Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 17

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 17
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 aggregate of $20.2 million common shares under the Sales Agreement as of the date of this prospectus supplement.

<div align='center'>S-7

RISK FACTORS</div>

Our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated by reference into this prospectus supplement, as well as our other filings with the SEC, include material risk factors relating to us and an investment in our common shares. Those risks and uncertainties and the risks and uncertainties described below are not the only risks and uncertainties that we face. Additional risks and uncertainties that are not presently known to us or that we currently deem immaterial or that are not specific to us, such as general economic conditions, may also materially and adversely affect our business, financial condition, liquidity, results of operations and prospects. If any of those risks and uncertainties or the risks and uncertainties described below actually occurs, our business, financial condition, liquidity, results of operations or prospects could be harmed substantially. In such a case, you may lose all or part of your investment. You should carefully consider the risks and uncertainties described below and those risks and uncertainties incorporated by reference into this prospectus supplement, including from our Annual Report on Form 10-K for the year ended December 31, 2024, as well as the other information included in this prospectus supplement, before making an investment decision with respect to our common shares. Since the filing of our Form 10-K, there have been no material changes in our risk factors relating to us from those disclosed therein, other than as provided below under “Risks Related to Our Business.”

Risks Related to Our Business

Our efforts to pursue deep-sea nodule exploration licenses and a commercial recovery permit under the U.S. Deep Seabed Hard Mineral Resources Act may subject us to conflicting regulatory regimes, uncertain legal interpretations, and operational risks that could adversely affect our business.

We have initiated a U.S.-based
regulatory pathway with the U.S. Department of Commerce and NOAA under DSHMRA for the commercial recovery of polymetallic nodules in the
CCZ, while maintaining our rights under our exploration contracts issued by the ISA under UNCLOS. We are now prioritizing this U.S. pathway,
while preserving our rights under our subsidiaries’ ISA exploration contracts. Although we believe this dual-path approach enhances
optionality, it introduces additional risks and complexities.

Both the ISA under UNCLOS
and the U.S. regime under DSHMRA have not yet