Company: TMCWW
Filing Date: 2025-05-12
Form Type: 424B5
Source: 0001104659-25-047372
Chunk: 160

Company: TMC the metals Co Inc.
Filing Date: 2025-05-12
Form: 424B5
Chunk 160
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interest in the voting shares of the corporation is presumed to be acquisition of control of that corporation unless it can be established
that, on the acquisition, the corporation is not controlled in fact by the acquirer through the ownership of voting shares; and the acquisition
of less than one-third (1/3) of the voting shares of a corporation or of an equivalent undivided ownership interest in the voting shares
of the corporation is deemed not to be acquisition of control of that corporation.

Under the national-security-review regime in the
Investment Canada Act, review on a discretionary basis may also be undertaken by the federal government in respect to a much broader range
of investments by a non-Canadian to “acquire, in whole or part, or to establish an entity carrying on all or any part of its operations
in Canada.” No financial threshold applies to a national-security review. The relevant test is whether such investment by a non-Canadian
could be “injurious to national security.” The responsible ministers have broad discretion to determine whether an investor
is a non-Canadian and therefore subject to national-security review. Review on national-security grounds is at the discretion of the responsible
ministers, and may occur on a pre- or post-closing basis.

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Certain transactions relating to Common Shares
will generally be exempt from the Investment Canada Act, subject to the federal government’s prerogative to conduct a national-security
review, including:

| · | the acquisition of Common Shares by a person in the ordinary course of that person’s business as a trader or dealer in securities; |

| · | the acquisition of control of us in connection with the realization of security granted for a loan or other financial assistance and 
 not for any purpose related to the provisions of the Investment Canada Act; and                                                      |

| · | the acquisition of control of us by reason of an amalgamation, merger, consolidation or corporate reorganization following which the 
 ultimate direct or indirect control in fact of us, through ownership of Common Shares, remains unchanged.                            |

Other

There is no law, governmental decree or regulation
in Canada that restricts the export or import of capital, or that would affect the remittance of dividends (if any) or other payments
by us to non-resident holders of Common Shares, other than withholding tax requirements.

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MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</div>

The following discussion is a summary of material