TMC The Metals Company (NASDAQ: TMC) is a Vancouver-based deep-sea minerals exploration company that collects and processes small nodules found on the seafloor.
They contain nickel, cobalt, copper, and manganese — metals essential for electric vehicle (EV) batteries, energy storage, and the global transition to clean energy
The mining stock is up more than 23% so far this year. The company said its U.S. subsidiary, The Metals Royalty Company (NASDAQ: TMCR), which began public trading in April and whose shares are up 80%, will apply for a U.S. mining permit to harvest rare metals at the bottom of the Pacific Ocean in the Clarion-Clipperton zone. The company received certification from the National Oceanic and Atmospheric Administration (NOAA) for its exploration license application on May 28.
The stock remains a speculative bet because it has no revenue. In the first quarter, it reported a net loss of $20.6 million and cash of $119 million. Also, getting approval for the license application means jumping through a series of regulatory hurdles.