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

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 12
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 be processed in the United States unless a waiver is granted. We are currently
evaluating U.S.-based processing options to satisfy this requirement. If necessary, we expect to seek a waiver based on the statutory
criteria and applicable regulations.

We expect to become subject toadditional U.S. laws and regulations as development progresses and are in the early stages of analyzing
their applicability and potential impact on our operations.

Preliminary Unaudited Financial Information as of and for the Three Months Ended March 31, 2025

As of March 31, 2025,
we estimate that we had cash on hand of $2.3 million. In addition, as of March 31, 2025, we estimate that we had short-term debt
of approximately $10 million, representing amounts outstanding under the Unsecured Credit Facility, dated March 22, 2024, as amended,
with Gerard Barron, our Chief Executive Officer and Chairman, and ERAS Capital LLC, the family fund of our director, Andrei Karkar, or
the 2024 Credit Facility, and the Working Capital Loan Agreement, dated September 9, 2024, with Allseas Investments S.A., or the
Working Capital Loan Agreement. We also estimate that operating expenses, operating loss and net cash used in operating activities for
the three months ended March 31, 2025 were approximately $18.0 million, $20.6 million and $9.3 million, respectively. As of
March 31, 2025, there remained $41.5 million undrawn under the 2024 Credit Facility. The lenders may terminate the 2024 Credit Facility
if we raise at least $50 million in aggregate net proceeds from certain financings and commercial arrangements following the inception
of the 2024 Credit Facility, which will include the proceeds from this offering. In addition, as of March 31,
2025, we had approximately $19.3 million available to be sold under the At-the-Market Equity Distribution Agreement, or the Sales Agreement,
with Wedbush Securities Inc., having raised $5.7 million through the issuance of 2,975,226 common shares in the three months ended March 31,
2025 at an average per share price of $1.93.

The information presented
above is estimated, unaudited and preliminary and is subject to completion. We are in the process of finalizing our financial results
for the quarter ended March 31,