Deep-Sea Mineral Stocks Surge Again: Market Capitalization Approaches 3.2 Trillion Won Amid Uncertainty

TMC The Metals Company (NASDAQ: TMC), a deep-sea mineral development firm, saw its shares surge 7.10% to close at $7.82 on the Nasdaq on the 13th. Trading volume topped 8.69 million shares, and its market capitalization climbed by $247 million to approximately $3.23 billion—about ₩4.2 trillion, representing a daily gain of roughly ₩330 billion.

Recently, The Metals Company highlighted its commercialization potential by producing battery-grade manganese sulfate from seabed manganese nodules and assigning a net present value of about $23.6 billion to its flagship NORI-D project. Yet, as of Q2 2025, the company held just $116 million in cash against a quarterly net loss of $184 million, underscoring substantial investment demands and financial risks.

On the regulatory front, the U.S. National Oceanic and Atmospheric Administration (NOAA) has proposed rules to streamline deep-sea mineral exploration and commercial production permits, and the addition of copper to the U.S. Critical Minerals List signals federal support. Conversely, environmental groups such as Greenpeace warn of potential ecosystem damage from deep-sea mining and continue to pressure the International Seabed Authority (ISA) during its drafting of mining regulations, leaving the permitting timeline uncertain.

The Metals Company plans to harvest manganese nodules in the Pacific’s Clarion-Clipperton Zone to supply nickel, cobalt, copper, and manganese—metals essential for secondary batteries and the energy transition. Backed by sponsorships from the governments of Nauru and Tonga, the firm is pursuing commercial production under ISA guidelines and U.S. deep-sea mining law, targeting a Q4 2027 start. Its success or failure could significantly influence U.S. and global critical mineral supply chains.