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The Canadian mining company announced that it made an application with the U.S. Department of Commerce for exploration licenses and permits to extract resources from the ocean floor.
Shares of The Metals Company Inc. (TMC) surged by over 2% in Thursday’s regular trading session and extended gains in after-market hours by nearly 6% after the company’s fourth-quarter results.
The Metals Company reported a loss of $0.05 per share in Q4, in line with the consensus estimate. The company did not specify how much revenue it generated during the quarter.
The company also provided an update on its liquidity position, noting that as of Thursday, it had cash and credit facilities stood at $43 million.
“We believe we have sufficient knowledge to get started and prove we can manage environmental risks. What we need is a regulator with a robust regulatory regime, and who is willing to give our application a fair hearing,” said TMC CEO Gerard Barron.
The Canadian mining company also announced that it made an application with the U.S. Department of Commerce for exploration licenses and permits to extract resources from the ocean floor.
TMC also reported that it requested a pre-application meeting with the National Oceanic and Atmospheric Administration (NOAA) with respect to its deep sea mining efforts.
Retail sentiment on Stocktwits around TMC surged to ‘extremely bullish’ from ‘neutral’ a day ago, with message volume soaring to ‘high’ levels at the time of writing.
One bullish user thinks the “future is bright” for TMC.
TMC’s stock has rallied nearly 52% year-to-date.
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