Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 143

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 143
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 to each warrant holder; and |

| · | if, and only if, the closing price of the Common Shares equals or exceeds $18.00 per share (as adjusted                               
 for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading 
 day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holder.        |

If and when the warrants become redeemable by
us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws.

We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Common Shares may fall below the
$18.00 redemption trigger price (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like)
as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.

<div align='center'>23</div>

Redemption Procedures and Cashless Exercise

If we call the warrants for redemption when the
price per share of Common Shares equals or exceeds $18.00, our management will have the option to require any holder that wishes to exercise
his, her or its warrant to do so on a “cashless basis” beginning on the third trading day prior to the date on which notice
of the redemption is given to the holders of warrants. In determining whether to require all holders to exercise their warrants on a “cashless
basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the
dilutive effect on our shareholders of issuing the maximum number of Common Shares issuable upon the exercise of our warrants. If our
management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that
number of shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Common Shares
underlying the warrants, multiplied by the excess of the “fair market value” (defined below)