TMC the metals company Inc. (NASDAQ:TMC) saw its stock price rise 10% following a regulatory determination from the National Oceanic and Atmospheric Administration that the company’s consolidated deep-seabed mining application is fully compliant with applicable law and rules.
NOAA reviewed the consolidated filing lodged by The Metals Company USA LLC, a TMC subsidiary, and concluded the application for an exploration license and a commercial recovery permit under the Deep Seabed Hard Mineral Resources Act satisfies the Act and its implementing regulations, the company said in a Thursday announcement.
The latest determination follows an earlier finding of substantial compliance in March. The full compliance decision advances the package into the certification stage of NOAA’s review. Following certification, NOAA will publish the application in the Federal Register and will issue a draft Environmental Impact Statement to solicit public comment.
The consolidated application covers about 65,000 square kilometers of exploration and commercial recovery area in the Clarion Clipperton Zone of the Pacific Ocean. That footprint is larger than the commercial recovery area in the company’s initial application from April 2025, which covered approximately 25,000 square kilometers.
According to the application, the designated area holds an estimated 619 million tonnes of wet nodules, with the possibility of an additional exploration upside of roughly 200 million tonnes. The consolidated application mechanism permits companies with exploration-phase data to present a combined request for both exploration licenses and commercial recovery permits, enabling a potentially more efficient permitting timeline under NOAA’s updated regulatory framework.
TMC USA anticipates the review process will conclude before the end of the first quarter of 2027. The company said its consolidated filing is informed by more than a decade of environmental baseline studies, scientific research and offshore engineering conducted by TMC and its partners.
Context for markets and sectors
- Equity markets: The stock reaction reflects investor response to a regulatory milestone for a mining company listed on the Nasdaq.
- Materials and mining sectors: The application relates directly to deep-seabed mineral resource development in the metals and mining sector.
- Regulatory and environmental fields: The next steps include formal publication and a draft Environmental Impact Statement, engaging regulatory and environmental review processes.