<SEC-DOCUMENT>0001104659-24-119789.txt : 20241115
<SEC-HEADER>0001104659-24-119789.hdr.sgml : 20241115
<ACCEPTANCE-DATETIME>20241115172534
ACCESSION NUMBER:		0001104659-24-119789
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20241115
DATE AS OF CHANGE:		20241115

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TMC the metals Co Inc.
		CENTRAL INDEX KEY:			0001798562
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-275822
		FILM NUMBER:		241469010

	BUSINESS ADDRESS:	
		STREET 1:		595 HOWE STREET
		STREET 2:		10TH FLOOR
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5
		BUSINESS PHONE:		(604) 631-3115

	MAIL ADDRESS:	
		STREET 1:		595 HOWE STREET
		STREET 2:		10TH FLOOR
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2T5

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sustainable Opportunities Acquisition Corp.
		DATE OF NAME CHANGE:	20200102
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2427511d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Filed pursuant
to Rule&nbsp;424(b)(5)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Registration No.&nbsp;333-275822</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>(To Prospectus dated December&nbsp;8,
2023)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2427511d1_424b2-img001.jpg" ALT="" STYLE="height: 108px; width: 260px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TMC THE METALS
COMPANY INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>17,500,000 Common
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Class&nbsp;B
Warrants to Purchase 8,750,000 Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are offering 17,500,000 of our common shares and accompanying Class&nbsp;B warrants to purchase 8,750,000 of our common shares in this
offering (and the common shares issuable from time to time upon exercise of these Class&nbsp;B warrants). Each common share we sell in
the offering will be accompanied by a Class&nbsp;B warrant to purchase 0.5 common shares at an exercise price of $2.00 per share. Each
common share and accompanying Class&nbsp;B warrant will be sold at a negotiated price of $1.00. The common shares and accompanying Class&nbsp;B
warrants will be issued separately but can only be purchased together in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Each
Class&nbsp;B warrant will be exercisable from and after the date of issuance. The Class&nbsp;B warrants will expire five years from issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
common shares and publicly listed warrants to purchase common shares, or the Public Warrants, are listed on the Nasdaq Global Select
Market, or Nasdaq, under the symbol &ldquo;TMC&rdquo; and &ldquo;TMCWW&rdquo;, respectively. On November 13, 2024, the closing price
of our common shares on the Nasdaq was $0.9564 per share and the closing price for our Public Warrants was $0.0706 per warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are an &ldquo;emerging growth company&rdquo; and &ldquo;smaller reporting company&rdquo; under the federal securities laws and, as such,
are subject to reduced public company reporting requirements. See &ldquo;Prospectus Supplement Summary&mdash;Implications of Being an
Emerging Growth Company and Smaller Reporting Company&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investing
in our securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-9 of this prospectus supplement</B></FONT><FONT STYLE="font-size: 10pt">&nbsp;<B>and
under similar headings in the documents incorporated by reference into this prospectus supplement and the accompanying prospectus for
a discussion of certain risks you should consider before investing in our securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
have engaged A.G.P./Alliance Global Partners, which we refer to as the placement agent, as a placement agent in connection with a portion
of the shares issued in this offering. The placement agent has no obligation to buy any of the securities from us or to arrange for the
purchase or sale of any specific number or dollar amount of securities. We have agreed to pay the placement agent the placement agent
fees set forth in the table below. There is no arrangement for funds to be received in escrow, trust or similar arrangement. There is
no minimum offering requirement. We will bear all costs associated with the offering. See &ldquo;Plan of Distribution&rdquo; beginning
on page&nbsp;S-21 of this prospectus supplement for more information regarding these arrangements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="white-space: nowrap; text-align: center; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Per Share and <BR> Accompanying Class&nbsp;B<BR> Warrant</B></FONT></TD>
<TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
<TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">&nbsp;</TD>
<TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total <SUP>(1)</SUP></B></FONT></TD>
<TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%">Offering price</TD>
<TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
<TD STYLE="width: 14%; font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00</FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD>
<TD STYLE="width: 14%; font-size: 10pt; text-align: right">17,500,000</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Proceeds to us before expenses</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD>
<TD STYLE="font-size: 10pt; text-align: right">1.00</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">$</TD>
<TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,500,000</FONT></TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">The
                                            amount of the offering proceeds to us presented in this table does
not include fees payable to the placement agent or proceeds from the exercise of the Class&nbsp;B warrants for cash, if any, issued in
the offering. After deducting the fees we have agreed to pay to the placement agent in connection with this offering, the proceeds to
us before expenses is $0.99 per share and accompanying Class B warrant and $17,300,000 in total. See Plan of Distribution&rdquo; beginning
on page S-21 of this prospectus supplement for additional information about the expenses payable in connection with this offering.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined
if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal
offense.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B>The
securities offered by this prospectus supplement have not been qualified for distribution in Canada and may not be offered or sold in
Canada.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Delivery
of the securities offered hereby is expected to occur on or about November 22, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">The date of this
prospectus supplement is November 14, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>TABLE
OF CONTENTS<SUP></SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS
SUPPLEMENT</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF; width: 95%"><A HREF="#SP1_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ABOUT
THIS PROSPECTUS</FONT> <FONT STYLE="font-size: 10pt">SUPPLEMENT</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF; width: 5%"><A HREF="#SP1_001"><FONT STYLE="font-size: 10pt">S-1</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#SP1_002"><FONT STYLE="font-size: 10pt">PROSPECTUS SUPPLEMENT SUMMARY</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#SP1_002"><FONT STYLE="font-size: 10pt">S-2</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#SP1_003"><FONT STYLE="font-size: 10pt">THE OFFERING</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#SP1_003"><FONT STYLE="font-size: 10pt">S-7</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#SP1_004"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#SP1_004"><FONT STYLE="font-size: 10pt">S-9</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_001"><FONT STYLE="font-size: 10pt">CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_001"><FONT STYLE="font-size: 10pt">S-14</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_002"><FONT STYLE="font-size: 10pt">NO CANADIAN PROSPECTUS QUALIFICATION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_002"><FONT STYLE="font-size: 10pt">S-15</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_003"><FONT STYLE="font-size: 10pt">CAUTIONARY STATEMENTS REGARDING THE NORI
INITIAL ASSESSMENT AND TOML MINERAL RESOURCE STATEMENT</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_003"><FONT STYLE="font-size: 10pt">S-15</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_004"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_004"><FONT STYLE="font-size: 10pt">S-17</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_005"><FONT STYLE="font-size: 10pt">DILUTION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_005"><FONT STYLE="font-size: 10pt">S-18</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_006"><FONT STYLE="font-size: 10pt">DESCRIPTION OF SECURITIES WE ARE OFFERING</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_006"><FONT STYLE="font-size: 10pt">S-19</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_007"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_007"><FONT STYLE="font-size: 10pt">S-21</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_008"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_008"><FONT STYLE="font-size: 10pt">S-22</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_009"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_009"><FONT STYLE="font-size: 10pt">S-22</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_010"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_010"><FONT STYLE="font-size: 10pt">S-22</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_011"><FONT STYLE="font-size: 10pt">ENFORCEABILITY OF CIVIL LIABILITIES AND SERVICE
OF PROCESS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: #CCEEFF"><A HREF="#sp2a_011"><FONT STYLE="font-size: 10pt">S-22</FONT></A></TD>
</TR>
<TR>
<TD STYLE="vertical-align: bottom; background-color: white"><A HREF="#sp2a_012"><FONT STYLE="font-size: 10pt">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom; background-color: white"><A HREF="#sp2a_012"><FONT STYLE="font-size: 10pt">S-23</FONT></A></TD>
</TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt; width: 95%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS&nbsp;</B></FONT></TD>
<TD STYLE="font-size: 10pt; text-align: center; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">ABOUT THIS PROSPECTUS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_001"><FONT STYLE="font-size: 10pt">1</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">PROSPECTUS SUMMARY</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_002"><FONT STYLE="font-size: 10pt">2</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">RISK FACTORS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_003"><FONT STYLE="font-size: 10pt">5</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_004"><FONT STYLE="font-size: 10pt">6</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">USE OF PROCEEDS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_005"><FONT STYLE="font-size: 10pt">8</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">PLAN OF DISTRIBUTION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_006"><FONT STYLE="font-size: 10pt">9</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">DESCRIPTION OF COMMON SHARES AND SPECIAL SHARES</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_007"><FONT STYLE="font-size: 10pt">12</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">DESCRIPTION OF PREFERRED SHARES</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_008"><FONT STYLE="font-size: 10pt">15</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_009"><FONT STYLE="font-size: 10pt">16</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">DESCRIPTION OF WARRANTS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_010"><FONT STYLE="font-size: 10pt">22</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_011"><FONT STYLE="font-size: 10pt">DESCRIPTION OF UNITS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_011">29</A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_012"><FONT STYLE="font-size: 10pt">CERTAIN IMPORTANT PROVISIONS OF THE NOTICE OF ARTICLES AND ARTICLES AND THE BCBCA</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_012">30</A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_013"><FONT STYLE="font-size: 10pt">OWNERSHIP AND EXCHANGE CONTROLS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_013">33</A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_014"><FONT STYLE="font-size: 10pt">35</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_015"><FONT STYLE="font-size: 10pt">42</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">LEGAL MATTERS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_016"><FONT STYLE="font-size: 10pt">44</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">EXPERTS</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_018"><FONT STYLE="font-size: 10pt">44</FONT></A></TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="vertical-align: bottom"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_019"><FONT STYLE="font-size: 10pt">44</FONT></A></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="vertical-align: bottom"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: bottom"><A HREF="#a_020"><FONT STYLE="font-size: 10pt">44</FONT></A></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Market and Industry Data</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Market
and other statistical data included or incorporated by reference in this prospectus supplement were obtained from industry publications,
market research and publicly available information as well as publications and research conducted by or on behalf of TMC. Industry publications
generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy
and completeness of such information is not guaranteed. Similarly, market research and publicly available information, while believed
to be reliable, have not been independently verified, and neither we or   the placement agent make any representation as to the
accuracy of such information.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Trademarks, Service marks and Trade
Names</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">All
service marks, trademarks and trade names appearing in this prospectus supplement are the property of their respective owners. We do
not intend our use or display of other companies&rsquo; trade names, trademarks or service marks to imply a relationship with, or endorsement
or sponsorship of us by, these other companies. Solely for convenience, trademarks and tradenames referred to in this prospectus supplement
may appear without the &reg; or &trade; symbols, but such references are not intended to indicate in any way that we will not assert,
to the fullest extent under applicable law, our rights, or that the applicable owner will not assert its rights, to these trademarks
and tradenames.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="SP1_001"></A>ABOUT THIS PROSPECTUS
SUPPLEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
prospectus supplement and the accompanying base prospectus are part of a &ldquo;shelf&rdquo; registration statement on Form&nbsp;S-3
that we filed with the U.S. Securities and Exchange Commission, or the SEC, using a &ldquo;shelf&rdquo; registration process. This prospectus
supplement describes the specific terms of this offering. The accompanying base prospectus, including the documents incorporated by reference
therein, provides general information about us, some of which, such as the section therein entitled &ldquo;Plan of Distribution,&rdquo;
may not apply to this offering. Generally, when we refer to this prospectus, we are referring to both this prospectus supplement and
the accompanying base prospectus, combined.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
urge you to carefully read this prospectus supplement, the accompanying base prospectus, the documents incorporated by reference herein
and therein and the additional information under the headings &ldquo;Information Incorporated by Reference&rdquo; and &ldquo;Where You
Can Find More Information&rdquo; before buying any of the securities being offered under this prospectus supplement. These documents
contain information you should consider when making your investment decision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying base prospectus.
We have not, and the placement agent has not, authorized anyone to provide you with different information. If anyone provides you with
different or inconsistent information, you should not rely on it. This prospectus supplement may add, update or change information contained
in the accompanying base prospectus. To the extent any information in this prospectus supplement is inconsistent with the accompanying
base prospectus, you should rely on the information in this prospectus supplement. The information in this prospectus supplement will
be deemed to modify or supersede the information in the accompanying base prospectus and the documents incorporated by reference therein,
except for those documents incorporated by reference therein which we file with the SEC after the date of this prospectus supplement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">You
should not assume that the information contained or incorporated by reference in this prospectus supplement and the accompanying base
prospectus is accurate on any date subsequent to the date set forth on the front cover of this prospectus supplement and the accompanying
base prospectus or on any date subsequent to the date of the document incorporated by reference, as applicable. Our business, financial
condition, results of operations and prospects may have changed since those dates.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are offering to sell, and seeking offers to buy, the securities described in this prospectus supplement only in jurisdictions where offers
and sales are permitted. The distribution of this prospectus supplement and the offering of the securities in certain jurisdictions may
be restricted by law. Persons outside the United States who come into possession of this prospectus supplement must inform themselves
about, and observe any restrictions relating to, the offering of the securities and the distribution of this prospectus supplement outside
the United States. This prospectus supplement does not constitute, and may not be used in connection with, an offer to sell, or a solicitation
of an offer to buy, any securities offered by this prospectus supplement by any person in any jurisdiction in which it is unlawful for
such person to make such an offer or solicitation.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
further note that the representations, warranties and covenants made by us in any agreement that is filed as an exhibit to any document
that is incorporated by reference into this prospectus supplement or the accompanying base prospectus were made solely for the benefit
of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the parties to such agreements,
and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations, warranties or covenants
were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should not be relied on as accurately
representing the current state of our affairs.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
this prospectus supplement, unless otherwise indicated or required by the context, the terms &ldquo;TMC,&rdquo; &ldquo;we,&rdquo; &ldquo;our,&rdquo;
 &ldquo;us&rdquo; and the &ldquo;Company&rdquo; refer to TMC the metals company Inc. and its subsidiaries.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="SP1_002"></A><B>PROSPECTUS SUPPLEMENT
SUMMARY</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">This
summary contains basic information about us and this offering. This summary highlights selected information contained elsewhere in, or
incorporated by reference into, this prospectus supplement. This summary is not complete and may not contain all of the information that
may be important to you and that you should consider before deciding whether or not to invest in our securities. For a more complete
understanding of TMC and this offering, you should carefully read this prospectus supplement, including the information incorporated
by reference into this prospectus supplement, in its entirety. Investing in our securities involves risks that are described in this
prospectus supplement under the heading &ldquo;Risk Factors,&rdquo; under the heading &ldquo;Item 1A. Risk Factors&rdquo; in our Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023, as updated and supplemented under the heading &ldquo;Item 1A. Risk
Factors&rdquo; in our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2024 and June&nbsp;30, 2024, and in our
other filings with the SEC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>About TMC the
metals company Inc.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are a deep-sea minerals exploration company focused on the collection, processing and refining of polymetallic nodules found on the seafloor
in international waters of the Clarion Clipperton Zone, or CCZ, about 1,500 miles south-west of San Diego, California. The CCZ is a geological
submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240 km (4,500
miles) that spans approximately 4,500,000 square kilometers (1,700,000 square miles). Polymetallic nodules are discrete rocks that sit
unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, manganese, cobalt and
copper in a single rock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">These
four metals contained in the polymetallic nodules are critical for the transition to low carbon energy, as well as for infrastructure
and development. Our resource definition work to date shows that nodules in our contract areas represent the world&rsquo;s largest estimated
undeveloped source of critical battery metals. If we are able to collect polymetallic nodules from the seafloor on a commercial scale,
we plan to use such nodules to produce three types of metal products: (i)&nbsp;feedstock for battery cathode precursors (nickel and cobalt
sulfates, or intermediary nickel-copper-cobalt matte, or nickel-copper-cobalt alloy) for electric vehicles, or EV, and renewable energy
storage markets, (ii)&nbsp;copper cathode for EV wiring, energy transmission and other applications, and (iii)&nbsp;manganese silicate
for manganese alloy production required for steel production. Our mission is to build a carefully managed, shared stock of metal, or
a metal commons, that can be used, recovered and reused for generations to come. Significant quantities of newly mined metal are required
because existing metal stocks are insufficient to meet rapidly rising demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Exploration
and exploitation of seafloor minerals in international waters is regulated by the International Seabed Authority, or ISA, an intergovernmental
organization established pursuant to the 1994 Agreement, or the 1994 Agreement, Relating to the Implementation of the United Nations
Convention on the Law of the Sea, or UNCLOS or the Convention. The ISA grants contracts to sovereign states or to private contractors
who are sponsored by a sovereign state. The ISA requires that a contractor must obtain and maintain sponsorship by a host nation that
is a member of the ISA and signatory to UNCLOS, and such nation must maintain effective supervision and regulatory control over such
sponsored contractor. The ISA has issued a total of 19 polymetallic nodule exploration contracts covering approximately 1.28 million
square kilometers, or 0.4% of the global seafloor, 17 of which are in the CCZ. We hold exclusive exploration and commercial rights to
three of the 17 polymetallic nodule contract areas in the CCZ; two based on ISA exploration contracts, through our subsidiaries Nauru
Ocean Resources Inc., or NORI, and Tonga Offshore Mining Limited, or TOML, sponsored by the Republic of Nauru, or Nauru, and the Kingdom
of Tonga, or Tonga, respectively, and exclusive commercial rights through our subsidiary, DeepGreen Engineering Pte. Ltd.&rsquo;s, or
DGE, and its arrangement with Marawa Research and Exploration Limited, or Marawa, a company owned and sponsored by the Republic of Kiribati,
or Kiribati.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have key strategic alliances with (i)&nbsp;Allseas Group S.A., a leading global offshore contractor, which developed and tested a pilot
collection system, and is now working to modify it into the first commercial production system and (ii)&nbsp;Glencore International AG,
or Glencore, which holds offtake rights to 50% of the NORI nickel and copper production, if produced from a DGE-owned or controlled facility.
In addition, we have worked with an engineering firm Hatch Ltd. (Hatch) and consultants Kingston Process Metallurgy Inc. (KPM) to develop
a near-zero solid waste flowsheet. The primary processing stages of the flowsheet from nodule to Ni-Cu-Co matte intermediate were demonstrated
as part of our pilot plant program at FLSmidth and XPS&rsquo; facilities. The matte refining stages are being tested at SGS Lakefield.
The near-zero solid waste flowsheet provides a design that is expected to serve as the basis for our onshore processing facilities. After
several months of pre-feasibility work in 2022 on the possibility of building a processing facility in India for Project Zero, we decided
to adopt a capital-light approach and focus on sourcing an existing processing facility requiring lower capital expenditures and which
we believe may offer a lower risk solution to get Project Zero into production. In November&nbsp;2022, we entered into a non-binding
Memorandum of Understanding, or MoU, with Pacific Metals Co Ltd, or PAMCO, of Japan</FONT> <FONT STYLE="font-size: 10pt; background-color: white">pursuant
to which PAMCO completed prefeasibility work assessing the prospect of processing nodules using their existing facilities</FONT><FONT STYLE="font-size: 10pt">.
In November&nbsp;2023, we entered into a binding MoU with PAMCO whereby they committed to completing a feasibility study (expected to
be completed during the fourth quarter of 2024) to toll treat 1.3 million tonnes of wet polymetallic nodules per year at its Hachinohe,
Japan smelting facility expected to start in the second quarter of 2026, provided we obtain an exploitation contract from the ISA as
expected. The toll treatment is intended to take place on a dedicated Rotary Kiln Electric Arc Furnace (RKEF) processing line and produce
two products: nickel-copper-cobalt alloy, an intermediate product used as feedstock to produce lithium-ion battery cathodes, and a manganese
silicate product used to make silico-manganese alloy, a critical input into steel manufacturing. We expect this partnership to progress
to a definitive tolling agreement before the end of 2024, subject to successful evaluation study outcomes and agreement to mutually acceptable
commercial terms. There can be no assurance that we will enter into such definitive strategic alliance in a particular time period, or
at all, or on terms similar to those set forth in the binding MoU, or that if such definitive tolling agreement is entered into by us
or that the existing facility will be able to successfully process nodules in a particular time period, or at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are currently focused on preparing our application for a plan of work to the ISA for our first exploitation contract for the NORI contract
area.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To
reach our objective and initiate commercial production, we are: (i)&nbsp;defining our resource and project economics, (ii)&nbsp;developing
a commercial offshore nodule collection system, (iii)&nbsp;assessing the environmental and social impacts of offshore nodule collection,
and (iv)&nbsp;developing onshore technology to process collected polymetallic nodules into a manganese silicate product, and an intermediate
nickel-copper-cobalt alloy or matte product and/or end-products like nickel and cobalt sulfates, and copper cathode.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are still in the exploration phase and have not yet declared mineral reserves. In addition, we do not have the applicable environmental
and other permits required to build and/or operate commercial scale polymetallic nodule processing and refining plants on land.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Business Update</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
November&nbsp;12, 2024, we provided a corporate update regarding the expected submission date of NORI&rsquo;s application, or the
Application, for a plan of work to the ISA for our first exploitation contract for the collection, processing and refining of polymetallic
nodules found on the seafloor in the NORI&rsquo;s contract area in international waters of the CCZ and NORI&rsquo;s strategy following
the submission of the Application; ISA progress on adopting the final rules, regulations and procedures for exploitation of seafloor
polymetallic nodules, or the RRPs or the Mining Code, additions to our business strategy and preliminary unaudited financial information
as of and for the three months ended September&nbsp;30, 2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>NORI Application
Submission and Strategy</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Following
discussions between NORI and its sponsoring state, Nauru, NORI has set the date of June&nbsp;27, 2025 for its expected submission of
the Application to the ISA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">According
to the ISA Council's decisions ISBA/28/C/24 and ISBA/28/C/25, if NORI submits an application for a plan of work for exploitation
before the RRPs have been adopted, the ISA Council at its next meeting, as a matter of priority, will consider the process for
considering such an application. The ISA Council is not scheduled to meet again until March&nbsp;2025. We believe it is unlikely
that the ISA Council will consider an application for a plan of work for exploitation before this session. Considering  this, Nauru
is formally requesting&#8239;that the ISA clarify the submission and review process for such an application at the March&nbsp;2025 meetings before
NORI submits the Application and, therefore, have decided to submit the Application after the March&nbsp;2025 meetings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
our view, the process for the consideration of the Application has already been set forth under UNCLOS and Paragraph 15 of Section&nbsp;1
of the Annex to the 1994 Agreement. Consistent with NORI&rsquo;s rights under the Convention and the 1994 Agreement, NORI can submit
the Application and have it considered and provisionally approved based on &ldquo;the provisions of the Convention and any rules, regulations
and procedures that the Council may have adopted provisionally, or on the basis of the norms contained in the Convention and the terms
and principles contained in the Implementation Agreement as well as the principle of non-discrimination among contractors.&rdquo; In
an effort to ensure clarity on the submission process, consideration of the Application, and timelines, Nauru, in consultation with NORI,
is formally requesting that this issue be added to the agenda of the ISA Council&rsquo;s March&nbsp;2025 meeting. We believe that this
will allow the ISA Council to agree on the process prior to NORI&rsquo;s Application submission date of June&nbsp;27, 2025 and to help
provide more certainty to NORI, us and the ISA in the submission and review of the Application. We and Nauru are confident in our rights
under the 1994 Agreement, and if necessary in the future, can also seek action through International Tribunal for the Law of the Sea&rsquo;s
Seabed Disputes Chamber to seek additional clarity on the submission and review of the Application.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Mining Code
Progress</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
ISA Council completed a first reading of the consolidated text of the draft Mining Code at the July&nbsp;2024 Council meeting. It was
agreed that a revised consolidated text of the draft Mining Code would be provided to the ISA Council by the end of November&nbsp;2024.
We have engaged with Leticia Reis de Carvalho, the newly-elected Secretary General of the ISA, and expect to work with Ms.&nbsp;Carvalho
in a constructive manner as the ISA continues to work to have the final Mining Code adopted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Operating
Expense Reductions and Deferral of Capital Expenditures</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Following
the expected submission of the Application by NORI, we expect quarterly cash use of less than $5 million. We have already begun the process
of reducing or eliminating certain operating expenses to ensure our financial resiliency while the ISA considers NORI&rsquo;s expected
Application.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Further,
we do not expect to raise funds for capital expenditures related to the preparation of the Hidden Gem vessel for commercial production
until such time as the final RRPs are adopted, the Application is approved based on the draft RRPs, or until other potential non-dilutive
strategic financing is in place. We expect to provide further updates on the potential timing of the start of commercial production following
sufficient clarity on these items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Expanded Company
Strategy</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Given
the significant rise in seafloor resource exploration opportunities around the globe and our leadership position and experience in this
industry, having invested over $500 million since inception to achieve milestones in environmental research, resource definition, test
mining and test processing, we have begun to explore a new strategy to (1)&nbsp;develop a services business for seafloor resource development
and (2)&nbsp;optimize and diversify our resource portfolio within the Area and in national jurisdictions. We are in discussions with
several parties on services contracts to provide our expertise in the areas of new exploration plans of work, resource definition, environmental
impact assessments, data management and offshore campaign execution. We are also actively evaluating opportunities for us to enter new
exploration contract areas, already permitted properties and producing properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Although we are
in discussions with respect to these new opportunities, there can be no assurances that we will enter into agreements with respect to
the development of a services business or to optimize and diversify our portfolio in a particular time period, or at all, or on terms
that will allow either of these opportunities to be developed and executed in a profitable manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><B><I>Preliminary
Unaudited Financial Information as of and for the Three Months Ended September&nbsp;30, 2024</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
of September&nbsp;30, 2024, the Company estimates that it had cash on hand of $0.4 million. In addition, as of September&nbsp;30, 2024,
the Company estimates that it had short-term debt of approximately $9.2 million, representing amounts outstanding under the Unsecured
Credit Facility, dated March&nbsp;22, 2024, as amended, with Gerard Barron, our Chief Executive Officer and Chairman, and ERAS Capital
LLC, the family fund of our director, Andrei Karkar, or the 2024 Credit Facility, and the Working Capital Loan Agreement, dated September&nbsp;9,
2024, with Allseas Investments S.A., or the Working Capital Loan Agreement. The Company also estimates that operating expenses were approximately
$20.0 million and net cash used in operating activities was approximately $5.7 million for the three months ended September 30, 2024.
