Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 173

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 173
---
 holder’s U.S. federal income tax liability and may entitle it to a refund,
provided that the required information is timely furnished to the IRS.

The U.S. federal income tax discussion set forth
above is included for general information only and may not be applicable to you depending upon your particular situation. You are urged
to consult your own tax advisor with respect to the tax consequences to you of the ownership and disposition of our Common Shares and
public warrants including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible
effects of changes in U.S. or other tax laws.

<div align='center'>41

MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</div>

The following is, as of the date of this prospectus,
a summary of the principal Canadian federal income tax considerations pursuant to the Income Tax Act(Canada) and the regulations
thereunder, (the “Tax Act”) that generally apply to the acquisition, holding and disposition of Common Shares and public warrants
by a person who is neither resident nor deemed to be resident in Canada for purposes of the Tax Act and acquires a beneficial interest
in Common Shares or public warrants (a “Non-Resident Holder”).

This summary applies only to a Non-Resident Holder who, at all relevant
times, for purposes of the Tax Act:

| · | holds Common Shares and/or public warrants as capital property; |

| · | does not, and is not deemed to, use or hold Common Shares or public warrants in the course of carrying on a business in Canada; and |

| · | deals at arm’s length and is not affiliated with us. |

Special rules, which are not discussed in this
summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere or an “authorized
foreign bank” (as defined in the Tax Act).

This summary is based on the current provisions
of the Tax Act, all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior
to the date hereof (the “Tax Proposals”) and an understanding of the current administrative policies and assessing practices
of the Canada Revenue Agency (the “CRA”) made publicly available prior to the date hereof. This summary assumes the Tax Proposals
will be enacted in the form proposed, however, no assurance can be given that the Tax Proposals will be