Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 106

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 106
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 Warrants

A Non-Resident Holder will
not be subject to tax under the Tax Act on any capital gain realized on a disposition or deemed disposition of Common Shares (other than
a disposition to us, which may result in a deemed dividend, unless purchased by us in the open market in the manner in which Common Shares
are normally purchased by any member of the public in the open market, in which case other considerations may arise) or public warrants,
unless the Common Shares or public warrants are “taxable Canadian property” of the Non-Resident Holder for purposes of the
Tax Act and the Non-Resident Holder is not entitled to relief under the Treaty.

Generally, the Common Shares
and public warrants will not constitute “taxable Canadian property” of a Non-Resident Holder at a particular time provided
that the Common Shares are listed at that time on a “designated stock exchange” for purposes of the Tax Act (which currently
includes the Nasdaq), unless, at any particular time during the 60-month period that ends at that time, both of the following are true:

| 1. | (a) the Non-Resident                                                                                                                  
 Holder, (b) persons with whom the Non-Resident Holder does not deal with at arm’s length, (c) partnerships in which                   
 the Non-Resident Holder or a person described in (b) holds an interest directly or indirectly through one or more partnerships,       
 or (d) any combination of (a) to (c), owned 25% or more of the issued shares of any class or series of our capital stock;             
 and                                                                                                                                   |
| 2. | more than 50% of the fair                                                                                                             
 market value of the Common Shares was derived directly or indirectly from one or any combination of: (a) real or immovable properties 
 situated in Canada, (b) “Canadian resource properties” (as defined in the Tax Act), (c) “timber resource                              
 properties” (as defined in the Tax Act), and (d) options in respect of, or interests in, or for civil law rights in, property         
 in any of the foregoing whether or not the property exists.                                                                           |

NOTWITHSTANDING THE FOREGOING, IN CERTAIN CIRCUMSTANCES SET OUT IN THE TAX ACT, COMMON SHARES AND PUBLIC WARRANTS MAY BE DEEMED TO BE TAXABLE CANADIAN PROPERTY. NON-RESIDENT HOLDERS WHOSE COMMON SHARES OR PUBLIC WARRANTS MAY