As of September&nbsp;30, 2024, there remained $20.8 million undrawn under the 2024 Credit Facility and the full amount of $27.5 million
undrawn from the Unsecured Credit Facility, dated March&nbsp;22, 2023, as amended, with Argentum Cedit Virtuti GCV, a company related
to Allseas Group SA, or the 2023 Credit Facility. In addition, as of September&nbsp;30, 2024, the Company had approximately $25.0 million
available to be sold under the At-the-Market Equity Distribution Agreement, or the Sales Agreement, with Wedbush Securities Inc., having raised $4.9 million in the nine months ended September 30, 2024 at an average per share price of $1.53.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
information presented above is estimated, unaudited and preliminary and is subject to completion. The Company is in the process of finalizing
its financial results for the quarter ended September&nbsp;30, 2024. As a result, the estimates above may differ from the actual results
that will be presented in the Company&rsquo;s consolidated financial statements as of and for the quarter ended September&nbsp;30, 2024
when these consolidated financial statements are completed. The information presented above is based upon management estimates to date
and is the responsibility of management. The Company&rsquo;s independent registered public accounting firm has not audited, reviewed,
compiled or performed any procedures with respect to this information and, accordingly, does not express an opinion or any other form
of assurance upon this information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
October&nbsp;18, 2024, the Company amended the Working Capital Loan Agreement to increase the loan amount thereunder from $5.0 million
to $7.5 million. In addition, as of the closing of the offering, (i)&nbsp;the borrowing limit under the 2023 Credit Facility will return
to $25.0 million in the aggregate and (ii)&nbsp;the borrowing limit under the 2024 Credit Facility will return to $20.0 million in the
aggregate ($10.0 million from each of the lenders); in each case pursuant to the terms of the applicable credit facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Our Corporate
Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Company was originally known as Sustainable Opportunities Acquisition Corp., or SOAC. On September&nbsp;9, 2021, or the Closing Date,
we consummated a business combination, or the Business Combination, pursuant to the terms of the business combination agreement, or the
Business Combination Agreement, dated as of March&nbsp;4, 2021, by and among SOAC, 1291924 B.C. Unlimited Liability Company, an unlimited
liability company existing under the laws of the Province of British Columbia, Canada, and DeepGreen Metals Inc., a company existing
under the laws of the Province of British Columbia, Canada, or DeepGreen. In connection with the closing of the Business Combination,
or the Closing, SOAC changed its name to &ldquo;TMC the metals company Inc.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Our
registered and records office is located at 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia V6E 2J3, Canada, and our
telephone number is (888) 458-3420. We do not have a physical office in Vancouver, British Columbia, our directors and executive officers
work remotely in various countries around the world, and the Vancouver, British Columbia address disclosed is our registered and records
office required under the Business Corporations Act (British Columbia) Our website address is www.metals.co. The information contained
on, or that can be accessed through, our website is not and shall not be deemed to be part of this prospectus supplement. We have included
our website address in this prospectus supplement solely as an inactive textual reference. Investors should not rely on any such information
in deciding whether to purchase our common shares or other securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Implications
of Being an Emerging Growth Company and a Smaller Reporting Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, or the JOBS Act. For
so long as we remain an emerging growth company, we may take advantage of relief from certain reporting requirements and other burdens
that are otherwise applicable generally to public companies. These provisions include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced
                                            obligations with respect to financial data, including only being required to present two
                                            years of audited financial statements, in addition to any required unaudited interim financial
                                            statements with correspondingly reduced &ldquo;Management&rsquo;s Discussion and Analysis
                                            of Financial Condition and Results of Operations&rdquo; disclosure;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exception from compliance with the auditor attestation requirements of Section&nbsp;404 of
                                            the Sarbanes-Oxley Act of 2002, as amended;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">reduced
                                            disclosure about our executive compensation arrangements in our periodic reports, proxy statements
                                            and registration statements;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">exemptions
                                            from the requirements of holding non-binding advisory votes on executive compensation or
                                            golden parachute arrangements; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">an
                                            exemption from compliance with the requirements of the Public Company Accounting Oversight
                                            Board regarding the communication of critical audit matters in the auditor&rsquo;s report
                                            on financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
may take advantage of these provisions until we no longer qualify as an emerging growth company. We will cease to qualify as an emerging
growth company on the date that is the earliest of: (i)&nbsp;December&nbsp;31, 2026, (ii)&nbsp;the last day of the fiscal year in which
we have more than $1.235 billion in total annual gross revenues, (iii)&nbsp;the date on which we are deemed to be a &ldquo;large accelerated
filer&rdquo; under the rules&nbsp;of the SEC which means the market value of our common shares that is held by non-affiliates exceeds
$700 million as of the prior June&nbsp;30th, or (iv)&nbsp;the date on which we have issued more than $1.0 billion of non-convertible
debt over the prior three-year period. We may choose to take advantage of some but not all of these reduced reporting burdens. We have
taken advantage of certain reduced reporting requirements in this prospectus supplement. Accordingly, the information contained herein
may be different than you might obtain from other public companies in which you hold equity interests.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
addition, under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those
standards apply to private companies. We have elected to take advantage of the extended transition period to comply with new or revised
accounting standards and to adopt certain of the reduced disclosure requirements available to emerging growth companies. As a result
of the accounting standards election, we will not be subject to the same implementation timing for new or revised accounting standards
as other public companies that are not emerging growth companies, which may make comparison of our financials to those of other public
companies more difficult. As a result of these elections, the information that we provide in this prospectus supplement may be different
than the information you may receive from other public companies in which you hold equity interests. In addition, it is possible that
some investors will find our common shares less attractive as a result of these elections, which may result in a less active trading
market for our common shares and higher volatility in our share price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">We
are also a &ldquo;smaller reporting company,&rdquo; meaning that the market value of our shares held by non-affiliates is less than $700
million and our annual revenue was less than $100 million during the most recently completed fiscal year. We may continue to be a smaller
reporting company if either (i)&nbsp;the market value of our shares held by non-affiliates is less than $250 million or (ii)&nbsp;our
annual revenue was less than $100 million during the most recently completed fiscal year and the market value of our shares held by non-affiliates
is less than $700 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue
to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller
reporting company, we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report
on Form&nbsp;10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding
executive compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></DIV>

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<DIV STYLE="border: Black 1pt solid; padding-right: 5pt; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="SP1_003"></A>THE OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 20%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common shares
    offered by us</B></FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,500,000
shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Class&nbsp;B warrants offered
    by us</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class&nbsp;B
    warrants to purchase up to an aggregate of 8,750,000 common shares. The common shares are being sold together with the Class&nbsp;B
    warrants. Each common share will be accompanied by a Class&nbsp;B warrant to purchase </FONT><FONT STYLE="font-size: 10pt">0.5
    common shares. The Class&nbsp;B warrants are exercisable beginning on the issuance date, or the Initial Exercise Date, at an
    exercise price of $2.00 per share, and will terminate on November 14, 2029, or the Termination Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common shares outstanding
    before this offering</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">322,241,883
    shares.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common shares to be outstanding
    immediately after this offering</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">339,741,883
shares assuming no exercise of any Class&nbsp;B warrants issued in this offering.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering price</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each common
share and accompanying Class&nbsp;B warrant will be sold at a negotiated price of $1.00. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><B>Settlement after T+1</B></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">Delivery of the common shares and Class B warrants will be made against
any payment therefor on or before November 22, 2024.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of proceeds</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We estimate
the net proceeds from this offering will be approximately $16.5 million, after deducting fees payable to the placement agent and other
estimated offering expenses payable by us, assuming no exercise of the Class&nbsp;B warrants issued in this offering. We intend to use
the net proceeds from this offering for working capital and general corporate purposes. See &ldquo;Use of Proceeds&rdquo; beginning on
page&nbsp;S-17 of this prospectus supplement for additional detail.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading symbol</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our common
    shares are listed on </FONT><FONT STYLE="font-size: 10pt">Nasdaq under the symbol &ldquo;TMC&rdquo;. We do not intend to list the
    Class&nbsp;B warrants, nor do we expect the Class&nbsp;B warrants to be quoted on Nasdaq or any other national securities exchange
    or any other nationally recognized trading system.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk factors</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our securities involves a high degree of risk. See &ldquo;Risk Factors&rdquo; beginning on page&nbsp;S-9 and other information included
or incorporated in this prospectus supplement for a discussion of factors you should carefully consider before investing in our securities.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-up agreement</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have agreed not to issue any common shares and common share equivalents
with an effective price of less than $1.00 per share for a period of six months following the closing of this offering, subject to customary
exceptions.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
number of our common shares that will be outstanding immediately after this offering is based on 322,241,883 common shares outstanding
as of June&nbsp;30, 2024, and excludes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">28,028,062
                                            common shares and 14,896,783 special shares, which are automatically convertible into common
                                            shares on a one-for-one basis if certain price thresholds are met, issuable upon exercise
                                            of share options outstanding as of June&nbsp;30, 2024 under our stock incentive plans, at
                                            a weighted average per option exercise price of $1.21;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">35,761,561
                                            common shares issuable upon the vesting of restricted share units outstanding as of June&nbsp;30,
                                            2024;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">39,714,811
                                            common shares available as of June&nbsp;30, 2024 for future grant under the 2021 Incentive
                                            Equity Plan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">10,669,037
                                            common shares available as of June&nbsp;30, 2024 for future issuance under the 2021 Employee
                                            Stock Purchase Plan;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">136,239,964
                                            common shares reserved for issuance upon conversion of our outstanding special shares, which
                                            are automatically convertible into common shares on a one-for-one basis if certain price
                                            thresholds are met; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">30,730,770 common shares issuable upon exercise of outstanding
                                                                                                                               warrants as of June&nbsp;30, 2024 to purchase common shares, at a weighted average per warrant exercise price of $9.78. The exercise
                                                                                                                               price of the 6,230,770 outstanding Class A warrants will be adjusted in connection with this offering as described in the
                                                                                                                               accompanying base prosectus under &ldquo;Description of Warrants &ndash; Outstanding Warrants &ndash; Class A Warrants - Exercise
                                                                                                                               Price Adjustment for Certain Share Issuances&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Except
as otherwise indicated, all information in this prospectus supplement assumes no exercise of the Class&nbsp;B warrants issued in this
offering and does not reflect the potential issuance of our common shares that remain available for sale as of the date of this prospectus
supplement under our &ldquo;at-the-market&rdquo; offering program, pursuant to which we may sell common shares for remaining gross proceeds
of up to $30 million from time to time under the At-The-Market Equity Distribution Agreement we entered into in December&nbsp;2022, as
amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><A NAME="SP1_004"></A>RISK FACTORS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><I>Our
Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023, which is incorporated by reference into this prospectus
supplement, as well as our other filings with the SEC, include material risk factors relating to our business. Those risks and uncertainties
and the risks and uncertainties described below are not the only risks and uncertainties that we face. Additional risks and uncertainties
that are not presently known to us or that we currently deem immaterial or that are not specific to us, such as general economic conditions,
may also materially and adversely affect our business and operations. If any of those risks and uncertainties or the risks and uncertainties
described below actually occurs, our business, financial condition or results of operations could be harmed substantially. In such a
case, you may lose all or part of your investment. You should carefully consider the risks and uncertainties described below and those
risks and uncertainties incorporated by reference into this prospectus supplement, as well as the other information included in this
prospectus supplement, before making an investment decision with respect to our securities. Since the filing of our Form&nbsp;10-K, there
have been no material changes in our risk factors relating to our business from those disclosed therein, other than as provided below
under &ldquo;Risks Related to Our Business.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Risks Related
to Our Business</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Our business
is subject to numerous regulatory uncertainties which, if not resolved in our favor, would have a material adverse impact on our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
March&nbsp;4, 2023 the United Nations finalized the UN High Seas Treaty. The treaty does not replace or amend UNCLOS, or the authority
of the ISA, and must be interpreted consistently with the rights granted by the Convention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">To
date, no commercial collection, also referred to as mining, exploitation or harvesting, of
nodules has occurred on the seafloor in the area of the high seas beyond the limits of national jurisdiction, the Area,
which includes the CCZ. Moreover, despite the release by the ISA of the Draft Regulations on Exploitation of Mineral Resources, the Draft
Regulations, finalization of such regulations remains subject to approval and adoption by the ISA. &nbsp;Once adopted, these
regulations will add to the legal and technical framework for exploitation of the polymetallic nodules in the NORI, TOML and Marawa contract
areas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Section&nbsp;1,
paragraph 15 of the 1994 Agreement allows
a member state whose national intends to apply for approval of a plan of work for exploitation to notify the ISA of such intention. This
notice obliges the ISA to complete the adoption of exploitation regulations within two years of the request made by the member state.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">On
June&nbsp;25, 2021, Nauru submitted such a notice, with an effective date of July&nbsp;9, 2021, to the ISA requesting that it complete
the adoption of the RRPs necessary to facilitate the approval
of plans of work for exploitation in the Area. As a result of that notice, the ISA was required to adopt the relevant RRPs for exploitation
by July&nbsp;9, 2023. The ISA, however, did not adopt the RRPs for exploitation by the July&nbsp;9, 2023 deadline. At its July&nbsp;2023
session, the ISA released a road map for the finalization of the Mining Code, with a view to its adoption during the 30th session of
the ISA in 2025. The road map included three scheduled ISA Council meetings through July&nbsp;2024 to elaborate the Mining Code.&nbsp;
The Mining Code was not completed at the July&nbsp;2024 ISA Council meetings and during these meetings, the ISA agreed to continue the
negotiations of the Mining Code with a continued view to its adoption during the 30th session of the ISA in 2025. The ISA Council has
scheduled two ISA Council meetings in March&nbsp;and July&nbsp;2025 to progress the Mining Code and has agreed to continue working intersessionally
to advance the text&nbsp; Although we believe the ISA will adopt the Mining Code, there can be no assurances that the Mining Code will
be adopted within this timeline, or at all, as a result of actions of ISA member States or otherwise. For example, at least 30 ISA member
States out of the 169 ISA members have expressed reservations about the commercialization of seafloor mineral resources and have called
for a ban, moratorium, or precautionary pause on the commercialization of these resources. In addition, although the Draft Regulations
and several supporting standards and guidelines are at an advanced stage, there remains uncertainty regarding the final form that these
will take, as well as the impact that such regulations, standards and guidelines will have on our ability to meet our objectives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">As
the ISA Council did not complete the adoption and elaboration of the Mining Code by the prescribed deadline of July&nbsp;9, 2023, pursuant
to Section&nbsp;1, Paragraph 15(c)&nbsp;of the Annex to the 1994 Agreement, if an application for a plan of work for exploitation is
now submitted to the ISA, the ISA is nonetheless required to consider and provisionally approve such a plan of work based on: (i)&nbsp;the
provisions of the UNCLOS; (ii)&nbsp;any rules, regulations and procedures that the ISA may have adopted provisionally, (iii)&nbsp;the
basis of the norms contained in the UNCLOS and (iv)&nbsp;the terms and principles contained in the 1994 Agreement, including the principle
of non-discrimination among contractors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">NORI
intends to submit an application to the ISA for an exploitation contract, which will include a plan of work for exploitation for the
NORI contract area, on June&nbsp;27, 2025. If the ISA has not adopted the final Mining Code by the time NORI submits this
application, we believe that the ISA will review and provisionally approve the plan of work for exploitation included therein
pursuant to Section&nbsp;1, Paragraph 15(c)&nbsp;of the Annex to the 1994 Agreement discussed above. The ISA released its road map
to finalize the Mining Code at its July&nbsp;2023 session and at its July&nbsp;2024 session agreed to continue the negotiations of
the Mining Code with a continued view to its adoption during the 30th session of the ISA in 2025, however, it has also stated that
the commercial exploitation of mineral resources in the ISA&rsquo;s jurisdictional area should not be carried out in the absence of
RRPs relating to exploitation. In addition, there can be no assurances that the ISA will come to a consensus as to the
interpretation of Section&nbsp;1, Paragraph 15(c)&nbsp;of the Annex to the 1994 Agreement. Although we believe the ISA will accept
and consider an application for a plan of work for exploitation in the absence of the final Mining Code, there is no consensus
within the ISA as to the process to be followed for its consideration of such an application, including the involvement of the
ISA&rsquo;s Legal and Technical Commission, or LTC, and whether and how long the ISA could delay its consideration of an application
past the proscribed 60-day period. As a result, and in light of some ISA Member States calling for a ban, moratorium or
precautionary pause on the commercialization of seafloor mineral resources, there can be no assurance that the ISA will
provisionally approve our plan of work for exploitation, within one year from submission thereof, or at all, or that such
provisional approval would lead to the issuance of an exploitation contract with the ISA.&nbsp; On August&nbsp;2, 2024, the ISA
Assembly elected Leticia Carvalho of Brazil as the new Secretary-General of the ISA for the period 2025-2028.&nbsp; There can be no
assurances that the ISA&rsquo;s stated target for adoption of the Mining Code of 2025 will be met or that any application for an
exploitation contract will be approved before the final Mining Code is adopted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
collection of polymetallic nodules within the CCZ, where our exploration areas are located, will require approval of an ISA
Exploitation Contract (which will authorize commercial collection activities). As part of the application for an ISA Exploitation
Contract, all contractors are required to complete baseline studies and an Environment and Social Impact Assessment, or ESIA,
culminating in an Environmental Impact Statement, or EIS, prior to collecting nodules at a commercial scale. The EIS would be accompanied by an Environmental Management and Monitoring Plan, which is expected
to specify the objectives and purpose of all monitoring requirements, the components to be monitored, frequency of monitoring,
methods of monitoring, analysis required in each monitoring component, monitoring data management and reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In
order to move our exploration projects into commercial production, our wholly-owned subsidiaries, NORI and TOML will each need to receive
an exploitation contract with the ISA, as will our partner, Marawa, in addition to obtaining related permits that may be required by
our commercial partners. There can be no assurance that the ISA will approve our application for a plan of work for exploitation and
issue an exploitation contract to our subsidiaries in a timely manner or at all. Even if the ISA timely evaluates such applications(s),
our subsidiaries may be required to submit a supplementary EIS or perform additional studies or campaigns before obtaining approval.
As such, there is a risk that an exploitation contract may not be granted by the ISA, may not be granted on a timely basis, thereby delaying
our potential timeline for commercial exploitation, or may be granted on uneconomic terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Similarly,
with respect to sponsoring State regulation, no assurance can be given that new rules&nbsp;and regulations will not be enacted or that
existing rules&nbsp;and regulations will not be applied in a manner that would limit or curtail production or development by our subsidiaries.
Amendments to current laws and regulations governing the operations and activities of deep-sea mineral resources companies, or changes
in interpretation thereto, or the unwillingness of countries throughout the world to enforce such laws and regulations, could have a
material adverse impact on our business, and could cause increases in exploration expenses, capital expenditures, production costs, or
put the security of our equipment at risk to activism or piracy. Such amendments could also cause reductions in our future production,
or the delay or abandonment in the development of our polymetallic mineral resource properties. There can be no certainty that actions
by governmental and regulatory authorities, including changes in regulation, taxation and other fiscal regimes, will not adversely impact
our projects or our business. Further, our operations depend on the continuation of the sponsorship agreements between our subsidiaries
NORI and TOML and each of their host Sponsoring States, Tonga and Nauru, respectively. Each subsidiary has been registered and incorporated
within such host nation and each host nation has maintained effective control, supervision, regulation, and sponsorship over the conduct
of such subsidiary. While we have beneficial ownership over such subsidiaries, each subsidiary operates under the regulation and sponsorship
of Nauru and Tonga. If such arrangement is challenged, or sponsorship is terminated, we may have to restructure the ownership or operations
of such subsidiary to ensure continued State sponsorship. Failure to maintain sponsorship, or secure new state sponsorship, will have
a material impact on such subsidiary and on our overall business and operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">While
the rates of payments are yet to be set by the ISA, the 1994 Agreement prescribes a relevant framework that the rates of payments &ldquo;shall
be within the range of those prevailing in respect of land-based mining of the same or similar minerals in order to avoid giving deep
seabed miners an artificial competitive advantage or imposing on them a competitive disadvantage.&rdquo; The ISA has held workshops with
stakeholders to discuss and seek comments on the potential </FONT>financial <FONT STYLE="color: #212529">regime for the collecting of
polymetallic nodules in the CCZ. There can be no assurance that the ISA will put in place a Mining Code in a timely manner or at all.
Such regulations may also impose burdensome obligations or restrictions on us, and/or may contain terms that do not enable us to develop
our projects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">We
currently hold exclusive exploration rights through our subsidiaries NORI and TOML and exclusive commercial </FONT>rights <FONT STYLE="color: #212529">through
an agreement with Marawa, to three polymetallic nodule areas in the CCZ. The exploration contracts for each of these three areas require
us to conduct certain activities in accordance with approved plans of work. The suspension or termination of our exploration contract
for the NORI area would, and any of our other explorations contracts could, have a material and adverse effect on our future business
prospects and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">In
2024, the LTC of the ISA established a new process to identify contractors who may be at risk of non-compliance with obligations
under their respective exploration contract. In August&nbsp;2024, as a result of this new process, </FONT>the <FONT STYLE="color: #212529">ISA
sent notifications of such potential risk of non-compliance to TOML and Marawa. TOML and Marawa have until November&nbsp;30, 2024 to
respond to the notices. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The LTC&rsquo;s notification to
TOML cited concerns, which relate mainly to the failure to conduct planned sampling campaigns, the need to submit digital data in
the revised reporting templates, delays in surveys for environmental baseline </FONT></FONT>development<FONT STYLE="color: #212529">,
and the delay in submission of its scoping report. The LTC&rsquo;s notification to Marawa cited concerns, which relate mainly to the
lack of expedition work, absence of study activities or data submission, failure to provide a detailed exploration strategy, delays
in conducting planned research cruises, and insufficient analysis of biological samples. Both TOML and Marawa are in the process of
responding to the notifications. If the LTC deems either response incomplete or does not effectively address the LTC&rsquo;s
concerns, or if either TOML or Marawa fails to respond in a timely manner, the LTC, in line with its established process, may report
TOML or Marawa to the ISA Council for further consideration and action. If either TOML or Marawa is deemed to have not remedied all
issues raised by the LTC and the ISA then determines that TOML or Marwara is not in compliance with its respective obligations under
its respective exploration contract, the ISA could impose monetary sanctions on TOML or Marawa, suspend some or all rights under the
applicable exploration contract, which could include halting exploration activities, or terminate TOML&rsquo;s or Marawa&rsquo;s
respective exploration contract, any of which could have a material and adverse effect on our future business prospects and
financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #212529"><B><I>We
are involved in litigation that may adversely affect us and may not be successful in our litigation related to non-performing Private
Investment in Public Equity, or PIPE, investors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="color: #212529">Due
to the nature of our business, we may be subject to regulatory investigations, claims, lawsuits and other proceedings in the ordinary
course of our business. The results of these legal proceedings cannot be predicted with certainty due to the uncertainty inherent in litigation,
including the effects of discovery of new evidence or advancement of new legal theories, the difficulty of predicting decisions of judges
and juries and the possibility that decisions may be reversed on appeal. We can provide no assurances that these matters will not have
a material adverse effect on our business. Following periods of volatility in the market, securities class-action litigation has often
been instituted against companies. On October&nbsp;28, 2021, a shareholder filed a putative class action against us and certain executives
in federal district court for the Eastern District of New York, captioned Caper v. TMC The Metals Company Inc. F/K/A Sustainable Opportunities
Acquisition Corp., Gerard Barron and Scott Leonard. The complaint alleges that all defendants violated Section&nbsp;10(b)&nbsp;of the
Exchange Act, and Rule&nbsp;10b-5 promulgated thereunder, and Messrs.&nbsp;Barron and Leonard violated Section&nbsp;20(a)&nbsp;of the
Exchange Act, by making false and/or misleading statements and/or failing to disclose information about our operations and prospects during
the period from March&nbsp;4, 2021 to October&nbsp;5, 2021. On November&nbsp;15, 2021, a second complaint containing substantially the
same allegations was filed, captioned Tran v. TMC the Metals Company,&nbsp;Inc. These cases have been consolidated. On March&nbsp;6, 2022,
a lead plaintiff was selected. An amended complaint was filed on May&nbsp;12, 2022, reflecting substantially similar allegations, with
the Plaintiff seeking to recover compensable damages caused by the alleged wrongdoings. We deny any allegations of wrongdoing and filed
and served the plaintiff a motion to dismiss on July&nbsp;12, 2022 and intend to defend against this lawsuit. On July&nbsp;12, 2023, an
oral hearing on the motion to dismiss was held. The parties are currently awaiting a ruling. &nbsp;On January&nbsp;23, 2023, investors
in the 2021 private placement from the Business Combination filed a lawsuit against us in the Commercial Division of New York Supreme
Court, New York County, captioned Atalaya Special Purpose Investment Fund II LP et al. v. Sustainable Opportunities Acquisition Corp.
n/k/a TMC The Metals Company Inc.,&nbsp;Index No.&nbsp;650449/2023 (N.Y. Sup. Ct.). &nbsp;We filed a motion to dismiss on March&nbsp;31,
2023, after which the plaintiffs filed an amended complaint on June&nbsp;5, 2023. &nbsp;The amended complaint alleges that we breached
the representations and warranties in the plaintiffs&rsquo; private placement Subscription Agreements and breached the covenant of good
faith and fair dealing. &nbsp;The Plaintiffs are seeking to recover compensable damages caused by the alleged wrongdoings. &nbsp;We deny
any allegations of wrongdoing and filed a motion to dismiss the amended complaint on July&nbsp;28, 2023. &nbsp;On December&nbsp;7, 2023,
the Court granted our motion to dismiss the claim for breach of the covenant of good faith and fair dealing and denied our motion to dismiss
the breach of the Subscription Agreement claim. &nbsp;We filed a notice of appeal regarding the Court&rsquo;s denial of our motion to
dismiss the breach of the Subscription Agreement claim and </FONT>the appeal was heard by the Court on November&nbsp;8, 2024. The parties
are currently awaiting a ruling<FONT STYLE="color: #212529">. &nbsp;There is no assurance that we will be successful in our defense of
this lawsuit or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of this action.
