Canada’s The Metals Company (TMC) (Nasdaq: TMC) announced on Monday that South Korean refiner Korea Zinc will invest $85.2 million (C$116 million) for a 5% stake, purchasing 19.6 million shares at $4.34 each, along with a three-year warrant for an additional 6.9 million shares at $7 apiece—a major boost for TMC’s deep-sea polymetallic nodule mining ambitions. The news sent TMC shares soaring 27% to $1.19, lifting its market cap to $1.92 billion, as the company seeks U.S. approval to harvest nickel, cobalt, copper, and manganese-rich nodules critical for EVs and energy infrastructure. CEO Gerard Barron called the deal a strategic alignment with Korea Zinc’s unique non-Chinese refining capacity to process TMC’s materials into U.S.-ready metal products.