SLAM Exploration Ltd. (TSXV: SXL)
‘Exploring for critical elements and precious metals in New Brunswick, Canada.’
Canada-based deep-sea exploration company Deep Sea Minerals Corp. (CSE: SEAS) said on Friday it has formally applied to list its common shares on the Nasdaq Capital Market, planning to upgrade from the Canadian Securities Exchange to the U.S. exchange in a bid to broaden its investor base and boost trading liquidity.
If approved, Deep Sea Minerals would become the third seabed mining explorer on Nasdaq, following The Metals Company (TMC) and Odyssey Marine Exploration (OMEX), putting it in direct competition with sector frontrunner TMC.
Chief Executive Officer James Deckelman said in a statement that pursuing a U.S. listing marks an important step in the company’s long-term growth strategy, expecting it to raise visibility among global investors, widen access to both institutional and retail investors, and support stronger liquidity for shareholders as development objectives advance.
Shares of Deep Sea Minerals surged to an all-time high of C$1.79 on the day of the announcement. The Vancouver−headquartered company has a market capitalization of just over C$80 million (approximately US$58 million).
In terms of resource focus, Deep Sea Minerals is likewise targeting polymetallic nodules, with an emphasis on the Clarion-Clipperton Zone (CCZ) in the Pacific Ocean and the Cook Islands’ exclusive economic zone. The U.S. Geological Survey estimates that the CCZ seabed holds at least 21 billion tonnes of nodules rich in nickel, cobalt, copper and manganese, while a recent license secured by TMC from the U.S. National Oceanic and Atmospheric Administration covers only about 1 billion tonnes of that total. Waters off the Cook Islands contain an estimated 6.7 billion tonnes of nodule resources, according to a congressional study.
However, Deep Sea Minerals currently has no active production projects. The company disclosed that it is only at an early engagement stage, holding preliminary discussions with select governments and regulatory bodies in the Pacific region to assess potential pathways for future exploration. The Nasdaq listing application remains subject to meeting initial listing requirements, securing all necessary regulatory approvals, and completing customary listing procedures, with no guarantee of final approval.
