Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 28

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 28
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 10-K for the year ended December 31, 2024. The information contained in this prospectus supplement and the documents incorporated by reference
herein regarding the NORI Area and the TOML Area has been derived from the Technical Reports, is subject to certain assumptions, qualifications
and procedures described in the Technical Reports and is qualified in its entirety by the full text of the Technical Reports, each of
which is filed as an exhibit to our Annual Report on Form 10-K for the year ended December 31, 2024, which annual report is
incorporated by reference into this prospectus supplement and the accompanying base prospectuses.

<div align='center'>S-15

USE OF PROCEEDS</div>

We estimate that the
net proceeds from the sale of the securities in this offering, after deducting the estimated offering expenses payable by us, will
be approximately $36.75 million. This estimate excludes the proceeds, if any, from the exercise of the Class C warrants sold in this
offering.

We intend to use the
net proceeds from this offering, including any proceeds from the exercise of the Class C warrants sold in this offering, for
working capital and general corporate purposes and to repay in whole or in part the outstanding balance of the 2024 Credit Facility
with Gerard Barron, our Chief Executive Officer and Chairman, and ERAS Capital LLC, the family fund of our director, Andrei Karkar,
and the outstanding balance under the Working Capital Loan with Allseas Investments S.A.

As of March 31, 2025,
the outstanding balance of the 2024 Credit Agreement was $2.5 million. The 2024 Credit Facility has a borrowing limit of $44 million ($22
million for each lender), bears interest at the 6-month Secured Overnight Financing Rate, 180-day average plus 4.0% per annum payable
in cash semi-annually (or plus 5% if paid-in-kind at maturity, at our election) on the first business day of each of June and January and
matures on June 30, 2026 unless extended for up to two additional one-year periods by the lenders. We also pay an underutilization
fee equal to 6.5% per annum payable semi-annually for any amounts that remain undrawn under the 2024 Credit Facility. In addition, the
lenders may terminate the 2024 Credit Facility if we or any of our subsidiaries raises at