Key points
- TMC’s stock has risen more than 400% this year, a move CEO Gerard Barron linked to an April executive order that gave the deep-sea mining industry a regulatory framework.
- The company’s license areas, about 1,000 miles southwest of San Diego, hold an estimated 2 billion tons of polymetallic nodules that Barron says equal more than 7% copper when nickel, cobalt and manganese are included.
- TMC finished the quarter with $120 million in cash plus more than $40 million in undrawn credit facilities, after recent strategic investments from a Korean company and the Hess family.
- In March, TMC said it would pursue permits through the United States rather than the international seabed authority, building on a 2022 demonstration of nodule collection at commercial scale.