 &nbsp;Such losses or range of possible losses cannot be reliably estimated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We
expected to receive approximately $330 million of proceeds in the private placement that closed on September&nbsp;9, 2021 in connection
with the Closing but only received $110.3 million (net of transactions costs). On September&nbsp;20, 2021, we commenced litigation in
the New York Superior Court, New York County against two investors who failed to fund their commitments pursuant to subscription agreements
entered into in connection with the expected financing. These actions are captioned Sustainable Opportunities Acquisition Corp. n/k/a
TMC the metals company Inc. v. Ethos Fund I, LP, Ethos GP, LLC, Ethos DeepGreen PIPE, LLC, and Ethos Manager, LLC,&nbsp;Index No.&nbsp;655527/2021
(N.Y. Sup. Ct.) and Sustainable Opportunities Acquisition Corp. n/k/a TMC the metals company Inc. v. Ramas Capital Management, LLC, Ramas
Energy Opportunities I, LP, Ramas Energy Opportunities I GP, LLC, and Ganesh Betanabhatla,&nbsp;Index No.&nbsp;655528/2021 (N.Y. Sup.
Ct.). The operative complaints allege that the investors breached the relevant subscription agreement and that the investors&rsquo; affiliates
tortiously interfered with the subscription agreements by causing the investor not to fund its contractual obligations. We are seeking
compensatory damages (plus interest), expenses, costs, and attorneys&rsquo; fees. There can be no assurances, however, that we will be
successful in our efforts against these investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On
November&nbsp;8, 2024, a shareholder filed a putative class action against us and certain executives in federal district court for the
Central District of California, captioned Lin v. TMC The Metals Company Inc., Gerard Barron, and Craig Shesky. The complaint alleges that
all defendants violated Section&nbsp;10(b)&nbsp;of the Exchange Act and Rule&nbsp;10b-5 promulgated thereunder, and Messrs.&nbsp;Barron
and Shesky violated Section&nbsp;20(a)&nbsp;of the Exchange Act, by making false and/or misleading statements and/or failing to disclose
information regarding the classification of the non-financial asset received from our partnership with Low Carbon Royalties Inc. and the
derecognition of the capitalized exploration contract related to NORI. The alleged misstatements and omissions pertain to our initial
classification of this non-financial asset as gain on disposition (being a sale of future revenue) and subsequent reclassification thereof
as a royalty liability (and re-capitalization of the exploration contract) and the restatement of our previously issued financial statements
as a result thereof for the three months ended March&nbsp;31, 2023, the six months ended June&nbsp;30, 2023 and the nine months ended
September&nbsp;30, 2023 in March&nbsp;2024. The complaint purports to represent a class of shareholders who acquired our securities between
May&nbsp;12, 2023, and March&nbsp;25, 2024, and seeks to recover compensable damages caused by the alleged wrongdoings. We intend to defend
against the lawsuit. There can be no assurance, however, that we will be successful in our defense, or that insurance will be available
or adequate to fund any settlement or judgment or the litigation costs of this action. Due to the early stage of this litigation, such
losses or range of possible losses cannot be reliably estimated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to this Offering</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Purchasers of securities in this offering
will experience immediate and substantial dilution in the book value of their investment. You may experience further dilution upon exercise
of our outstanding options and warrants.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The public offering price
per common share and accompanying Class&nbsp;B warrant in this offering is substantially <FONT STYLE="color: #212529">higher</FONT> than
the net tangible book value per share before giving effect to this offering. Accordingly, if you purchase securities in this offering,
you will incur immediate substantial dilution of approximately $0.97 per share, representing the difference between the public offering
price per share and our as adjusted net tangible book value as of June&nbsp;30, 2024. In addition, if our outstanding options or warrants
are exercised, you could experience further dilution. For a further description of the dilution that you will experience immediately after
this offering, see the section in this prospectus supplement entitled &ldquo;Dilution.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Future sales of our common shares, or the
perception that such future sales may occur, may cause our share price to decline.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Sales of a substantial number
of our common shares in the public market, or the perception that these sales could occur, following this offering could cause the market
price of our common shares to decline. A substantial majority of the outstanding common shares are, and the common shares sold in this
offering upon issuance will be, freely tradable without restriction or further registration under the Securities Act of 1933, as amended,
or the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We have broad discretion to determine how
to use the funds raised in this offering, and may use them in ways that may not enhance our operating results or the price of our common
shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our management will have broad
discretion over the use of proceeds from this offering, and we could spend the proceeds from this offering in ways our shareholders may
not agree with or that do not yield a favorable return, if at all. We intend to use the net proceeds from this offering for working capital
and general corporate purposes. See &ldquo;Use of Proceeds&rdquo; beginning on page&nbsp;S-17 of this prospectus supplement for
additional detail. However, our use of these proceeds may differ substantially from our current plans. If we do not invest or apply the
proceeds from this offering in ways that improve our operating results, we may fail to achieve expected financial results, which could
cause our share price to decline.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We do not expect to pay dividends in the
foreseeable future. As a result, you must rely on capital appreciation for any return on your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not anticipate paying
cash dividends on our common shares in the foreseeable future. Any payment of cash dividends will also depend on our financial condition,
results of operations, capital requirements and other factors and will be at the discretion of our board of directors. Accordingly, you
will have to rely on capital appreciation, if any, to earn a return on your investment in our common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>There is no public market for the Class&nbsp;B
warrants to purchase common shares being offered in this offering.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">There
is no established public trading market for the Class&nbsp;B warrants being offered in this offering, and we do not expect a market to
develop. In addition, we do not intend to apply to list the Class&nbsp;B warrants on any national securities exchange or other nationally
recognized trading system, including Nasdaq. Without an active market, the liquidity of the Class&nbsp;B warrants will be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of our Class&nbsp;B warrants will
have no rights as a common shareholder until they acquire our common shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until you acquire our common
shares upon exercise of the Class&nbsp;B warrants, you will have no rights with respect to our common shares issuable upon exercise of
the Class&nbsp;B warrants. Upon exercise of your Class&nbsp;B warrants, you will be entitled to exercise the rights of a common shareholder
only as to matters for which the record date occurs after the exercise date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Class&nbsp;B warrants are speculative
in nature.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Class&nbsp;B warrants
offered hereby do not confer any rights of common share ownership on their holders, such as voting rights or the right to receive dividends,
but rather merely represent the right to acquire common shares at a fixed price. Specifically, commencing on the date of issuance, holders
of the Class&nbsp;B warrants may acquire the common shares issuable upon exercise of such Class&nbsp;B warrants at an exercise price of
$2.00 per share. Moreover, following this offering, the market value of the Class&nbsp;B warrants is uncertain and there can be no
assurance that the market value of the Class&nbsp;B warrants will equal or exceed their offering price. There can be no assurance that
the market price of the common shares will ever equal or exceed the exercise price of the Class&nbsp;B warrants and consequently, whether
it will ever be profitable for holders of the Class&nbsp;B warrants to exercise the Class&nbsp;B warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Class&nbsp;B warrants may not have any
value.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event the price of
our common shares does not exceed the exercise price for the Class&nbsp;B warrants during the period when the Class&nbsp;B warrants are
exercisable, the Class&nbsp;B warrants may not have any value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_001"></A><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement,
the accompanying prospectus and the documents incorporated by reference therein include forward-looking statements within the meaning
of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act,
that relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors
that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels
of activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to,
 &ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo;
 &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;targets,&rdquo; &ldquo;likely,&rdquo;
 &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;should,&rdquo; &ldquo;continue,&rdquo; and similar expressions or
phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking
statements contain these identifying words. Although we believe that we have a reasonable basis for each forward-looking statement contained
in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference therein, we caution you that these
statements are based on our projections of the future that are subject to known and unknown risks and uncertainties and other factors
that may cause our actual results, level of activity, performance or achievements expressed or implied by these forward-looking statements,
to differ. The sections in our periodic reports, including our most recent Annual Report on Form&nbsp;10-K, as revised or supplemented
by our subsequent Quarterly Reports on Form&nbsp;10-Q or our Current Reports on Form&nbsp;8-K, entitled &ldquo;Business,&rdquo; &ldquo;Risk
Factors,&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations,&rdquo; as well
as other sections in this prospectus supplement, the accompanying prospectus and the other documents or reports incorporated by reference
therein, discuss some of the factors that could contribute to these differences. These forward-looking statements include, among other
things, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our use of the net proceeds from this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the commercial and technical feasibility of seafloor polymetallic nodule collection and processing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our and our partners&rsquo; development and operational plans, including with respect to the planned uses
of polymetallic nodules, where and how nodules will be obtained and processed, the expected environmental, social and governance impacts
thereof and our plans to assess these impacts and the timing and scope of these plans, including the timing and expectations with respect
to our receipt of exploitation contracts and our commercialization plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the supply and demand for battery metals and battery cathode feedstocks, copper cathode and manganese
ores;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the future prices of battery metals and battery cathode feedstocks, copper cathode and manganese ores;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the timing and content of the ISA&rsquo;s final exploitation regulations that will create the legal and
technical framework for exploitation of polymetallic nodules in the CCZ;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">government regulation of mineral extraction from the deep seafloor and changes in mining laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">technical, operational, environmental, social and governance risks of developing and deploying equipment
to collect and ship polymetallic nodules at sea, and to process such nodules on land;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the sources and timing of potential revenue as well as the timing and amount of estimated future production,
costs of production, other expenses, capital expenditures and requirements for additional capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">cash flow provided by operating activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the expected activities of our partners under our key strategic relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the sufficiency of our cash on hand to meet our working capital and capital expenditure requirements,
the need for additional financing and our ability to continue as a going concern;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our ability to raise financing in the future, the nature of any such financing and our plans with respect
thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">any litigation to which we are a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">claims and limitations on insurance coverage;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our plans to mitigate our material weakness in our internal control over financial reporting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the restatement of our financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">geological, metallurgical and geotechnical studies and opinions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">mineral resource estimates and our ability to define and declare reserve estimates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our status as an emerging growth company, non-reporting Canadian issuer and passive foreign investment
company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">infrastructure risks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">dependence on key management personnel and executive officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">political and market conditions beyond our control; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our financial performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may not actually achieve
the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking
statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking
statements we make. We have included important cautionary statements in this prospectus supplement, the accompanying prospectus and in
the documents incorporated by reference therein, particularly in the &ldquo;Risk Factors&rdquo; section, that we believe could cause actual
results or events to differ materially from the forward-looking statements that we make. For a summary of such factors, please refer to
the section entitled &ldquo;Risk Factors&rdquo; in this prospectus supplement and the accompanying prospectus, as updated and supplemented
by the discussion of risks and uncertainties under &ldquo;Risk Factors&rdquo; contained in any supplements to this prospectus supplement
and in our most recent Annual Report on Form&nbsp;10-K, as revised or supplemented by our subsequent Quarterly Reports on Form&nbsp;10-Q
or our Current Reports on Form&nbsp;8-K, as well as any amendments thereto, as filed with the SEC and which are incorporated herein by
reference. The information contained in this document is believed to be current as of the date of this document. We do not intend to update
any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our
expectations, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In light of these assumptions,
risks and uncertainties, the results and events discussed in the forward-looking statements contained in this prospectus supplement, the
accompanying prospectus or in any document incorporated herein by reference might not occur. Investors are cautioned not to place undue
reliance on the forward-looking statements, which speak only as of the date of this prospectus supplement or the date of the document
incorporated by reference in this prospectus supplement. We are not under any obligation, and we expressly disclaim any obligation, to
update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. All subsequent forward-looking
statements attributable to us or to any person acting on our behalf are expressly qualified in their entirety by the cautionary statements
contained or referred to in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>NO
CANADIAN </B></FONT><B>PROSPECTUS QUALIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common shares, Class&nbsp;B
warrants and any common shares issuable from time to time upon exercise of the Class&nbsp;B warrants offered hereby have not been and
will not be qualified for distribution to the public under the securities laws of any province or territory of Canada. The common shares,
Class&nbsp;B warrants and any common shares issuable from time to time upon exercise of the Class&nbsp;B warrants may not be offered or
sold, directly or indirectly, in Canada or to a Canadian purchaser or to any person who is purchasing for distribution to, or for the
account of, any person in Canada. The Company is not a reporting issuer under Canadian securities laws and, as such, the common shares,
Class&nbsp;B warrants and any common shares issuable from time to time upon exercise of the Class&nbsp;B warrants will be subject to resale
restrictions in Canada under such laws for an indefinite amount of time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_003"></A><B>CAUTIONARY STATEMENTS REGARDING THE NORI INITIAL
ASSESSMENT AND TOML<BR>
 MINERAL RESOURCE STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except where otherwise stated,
the scientific and technical information set forth in this prospectus supplement relating to the NORI Area (as defined herein) and the
TOML Area (as defined herein) and in the documents incorporated by reference is based on technical reports, or the Technical Reports,
prepared in accordance with the SEC rules&nbsp;set forth in subpart 1300 of Regulation S-K as promulgated by the SEC, or S-K 1300.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">In respect of the NORI Area, the technical report entitled &ldquo;Technical Report Summary &ndash; Initial
Assessment of the NORI Property, Clarion-Clipperton Zone&rdquo; dated as of March&nbsp;17, 2021, or the NORI Initial Assessment, and in
respect of the TOML Area, the technical report entitled &ldquo;Technical Report Summary &ndash; TOML Mineral Resource, Clarion Clipperton
Zone, Pacific Ocean&rdquo; dated as of March&nbsp;26, 2021, or the TOML Mineral Resource Statement, prepared by AMC Consultants Pty Ltd.
and other qualified persons, each a &ldquo;qualified person&rdquo; as defined in S-K 1300.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We plan to continue to estimate
our resources in the NORI and TOML Areas and develop the project economics. The initial assessment included in the NORI Initial Assessment
Report is a conceptual study of the potential viability of mineral resources in NORI Area D. This initial assessment indicates that development
of the mineral resource in NORI Area D is potentially technically and economically viable; however, due to the preliminary nature of project
planning and design, and the untested nature of the specific seafloor production systems at a commercial scale, economic viability has
not yet been demonstrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The NORI Initial Assessment
and TOML Mineral Resource Statement do not include the conversion of mineral resources to mineral reserves.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used in this prospectus
supplement or in the applicable report summary, the terms &ldquo;mineral resource,&rdquo; &ldquo;measured mineral resource,&rdquo; &ldquo;indicated
mineral resource&rdquo; and &ldquo;inferred mineral resource&rdquo;, as applicable, are defined and used in accordance with the SEC Mining
Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You are specifically cautioned
not to assume that any part or all of the mineral deposits in these categories will ever be converted into mineral reserves, as defined
by the SEC. You are also cautioned that mineral resources do not have demonstrated economic value. Information concerning our mineral
properties in the NORI and TOML Technical Report Summaries and in this prospectus supplement includes information that has been prepared
in accordance with the requirements of the SEC Mining Rules&nbsp;forth in S-K 1300. Under SEC standards, mineralization, such as mineral
resources, may not be classified as a &ldquo;reserve&rdquo; unless the determination has been made that the mineralization would be economically
and legally produced or extracted at the time of the reserve determination. Inferred mineral resources have a high degree of uncertainty
as to their existence and to whether they can be economically or legally commercialized. Under the SEC Mining Rules, estimates of inferred
mineral resources may not form the basis of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource
will ever be upgraded to a higher category. A significant amount of exploration must be completed in order to determine whether an inferred
mineral resource may be upgraded to a higher category. Therefore, you are cautioned not to assume that all or any part of an inferred
mineral resource exists, that it can be economically or legally commercialized, or that it will ever be upgraded to a higher category.
Approximately 97% of the NORI Area D resource is categorized as measured or indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Likewise, you are cautioned
not to assume that all or any part of measured or indicated mineral resources will ever be upgraded to mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further information on each
of the polymetallic nodule areas in the Clarion-Clipperton Zone and the Technical Reports referred to above can be found in our Annual
Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2023. Each of the authors of the Technical Reports listed under the heading
 &ldquo;Experts&rdquo; in this prospectus supplement is a &ldquo;qualified person&rdquo; for the purposes of S-K 1300. The information
contained in this prospectus supplement and the documents incorporated by reference herein regarding the NORI Area and the TOML Area has
been derived from the Technical Reports, is subject to certain assumptions, qualifications and procedures described in the Technical Reports
and is qualified in its entirety by the full text of the Technical Reports, each of which is available on EDGAR, at www.sec.gov. For greater
certainty, the Technical Reports are not incorporated by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_004"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate that the net proceeds
from the sale of the securities in this offering will be approximately $16.5 million, after deducting the placement agent fees and estimated offering expenses payable by us.&nbsp;This estimate excludes the proceeds, if any, from the exercise of the Class&nbsp;B warrants
sold in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We intend to use the net proceeds
from this offering, including any proceeds from the exercise of the Class&nbsp;B warrants sold in this offering, for working capital and
general corporate purposes. As of the date of this prospectus supplement, we cannot specify with certainty all of the particular uses
for the net proceeds to be received upon the completion of this offering. Additionally, our management will have broad discretion in the
timing and application of these proceeds. Pending application of the net proceeds as described above, we intend to invest the proceeds
of this offering in money market funds, certificates of deposit and corporate debt securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_005"></A><B>DILUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you invest in this
offering, your ownership interest will be diluted to the extent of the difference between the offering price per share and
accompanying Class&nbsp;B warrant and the as adjusted net tangible book value (deficit) per share after giving effect to this
offering (excluding the common shares issuable upon exercise of the Class&nbsp;B warrants being offered in this offering and the
payment of the exercise price therefor). We calculate net tangible book value (deficit) per share by dividing the net tangible book
value (deficit), which is tangible assets (consisting of cash, exploration 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 purchasers of common shares 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
June&nbsp;30, 2024 was approximately $(6.7) million, or $(0.02) per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">After giving effect to
the sale by us of 17,500,000 common shares and accompanying Class&nbsp;B warrants to purchase 8,750,000 common shares at the
offering price of $1.00 per share and accompanying Class&nbsp;B warrant and after deducting the placement agent fee and estimated
offering expenses, our as adjusted net tangible book value (not including the impact of exercise of Class B warrants) as of
June&nbsp;30, 2024 would have been approximately $9.8 million, or $0.03 per share. This represents an immediate increase
in as adjusted net tangible book value of $0.05 per share to our existing shareholders and an immediate dilution of $0.97
per share issued to the investors purchasing securities in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table illustrates
this per share dilution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Offering price per common share and accompanying Class&nbsp;B warrant</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1.00</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in">Net tangible book value (deficit) per share as of June&nbsp;30, 2024</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(0.02</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.125in">Increase in net tangible book value per share attributable to this offering</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.05</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt; width: 74%">As adjusted net tangible book value per share after this offering</TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">0.03</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-left: 0.75pt">Dilution per share to investors participating in this offering</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">$</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">0.97</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The above table and discussion
are based on 322,241,883 common shares outstanding as of June&nbsp;30, 2024, and excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">28,028,062 common shares and 14,896,783 special shares, which are automatically convertible into common
shares on a one-for-one basis if certain price thresholds are met, issuable upon exercise of share options outstanding as of June&nbsp;30,
2024 under our stock incentive plans, at a weighted average per option exercise price of $1.21;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">35,761,561 common shares issuable upon the vesting of restricted share units outstanding as of June&nbsp;30,
2024;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">39,714,811 common shares available as of June&nbsp;30, 2024 for future grant under the 2021 Incentive
Equity Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">10,669,037 common shares available as of June&nbsp;30, 2024 for future issuance under the 2021 Employee
Stock Purchase Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">136,239,964 common shares reserved for issuance upon conversion of our outstanding special shares, which
are automatically convertible into common shares on a one-for-one basis if certain price thresholds are met; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">30,730,770 common shares issuable upon exercise of outstanding warrants as of June&nbsp;30, 2024 to purchase
common shares, at a weighted average per warrant exercise price of $9.78. The exercise price of the 6,230,770 outstanding Class A warrants will
be adjusted in connection with this offering as described in the accompanying base prosectus under &ldquo;Description of Warrants &ndash;
Outstanding Warrants &ndash; Class A Warrants - Exercise Price Adjustment for Certain Share Issuances&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent that options
or warrants are exercised, restricted share units vest, new options or restricted share units are issued under our equity incentive plans,
or we issue additional common shares or other equity or convertible securities in the future, there may be further dilution to investors
participating in this offering. Moreover, we may choose to raise additional capital because of market conditions or strategic considerations,
even if we believe that we have sufficient funds for our current or future operating plans. If we raise additional capital through the
sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_006"></A><B>DESCRIPTION OF SECURITIES WE ARE OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
material terms and provisions of our common shares and each other class of our securities that qualifies or limits our </FONT>common shares
are described under the caption &ldquo;Description of Common Shares and Special Shares&rdquo; and &ldquo;Description of Preferred Shares&rdquo;
starting on page&nbsp;16 of the accompanying prospectus. As of November 13, 2024, we had 324,262,652 common shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Class&nbsp;B Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following summary of certain
terms and provisions of the Class&nbsp;B warrants that are being offered hereby is not complete and is subject to, and qualified in its
entirety by, the provisions of the Class&nbsp;B warrants, the form of which will be filed as an exhibit to a Current Report on Form&nbsp;8-K
that we will file with the SEC and that will be incorporated by reference into the registration statement of which this prospectus supplement
forms a part. Prospective investors should carefully review the terms and provisions of the form of Class&nbsp;B warrants for a complete
description of the terms and conditions of the Class&nbsp;B warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Form.</I></FONT>
The Class B warrants will be issued as individual Class B warrant agreements to the investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exercisability</I></FONT>.
The Class B warrants are exercisable at any time on or after the issuance date until five years after issuance. The Class B warrants will
be exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time
a registration statement registering the issuance of the common shares underlying the Class B warrants under the Securities Act is effective
and available for the issuance of such shares, or an exemption from registration under the Securities Act is available for the issuance
of such shares, by payment in full in immediately available funds for the number of common shares purchased upon such exercise. If a registration
statement registering the issuance of the common shares underlying the Class B warrants under the Securities Act is not then effective
or available, the holder may only exercise the Class B warrant through a cashless exercise, in which case the holder would receive upon
such exercise the net number of common shares determined according to the formula set forth in the Class B warrant. No fractional shares
will be issued in connection with the exercise of a Class B warrant. In lieu of fractional shares, we will round down to the next whole
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exercise
Limitation</I></FONT>. A holder will not have the right to exercise any portion of the Class B warrant if the holder (together with its
affiliates) would beneficially own in excess of 4.99% (or 9.99% or 19.99% at the election of a holder prior to the date of issuance) of
the number of common shares outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in
accordance with the terms of the Class B warrants. However, any holder may increase or decrease such percentage to any other percentage
not in excess of 9.99% (or 19.99% with prior written approval of the Company) upon at least 61 days&rsquo; prior notice from the holder
to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exercise
Price; Adjustment</I></FONT>. The initial exercise price per common share purchasable upon exercise of the Class B warrants is $2.00 per
common share, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions
of the common shares. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets,
including cash, shares or other property to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Transferability/Warrant
Agent</I></FONT>. Subject to applicable laws, the Class B warrants may be offered for sale, sold, transferred or assigned without our
consent. There is currently no trading market for the Class B warrants and a trading market is not expected to develop. The Company will
initially act as warrant agent for the Class B warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Trading
Market</I></FONT>. We do not plan on making the Class B warrants eligible to trade on any national securities exchange or any other nationally
recognized trading system or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Fundamental
Transactions</I></FONT>. In the event of a fundamental transaction, as described in the Class B warrants and generally including any reorganization,
recapitalization or reclassification of our common shares, the sale, transfer or other disposition of all or substantially all of our
properties or assets, our consolidation or merger with or into another person, the holders of the Class B warrants will be entitled to
receive upon exercise of the Class B warrants the kind and amount of securities, cash or other property that the holders would have received
had they exercised the Class B warrants immediately prior to such fundamental transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Call
Provision</I></FONT>. Subject to the terms of the Class B warrants, if (i) the volume weighted average price for each of 30 consecutive
trading days exceeds $5.00 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends) and (ii) the
holder of the Class B warrant is not in possession of any information that constitutes, or might constitute, material non-public information
which was provided by the Company, then the Company may, within one trading day of the end of such 30-day period, call for cancellation
of all or any portion of the Class B warrants for which a notice of exercise has not yet been delivered for consideration equal to $0.0001
per warrant share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Exercise
Price Adjustment for Certain Share Issuances</I></FONT>. Subject to customary exceptions set forth in the Class B warrants, from the original
issue date of the Class B warrant until December 31, 2024, if the Company or any subsidiary thereof, as applicable, at any time while
the Class B warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose
of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any common shares or common share equivalents,
at an effective price per share less than the lower of (i) $2.00 (subject to adjustment for forward and reverse share splits, recapitalizations,
share dividends and the like), and (ii) the exercise then in effect (such lower price, the &ldquo;Base Share Price&rdquo; and such issuances
collectively, a &ldquo;Dilutive Issuance&rdquo;), then simultaneously with the consummation of each Dilutive Issuance the exercise price
shall be reduced to equal the Base Share Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Rights
as a Shareholder</I></FONT>. Except as otherwise provided in the Class B warrants or by virtue of such holder&rsquo;s ownership of common
shares, the holder of a Class B warrant does not have the rights or privileges of a holder of our common share, including any voting rights,
until the holder exercises the Class B warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>Governing
Law</I></FONT>. The Class B warrants are governed by New York law.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_007"></A><B>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have entered into a securities
purchase agreement directly with the investors who have agreed to purchase our securities in this offering. The securities purchase agreement
contains customary representations, warranties and covenants. We will only sell securities in this offering to such investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will deliver the securities being issued to the investors in this offering upon receipt of investor funds for the purchase of the securities
offered pursuant to this prospectus supplement. We expect to deliver the common shares and Class B warrants being offered pursuant to
this prospectus supplement on or before November&nbsp;22, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">A.G.P./Alliance
Global Partners acted as a placement agent in the offering and Cantor Fitzgerald &amp; Co. and EAS Advisors, through Odeon Capital Group,
LLC, are engaged as our financial advisors.</FONT>&nbsp;The placement agent is not purchasing or selling any of the securities offered
by this prospectus supplement, nor is it required to arrange the purchase or sale of any specific number or dollar amount of securities.
