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The demand for domestically sourced critical minerals and rare-earth elements is increasing.
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TMC is focused on deep-sea mining of polymetallic nodules, which contain high concentrations of nickel, copper, cobalt, and manganese.
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It faces significant regulatory challenges, including obtaining necessary permits, as well as operational risks.
Over the past year, rising geopolitical trade tensions have thrust critical minerals and rare-earth elements into the spotlight. These minerals power advanced technologies like electric vehicles, wind turbines, semiconductors, and modern defense systems, making them critical to national security and energy independence.
One company seeking to establish itself as a provider of these precious minerals is TMC The Metals Company (NASDAQ: TMC). This company aims to address the growing demand for domestically sourced critical minerals by developing a new metal supply from polymetallic nodules on the deep-sea floor. The stock surged as much as 1,576% from its low last year, as investors piled into rare-earth companies.
While the stock has been volatile and story-driven, it has a long-term opportunity to address the growing needs for these critical minerals. But before you plow money into the stock, there are some things you should know first.
TMC aims to address the demand for critical minerals through deep-sea mineral exploration. The company’s ultimate goal is to collect, process, and refine polymetallic nodules, which are rocks on the seafloor with high concentrations of nickel, copper, cobalt, and manganese. The company is targeting the seafloor in the international waters of the Clarion-Clipperton Zone, roughly 1,500 miles from San Diego.
Mining seabed minerals could be a significant industry and an opportunity to build domestic critical mineral reserves. When CEO Gerard Barron testified before the U.S. House Committee on Natural Resources in April 2025, he said these nodules contain more critical minerals than land-based reserves combined.
While the opportunity for seabed mining is huge, so is the risk. There are several regulatory hurdles that TMC must overcome before it can begin mining the ocean seafloor.
In April, U.S. President Donald Trump signed an executive order, “Unleashing America’s Offshore Critical Minerals and Resources,” that underscores the administration’s commitment to building a robust domestic supply of critical minerals. This order directs the Department of Commerce to implement an expedited permitting process under the Deep Seabed Hard Mineral Resources Act (DSHMRA).
