TMC the metals company Inc. (TMC) shares were trending Wednesday after climbing 7.38% to $5.82 in after-hours trading the day before. So what's driving the momentum for this deep-sea mining company?

Cash Position Removes Near-Term Funding Worries

Last week, TMC disclosed it's sitting on $165 million in total liquidity, which includes $121 million in cash following warrant exercises and available but unused credit lines after the quarter closed. That's the kind of number that matters when investors wonder about runway.

CEO Gerard Barron made the point explicit: the company has "no need to come to the public markets anytime soon." For a company pursuing capital-intensive projects like deep-sea mining, that's a reassuring statement.

Critical Mineral Status Now Covers All Four Nodule Metals

Here's an interesting development. The U.S. Department of the Interior and U.S. Geological Survey added copper to the nation's Critical Minerals List back in November. Why does that matter for TMC? Because all four metals contained in the company's polymetallic nodules now carry critical status for U.S. economy and national security purposes.

Copper isn't a minor component of TMC's business model either. According to the company's Pre-Feasibility Study, copper accounts for 17% of anticipated life-of-mine revenue. So this designation potentially strengthens the strategic importance of TMC's projects.

Economic Studies Point to Massive Project Value

Back in August, TMC published two economic studies that pegged project value at $23.6 billion. Those studies included what the company called the first-ever declaration of 51 million tonnes of probable mineral reserves in the world, along with a Pre-Feasibility Study for the NORI-D area showing a Net Present Value of $5.5 billion.

That's the kind of number that gets attention, even if deep-sea mining remains in relatively early stages commercially.

Regulatory Wheels Are Turning

On the regulatory front, TMC's recent press release cited reports that National Oceanic and Atmospheric Administration had sent its draft deep-sea mining rule to the White House to consolidate the license and permit review process. Meanwhile, TMC's subsidiary, The Metals Company USA, received full compliance notice from NOAA in August on its exploration applications, confirming priority rights over both exploration areas.

Regulatory progress matters a lot in an industry where government approvals are essential to moving forward.

Stock Performance Has Been Explosive

TMC has gained 495.60% over the past year and is up 351.67% year-to-date. The stock has traded in a wide range between $0.72 and $11.35 over the past twelve months, and now carries a market capitalization of $2.24 billion.

Price Action: TMC closed Tuesday at $5.42, up 10.95% during regular trading hours before adding another 7.38% after hours.