Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 26

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 26
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 will be subject to resale restrictions in Canada under such laws for an indefinite
amount of time.

<div align='center'>S-13

CAUTIONARY STATEMENTS REGARDING THE NORI INITIAL ASSESSMENT AND TOML
MINERAL RESOURCE STATEMENT</div>

Except where otherwise stated,
the scientific and technical information set forth in this prospectus supplement relating to the area under which our subsidiary NORI
holds an exploration contract issued by the ISA, or the NORI Area, and the area under which our subsidiary TOML holds an exploration contract
issued by the ISA, or the TOML Area, and in the documents incorporated by reference is based on technical reports, or the Technical Reports,
prepared in accordance with the SEC rules set forth in subpart 1300 of Regulation S-K as promulgated by the SEC, or S-K 1300.

We plan to continue to
estimate our resources in the NORI and TOML Areas and develop the project economics. The initial assessment included in the NORI
Initial Assessment Report is a conceptual study of the potential viability of mineral resources in NORI Area D. This initial
assessment indicates that development of the mineral resource in NORI Area D is potentially technically and economically viable;
however, due to the preliminary nature of project planning and design, and the untested nature of the specific seafloor production
systems at a commercial scale, economic viability has not yet been demonstrated. In addition, we have continued to define our
resource in the NORI Area, with the goal to develop project economics to pre-feasibility level and are working towards a
pre-feasibility study, which is nearing completion. As part of our ongoing refinement of our business plans and resource definition
work, we are now pursuing a low-capital asset expenditure, or CAPEX, approach to our development and commercialization of operations
for our NORI Area D project where we reuse existing production assets as opposed to the high-CAPEX approach, where the majority of
offshore and onshore production assets would be newly built by us as assumed in the 2021 economic analysis included in the NORI
Initial Assessment. In addition, we are increasingly focused on advancing our commercial production strategy under the U.S.-based
DSHMRA regime. As a result of these changes and the general passage of time since the valuation date of January 1, 2021, the
2021 point-in-time economic analysis included in Section 19 of the NORI Initial Assessment and the estimated capital and