Core Viewpoint - TMC The Metals Company experienced a significant stock surge of 22.7% following increased visibility from a Wall Street Journal article discussing an executive order that allows mining companies to extract critical metals from the sea floor [1][2]. Company Overview - TMC was founded in 2011 and is focused on deep-sea mining opportunities off the coast of California [4]. - The company has raised $37 million in equity at $3 per share from a strategic investor, which is expected to fund operations through the potential issuance of mining permits [4]. - TMC's current market capitalization is approximately $2 billion, despite not generating any revenue and incurring losses while raising capital [6]. Industry Insights - A 2024 analysis by consulting firm Arthur D. Little estimated the global worth of undersea metals at $20 trillion [3]. - The executive order allowing for undersea mining was issued despite objections from the International Seabed Authority, with studies indicating that the environmental impact may not be as severe as previously thought [3]. Investment Considerations - TMC is viewed as a speculative investment opportunity, particularly for investors interested in high-risk, high-reward scenarios, given its early mover advantage in the undersea mining sector [7]. - The company has invested over $500 million and spent more than a decade preparing for this opportunity, indicating a strong commitment to the sector [5].