Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 10

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 10
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 other states; (ii) is consistent with U.S. foreign policy and international obligations; (iii) does
not create a risk to international peace and security; (iv) is not expected to result in significant adverse environmental effects;
and (v) does not pose undue risk to life or property at sea. These findings reflect NOAA’s dual mandate of advancing U.S. commercial
interests in seabed minerals while minimizing environmental and diplomatic risk.

Eligibility for licensing under DSHMRA is limited to “United States citizens,” a term defined to include any individual, corporation, or other entity organized under the laws of a U.S. state or territory. This includes foreign-owned entities organized in the United States, as well as foreign entities with majority U.S. ownership or control. We believe that our wholly owned subsidiary TMC USA, as a
North Carolina limited liability company, qualifies as a “United States citizen” under these provisions and is eligible to
apply for and hold NOAA-issued licenses and permits.

TMC USA has submitted three formal applications to NOAA: two for exploration licenses and one for a commercial recovery permit.The
DSHMRA framework contemplates sequential applications—first for an exploration license, then for a recovery permit—but neither
the statute nor its regulations expressly prohibit concurrent or direct permitting where sufficient data is available. TMC USA previously
submitted a legal memorandum requesting clarification from NOAA on this point and, if required, has also reserved the option of requesting
a waiver from NOAA of the exploration license prerequisite.

Exploration licenses grant exclusive rights to conduct technical studies and test mining in a defined area and are typically issued for five-year terms. Commercial recovery permits authorize full-scale extraction for a period of 20 years subject to extension and are subject to enhanced environmental and operational requirements. NOAA grants licenses and permits to particular areas, in part, based on when applications
are received. To date, NOAA has not issued any commercial recovery permits under DSHMRA as no U.S. citizen had applied for a commercial
recovery permit prior to TMC USA.

TMC USA initiated pre-application consultations with NOAA in the first quarter of 2025 and, following those discussions, submitted its applications in April 2025. These are now under agency review. Each application includes the full environmental, technical, financial,
and operational data required under DSHMRA and the National Environmental Policy Act, or NEPA. The NOAA review process includes a determination
whether applications for exploration licenses are in full or substantial compliance with the applicable requirements