What’s Going On With The Metals Company Stock?

Exploding 451% higher, The Metals Company (TMC -0.40%) delivered one of the market’s standout performances in 2025. With President Donald Trump signing executive orders to spur deep-sea mining in 2025, investors recognized the value in one of the industry’s leaders, The Metals Company.

But shares haven’t repeated their impressive performance in 2026. As of this writing, The Metals Company stock has plunged 35% year to date and is now down 65% from its 52-week high.

Image source: Getty Images.

This critical metals stock is caked in risk

On its surface, the bullish argument for The Metals Company is clear: It intends to harvest rocks from the seafloor to produce copper, nickel, manganese, and cobalt — critical minerals in high demand for uses ranging from electric cars to defense applications.

The market, however, recognizes that the company still faces substantial headwinds. While the Trump Administration supports deep-sea mining, many politicians remain hesitant because the environmental consequences of this innovative practice are not fully understood. Should a shake-up in Washington, D.C., following an election occur, the political goodwill could fade and complicate the company’s plans.

The lack of clarity from the International Seabed Authority (ISA), an intergovernmental organization that oversees activities on the seafloor, illustrates how the pushback against deep-sea mining extends to other nations. Established in 1994, the ISA has failed to develop a regulatory framework for deep-sea mining, concluding its July meeting without one.

Today’s Change

(-0.40%) $-0.02

Current Price

$3.76

Key Data Points

Market Cap

$1.6BMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Day’s Range

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$3.71 – $3.81

52wk Range

$3.40 – $11.35

Volume

1.2M

Avg Vol

5.3M

At the end of June, The Metals Company had $98.7 million in cash, which management believes could meet working capital and capital expenditures through June 2027. Since the company isn’t generating organic cash, investors are likely concerned about the prospect of the company weighing down its balance sheet with debt or raising capital by issuing equity to keep the lights on.

What should investors do now?

The drop in The Metals Company stock is unsurprising, with exuberance over the executive orders fading and reality setting in that the company’s success in commencing operations is hardly guaranteed. Potential investors should tread carefully, as this mining stock remains at the high end of the risk spectrum.