TMC secures $37 million for seabed metal exploration

NEW YORK - TMC the metals company Inc. (NASDAQ:TMC), an explorer of seafloor polymetallic nodules, announced today a $37 million financing round led by investment veterans Michael Hess and Brian Paes-Braga. The company, currently valued at $1.08 billion, has seen its stock surge over 217% in the past six months according to InvestingPro data. The funding, expected to close on May 22, 2025, is aimed at advancing TMC’s commercial development plans and supporting its operations until a potential commercial recovery permit is issued. Based on InvestingPro’s Fair Value analysis, the stock appears slightly overvalued at current levels.

The Registered Direct Offering consists of 12.3 million common shares priced at $3.00 each, accompanied by Class C warrants for purchasing additional shares at $4.50. These warrants can be mandatorily exercised if TMC’s stock exceeds $7.00 for 20 consecutive trading days. Notably, analysts tracked by InvestingPro maintain price targets ranging from $5.60 to $6.25, suggesting potential upside from current levels. InvestingPro offers 8 additional key insights about TMC’s financial health and growth prospects.

This influx of capital comes at a pivotal time for TMC, following President Trump’s April 24th Executive Order to expedite seabed mining and TMC’s submission of the first commercial recovery application for nodules in international waters, well ahead of its anticipated schedule.

Michael Hess brings over 15 years of experience in exploration and production, with a focus on advancing America’s mineral independence. He and Paes-Braga, Managing Partner at SAF Group, express confidence in TMC’s potential to shape the future of ocean mineral resources.

TMC’s commitment to environmentally and socially responsible metal extraction is central to its operations. The company has spent over a decade researching the impacts of offshore nodule collection and onshore processing, aiming to supply critical metals for various industries with net positive impacts. While InvestingPro data shows the company maintains a moderate debt level, its current ratio of 0.1 indicates careful cash management will be crucial for future operations. Get detailed insights with InvestingPro’s comprehensive research report, available for TMC and 1,400+ other US stocks.

The offering is made through written prospectuses forming part of the registration statements filed and declared effective by the U.S. Securities and Exchange Commission on October 14, 2022, and December 8, 2023. A prospectus supplement detailing the offering’s terms was filed with the SEC on May 12, 2025.

This news is based on a press release statement and does not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful.

In other recent news, TMC the metals company Inc. reported significant developments in its operations. The company announced its Q4 2024 earnings, showing a net loss of $16.1 million, or $0.05 per share, which aligns with analyst expectations and marks an improvement from the previous year’s net loss of $33.5 million. TMC’s liquidity remains robust with $62 million available, which is projected to sustain operations for the next 12 months. In a strategic move, TMC USA, a subsidiary of The Metals Company, applied for exploration licenses and a commercial recovery permit under the Deep Seabed Hard Mineral Resources Act, as expedited by a recent U.S. Executive Order. This order aims to bolster America’s mineral independence by streamlining the permitting process for deep-sea mining activities. TMC’s applications cover significant areas in the Clarion Clipperton Zone, which are estimated to contain substantial resources of nickel, copper, cobalt, and manganese. The company has also initiated pre-application consultations with NOAA to secure permits for deep-sea mineral recovery, reflecting confidence in the U.S. regulatory framework. Additionally, the company has been exploring potential service business opportunities, indicating a proactive approach to leveraging its expertise in deep-sea mining.

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