Shares of The Metals Company (TMC) surged 5.88% in after-hours trading on Thursday, following the release of its fourth quarter and full year 2024 financial results, as well as the announcement of its plans to apply for deep-sea mining permits under existing U.S. legislation.

The company reported a narrower-than-expected loss for the fourth quarter, with earnings per share of $(0.05) beating the estimated $(0.06). While TMC posted a net loss of $16.1 million for the quarter, this was an improvement from the $33.5 million loss in the same period last year. The reduced loss was attributed to decreased exploration and evaluation expenses, which fell to $8.3 million from $26.7 million in Q4 2023.

Investors were particularly encouraged by TMC's announcement that it plans to apply for exploration licenses and commercial recovery permits under the U.S. Deep Seabed Hard Mineral Resources Act in the second quarter of 2025. CEO Gerard Barron stated that the company believes the U.S. offers "a stable, transparent, and enforceable regulatory path" for deep-sea mineral exploration. This move comes as TMC seeks alternatives to the International Seabed Authority's delayed adoption of exploitation regulations.