The Metals Company stock price sets new 52-week high in trading surge
First published at 15:11 EST. The deep sea mining company opens the trading week with a bang on the Nasdaq as it continues a remarkable rebound.
Deep sea miner, The Metals Company, achieved a new 52 week high in trading on the Nasdaq today as its streak of good fortune continues.
The Canadian company opened the week's trading at a share price of $3.63 before surging to a high of $4.56 at one point, with a few hours to go before the close of regular trading.
The surge comes on the back of an ebullient earnings call last Wednesday in which TMC clarified its position on several issues, including the due date for its highly anticipated pre-feasibility study, PFS.
The stock has been rebounding since Donald Trump announced a licensing regime for deep sea mining, which the company is pursuing, with an application under pre-review by the National Oceanic and Atmospheric Administration, NOAA.
In April, when the executive order was signed, the stock price surged by over 80 percent alone as news triggered a flurry of retail activity.
TMC is now up 380% over the last 6 months, a safe cry from its perilous drop to a 52-week low of $0.72 in December, and when it hovered below the $1 threshold for weeks, prompting a warning from the stock exchange.
In last week's earnings call, spirits were high as the company sought to reassure that it was liquid enough to sustain operations through the pioneering permitting process.
Last week, TMC reported cash reserves of $2 million, $41.5 million in access to credit, and a $37 million investment injection through a registered direct offering.
This article ponders whether a Wall Street Journal article on the weekend may have raised interest in The Metals Company, accounting for today's leap.
Read:
Deep Blue League's reports on The Metals Company's earnings call last week:
- The Metals Company fully abandons plan for deep sea mining licence at International Seabed Authority
- TMC promises to release pre-feasibility study in third quarter of 2025
- The Metals Company reports enough funds to get through pioneering permitting process as it posts another quarter of expected losses
TMC's Q1 presentation to investors
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