The opportunity to secure a domestic supply of other critical minerals has opened up a market for up-and-coming companies, including The Metals Company (TMC 4.49%). Meanwhile, the higher gold and silver prices have been a windfall for precious metals miners like SSR Mining (SSRM 4.28%).
If you're weighing your investment options and are considering these two mining stocks, here's what you need to know and which one is a better investment today.
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SSR Mining benefits from surging precious metals prices
SSR Mining operates multiple mines in the United States, Canada, and Argentina. The company's primary focus is on precious metals like gold and silver, but it also mines base metals, including copper, lead, and zinc.
Thanks to surging precious metal prices, the company delivered excellent results last year. Total revenue came in at $1.63 billion, a nearly 64% year-over-year increase, driven by 48% and 46% increases in realized gold and silver prices, respectively. Meanwhile, net income was $395.8 million, a big turnaround from the $261.3 million net loss in 2024.
NASDAQ: SSRM
Key Data Points
It recently sold its 80% stake in the Çöpler Mine in Turkey, which had been shut down by regulators following the fatal accident in 2024, for $1.5 billion in cash. Analysts at Bank of America viewed the sale as a good move that reduces the miner's exposure to emerging markets while the company focuses on more developed-market assets.
TMC looks to deep-sea mining to secure domestic critical mineral production
In contrast, TMC is an early-stage, exploratory mining company focused on deep-sea polymetallic nodules on the ocean floor. The company sees these mineral-rich rocks as an excellent source of critical minerals, including nickel, copper, cobalt, and manganese. These metals have come into focus because they're critical components in lithium-ion batteries for electric vehicles and are also important for national security.
By mining the ocean floor, TMC could be a major supplier of these materials. This would help reduce reliance on foreign sources, notably China, which has a stronghold in critical mineral mining and processing. However, the company faces some regulatory hurdles before it can even begin mining the deep-sea floor. Internationally, deep-sea mining is overseen by the International Seabed Authority (ISA) under the United Nations Convention on the Law of the Sea.
NASDAQ: TMC
Key Data Points
Because of repeated delays by the ISA in establishing exploitation regulations, TMC shifted strategy by filing a consolidated application with NOAA under the U.S. Deep Seabed Hard Mineral Resources Act. On March 9, NOAA determined that the application was in "substantial compliance." While this is not a final permit, it's a positive development that transitions TMC's application from the filing phase into a formal substantive review.
One stock stands out as a better buy today
Both stocks come with their own unique risks. SSR Mining is more established, but its performance is closely linked to spot gold and silver prices. If these precious metal prices plummet, SSR Mining stock will follow suit. Meanwhile, TMC hopes to begin production in late 2027, but still needs to obtain its deep-sea mining permit and could face legal challenges along the way.
If you're bullish on the domestic production of critical minerals and are willing to stomach the significant risks ahead, TMC might just be for you. However, if you are bullish on gold and silver prices and seeking a way to capitalize on further upside, SSR Mining is a better choice right now.
