TMC The Metals Co. (TMC) shortened its "permitting timeline" and brought it closer to commercial production after filing the first consolidated deep-seabed mining application under a new expedited review process from the National Oceanic and Atmospheric Administration, Wedbush said in a report Monday.

The filing follows NOAA's move to fast-track commercial deep-sea mining and covers about 65,000 square kilometers for exploration and recovery in the Clarion Clipperton Zone, up from roughly 25,000 square kilometers in the company's prior application, Wedbush said, adding that the expansion reflects five years of environmental baseline studies, resource assessments, engineering work and offshore test mining.

The application details "commercial recovery" in tested and monitored areas after collecting about 3,000 tons of polymetallic nodules and completing "commercial-scale processing tests," marking a key step toward its target of commercial production in Q4 of fiscal 2027 as NOAA accelerates permitting following an April 2025 executive order on critical minerals, the report said.

Once the company secures NOAA approval and begins operations by 2027, it is expected to sign additional offtake agreements across the supply chain, including with battery makers seeking lithium and nickel, industrial customers needing copper, and steel producers requiring manganese, Wedbush said.

Wedbush maintained an outperform rating on TMC, with a price target of $11.

Shares of the company were down nearly 17% in recent Monday trading.

Price: 7.84, Change: -1.60, Percent Change: -16.95