This $7 Stock Could Be Your Ticket to Millionaire Status

TMC The Metals Company (NASDAQ: TMC) is a $7 stock that could easily be worth more than seven to eight times what it currently trades at.

The deep-sea mining company is trying to harvest polymetallic modules from the seafloor.

It owns exploratory rights for the nodule-rich Clarion-Clipperton Zone (CCZ) of the Pacific Ocean. This zone, according to data from the U.S. Geological Survey, may hold more nickel, cobalt, and manganese than all the world's known land deposits. It also contains about as much copper as is available on land.

TMC's first targeted project could be worth about $24 billion, according to the company's estimates. It's unclear how much it will cost TMC to harvest these nodules and process them into battery-grade metals. But the life-of-mine revenue that could come from the nodules under its control are in the tens of billions, if not more.

Image source: The Metals Company.

Of course, TMC cannot legally access these nodules deposits just yet. It needs regulatory approval from the U.N-backed International Seabed Authority (ISA), which still hasn't finalized the mining code for nodule harvesting. A backdoor through the U.S. government may be on the table, but it's unlikely TMC will proceed without some kind of head nod from the ISA.

TMC thinks it will start commercial production in late 2027. The company had about $116 million in total cash at the end of the third quarter. It burns about $10 million to $11 million per quarter, which could increase drastically as it ramps up production.

Given its value now, and the likelihood that it will mine nodules in the near future, a position in the metal stock at today's price could be a ticket to millionaire status down the road.

Steven Porrello has positions in TMC The Metals Company. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.