Imagine diving in the depths of the Pacific Ocean, not to see coral reefs or search for the microscopic pirate treasure, but to collect metal rocks that contain materials that can operate the electric car revolution (EV).
This, in short, is the bold vision Metal Company(Nasdaq: tmc)It is a company based in Vancouver that aims to empty multi -defined nodules from the sea floor. With an arrow that rose 430 % in 2025 as of the market on July 31, TMC acquired the eyes of investors who are betting on the future of green energy. But with no revenues, installation losses, and a sea of risk, is this Material stock It is worth diving? Let’s explore.
Photo source: Getty Images.
TMC is not your model Mining shares. The main task of the company is to harvest multi -defined nodules from a far -wicker extension of the Pacific Ocean known as the CLAPPERTON Zone (CCZ). These extended stones are loaded with the size of the fist the size of nickel, copper, cobalt and manganese, and all the basic components in everything from electric car batteries to solar panels.
On the ground, these rare ground minerals are extracted and treated in heavy carbon ways, which are paradoxes that undermine the future of clean technology that many are scheduled to be many. TMC wants to turn the text program. Instead of digging holes on the ground, they want to scoop metal nodules from the sea floor and improve them in battery category materials, perhaps with a lighter environmental imprint.
The possibility of huge TMC mining operations. Henry Sanderson also points out in his book Volt Rush: The winners and losers in the race to go green, Deep seas carries more nickel and cobalt, and possibly more rare ground minerals than all wild reserves in the world combined. CCZ alone contains about 21 billion metric tons of nodules – enough raw materials not only to shake China’s grip on battery minerals but Supercharge EV revolution for decades, if the material can be collected and polished.
But let’s not be Sugarcoat that: TMC is not anywhere near the harvest of nodules on a commercial scale. The company informed zero revenues in the first quarter of 2025, associated with a net loss of about 20.6 million dollars. That loss expanded from $ 16.1 million in the previous quarter. It turns out that building an underwater mining infrastructure will not be cheap.
Or fast. As of writing, TMC still does not have a green light for commercial cancellation in CCZ. Although it holds exploration rights through two huge corrections there, it does not have permission to start harvesting the goods. This authority is located with the International Sea Foundation (ISA), a United Nations -backed body that is still not finished from the organizational play book that companies such as TMC need to work.
But there is a conspiracy development with ISA: the United States has not believed the treaty that made the agency. While 169 countries and the European Union officially realize the agency’s authority, the United States is not one of them. True, it recognizes parts of the treaty as an international law, but technically, it is not related to the ISA rules book. This means that if the national interest enters into force – for example, then securing local access to critical minerals – the United States can try to walk in its own way. This will give companies like TMC a possible quick path to start working in CCZ.
This is exactly the door in which TMC is trying to walk. In April 2025, the company submitted a request for a permit under a few decades ago by President Donald Trump’s signature on an American executive order to renew an interest in critical minerals abroad. If the TMC request is approved, this may mean mining under the American judicial jurisdiction in water that is limited to the rest of the world. It is a long shot, legally, and can penetrate international standards, but it will be a major penetration of a company without revenue.
TMC is what I call moonshot (or, maybe Mary in the depths of the seas)-it is a big idea with great risks and possible rewards. If permits and technology standards come, today the price may seem like a deal. After all, the market ceiling can appear worth $ 2.65 billion compared to the demand that is held by millions of dollars on the expected battery minerals during the next few decades. If TMC even becomes a secondary resource in that series, its higher growth can dwarm what investors are pushing today.
But if ISA prevents its permit, or if the United States does not adhere to legal audit, or if other things appear, on the way to the best for the company, TMC can maintain the burning of money without any clear revenue path.
This is a lot of “IFS”. It is clear that this is not a stock of risks. For aggressive investors with long -term horizons, there may be a logical small share as part of a variety of wallets. But I will wait for concrete progress, such as confirmed mining license, before increasing exposure.
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