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Editor’s note: The headline has been updated to correct a typographical error.
TMC the metals company Inc. (NASDAQ:TMC) shares are trending on Wednesday.
Check out the current price of TMC stock here.
TMC shares rose 7.38% to $5.82 in after-hours trading on Tuesday.
Last week, TMC said in a press release that it has $165 million in total liquidity, including $121 million in cash after warrant exercises and unused credit lines following the quarter's end.
CEO Gerard Barron stated the company has "no need to come to the public markets anytime soon."
The U.S. Department of the Interior and U.S. Geological Survey added copper to the nation’s Critical Minerals List in November, meaning all four metals contained in TMC’s polymetallic nodules now carry critical status for U.S. economy and national security.
The company’s Pre-Feasibility Study states that copper accounts for 17% of anticipated life-of-mine revenue.
In August, TMC published two economic studies that indicated a $23.6 billion project value. The studies included the first-ever declaration of 51 million tonnes of probable mineral reserves in the world, as well as a Pre-Feasibility Study for the NORI-D area with a Net Present Value of $5.5 billion.
The company's press release cited a report stating that National Oceanic and Atmospheric Administration (NOAA) had sent its draft deep-sea mining rule to the White House to consolidate the license and permit review process. TMC's subsidiary, The Metals Company USA, received full compliance notice from NOAA in August on its exploration applications, confirming priority rights over both exploration areas.
TMC has gained 495.60% over the past year and is up 351.67% year-to-date.
TMC's stock has traded between $0.72 and $11.35 over the past year and has a market capitalization of $2.24 billion.
Price Action: According to Benzinga Pro data, TMC closed Tuesday at $5.42, up 10.95%.
With momentum in the 98th percentile, Benzinga's Edge Stock Rankings show that TMC is seeing long-term upward movement alongside medium- and short-term consolidation. Know how its momentum compares with other well-known names.
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Photo Courtesy: Sai Chan on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Posted In: TMC
