Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 20

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 20
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 commercial recovery permit issued to us under DSHMRA; many UNCLOS parties and the
ISA are likely to regard such a permit as a violation of international law, including UNCLOS, which could affect international perceptions
of the project, and could have implications for logistics, processing, and market access in UNCLOS parties for seabed minerals extracted
under a U.S. license and for downstream products containing them, or for partnerships involving foreign entities, and could also result
in actions, pursuant to UNCLOS, against TMC under the national laws of UNCLOS parties, any or all of which could have a material adverse
affect on our business, financial condition, liquidity, results of operations and prospects.

Success under the U.S. regulatory
pathway will also require continued policy support from the U.S. executive branch and agencies such as NOAA and the Department of Commerce.
Shifts in U.S. political priorities, legal interpretations, or agency leadership could adversely affect our ability to obtain and maintain
required approvals or to rely on DSHMRA as a viable permitting pathway.

Risks Related to this Offering

Purchasers of securities in this offering will experience immediate and substantial dilution in this offering. You may experience further dilution upon exercise of our outstanding options and warrants or vesting of our restricted share units.

The offering price per
share and accompanying Class C warrant in this offering may exceed the net tangible book value (deficit) per share. Based on the
offering price of $3.00 per common share and accompanying Class C
warrant and after deducting estimated offering expenses payable by us, investors in this offering would experience immediate
dilution of $2.936 per share,
representing the difference between our as adjusted net tangible book value (deficit) per share (not including the impact of
exercise of Class C warrants) as of December 31, 2024, after giving effect to this offering, and the offering price. In
addition, if our outstanding options or warrants are exercised or restricted share units vest, you could experience further
dilution. For a further description of the dilution that you will experience immediately after this offering, see the section in
this prospectus supplement entitled “Dilution.”

Future issuances of our common shares, or the perception that such future issuances may occur, may cause our share price to decline significantly.

The issuance of a substantial
number of our common shares through sales, compensation programs or otherwise, or the perception that these