Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 32

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 32
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 further dilution to
investors participating in this offering. Moreover, we may choose to raise additional capital because of market conditions or strategic
considerations, even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital
through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our shareholders.

<div align='center'>S-18

DESCRIPTION OF SECURITIES WE ARE OFFERING</div>

Common Shares

The
material terms and provisions of our common shares and each other class of our securities that qualifies or limits our common shares are
described in Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2024, which is incorporated herein by reference. As of December 31, 2024, we had 340,708,460 common shares outstanding.

Class C Warrants

The
following summary of certain terms and provisions of the Class C warrants that are being offered hereby is not complete and is subject
to, and qualified in its entirety by, the provisions of the Class C warrants, the form of which will be filed as an exhibit to a Current
Report on Form 8-K that we will file with the SEC and that will be incorporated by reference into the Registration Statements of which
this prospectus supplement forms a part. Prospective investors should carefully review the terms and provisions of the form of Class C
warrants for a complete description of the terms and conditions of the Class C warrants.

Form.
The Class C warrants will be issued as individual Class C warrant agreements to the investors.

Exercisability.
The Class C warrants are exercisable at any time on or after the issuance date until three years after the date of the securities purchase agreement..
The Class C warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise
notice and, at any time a registration statement registering the issuance of the common shares underlying the Class C warrants under
the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities
Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of common shares purchased
upon such exercise. If a registration statement registering the issuance of the common shares underlying the Class C warrants under the
Securities Act is not then effective or available, the holder may only exercise the Class