The Metals Royalty Company Celebrates U.S. EXIM Bank Chairman's Visit to the Mesabi Iron Ore Mine and Provides Commissioning Update

TMCR has doubled its Mesabi royalty to 2% as the nearly complete project targets first production in late 2026.

Rhea-AI Summary

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.

Positive

• Royalty interest doubled to 2.0% over Mesabi after acquiring an extra 1.0%
• EXIM announced support of up to $10 billion in potential Mesabi financing
• Mesabi project reported 99.25% completion as of August 31, 2026
• Approximately 1.3 million tonnes of ore blasted and stockpiled ahead of startup
• Mesabi targets first production in Q4 2026, positioning TMCR for royalty cash flows

Negative

• TMCR does not operate or control Mesabi and cannot control commissioning or first production timing
• EXIM support is described as up to $10 billion in potential, not committed, financing
• Project information is provided by Mesabi Metallics and is not independently verified by TMCR

Market Context

TMCR's $4.79 prior close established a pre-headline baseline for this Mesabi commissioning update; t...

Analysis

TMCR's $4.79 prior close established a pre-headline baseline for this Mesabi commissioning update; the June 1 royalty acquisition, a related project transaction, was followed by a 0.93% 24-hour decline.

Key Figures

Mesabi royalty interest: 2.0% Potential EXIM financing: up to $10 billion Project completion: 99.25% +2 more

Mesabi royalty interest

2.0%

Index-Priced Gross Overriding Production Royalty with a Revenue Floor

Potential EXIM financing

up to $10 billion

Mesabi project support announced in March 2026

Project completion

99.25%

as of August 31, 2026

Ore stockpiled

1.3 million tonnes

ahead of startup

First production target

fourth quarter of 2026

Mesabi Metallics reported target

Historical Context

1 past event · Latest: Jun 01

1 event

1. Jun 01

   Royalty acquisition

   24h Move

   -0.9%

   TMCR agreed to acquire 50% of Mesabi Metallics’ royalty interest for $265 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

gross overriding production royalty, revenue floor, direct-reduction-grade, hot commissioning, +1 more

5 terms

gross overriding production royalty financial

"Index-Priced Gross Overriding Production Royalty with a Revenue Floor"

A gross overriding production royalty is a contractual claim that takes a fixed share of the physical output or sales revenue from an oil, gas, or mining property before operating costs are deducted. Think of it as a toll or slice taken from every barrel or ton produced that reduces the owner’s top-line receipts; investors care because it directly lowers revenue and long-term cash flow from the asset and affects valuation and deal economics.

revenue floor financial

"Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project"

A revenue floor is the minimum amount of sales or income that a company, contract, or financial model guarantees or assumes will be produced over a set period. For investors it serves as a downside anchor—like the lowest rung on a ladder—helping gauge how much cash a business will at least generate, which affects valuation, credit assessments, dividend or debt covenants, and the need for contingency actions if actual receipts fall short.

direct-reduction-grade technical

"The direct-reduction-grade pellets Mesabi will produce"

Iron ore labeled "direct-reduction-grade" meets the chemical and physical specs needed for direct reduction iron (DRI) processes, which produce sponge iron without melting the ore. It typically means high iron content with low levels of impurities and appropriate particle size or pellet quality, so the material reacts efficiently with reducing gases. Investors care because such ore commands different prices and affects producers’ costs and the viability of steelmaking routes.

hot commissioning technical

"Hot commissioning trials have been completed across a range of the plant's core systems"

Hot commissioning is the stage of bringing a facility, plant, or major piece of equipment into service by testing and operating it under real working conditions—with normal temperatures, pressures, fuels, or process materials—rather than in cold or simulated modes. For investors, it is a key operational milestone because it shows systems are being proven under live conditions and therefore affects project timelines, near-term production expectations, and readiness-related risks.

induration technical

"balling building, induration building and pellet plant"

A localized area of hardened tissue, usually in the skin, that forms where inflammation, fluid, scar tissue, or other processes make the tissue firmer than the surrounding area. Clinically it is often measured by the size and firmness of the raised patch after an injection or skin test, similar to feeling a small, firm knot under the skin. Investors see it in clinical reports as a measurable sign or adverse reaction that can affect safety summaries and trial outcomes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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LONDON, UK / ACCESS Newswire / September 21, 2026 / The Metals Royalty Company Inc. ("TMCR" or the "Company") (NASDAQ:TMCR), a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization, notes that the Chairman of the Export-Import Bank of the United States ("EXIM"), John Jovanovic, visited the Mesabi Metallics iron ore mine and pellet plant in Nashwauk, Minnesota on September 17, 2026 as the project moves into its startup phase. TMCR holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project.

