Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 18

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 18
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 been used for commercial production of seafloor polymetallic nodules. To date, NOAA has
not issued a commercial recovery permit, and the legal framework, while established, has not yet been applied to the full lifecycle of
a seabed mining project. Despite our April 2025 applications now under NOAA review, the applications are subject to an initial determination
by NOAA as to substantial compliance and completeness under DSHMRA, and there can be no assurance that such determinations will be favorable,
that the applications will proceed to full review without delay, or that NOAA will not request additional information, modifications,
or clarifications prior to accepting the applications for full review or that any of the applications will lead to NOAA granting the Company
any exploration licenses or a commercial recovery permit on a timely basis or at all, or on commercially viable terms and conditions,
which would materially and negatively impact our business, financial condition, liquidity, results of operations and prospects. In particular,
NOAA’s regulations have been interpreted by some as requiring a sequential process in which an exploration license must first be
obtained before a commercial recovery permit can be granted. Although we believe the regulations may allow for a direct or simultaneous
application for a commercial recovery permit in cases where sufficient environmental and technical data already exists, there is no assurance
that NOAA will agree with this interpretation . If NOAA requires us to begin the permitting process under DSHMRA with an exploration license,
this likely would delay our intended commercialization timeline and increase permitting costs and complexity. Also, if TMC USA is required
to resubmit any of its applications to NOAA because the initial applications are not in substantial compliance or complete, we could lose
rights under DSHMRA to the areas covered by TMC USA’s initial applications if NOAA received another application covering the same
areas before TMC USA resubmits the applications. In addition, there is no assurance that we will be able to comply with, or obtain a waiver
of, the requirement under DSHMRA that minerals be processed in the United States.

In addition, permitting under
DSHMRA will subject us to a complex regulatory system in the United States which we are in the initial stages of analyzing to determine
applicability and how compliance will impact our development plans and potential commercial operations. For example, we will be subject
to the Merchant Marine Act of 1920 and will need to be in full compliance with U.S. environmental laws, and NOAA may deny a commercial
recovery permit if