Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 174

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 174
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 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 and 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 an investor’s particular circumstances. Accordingly, this summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any investor. Consequently, investors should consult their own tax advisors for advice with respect to the income tax consequences of an investment in Common Shares and public warrants based on their particular circumstances.

Adjusted Cost Base of Common Shares

The adjusted cost base to a Non-Resident Holder
of a Common Share acquired pursuant to this offering will be determined by averaging the cost of that Common Share with the adjusted cost
base (determined immediately before the acquisition of the Common Share) of all other Common Shares held as capital property by the Non-Resident
Holder immediately prior to such acquisition.

Exercise of Public Warrants

No gain or loss will be realized by a Non-Resident
Holder upon the exercise of a public warrant to acquire a Common Share. A Non-Resident Holder’s cost of a Common Share so acquired
will equal the aggregate of such Non-Resident Holder’s adjusted cost base of the public warrant exercised plus the exercise price
paid for such Common Share. The Non-Resident Holder’s adjusted cost base of such Common Share will be determined by averaging the
cost of the Common Share with the adjusted cost base (determined immediately before the acquisition of the