NOAA finalized a rule on January 21 2026 that modernizes the permitting framework for deep‑seabed mining under the Deep Seabed Hard Mineral Resources Act (DSHMRA). The rule introduces a consolidated application stream that lets operators combine exploration and commercial recovery data into a single submission and sets a $350,000 application fee for the consolidated license and permit.
The new framework aligns with President Donald Trump’s Executive Order 14285, “Unleashing America’s Offshore Critical Minerals and Resources,” issued on April 24 2025, and supports the U.S. government’s broader critical‑minerals strategy.
TMC welcomed the rule, with CEO Gerard Barron saying the updated framework fits the company’s plan to shift from the stalled International Seabed Authority process to the U.S. pathway and to submit a consolidated application soon. TMC has already secured exploration licenses, completed extensive environmental studies, and received NOAA notices of substantial compliance and priority rights for its USA‑A and USA‑B areas.
The company’s financial context underscores the importance of the rule. In Q3 2025 TMC reported an operating loss of $55 million and held $115 million in cash; in Q2 2025 the operating loss was $22 million and the net loss $74.3 million. These figures highlight the capital intensity of deep‑seabed mining and the need for a streamlined permitting process to improve cash runway and financing prospects.
By reducing permitting timelines and eliminating duplication, the rule could enable TMC to obtain a commercial recovery permit and begin production by Q4 2027, a key milestone that would accelerate the company’s return on investment and support its long‑term strategy.
The rule also reflects advances in environmental science, seafloor mapping, and offshore mineral‑collection technologies, addressing environmental concerns that have historically slowed deep‑seabed mining development.
Overall, the rule represents a significant regulatory inflection point for TMC, aligning with U.S. strategic interests and potentially accelerating the company’s deep‑seabed mining operations.
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