TMC the metals company (TMC) said Friday that the National Oceanic and Atmospheric Administration has deemed its US unit's application for a seabed exploration license and commercial recovery permit fully compliant with federal law.

The company said the decision moves the application into the certification phase, after which it will be published for review.

A draft Environmental Impact Statement will follow for public comment before regulators make a final decision, the company said.

It said the process is expected to conclude by Q1 of next year.

TMC said the application covers a large area in the Clarion-Clipperton Zone, targeting polymetallic nodules.