Canadian deep-sea mining exploration firm The Metals Company announced on Friday that the consolidated application for an exploration license and commercial mining rights submitted by its subsidiary, TMC USA, has received a full compliance ruling from the U.S. National Oceanic and Atmospheric Administration (NOAA). The company anticipates the entire regulatory review process will be completed by the end of the first quarter of 2027.

The Metals Company stated that NOAA, under the Deep Seabed Hard Mineral Resources Act, determined TMC USA's consolidated application is "fully compliant" with all informational requirements of the Act and its implementing regulations. This ruling follows a "substantial compliance" designation received in March of this year, marking the application's official entry into the certification phase of the review process.

TMC USA's consolidated application covers approximately 65,000 square kilometers in the Pacific Ocean's Clarion-Clipperton Zone for exploration and commercial mining, a significant expansion from the roughly 25,000 square kilometers designated for commercial mining in its initial application from April 2025. The area is estimated to contain approximately 619 million wet tons of polymetallic nodule resources.

NOAA's consolidated review mechanism allows applicants holding exploration-phase data to submit combined exploration and commercial mining license applications, aiming to provide a more efficient approval timeline. The Metals Company's investors are reported to include the private equity firm Allseas Group.

The next step involves the application being published in the Federal Register, followed by the release of a draft Environmental Impact Statement for public comment. A final decision on whether to issue the license and mining rights will then be made by NOAA.