The terms of this offering were subject to market conditions and negotiations between us and prospective investors. The factors considered
in determining the price of the common shares and the Class B warrants included the recent market price of our common shares, the general
condition of the securities market at the time of this offering, the history of, and the prospects, for the industry in which we compete,
our past and present operations, and our prospects for future revenues.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fees and&nbsp;Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We estimate the total
offering expenses of this offering that will be payable by us will be approximately $1,000,000, including $200,000 payable to the
placement agent (which represents 5.9% of the amount in common shares and Class B warrants placed by the placement agent) and
$125,000 for reimbursement to the placement agent for legal fees, which also includes other legal, printing, financial advisors and
various other fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our
financial advisors are not&nbsp;acting as underwriters, placement agents or finders in connection with this offering, and accordingly,
our financial advisors are neither purchasing shares nor offering shares to the public in connection with this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Listing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our
common shares and Public Warrants are listed on Nasdaq under the trading symbol &ldquo;TMC&rdquo; and &ldquo;TMCWW&rdquo;, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There
is no established public trading market for the Class&nbsp;B warrants, and we do not expect a market to develop. In addition, we do not
intend to list the Class&nbsp;B warrants, nor do we expect Class&nbsp;B warrants to be quoted, on the Nasdaq or any other national securities
exchange or any other nationally recognized trading system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_008"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fasken Martineau
DuMoulin LLP, or Fasken, has passed upon the validity of the securities offered by this prospectus supplement and certain other
legal matters related to Canadian law. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., or Mintz, has passed upon certain other
legal matters. Goodwin Procter LLP is counsel to A.G.P./Alliance Global Partners in connection with this offering. Fasken and Mintz
own 14,630 and 36,361 common shares, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_009"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The financial statements of
TMC the metals company Inc. as of December&nbsp;31, 2023 and 2022 and for the years then ended have been incorporated by reference herein
and in the registration statement in reliance on the report of Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm,
incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_010"></A><B>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have filed with the SEC
a registration statement on Form&nbsp;S-3 (File No.&nbsp;333-275822), of which this prospectus supplement and the accompanying prospectus
form a part, under the Securities Act, to register our common shares offered by this prospectus supplement. This prospectus supplement
and the accompanying prospectus do not contain all of the information contained in the registration statement and the exhibits and schedules
to the registration statement. For further information about us and the common shares, please refer to the registration statement, including
the exhibits to the registration statement. The exhibits to the registration statement provide more details of the matters discussed in
this prospectus supplement and the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we file annual,
quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available to the public on a website
maintained by the SEC located at <I>www.sec.gov</I>. We also maintain a website at <I>www.metals.co</I>. Through our website, we make
available, free of charge, annual, quarterly and current reports, proxy statements and other information as soon as reasonably practicable
after they are electronically filed with, or furnished to, the SEC. The information contained on, or that may be accessed through, our
website is not part of, and is not incorporated into, this prospectus supplement or the accompanying prospectus. We include our website
address in this prospectus supplement and the accompanying prospectus only as an inactive textual reference. Information contained in
our website does not constitute a part of this prospectus supplement and the accompanying prospectus or our other filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_011"></A><B>ENFORCEABILITY OF CIVIL LIABILITIES AND SERVICE
OF PROCESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are incorporated under
the laws of the Province of British Columbia, Canada with our registered office located in British Columbia, Canada. All or substantially
all of our assets are located outside the United States, and substantially all of our business, including our operations, is conducted
outside the United States. In addition, some of our directors and officers are nationals and/or residents of countries other than the
United States, and all or a substantial portion of such persons&rsquo; assets may be located outside the United States. As a result, it
could be difficult or impossible for you to effect service of process on us or these individuals in the United States in the event that
you believe that your rights have been infringed under applicable securities laws or otherwise or to enforce in the United States judgments
obtained in U.S. courts against us or those persons based on civil liability provisions of the U.S. securities laws. There can be no assurance
that U.S. investors will be able to enforce against us, members of our board of directors, officers or certain experts named herein who
are residents of Canada or other countries outside the United States, any judgments in civil and commercial matters, including judgments
under the federal securities laws. There is uncertainty with respect to whether a Canadian or other non-U.S. court would take jurisdiction
on a matter of liability predicated solely upon U.S. federal securities laws or any state securities or blue-sky laws, and uncertainty
with respect to whether a Canadian or other non-U.S. court would enforce a foreign judgement on liabilities predicated upon the U.S. federal
securities laws or any state securities or blue-sky laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="sp2a_012"></A><B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; information into this prospectus supplement, which means that we can disclose important information to you by referring
you to another document filed separately with the SEC. The SEC file number for the documents incorporated by reference in this prospectus
supplement is 001-39281. The documents incorporated by reference into this prospectus supplement contain important information that you
should read about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following documents are
incorporated by reference into this document:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924038505/tmc-20231231x10k.htm" STYLE="-sec-extract: exhibit">Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2023</A> that we filed with
the SEC on March&nbsp;25, 2024 and as amended on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924048641/tm241118d2_10ka.htm" STYLE="-sec-extract: exhibit">Form&nbsp;10-K/A that we filed with the SEC on April&nbsp;18, 2024;</A></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2024 and June&nbsp;30, 2024
that we filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924060532/tmc-20240331x10q.htm" STYLE="-sec-extract: exhibit">May&nbsp;13, 2024</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924089697/tmc-20240630x10q.htm" STYLE="-sec-extract: exhibit">August&nbsp;14, 2024</A>, respectively;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">our Current Reports on Form&nbsp;8-K and amendments thereto that we filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924038460/tm249627d1_8k.htm" STYLE="-sec-extract: exhibit">March&nbsp;25, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924046107/tm2411549d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;11, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924048642/tm2411911d1_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;18, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924065355/tm2415663d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;28, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924066915/tm2416040d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;31, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924090521/tm2415212d3_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;16, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924099119/tm2423852d1_8k.htm">September&nbsp;12, 2024</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924111183/tm2426755d1_8k.htm" STYLE="-sec-extract: exhibit">October&nbsp;24, 2024</A>, and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465924116783/tm2427511d2_8k.htm">November&nbsp;12, 2024</A> (other than any portion of such filings that are furnished under applicable SEC rules&nbsp;rather
than filed);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the portions of our <A HREF="https://www.sec.gov/Archives/edgar/data/1798562/000110465924048644/tm242996-1_def14a.htm" STYLE="-sec-extract: exhibit">Definitive Proxy Statement on Schedule 14A that we filed with the SEC on April&nbsp;18, 2024</A> that are deemed filed under applicable SEC rules;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the description of our common shares contained in our Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1798562/000121390021047279/ea146988-8a12b_tmcthemetals.htm" STYLE="-sec-extract: exhibit">Form&nbsp;8-A filed on September&nbsp;10, 2021</A>, including any amendment or report filed for the purpose of updating such description; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">all reports and other documents subsequently filed by us with the SEC (other than any portion of such
filings that are furnished under applicable SEC rules&nbsp;rather than filed) pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of
the Exchange Act after the date of this prospectus supplement and prior to the termination or completion of the offering of securities
under this prospectus supplement shall be deemed to be incorporated by reference in this prospectus supplement and to be a part hereof
from the date of filing such reports and other documents.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide to each person,
including any beneficial owner, to whom a prospectus is delivered, without charge upon written or oral request, a copy of any or all of
the documents that are incorporated by reference into this prospectus supplement or the accompanying prospectus but not delivered with
the prospectus, including exhibits which are specifically incorporated by reference into such documents. You should direct any requests
for documents to TMC the metals company Inc., 1111 West Hastings Street, 15th Floor, Vancouver, British Columbia V6E 2J3, Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with Rule&nbsp;412
of the Securities Act, any statement contained in a document incorporated by reference herein shall be deemed modified or superseded to
the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated
by reference herein modifies or supersedes such statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2427511d1_424b5img001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>TMC THE METALS
COMPANY INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>$100,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>COMMON SHARES&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PREFERRED SHARES&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>DEBT SECURITIES&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>WARRANTS&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>UNITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell securities from time to
time in one or more offerings of up to $100,000,000 in aggregate offering price. This prospectus describes the general terms of these
securities and the general manner in which these securities will be offered by us. We will provide you with the specific terms of any
offering in one or more supplements to this prospectus. The prospectus supplements will also describe the specific manner in which these
securities will be offered and may also supplement, update or amend information contained in this document. You should read this prospectus
and any prospectus supplement, as well as any documents incorporated by reference into this prospectus or any prospectus supplement, carefully
before you invest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our securities may be sold directly by us to you,
through agents designated from time to time or to or through underwriters or dealers. For additional information on the methods of sale,
you should refer to the section entitled &ldquo;Plan of Distribution&rdquo; in this prospectus and in the applicable prospectus supplement.
If any underwriters or agents are involved in the sale of our securities with respect to which this prospectus is being delivered, the
names of such underwriters or agents and any applicable fees, commissions or discounts and over-allotment and other options to purchase
additional securities will be set forth in a prospectus supplement. The price to the public of such securities and the net proceeds that
we expect to receive from such sale will also be set forth in a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Shares are listed on the Nasdaq Global
Select Market under the symbol &ldquo;TMC&rdquo;. On November&nbsp;29, 2023, the last reported sale price of our Common Shares
was $1.22 per share. We also have warrants to purchase Common Shares listed on the Nasdaq Global Select Market under the symbol &ldquo;TMCWW&rdquo;.
On November&nbsp;29, 2023, the last reported sale price of these public warrants to purchase Common Shares was $0.16. The
applicable prospectus supplement will contain information, where applicable, as to any other listing, if any, on The Nasdaq Stock Market
or any securities market or other securities exchange of the securities covered by the prospectus supplement. Prospective purchasers of
our securities are urged to obtain current information as to the market prices of our securities, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our securities involves a high
degree of risk. See &ldquo;Risk Factors&rdquo; on page&nbsp;5 of this prospectus, included in any accompanying prospectus supplement
and in the documents incorporated by reference in this prospectus for a discussion of the factors you should carefully consider before
deciding to purchase these securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this prospectus is December 8, 2023.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 95%"><A HREF="#a_001"><FONT STYLE="color: #0000EE">ABOUT THIS PROSPECTUS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; width: 5%; text-align: right"><A HREF="#a_001">1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_002"><FONT STYLE="color: #0000EE">PROSPECTUS SUMMARY</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_002">2</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_003"><FONT STYLE="color: #0000EE">RISK FACTORS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_003">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_004"><FONT STYLE="color: #0000EE">SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_004">6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_005"><FONT STYLE="color: #0000EE">USE OF PROCEEDS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_005">8</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_006"><FONT STYLE="color: #0000EE">PLAN OF DISTRIBUTION</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_006">9</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_007"><FONT STYLE="color: #0000EE">DESCRIPTION OF COMMON SHARES AND SPECIAL SHARES</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_007">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_008"><FONT STYLE="color: #0000EE">DESCRIPTION OF PREFERRED SHARES</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_008">15</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_009"><FONT STYLE="color: #0000EE">DESCRIPTION OF DEBT SECURITIES</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_009">16</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_010"><FONT STYLE="color: #0000EE">DESCRIPTION OF WARRANTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_010">22</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_011"><FONT STYLE="color: #0000EE">DESCRIPTION OF UNITS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_011">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_012"><FONT STYLE="color: #0000EE">CERTAIN IMPORTANT PROVISIONS OF THE NOTICE OF ARTICLES AND ARTICLES AND THE BCBCA</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_012">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_013"><FONT STYLE="color: #0000EE">OWNERSHIP AND EXCHANGE CONTROLS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_013">33</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_014"><FONT STYLE="color: #0000EE">MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_014">35</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_015"><FONT STYLE="color: #0000EE">MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_015">42</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_016"><FONT STYLE="color: #0000EE">LEGAL MATTERS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_016">44</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_018"><FONT STYLE="color: #0000EE">EXPERTS</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_018">44</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><A HREF="#a_019"><FONT STYLE="color: #0000EE">WHERE YOU CAN FIND MORE INFORMATION</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_019">44</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><A HREF="#a_020"><FONT STYLE="color: #0000EE">INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></A></TD>
    <TD STYLE="white-space: nowrap; text-align: right"><A HREF="#a_020">44</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of a registration statement
on Form&nbsp;S-3 that we filed with the Securities and Exchange Commission, or the SEC, using a shelf registration process. Using this
process, we may, from time to time, sell any securities described in this prospectus in one or more offerings up to a total dollar amount
of $100,000,000. This prospectus provides a general description of the securities we may offer. Each time we sell any securities under
this prospectus, we will provide a prospectus supplement that will contain more specific information about the terms of the securities
being offered and the specific manner in which they will be offered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus does not contain all of the information
included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to the registration
statement, including its exhibits. The prospectus supplement may also add, update or change information contained or incorporated by reference
in this prospectus. However, no prospectus supplement will offer a security that is not registered and described in this prospectus at
the time of its effectiveness. This prospectus, together with the applicable prospectus supplements and the documents incorporated by
reference into this prospectus, includes all material information relating to the offering of securities under this prospectus. You should
carefully read this prospectus, the applicable prospectus supplement, the information and documents incorporated herein by reference and
the additional information under the heading &ldquo;Where You Can Find More Information&rdquo; before making an investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information we have
provided or incorporated by reference in this prospectus or any prospectus supplement. We have not authorized anyone to provide you with
information different from that contained or incorporated by reference in this prospectus. No dealer, salesperson or other person is authorized
to give any information or to represent anything not contained or incorporated by reference in this prospectus. You must not rely on any
unauthorized information or representation. This prospectus is an offer to sell only the securities offered hereby, but only under circumstances
and in jurisdictions where it is lawful to do so. You should assume that the information in this prospectus or any prospectus supplement
is accurate only as of the date on the front of the document and that any information we have incorporated herein by reference is accurate
only as of the date of the document incorporated by reference, regardless of the time of delivery of this prospectus or any sale of a
security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference in this prospectus
were made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among
the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations,
warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should
not be relied on as accurately representing the current state of our affairs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may not be used to consummate
sales of our securities by us, unless it is accompanied by a prospectus supplement. To the extent there are inconsistencies between any
prospectus supplement, this prospectus and any documents incorporated by reference, the document with the most recent date will control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires, &ldquo;the
Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and similar terms refer to TMC the metals company Inc. and our subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>For investors outside the United States</B>:
We have not done anything that would permit these offerings or possession or distribution of this prospectus in any jurisdiction where
action for that purpose is required, other than in the United States. You are required to inform yourselves about and to observe any restrictions
relating to this offering and the distribution of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="border: Black 1pt solid; padding: 5pt; top: auto; bottom: auto; left: auto; right: auto; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>PROSPECTUS SUMMARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>The following is a summary of what we believe
to be the most important aspects of our business and the offering of our securities under this prospectus. We urge you to read this entire
prospectus, including the more detailed consolidated financial statements, notes to the consolidated financial statements and other information
incorporated by reference from our other filings with the SEC or included in any applicable prospectus supplement. Investing in our securities
involves risks. Therefore, carefully consider the risk factors set forth in any prospectus supplements and in our most recent annual,
quarterly and other filings with the SEC, as well as other information in this prospectus and any prospectus supplements and the documents
incorporated by reference herein or therein, before purchasing our securities. Each of the risk factors could adversely affect our business,
operating results and financial condition, as well as adversely affect the value of an investment in our securities.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About TMC the metals company Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are a deep-sea minerals exploration company
focused on the collection, processing and refining of polymetallic nodules found on the seafloor in international waters of the Clarion
Clipperton Zone, or the CCZ, about 1,300 nautical miles (1,500 miles or 2,400 kilometers) south-west of San Diego, California. The CCZ
is a geological submarine fracture zone of abyssal plains and other formations in the Eastern Pacific Ocean, with a length of around 7,240
km (4,500 miles) that spans approximately 4,500,000 square kilometers (1,700,000 square miles). Polymetallic nodules are discrete rocks
that sit unattached to the seafloor, occur in significant quantities in the CCZ and have high concentrations of nickel, manganese, cobalt
and copper in a single rock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These four metals contained in the polymetallic
nodules are critical for the transition to low-carbon energy. Our resource definition work to date shows that nodules in our contract
areas represent the world&rsquo;s largest undeveloped resource of critical battery metals. If we are able to collect polymetallic nodules
from the seafloor on a commercial scale, we plan to use such nodules to produce three types of metal products: (i)&nbsp;feedstock for
battery cathode precursors (nickel and cobalt sulfates, or intermediary nickel-copper-cobalt matte, or nickel-copper-cobalt alloy) for
electric vehicles, or EV, and renewable energy storage markets, (ii)&nbsp;copper cathode for EV wiring, clean energy transmission and
other applications, and (iii)&nbsp;manganese silicate for manganese alloy production required for steel production. Our mission is to
build a carefully managed, shared stock of metal, which we refer to as a metals commons, that can be used, recovered and reused for generations
to come. Significant quantities of newly mined metal are required because existing metal stocks are insufficient to meet rapidly rising
demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Exploration and exploitation of seabed minerals
in international waters is regulated by the International Seabed Authority, or the ISA, an intergovernmental organization established
pursuant to the 1994 Agreement Relating to the Implementation of the United Nations Convention on the Law of the Sea, or UNCLOS. The ISA
grants contracts to sovereign states or to private contractors who are sponsored by a sovereign state. The ISA requires that a contractor
obtain and maintain sponsorship by a host nation that is a member of the ISA and signatory to UNCLOS, and that such nation maintains effective
supervision and regulatory control over such sponsored contractor. The ISA has issued a total of 19 polymetallic nodule exploration contracts
covering approximately 1.28 million km<SUP>2</SUP>, or 0.4% of the global seafloor, 17 of which are in the CCZ. We hold exclusive exploration
and commercial rights to three of the 17 polymetallic nodule contract areas in the CCZ through our subsidiaries Nauru Ocean Resources
Inc., or NORI, and Tonga Offshore Mining Limited, or TOML, sponsored by the Republic of Nauru and the Kingdom of Tonga, respectively,
and exclusive commercial rights through our subsidiary, DeepGreen Engineering Pte. Ltd.&rsquo;s, arrangement with Marawa Research and
Exploration Limited, a company owned and sponsored by the Republic of Kiribati.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are still in the exploration phase and have
not yet obtained any exploitation contracts from the ISA to commence commercial scale polymetallic nodule collection in the CCZ nor do
we have the applicable environmental and other permits required to build and/ or operate commercial-scale polymetallic nodule processing
and refining plants on land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are currently focused on preparing to submit
our application to the ISA for our first exploitation contract for the NORI Area D contract area following the July&nbsp;2024 meetings
of the ISA&rsquo;s twenty-ninth session. To reach our objectives and initiate commercial production, if our potential application is approved,
we are: (i)&nbsp;defining our resource and project economics, (ii)&nbsp;developing a commercial offshore nodule collection system, (iii)&nbsp;assessing
the environmental and social impacts of offshore nodule collection, and (iv)&nbsp;developing onshore technology to process collected polymetallic
nodules into a manganese silicate product, and an intermediate nickel-copper-cobalt matte or nickel-copper-cobalt alloy product and/or
end-products like nickel and cobalt sulfates, and copper cathode.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Cautionary Statements Regarding the NORI Initial Assessment and
TOML Mineral Resource Statement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have estimated the size and quality of our
resource in the NORI and TOML contracted areas in our SEC Regulation S-K (subpart 1300), referred to herein as the SEC Mining Rules, compliant
Technical Report Summary - Initial Assessment, of the NORI Property, Clarion-Clipperton Zone, Pacific Ocean dated March&nbsp;17, 2021,
or the NORI Initial Assessment, and Technical Report Summary - TOML Mineral Resource, Clarion-Clipperton Zone, Pacific Ocean dated March&nbsp;26,
2021, or the TOML Mineral Resource Statement, respectively, prepared by AMC Consultants Ltd., each of which is filed as an exhibit to
the registration statement to which this prospectus forms a part. We plan to continue to refine our resource estimate for the NORI and
TOML areas and better resolve the project economics. The initial assessment included in the NORI Initial Assessment Report is a conceptual
study of the potential viability of mineral resources in NORI Area D. This initial assessment indicates that development of the mineral
resource in NORI Area D is potentially technically and economically viable; however, due to the preliminary nature of project planning
and design, and the untested nature of the specific seafloor production systems at a commercial scale, economic viability has not yet
been demonstrated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The NORI Initial Assessment and TOML Mineral Resource
Statement do not include the conversion of mineral resources to mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As used in this prospectus or in the applicable
report summary, the terms &ldquo;mineral resource,&rdquo; &ldquo;measured mineral resource,&rdquo; &ldquo;indicated mineral resource&rdquo;
and &ldquo;inferred mineral resource&rdquo;, as applicable, are defined and used in accordance with the SEC Mining Rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You are specifically cautioned not to assume that
any part or all of the mineral deposits in these categories will ever be converted into mineral reserves, as defined by the SEC. You are
also cautioned that mineral resources do not have demonstrated economic value. Information concerning our mineral properties in the NORI
and TOML Technical Report Summaries and in this prospectus includes information that has been prepared in accordance with the requirements
of the SEC Mining Rules. Under SEC standards, mineralization, such as mineral resources, may not be classified as a &ldquo;reserve&rdquo;
unless the determination has been made that the mineralization would be economically and legally produced or extracted at the time of
the reserve determination. Inferred mineral resources have a high degree of uncertainty as to their existence and to whether they can
be economically or legally commercialized. Under the SEC Mining Rules, estimates of inferred mineral resources may not form the basis
of an economic analysis. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category.
A significant amount of exploration must be completed in order to determine whether an inferred mineral resource may be upgraded to a
higher category. Therefore, you are cautioned not to assume that all or any part of an inferred mineral resource exists, that it can be
economically or legally commercialized, or that it will ever be upgraded to a higher category. Approximately 97% of the NORI Area D resource
is categorized as measured or indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Likewise, you are cautioned not to assume that
all or any part of measured or indicated mineral resources will ever be upgraded to mineral reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Additional Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information related to our business
and operations, please refer to the reports incorporated herein by reference, as described under the caption &ldquo;Incorporation of Documents
by Reference&rdquo; on page&nbsp;44 of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Our Corporate Information</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company was originally known as Sustainable
Opportunities Acquisition Corp., or SOAC. On September&nbsp;9, 2021, we consummated a business combination, or the Business Combination,
pursuant to the terms of the business combination agreement dated as of March&nbsp;4, 2021 by and among SOAC, 1291924 B.C. Unlimited Liability
Company, an unlimited liability company existing under the laws of British Columbia, Canada, and DeepGreen Metals Inc., a company existing
under the laws of British Columbia, Canada. In connection with the Business Combination, SOAC changed its name to &ldquo;TMC the metals
company Inc.&rdquo; Our principal executive offices are located at 595 Howe Street, 10th Floor, Vancouver, British Columbia V6C 2T5, and
our telephone number is (574) 252-9333. TMC does not have a physical office in Vancouver, British Columbia, its directors and executive
officers work remotely in various countries around the world, and the Vancouver, British Columbia address disclosed as its principal executive
office has been provided because it is TMC&rsquo;s records office required under the Business Corporations Act (British Columbia). Our
website address is <I>www.metals.co</I>. The information contained on, or that can be accessed through, our website is not and shall not
be deemed to be part of this prospectus. We have included our website address in this prospectus solely as an inactive textual reference.
Investors should not rely on any such information in deciding whether to purchase our Common Shares or other securities.</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<DIV STYLE="padding: 5pt; border: Black 1pt solid; width: 98%">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All service marks, trademarks and trade names
appearing in this prospectus are the property of their respective owners. We do not intend our use or display of other companies&rsquo;
trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.
Solely for convenience, trademarks and tradenames referred to in this prospectus may appear without the &reg; or &trade; symbols, but
such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights,
or that the applicable owner will not assert its rights, to these trademarks and tradenames.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Offerings Under This Prospectus by Us</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under this prospectus, we may offer our securities
from time to time at prices and on terms to be determined by market conditions at the time of the offering. This prospectus provides you
with a general description of the securities we may offer. Each time we offer securities under this prospectus, we will provide a prospectus
supplement that will describe the specific amounts, prices and other important terms of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement also may add, update
or change information contained in this prospectus or in documents we have incorporated by reference into this prospectus. However, no
prospectus supplement will fundamentally change the terms that are set forth in this prospectus or offer a security that is not registered
and described in this prospectus at the time of its effectiveness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities directly to investors
or to or through agents, underwriters or dealers. We, and our agents or underwriters, reserve the right to accept or reject all or part
of any proposed purchase of securities. If we offer securities through agents or underwriters, we will include in the applicable prospectus
supplement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the names of those agents or underwriters;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>applicable fees, discounts and commissions to be paid to them;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>details regarding over-allotment and other options to purchase additional securities, if any; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the net proceeds to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This prospectus may not be used to consummate a sale of any securities
by us unless it is accompanied by a prospectus supplement.</B></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_003"></A>RISK FACTORS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investing in our securities involves significant
risk. The prospectus supplement applicable to each offering of our securities will contain a discussion of the risks applicable to an
investment in us. Prior to making a decision about investing in our securities, you should carefully consider the specific factors discussed
under the heading &ldquo;Risk Factors&rdquo; in the applicable prospectus supplement, together with all of the other information contained
or incorporated by reference in the prospectus supplement or appearing or incorporated by reference in this prospectus. You should also
consider the risks, uncertainties and assumptions discussed under the heading &ldquo;Risk Factors&rdquo; included in our most recent Annual
Report on Form&nbsp;10-K, as revised or supplemented by our subsequent Quarterly Reports on Form&nbsp;10-Q or our Current Reports on Form&nbsp;8-K
that we have filed with the SEC, all of which are incorporated herein by reference, and which may be amended, supplemented or superseded
from time to time by other reports we file with the SEC in the future. The risks and uncertainties we have described are not the only
ones we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also affect our operations.
