental writing is proceeding at full speed alongside the economic study. He explained the contract termination was a matter of prioritizing resources on their two most prospective blocks, NORI and Tonga. Regarding the services business, he noted strong inbound interest but said the team is currently focused on the permit application, suggesting opportunities could be pursued in the second half of the year. CFO Craig Shesky reiterated that the specific application area is under consultation but that DSHMRA allows for potential overlap.

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    Dmitry Silversteyn's questions to TMC the metals company Inc (TMC) leadership • Q3 2024

    Question

    Dmitry Silversteyn of Water Tower Research followed up on the services business, asking if discussions with contractors were advanced and when the company could fully focus on this venture, while also requesting the date for the upcoming Strategy Day.

    Answer

    Chairman and CEO Gerard Barron confirmed that discussions are 'quite advanced' with RFPs already in the market, and he hopes to announce signed contracts by the next earnings call. He clarified that the business can begin before the mid-2025 application submission, which will free up more of the team. He also stated the Strategy Day will occur before the end of the year, though a specific date has not been set.

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    Dmitry Silversteyn's questions to Rayonier Advanced Materials Inc (RYAM) leadership

    Dmitry Silversteyn's questions to Rayonier Advanced Materials Inc (RYAM) leadership • Q2 2025

    Question

    Dmitry Silversteyn of Water Tower Research LLC questioned the speed of achieving the $30 million cost reduction run rate, how the company plans to leverage new tariffs on EU and Brazilian imports (price vs. market share), and the market entry strategy for its biomaterials business given existing competitors.

    Answer

    President and CEO De Lyle Bloomquist stated that the company expects to hit the $30 million cost savings run rate as it enters 2026, with most enabling projects completed by the end of 2025. On tariffs, he emphasized a 'value versus volume' strategy, using the competitive advantage to defend share rather than aggressively raise prices. For biomaterials, he expressed high confidence, noting that RYAM's new supply is a 'drop in the bucket' and that commercial offtake agreements will be secured before production begins.

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    Dmitry Silversteyn's questions to Rayonier Advanced Materials Inc (RYAM) leadership • Q1 2025

    Question

    Dmitry Silversteyn asked for clarification on the drivers of higher energy costs in Q1 despite lower market prices for oil and gas. He also inquired about efforts to address raw material constraints at the Tartas bioethanol plant and the status of the Fernandina plant expansion.

    Answer

    President and CEO De Lyle Bloomquist explained that the high energy cost was a Q1-specific issue driven by unusually cold weather in the Southeast US, which forced spot market natural gas purchases. Regarding the Tartas plant, he said feedstock availability will improve as the cellulose plant runs more consistently post-outage, with further yield improvements planned through operational changes and new yeast technology. He expressed confidence in prevailing in the litigation concerning the Fernandina plant but could not comment further. CFO Marcus Moeltner added that improved cellulose production at Tartas benefits both sugar and lignin streams.

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    Dmitry Silversteyn's questions to Rayonier Advanced Materials Inc (RYAM) leadership • Q4 2024

    Question

    Dmitry Silversteyn sought clarification on three topics: the specific onetime benefits from 2024, the assumptions behind the 2025 tariff impact guidance, and the reason for the increased long-term EBITDA projection for the biomaterials business.

    Answer

    President and CEO De Lyle Bloomquist clarified that 2024 included roughly $15 million in net onetime benefits. He explained the 2025 guidance assumes a 10-month, $35 million potential tariff impact, which the company believes it can largely mitigate. The biomaterials EBITDA forecast increased to a potential $70 million run-rate by 2029, primarily due to the advancement of the Altamaha Green Energy (AGE) project, which adds $25-30 million in potential EBITDA.

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    Dmitry Silversteyn's questions to Rayonier Advanced Materials Inc (RYAM) leadership • Q3 2024

    Question

    Dmitry Silversteyn from Water Tower Research asked about the continuation of 'bridge sales' from the Temiscaming plant closure into Q4, the expected run rate for commodity volumes in the HPC segment, and how the biomaterials growth strategy aligns with the company's recently published sustainability report.

    Answer

    President and CEO De Lyle Bloomquist explained that the benefit from Temiscaming bridge volumes will diminish in Q4 compared to Q3. He projected that HPC commodity volumes would likely increase slightly in Q4 due to seasonality and the impact of the Jesup fire on CS production. Regarding biomaterials, Bloomquist emphasized its centrality to their ESG objectives, as it utilizes the 60% of wood not used in the core HPC business, creating renewable products for markets currently served by non-renewable resources.

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    Dmitry Silversteyn's questions to Stepan Co (SCL) leadership

    Dmitry Silversteyn's questions to Stepan Co (SCL) leadership • Q1 2025

    Question

    Dmitry Silversteyn of Water Tower Research asked about the specific raw material trends driving pricing in Surfactants and Polymers and the underlying pricing environment. He also sought clarity on the company's view of direct versus indirect tariff impacts and the demand outlook for the construction-related business.

    Answer

    President and CEO Luis Rojo identified rising oleochemical costs as the driver for price increases in Surfactants. For Polymers, he noted they were working through higher-cost inventory from previous periods. He stated that raw material prices had stabilized but new tariffs introduce uncertainty. Rojo explained that direct tariff impacts are on imported raw materials, while indirect impacts could be a potential slowdown in end-market demand due to broad inflation, which the company is monitoring. On construction, he reiterated that while Rigid Polyol volumes grew, demand remains constrained by high interest rates, suggesting significant pent-up demand exists for when market conditions improve.

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