12 Best Canadian Penny Stocks to Buy According to Analysts

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5. TMC the metals company Inc. (NASDAQ:TMC)  

Upside Potential: 228.00%  

Stock Price as of January 5: $1.25  

Number of Hedge Fund Holders: 5  

TMC the metals company Inc. (NASDAQ:TMC) specializes in exploring and extracting metals from the ocean floor. The company’s primary focus is on polymetallic nodules containing nickel, copper, cobalt, and manganese. TMC the metals company Inc. (NASDAQ:TMC) aims to supply critical minerals essential for electric vehicle batteries and renewable energy technologies.

TMC the metals company Inc. (NASDAQ:TMC) is developing a new services business for seafloor resource development. This initiative aims to leverage the company’s expertise and capabilities to provide services to other contractors and operators in the industry. The potential addressable market for this service is estimated at $100 million per year and is increasing substantially as the mining code is adopted. TMC the metals company Inc. (NASDAQ:TMC) is already in discussions with several parties on services contracts, covering areas such as new exploration plans, resource definition, environmental impact assessments, data management, and offshore campaign execution.

In addition to its services business, TMC the metals company Inc. (NASDAQ:TMC) is focusing on advancing its flagship project, NORI-D, towards exploitation. The company is preparing to submit its application for an exploitation contract to the International Seabed Authority (ISA) on June 27, 2025, and is working closely with its sponsoring state, Nauru, to ensure a smooth review process. TMC the metals company Inc. (NASDAQ:TMC) is confident that its application will be approved, given the strong environmental impact assessment and resource definition work that has been completed.

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