Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 134

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 134
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Conversion or Exchange Rights

We will set forth in the prospectus supplement
the terms, if any, on which a series of debt securities may be convertible into or exchangeable for our common shares or our other securities.
We will include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at our option. We may include
provisions pursuant to which the number of our common shares or our other securities that the holders of the series of debt securities
receive would be subject to adjustment.

Consolidation, Merger or Sale; No Protection in Event of a Change of Control or Highly Leveraged Transaction

The indentures do not contain any covenant that
restricts our ability to merge or consolidate, or sell, convey, transfer or otherwise dispose of all or substantially all of our assets.
However, any successor to or acquirer of such assets must assume all of our obligations under the indentures or the debt securities, as
appropriate.

Unless we state otherwise in the applicable prospectus
supplement, the debt securities will not contain any provisions that may afford holders of the debt securities protection in the event
we have a change of control or in the event of a highly leveraged transaction (whether or not such transaction results in a change of
control), which could adversely affect holders of debt securities.

Events of Default Under the Indenture

The following are events of default under the indentures with respect
to any series of debt securities that we may issue:

| · | if we fail to pay interest when due and our failure continues for 90 days and the time for payment has 
 not been extended or deferred;                                                                         |

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| · | if we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended 
 or delayed;                                                                                                  |

| · | if we fail to observe or perform any other covenant set forth in the debt securities of such series or                                         
 the applicable indentures, other than a covenant specifically relating to and for the benefit of holders of another series of debt securities, 
 and our failure continues for 90 days after we receive written notice from the debenture trustee or holders of not less than a majority        
 in aggregate principal amount of the outstanding debt securities of the applicable series; and                                                 |

| · | if specified events of bankruptcy, insolvency or reorganization occur as to us. |

No event of default with respect to a particular
series of debt securities (except as