The occurrence of any of these risks might cause you to lose all or part of your investment in the offered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference in this prospectus include forward-looking statements within the meaning of Section&nbsp;27A of the Securities Act of 1933,
as amended, or the Securities Act, and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that
relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that
may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of
activity, performance or achievements expressed or implied by these forward-looking statements. Words such as, but not limited to, &ldquo;believe,&rdquo;
 &ldquo;expect,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;estimate,&rdquo; &ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo;
 &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;targets,&rdquo; &ldquo;likely,&rdquo; &ldquo;will,&rdquo; &ldquo;would,&rdquo; &ldquo;could,&rdquo;
 &ldquo;should,&rdquo; &ldquo;continue,&rdquo; and similar expressions or phrases, or the negative of those expressions or phrases, are
intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Although
we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus and incorporated by reference
in this prospectus, we caution you that these statements are based on our projections of the future that are subject to known and unknown
risks and uncertainties and other factors that may cause our actual results, level of activity, performance or achievements expressed
or implied by these forward-looking statements, to differ. The sections in our periodic reports, including our most recent Annual Report
on Form&nbsp;10-K, as revised or supplemented by our subsequent Quarterly Reports on Form&nbsp;10-Q or our Current Reports on Form&nbsp;8-K,
entitled &ldquo;Business,&rdquo; &ldquo;Risk Factors,&rdquo; and &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations,&rdquo; as well as other sections in this prospectus and the other documents or reports incorporated by reference
in this prospectus, discuss some of the factors that could contribute to these differences. These forward-looking statements include,
among other things, statements about:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our use of the net proceeds from this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the commercial and technical feasibility of seafloor polymetallic nodule collection and processing;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our and our partners&rsquo; development and operational plans, including with respect to the planned uses
of polymetallic nodules, where and how nodules will be obtained and processed, the expected environmental, social and governance impacts
thereof and our plans to assess these impacts and the timing and scope of these plans, including the timing and expectations with respect
to our receipt of exploitation contracts and our commercialization plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the supply and demand for battery metals and battery cathode feedstocks, copper cathode and manganese
ores;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the future prices of battery metals and battery cathode feedstocks, copper cathode and manganese ores;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the timing and content of the ISA&rsquo;s final exploitation regulations that will create the legal and
technical framework for exploitation of polymetallic nodules in the CCZ;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the timing and content of an application for an exploitation contract and/or
plan of work for exploitation to the ISA for NORI Area D and the ISA&rsquo;s review and approval thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our expectations regarding the potential timing of commercial production if the ISA approves an application
for an exploitation contract or plan of work for exploitation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">government regulation of mineral extraction from the deep seafloor and changes in mining laws and regulations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">technical, operational, environmental, social and governance risks of developing and deploying equipment
to collect and ship polymetallic nodules at sea, and to process such nodules on land;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sources and timing of potential revenue as well as the timing and amount of estimated future production,
costs of production, other expenses, capital expenditures and requirements for additional capital;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cash flow provided by operating activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the expected activities of our partners under our key strategic relationships;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the sufficiency of our cash on hand to meet our working capital and capital expenditure requirements,
the need for additional financing and our ability to continue as a going concern;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our ability to raise financing in the future, the nature of any such financing and our plans with respect
thereto;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any litigation to which we are a party;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">claims and limitations on insurance coverage;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the restatement of our financial statements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">geological, metallurgical and geotechnical studies and opinions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mineral resource estimates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our status as an emerging growth company, non-reporting Canadian issuer and passive foreign investment
company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our financial performance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may not actually achieve the plans, intentions
or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements
we make. We have included important cautionary statements in this prospectus and in the documents incorporated by reference in this prospectus,
particularly in the &ldquo;Risk Factors&rdquo; section, that we believe could cause actual results or events to differ materially from
the forward-looking statements that we make. For a summary of such factors, please refer to the section entitled &ldquo;Risk Factors&rdquo;
in this prospectus, as updated and supplemented by the discussion of risks and uncertainties under &ldquo;Risk Factors&rdquo; contained
in any supplements to this prospectus and in our most recent Annual Report on Form&nbsp;10-K, as revised or supplemented by our subsequent
Quarterly Reports on Form&nbsp;10-Q or our Current Reports on Form&nbsp;8-K, as well as any amendments thereto, as filed with the SEC
and which are incorporated herein by reference. The information contained in this document is believed to be current as of the date of
this document. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements
to actual results or to changes in our expectations, except as required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In light of these assumptions, risks and uncertainties,
the results and events discussed in the forward-looking statements contained in this prospectus or in any document incorporated herein
by reference might not occur. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only
as of the date of this prospectus or the date of the document incorporated by reference in this prospectus. We are not under any obligation,
and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future
events or otherwise. All subsequent forward-looking statements attributable to us or to any person acting on our behalf are expressly
qualified in their entirety by the cautionary statements contained or referred to in this section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>USE OF PROCEEDS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable prospectus
supplement, we intend to use any net proceeds from our sale of securities under this prospectus for general corporate purposes. We will
have broad discretion over the use of any proceeds. Pending application of the net proceeds, we may initially invest the net proceeds
in short-term, investment-grade, interest-bearing securities or apply them to the reduction of any indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>PLAN OF DISTRIBUTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer securities under this prospectus
from time to time pursuant to underwritten public offerings, negotiated transactions, block trades or a combination of these methods or
any of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block
as principal to facilitate the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an exchange distribution in accordance with the rules&nbsp;of the applicable exchange;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>privately negotiated transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>settlement of short sales entered into after the effective date of the registration statement of which this prospectus is a part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>through the writing or settlement of options or other hedging transactions, whether such options are listed on an options exchange
or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a combination of any such methods of sale; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any other method permitted pursuant to applicable law.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities (1)&nbsp;through underwriters
or dealers, (2)&nbsp;through agents or (3)&nbsp;directly to one or more purchasers, or through a combination of such methods. We may distribute
the securities on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of
sale, in the over-the-counter market or in transactions otherwise than on these exchanges or systems or in the over-the-counter market
from time to time in one or more transactions at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a fixed price or prices, which may be changed from time to time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>market prices prevailing at the time of sale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prices related to the prevailing market prices; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>negotiated prices.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also designate agents to solicit offers
to purchase the securities from time to time, and may enter into arrangements for &ldquo;at-the-market,&rdquo; equity line or similar
transactions. We will name in a prospectus supplement any underwriter or agent involved in the offer or sale of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we utilize a dealer in the sale of the securities
being offered by this prospectus, we will sell the securities to the dealer, as principal. The dealer may then resell the securities to
the public at varying prices to be determined by the dealer at the time of resale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an underwriter is used in the sale of the securities
being offered by this prospectus, an underwriting agreement will be executed with the underwriter at the time of sale, and the name of
any underwriter will be provided in any prospectus supplement, if required, which the underwriter will use to make resales of the securities
to the public. In connection with the sale of the securities, we, or the purchasers of the securities for whom the underwriter may act
as agent, may compensate the underwriter in the form of underwriting discounts or commissions. The underwriter may sell the securities
to or through dealers, and the underwriter may compensate those dealers in the form of discounts, concessions or commissions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to underwritten public offerings,
negotiated transactions and block trades, we, if required, will provide in the applicable prospectus supplement information regarding
any compensation paid to underwriters, dealers or agents in connection with the offering of the securities, and any discounts, concessions
or commissions allowed by underwriters to participating dealers. Underwriters, dealers and agents participating in the distribution of
the securities may be deemed to be underwriters within the meaning of the Securities Act, and any discounts and commissions received by
them and any profit realized by them on resale of the securities may be deemed to be underwriting discounts and commissions. We may enter
into agreements to indemnify underwriters, dealers and agents against civil liabilities, including liabilities under the Securities Act,
or to contribute to payments they may be required to make in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If so indicated in a prospectus supplement, if
required, we will authorize the underwriters, dealers or other persons acting as our agents to solicit offers by certain institutions
to purchase securities from us pursuant to delayed delivery contracts providing for payment and delivery on the date stated in each applicable
prospectus supplement, if required. Each contract will be for an amount not less than, and the aggregate amount of securities sold pursuant
to such contracts shall not be less nor more than, the respective amounts stated in each applicable prospectus supplement. Institutions
with whom the contracts, when authorized, may be made include commercial and savings banks, insurance companies, pension funds, investment
companies, educational and charitable institutions and other institutions, but shall in all cases be subject to our approval. Delayed
delivery contracts will not be subject to any conditions except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the purchase by an institution of the securities covered under that contract shall not at the time of delivery be prohibited under
the laws of the jurisdiction to which that institution is subject; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the securities are also being sold to underwriters acting as principals for their own account, the underwriters shall have purchased
such securities not sold for delayed delivery. The underwriters and other persons acting as our agents will not have any responsibility
in respect of the validity or performance of delayed delivery contracts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">One or more firms, referred to as &ldquo;remarketing
firms,&rdquo; may also offer or sell the securities, if a prospectus supplement, if required, so indicates, in connection with a remarketing
arrangement upon their purchase. Remarketing firms will act as principals for their own accounts or as our agents. These remarketing firms
will offer or sell the securities in accordance with the terms of the securities. Each prospectus supplement, if required, will identify
and describe any remarketing firm and the terms of its agreement, if any, with us and will describe the remarketing firm&rsquo;s compensation.
Remarketing firms may be deemed to be underwriters in connection with the securities they remarket. Remarketing firms may be entitled
under agreements that may be entered into with us to indemnification by us against certain civil liabilities, including liabilities under
the Securities Act, and may be customers of, engage in transactions with or perform services for us in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain underwriters may use this prospectus and
any accompanying prospectus supplement, if required, for offers and sales related to market-making transactions in the securities. These
underwriters may act as principal or agent in these transactions, and the sales will be made at prices related to prevailing market prices
at the time of sale. Any underwriters involved in the sale of the securities may qualify as &ldquo;underwriters&rdquo; within the meaning
of Section&nbsp;2(a)(11) of the Securities Act. In addition, the underwriters&rsquo; commissions, discounts or concessions may qualify
as underwriters&rsquo; compensation under the Securities Act and the rules&nbsp;of the Financial Industry Regulatory Authority,&nbsp;Inc.,
or FINRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Common Shares sold pursuant to the registration
statement of which this prospectus is a part will be authorized for listing and trading on The Nasdaq Stock Market. The applicable prospectus
supplement, if required, will contain information, where applicable, as to any other listing, if any, on The Nasdaq Stock Market or any
securities market or other securities exchange of the securities covered by the prospectus supplement. Underwriters may make a market
in our Common Shares, but will not be obligated to do so and may discontinue any market making at any time without notice. We can make
no assurance as to the liquidity of or the existence, development or maintenance of trading markets for any of the securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to facilitate the offering of the securities,
certain persons participating in the offering may engage in transactions that stabilize, maintain or otherwise affect the price of the
securities. This may include over-allotments or short sales of the securities, which involve the sale by persons participating in the
offering of more securities than we sold to them. In these circumstances, these persons would cover such over-allotments or short positions
by making purchases in the open market or by exercising their over-allotment option. In addition, these persons may stabilize or maintain
the price of the securities by bidding for or purchasing the applicable security in the open market or by imposing penalty bids, whereby
selling concessions allowed to dealers participating in the offering may be reclaimed if the securities sold by them are repurchased in
connection with stabilization transactions. The effect of these transactions may be to stabilize or maintain the market price of the securities
at a level above that which might otherwise prevail in the open market. These transactions may be discontinued at any time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters, dealers and agents may engage in other transactions
with us, or perform other services for us, in the ordinary course of their business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the securities laws of some states, the
Common Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states the Common
Shares may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or
qualification is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>DESCRIPTION OF COMMON SHARES AND SPECIAL SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our authorized capital consists of (a)&nbsp;an
unlimited number of Common Shares, (b)&nbsp;an unlimited number of preferred shares, issuable in series, (c)&nbsp;5,000,000 Class&nbsp;A
Special Shares, (d)&nbsp;10,000,000 Class&nbsp;B Special Shares, (e)&nbsp;10,000,000 Class&nbsp;C Special Shares, (f)&nbsp;20,000,000
Class&nbsp;D Special Shares, (g)&nbsp;20,000,000 Class&nbsp;E Special Shares, (h)&nbsp;20,000,000 Class&nbsp;F Special Shares, (i)&nbsp;25,000,000
Class&nbsp;G Special Shares, (j)&nbsp;25,000,000 Class&nbsp;H Special Shares, (k)&nbsp;500,000 Class&nbsp;I Special Shares, and (l)&nbsp;741,000
Class&nbsp;J Special Shares, each without par value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summaries of certain provisions
of our Common Shares and Special Shares do not purport to be complete. You should refer to the section of this prospectus entitled &ldquo;Certain
Important Provisions of The Notice of Articles and Articles and the BCBCA&rdquo;, &ldquo;Ownership and Exchange Controls&rdquo; and our
notice of articles and articles, both of which are included as exhibits to the registration statement of which this prospectus is a part.
The summaries below are also qualified by provisions of applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Common Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;28, 2023, there were
306,366,984 Common Shares issued and outstanding. As of November&nbsp;28, 2023, we had approximately 326 record holders of
our Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>General</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Common Shares are entitled to one (1)&nbsp;vote
per share on all matters upon which holders of shares are entitled to vote. Subject to the <I>Business Corporations Act </I>(British Columbia),
or the BCBCA, and prior rights of the holders of preferred shares and any other class ranking senior to the Common Shares, the holders
of Common Shares are entitled to receive dividends as, if and when declared by the board of directors. Subject to the prior rights of
the holders of Special Shares and preferred shares, and any other class ranking senior to the Common Shares, in the event of our liquidation,
dissolution or winding-up or other distribution of our assets among our shareholders, the holders of Common Shares will be entitled to
share pro rata in the distribution of the balance of our assets. Holders of Common Shares will have no pre-emptive or conversion or exchange
rights or other subscription rights. There are no redemption, retraction, purchase for cancellation or surrender provisions or sinking
or purchase fund provisions applicable to Common Shares. There is no provision in the notice of articles and articles requiring holders
of Common Shares to contribute additional capital, or permitting or restricting the issuance of additional securities of authorized share
capital or any other material restrictions. The special rights or restrictions attached to Common Shares are subject to and may be adversely
affected by, the rights attached to any series of preferred shares that the board of directors may designate in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Transfer Agent and Registrar</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent for our Common Shares is Continental Stock Transfer&nbsp;&amp;
Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Stock Exchange Listing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our Common Shares are listed for trading on the Nasdaq Global Select
Market under the symbol &ldquo;TMC&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Special Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;28, 2023, there were
issued and outstanding (a)&nbsp;4,999,973 Class&nbsp;A Special Shares, (b)&nbsp;9,999,853 Class&nbsp;B Special Shares, (c)&nbsp;9,999,853
Class&nbsp;C Special Shares, (d)&nbsp;19,999,855 Class&nbsp;D Special Shares, (e)&nbsp;19,999,855 Class&nbsp;E Special Shares, (f)&nbsp;19,999,855
Class&nbsp;F Special Shares, (g)&nbsp;24,999,860 Class&nbsp;G Special Shares, (h)&nbsp;24,999,860 Class&nbsp;H Special Shares, (i)&nbsp;500,000
Class&nbsp;I Special Shares and (j)&nbsp;741,000 Class&nbsp;J Special Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Special Shares are not entitled to
any voting rights, except as required under the BCBCA in certain circumstances, and are not entitled to receive dividends. Subject to
the prior rights of the holders of preferred shares, in the event of our liquidation, dissolution or winding-up or other distribution
of our assets among our shareholders, the holders of Special Shares will be entitled to receive an amount equal to $0.00000000001 per
Special Share, or the Redemption Price. Holders of Special Shares have no pre-emptive or exchange rights or other subscription rights.
There is no provision in our notice of articles and articles requiring holders of Special Shares to contribute additional capital. The
special rights or restrictions attached to Special Shares are subject to and may be adversely affected by, the rights attached to any
series of preferred shares that the board of directors may designate in the future. Our notice of articles and articles provide that the
Special Shares may not be, directly or indirectly, sold, transferred, assigned, pledged, mortgaged, exchanged, hypothecated or encumbered
without the prior approval of the board of directors, which shall only be given under certain circumstances specified in our notice or
articles and articles, referred to herein as a Permitted Transfer. Notwithstanding the foregoing, any holder of Special Shares may, at
any time, provide an irrevocable direction and agreement in favor of us that a proposed transfer shall be deemed not to be a Permitted
Transfer and that irrevocable direction may provide that any other Permitted Transfer shall require that the transferee provide an identical
type of irrevocable direction and agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of the BCBCA, any Special
Shares then outstanding shall be redeemed by us without any action on the part of the holders of Special Shares (i)&nbsp;at any time after
the 15th year anniversary of the original issue date of the Special Shares or (ii)&nbsp;at any time after a Change of Control, in each
case at the Redemption Price. For the purposes of our notice of articles and articles, &ldquo;Change of Control&rdquo; shall mean any
transaction or series of related transactions (x)&nbsp;under which any person or one or more persons that are affiliates or that are acting
as a &ldquo;group&rdquo; (as defined in Section&nbsp;13(d)(3)&nbsp;of the Exchange Act), directly or indirectly, acquires or otherwise
purchases (i)&nbsp;the Company or (ii)&nbsp;all or a material portion of assets, businesses or our Equity Securities (as defined below)
or (y)&nbsp;that results, directly or indirectly, in our shareholders as of immediately prior to such transaction holding, in the aggregate,
less than 50% of the voting Equity Securities immediately after the consummation thereof (excluding, for the avoidance of doubt, any Special
Shares and the Common Shares issuable upon conversion thereof) (in the case of each of clause (x)&nbsp;and (y), whether by amalgamation,
merger, consolidation, arrangement, tender offer, recapitalization, purchase or issuance of Equity Securities or otherwise), and &ldquo;Equity
Securities&rdquo; shall refer to Common Shares, the preferred shares, Special Shares or any other class of shares or series thereof in
our capital or similar interest us (including any stock appreciation, phantom stock, profit participation or similar rights), and any
option, warrant, right or security (including debt securities) convertible, exchangeable or exercisable therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Special Shares will automatically convert
into Common Shares on a one (1)&nbsp;for one (1)&nbsp;basis (unless adjusted as described below) upon the occurrence of the following
events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;A Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $15.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $15.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;B Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $25.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $25.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;C Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $35.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $35.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;D Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $50.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $50.00 per Common Share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;E Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $75.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $75.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;F Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $100.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $100.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;G Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $150.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $150.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;H Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $200.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $200.00 per Common Share;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;I Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $50.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $50.00 per Common Share; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of the Class&nbsp;J Special Shares, if (a)&nbsp;on any twenty (20) trading days within any thirty (30) trading day period,
the Common Shares trade on the principal securities exchange or securities market on which Common Shares are then traded for a price that
is greater than or equal to $12.00, or (b)&nbsp;there occurs any transaction resulting in a Change of Control with a valuation of the
Common Shares that is greater than or equal to $12.00 per Common Share.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No fractional Common Share will be issued upon
the conversion of the Special Shares and no payment will be made to the holders of Special Shares in lieu thereof. Rather, the holders
of Special Shares shall be entitled to the number of Common Shares determined by rounding the entitlement down to the nearest whole number.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event that the Common Shares are at any
time sub-divided, consolidated, converted or exchanged for a greater or lesser number of shares of the same or another class, then appropriate
adjustments will be made in the rights and conditions attaching to the Special Shares so as to preserve in all respects the benefits of
the holders of Special Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of any merger, amalgamation, consolidation,
arrangement, reorganization or other business combination involving the Company with another entity, other than a Change of Control, the
holders of Special Shares will be entitled to receive, on conversion, such securities or other property as if on the effective date of
the event they were registered holders of the number of Common Shares which such holders of Special Shares were entitled to receive upon
conversion of their Special Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>DESCRIPTION OF PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following description of our preferred shares and the description
of the terms of any particular series of preferred shares that we choose to issue hereunder are not complete. These descriptions are qualified
in their entirety by reference to notice of articles and articles, both of which are included as exhibits to the registration statement
of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We are authorized to
issue an unlimited number of preferred shares, issuable in series. Accordingly, the board of directors is authorized, without shareholder
approval but subject to the provisions of the BCBCA and notice of articles, to determine the maximum number of shares of each series,
create an identifying name for each series and alter or attach such special rights or restrictions, including dividend, liquidation and
voting rights, as the board of directors may determine, and such special rights or restrictions, including dividend, liquidation and voting
rights, may be superior to those of the Common Shares and Special Shares. The issuance of preferred shares, while providing flexibility
in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring
or discouraging potential acquisition proposals and might adversely affect the market price of the Common Shares and the voting and other
rights of the holders of Common Shares. We have no current plan to issue any preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Transfer Agent and Registrar</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The transfer agent and registrar for our preferred
shares will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>DESCRIPTION OF DEBT SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following description, together with the additional
information we include in any applicable prospectus supplements, summarizes the material terms and provisions of the debt securities that
we may offer under this prospectus. While the terms we have summarized below will apply generally to any future debt securities we may
offer pursuant to this prospectus, we will describe the particular terms of any debt securities that we may offer in more detail in the
applicable prospectus supplement. If we so indicate in a prospectus supplement, the terms of any debt securities offered under such prospectus
supplement may differ from the terms we describe below, and to the extent the terms set forth in a prospectus supplement differ from the
terms described below, the terms set forth in the prospectus supplement shall control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell from time to time, in one or more
offerings under this prospectus, debt securities, which may be senior or subordinated. We will issue any such senior debt securities under
a senior indenture that we will enter into with a trustee to be named in the senior indenture. We will issue any such subordinated debt
securities under a subordinated indenture, which we will enter into with a trustee to be named in the subordinated indenture. We have
filed forms of these documents as exhibits to the registration statement, of which this prospectus is a part. We use the term &ldquo;indentures&rdquo;
to refer to either the senior indenture or the subordinated indenture, as applicable. The indentures will be qualified under the Trust
Indenture Act of 1939, as in effect on the date of the indenture. We use the term &ldquo;debenture trustee&rdquo; to refer to either the
trustee under the senior indenture or the trustee under the subordinated indenture, as applicable.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summaries of material provisions
of the senior debt securities, the subordinated debt securities and the indentures are subject to, and qualified in their entirety by
reference to, all the provisions of the indenture applicable to a particular series of debt securities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>General</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each indenture provides that debt securities may
be issued from time to time in one or more series and may be denominated and payable in foreign currencies or units based on or relating
to foreign currencies. Neither indenture limits the amount of debt securities that may be issued thereunder, and each indenture provides
that the specific terms of any series of debt securities shall be set forth in, or determined pursuant to, an authorizing resolution and/or
a supplemental indenture, if any, relating to such series.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will describe in each prospectus supplement the following terms
relating to a series of debt securities:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title or designation;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate principal amount and any limit on the amount that may be issued;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or units based on or relating to currencies in which debt securities of such series are denominated
and the currency or units in which principal or interest or both will or may be payable;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will issue the series of debt securities in global form, the terms of any global securities
and who the depositary will be;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the maturity date and the date or dates on which principal will be payable;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the interest rate, which may be fixed or variable, or the method for determining the rate and the date
interest will begin to accrue, the date or dates interest will be payable and the record dates for interest payment dates or the method
for determining such dates;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether or not the debt securities will be secured or unsecured, and the terms of any secured debt;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the terms of the subordination of any series of subordinated debt;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the place or places where payments will be payable;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our right, if any, to defer payment of interest and the maximum length of any such deferral period;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date, if any, after which, and the price at which, we may, at our option, redeem the series of debt
securities pursuant to any optional redemption provisions;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date, if any, on which, and the price at which we are obligated, pursuant to any mandatory sinking
fund provisions or otherwise, to redeem, or at the holder&rsquo;s option to purchase, the series of debt securities;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the indenture will restrict our ability to pay dividends, or will require us to maintain any asset
ratios or reserves;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether we will be restricted from incurring any additional indebtedness;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a discussion of any material or special U.S. federal income tax considerations applicable to a series
of debt securities;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the denominations in which we will issue the series of debt securities, if other than denominations of
$1,000 and any integral multiple thereof; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other specific terms, preferences, rights or limitations of, or restrictions on, the debt securities.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue debt securities that provide for
an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity pursuant to
the terms of the indenture. We will provide you with information on the federal income tax considerations and other special considerations
applicable to any of these debt securities in the applicable prospectus supplement.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Conversion or Exchange Rights</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Consolidation, Merger or Sale; No Protection in Event of a Change
of Control or Highly Leveraged Transaction</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Events of Default Under the Indenture</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following are events of default under the indentures with respect
to any series of debt securities that we may issue:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if we fail to pay the principal, or premium, if any, when due and the time for payment has not been extended
or delayed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if specified events of bankruptcy, insolvency or reorganization occur as to us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No event of default with respect to a particular
series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an event of
default with respect to any other series of debt securities. The occurrence of an event of default may constitute an event of default
under any bank credit agreements we may have in existence from time to time. In addition, the occurrence of certain events of default
or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness outstanding from time
to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an event of default with respect to debt securities
of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than a majority in principal
amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the debenture trustee if given by the
holders), declare to be due and payable immediately the principal (or, if the debt securities of that series are discount securities,
that portion of the principal amount as may be specified in the terms of that series) of and premium and accrued and unpaid interest,
if any, on all debt securities of that series. Before a judgment or decree for payment of the money due has been obtained with respect
to debt securities of any series, the holders of a majority in principal amount of the outstanding debt securities of that series (or,
at a meeting of holders of such series at which a quorum is present, the holders of a majority in principal amount of the debt securities
of such series represented at such meeting) may rescind and annul the acceleration if all events of default, other than the non-payment
of accelerated principal, premium, if any, and interest, if any, with respect to debt securities of that series, have been cured or waived
as provided in the applicable indenture (including payments or deposits in respect of principal, premium or interest that had become due
other than as a result of such acceleration). We refer you to the prospectus supplement relating to any series of debt securities that
are discount securities for the particular provisions relating to acceleration of a portion of the principal amount of such discount securities
upon the occurrence of an event of default.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of the indentures, if an
event of default under an indenture shall occur and be continuing, the debenture trustee will be under no obligation to exercise any of
its rights or powers under such indenture at the request or direction of any of the holders of the applicable series of debt securities,
unless such holders have offered the debenture trustee reasonable indemnity. The holders of a majority in principal amount of the outstanding
debt securities of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available
to the debenture trustee, or exercising any trust or power conferred on the debenture trustee, with respect to the debt securities of
that series, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the direction so given by the holder is not in conflict with any law or the applicable indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">subject to its duties under the Trust Indenture Act, the debenture trustee need not take any action that
might involve it in personal liability or might be unduly prejudicial to the holders not involved in the proceeding.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder of the debt securities of any series
will only have the right to institute a proceeding under the indentures or to appoint a receiver or trustee, or to seek other remedies
if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holder previously has given written notice to the debenture trustee of a continuing event of default
with respect to that series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the holders of at least a majority in aggregate principal amount of the outstanding debt securities of
that series have made written request, and such holders have offered reasonable indemnity to the debenture trustee to institute the proceeding
as trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the debenture trustee does not institute the proceeding, and does not receive from the holders of a majority
in aggregate principal amount of the outstanding debt securities of that series (or at a meeting of holders of such series at which a
quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such meeting) other
conflicting directions within 60 days after the notice, request and offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These limitations do not apply to a suit instituted
by a holder of debt securities if we default in the payment of the principal, premium, if any, or interest on, the debt securities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will periodically file statements with the applicable debenture
trustee regarding our compliance with specified covenants in the applicable indenture.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Modification of Indenture; Waiver</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The debenture trustee and we may change the applicable
indenture without the consent of any holders with respect to specific matters, including:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to fix any ambiguity, defect or inconsistency in the indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to change anything that does not materially adversely affect the interests of any holder of debt securities
of any series issued pursuant to such indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, under the indentures, the rights
of holders of a series of debt securities may be changed by us and the debenture trustee with the written consent of the holders of at
least a majority in aggregate principal amount of the outstanding debt securities of each series (or, at a meeting of holders of such
series at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at
such meeting) that is affected. However, the debenture trustee and we may make the following changes only with the consent of each holder
of any outstanding debt securities affected:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">extending the fixed maturity of the series of debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing the principal amount, reducing the rate of or extending the time of payment of interest, or any
premium payable upon the redemption of any debt securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing the principal amount of discount securities payable upon acceleration of maturity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">making the principal of or premium or interest on any debt security payable in currency other than that
stated in the debt security; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reducing the percentage of debt securities, the holders of which are required to consent to any amendment
or waiver.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for certain specified provisions, the holders
of at least a majority in principal amount of the outstanding debt securities of any series (or, at a meeting of holders of such series
at which a quorum is present, the holders of a majority in principal amount of the debt securities of such series represented at such
meeting) may on behalf of the holders of all debt securities of that series waive our compliance with provisions of the indenture. The
holders of a majority in principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt
securities of such series waive any past default under the indenture with respect to that series and its consequences, except a default
in the payment of the principal of, premium or any interest on any debt security of that series or in respect of a covenant or provision,
which cannot be modified or amended without the consent of the holder of each outstanding debt security of the series affected; provided,
however, that the holders of a majority in principal amount of the outstanding debt securities of any series may rescind an acceleration
and its consequences, including any related payment default that resulted from the acceleration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Discharge</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each indenture provides that we can elect to be
discharged from our obligations with respect to one or more series of debt securities, except for obligations to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the transfer or exchange of debt securities of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">replace stolen, lost or mutilated debt securities of the series;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">maintain paying agencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">hold monies for payment in trust;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">compensate and indemnify the trustee; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">appoint any successor trustee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to exercise our rights to be discharged
with respect to a series, we must deposit with the trustee money or government obligations sufficient to pay all the principal of, the
premium, if any, and interest on, the debt securities of the series on the dates payments are due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Form, Exchange and Transfer</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will issue the debt securities of each series
only in fully registered form without coupons and, unless we otherwise specify in the applicable prospectus supplement, in denominations
of $1,000 and any integral multiple thereof. The indentures provide that we may issue debt securities of a series in temporary or permanent
global form and as book-entry securities that will be deposited with, or on behalf of, The Depository Trust Company or another depositary
named by us and identified in a prospectus supplement with respect to that series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the option of the holder, subject to the terms
of the indentures and the limitations applicable to global securities described in the applicable prospectus supplement, the holder of
the debt securities of any series can exchange the debt securities for other debt securities of the same series, in any authorized denomination
and of like tenor and aggregate principal amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of the indentures and the
limitations applicable to global securities set forth in the applicable prospectus supplement, holders of the debt securities may present
the debt securities for exchange or for registration of transfer, duly endorsed or with the form of transfer endorsed thereon duly executed
if so required by us or the security registrar, at the office of the security registrar or at the office of any transfer agent designated
by us for this purpose. Unless otherwise provided in the debt securities that the holder presents for transfer or exchange or in the applicable
indenture, we will make no service charge for any registration of transfer or exchange, but we may require payment of any taxes or other
governmental charges.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will name in the applicable prospectus supplement
the security registrar, and any transfer agent in addition to the security registrar, that we initially designate for any debt securities.
