TMC Stock Gains Over 15% — NOAA Clearing Regulatory Hurdle For Deep-Sea Mining Project Could Be The Catalyst

• The certification advances The Metals Company’s efforts to tap a vast resource of critical minerals needed for energy, defense and manufacturing.
• The license area is estimated to contain 1.02 billion tonnes of polymetallic nodules rich in nickel, cobalt, copper and manganese.
• Regulators will now begin preparing an Environmental Impact Statement, marking the next step in the approval process.

Shares of TMC the Metals Company (TMC) surged nearly 30% on Thursday after the company said the US National Oceanic and Atmospheric Administration (NOAA) formally certified its USA B exploration license application.

The certification is an important milestone in the regulatory approval process and allows NOAA to move forward with preparing an Environmental Impact Statement (EIS) for the company's planned exploration activities.

Massive Critical Minerals Resource

TMC said the USA B area covers about 122,000 square kilometers of seafloor and contains an estimated 1.02 billion tonnes of polymetallic nodules rich in nickel, cobalt, copper, manganese and several rare earth elements.

Gerard Barron, CEO and chairman of The Metals Company, called the certification an “important milestone in NOAA’s transparent, rules-based process,” adding that exploration is critical to unlocking a potentially significant source of critical minerals for the US.

The company is seeking access to minerals that are widely used in energy, defense, manufacturing and infrastructure applications. 

What’s Next?

NOAA is expected to publish a notice of intent, announcing the start of the Environmental Impact Statement process. The agency will then prepare a draft EIS and proposed operating conditions, which will be released for public comment.

After the review period, NOAA will finalize the environmental assessment and decide whether to grant the exploration license.

What Retail Sentiment Says About TMC Stock

Retail sentiment toward TMC on Stocktwits turned “bullish” on Thursday, up from “neutral” a day earlier.

TMC stock has gained nearly 34% in the past 12 months. 

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