TMC Drops 17.7% as Investors Await NOAA Decision on Expanded CCZ Mining Bid

Overview

• TMC shares fell 17.69% to close at $7.77, breaking a three-day winning streak.
• Traders cited profit-taking while waiting for updates on the company's U.S. deep-sea mining application.
• TMC recently applied to NOAA for both an exploration license and a commercial recovery permit covering 65,000 km² in the Clarion Clipperton Zone, up from a 25,000 km² request in April 2025.
• CEO Gerard Barron said the filing outlines more than 800 million tonnes of polymetallic nodules with grades of about 3.2% nickel equivalent and 7% copper equivalent, which are company estimates.
• The company says the submission reflects project readiness, and it has faced criticism from some ISA members over using a U.S. route, which TMC says was made through its U.S. subsidiary.