We may at any time designate additional transfer agents or rescind the designation of any transfer agent or approve a change in the office
through which any transfer agent acts, except that we will be required to maintain a transfer agent in each place of payment for the debt
securities of each series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we elect to redeem the debt securities of any series, we will not
be required to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">issue, register the transfer of, or exchange any debt securities of that series during a period beginning at the opening of business
15 days before the day of mailing of a notice of redemption of any debt securities that may be selected for redemption and ending at the
close of business on the day of the mailing; or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">register the transfer of or exchange any debt securities so selected for redemption, in whole or in part, except the unredeemed portion
of any debt securities we are redeeming in part.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Information Concerning the Debenture
Trustee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The debenture trustee,
other than during the occurrence and continuance of an event of default under the applicable indenture, undertakes to perform only those
duties as are specifically set forth in the applicable indenture. Upon an event of default under an indenture, the debenture trustee under
such indenture must use the same degree of care as a prudent person would exercise or use in the conduct of his or her own affairs. Subject
to this provision, the debenture trustee is under no obligation to exercise any of the powers given it by the indentures at the request
of any holder of debt securities unless it is offered reasonable security and indemnity against the costs, expenses and liabilities that
it might incur.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Payment and Paying Agents</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Unless we otherwise indicate
in the applicable prospectus supplement, we will make payment of the interest on any debt securities on any interest payment date to the
person in whose name the debt securities, or one or more predecessor securities, are registered at the close of business on the regular
record date for the interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We will pay principal
of and any premium and interest on the debt securities of a particular series at the office of the paying agents designated by us, except
that unless we otherwise indicate in the applicable prospectus supplement, will we make interest payments by check which we will mail
to the holder. Unless we otherwise indicate in a prospectus supplement, we will designate the corporate trust office of the debenture
trustee in the City of New York as our sole paying agent for payments with respect to debt securities of each series. We will name in
the applicable prospectus supplement any other paying agents that we initially designate for the debt securities of a particular series.
We will maintain a paying agent in each place of payment for the debt securities of a particular series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All money we pay to a
paying agent or the debenture trustee for the payment of the principal of or any premium or interest on any debt securities which remains
unclaimed at the end of two years after such principal, premium or interest has become due and payable will be repaid to us, and the holder
of the security thereafter may look only to us for payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Governing Law</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The indentures and the
debt securities will be governed by and construed in accordance with the laws of the State of New York, except to the extent that the
Trust Indenture Act is applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Subordination of Subordinated Debt Securities</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our obligations pursuant
to any subordinated debt securities will be unsecured and will be subordinate and junior in priority of payment to certain of our other
indebtedness to the extent described in a prospectus supplement. The subordinated indenture does not limit the amount of senior indebtedness
we may incur. It also does not limit us from issuing any other secured or unsecured debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B><A NAME="a_010"></A>DESCRIPTION OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>General</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may issue warrants
to purchase our common shares, preferred shares and/or debt securities in one or more series together with other securities or separately,
as described in the applicable prospectus supplement. Below is a description of certain general terms and provisions of the warrants that
we may offer. Particular terms of the warrants will be described in the warrant agreements and the prospectus supplement relating to the
warrants.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The applicable prospectus supplement will
contain, where applicable, the following terms of and other information relating to the warrants:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the specific designation and aggregate number of, and the price at which we will issue, the warrants;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the currency or currency units in which the offering price, if any, and the exercise price are payable;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation, amount and terms of the securities purchasable upon exercise of the warrants;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the exercise price for our common shares and the number of our common shares to be received upon exercise of the warrants;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the exercise price for our preferred shares, the number of preferred shares to be received upon exercise, and a description
of that series of our preferred shares;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the exercise price for our debt securities, the amount of debt securities to be received upon exercise, and a description
of that series of debt securities;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously
exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">whether the warrants will be issued in fully registered form or bearer form, in definitive or global form or in any combination of
these forms, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any security
included in that unit;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any applicable material U.S. federal income tax consequences;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars
or other agents;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, the date from and after which the warrants and the common shares, preferred shares and/or debt securities will be separately
transferable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if applicable, the minimum or maximum amount of the warrants that may be exercised at any one time;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>information with respect to book-entry procedures, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the anti-dilution provisions of the warrants, if any;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any redemption or call provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>whether the warrants may be sold separately or with other securities as parts of units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the governing law of the warrants; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any additional terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The transfer agent and registrar for any warrants
we offer will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B><I>Outstanding Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Public Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;28, 2023, there were
an aggregate of 15,000,000 outstanding public warrants held of record by one holder, which entitle the holder to acquire Common Shares.
Each whole public warrant entitles the registered holder to purchase one Common Share at an exercise price of $11.50 per share, subject
to adjustment as discussed below, beginning on October&nbsp;9, 2021. Pursuant to the warrant agreement, a warrant holder may exercise
its warrants only for a whole number of Common Shares. This means only a whole warrant may be exercised at a given time by a warrant holder.
No fractional warrants will be issued upon separation of the units, and only whole warrants will trade. Accordingly, unless you hold at
least three units, you will not be able to receive or trade a whole warrant. The warrants will expire on September&nbsp;9, 2026, at 5:00
p.m., New York City time, or earlier upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not be obligated to deliver any Common
Shares pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the Common Shares underlying the warrants is then effective and a prospectus relating thereto
is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration
is available. No warrant will be exercisable and we will not be obligated to issue a Common Share upon exercise of a warrant unless the
Common Share issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the
state of residence of the registered holder of the warrants. In the event that the conditions in the two immediately preceding sentences
are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant
may have no value and expire worthless. In no event will we be required to net cash settle any warrant. In the event that a registration
statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase
price for the unit solely for the Common Share underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemptions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the warrants become exercisable, we may call the warrants for
redemption:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in whole and not in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">at a price of $0.01 per warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">upon not less than 30 days&rsquo; prior written notice of redemption to each warrant holder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if, and only if, the closing price of the Common Shares equals or exceeds $18.00 per share (as adjusted
for share splits, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading
day period ending on the third trading day prior to the date on which notice of the redemption is given to the warrant holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If and when the warrants become redeemable by
us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have established the last of the redemption
criterion discussed above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise
price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Common Shares may fall below the
$18.00 redemption trigger price (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like)
as well as the $11.50 (for whole shares) warrant exercise price after the redemption notice is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemption Procedures and Cashless Exercise</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we call the warrants for redemption when the
price per share of Common Shares equals or exceeds $18.00, our management will have the option to require any holder that wishes to exercise
his, her or its warrant to do so on a &ldquo;cashless basis&rdquo; beginning on the third trading day prior to the date on which notice
of the redemption is given to the holders of warrants. In determining whether to require all holders to exercise their warrants on a &ldquo;cashless
basis,&rdquo; our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the
dilutive effect on our shareholders of issuing the maximum number of Common Shares issuable upon the exercise of our warrants. If our
management takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that
number of shares equal to the lesser of (A)&nbsp;the quotient obtained by dividing (x)&nbsp;the product of the number of Common Shares
underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price of the
warrants by (y)&nbsp;the fair market value and (B)&nbsp;0.365. The &ldquo;fair market value&rdquo; will mean the average closing price
of the Common Shares for the ten (10)&nbsp;trading days ending on the third trading day prior to the date on which the notice of redemption
is sent to the holders of warrants. If our management takes advantage of this option, the notice of redemption will contain the information
necessary to calculate the number of Common Shares to be received upon exercise of the warrants, including the &ldquo;fair market value&rdquo;
in such case. Requiring a cashless exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive
effect of a warrant redemption. We believe this feature is an attractive option to us if we do not need the cash from the exercise of
the warrants after our initial business combination. If we call our warrants for redemption and our management team does not take advantage
of this option, the permitted transferees of Sustainable Opportunities Holdings LLC would still be entitled to exercise their private
placement warrants for cash or on a cashless basis using the same formula described above that other warrant holders would have been required
to use had all warrant holders been required to exercise their warrants on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder of a warrant may notify us in writing
in the event it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent
that after giving effect to such exercise, such person (together with such person&rsquo;s affiliates), to the warrant agent&rsquo;s actual
knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Common Shares issued and outstanding immediately
after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Anti-dilution Adjustments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the number of outstanding Common Shares is
increased by a capitalization or share dividend payable in Common Shares, or by a split-up of common shares or other similar event, then,
on the effective date of such capitalization or share dividend, split-up or similar event, the number of Common Shares issuable on exercise
of each warrant will be increased in proportion to such increase in the outstanding common shares. A rights offering made to all or substantially
all holders of common shares entitling holders to purchase Common Shares at a price less than the &ldquo;historical fair market value&rdquo;
(as defined below) will be deemed a share dividend of a number of Common Shares equal to the product of (i)&nbsp;the number of Common
Shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are convertible
into or exercisable for Common Shares) and (ii)&nbsp;one minus the quotient of (x)&nbsp;the price per Common Shares paid in such rights
offering and (y)&nbsp;the historical fair market value. For these purposes, (i)&nbsp;if the rights offering is for securities convertible
into or exercisable for Class&nbsp;A ordinary shares, in determining the price payable for Common Shares, there will be taken into account
any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii)&nbsp;&ldquo;historical
fair market value&rdquo; means the volume weighted average price of Common Shares as reported during the 10 trading day period ending
on the trading day prior to the first date on which the Common Shares trade on the applicable exchange or in the applicable market, regular
way, without the right to receive such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, if we, at any time while the warrants
are outstanding and unexpired, pay a dividend or make a distribution in cash, securities or other assets to all or substantially all the
holders of Common Shares on account of such shares (or other securities into which the warrants are convertible), other than (a)&nbsp;as
described above, (b)&nbsp;any cash dividends or cash distributions which, when combined on a per share basis with all other cash dividends
and cash distributions paid on the Common Shares during the 365-day period ending on the date of declaration of such dividend or distribution
does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that
resulted in an adjustment to the exercise price or to the number of Common Shares issuable on exercise of each warrant) but only with
respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, or (c)&nbsp;to satisfy
the redemption rights of the holders of Common Shares in connection with the Business Combination, then the warrant exercise price will
be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair market value of any
securities or other assets paid on each share of Common Shares in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the number of outstanding Common Shares is
decreased by a consolidation, combination, reverse share split or reclassification of share of Common Shares or other similar event, then,
on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Common
Shares issuable on exercise of each warrant will be decreased in proportion to such decrease in outstanding Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Whenever the number of Common Shares purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant
exercise price immediately prior to such adjustment by a fraction (x)&nbsp;the numerator of which will be the number of Common Shares
purchasable upon the exercise of the warrants immediately prior to such adjustment and (y)&nbsp;the denominator of which will be the number
of Common Shares so purchasable immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case of any reclassification or reorganization
of the outstanding Common Shares (other than those described above or that solely affects the par value of such Common Shares), or in
the case of any merger or consolidation of with or into another company (other than a consolidation or merger in which we are the continuing
company and that does not result in any reclassification or reorganization of our outstanding Common Shares), or in the case of any sale
or conveyance to another company or entity of the assets or other property of us as an entirety or substantially as an entirety in connection
with which we are dissolved, the holders of the warrants will thereafter have the right to purchase and receive, upon the basis and upon
the terms and conditions specified in the warrants and in lieu of the Common Shares immediately theretofore purchasable and receivable
upon the exercise of the rights represented thereby, the kind and amount of Common Shares or other securities or property (including cash)
receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. If less
than 70% of the consideration receivable by the holders of Common Shares in such a transaction is payable in the form of Common Shares
in the successor entity that is listed for trading on a national securities exchange or is quoted in an established over-the-counter market,
or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant properly exercises
the warrant within thirty (30) days following public disclosure of such transaction, the warrant exercise price will be reduced as specified
in the warrant agreement based on the Black-Scholes value (as defined in the warrant agreement) of the warrant. The purpose of such exercise
price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise
period of the warrants pursuant to which the holders of the warrants otherwise do not receive the full potential value of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrants are issued in registered form under
a warrant agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision
or correct any mistake, including to conform the provisions of the warrant agreement to the description of the terms of the warrants and
the warrant agreement set forth in SOAC&rsquo;s prospectus for its initial public offering, but requires the approval by the holders of
at least 50% of the then outstanding public warrants to make any change that adversely affects the interests of the registered holders.
You should review a copy of the warrant agreement, which is filed as an exhibit to the registration statement of which this prospectus
is a part, for a complete description of the terms and conditions applicable to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The warrant holders do not have the rights or
privileges of holders of Common Shares and any voting rights until they exercise their warrants and receive Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. If, upon exercise of the warrants, a holder would be entitled to receive a fractional
interest in a share, we will, upon exercise, round down to the nearest whole number the number of Common Shares to be issued to the warrant
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Warrant Agent and Registrar</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrant agent for our public warrants is Continental Stock Transfer&nbsp;&amp;
Trust Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Stock Exchange Listing</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our public warrants are listed for trading on the Nasdaq Global Select
Market under the symbol &ldquo;TMCWW&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Private Placement Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of November&nbsp;28, 2023, there were
9,500,000 private placement warrants outstanding held of record by 32 holders. The private placement warrants (including the Common Shares
issuable upon exercise of the private placement warrants) were not transferable, assignable or salable until October&nbsp;9, 2021, except
pursuant to limited exceptions to our officers and directors and other persons or entities affiliates with the initial purchasers of the
private placement warrants, and they are not redeemable by us, except as described above when the prices per share of Common Shares equals
or exceeds $10.00, so long as they are held by SOAC or its permitted transferees. SOAC, or its permitted transferees, has the option to
exercise the private placement warrants on a cashless basis. Except as described below, the private placement warrants have terms and
provisions that are identical to those of the public warrants. If the private placement warrants are held by holders other than SOAC or
its permitted transferees, the private placement warrants will be redeemable by us and exercisable by the holders on the same basis as
the public warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Except as described above
regarding redemption procedures and cashless exercise in respect of the public warrants, if holders of the private placement warrants
elect to exercise them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number
of Common Shares equal to the quotient obtained by dividing (x)&nbsp;the product of the number of Common Shares underlying the warrants,
multiplied by the excess of the &ldquo;fair market value&rdquo; (defined below) over the exercise price of the warrants by (y)&nbsp;the
fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price of the Common Shares for the ten
(10)&nbsp;trading days ending on the third trading day prior to the date on which the notice of warrant exercise is sent to the warrant
agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><B>Class&nbsp;A Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As part of the August&nbsp;14, 2023 registered
direct offering of common shares and accompanying Class&nbsp;A warrants to purchase common shares at a purchase price of $2.00 per common
share and accompanying half of a Class&nbsp;A warrant to purchase one common share, as of November&nbsp;28, 2023, we have issued
Class&nbsp;A warrants to purchase 3,980,770 common shares and expect to issue additional Class&nbsp;A warrants to purchase 2,250,000
common shares on or before January&nbsp;31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercisability</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class&nbsp;A warrants are exercisable at any
time on or after the issuance date. The Class&nbsp;A warrants will be exercisable, at the option of each holder, in whole or in part by
delivering to us a duly executed exercise notice and, at any time a registration statement registering the issuance of the common shares
underlying the Class&nbsp;A warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption
from registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds
for the number of common shares purchased upon such exercise. If a registration statement registering the issuance of the common shares
underlying the Class&nbsp;A warrants under the Securities Act is not then effective or available, the holder may only exercise the Class&nbsp;A
warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined
according to the formula set forth in the Class&nbsp;A warrant. No fractional shares will be issued in connection with the exercise of
a Class&nbsp;A warrant. In lieu of fractional shares, we will round down to the next whole share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercise Limitation</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder will not have the right to exercise any
portion of the Class&nbsp;A warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% (or 9.99% or
19.99% at the election of a holder prior to the date of issuance) of the number of common shares outstanding immediately after giving
effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Class&nbsp;A warrants. However,
any holder may increase or decrease such percentage to any other percentage not in excess of 9.99% (or 19.99% with prior written approval
of the Company) upon at least 61 days&rsquo; prior notice from the holder to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercise Price; Adjustment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The initial exercise price per common share purchasable
upon exercise of the Class&nbsp;A warrants is $3.00 per common share, subject to adjustment for reverse and forward stock splits, stock
dividends, stock combinations and other similar transactions of the common shares. The exercise price is subject to appropriate adjustment
in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting
our common shares and also upon any distributions of assets, including cash, shares or other property to our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Transferability/Warrant Agent</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable laws, the Class&nbsp;A warrants
may be offered for sale, sold, transferred or assigned without our consent. There is currently no trading market for the Class&nbsp;A
warrants and a trading market is not expected to develop. The Company will initially act as warrant agent for the Class&nbsp;A warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Trading Market</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not plan on making the Class&nbsp;A warrants
eligible to trade on any national securities exchange or any other nationally recognized trading system or market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Fundamental Transactions</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of a fundamental transaction, as
described in the Class&nbsp;A warrants and generally including any reorganization, recapitalization or reclassification of our common
shares, the sale, transfer or other disposition of all or substantially all of our properties or assets, our consolidation or merger with
or into another person, the holders of the Class&nbsp;A warrants will be entitled to receive upon exercise of the Class&nbsp;A warrants
the kind and amount of securities, cash or other property that the holders would have received had they exercised the Class&nbsp;A warrants
immediately prior to such fundamental transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Call Provision</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the terms of the Class&nbsp;A warrants,
if (i)&nbsp;the volume weighted average price for each of 30 consecutive trading days exceeds $6.50 (subject to adjustment for forward
and reverse stock splits, recapitalizations, stock dividends) and (ii)&nbsp;the holder of the Class&nbsp;A warrant is not in possession
of any information that constitutes, or might constitute, material non-public information which was provided by the Company, then the
Company may, within one trading day of the end of such 30-day period, call for cancellation of all or any portion of the Class&nbsp;A
warrants for which a notice of exercise has not yet been delivered for consideration equal to $0.0001 per warrant share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Exercise Price Adjustment for Certain Share
Issuances</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to customary exceptions set forth in the
Class&nbsp;A warrants, from the original issue date of the Class&nbsp;A warrant until December&nbsp;31, 2024, if the Company or any subsidiary
thereof, as applicable, at any time while the Class&nbsp;A warrant is outstanding, shall sell or grant any option to purchase, or sell
or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other
disposition) any common shares or common share equivalents, at an effective price per share less than the lower of (i)&nbsp;$2.00 (subject
to adjustment for forward and reverse share splits, recapitalizations, share dividends and the like), and (ii)&nbsp;the exercise then
in effect (such lower price, the &ldquo;Base Share Price&rdquo; and such issuances collectively, a &ldquo;Dilutive Issuance&rdquo;), then
simultaneously with the consummation of each Dilutive Issuance the exercise price shall be reduced to equal the Base Share Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Rights as a Shareholder</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in the Class&nbsp;A
warrants or by virtue of such holder&rsquo;s ownership of common shares, the holder of a Class&nbsp;A warrant does not have the rights
or privileges of a holder of our common share, including any voting rights, until the holder exercises the Class&nbsp;A warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Governing Law</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Class&nbsp;A warrants are governed by New
York law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="a_011"></A><B>DESCRIPTION OF UNITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The following description,
together with the additional information we may include in any applicable prospectus supplements, summarizes the material terms and provisions
of the units that we may offer under this prospectus. While the terms summarized below will apply generally to any units that we may offer,
we will describe the particular terms of any series of units in more detail in the applicable prospectus supplement. If we indicate in
the prospectus supplement, the terms of any units offered under that prospectus supplement may differ from the terms described below.
