Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 69

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 69
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 amount of the outstanding debt securities of that series have made    
 written request, and such holders have offered reasonable indemnity to the debenture trustee 
 to institute the proceeding as trustee; and                                                  |

| ● | the debenture trustee does not institute                                                     
 the proceeding, and does not receive from the holders of a majority in aggregate principal   
 amount of the outstanding debt securities of that series (or at a meeting of holders of such 
 series at which a quorum is present, the holders of a majority in principal amount of the    
 debt securities of such series represented at such meeting) other conflicting directions     
 within 60 days after the notice, request and offer.                                          |

These limitations do not apply to a suit instituted
by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities.

We will periodically file statements with the applicable debenture
trustee regarding our compliance with specified covenants in the applicable indenture.

<div align='center'>22</div>

Modification of Indenture; Waiver

The debenture trustee and we may change the applicable
indenture without the consent of any holders with respect to specific matters, including:

| ● | to fix any ambiguity, defect or inconsistency in the indenture; 
 and                                                             |

| ● | to change anything that does not                                                         
 materially adversely affect the interests of any holder of debt securities of any series 
 issued pursuant to such indenture.                                                       |

In addition, under the indentures, the rights
of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders of at
least a majority in aggregate principal amount of the outstanding debt securities of each series (or, at a meeting of holders of such
series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented
at such meeting) that is affected. However, the debenture trustee and we may make the following changes only with the consent of each
holder of any outstanding debt securities affected:

| ● | extending the fixed maturity of the series of debt securities; |

| ● | reducing the principal amount, reducing                                                   
 the rate of or extending the time of payment of interest, or any premium payable upon the 
 redemption of any debt securities;                                                        |

| ● | reducing the principal amount of discount securities payable 
 upon acceleration of maturity;                               |

| ● | making the principal