BUZZ-Canada's The Metals Company jumps after Alliance Global starts coverage with 'buy' rating

Shares of Canada's The Metals Company TMC.O rise 23% to $1.29

Brokerage Alliance Global Partners starts coverage on TMC with a "buy" rating and PT of $3.75

PT represents a 257.14% upside to the stock's last close

Brokerage says it believes TMC has "first-mover advantage in the nodule collection segment of the battery materials market"

Says TMC has rights to one of the largest undeveloped nickel projects in the world, which also hosts significant amounts of copper, cobalt and manganese

Notes TMC’s data collection studies show that seafloor nodule collection causes "less environmental disruption" compared to traditional mining methods

Brokerage says government's support for seafloor resource development is "accelerating", which is expected to improve permitting processes and benefit companies like TMC

Says adoption of the International Seabed Authority's Mining Code, expected within a year, could unlock commercial operations for TMC

TMC gained 4.7% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))