New York, Jan 23, 2026, 15:30 (EST) — Regular session
- TMC shares surged about 14% in afternoon trading, fueled by heavy volume.
- The company disclosed that its U.S. unit has filed a consolidated application with NOAA to explore and extract metal-rich seabed nodules.
- This filing marks the first test of new U.S. rules aimed at speeding up deep-sea mining permits outside national waters.
TMC the metals company Inc (TMC) shares surged about 14% on Friday, extending gains from the previous two days. Investors focused on the company’s push to obtain a U.S. permit for seabed mining. The stock peaked at $9.66 before closing at $9.52 by 3:30 p.m. EST, with volume close to 19.7 million shares.
The rally comes after U.S. regulators moved to streamline a process that’s been mostly inactive for decades. Starting Jan. 21, a new rule allows companies to apply simultaneously for an exploration license and a commercial recovery permit under the Deep Seabed Hard Mineral Resources Act of 1980, instead of going through each step separately. 1
The route to production remains complex. The Trump administration frames the change as a boost to U.S. access to critical minerals, though environmental and legal hurdles are likely. TMC CEO Gerard Barron called the new rule “a meaningful modernization” of the U.S. framework for deep seabed nodule extraction. 2
On Thursday, TMC revealed in a regulatory filing that its wholly owned subsidiary, The Metals Company USA, submitted a consolidated application to the National Oceanic and Atmospheric Administration. They’re aiming for an exploration license and a commercial recovery permit covering the Clarion-Clipperton Zone in the Pacific. The new filing significantly expands the proposed permit area to roughly 65,000 square kilometres, up from about 25,000. The company estimates the resource at 619 million tonnes of wet nodules, with an additional potential 200 million tonnes. They cite data indicating they can restrict environmental impact to the mined zones. “This new application represents the culmination of more than a decade of disciplined scientific, engineering, and environmental work,” Barron said.
Polymetallic nodules rest on the ocean floor, rich in metals such as nickel, copper, cobalt, and manganese — essential for batteries, wiring, and industrial alloys. For TMC, the priority is straightforward: lock in the permit before turning to revenue.
TMC is pitching the new U.S. process as a faster way to kick off commercial operations. “Those amended regulations pave a pathway for faster permitting and us moving into commercial production sooner rather than later,” Barron told Reuters, noting the company aims to land a permit by year-end. Reuters also reported that Glencore has agreed to buy metals TMC extracts from the seabed. 3
A consolidated application doesn’t guarantee approval. Agencies still must review it, and the public gets a chance to comment. Critics caution that industrial activity on the ocean floor could cause lasting damage that’s hard to foresee.
Traders now await procedural cues: will NOAA deem the application sufficiently complete to move into early review? The pace toward a public hearing is also in question. Legal hurdles or changes in political support could slow things down.
Friday’s session underscored the stock’s sharp reactions to news. The key event ahead is NOAA’s first rulings on the application. If a permit gets approved, the company is targeting a decision by the close of 2026.
