TMC The Metals Company regulatory approval for deep-sea mining

What happened: The Metals Company (TMC) received regulatory approval from the National Oceanic and Atmospheric Administration (NOAA) for its expanded ocean-mining application on May 28, 2023. This approval opens up an area estimated to contain over 1 billion tonnes of polymetallic nodules rich in critical minerals. Additionally, TMC's USA-B exploration license application was certified on the same day, pushing the company closer to its deep-sea mining goals.

Market impact: This narrative drives interest in deep-sea mining and critical mineral stocks. TMC's shares, currently under $20, are expected to nearly double within the next year, making it one of the best Robinhood stocks to buy now. The company's progress also influences other deep-sea mining stocks and the broader critical minerals sector, as it paves the way for increased exploration and production.

What to watch next: TMC's regulatory approval timeline is crucial. The company aims to start generating revenue by the end of 2027, with regulatory approval expected in early 2027. Additionally, investors should monitor TMC's stock price action around the $10 price target set by Maxim Group, which initiated coverage with a Buy rating. Lastly, keep an eye on TMC's operational costs and environmental impact assessments, as these factors could significantly impact the company's future prospects.