Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 9

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 9
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 relationship to progress to a definitive tolling agreement in 2025, subject to successful evaluation study outcomes and
agreement to mutually acceptable commercial terms. There can be no assurance that we will enter into such definitive strategic alliance
with PAMCO in a particular time period and with sufficient scale, or at all, or on terms similar to those set forth in the binding MoU,
or that the existing facility will be able to successfully process nodules in a particular time period, or at all.

To reach our objective and initiate commercial production, we are continuing to (i) define our resource and project economics, (ii) develop a commercial offshore nodule collection system, (iii) assess the environmental and social impacts of offshore nodule collection, and (iv) develop onshore technology to process collected polymetallic nodules into a manganese silicate product and an intermediate nickel-copper-cobalt alloy or matte product and/or end-products like nickel and cobalt sulfates, and copper cathode. We are also
working towards our initial pre-feasibility study, which we are now updating to reflect the U.S. regulatory pathway under DSHMRA.

<div align='center'>S-3</div>

Regulation of Mining of Deep-Sea Polymetallic Nodules by the United States

The Deep Seabed Hard Mineral
Resources Act of 1980, or DSHMRA, establishes a domestic legal regime for U.S. citizens to explore for and commercially recover hard mineral
resources from the seabed in areas beyond U.S. national jurisdiction. DSHMRA affirms that deep-sea mining is a lawful freedom of the high
seas, subject to a duty of reasonable regard to the interests of other states in their exercise of those and other freedoms recognized
by the general principles of international law, and provides a regulatory structure administered by NOAA, an agency under the U.S. Department
of Commerce. NOAA’s implementing regulations detail the criteria and conditions for issuance of deep seabed exploration licenses
and commercial recovery permits to U.S. citizens.

The purpose of DSHMRA is
to promote the development of seabed minerals by U.S. citizens while ensuring environmental protection, avoidance of conflict with other
high seas uses, and consistency with international law. Before any license or permit is issued, NOAA must determine that the proposed
activities meet a series of statutory requirements, including that the activity: (i) will not unreasonably interfere with the lawful
use of the high seas by