The Metals Company’s stock has surged 580 per cent this year, reaching $7.64 as investors position for what could become the world’s first commercial deep-sea mining operation. The Canadian firm’s extraordinary rally reflects growing confidence that regulatory approval for ocean floor mining is within reach, potentially unlocking trillions of dollars worth of critical minerals scattered across the Pacific seabed.

TMC’s breakthrough came in April when it submitted the world’s first application for commercial deep-sea mining permits under US law, bypassing the stalled international regulatory process. The company applied to the National Oceanic and Atmospheric Administration under the 1980 Deep Seabed Hard Mineral Resources Act, a dormant piece of legislation that suddenly offers the fastest path to regulatory approval for ocean mining.