The Metals Company Secures $37 Million to Advance Deep-Sea Mineral Exploration

May 13, 2025 — The Metals Company (TMC), a Canadian deep-sea mining firm, has announced securing $37 million in funding to further its exploration of polymetallic nodules in the Pacific Ocean’s Clarion Clipperton Zone (CCZ). These nodules are rich in critical minerals like nickel, cobalt, copper, and manganese, essential for electric vehicle batteries and renewable energy technologies.

The funding, primarily from existing shareholders and insiders, underscores investor confidence in TMC’s mission to provide a sustainable source of battery metals. The company emphasizes that harvesting these nodules could offer a lower environmental impact compared to traditional land-based mining.

TMC has been proactive in its approach, partnering with global research institutions to assess the environmental implications of deep-sea mining. Collaborations with entities such as the UK National Oceanography Centre and the University of Hawaii aim to ensure that exploration activities are informed by comprehensive scientific research.

Despite the potential benefits, TMC’s initiatives have faced scrutiny. The company has applied for a permit from the U.S. government to commence commercial mining in international waters, a move that has sparked debates about environmental concerns and international regulations.

With this new funding, TMC plans to advance its environmental impact assessments and move closer to commercial production, potentially starting as early as the fourth quarter of 2025. The company believes that responsibly sourced deep-sea minerals can play a pivotal role in the global transition to clean energy.