Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 30

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 30
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 contracts, equipment and investments) less total
liabilities (which excludes deferred tax liabilities), by the number of outstanding common shares. Dilution represents the
difference between the amount per share paid by investors in this offering and the as adjusted net tangible book value (deficit) per
share immediately after giving effect to this offering. Our net tangible book value (deficit) as of December 31, 2024 was
approximately $(14.0) million, or $(0.041) per share.

After giving effect to
the sale by us
of 12,333,333 common
shares and accompanying Class C warrants to purchase one common share at the offering price of
$3.00 per common share and accompanying Class C warrant and after
deducting estimated aggregate offering expenses payable by us, our as adjusted net tangible book value (deficit) (not including the
impact of exercise of Class C warrants) as of December 31, 2024 would be approximately
$22.7 million, or
$0.064 per share. This represents an immediate
increase in net tangible book value (deficit) of
$0.105 per share to our existing
shareholders and an immediate dilution of
$2.936 per share issued
to the investors in this offering.

The following table illustrates
this per share dilution:

| Offering price per common                                                             
 share and accompanying Class C warrant                                                
 Net tangible book value (deficit) per share as of December 31, 2024                   |     |   | (0.041 | ) |     |   |  3.00 |
|:--------------------------------------------------------------------------------------|:----|:--|-------:|:--|:----|:--|------:|
| Increase in net tangible book value (deficit) per share attributable to this offering |     | $ |  0.105 |   |     |   |       |
| As adjusted net tangible book value (deficit) per share after this offering           |     |   |        |   |     | $ | 0.064 |
| Dilution per share to investors participating in this offering                        |     |   |        |   |     | $ | 2.936 |

The above table and discussion
are based on 340,708,460 common shares outstanding as of December 31, 2024, and excludes:

| · | 27,885,450 common shares and 14,106,452 special