Company: TMCWW
Filing Date: 2025-05-12
Form Type: 8-K
Source: 0001104659-25-047373
Chunk: 9

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 8-K
Item: Item 8.01
Chunk 9
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 a commercial recovery permit is complete within 60 days. NOAA is then expected
to proceed with a full review of the applications, including interagency consultation with other U. S. government departments (including
the Department of State, the Department of Defense, and the Environmental Protection Agency), preparation of an Environmental Impact Statement
(“ EIS”), under NEPA, and a public comment period. NOAA will determine whether to issue the requested licenses and permit,
and if so, under what terms and conditions. All licenses and permits issued under DSHMRA are subject to oversight, periodic reporting,
and potential suspension or revocation for noncompliance or unforeseen environmental harm.

DSHMRA and its regulations do not include a statutory
deadline for application review. However, the Executive Order signed by President Trump on April 24, 2025, directs the Commerce Secretary
to implement an expedited permitting process under DSHMRA.

NOAA issued four exploration licenses in 1984
to U. S.-sponsored consortia for polymetallic nodule exploration in the CCZ. Two of these licenses (USA-1 and USA-4) remain active and
are currently held by a Lockheed Martin subsidiary. These licenses have been renewed in accordance with DSHMRA’s statutory provisions,
which require NOAA to grant extensions if the licensee has substantially complied with license terms. Lockheed Martin has not conducted
recent offshore activities under these licenses, citing market conditions and the lack of international recognition of DSHMRA licenses.
In 2022, NOAA acknowledged these factors and extended the licenses to 2027.

The Company believes NOAA has historically adopted
a cautious and science-based regulatory posture under DSHMRA, coordinating with other U. S. federal agencies and supporting environmental
studies to inform future decisions. In the 1980s, the United States entered into reciprocal recognition arrangements with other nations
with similar domestic seabed mining laws, helping avoid overlapping claims prior to the establishment of the ISA. Once the ISA became
operational in the 1990s, most seabed mining states transitioned to the UNCLOS/ISA system. The United States, however, remains outside
that framework. NOAA is not restricted under DSHMRA from issuing licenses or permits over areas that are also subject to ISA exploration
or exploitation contracts.

In addition, DSHMRA requires that recovered minerals
be processed in the United States unless a waiver is granted. The Company is currently evaluating U. S.-based processing options to satisfy