The Metals Co. (TMC) is progressing toward securing a commercial production permit for its deep-sea polymetallic nodule project in 2026 and advancing plans for a processing and refining hub in Texas, Wedbush Securities said Monday in a report.

TMC's recent entry into the Defense Industrial Base Consortium may strengthen its standing with the US government as demand grows for secure supplies of critical minerals, and the company appears well positioned to benefit from heightened trade tensions with China as the US and its allies push to build more independent supply chains, the report said.

The company's cash and available credit should provide enough liquidity for at least the next 12 months, while its stake in The Metals Royalty Co. may add another source of funding without issuing more shares, the report said.

The proposed processing and refining site at the Port of Brownsville, Texas, may become a key part of TMC's future supply chain, with government support and outside partnerships likely to influence the project's pace, the report said.

Wedbush cut its price target on TMC stock to $8 from $11 and maintained its outperform rating.

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