Specific unit agreements will contain additional important terms and provisions and will be incorporated by reference as an exhibit to
the registration statement that includes this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We may issue units consisting
of debt securities, common shares, preferred shares, or warrants, for the purchase of common shares and/or preferred shares in one or
more series, in any combination. Each unit will be issued so that the holder of the unit is also the holder of each security included
in the unit. Thus, the holder of a unit will have the rights and obligations of a holder of each included security. The unit agreement
under which a unit is issued may provide that the securities included in the unit may not be held or transferred separately, at any time
or at any time before a specified date.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We will describe in the applicable prospectus
supplement the terms of the series of units being offered, including:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances
those securities may be held or transferred separately;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions of the governing unit agreement that differ from those described below;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the governing law of the unit agreement; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We may issue units in such amounts and in
such numbers of distinct series as we determine.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The provisions described
in this section, as well as those described under &ldquo;Description of Common Shares and Special Shares,&rdquo; &ldquo;Description of
Preferred Shares,&rdquo; &ldquo;Description of Debt Securities&rdquo; and &ldquo;Description of Warrants&rdquo; will apply to each unit,
as applicable, and to any common share, preferred share or warrant included in each unit, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Unit Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The name and address of the unit agent for
any units we offer will be set forth in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Enforceability of Rights by Holders of
Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Each unit agent will
act solely as our agent under the applicable unit agreement and will not assume any obligation or relationship of agency or trust with
any holder of any unit. A single bank or trust company may act as unit agent for more than one series of units. A unit agent will have
no duty or responsibility in case of any default by us under the applicable unit agreement or unit, including any duty or responsibility
to initiate any proceedings at law or otherwise, or to make any demand upon us. Any holder of a unit may, without the consent of the related
unit agent or the holder of any other unit, enforce by appropriate legal action its rights as holder under any security included in the
unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>CERTAIN IMPORTANT PROVISIONS OF THE NOTICE OF
ARTICLES AND ARTICLES AND THE BCBCA</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of certain important
provisions of our Articles and certain related sections of the BCBCA. Please note that this is only a summary and is not intended to be
exhaustive. This summary is subject to, and is qualified in its entirety by reference to, the provisions of our Articles and the BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Stated Objects or Purposes</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice of articles and articles do not contain
stated objects or purposes and do not place any limitations on the business that we may carry on.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Power to vote on matters in which a director is
materially interested. Under the BCBCA, a director or senior officer of a company is liable to account to the company for any profit that
accrues to the director or senior officer under or as a result of a contract or transaction in which the director or officer holds a disclosable
interest if the contract or transaction is material to the company, the company has entered, or proposes to enter, into the contract or
transaction, and either the director or senior officer has a material interest in the contract or transaction or is a director or senior
officer of, or has a material interest in, a person who has a material interest in the contract or transaction, unless otherwise provided
for in the BCBCA. A director or senior officer does not hold a disclosable interest in a contract or transaction if the contract or transaction:
(i)&nbsp;is an arrangement by way of security granted by the company for money loaned to, or obligations undertaken by, the director or
senior officer, or a person in whom the director or senior officer has a material interest, for the benefit the company or for one of
our affiliates&rsquo; benefit; (ii)&nbsp;relates to an indemnity or insurance permitted under the BCBCA; (iii)&nbsp;relates to the remuneration
of the director or senior officer in his or her capacity as director, officer, employee or agent of the company or of one of its affiliates;
(iv)&nbsp;relates to a loan to the company and the director or senior officer, or a person in whom the director or senior officer has
a material interest, is the guarantor of some or all of the loan; or (v)&nbsp;is with a company that is affiliated to the company and
the director or senior officer is also a director or senior officer of that company or an affiliate of that company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A director or senior officer who holds a disclosable
interest may also be liable to account to the company for any profit that accrues to the director or senior officer under or as a result
of a contract or transaction in which the director or senior officer holds a disclosable interest, unless the contract or transaction
is: (i)&nbsp;approved by the other non-interested directors (unless all directors have a disclosable interest) or by a special resolution
of the shareholders, after the nature and extent of the disclosable interest has been disclosed to the directors or shareholders, as applicable,
or (ii)&nbsp;the contract or transaction was entered into before the individual became a director or senior officer, the disclosable interest
was disclosed to the other directors or shareholders and the director or senior officer who holds the disclosable interest does not vote
on any decision or resolution touching on the contract or transaction. Directors and senior officers are also required to comply with
certain other relevant provisions of the BCBCA regarding conflicts of interest. A director who holds such disclosable interest in respect
of any material contract or transaction into which the company has entered or propose to enter may be required to absent himself or herself
from the meeting while discussions and voting with respect to the matter are taking place.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Directors&rsquo; power to determine the remuneration
of directors. The remuneration of our directors, if any, may be determined by our directors subject to our Articles. The remuneration
may be in addition to any salary or other remuneration paid to any of our employees (including executive officers) who are also directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Number of shares required to be owned by a director.
Our Articles do not and the BCBCA does not provide that a director is required to hold any of Common Shares as a qualification for holding
his or her office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholder Meetings</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable exchange requirements, and
the BCBCA, we will have to hold a general meeting of our shareholders at least once every year at a time and place determined by our board
of directors, provided that the meeting must not be held later than 15 months after the preceding annual general meeting, unless an extension
is obtained. A meeting of our shareholders may be held anywhere in or outside British Columbia. The board of directors may also determine
that shareholders may attend a meeting of shareholders by means of telephone, electronic or other communications facilities that permit
all participants to communicate with each other during the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A notice to convene a meeting, specifying the
date, time and location of the meeting, and, where a meeting is to consider special business, the general nature of the special business,
among other things, must be sent to each shareholder entitled to attend the meeting and to each director and the auditors, so long that
the company is a public company, not less than 21 days and no more than two months prior to the meeting, although, as a result of applicable
securities laws, the minimum time for notice is effectively longer in most circumstances. Under the BCBCA, shareholders entitled to notice
of a meeting may waive or reduce the period of notice for that meeting, provided applicable securities laws are met. The accidental omission
to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any person entitled to notice does not invalidate
any proceedings at that meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A quorum for meetings of shareholders is present
if at least two shareholders who, in the aggregate, hold at least 5% of the issued shares entitled to vote at the meeting, are present
in person or represented by proxy at the meeting. If a quorum is not present within one half hour from the time set for the opening of
any meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place, unless the meeting
was requisitioned by shareholders, in which case the meeting is dissolved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Common Shares are entitled to attend
and vote at meetings of our shareholders except meetings at which only holders another class of shares are entitled to vote. Except as
otherwise provided with respect to any particular series of preferred shares or Special Shares, and except as otherwise required by law,
the holders of our preferred shares and/or Special Shares are not entitled to vote at any meetings of our shareholders. Our directors
and officers, our auditor and any other persons invited by our directors or the chair of the meeting are entitled to attend any meeting
of our shareholders but will not be counted in the quorum or be entitled to vote at the meeting unless he or she is a shareholder or proxyholder
entitled to vote at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Shareholder Proposals and Advance Notice Procedures</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BCBCA, qualified shareholders holding
at least either (i)&nbsp;1% of the Common Shares or (ii)&nbsp;Common Shares with a fair market value in excess of CAD$2,000 may make proposals
for matters to be considered at the annual general meeting of shareholders. Such proposals must be sent to us in advance of any proposed
meeting by delivering a timely written notice in proper form to our registered office in accordance with the requirements of the BCBCA.
The notice must include information on the business the shareholder intends to bring before the meeting. To be a qualified shareholder,
a shareholder must currently be and have been a registered or beneficial owner of at least one Common Share for at least two years before
the date of signing the proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain advance notice provisions with respect
to the election of our directors are included in the notice of articles and articles, referred to herein as the Advance Notice Provisions.
The Advance Notice Provisions are intended to: (i)&nbsp;facilitate orderly and efficient annual general meetings or, where the need arises,
special meetings; (ii)&nbsp;ensure that all shareholders receive adequate notice of board nominations and sufficient information with
respect to all nominees; and (iii)&nbsp;allow shareholders to register an informed vote. Only persons who are nominated in accordance
with the Advance Notice Provisions will be eligible for election as directors at any annual meeting of shareholders, or at any special
meeting of shareholders if one of the purposes for which the special meeting was called was the election of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Advance Notice Provisions, a shareholder
wishing to nominate a director would be required to provide us notice, in the prescribed form, within the prescribed time periods. These
time periods include, (i)&nbsp;in the case of an annual meeting of shareholders (including annual and special meetings), not less than
30 days prior to the date of the annual meeting of shareholders; provided, that if the first public announcement of the date of the annual
meeting of shareholders, referred to herein as the Notice Date, is less than 50 days before the meeting date, not later than the close
of business on the 10th day following the Notice Date; and (ii)&nbsp;in the case of a special meeting (which is not also an annual meeting)
of shareholders called for any purpose which includes electing directors, not later than the close of business on the 15th day following
the Notice Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These provisions could have the effect of delaying
until the next shareholder meeting the nomination of certain persons for director that are favored by the holders of a majority of our
outstanding voting securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Forum Selection</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The notice of articles and articles include a
forum selection provision that provides that, unless we consent in writing to the selection of an alternative forum, the Supreme Court
of British Columbia, Canada and the appellate courts therefrom, are the sole and exclusive forum for (i)&nbsp;any derivative action or
proceeding brought on our behalf; (ii)&nbsp;any action or proceeding asserting a claim of breach of a fiduciary duty owed by any of our
directors, officers, or other employees to our company; (iii)&nbsp;any action or proceeding asserting a claim arising pursuant to any
provision of the BCBCA or the notice of articles and articles (as each may be amended from time to time); or (iv)&nbsp;any action or proceeding
asserting a claim otherwise related to the relationships among us, our affiliates and our respective shareholders, directors and/or officers,
but excluding claims related to our business or of such affiliates. The forum selection provision also provides that our securityholders
are deemed to have consented to personal jurisdiction in the Province of British Columbia and to service of process on their counsel in
any foreign action initiated in violation of the foregoing provisions. This provision does not apply to suits brought to enforce any duty
or liability created by the Securities Act or the Exchange Act, or the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For claims brought under the Securities Act, Section&nbsp;22
of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce any duty or liability
created by the Securities Act or the rules&nbsp;and regulations thereunder and the notice of articles and articles provides that the federal
district courts of the United States of America, to the fullest extent permitted by law, are the sole and exclusive forum for resolving
any complaint asserting a cause of action arising under the Securities Act, referred to herein as the Federal Forum Provision. Application
of the Federal Forum Provision means that suits brought by our shareholders to enforce any duty or liability created by the Securities
Act must be brought in federal court and cannot be brought in state court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Section&nbsp;27 of the Exchange Act creates exclusive
federal jurisdiction over all claims brought to enforce any duty or liability created by the Exchange Act or the rules&nbsp;and regulations
thereunder. Accordingly, actions by our shareholders to enforce any duty or liability created by the Exchange Act or the rules&nbsp;and
regulations thereunder must be brought in federal court. Our shareholders will not be deemed to have waived our compliance with the federal
securities laws and the regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any person or entity purchasing or otherwise acquiring
or holding any interest in any of Common Shares shall be deemed to have notice of and consented to the aforementioned forum selection
provisions, including the Federal Forum Provision. Additionally, our shareholders cannot waive compliance with the federal securities
laws and the rules&nbsp;and regulations thereunder. These provisions may limit our shareholders&rsquo; ability to bring a claim in a judicial
forum they find favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us
and our directors, officers, and other employees. Alternatively, if a court were to find the choice of forum provision contained in the
notice of articles and articles to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving
such action in other jurisdictions, which could harm our business, operating results and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Limitation of Liability and Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the BCBCA, a company may indemnify: (i)&nbsp;a
current or former director or officer of that company; (ii)&nbsp;a current or former director or officer of another company if, at the
time such individual held such office, such company was an affiliate of the company, or if such individual held such office at the company&rsquo;s
request; or (iii)&nbsp;an individual who, at the request of the company, held, or holds, an equivalent position in another entity, or
an indemnifiable person, against all judgments, penalties or fines, or amounts paid to settle a proceeding or an action, in respect of
any legal proceeding or investigative action (whether current, threatened, pending or completed) in which he or she is involved because
of that person&rsquo;s position as an indemnifiable person, or an eligible proceeding, unless: (i)&nbsp;the individual did not act honestly
and in good faith with a view to the best interests of such company or the other entity, as the case may be; or (ii)&nbsp;in the case
of a proceeding other than a civil proceeding, the individual did not have reasonable grounds for believing that the individual&rsquo;s
conduct in respect of which proceeding was brought was lawful. A company cannot indemnify an indemnifiable person if it is prohibited
from doing so under its articles or by applicable law. A company may pay, as they are incurred in advance of the final disposition of
an eligible proceeding, the expenses actually and reasonably incurred, subject to the indemnifiable person providing an undertaking that
such person will repay the amounts advanced if it is ultimately determined that the payment of such expenses is prohibited by the BCBCA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>OWNERSHIP AND EXCHANGE CONTROLS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no limitation imposed by Canadian law
or by the notice of articles and articles on the right of a non-resident to hold or vote Common Shares, other than discussed below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Competition Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Limitations on the ability to acquire and hold
Common Shares may be imposed by the Competition Act (Canada). This legislation permits the Commissioner of Competition, or the Commissioner,
to review any acquisition or establishment, directly or indirectly, including through the acquisition of shares, of control over or of
a significant interest in us. This legislation grants the Commissioner jurisdiction, for up to one year after the acquisition has been
substantially completed, to challenge this type of acquisition by seeking a remedial order, including an order to prohibit the acquisition
or require divestitures, from the Canadian Competition Tribunal, which may be granted where the Competition Tribunal finds that the acquisition
substantially prevents or lessens, or is likely to substantially prevent or lessen, competition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This legislation also requires any person or persons
who intend to acquire more than 20% of our voting shares or, if such person or persons already own more than 20% of our voting shares
prior to the acquisition, more than 50% of our voting shares, to file a notification with the Canadian Competition Bureau if certain financial
thresholds are exceeded. Where a notification is required, unless an exemption is available, the legislation prohibits completion of the
acquisition until the expiration of the applicable statutory waiting period, unless the Commissioner either waives or terminates such
waiting period or issues an advance ruling certificate. The Commissioner&rsquo;s review of a notifiable transaction for substantive competition
law considerations may take longer than the statutory waiting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Investment Canada Act</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Canada Act requires each &ldquo;non
Canadian&rdquo; (as defined in the Investment Canada Act) who acquires &ldquo;control&rdquo; of an existing &ldquo;Canadian business,&rdquo;
to file a notification in prescribed form with the responsible federal government department or departments not later than 30 days after
closing, provided the acquisition of control is not a reviewable transaction under the Investment Canada Act. Subject to certain exemptions,
a transaction that is reviewable under the Investment Canada Act may not be implemented until an application for review has been filed
and the responsible Minister of the federal cabinet has determined that the investment is likely to be of &ldquo;net benefit to Canada&rdquo;
taking into account certain factors set out in the Investment Canada Act. Under the Investment Canada Act, an investment in Common Shares
by a non-Canadian who is an investor originating from a country with which Canada has a free trade agreement, including a United States
investor, and is not a state-owned enterprise, would be reviewable only if it were an investment to acquire control of us pursuant to
the Investment Canada Act and our enterprise value (as determined pursuant to the Investment Canada Act and its regulations) was equal
to or greater than the amount specified, which is currently CAD$1.931 billion. For most other investors who are not state-owned enterprises
the threshold is currently CAD$1.287 billion for 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Canada Act contains various rules&nbsp;to
determine if there has been an acquisition of control. Generally, for purposes of determining whether an investor has acquired control
of a corporation by acquiring shares, the following general rules&nbsp;apply, subject to certain exceptions: the acquisition of a majority
of the undivided ownership interests in the voting shares of the corporation is deemed to be acquisition of control of that corporation;
the acquisition of less than a majority, but one-third or more, of the voting shares of a corporation or of an equivalent undivided ownership
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &ldquo;acquire, in whole or part, or to establish an entity carrying on all or any part of its operations
in Canada.&rdquo; No financial threshold applies to a national-security review. The relevant test is whether such investment by a non-Canadian
could be &ldquo;injurious to national security.&rdquo; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain transactions relating to Common Shares
will generally be exempt from the Investment Canada Act, subject to the federal government&rsquo;s prerogative to conduct a national-security
review, including:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the acquisition of Common Shares by a person in the ordinary course of that person&rsquo;s business as a trader or dealer in securities;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Other</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><FONT STYLE="text-transform: uppercase; background-color: white"><B>MATERIAL
U.S. FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following discussion is a summary of material
U.S. federal income tax considerations applicable to you if you are a U.S. Holder (as defined below) of our Common Shares and/or public
warrants. This discussion addresses only those U.S. Holders that hold our Common Shares and/or public warrants as capital assets within
the meaning of Section&nbsp;1221 of the Internal Revenue Code of 1986, as amended, or the Code (generally property held for investment).
This summary does not discuss all aspects of U.S. federal income taxation that may be relevant to particular investors in light of their
particular circumstances, or to investors subject to special tax rules, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">financial institutions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">insurance companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">mutual funds;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">pension plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">S corporations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">broker-dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">traders in securities that elect mark-to-market treatment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">regulated investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">trusts and estates;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tax-exempt organizations (including private foundations);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investors that hold our Common Shares or public warrants as part of a &ldquo;straddle,&rdquo; &ldquo;hedge,&rdquo;
 &ldquo;conversion,&rdquo; &ldquo;synthetic security,&rdquo; &ldquo;constructive ownership transaction,&rdquo; &ldquo;constructive sale&rdquo;
or other integrated transaction for U.S. federal income tax purposes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investors subject to the alternative minimum tax provisions of the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. Holders that have a functional currency other than the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. expatriates or former long-term residents of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">investors subject to the U.S. &ldquo;inversion&rdquo; rules;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">U.S. Holders owning or considered as owning (directly, indirectly, or through attribution) 5% (measured
by vote or value) or more of our Common Shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons that acquired our Common Shares or public warrants pursuant to an exercise of employee share options,
in connection with employee share incentive plans or otherwise as compensation as compensation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">controlled foreign corporations;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">accrual method taxpayers that file applicable financial statements as described in Section&nbsp;451(b)&nbsp;of
the Code;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">passive foreign investment companies; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">persons who are not U.S. Holders, all of whom may be subject to tax rules&nbsp;that differ materially
from those summarized below.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary does not discuss any state, local,
or non-U.S. tax considerations, any non-income tax (such as gift or estate tax) considerations, the alternative minimum tax or the Medicare
tax on net investment income. If a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax
purposes) holds Common Shares or public warrants the tax treatment of a partner in such partnership will generally depend upon the status
of the partner, the activities of the partnership and the partner and certain determinations made at the partner level. If you are a partner
of a partnership holding Common Shares or public warrants, you are urged to consult your tax advisor regarding the tax consequences to
you of the ownership and disposition of Common Shares or public warrants by the partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based upon the Code, the U.S.
Department of Treasury regulations, or Treasury Regulations, current administrative interpretations and practices of the Internal Revenue
Service, or IRS, and judicial decisions, all as currently in effect and all of which are subject to differing interpretations or to change,
possibly with retroactive effect. No assurance can be given that the IRS would not assert, or that a court would not sustain a position
contrary to any of the tax considerations described below.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of this discussion, a &ldquo;U.S. Holder&rdquo; is a beneficial
owner of Common Shares or public warrants, as the case may be, that is:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an individual who is a U.S. citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
the laws of the United States, any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust (A)&nbsp;the administration of which is subject to the primary supervision of a U.S. court and which has one or more U.S.
persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (B)&nbsp;that has
in effect a valid election under applicable Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Tax Consequences of Ownership and Disposition of Common Shares
and Public Warrants</I></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Dividends and Other Distributions on Common Shares</I></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the PFIC rules&nbsp;discussed below
under the heading &ldquo;- <I>Passive Foreign Investment Company Rules</I>,&rdquo; distributions on Common Shares will generally be taxable
as a dividend for U.S. federal income tax purposes to the extent paid from the Company&rsquo;s current or accumulated earnings and profits,
as determined under U.S. federal income tax principles. Distributions in excess of the Company&rsquo;s current and accumulated earnings
and profits will constitute a return of capital that will be applied against and reduce (but not below zero) the U.S. Holder&rsquo;s adjusted
tax basis in its Common Shares. Any remaining excess will be treated as gain realized on the sale or other disposition of the Common Shares
and will be treated as described below under the heading &ldquo;- <I>Tax Consequences of Ownership and Disposition of Common Shares and
Public Warrants - Sale, Taxable Exchange or Other Taxable Disposition of Common Shares and Public Warrants.</I>&rdquo; The amount of any
such distribution will include any amounts withheld by us (or another applicable withholding agent) in respect of Canadian income taxes.
Any amount treated as dividend income will be treated as foreign-source dividend income. Amounts treated as dividends that the Company
pays to a U.S. Holder that is a taxable corporation generally will be taxed at regular rates and will not qualify for the dividends received
deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations. With respect to non-corporate
U.S. Holders, under tax laws currently in effect and subject to certain exceptions (including, but not limited to, dividends treated as
investment income for purposes of investment interest deduction limitations), dividends generally will be taxed at the lower applicable
long-term capital gains rate only if Common Shares are readily tradable on an established securities market in the United States or the
Company is eligible for benefits under an applicable tax treaty with the United States, and the Company is not treated as a PFIC with
respect to such U.S. Holder at the time the dividend was paid or in the preceding year and provided certain holding period requirements
are met. The amount of any dividend distribution paid in Canadian dollars will be the U.S. dollar amount calculated by reference to the
exchange rate in effect on the date of actual or constructive receipt, regardless of whether the payment is in fact converted into U.S.
dollars at that time. A U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars after the date
of receipt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to applicable limitations, non-refundable
Canadian income taxes withheld from dividends on Common Shares at a rate not exceeding the rate provided by the applicable treaty with
the United States will be eligible for credit against the U.S. treaty beneficiary&rsquo;s U.S. federal income tax liability. The rules&nbsp;governing
foreign tax credits are complex and U.S. Holders are urged to consult their tax advisers regarding the creditability of foreign taxes
in their particular circumstances. In lieu of claiming a foreign tax credit, a U.S. Holder may deduct foreign taxes, including any Canadian
income tax, in computing their taxable income, subject to generally applicable limitations under U.S. law. An election to deduct foreign
taxes instead of claiming foreign tax credits applies to all foreign taxes paid or accrued in the taxable year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Sale, Taxable Exchange or Other Taxable Disposition of Common Shares
and Public Warrants</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the PFIC rules&nbsp;discussed
below under the heading &ldquo;- <I>Passive Foreign Investment Company Rules</I>,&rdquo; upon any sale, exchange or other taxable
disposition of Common Shares or public warrants, a U.S. Holder generally will recognize gain or loss in an amount equal to the
difference between (i)&nbsp;the sum of (x)&nbsp;the amount cash and (y)&nbsp;the fair market value of any other property, received
in such sale, exchange or other taxable disposition and (ii)&nbsp;the U.S. Holder&rsquo;s adjusted tax basis in such Common Shares
or public warrants, in each case as calculated in U.S. dollars. If a U.S. Holder acquired such Common Shares or public warrants as
part of a unit, the adjusted tax basis in the Common Shares or public warrants will be the portion of the acquisition cost allocated
to the shares or warrants, respectively, or if such Common Shares were received upon exercise of public warrants, the initial basis
of the Common Shares upon exercise of public warrants (generally determined as described below under the heading &ldquo;<I>- Tax
Consequences of Ownership and Disposition of Common Shares and Public Warrants - Exercise or Lapse of a Public Warrant</I>&rdquo;).
Any such gain or loss generally will be capital gain or loss and will be long-term capital gain or loss if the U.S. Holder&rsquo;s
holding period for such Common Shares or public warrants exceeds one (1)&nbsp;year. Long-term capital gain realized by a
non-corporate U.S. Holder generally will be taxable at a reduced rate. The deduction of capital losses is subject to limitations.
This gain or loss generally will be treated as U.S. source gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exercise or Lapse of a Public Warrant</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder generally will not recognize taxable
gain or loss on the acquisition of a Common Share upon exercise of a public warrant for cash. The U.S. Holder&rsquo;s tax basis in the
Common Share received upon exercise of the public warrant generally will be an amount equal to the sum of the U.S. Holder&rsquo;s initial
investment in the public warrant (<I>i.e., </I>its tax basis, calculated in U.S. dollars) and the exercise price. The U.S. Holder&rsquo;s
holding period for a Common Share received upon exercise of the of a public warrant will begin on the day following the date of exercise
(or possibly the date of exercise) of the public warrant and will not include the period during which the U.S. Holder held the public
warrant. If a public warrant is allowed to lapse unexercised, a U.S. Holder generally will recognize a capital loss equal to such U.S.
Holder&rsquo;s tax basis in the warrant (calculated in U.S. dollars). Such loss will be long-term if the warrant has been held for more
than one (1)&nbsp;year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax consequences of a cashless exercise of
a public warrant are not clear under current tax law. A cashless exercise may not be taxable, either because the exercise is not a realization
event or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either situation, a U.S. Holder&rsquo;s
tax basis in the shares of Common Shares received generally should equal the U.S. Holder&rsquo;s tax basis in the public warrants. If
the cashless exercise was not a realization event, it is unclear whether a U.S. Holder&rsquo;s holding period for the Common Shares would
be treated as commencing on the date of exercise of the public warrant or the day following the date of exercise of the public warrant.
If the cashless exercise were treated as a recapitalization, the holding period of the shares of Common Shares received would include
the holding period of the public warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is also possible that a cashless exercise may
be treated in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. Holder may be deemed to have
surrendered a number of public warrants having a value equal to the exercise price for the total number of public warrants to be exercised.
