Overview
- TMC shares fell 25.5% in March and now trade about 56% below the 52-week high after opening April 6 near $4.59.
- NOAA said March 9 the company’s joint application met “substantial compliance,” a procedural step that does not authorize mining and leaves the permit decision outstanding.
- The company remains pre-revenue and reported a fourth-quarter loss of $0.08 per share on no sales, with $117.6 million in cash and $11.4 million used for operations in the quarter.
- TMC aims to collect polymetallic nodules across roughly 65,000 square kilometers in the Pacific, targeting rocks rich in nickel, copper, cobalt, and manganese used in batteries, energy storage, and steel.
- No firm has achieved a commercial deep-sea metals harvest, a 2023 study cited lower impact for TMC’s method, and many scientists still warn of possible lasting harm to ocean ecosystems.