TMC Stock Hits Fresh 52-Week Lows But CEO Says Selloff Isn’t Fundamental: ‘...Negativity Can Feed On Itself’

• CEO Gerard Barron said he believes the stock decline “is not based on anything fundamental” and that “negativity can feed on itself.” 
• Barron also addressed delays around U.S. government funding, USA-A certification, and USA-B litigation.
• TMC is down 17% already this week, as of the time of writing.

Shares of The Metals Company (TMC) continued their recent slide on Tuesday, after a sharp 14% drop the prior session, prompting company CEO Gerard Barron to address questions on delays in U.S. government support, permitting timelines, and litigation.

“Many $TMC investors have questions about USG funding for the Brownsville plant, the USA-A certification and the USA-B lawsuit,” he wrote in a post on X. “Some speculate if these issues can explain the falling stock price. I personally believe the decline is not based on anything fundamental, and we have seen periods like this over the years where negativity can feed on itself.”

Shares of the deep-sea mining exploration company hit a fresh 52-week low of $2.725 on Tuesday and were trading 5% lower at the time of writing.

Barron Addresses Brownsville Plant Funding

The company’s planned U.S. nodule processing facility is essential for domestic refining capacity and reducing reliance on overseas partners, though its large capital needs make government support a key de-risking factor. Barron said TMC USA and partner Mariana Minerals remain committed to a domestic nodule processing facility, “but with one caveat. It has to be in the best interests of our shareholders.”

He noted that pre-feasibility and feasibility studies for staged construction are underway, yet “the capital requirement is substantial and USG support is a prerequisite.” Engagements with multiple agencies continue, though “the process is taking longer than we expected.”

The company is not pursuing other capital-markets transactions while those talks proceed, and Barron stressed that “our cash position remains robust.” As of June 30, TMC held approximately $99 million in cash with no financial debt, though it continues to report operating losses as a pre-revenue developer. Barron also reiterated a capital-light alternative: sending nodules to Japan for toll processing with partner PAMCO.

TMC’s USA-A Certification Update

This consolidated application is the main regulatory path toward a commercial recovery permit under National Oceanic and Atmospheric Administration’s (NOAA) updated rules and represents the company’s most advanced U.S. permitting effort.

On the consolidated application for exploration and commercial recovery in the USA-A area—the first of its kind under NOAA rules adopted in January—Barron said many had expected certification by June under the statute’s 100-day vision. “Getting the details right matters, even when it takes time,” he wrote. “We remain in regular communication with NOAA and remain very optimistic about continued progress toward certification.”

NOAA previously found the application in compliance and published it for public comment, with a virtual hearing held October 13 and comments open through October 19.

USA-B Litigation — Barron Weighs In

The USA-B exploration application is a secondary track; the related lawsuit creates typical permitting noise but does not block progress on the more advanced USA-A process, as per the CEO.

Barron characterized the lawsuit targeting the USA-B exploration application as routine. “Most mining permits in the United States are challenged by environmental NGOs; that’s simply part of doing business here,” he said. The company views the complaint as mischaracterizing the process, noting that NOAA’s certification advanced the application to further review rather than greenlighting activity, and that the case “does not impact the USA-A application.”

How Did TMC Retail Traders React?

On Stocktwits, retail sentiment around TMC stock jumped from bearish to bullish territory over the past 24 hours, while message volume remained at high levels.

A Stocktwits user said that the stock is at a good price to buy more.

Another, however, said that there are “better opportunities elsewhere.”

A third user opined that the CEO must buy more shares of the company to show his confidence in its prospects.

TMC stock has dropped 56% year-to-date.

Read More: SPCX Stock Drops 5%: FAA Begins Environmental Review Of SpaceX’s Ambitious 456 Starships A Year Expansion

For updates and corrections, email newsroom[at]stocktwits[dot]com.