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NEW YORK - TMC the metals company Inc. (NASDAQ:TMC), currently valued at $1.15 billion and showing remarkable momentum with a 40% gain last week, has applied for two exploration licenses and one commercial recovery permit, marking a significant move in the deep-sea minerals sector. According to InvestingPro data, the company’s stock has surged over 230% in the past six months, reflecting growing investor interest in deep-sea mining. This application follows an Executive Order aimed at strengthening America’s mineral independence through offshore resources.
The Metals Company, which explores polymetallic nodules on the seabed, submitted the applications under the Deep Seabed Hard Mineral Resources Act (DSHMRA) to the National Oceanic and Atmospheric Administration (NOAA). The company’s applications were expedited by the recent Executive Order titled "Unleashing America’s Offshore Critical Minerals and Resources," which directs expedited permitting for seabed mineral recovery.
The commercial recovery permit application, targeting a 25,160 square-kilometer area known as TMC USA-A_2 in the Clarion Clipperton Zone (CCZ), was submitted ahead of the original June 27 target. The area contains indicated and measured resources. Additionally, TMC USA filed for two exploration licenses, TMC USA-A and TMC USA-B, covering a combined area of 199,895 square kilometers. Internal estimates suggest these areas contain resources compliant with SEC SK 1300, including approximately 15.5 million tonnes of nickel, 12.8 million tonnes of copper, 2.0 million tonnes of cobalt, and 345 million tonnes of manganese, with a potential exploration upside of 500 million tonnes. While the resource potential is substantial, InvestingPro analysis reveals the company currently operates with negative EBITDA of -$80.92 million, highlighting the pre-revenue nature of its operations.
Gerard Barron, CEO of The Metals Company, stated that this step not only advances TMC USA but also supports America’s mineral independence and industrial resurgence. He highlighted over a decade of investment in deep-sea science, engineering, and technology by the company.
NOAA is expected to determine the compliance of the exploration license applications within 30 days and the completeness of the commercial recovery permit application within 60 days. Following these initial reviews, NOAA will conduct full environmental and technical evaluations.
TMC’s strategic move is anticipated to catalyze private sector investment across various U.S. industries, potentially enhancing the country’s ability to secure critical minerals. With analyst price targets ranging from $5.60 to $6.25, market expectations appear optimistic. This initiative is based on information from a press release statement and is subject to the regulatory review process, which may affect the company’s plans and the timing of any mineral recovery operations. For deeper insights into TMC’s financial health, growth prospects, and 10+ additional exclusive ProTips, explore the comprehensive research available on InvestingPro.
In other recent news, The Metals Company Inc. reported its Q4 2024 earnings, showing a net loss of $16.1 million, or $0.05 per share, which matched analyst forecasts. This was a notable improvement from the $33.5 million net loss, or $0.11 per share, in Q4 2023. The company has initiated plans to apply for exploration licenses and commercial recovery permits under the U.S. Deep Seabed Hard Mineral Resources Act, with applications expected in the second quarter of 2025. The Metals Company has expressed confidence in the U.S. regulatory framework, viewing it as a stable and transparent path for deep-sea mining activities. The U.S. government’s recent executive order to expedite deep-seabed mineral permits has been welcomed by the company, as it aligns with their strategic interests. The company’s subsidiaries hold exploration contracts in the Pacific Ocean, sponsored by the governments of Nauru and Tonga. Additionally, The Metals Company has been engaging with the National Oceanic and Atmospheric Administration (NOAA) to prepare for the permit application process. These developments reflect a growing interest in deep-sea minerals as a strategic resource for the U.S. supply chain.
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