TMC the Metals Company (Nasdaq: TMC) has taken a significant step in its quest for a permit to explore and extract minerals from the Pacific Ocean floor. The National Oceanic and Atmospheric Administration (NOAA) has deemed TMC’s combined application for an exploration license and commercial recovery permit to be “in substantial compliance” with new regulations, as announced in a press release on Monday. The company is targeting a 65,000 km2 area in the Clarion-Clipperton Zone, estimated to contain 619 million tonnes of wet polymetallic nodules.
In January, NOAA revised the Deep Seabed Hard Mineral Resources Act, streamlining the permitting process for deep-sea mining in international waters, which previously required a two-step approach. Following these changes, TMC submitted its consolidated application, replacing a previous one filed in April 2025 under older regulations. The company’s market capitalization rose to $2.42 billion, with shares increasing by up to 4% to $6.00 apiece.
However, the application faces opposition from Greenpeace International, which argues that it violates international law and calls for the International Seabed Authority (ISA) to take action against TMC. The ISA is tasked with regulating seabed mining beyond national jurisdictions, but has faced delays in formalizing rules due to unresolved issues surrounding environmental impacts.
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