They say the ocean’s deep, a place where things float around, lost and forgotten. But this one company, The Metals Company, wants to dip its hands into those dark waters, not to steal treasure or coral, but to pull up metal-packed rocks. They’re eyeing the seabed as if it’s the next gold rush, a chance to fuel the electric car dream with raw materials. They call it innovation. I call it a gamble.
Out of Vancouver, this outfit has been making waves, the kind you notice on the stock market. The price shot up like a rocket in 2025—430%, to be precise, up to July 31. Investors, those hopeful souls, have lined up like moths to a flame, thinking that the future of clean energy lies under the sea. The Metals Company wants to scoop up these nodules—polymetallic, fancy name for lumps of metal, heavy with nickel, copper, cobalt, and manganese. All essential to the electric vehicle revolution, or so they say. But the truth’s always got a funny way of surfacing, doesn’t it?
What does The Metals Company do?
This isn’t your regular mining gig. No pickaxes or hard hats here. No, TMC has its sights set on the Clarion Clipperton Zone, a remote stretch of ocean where the sea’s darker than a midtown alley. And those nodules? They’ve got enough metal to fuel electric cars and solar panels for decades—if they can get their hands on them, that is. The plan is simple: skip the land-based mining, which is a filthy business, and instead, harvest these stones from the bottom of the Pacific, refining them into something cleaner.
Sounds pretty sweet, right? The ocean’s riches, just waiting to be scraped off the bottom like some untapped treasure chest. Problem is, there’s one little issue—the numbers aren’t adding up yet. And for all their promises, TMC hasn’t actually done anything yet. Not a dime in revenue, just a mountain of losses growing by the day. And building mining rigs underwater isn’t exactly cheap or quick. Maybe they should’ve had a plan B, but who am I to judge?
But here’s where it gets juicy. The sea’s got more nickel and cobalt than all the land mines combined, or so the experts say. If TMC can pull it off, they could shake up the whole game. Picture it: raw materials that could break China’s chokehold on battery production, giving the electric car industry the push it needs. If they hit the jackpot, TMC might be the next big thing, the one everyone’s been waiting for. That’s if, of course, they can actually grab the goods.
A big vision, but zero revenue
Here’s the kicker. TMC’s not even close to pulling this off yet. They’ve got nothing—no revenue, just losses piling up faster than sand in a desert storm. In Q1 of 2025, they reported a net loss of $20.6 million, which is an improvement only if you ignore the $16.1 million they lost before. All that money, and they’ve barely begun to scrape the surface. But here’s the thing about dreams—they don’t come cheap, and sometimes they don’t come at all.
Even worse, they don’t have permission to start the show. They hold rights to explore, sure, but permission to dig up the metals? Still pending. The International Seabed Authority holds all the cards, and they’re still fumbling through paperwork. Of course, that’s assuming the U.S. doesn’t play hardball. The U.S. never ratified the treaty that set up the ISA, so if they decide to bypass the rules, TMC could get a shortcut to mining under American jurisdiction. A nice loophole, if it holds up in court.
In April 2025, TMC tried to sidestep the red tape. They filed for a permit under an old U.S. law just after Trump signed an executive order to boost interest in offshore minerals. If the U.S. says yes, TMC could start digging where others are barred. But don’t get too excited yet—it’s a long shot. If they manage it, though, it could give them the edge they need. A break, the kind you only get once in a lifetime, but don’t bet the farm on it just yet.
A long-term wager with caveats
TMC’s got a dream as big as the Pacific, but that dream’s got a lot of ifs in it. If the permits go through, and if the technology works, and if the sea doesn’t swallow their hopes whole, they could be sitting pretty. Right now, their market cap’s sitting at $2.65 billion, which is small change if they manage to corner a multitrillion-dollar market for battery metals. A small piece of that pie could pay off handsomely for the lucky few who get in early. But it’s all smoke and mirrors until the reality hits the sea floor.
On the flip side, if the ISA throws up roadblocks or the U.S. tries to snatch it all up, TMC could be left floundering like a fish out of water, still burning cash without a dime of revenue to show for it. A lot of ifs, and each one could sink the ship. If you’ve got the stomach for it, this is a moonshot—high risks, high potential rewards. But don’t say I didn’t warn you.
For those who like their investments as risky as a game of poker with the house’s money, sure, maybe throw a small bet their way. But don’t go all in until there’s more than just promises—until that mining license hits the table, and you can see it with your own eyes. Until then, it’s all just a lot of talking. And in this game, talking doesn’t pay the bills.
So here we are. Another company, another dream. Will it work out? Maybe. Will it blow up in their faces? Just as likely. Welcome to the world of high-stakes speculation. 🏝️
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2025-08-02 23:23