TMC has already been trending the market as it hit the new 52-week High of $7.45, which is a staggering 372% change in the last year. This has resulted in the company having a market value of up to 2.4 billion dollars, a sign of high confidence in the company by its investors and a feeling that the company has gained traction in its development. The modern rally is more than just price action. Korea Zinc has invested $85.2 million in TMC, giving them a 5% share. This contract was completed at a price of $4.34 per share, with Korea Zinc also being offered warrants to purchase additional shares at $7 over the three-year duration. This strategic alliance is an indication of confidence in the future of TMC, particularly as the company increases its investment in battery metals, which is becoming a globally significant industry.
The National Oceanic and Atmospheric Administration has made an optimistic statement regarding TMC and its licenses that are in the development phase. It means that the company is going in the right direction towards exploration of the deep seabed mining industry. The company has likewise improved its coordination with the Republic of Nauru, which can help it gain more resources and regulatory support in its mineral activities. These are developments that place TMC in a better position compared to its counterparts.
There has been some caution about the increased share value. Technical indicators like RSI show that the stock is overbought meaning that it could be in severe conditions. TMC is also trading above fair value as per InvestingPro. This mixture of optimism and pessimism makes TMC a possible stock to watch, with sufficient focus on the success of the stock following the promises of TMC.
TMC stock has reached a new 52-week high, hitting a price of 7.45 USD, with the company now commanding a market capitalization of $2.4 billion.