Right now, on the floor of the Pacific Ocean, tens of billions of dry tons of polymetallic nodules sit undisturbed, awaiting a decision on whether they will ever be extracted.
Each of these polymetallic nodules contains metals critical to clean energy technology and electric vehicle (EV) batteries, such as cobalt, copper, nickel, and manganese. Collectively, they may represent one of the largest untapped critical mineral deposits in the world.
One mining company believes it has the best shot at extracting them for industrial purposes. That company is The Metals Company (TMC 2.57%), and the likelihood of it commercially harvesting nodules at scale may have just gotten better.
NASDAQ: TMC
Key Data Points
On Jan. 21, 2026, the National Oceanic and Atmospheric Administration (NOAA) announced changes that would accelerate the permitting timeline for deep-seabed mining applications. In short, it's now allowing applicants -- like TMC -- to apply for both an exploration and commercial recovery permit through a single, consolidated application.
Previously, applicants had to apply for an exploration permit first, then a commercial recover permit. Putting them together in the same application will, therefore, streamline the process. It could also put commercialization within TMC's reach.
A nodule collector docking on an open-sea vessel. Image source: The Metals Company
Up until now, the story around the stock has been shot through with uncertainty. The company has lacked regulatory approval, its path to commercialization has been unclear, and cash burn has been a real problem. But now that a regulatory path is becoming more defined, the timeline for commercial operations in the Pacific Ocean could be shorter than previously expected.
The company currently has a $3.7 billion market cap, despite generating no revenue. By its own estimates, it controls nodules with an in-place value of about $23.6 billion. If it were to grow into the net present value of those nodules, the stock's upside could be substantial.
As of Jan. 22, TMC is the first company to apply for a consolidated permit under NOAA's new rule. Execution risks remain, but shares below $10 may offer an attractive entry point for long-term investors.
