** Shares of Canada's The Metals Company TMC.O rise 23% to $1.29
** Brokerage Alliance Global Partners starts coverage on TMC with a "buy" rating and PT of $3.75
** PT represents a 257.14% upside to the stock's last close
** Brokerage says it believes TMC has "first-mover advantage in the nodule collection segment of the battery materials market"
** Says TMC has rights to one of the largest undeveloped nickel projects in the world, which also hosts significant amounts of copper, cobalt and manganese
** Notes TMC’s data collection studies show that seafloor nodule collection causes "less environmental disruption" compared to traditional mining methods
** Brokerage says government's support for seafloor resource development is "accelerating", which is expected to improve permitting processes and benefit companies like TMC
** Says adoption of the International Seabed Authority's Mining Code, expected within a year, could unlock commercial operations for TMC
** TMC gained 4.7% in 2024
(Reporting by Kamal Choudhury in Bengaluru)
((Kamal.Choudhury@thomsonreuters.com;))
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