The National Oceanic and Atmospheric Administration has determined that TMC the metals company Inc.'s (NASDAQ: TMC) subsidiary application for deep-seabed mining permits meets all regulatory requirements under the Deep Seabed Hard Mineral Resources Act.

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

The company estimates the expanded area contains 619 million tonnes of wet nodules, with potential for an additional 200 million tonnes through exploration. NOAA's determination follows a March finding of substantial compliance and moves the application to the certification stage.

The application will now be posted to the Federal Register. Following certification, NOAA will publish a draft Environmental Impact Statement for public comment before making a final determination on permit issuance. TMC USA expects the process to conclude before the end of the first quarter of 2027.

NOAA's consolidated application process allows companies with exploration-phase data to submit combined applications for exploration licenses and commercial recovery permits, creating a more efficient regulatory timeline compared to separate applications.

"This determination marks an important step forward in NOAA's transparent, rules-based process," said Gerard Barron, TMC's chairman and CEO.

The application incorporates more than a decade of environmental baseline studies and scientific research conducted by TMC and its partners in the deep-sea mining area. NOAA has maintained regulatory oversight of deep-seabed mining activities since issuing exploration license regulations in 1981 and commercial recovery permit regulations in 1989.