Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 44

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 44
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 XPS Solutions’ (a Glencore subsidiary) facilities and bench-scale hydrometallurgical refining stages are being
carried out at SGS SA. The near-zero solid waste flowsheet is in the process design that is expected to serve as the basis for our onshore
processing facilities. In March 2022, we entered into a non-binding memorandum of understanding with Epsilon Carbon Pvt, LTD.,
or Epsilon Carbon, in which Epsilon Carbon expressed its intent to conduct pre-feasibility work to potentially finance, engineer, permit,
construct and operate a commercial polymetallic nodule processing plant in India.

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We are currently focused on applying for our
first exploitation contract from the ISA on the NORI Area D contract area with the goal of potentially starting commercial production
in 2024. To reach our objective and initiate commercial production in 2024, we are: (i) defining our resource and project economics,
(ii) developing an offshore nodule collection system, (iii) assessing the environmental, social and governance (ESG) impacts
of offshore nodule collection, and (iv) developing onshore technology to process collected polymetallic nodules into a manganese
silicate product, and an intermediate nickel-copper-cobalt matte product and/or end-products like nickel and cobalt sulfates, and copper
cathode. We will need additional funding to reach our expected commercial production in 2024.

We are still in the exploration phase and have
not yet declared mineral reserves. We have yet to obtain exploitation contracts from the ISA to commence commercial scale polymetallic
nodule collection in the CCZ and have yet to obtain the applicable environmental permits and other permits required to build and operate
commercial scale polymetallic nodule processing and refining plants on land.

Cautionary Statements Regarding the NORI Initial Assessment and TOML Mineral Resource Statement

We have estimated the size and quality of our
resource in the NORI and TOML contracted areas in our SEC Regulation S-K (subpart 1300), referred to herein as the SEC Mining Rules,
compliant Technical Report Summary - Initial Assessment, of the NORI Property, Clarion-Clipperton Zone, Pacific Ocean dated March 17,
2021, or the NORI Initial Assessment, and Technical Report Summary - TOML Mineral Resource, Clarion-Clipperton Zone, Pacific Ocean dated
March 26, 2021, or the TOML Mineral Resource Statement,