TMC Is About to Dive Into Deep-Seabed Mining. Is the Stock a Buy in 2026?

The share price of TMC The Metals Company (NASDAQ: TMC) jumped on news released on March 9, 2026. The news was important to the company's goal of building a deep-seabed mining business, but it isn't the end of the process. Here's what you need to know and why investors shouldn't get too excited.

NOAA said The Metals Company properly filled out the form

The news from The Metals Company was that the National Oceanic and Atmospheric Administration (NOAA) told it that "the consolidated application submitted by the Company's subsidiary, The Metals Company USA LLC ('TMC USA'), for an exploration license and commercial recovery permit under the Deep Seabed Hard Mineral Resources Act (DSHMRA) is in substantial compliance with the requirements of the Act and its implementing regulations."

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This is the first time a company has submitted an application, so that is very good news. It means that The Metals Company won't have to go through a back-and-forth process to get this step correct before putting it in the rearview mirror. It is a big win for the mining company.

However, it is not the final step of the approval process. This is, really, just the first step.

The Metals Company has a huge amount of work ahead

The big takeaway is that the approval process is moving forward, which is clearly positive. However, mining is an expensive, dangerous, complicated, and time-consuming process in the best of circumstances. Given that The Metals Company is looking to operate an undersea mining operation, what it is attempting to do is even harder than building a traditional mine.

This is a stock appropriate only for the most aggressive investors at this still-early stage of development. While the opportunity seems attractive, given the importance of the nickel, cobalt, copper, and manganese the company hopes to produce for the world, there is still a great deal of uncertainty that needs to be cleared up, from obtaining the final regulatory green light to actually building the mining operation.

The Metals Company is nowhere near sustainably profitable

The big story here, however, is that The Metals Company is losing money and will likely continue to do so for a long time because of the huge costs involved in building a mining business. That's not unusual at all, given the still early stage of the business, but it should be enough to keep all but the most aggressive investors on the sidelines until The Metals Company has hit a few more development milestones.

Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.