TMC Stock Rises Overnight: Royalty Firm Linked To Deep-Sea Mining Project Eyes Nasdaq Listing Next Week

The Metals Royalty Company said its royalty model offers exposure to mining cash flows and commodity upside while limiting operational risks.

• Last week, The Metals Royalty Company filed a registration statement with the U.S. SEC for a proposed Nasdaq direct listing.
• The royalty firm’s portfolio is anchored by a 2% royalty on TMC’s NORI polymetallic nodule seabed project.
• Momentum also comes after the NOAA said TMC’s deep-sea mining application meets key U.S. regulatory requirements.

Shares of The Metals Company Inc. (TMC) climbed over 1% in overnight trading on Tuesday as a royalty firm tied to its flagship seabed mining project moved toward a Nasdaq listing expected next week.

TMC stock posted its second straight session of gains on Tuesday, rising nearly 2% to close at $6.38.

Royalty Partner Moves Toward Nasdaq Listing

The move follows an announcement last week from The Metals Royalty Company that it has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed direct listing of its shares on Nasdaq.

The Metals Royalty Company is a financing platform to strengthen U.S. critical mineral supply chains through royalties, streams, and other structured interests tied to mining assets. Its portfolio is anchored by a 2% gross overriding royalty on the NORI polymetallic nodule deposit operated by TMC.

The Metals Royalty Company said its model allows investors to benefit from long-term cash flows and commodity upside from key mining assets while limiting exposure to operational and development risks.

Seabed Mining Project Gains Regulatory Momentum

The listing development comes as TMC advances regulatory approvals for its deep-sea mining project in the Clarion-Clipperton Zone of the Pacific Ocean.

On Monday, the National Oceanic and Atmospheric Administration (NOAA) said an application filed by TMC’s U.S. unit, The Metals Company USA, to explore and mine minerals from the deep seabed meets the requirements of the Deep Seabed Hard Mineral Resources Act and related regulations.

The filing covers an exploration and commercial recovery area of roughly 65,000 square kilometers, larger than the 25,000 square kilometers included in the company’s earlier commercial recovery permit application submitted in April 2025. The project contains an estimated 619 million tonnes of wet polymetallic nodules, with potential exploration upside of an additional 200 million tonnes.

Wall Street View On TMC

Brokerage firms raised their outlook for TMC earlier in January, following the company's submission of the consolidated seabed mining application. H.C. Wainwright increased its price target on the stock to $11.75 from $7.50, maintaining a ‘Buy’ rating and describing the permit application as a critical step toward further de-risking the company’s future operations.

Meanwhile, Alliance Global Partners raised its price target to $12.25 from $6.50 while reiterating a ‘Buy’ rating. The brokerage said the permitting milestone marks a major step for the company and views regulatory changes as a tailwind, adding that TMC maintains a first-mover advantage in the deep-sea mining industry.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment for TMC was ‘extremely bullish’ amid a 109% surge in message volumes over the past week.

One user noted that, “TMCR being listed on the nasdaq will provide TMC with liquidity if they need it, and will probably boost TMC share price.”

Another user said, “I think we are at the point where they’re just slicing the pie for our customers. We are golden.”

TMC stock has surged over 260% over the past year.

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