Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 11

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 11
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 under DSHMRA and
its implementing regulations within 30 days of receipt and whether applications for a commercial recovery permit is complete within 60
days. NOAA is then expected to proceed with a full review of the applications, including interagency consultation with other U.S. government
departments (including the Department of State, the Department of Defense, and the Environmental Protection Agency), preparation of an
Environmental Impact Statement, or EIS, under NEPA, and a public comment period. NOAA will determine whether to issue the requested licenses
and permit, and if so, under what terms and conditions. All licenses and permits issued under DSHMRA are subject to oversight, periodic
reporting, and potential suspension or revocation for noncompliance or unforeseen environmental harm.

<div align='center'>S-4</div>

DSHMRA andits regulations do not include a statutory deadline for application review. However, the Executive Order signed by President
Trump on April 24, 2025, directs the Commerce Secretary to implement an expedited permitting process under DSHMRA.

NOAA issued four exploration licenses in 1984 to U.S.-sponsored consortia for polymetallic nodule exploration in the CCZ. Two of these licenses (USA-1 and USA-4) remain active and are currently held by a Lockheed Martin subsidiary. These licenses have been renewed in accordance with DSHMRA’s statutory provisions, which require NOAA to grant extensions if the licensee has substantially complied with license terms. Lockheed Martin has not conducted recent offshore activities under these licenses, citing market conditions andthe lack
of international recognition of DSHMRA licenses. In 2022, NOAA acknowledged these factors and extended the licenses to 2027.

We believeNOAA has historically adopted a cautious and science-based regulatory posture under DSHMRA, coordinating with other U.S.
federal agencies and supporting environmental studies to inform future decisions. In the 1980s, the United States entered into reciprocal
recognition arrangements with other nations with similar domestic seabed mining laws, helping avoid overlapping claims prior to the establishment
of the ISA. Once the ISA became operational in the 1990s, most seabed mining states transitioned to the UNCLOS/ISA system. The United
States, however, remains outside that framework. NOAA is not restricted under DSHMRA from issuing licenses or permits over areas that
are also subject to ISA exploration or exploitation contracts.

In addition, DSHMRA requires thatrecovered minerals