Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 31

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 31
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 shares, which are automatically convertible into common                                   
 shares on a one-for-one basis if certain price thresholds are met, issuable upon exercise of share options outstanding as of December 31, 
 2024 under our stock incentive plans, at a weighted average per option exercise price of $1.21;                                           |

| · | 34,312,655 common shares issuable upon the vesting of restricted share units outstanding as of December 31,                               
 2024;                                                                                                                                     |
| · | 13,246,054 common shares available for future grant under the 2021 Incentive Equity Plan, which includes the evergreen increase in the    
 number of shares available under the 2021 Incentive Equity Plan made in January 2025;                                                     |
| · | 14,055,707 common shares available for future issuance under the 2021 Employee Stock Purchase Plan, which includes the evergreen increase 
 in the number of shares available under the 2021 Employee Stock Purchase Plan made in January 2025;                                       |

| · | 136,239,964 common shares reserved for issuance upon conversion of our outstanding special shares (including 14,106,452 special shares issuable upon outstanding options), 
 which are automatically convertible into common shares on a one-for-one basis if certain price thresholds are met;                                                         |

| · | 38,180,770 common shares issuable upon exercise of outstanding warrants as of December 31, 2024 to 
 purchase common shares, at a weighted average per warrant exercise price of $8.10;                 |

| · | 7,542,996 common shares issued after December 31, 2024 pursuant to the Sales Agreement; 
 and                                                                                     |

| · | 5,000,000 common shares and 2,500,000 common shares issuable upon exercise of our Class B warrants                                    
 at an exercise price of $2.00 per share issued on February 6, 2025 in connection with the registered direct offering of common shares 
 and Class B warrants pursuant to a securities purchase agreement, dated as of November 14, 2024, as amended on November 26,           
 2024.                                                                                                                                 |

<div align='center'>S-17</div>

To the extent that
options or warrants are exercised, restricted share units vest, new options or restricted share units are issued under our equity incentive
plans, or we issue additional common shares or other equity or convertible securities in the future, there may be