6.5 Trillion Disappeared in a Day… What Happened to Deep-Sea Mining Stocks

The Metals Company Inc. (TMC) closed at $7.77 on the Nasdaq on the 25th, marking a sharp 17.69% drop from the previous day. Trading volume surged to about 20.4 million shares, significantly above its typical level, and the company’s market capitalization fell by roughly $480 million—about ₩650 billion—to around $3.2 billion (₩4.3 trillion) in a single day.

Recently, TMC filed an integrated application with the U.S. National Oceanic and Atmospheric Administration (NOAA) for both deep-sea mining exploration and commercial mining, heightening expectations for its first commercial permit and briefly driving the stock price up by double-digit percentages. Nevertheless, some analysts and investment research firms continue to caution that it remains a “high-risk, high-volatility” investment, due to ongoing conflicts with the International Seabed Authority (ISA) and the substantial capital expenditure burden.

As a development-stage company, TMC plans to begin commercial production in 2027, mining polymetallic nodules in the Pacific Ocean’s Clarion-Clipperton Zone to supply essential electric-vehicle battery metals such as nickel, copper, cobalt and manganese. The success of the project is seen as hinging on U.S. deep-sea mining regulatory reforms, adherence to ISA rules, and potential opposition from environmental organizations and Pacific island nations.