According to EXIM, the visit marked a milestone for the first new iron ore mine and pellet plant to begin operations in the United States in 50 years. In March 2026, EXIM announced its support of up to $10 billion in potential financing for the Mesabi project, underscoring its strategic importance to domestic supply chains and to American steel's ability to compete globally. The direct-reduction-grade pellets Mesabi will produce are the premium feedstock for the electric arc furnaces at the center of low-carbon U.S. steelmaking. TMCR believes that domestic production of these pellets will help reduce America's reliance on foreign supply and strengthen a domestic industry that has long ceded ground to Chinese production.

Based on Mesabi Metallics' most recent project reporting, overall project completion stood at 99.25% as of August 31, 2026. Hot commissioning trials have been completed across a range of the plant's core systems, including the primary and secondary crusher circuits, conveyor and tripper-car materials-handling systems, and associated dedusting infrastructure. Approximately 1.3 million tonnes of ore have been blasted and stockpiled ahead of startup.

Final commissioning activity is concentrated in the plant's downstream processing areas - the beneficiation plant, balling building, induration building and pellet plant - where equipment installation and hot commissioning are in their closing stages. Mesabi Metallics has reported that it remains on track to achieve first production in the fourth quarter of 2026. The project information set out above has been provided by Mesabi Metallics and has not been independently verified by TMCR. TMCR does not operate or control the Mesabi project and has no control over the timing of its commissioning or first production.

"To see the EXIM Chairman on site as Mesabi moves into startup underscores exactly why we built our royalty around this asset," said Brian Paes-Braga, Executive Co-Chairman and Chief Executive Officer of TMCR. "Mesabi is a nationally strategic source of domestic iron ore, and our 2.0% royalty gives TMCR long-life exposure to its production as it comes online. EXIM's announced support of up to $10 billion in potential financing reflects the importance of rebuilding America's mineral supply chains and its green steel industry - exactly what this platform was built to finance."

As previously announced, TMCR recently closed the acquisition of an additional 1.0% royalty interest in the Mesabi project, doubling its total royalty interest to 2.0%.

About The Metals Royalty Company Inc.

The Metals Royalty Company Inc. (NASDAQ:TMCR) is a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization. The Company acquires and manages metals and mineral royalties, streams, and similar structured interests across the full value chain - supporting American defense, AI infrastructure, energy systems, and industrial capacity. TMCR's royalty-based business model is designed to enable participation in the long-term cash flows and commodity upside of strategically significant assets, with reduced exposure to the operational and development risks typically associated with resource production. For more information, please visit www.sec.gov and the Company's website www.themetalsroyaltyco.com.

Cautionary Note Regarding Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by us or on our behalf. This press release contains statements which constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and applicable securities laws, which reflect the expectations of the Company's management regarding its future growth, future business plans and opportunities, expected activities and other statements about future events, results or performance. These forward-looking statements include, among other things, statements relating to the Mesabi project, the expected timing of commissioning and first production at the Mesabi project, the availability and terms of any EXIM financing for the Mesabi project, the revenue generating potential with respect to TMCR's industry and business plans, the potential impact of government policy, market opportunity, the Company's ability to execute on its business plan and to acquire and manage additional royalty interests and other statements that are statements other than historical facts. When the Company and its management use words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not a guarantee of future performance and are based on a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances as of the date of this press release. Forward-looking statements involve risks and uncertainties that may cause actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties and risks related to: the timing and amount of any royalty revenue under the Mesabi royalty; the economic potential and timing of commissioning and production at the Mesabi project; whether, when and on what terms any EXIM financing is made available to the Mesabi project; TMCR's limited operating history and the risks associated with new business development; TMCR's potential inability to acquire additional royalty, stream or similar interests, or to achieve profitability and positive cash flow; dependence on the performance of, and information provided by, the operators of the projects underlying TMCR's royalty interests, including Mesabi Metallics, which information the Company has not independently verified; market conditions; competitive dynamics; regulatory changes; and other factors discussed in the "Risk Factors" section of the Company's Form 20-F and subsequent reports filed with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Forward-looking statements speak only as of the date of this press release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact

Lucas A. Zimmerman
MZ Group - MZ North America
(949) 259-4987
TMCR@mzgroup.us
www.mzgroup.us

SOURCE: The Metals Royalty Company

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What type of royalty does TMCR hold on the Mesabi iron ore project?

TMCR holds a 2.0% index-priced gross overriding production royalty with a revenue floor over the Mesabi iron ore mine and pellet plant.

What commissioning work has been completed so far at the Mesabi plant?

Hot commissioning trials have been completed on the primary and secondary crusher circuits, conveyor and tripper-car materials-handling systems, and related dedusting infrastructure, with commissioning now concentrated in downstream processing areas.

Which parts of the Mesabi plant are in final commissioning stages?

Final commissioning activity is focused on the beneficiation plant, balling building, induration building, and pellet plant, where equipment installation and hot commissioning are in their closing stages.

What production timeline has Mesabi Metallics reported?

Mesabi Metallics has reported that it remains on track to achieve first production in the fourth quarter of 2026.

Does TMCR have operational control over the Mesabi project or its schedule?

No. TMCR states that it does not operate or control the Mesabi project and has no control over the timing of its commissioning or first production.