The U.S. Holder would recognize capital gain or loss in an amount equal to the difference between the fair market value of the public
warrants deemed surrendered and the U.S. Holder&rsquo;s tax basis in the public warrants deemed surrendered. In this case, a U.S. Holder&rsquo;s
tax basis in the shares of Common Shares received would equal the sum of the U.S. Holder&rsquo;s tax basis in the public warrants exercised,
and the exercise price of such public warrants. It is unclear whether a U.S. Holder&rsquo;s holding period for the shares of Common Shares
would commence on the date of exercise of the public warrant or the day following the date of exercise of the public warrant; in either
case, the holding period will not include the period during which the U.S. Holder held the public warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the absence of authority on the U.S. federal
income tax treatment of a cashless exercise, including when a U.S. Holder&rsquo;s holding period would commence with respect to the shares
of Common Shares received, there can be no assurance as to which, if any, of the alternative tax consequences and holding periods described
above would be adopted by the IRS or a court of law. Accordingly, U.S. Holders are urged to consult their tax advisors regarding the tax
consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company redeems public warrants for
cash or if the Company purchases public warrants in an open market transaction, such redemption or purchase generally will be
treated as a taxable disposition to the U.S. Holder, taxed as described above under the heading &ldquo;- <I>Tax Consequences of
Ownership and Disposition of Common Shares and Public Warrants - Sale, Taxable Exchange or Other Taxable Disposition of Common
Shares and Public Warrants</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Adjustment to Exercise Price</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under Section&nbsp;305 of the Code, if certain
adjustments are made (or not made) to the number of shares to be issued upon the exercise of a public warrant or to the public warrant&rsquo;s
exercise price, a U.S. Holder may be deemed to have received a constructive distribution with respect to the warrant, which could result
in adverse consequences for the U.S. Holder, including the inclusion of dividend income (with the consequences generally as described
above under the heading &ldquo;- <I>Tax Consequences of Ownership and Disposition of Common Shares and Public Warrants - Dividends and
Other Distributions on Common Shares</I>&rdquo;). The rules&nbsp;governing constructive distributions as a result of certain adjustments
with respect to a public warrant are complex, and U.S. Holders are urged to consult their tax advisors on the tax consequences any such
constructive distribution with respect to a public warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Passive Foreign Investment Company Rules</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The treatment of U.S. Holders of Common Shares
and public warrants could be materially different from that described above if the Company is treated as a PFIC for U.S. federal income
tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is a PFIC for any taxable year,
U.S. Holders of Common Shares or public warrants may be subject to adverse U.S. federal income tax consequences with respect to dispositions
of, and distributions with respect to Common Shares, and may be subject to additional reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A non-U.S. corporation will be classified as a
PFIC for U.S. federal income tax purposes if either (i)&nbsp;at least 75% of its gross income in a taxable year, including its pro rata
share of the gross income of any corporation in which it is considered to own at least 25% of the shares by value, is passive income,
or the Income Test or (ii)&nbsp;at least 50% of its assets in a taxable year (ordinarily determined based on fair market value and averaged
quarterly over the year), including its pro rata share of the assets of any corporation in which it is considered to own at least 25%
of the shares by value, are held for the production of, or produce, passive income, or the Asset Test. Passive income generally includes
dividends, interest, rents and royalties (other than rents or royalties derived from the active conduct of a trade or business) and gains
from the disposition of passive assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Based on our initial assessment, we do not believe
that the Company was classified as a PFIC for U.S. federal income tax purposes for the taxable year ending December&nbsp;31, 2022. However,
the application of the PFIC rules&nbsp;is subject to uncertainty in several respects, and we cannot assure you that the IRS will not take
a contrary position. Furthermore, whether the Company is classified as a PFIC is a factual determination that must be made annually after
the close of each taxable year. Accordingly, there can be no assurance with respect to the Company&rsquo;s status as a PFIC for the current
or any future taxable year. Although PFIC status is generally determined annually, if the Company is determined to be a PFIC for any taxable
year (or portion thereof) that is included in the holding period of a U.S. Holder of Common Shares and the U.S. Holder did not make either
a qualifying electing fund, or QEF, election or a mark-to-market election, or collectively, the PFIC Elections, for the first taxable
year of the Company in which it was treated as a PFIC, and in which the U.S. Holder held (or was deemed to hold) such shares, or such
U.S. Holder does not otherwise make an applicable purging election described below, such U.S. Holder generally will be subject to special
and adverse rules&nbsp;with respect to (i)&nbsp;any gain recognized by the U.S. Holder on the sale or other disposition of its Common
Shares and (ii)&nbsp;any &ldquo;excess distribution&rdquo; made to the U.S. Holder (generally, any distributions to such U.S. Holder during
a taxable year of the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect
of the Common Shares during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&rsquo;s holding period
for the Common Shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under these rules:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the U.S. Holder&rsquo;s gain or excess distribution will be allocated ratably over the U.S. Holder&rsquo;s holding period for the
Common Shares;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to the U.S. Holder&rsquo;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
and to any period in the U.S. Holder&rsquo;s holding period before the first day of the Company&rsquo;s first taxable year in which the
Company is a PFIC, will be taxed as ordinary income;</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed
at the highest tax rate in effect for that year and applicable to the U.S. Holder; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an additional tax equal to the interest charge generally applicable to underpayments of tax will be imposed on the U.S. Holder with
respect to the tax attributable to each such other taxable year of the U.S. Holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>PFIC Elections</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In general, if the Company is determined to be
a PFIC, a U.S. Holder may avoid the adverse PFIC tax consequences described above in respect of Common Shares by making and maintaining
a timely and valid QEF election (if eligible to do so) to include in income its pro rata share of the Company&rsquo;s net capital gains
(as long-term capital gain) and other earnings and profits (as ordinary income), on a current basis, in each case whether or not distributed,
in the first taxable year of the U.S. Holder in which or with which the Company&rsquo;s taxable year ends and each subsequent taxable
year. A U.S. Holder generally may make a separate election to defer the payment of taxes on undistributed income inclusions under the
QEF rules, but if deferred, any such taxes will be subject to an interest charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to comply with the requirements of a
QEF election, a U.S. Holder must receive a PFIC Annual Information Statement from us. If the Company determines that it is a PFIC, the
Company intends to provide the information necessary for U.S. Holders to make or maintain a QEF election, including information necessary
to determine the appropriate income inclusion amounts for purposes of the QEF election. However, there is also no assurance that the Company
will have timely knowledge of its status as a PFIC in the future or of the required information to be provided.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Alternatively, if the Company is a PFIC and Common
Shares constitute &ldquo;marketable stock,&rdquo; a U.S. Holder may avoid the adverse PFIC tax consequences discussed above if such U.S.
Holder makes a mark-to-market election with respect to such shares for the first taxable year in which it holds (or is deemed to hold)
Common Shares and each subsequent taxable year. Such U.S. Holder generally will include for each of its taxable years as ordinary income
the excess, if any, of the fair market value of its Common Shares at the end of such year over its adjusted basis in its Common Shares.
The U.S. Holder also will recognize an ordinary loss in respect of the excess, if any, of its adjusted basis of its Common Shares over
the fair market value of its Common Shares at the end of its taxable year (but only to the extent of the net amount of previously included
income as a result of the mark-to-market election). The U.S. Holder&rsquo;s basis in its Common Shares will be adjusted to reflect any
such income or loss amounts, and any further gain recognized on a sale or other taxable disposition of its Common Shares will be treated
as ordinary income. Currently, a mark-to-market election may not be made with respect to public warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The mark-to-market election is available only
for &ldquo;marketable stock,&rdquo; generally, stock that is regularly traded on a national securities exchange that is registered with
the SEC, including the Nasdaq (on which Common Shares are intended to be listed), or on a foreign exchange or market that the IRS determines
has rules&nbsp;sufficient to ensure that the market price represents a legitimate and sound fair market value. If made, a mark-to-market
election would be effective for the taxable year for which the election was made and for all subsequent taxable years unless the Common
Shares cease to qualify as &ldquo;marketable stock&rdquo; for purposes of the PFIC rules&nbsp;or the IRS consents to the revocation of
the election. U.S. Holders are urged to consult their tax advisors regarding the availability and tax consequences of a mark-to-market
election with respect to Common Shares under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The application of the PFIC rules&nbsp;to public
warrants is unclear. A proposed Treasury Regulation issued under these rules&nbsp;generally treats an &ldquo;option&rdquo; (which would
include a public warrant) to acquire the stock of a PFIC as stock of the PFIC, while a final Treasury Regulation issued under these rules&nbsp;provides
that the holder of an option is not entitled make the PFIC Elections. Another proposed Treasury Regulation provides that for purposes
of the PFIC rules, stock acquired upon the exercise of an option will be deemed to have a holding period that includes the period the
U.S. Holder held the public warrants. As a result, if the proposed Treasury Regulations were to apply, and a U.S. Holder were to sell
or otherwise dispose of such public warrants (other than upon exercise of such public warrants for cash) and the Company was a PFIC at
any time during the U.S. Holder&rsquo;s holding period of such public warrants, any gain recognized generally would be treated as an excess
distribution, taxed as described above. If a U.S. Holder that exercises such public warrants properly makes and maintains a QEF election
with respect to the newly acquired Common Shares (or has previously made a QEF election with respect to Common Shares), the QEF election
will apply to the newly acquired Common Shares. Notwithstanding such QEF election, if the proposed Treasury Regulations were to apply,
the adverse tax consequences relating to PFIC shares, adjusted to take into account the current income inclusions resulting from the QEF
election, would continue to apply with respect to such newly acquired Common Shares (which generally will be deemed to have a holding
period for purposes of the PFIC rules&nbsp;that includes the period the U.S. Holder held the public warrants), unless the U.S. Holder
makes a purging election under the PFIC rules&nbsp;described in the following paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is treated as a PFIC and a U.S.
Holder failed or was unable to timely make a PFIC Election for prior periods, a U.S. Holder might seek make a purging election to rid
the Common Shares of the PFIC taint. A purging election might be desirable if, for example, a U.S. Holder misses the deadline for filing
a QEF election for a prior period, or if the Common Shares were acquired through the exercise of public warrants with a holding period
that includes the period the warrants were held, either as a result of the application of the proposed Treasury Regulations, or because
the Common Shares are acquired through a cashless exercise that is treated as a recapitalization. Under one type of purging election,
the U.S. Holder will be deemed to have sold such shares at their fair market value and any gain recognized on such deemed sale will be
treated as an excess distribution, as described above. Under another type of purging election, the Company will be deemed to have made
a distribution to the U.S. Holder of such U.S. Holder&rsquo;s pro rata share of the Company&rsquo;s earnings and profits as determined
for U.S. federal income tax purposes. In order for the U.S. Holder to make the second election, the Company must also be determined to
be a &ldquo;controlled foreign corporation&rdquo; as defined by the Code (which is not currently expected to be the case). As a result
of either purging election, the U.S. Holder will have a new basis and holding period in the Common Shares acquired upon the exercise of
the public warrants solely for purposes of the PFIC rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The QEF election is made on a shareholder-by-shareholder
basis and, once made, can be revoked only with the consent of the IRS. A U.S. Holder generally makes a QEF election by attaching a completed
IRS Form&nbsp;8621 (Information Return by a Shareholder of a Passive Foreign Investment Company or Qualified Electing Fund), including
the information provided in a PFIC Annual Information Statement, to a timely filed U.S. federal income tax return for the tax year to
which the election relates. Retroactive QEF elections generally may be made only by filing a protective statement with such return and
if certain other conditions are met or with the consent of the IRS. U.S. Holders are urged to consult their tax advisors regarding the
availability and tax consequences of a retroactive QEF election under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Related PFIC Rules</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company is a PFIC and, at any time, has
a foreign subsidiary that is classified as a PFIC, a U.S. Holder generally would be deemed to own a proportionate amount of the shares
of such lower-tier PFIC, and generally could incur liability for the deferred tax and interest charge described above if the Company receives
a distribution from, or disposes of all or part of its interest in, the lower-tier PFIC, or the U.S. Holder otherwise was deemed to have
disposed of an interest in the lower-tier PFIC. In certain circumstances, a U.S. Holder may make a QEF election with respect to any lower-tier
PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A U.S. Holder that owns (or is deemed to own)
shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form&nbsp;8621 (whether or not a QEF or mark-to-market
election is made) and to provide such other information as may be required by the U.S. Treasury Department. Failure to do so, if required,
will extend the statute of limitations applicable to such U.S. Holder until such required information is furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The rules&nbsp;dealing with PFICs and with the
QEF and mark-to-market elections are very complex and are affected by various factors in addition to those described above. Accordingly,
U.S. Holders of Common Shares and public warrants are urged to consult their own tax advisors concerning the application of the PFIC rules&nbsp;to
the Company&rsquo;s securities under their particular circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Information Reporting and Backup Withholding</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Payments of dividends and sales proceeds that
are made within the United States or through certain U.S.-related financial intermediaries are subject to information reporting, and may
be subject to backup withholding, unless (i)&nbsp;the U.S. Holder is a corporation or other exempt recipient or (ii)&nbsp;in the case
of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup
withholding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The amount of any backup withholding from a payment
to a U.S. Holder will be allowed as a credit against the holder&rsquo;s U.S. federal income tax liability and may entitle it to a refund,
provided that the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal income tax discussion set forth
above is included for general information only and may not be applicable to you depending upon your particular situation. You are urged
to consult your own tax advisor with respect to the tax consequences to you of the ownership and disposition of our Common Shares and
public warrants including the tax consequences under state, local, estate, foreign and other tax laws and tax treaties and the possible
effects of changes in U.S. or other tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><FONT STYLE="text-transform: uppercase; background-color: white"><B>MATERIAL
CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is, as of the date of this prospectus,
a summary of the principal Canadian federal income tax considerations pursuant to the <I>Income Tax Act </I>(Canada) and the regulations
thereunder, (the &ldquo;Tax Act&rdquo;) that generally apply to the acquisition, holding and disposition of Common Shares and public warrants
by a person who is neither resident nor deemed to be resident in Canada for purposes of the Tax Act and acquires a beneficial interest
in Common Shares or public warrants (a &ldquo;Non-Resident Holder&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This summary applies only to a Non-Resident Holder who, at all relevant
times, for purposes of the Tax Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>holds Common Shares and/or public warrants as capital property;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>does not, and is not deemed to, use or hold Common Shares or public warrants in the course of carrying on a business in Canada; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>deals at arm&rsquo;s length and is not affiliated with us.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Special rules, which are not discussed in this
summary, may apply to a Non-Resident Holder that is an insurer that carries on an insurance business in Canada and elsewhere or an &ldquo;authorized
foreign bank&rdquo; (as defined in the Tax Act).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary is based on the current provisions
of the Tax Act, all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior
to the date hereof (the &ldquo;Tax Proposals&rdquo;) and an understanding of the current administrative policies and assessing practices
of the Canada Revenue Agency (the &ldquo;CRA&rdquo;) made publicly available prior to the date hereof. This summary assumes the Tax Proposals
will be enacted in the form proposed, however, no assurance can be given that the Tax Proposals will be enacted in the form proposed,
or at all. Except for the Tax Proposals, this summary does not take into account or anticipate any changes in law or administrative policies
or assessing practices of the CRA, whether by legislative, governmental or judicial action, nor does it take into account other federal
or any provincial, territorial or foreign income tax legislation or considerations, which may differ significantly from those discussed
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, for the purposes of the Tax Act, all
amounts relating to the acquisition, holding and disposition of Common Shares and public warrants (including dividends, adjusted cost
base and proceeds of disposition) must be expressed in Canadian dollars. Amounts denominated in U.S. dollars must be converted into Canadian
dollars using the applicable rate of exchange (for the purposes of the Tax Act) quoted by the Bank of Canada on the date such amounts
arose, or such other rate of exchange as is acceptable to the CRA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This summary is not exhaustive of all possible
Canadian federal income tax considerations that apply to an investment in Common Shares and public warrants. Moreover, the income and
other tax consequences of acquiring, holding or disposing of Common Shares or public warrants will vary depending on an investor&rsquo;s
particular circumstances. Accordingly, this summary is of a general nature only and is not intended to be, nor should it be construed
to be, legal or tax advice to any investor. Consequently, investors should consult their own tax advisors for advice with respect to the
income tax consequences of an investment in Common Shares and public warrants based on their particular circumstances.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adjusted Cost Base of Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adjusted cost base to a Non-Resident Holder
of a Common Share acquired pursuant to this offering will be determined by averaging the cost of that Common Share with the adjusted cost
base (determined immediately before the acquisition of the Common Share) of all other Common Shares held as capital property by the Non-Resident
Holder immediately prior to such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exercise of Public Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No gain or loss will be realized by a Non-Resident
Holder upon the exercise of a public warrant to acquire a Common Share. A Non-Resident Holder&rsquo;s cost of a Common Share so acquired
will equal the aggregate of such Non-Resident Holder&rsquo;s adjusted cost base of the public warrant exercised plus the exercise price
paid for such Common Share. The Non-Resident Holder&rsquo;s adjusted cost base of such Common Share will be determined by averaging the
cost of the Common Share with the adjusted cost base (determined immediately before the acquisition of the Common Share) of all other
Common Shares held as capital property by such Non-Resident Holder immediately prior to such acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends on Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Every Non-Resident Holder is liable to pay a Canadian
withholding tax on every dividend that is or is deemed to be paid or credited to the Non-Resident Holder on the Non-Resident Holder&rsquo;s
Common Shares. The statutory rate of withholding tax is 25% of the gross amount of the dividend paid. Generally, the Canada - United States
Tax Convention (1980), as amended (the &ldquo;Treaty&rdquo;) reduces the statutory rate with respect to dividends paid to a Non-Resident
Holder who is resident in the U.S. for purposes of the Treaty, the beneficial owner of such dividends, and entitled to benefits under
the Treaty, to 15% of the gross amount of the dividend. The Company is required to withhold the applicable tax from dividends payable
to the Non-Resident Holder, and to remit the tax to the Receiver General of Canada for the account of the Non-Resident Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dispositions of Common Shares and Public Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Non-Resident Holder will not be subject to tax
under the Tax Act on any capital gain realized on a disposition or deemed disposition of Common Shares (other than a disposition to us,
which may result in a deemed dividend, unless purchased by us in the open market in the manner in which Common Shares are normally purchased
by any member of the public in the open market, in which case other considerations may arise) or public warrants, unless the Common Shares
or public warrants (as applicable) are &ldquo;taxable Canadian property&rdquo; of the Non-Resident Holder for purposes of the Tax Act
and the Non-Resident Holder is not entitled to relief under the Treaty or any other applicable income tax treaty or convention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the Common Shares and public warrants
will not constitute &ldquo;taxable Canadian property&rdquo; of a Non-Resident Holder at a particular time provided that the Common Shares
are listed at that time on a &ldquo;designated stock exchange&rdquo; for purposes of the Tax Act (which currently includes the Nasdaq),
unless, at any particular time during the 60-month period that ends at that time, both of the following are true:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">1.</TD><TD STYLE="text-align: justify">(a)&nbsp;the Non-Resident Holder, (b)&nbsp;persons with whom the Non-Resident Holder does not deal at arm&rsquo;s length (for the
purposes of the Tax Act), (c)&nbsp;partnerships in which the Non-Resident Holder or a person described in (b)&nbsp;holds an interest directly
or indirectly through one or more partnerships, or (d)&nbsp;any combination of persons or partnerships described in (a)&nbsp;to (c), owned
25% or more of the issued shares of any class or series of our capital stock; and</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">2.</TD><TD STYLE="text-align: justify">more than 50% of the fair market value of the Common Shares was derived directly or indirectly from one or any combination of: (a)&nbsp;real
or immovable properties situated in Canada; (b)&nbsp;&ldquo;Canadian resource properties&rdquo; (as defined in the Tax Act); (c)&nbsp;&ldquo;timber
resource properties&rdquo; (as defined in the Tax Act); and (d)&nbsp;options in respect of, or interests in, or for civil law rights in,
any of the foregoing property, whether or not the property exists.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTWITHSTANDING THE FOREGOING,&nbsp;IN CERTAIN
CIRCUMSTANCES SET OUT IN THE TAX ACT, COMMON SHARES AND PUBLIC WARRANTS MAY&nbsp;BE DEEMED TO BE TAXABLE CANADIAN PROPERTY. NON-RESIDENT
HOLDERS WHOSE COMMON SHARES OR PUBLIC WARRANTS MAY&nbsp;CONSTITUTE TAXABLE CANADIAN PROPERTY SHOULD CONSULT THEIR OWN TAX ADVISORS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fasken Martineau DuMoulin LLP, or Fasken, has
passed upon the validity of the securities offered by this prospectus and certain other legal matters related to Canadian law. Mintz,
Levin, Cohn, Ferris, Glovsky and Popeo, P.C., or Mintz, has passed upon the validity of certain other legal matters. Fasken and Mintz
own 14,630 and 36,361 Common Shares, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The financial statements of TMC the metals company
Inc. as of December&nbsp;31, 2022 and 2021 and for the years then ended have been incorporated by reference herein and in the registration
statement in reliance on the report of Ernst&nbsp;&amp; Young LLP, independent registered public accounting firm, incorporated by reference
herein, and upon the authority of said firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_019"></A>WHERE YOU CAN FIND MORE INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have filed a registration statement on Form&nbsp;S-3,
including exhibits, under the Securities Act with respect to the securities offered by this prospectus. This prospectus does not contain
all of the information included in the registration statement. For further information pertaining to us and our securities, you should
refer to the registration statement and our exhibits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, we file annual, quarterly and current
reports, proxy statements and other information with the SEC. Our SEC filings are available to the public on a website maintained by the
SEC located at <I>www.sec.gov</I>. We also maintain a website at <I>www.metals.co</I>. Through our website, we make available, free of
charge, annual, quarterly and current reports, proxy statements and other information as soon as reasonably practicable after they are
electronically filed with, or furnished to, the SEC. The information contained on, or that may be accessed through, our website is not
part of, and is not incorporated into, this prospectus. We include our website address in this prospectus only as an inactive textual
reference. Information contained in our website does not constitute a part of this prospectus or our other filings with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_020"></A>INCORPORATION OF DOCUMENTS BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &ldquo;incorporate by reference&rdquo;
information that we file with them. Incorporation by reference allows us to disclose important information to you by referring you to
those other documents. The information incorporated by reference is an important part of this prospectus, and information that we file
later with the SEC will automatically update and supersede this information. We filed a registration statement on Form&nbsp;S-3 under
the Securities Act with the SEC with respect to the securities we may offer pursuant to this prospectus. This prospectus omits certain
information contained in the registration statement, as permitted by the SEC. You should refer to the registration statement, including
the exhibits, for further information about us and the securities we may offer pursuant to this prospectus. Statements in this prospectus
regarding the provisions of certain documents filed with, or incorporated by reference in, the registration statement are not necessarily
complete and each statement is qualified in all respects by that reference. Copies of all or any part of the registration statement, including
the documents incorporated by reference or the exhibits, may be obtained upon payment of the prescribed rates at the offices of the SEC
listed above in &ldquo;Where You Can Find More Information.&rdquo; The documents we are incorporating by reference are:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD><FONT STYLE="color: #0000EE"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923037110/tmc-20221231x10k.htm" STYLE="-sec-extract: exhibit">our Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2022 that we filed with the SEC on March&nbsp;27, 2023;</A></U></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">our Quarterly Reports on Form&nbsp;10-Q for the quarters ended March&nbsp;31, 2023, June&nbsp;30, 2023 and September&nbsp;30, 2023 that we filed with the SEC on <FONT STYLE="color: #0000EE"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923059123/tmc-20230331x10q.htm" STYLE="-sec-extract: exhibit">May&nbsp;11, 2023</A></U></FONT>, <FONT STYLE="color: #0000EE"><U><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923091509/tmc-20230630x10q.htm" STYLE="-sec-extract: exhibit">August&nbsp;14, 2023</A></U></FONT> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923116306/tmc-20230930x10q.htm" STYLE="-sec-extract: exhibit">November&nbsp;9, 2023</A>;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">our Current Reports on Form&nbsp;8-K and amendments thereto that we filed with the SEC on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923022723/tm237104d2_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;16,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923023295/tm237199d2_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;17,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923024088/tm237472d2_8k.htm" STYLE="-sec-extract: exhibit">February&nbsp;22,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923047863/tm2312599d5_8k.htm" STYLE="-sec-extract: exhibit">April&nbsp;20,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923066190/tm2317310d1_8k.htm" STYLE="-sec-extract: exhibit">May&nbsp;30,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923069479/tm2318023d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;8,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923076976/tm2320351d1_8k.htm" STYLE="-sec-extract: exhibit">June&nbsp;30,
    2023</A>, <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923086437/tm2322494d1_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;1,
    2023</A> and <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/1798562/000110465923091027/tm2323509d2_8k.htm" STYLE="-sec-extract: exhibit">August&nbsp;14,
    2023</A> (other than any portion of such filings that are furnished under applicable SEC rules&nbsp;rather
    than filed);</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></FONT></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="color: #0000EE"><A HREF="https://www.sec.gov/Archives/edgar/data/1798562/000121390021047279/ea146988-8a12b_tmcthemetals.htm" STYLE="-sec-extract: exhibit">the description of our Common Shares contained in our Registration Statement on Form&nbsp;8-A filed with the SEC on September&nbsp;10, 2021, including any amendment or report filed for the purpose of updating such description; and</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px">&#9679;</TD>
    <TD STYLE="text-align: justify">all reports and other documents subsequently filed by us with the SEC (other than any portion of such filings that are furnished under applicable SEC rules&nbsp;rather than filed) pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Exchange Act after the date of this prospectus and prior to the termination or completion of the offering of securities under this prospectus shall be deemed to be incorporated by reference in this prospectus and to be a part hereof from the date of filing such reports and other documents.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The SEC file number for each of the documents listed above is 001-39281.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any statement contained in this prospectus or
in a document incorporated or deemed to be incorporated by reference into this prospectus will be deemed to be modified or superseded
for purposes of this prospectus to the extent that a statement contained in this prospectus or any other subsequently filed document that
is deemed to be incorporated by reference into this prospectus modifies or supersedes the statement. Any statement so modified or superseded
will not be deemed, except as so modified or superseded, to constitute a part of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may request, orally or in writing, a copy
of any or all of the documents incorporated herein by reference. These documents will be provided to you at no cost, by contacting:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TMC the metals company Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">595 Howe Street, 10 Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vancouver, British Columbia&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">V6C 2T5&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(574) 252-9333</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may also access these documents on our website,
<I>www.metals.co</I>. The information contained on, or that can be accessed through, our website is not a part of this prospectus. We
have included our website address in this prospectus solely as an inactive textual reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on information contained
in, or incorporated by reference into, this prospectus and any prospectus supplement. We have not authorized anyone to provide you with
information different from that contained in this prospectus or incorporated by reference in this prospectus. We are not making offers
to sell the securities in any jurisdiction in which such an offer or solicitation is not authorized or in which the person making such
offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="tm2427511d1_424b2-img001.jpg" ALT="" STYLE="height: 108px; width: 305px"></FONT><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TMC THE METALS COMPANY INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><B>17,500,000</B> Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Class&nbsp;B Warrants to Purchase <B>8,750,000</B>
Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PROSPECTUS
SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">November&nbsp;14, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>









<P STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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