Company: TMCWW
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047373
Chunk: 7

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 7
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 the existing facility will be able to successfully process
nodules in a particular time period, or at all.

The Company is still in the exploration phase and has not yet obtained an exploitation contract or a permit for commercial recovery from
any regulators. Additionally, the Company does not yet hold the environmental or other permits required to construct and operate commercial-scale
polymetallic nodule processing and refining facilities on land.

To reach its objective and initiate commercial
production, the Company is continuing to (i) define its 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. The Company is also working towards its initial
pre-feasibility study, which the Company is now updating to reflect the U. S. regulatory pathway under DSHMRA.

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

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 other states;
(ii) is consistent with U. S. foreign policy and international obligations; (iii) does not create a risk to international peace
and security; (iv)