Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 93

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 93
---
 assert, or that a court
would not sustain a position contrary to any of the tax considerations described below.

<div align='center'>37</div>

For purposes of this discussion, a “U.S.
Holder” is a beneficial owner of Common Shares or public warrants, as the case may be, that is:

| ● | an individual who is a                         
 U.S. citizen or resident of the United States; |

| ● | a corporation (including                                                                                                         
 an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United 
 States, any state thereof or the District of Columbia;                                                                           |

| ● | an estate the income of                                                                               
 which is includible in gross income for U.S. federal income tax purposes regardless of its source; or |

| ● | a trust (A) the administration                                                                                                   
 of which is subject to the primary supervision of a U.S. court and which has one or more U.S. persons (within the meaning of the 
 Code) who have the authority to control all substantial decisions of the trust or (B) that has in effect a valid election under  
 applicable Treasury Regulations to be treated as a U.S. person.                                                                  |

Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants

Dividends and Other Distributions on Common Shares

Subject to the PFIC rules discussed
below under the heading “- Passive Foreign Investment Company Rules,” distributions on Common Shares will generally
be taxable as a dividend for U.S. federal income tax purposes to the extent paid from the Company’s current or accumulated earnings
and profits, as determined under U.S. federal income tax principles. Distributions in excess of the Company’s current and accumulated
earnings and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder’s
adjusted tax basis in its Common Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the
Common Shares and will be treated as described below under the heading “- Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants - Sale, Taxable Exchange or Other Taxable Disposition of Common Shares and Public Warrants.” The
amount of any such distribution will include any amounts withheld by us (or another applicable withholding agent) in respect of Canadian
income taxes. Any amount treated as dividend income will be treated as foreign-source dividend income. Amounts treated as