Company: TMCWW
Filing Date: 2025-08-04
Form Type: 8-K
Source: 0001104659-25-073359
Chunk: 0

Company: TMC the metals Co Inc.
Filing Date: 2025-08-04
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into Material Definitive  

On August 4, 2025, Tonga Offshore Mining Limited (“ TOML”),
a wholly owned subsidiary of TMC the metals company Inc. (the “ Company”), entered into a revised sponsorship agreement (the
“ Sponsorship Agreement”) with the Kingdom of Tonga, acting through the Tonga Seabed Minerals Authority (“ Tonga”),
which replaces and supersedes the prior sponsorship agreement dated September 23, 2021. The Sponsorship Agreement formalizes Tonga’s
continued support for TOML’s exploration activities under its exploration contract with the International Seabed Authority (“ ISA”)
within the TOML contract area in the Clarion-Clipperton Zone, and sets forth revised terms governing the relationship between the parties,
including certain benefit entitlements to Tonga in connection with potential future commercial production by TOML or other Company subsidiaries.

Pursuant to the Sponsorship Agreement, TOML will continue to be obligated
to pay Tonga a seabed mineral recovery payment based on the volume of polymetallic nodules recovered from the ISA contract area, subject
to revised commercial criteria, and continuing until termination of the Sponsorship Agreement in accordance with its terms, including
upon certain uncured breaches by the other party.

In connection with the Sponsorship Agreement, the Company executed
a Deed of Guarantee and Indemnity (the “ Deed”) in favor of Tonga, under which the Company guarantees certain financial obligations
of TOML under Tongan law and the Sponsorship Agreement, and provides limited indemnification.

As further described in the Sponsorship Agreement and the Deed, on
August 4, 2025, the Company issued to Tonga a warrant to purchase 1,000,000 common shares of the Company (the “ Warrant”).
The Warrant has an initial exercise price of $5.87 per share, becomes exercisable upon the satisfaction of certain conditions related
to U. S. regulatory approvals and the Company’s commercial recovery efforts, as set forth in the Warrant, and expires five years
from the date of issuance.

The foregoing descriptions of the Sponsorship Agreement, the Deed,
and the Warrant do not purport to be complete and are qualified in their entirety by reference to the full text of each, copies of which
are filed as Exhibits 10.1, 10.2, and 4.1, respectively, to this Current Report