The Metals Company (TMC) stock surged 11.18% in pre-market trading on Friday, as investors reacted positively to the company's latest strategic move in the deep-sea mining sector. This significant uptick comes as the Canadian miner takes steps to advance its ambitious plans for mineral extraction from the ocean floor.

On Thursday, TMC announced it had formally initiated a process under the U.S. Department of Commerce to apply for exploration licenses and permits for deep-sea mineral extraction. The company plans to apply under the Deep Seabed Hard Mineral Resources Act of 1980 (DSHMRA) instead of the International Seabed Authority (ISA), citing the latter's lack of adopted regulations around deep seabed exploitation. As part of this process, TMC has requested a pre-application consultation with the National Oceanic and Atmospheric Administration (NOAA).

This move by TMC comes at a crucial time for the deep-sea mining industry, with ongoing discussions at the UN's International Seabed Authority in Jamaica this week. The company's CEO, Gerard Barron, expressed confidence in their readiness to begin operations and manage environmental risks. However, the decision has drawn criticism from environmental groups, with Greenpeace accusing TMC of attempting to bypass international law. As the first company potentially gaining approval for deep-sea mineral development, TMC's actions could have far-reaching implications for the industry and marine conservation efforts.