Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 162

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 162
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 of whom may be subject to tax rules that differ materially 
 from those summarized below.                                                                     |

This summary does not discuss any state, local,
or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax or the Medicare
tax on net investment income. If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax
purposes) holds Common Shares or public warrants the tax treatment of a partner in such partnership will generally depend upon the status
of the partner, the activities of the partnership and the partner and certain determinations made at the partner level. If you are a partner
of a partnership holding Common Shares or public warrants, you are urged to consult your tax advisor regarding the tax consequences to
you of the ownership and disposition of Common Shares or public warrants by the partnership.

This summary is based upon the Code, the U.S.
Department of Treasury regulations, or Treasury Regulations, current administrative interpretations and practices of the Internal Revenue
Service, or IRS, and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change,
possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain a position
contrary to any of the tax considerations described below.

For purposes of this discussion, a “U.S. Holder” is a beneficial
owner of Common Shares or public warrants, as the case may be, that is:

| · | an individual who is a U.S. citizen or resident of the United States; |

| · | a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under 
 the laws of the United States, any state thereof or the District of Columbia;                                                      |

| · | an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or |

| · | a trust (A) the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S.      
 persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B) that has 
 in effect a valid election under applicable Treasury Regulations to be treated as a U.S. person.                                  |

Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants

Dividends and Other D