Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 45

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 45
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 respectively, prepared by AMC Consultants Ltd., or AMC, each of which is
filed as an exhibit to the registration statement to which this prospectus forms a part. We plan to continue to refine our resource estimate
for the NORI and TOML areas and better resolve the project economics. The initial assessment included in the NORI Initial Assessment
Report is a conceptual study of the potential viability of mineral resources in NORI Area D. This initial assessment indicates that development
of the mineral resource in NORI Area D is potentially technically and economically viable; however, due to the preliminary nature of
project planning and design, and the untested nature of the specific seafloor production systems at a commercial scale, economic viability
has not yet been demonstrated.

The NORI Initial Assessment and TOML Mineral
Resource Statement do not include the conversion of mineral resources to mineral reserves.

As used in this prospectus or in the applicable
report summary, the terms “mineral resource,” “measured mineral resource,” “indicated mineral resource”
and “inferred mineral resource”, as applicable, are defined and used in accordance with the SEC Mining Rules.

You are specifically cautioned not to assume
that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves, as defined by the SEC.
You are also cautioned that mineral resources do not have demonstrated economic value. Information concerning our mineral properties
in the NORI and TOML Technical Report Summaries and in this prospectus includes information that has been prepared in accordance with
the requirements of the SEC Mining Rules. Under SEC standards, mineralization, such as mineral resources, may not be classified as a
“reserve” unless the determination has been made that the mineralization would be economically and legally produced or extracted
at the time of the reserve determination. Inferred mineral resources have a high degree of uncertainty as to their existence and to whether
they can be economically or legally commercialized. Under the SEC Mining Rules, estimates of inferred mineral resources may not form
the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to
a higher category. A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may
be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists,
that it can be economically or legally commercialized, or that it will ever be upgraded to a higher category. Approximately 97