10:58 AM EDT, 08/15/2025 (MT Newswires) -- TMC The Metals Co. ( TMC ) delivered "further positive updates" in its fiscal Q2 results late Thursday following its strategy day event, Wedbush said in a note Friday.

Wedbush highlighted the fact that TMC announced that the US National Oceanic and Atmospheric Administration "confirmed full compliance of its exploration license applications."

Both of TMC's exploration license applications are now in the certification stage of the process, which TMC expects to last about 100 days, Wedbush said, adding the company reiterated that it expects commercial production to start in Q4 2027 amid the Trump administration's efforts to launch a domestic rare earth/critical minerals supply chain.

Also, TMC had about $165 million of liquidity at the end of Q2 and is "well funded to aggressively invest in

this generational opportunity with major support from the US government," the note said.

"TMC is set to be one of the main beneficiaries of the US government's support for seafloor nodule collection, processing, and refining as the company has developed key allies in the White House," the investment firm said.

Wedbush kept TMC's outperform rating and $11 price target.

Price: 4.89, Change: -0.52, Percent Change: -9.61