The Metals Co’s (TMC) Expanded Deep-Sea Mining Application Draws Bullish Analyst Outlook

TMC The Metals Co Inc. (NASDAQ:TMC) is one of the best high-upside materials stocks to buy. On January 23, TMC The Metals Co Inc. (NASDAQ:TMC) filed an expanded application that more than doubled its targeted deep-sea mining area, after the U.S. National Oceanic and Atmospheric Administration finalized a rule that eased applications. In particular, the regulator said that it would consolidate the licensing and permitting process into a single and ostensibly shorter review. In a statement about the regulator’s update, TMC The Metals Co Inc. (NASDAQ:TMC) CEO Gerard Barron said:

“Those amended regulations pave a pathway for faster permitting and us moving into commercial production sooner rather than later,”

Photo by NOAA on Unsplash

Meanwhile, on January 22, H.C. Wainwright raised its price target on TMC The Metals Co Inc. (NASDAQ:TMC) to $11.75 from $7.50 and maintained a Buy rating, citing the recently expanded application and the easing of regulations regarding the process. The analyst said that the application is a “critical step toward further de-risking” of the company’s future operations.

TMC The Metals Co Inc. (NASDAQ:TMC) is a deep-sea minerals exploration company focused on the collection and processing of polymetallic nodules found on the seafloor in international waters of the Pacific Ocean.

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Disclosure: None. This article is originally published at Insider Monkey.