Recovery permit marks inflection permit for Metals Company, says Alliance Global

Alliance Global Partners reiterated a Buy rating and $6.25 price target on Metals Company (TMC) after the company announced the submission of its long-awaited permit application for commercial recovery of deep-sea minerals. The firm noted that the submission follows the company’s recent decision to seek permits under the established U.S. Seabed Mining Code. In the firm’s view, the permitting process under the Deep Seabed Hard Minerals Resources Act and National Oceanic and Atmospheric Administration should provide a clear and expedited path forward relative to alternative permitting pathways, the analyst tells investors in a research note. The firm added that the submission of the permit marks a major inflection point in the company’s journey aimed at becoming a supplier of critical materials through seafloor nodule collection activities.