Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 19

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 19
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 it determines that significant adverse environmental effects cannot be adequately mitigated. The review and approval
process will also be subject to a full EIS process under NEPA, as well as public comment and potential legal challenge in U.S. courts
by third parties. Although the recent Executive Order signed by President Trump on April 24, 2025 directs the Commerce Secretary
to implement an expedited permitting process under DSHMRA, the timing of license or permit issuance remains uncertain, as there is no
statutory deadline under DSHMRA and actual review timelines will depend on the scope and outcome of NOAA’s assessment.

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Moreover, a U.S.-issued permit would be a unilateral authorization by the United States not formally recognized by the ISA or by countries that are parties to UNCLOS. We do not believe pursuing licenses and permits with NOAA under DSHMRA nullifies our ISA exploration contracts or our sponsorship contracts with the Republic of Nauru and the Kingdom of Tonga, and we believe NORI and TOML are in compliance with each of their ISA exploration contracts and each of their sponsorship contracts. There can be no assurances, however, that the ISA may not attempt to suspend or terminate our existing exploration contracts or that it will renew our NORI exploration contract when it expires in July 2026 or our TOML exploration contract when it expires in January 2027. Nor can there be assurances that our sponsorship contracts will not be suspended or terminated. In addition, if we proceed under the DSHMRA regime and secure U.S. permits, we may need to relinquish or suspend overlapping rights held under our ISA exploration contracts, which could raise diplomatic concerns or be perceived as undermining the ISA’s authority and allow the ISA to grant rights to these overlapping areas to other parties. While we believe our dual-path strategy is legally soundand the Trump administration, the U.S. Department of Commerce and NOAA have stated that
U.S. companies can apply for exploration licenses and commercial recovery permits for deep-sea mining in ocean areas beyond national jurisdiction
under DSHMRA, the announcement or implementation of this strategy may cause additional regulatory and political tensions, delay ISA decision-making,
or impair our ability to secure or maintain exploration contracts or an exploitation contract under the ISA framework and may result in
our need to engage in costly and time-consuming litigation to enforce our rights. In addition, UNCLOS parties and the ISA are under a
legal obligation, under UNCLOS, not to recognize any