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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.