The Metals Company Inc. (NASDAQ: TMC) is a deep-sea miner that has been playing all its cards right. 2022 proved to be a stellar year for the company, and the market appears fully confident that this momentum will be pushed on through the upcoming years, despite macroeconomic concerns.
The Metals Company Makes Breakthrough in Hidden Gem Project
The recent quarters have been largely positive for The Metals Company (TMC), following the achievement of several milestones, and the ground covered towards its broader strategy. TMC had gone on to commission and launch the pilot collection system under its ‘hidden gem’ project, which comes as a breakthrough in the field of polymetallic module collection. The management calls the update one of the most significant developments in deep-sea mining since the 1970s. The system was, in many ways, a blaring success, especially when considering that it traveled more than 80 kilometers across the seabed, and collected 4500 tons of material.
Financial Performance for TMC Remains Stellar
In addition to TMC’s stunning milestones, it remains impressive on the financial front too. During 2022, it saw a cash injection of $30 million in pipe funding, which came solely through its existing investors. The initiative delivered a major boost to the company, and extended its cash runway by a full year, further broadening its forward-looking prospects. Moreover, the move comes at a time when similar companies may be facing financial pressures, with a looming recession, and staggering levels of inflation across the board. Due to this, many in the market are bullish on TMC.
Conclusion
TMC has come a long way, making some major strides in 2022 alone. With milestone achievements in its technology and its financial wins, the company stands as a promising deep-sea mining play to bet on. There are few names as promising as TMC within this domain.
