Company Overview - TMC The Metals Company (NASDAQ: TMC) is a deep-sea mining specialist aiming to become a major mineral-sourcing player, having gone public through a SPAC merger in 2021 [1] - The company's share price has decreased by 15.5% since its market debut, despite a significant rally of 627% over the last year [2][4] - TMC is currently in a pre-revenue state, focusing on tests and obtaining regulatory approvals necessary for commercial operations [2] Industry Context - The U.S. heavily relies on China for mineral sourcing, particularly for rare-earth minerals, creating economic and national security concerns amid deteriorating U.S.-China relations [3] - TMC's strategy primarily involves collecting nodules containing base minerals, but there is growing investor interest in its potential to enter the rare-earth minerals market [4] Competitive Landscape - Kraken Robotics (OTC: KRKN.F) is highlighted as a company with exposure to the deep-sea mining space, providing technologies that could help reduce reliance on Chinese mineral sourcing [5] - Kraken specializes in deep-sea battery systems and synthetic aperture sonar (SAS), enabling uncrewed underwater vehicles (UUVs) to operate at significant depths and for extended periods [6] - The demand outlook for Kraken's technologies in deep-sea mining appears promising, contrasting with TMC's current pre-revenue status [7]