Shares of Vancouver-based TMC The Metals Company (TMC 20.19%) rocketed 22.7% higher on Monday as of 1:07 p.m. ET.

The Metals Company was mentioned in a Wall Street Journal article this past weekend, highlighting an April 24 executive order from the Trump administration directing the National Oceanic and Atmospheric Administration (NOAA) to grant permits to mining companies to extract critical metals from the sea floor. The metals include manganese, cobalt, copper, and nickel.

While the executive order happened in late April and The Metals Company surged on the news, apparently this WSJ piece has increased the company's visibility and the overall massive financial opportunity for the company, sending the stock another leg higher.

Is there $20 trillion on the bottom of the sea floor?

The WSJ piece pointed to a 2024 analysis by consulting firm Arthur D. Little that estimated the worth of undersea metals at $20 trillion globally. And while the administration's executive order came over the objections of the International Seabed Authority, the WSJ also highlighted a 2021 MIT study and a recent U.K. National Oceanography Center study, which each showed the environmental impact might not be as bad as feared.

Of note, The Metals Company, which was founded in 2011, has been specifically formed for the deep sea opportunity off the coast of California. Following the executive order, TMC applied for a permit just five days later -- the first company to do so. And after the order and application, the company raised $37 million in equity at $3 per share from a strategic investor, which the company said was enough to fund itself through the potential issuance of the permit.

On its first-quarter update, chairman & CEO Gerard Barron said, "We have invested over a half a billion dollars and more than a decade preparing for this moment."

Image source: Getty Images.

TMC The Metals Company is an interesting speculation

TMC's market cap is around $2 billion now, even though the company isn't making any revenue and is generating losses while raising more capital. So, the stock is extremely speculative here and not meant for conservative investors.

Still, as an early mover in this potentially massive opportunity, TMC has a huge amount of upside if many things go right -- if it obtains the requisite permits, if it can extract these metals off the sea floor in a cost-effective way, and if the prices of these metals generate a requisite return. So for investors interested in these types of "lottery ticket" opportunities, The Metals Company is a name to add to your list, especially after the April 24 executive order.