TMC the metals company Inc. (TMC) Stock Price & How to Invest

TMC the metals company (TMC), headquartered in Vancouver, Canada and listed on Nasdaq, is a deep-sea mining developer focused on polymetallic nodules in the Clarion-Clipperton Zone of the Pacific Ocean. These potato-sized nodules sit on the abyssal seafloor roughly 4 kilometers down and contain nickel, cobalt, copper, and manganese, four metals tied to batteries, electrification, and steel. TMC controls two exploration areas through its subsidiaries NORI (Nauru Ocean Resources Inc.) and TOML (Tonga Offshore Mining Ltd.), and it partners with engineering and refining firms rather than building the full supply chain itself.

The company's plan is to recover nodules at sea, then process them on land into nickel, cobalt, copper, and manganese products. It has declared what it describes as world-first probable nodule reserves at its NORI-D area, around 51 million wet tonnes, and points to a broader resource measured in the low billions of tonnes across its acreage. TMC went public in 2021 through a SPAC merger and has never generated product revenue; it remains a pre-revenue, development-stage company whose progress is measured in permits, partnerships, and engineering milestones rather than sales or profits.

The dominant risk is regulatory and close to binary: TMC's plan depends on US permits that are contested internationally, with the ISA opening an inquiry into its subsidiaries and a coalition of dozens of nations backing a moratorium on deep-sea mining. Strong, organized environmental opposition argues that mining the Clarion-Clipperton Zone could cause lasting harm to poorly understood deep-sea ecosystems, which adds legal and reputational risk. The company is pre-revenue and burns cash each quarter, so it depends on continued financing and partner funding to reach production. The economics of recovering and processing nodules at commercial scale are unproven, and the whole thesis can move sharply on a single permitting, legal, or financing event.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see TMC the metals company Inc.'s investor relations page or your broker.

• Revenue: $0 (pre-revenue; no product sales)
• Net loss (Q1 2026): ~$20.6 million, EPS ~$(0.05)
• Cash: ~$119.7 million at March 31, 2026, with no financial debt
• Market cap: ~$1.9 billion (late June 2026; varies widely with the share price)
• NORI-D declared probable reserves: ~51 million wet tonnes, grading ~1.4% nickel, ~0.13% cobalt, ~1.1% copper, ~31% manganese
• Broader resource: Company cites a resource into the low billions of tonnes across NORI and TOML, and its own studies cite combined NPV in the low tens of billions (company estimates)

Standard valuation ratios do not apply: TMC has no revenue and posts a loss every quarter, so there is no P/E, no profit margin, and no dividend to anchor a price. The market value is effectively an option on a future outcome, driven by permitting decisions, financing news, partner milestones, and metal-price expectations rather than current cash flows. All figures are approximate, tied to the dates above, and move quickly; verify against TMC's investor relations page or your broker before relying on them.

There are three common ways to get TMC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so TMC sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where TMC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

If you believe deep-sea polymetallic nodules can become a viable Western source of battery and critical metals, and that TMC can clear the US regulatory path and finance the move to production, then TMC is one of the few pure-play ways to express that view. It is a pre-revenue, single-asset-class resource story whose value swings on permitting decisions, financing, and the unproven economics of seabed mining at scale, so most holders who own it treat it as a small, high-risk speculative position rather than a core holding. Whether it fits a given portfolio depends entirely on goals, time horizon, and tolerance for a potentially binary outcome.

Whether TMC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TMC a buy?, and where the stock could go from here in the TMC stock forecast.

For income investors, whether TMC pays a dividend and how the payout looks is covered in does TMC pay a dividend?