Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 104

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 104
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 Canada for purposes of the Tax
Act and acquires a beneficial interest in Common Shares or public warrants, (a “Non-Resident Holder”).

This summary applies only to a Non-Resident Holder
who, at all relevant times, for purposes of the Tax Act:

| ● | holds Common Shares or public warrants as capital 
 property;                                         |

| ● | does not, and is not deemed to, use or hold Common                               
 Shares or public warrants in the course of carrying on a business in Canada; and |

| ● | deals at arm’s length and is not affiliated with 
 us.                                              |

Special rules, which are
not discussed in this summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada
and elsewhere.

This summary is based on
the current provisions of the Tax Act, all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister
of Finance (Canada) prior to the date hereof (the “Tax Proposals”) and an understanding of the current administrative policies
and assessing practices of the Canada Revenue Agency (the “CRA”) made publicly available prior to the date hereof. This summary
assumes the Tax Proposals will be enacted in the form proposed, however, no assurance can be given that the Tax Proposals will be enacted
in the form proposed, or at all. Except for the Tax Proposals, this summary does not take into account or anticipate any changes in law
or administrative policies or assessing practices of the CRA, whether by legislative, governmental or judicial action, nor does it take
into account other federal or any provincial, territorial or foreign income tax legislation or considerations, which may differ significantly
from those discussed herein.

Generally, for the purposes
of the Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares and public warrants (including dividends,
adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in U.S. dollars must be converted
into Canadian dollars using the applicable rate of exchange (for the purposes of the Tax Act) quoted by the Bank of Canada on the date
such amounts arose, or such other rate of exchange as is acceptable to the CRA.

This summary is not exhaustive of all possible Canadian federal income tax considerations that apply to an investment in Common Shares and public warrants. Moreover, the income and other tax consequences of acquiring, holding or disposing of Common Shares or public warrants will vary depending on