Overview
- Shares of TMC closed up 17.7% at $7.40 on Dec. 3 after a 9.7% slide the prior day and an early-session jump of about 14.7%.
- Investors responded to reports that the U.S. will confer on Dec. 12 with Japan, South Korea, Singapore, the Netherlands, the U.K., Israel, the UAE, and Australia on expanding access to critical minerals.
- No new company news drove the move, with trading linked to U.S.-led supply-security efforts rather than TMC operational updates.
- TMC remains pre-revenue and has not begun commercial mining, reporting a Q3 net loss of $189.39 million and an operating loss of $55.36 million driven largely by non-cash and one-time items.
- The company explores Clarion Clipperton Zone nodules for copper, nickel, cobalt, and manganese and has indicated interest through a U.S. subsidiary to engage with the government on deep-sea mining.