The Metals Royalty Company (TMCR) highlights U.S. EXIM Bank engagement and commissioning progress at the Mesabi iron ore mine and pellet plant. TMCR holds a 2.0% index-priced gross overriding production royalty with a revenue floor over Mesabi, after recently acquiring an additional 1.0% interest. EXIM previously announced support of up to $10 billion in potential financing for the project, described as the first new U.S. iron ore mine and pellet plant to begin operations in 50 years. Mesabi Metallics reports the project was 99.25% complete as of August 31, 2026, with hot commissioning trials finished on core crushing and materials-handling systems and about 1.3 million tonnes of ore stockpiled. Final commissioning is focused on downstream processing facilities, and Mesabi currently targets first production in Q4 2026, with TMCR noting it does not control project timing.
The Metals Royalty Company (TMCR) agreed to acquire 50% of Mesabi Metallics’ royalty interest for $265 million, valuing the royalty platform at over $500 million. The deal closes in two $132.5 million tranches, with the first on June 1, 2026 and the second within 60 days.
According to Mesabi Metallics, proceeds will support growth of its $2.5 billion DR-grade iron ore mine and pellet operations in Minnesota, expected to start production in Q3 2026, giving TMCR long-term exposure to a large domestic DR-grade iron ore project.
The Metals Royalty Company (Nasdaq: TMCR) commenced trading on the Nasdaq Capital Market on April 8, 2026 via a direct listing under the ticker TMCR. No new shares were issued in the transaction.
The company's portfolio is anchored by a 2.0% gross overriding royalty (GORR) on the NORI polymetallic nodule deposit in the Clarion-Clipperton Zone controlled by TMC the metals company (Nasdaq: TMC). TMCR intends to deploy capital into critical metals and mineral royalties, streams and similar interests with a U.S. focus to support domestic mineral security and re-industrialization. Stifel is serving as financial advisor for the listing.