The National Oceanic and Atmospheric Administration determined that TMC the metals company Inc.'s (NASDAQ: TMC) subsidiary application for deep-seabed mining permits meets substantial compliance requirements under federal regulations.

TMC USA submitted a consolidated application earlier this year for both an exploration license and commercial recovery permit to mine polymetallic nodules in the Clarion Clipperton Zone of the Pacific Ocean. The application covers approximately 65,000 square kilometers, expanding from a previous 25,000 square kilometer commercial recovery area proposed in April 2025.

The company estimates the expanded area contains 619 million tonnes of wet nodules, with potential for an additional 200 million tonnes. The consolidated application represents the first submission under NOAA's new streamlined process that allows companies to apply for exploration and commercial permits simultaneously.

"NOAA's determination reflects the depth of work our team and partners have put into understanding this resource and how it can be responsibly developed," said Gerard Barron, chairman and CEO of The Metals Company.

The application draws from more than a decade of environmental baseline studies and offshore engineering research conducted by the company and its partners. NOAA has maintained regulatory oversight of deep-seabed mining since the 1970s, issuing exploration license regulations in 1981 and commercial recovery permit regulations in 1989.

TMC USA's separate exploration license applications are proceeding through the regulatory process with public comment periods completed. The company develops critical metals from seafloor polymetallic nodules for energy, defense, manufacturing and infrastructure applications.