## Can a $7 Deep-Sea Mining Play Turn into Serious Wealth?

**The Valuation Gap That Caught Investors' Attention**

The Metals Company (NASDAQ: TMC) has become a fascinating case study in market psychology. Trading around $7 per share with a market capitalization of roughly $3 billion, the company's valuation appears disconnected from what its assets might actually be worth. Two separate assessments value the firm's exploration area at a combined $23.6 billion—suggesting the market is pricing in significant execution risk.

If the market ever fully embraces the company's potential, the math is compelling: TMC could theoretically deliver around 700% in upside from current levels. That kind of return would indeed make early believers filthy rich, though the path from speculation to reality remains uncertain.

**The Regulatory Breakthrough That Changed Everything**

For years, The Metals Company's prospects hinged on securing permission from the International Seabed Authority (ISA). This dependency created a major bottleneck, as the ISA hasn't yet finalized its regulatory framework for commercial deep-sea mining operations.

A significant shift occurred in April 2025 when TMC announced what it called "the world's first application for commercial recovery permit" under U.S. law. This mattered because the U.S. never ratified the treaty establishing the ISA, meaning it maintains independent authority over seabed licensing within its jurisdiction. A U.S.-based regulatory pathway could substantially accelerate TMC's commercial timeline, though political complications could still emerge along the way.

**Why 2025 Was a Turning Point**

The stock's dramatic 450% surge during 2025 reflected this shifting narrative. Entering 2026, TMC continued climbing, up 17% as of early January. This momentum came from a stock that was trading for just $1 per share roughly a year earlier—a reminder of how dramatically sentiment can shift around speculative ventures.

**The Bigger Picture: From One Project to Global Scale**

The real upside scenario doesn't depend on TMC mining one deposit. If the company can demonstrate that deep-sea polymetallic nodule recovery is commercially viable, it could theoretically expand operations across multiple regions. Industrial and defense contractors eager to secure long-term supply contracts for critical metals could become anchor clients, potentially driving demand for expanded reserve bases.

That expansion opportunity is why some investors see genuine 700% potential from $7—but it requires multiple pieces to fall into place. The volatility will be real, execution risk remains substantial, and there's no guarantee the company reaches its commercial objectives.

For patient investors comfortable with moonshot-style opportunities, TMC represents an intriguing asymmetric bet on both regulatory tailwinds and the eventual viability of an entirely new mining frontier.