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

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 8
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 is not expected to result in significant adverse environmental effects; and (v) does not pose undue risk
to life or property at sea. These findings reflect NOAA’s dual mandate of advancing U. S. commercial interests in seabed minerals
while minimizing environmental and diplomatic risk.

Eligibility for licensing under DSHMRA is limited
to “ United States citizens,” a term defined to include any individual, corporation, or other entity organized under the laws
of a U. S. state or territory. This includes foreign-owned entities organized in the United States, as well as foreign entities with majority
U. S. ownership or control. The Company believes that its wholly owned subsidiary TMC USA, as a North Carolina limited liability company,
qualifies as a “ United States citizen” under these provisions and is eligible to apply for and hold NOAA-issued licenses and
permits.

TMC USA has submitted three formal applications
to NOAA: two for exploration licenses and one for a commercial recovery permit. The DSHMRA framework contemplates sequential applications - first
for an exploration license, then for a recovery permit - but neither the statute nor its regulations expressly prohibit concurrent
or direct permitting where sufficient data is available. TMC USA previously submitted a legal memorandum requesting clarification from
NOAA on this point and, if required, has also reserved the option of requesting a waiver from NOAA of the exploration license prerequisite.

Exploration licenses grant exclusive rights to
conduct technical studies and test mining in a defined area and are typically issued for five-year terms. Commercial recovery permits
authorize full-scale extraction for a period of 20 years subject to extension and are subject to enhanced environmental and operational
requirements. NOAA grants licenses and permits to particular areas, in part, based on when applications are received. To date, NOAA has
not issued any commercial recovery permits under DSHMRA as no U. S. citizen had applied for a commercial recovery permit prior to TMC USA.

TMC USA initiated pre-application consultations
with NOAA in the first quarter of 2025 and, following those discussions, submitted its applications in April 2025. These are now
under agency review. Each application includes the full environmental, technical, financial, and operational data required under DSHMRA
and the National Environmental Policy Act (“ NEPA”). The NOAA review process includes a determination whether applications
for exploration licenses are in full or substantial compliance with the applicable requirements under DSHMRA and its implementing regulations
within 30 days of receipt and whether applications for