TLDR
- TMC stock is up 385% in 2025 but down 49% from October highs after recent selloff
- Company controls $23.6 billion worth of polymetallic rocks on Pacific Ocean seafloor
- CFO Craig Shesky warned short sellers could face “a very bad day” if regulatory approval comes through
- Production could start before Q4 2027 timeline if regulatory roadblocks clear quickly
- TMC holds $115 million in cash with potential $430 million more from warrants
TMC stock jumped nearly 24% in after-hours trading Wednesday following comments from CFO Craig Shesky that sent a clear message to the 13.7% of shares held short. Speaking on the Rock Stock Channel podcast, Shesky said anyone shorting the stock right now should be “quite nervous.”
TMC the metals company Inc., TMC
The warning comes as TMC works through the final regulatory hurdles needed to start vacuuming polymetallic nodules off the Pacific Ocean floor. These rocks contain copper, nickel, cobalt, and manganese – metals in high demand for electric vehicles and data centers.
TMC’s stock has been on a wild ride this year. The shares gained as much as 854% at one point in 2025 before pulling back. November has been particularly rough, with shares down more than 17% for the month, marking the worst monthly decline since July 2024.
The selloff followed the company’s third-quarter earnings report. TMC posted a net loss of $184.5 million, compared to $20.5 million in the same quarter last year. Shares also cooled after the U.S. and China extended a trade truce, easing some of the tension around rare earth exports that had pushed the stock to all-time highs in October.
But Shesky isn’t worried about the recent dip. He pointed to the company’s cash position and progress with regulators as reasons for optimism.
Government Support Builds Momentum
President Donald Trump signed an executive order in April to accelerate deep-sea mining operations. The order aims to counter China’s control over critical mineral supply chains by fast-tracking extraction of resources from the ocean floor.
TMC is now in talks with multiple U.S. government agencies. These include the Department of Energy and the Pentagon. Shesky said these conversations are moving in the right direction.
“While I can’t point to a timeline or promise a specific headline, what I can say is that anybody who would be short the stock now, I would question what exactly is the thesis,” Shesky said. He added that roughly 25 million shares are currently held short.
Cash Position Strengthens
The company ended its third quarter with about $115 million in cash. That gives TMC a couple years of runway at its current burn rate.
Water Tower Research analyst Dmitry Silversteyn noted the company might not need additional funding anytime soon. For the first time since going public, TMC appears financially stable. The company also has the potential to raise more than $430 million from existing warrants if needed.
“Given the fact that we are in a strong cash position and given the fact that we are on a very clear path towards regulatory certainty, I don’t quite understand what the bet against this would be,” Shesky said.
TMC published two technical assessments in August 2025. These reports assigned a combined net value of $23.6 billion to the metals in its exploratory area. With a current market cap around $2 billion, the company trades well below the estimated value of its underwater resources.
Shesky suggested production could start even before the company’s stated timeline of Q4 2027 if all regulatory approvals come through smoothly. The company currently operates under an exploratory license but needs full mining approval to begin commercial operations.
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