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

The company reported a narrower-than-expected loss for the fourth quarter, with earnings per share of $(0.05) beating analyst estimates of $(0.06). TMC's net loss for Q4 2024 was $16.1 million, compared to a $33.5 million loss in the same period last year. The improvement was largely attributed to decreased exploration and evaluation expenses, which fell to $8.3 million from $26.7 million year-over-year.

In a significant strategic move, TMC also announced that its subsidiary, TMC USA LLC, has formally initiated a process to apply for exploration licenses and commercial recovery permits under the U.S. Deep Seabed Hard Mineral Resources Act (DSHMRA). The company plans to submit applications to the National Oceanic and Atmospheric Administration (NOAA) in the second quarter of 2025. This decision comes as TMC seeks a "stable, transparent, and enforceable regulatory path" amid delays in the adoption of exploitation regulations by the International Seabed Authority. The move towards U.S. regulation could potentially accelerate TMC's path to commercial deep-sea mineral recovery, which investors appear to view favorably.