On July 31, 2026, The Metals Royalty Company Inc. agreed with Mesabi Metallics and Essar to extend the deadline to close its acquisition of an additional 1.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi iron ore project to August 15, 2026, with an option to extend to August 21, 2026.
The company plans to complete this Additional Mesabi Royalty on the same economic terms as its initial 1.0% Mesabi Royalty, which closed on May 31, 2026. Upon closing, TMCR states its total Mesabi royalty interest would increase to 2.0%, with anticipated annual royalty cash flow of about $22 million at 7.28 Mtpa over a 23-year mine life and a pathway to 8.5 Mtpa and about $26 million per year.
Based on Mesabi Metallics’ latest report, engineering and procurement are nearing full completion, the Concentrator Control Room is operational, and the Primary Crusher Building has completed its start-up trial run, keeping the project on track for full commissioning in Q3 and first production in Q4 2026, subject to the risks described.
Metals Royalty Co Inc. is the subject of a Schedule 13D reporting that Michael Bernard Hess, SS3H Ventures LLC, and Kelly J. Engel together report beneficial ownership of Shares. Mr. Hess reports beneficial ownership of 3,500,000 Shares, representing 5.55% of the outstanding class.
His stake includes 1,000,000 Shares held through SS3H Ventures. On July 13, 2026, he received 1,000,000 Shares under the 2025 Equity Incentive Plan at a deemed issue price of $5.93 per Share in connection with his role as director and non-executive Co-Chairman.
He was also granted 1,000,000 performance stock units vesting in price-based tranches at $30.00, $40.00, and $50.00 over a five-year performance period, and an option to purchase up to 1,000,000 Shares at an exercise price of $5.93 per Share expiring July 13, 2036, all subject to service-based vesting and lock-up schedules.
Hess Michael Bernard reported acquisition or exercise transactions in this Form 4 filing.
Metals Royalty Co Inc. director Michael Bernard Hess received equity awards on July 13, 2026: a grant of 2,000,000 Common Shares, including 1,000,000 performance share units with stock-price based vesting conditions, and 1,000,000 stock options at $5.79 per share expiring July 12, 2036. The options vest in four equal annual installments starting July 13, 2026, subject to continued service. Following these grants he holds 3,500,000 Common Shares directly and an indirect interest in 1,000,000 shares held by SS3H Ventures LLC, for which he disclaims beneficial ownership except to the extent of his pecuniary interest.
The Metals Royalty Company Inc. reports that its portfolio royalty asset, the Mesabi Metallics iron ore project in Nashwauk, Minnesota, has completed its first production blast, opening the mine’s first ramp toward pellet production. Management describes this as a shift from a construction phase to a production-focused story and the final approach to the company’s first royalty revenue from Mesabi.
Mesabi Metallics is completing a DR-grade iron ore mine and pellet plant representing approximately $2.5 billion in total investment, with commissioning targeted for H2 2026 and an expected mine life of 23 years. The first blast fractured more than 200,000 tons of ore. Operational data and timing expectations are based on information provided by Mesabi Metallics and internal models, and are subject to forward-looking risks highlighted by the company.
The Metals Royalty Company Inc. (TMCR) registered the resale of up to 55,061,113 Common Shares. This prospectus covers resale by identified Registered Shareholders in connection with TMCR’s Direct Listing and states TMCR will not receive proceeds from any resale by those holders. The prospectus discloses that up to 10,954,251 Common Shares may be freely sold upon effectiveness, up to 9,954,251 Common Shares may be sold in reliance on Rule 144 once holding-period conditions are met, and 44,106,862 Common Shares are subject to contractual lock-ups. The filing reiterates risk factors, reliance on third-party operators for the NORI and Mesabi royalties, and that TMCR qualifies as an emerging growth company. The prospectus date and last reported Nasdaq price are shown as July 7, 2026 and $6.17, respectively.
The Metals Royalty Company Inc. filed a Form 6-K to share an update on construction progress at the Mesabi Metallics iron ore project, where it holds a royalty interest. Engineering, procurement and construction are reported as well advanced, with EPC 95.5% complete and commissioning targeted in 2026.
Procurement and engineering are described as essentially closed, at 99.3% and 99.0% complete, with all long-lead items on site and all 110 quality assurance plans approved. The project is reported to be fully financed, supported by more than $2 billion of equity invested by Essar Group.
Mesabi Metallics’ Nashwauk, Minnesota DR-grade iron ore mine and pellet plant represents approximately $2.5 billion in total investment and is expected to have a mine life of at least 23 years. TMCR emphasizes that it is a non-operating royalty holder relying on Mesabi Metallics’ data and includes extensive forward-looking statement and risk disclosures.
The Metals Royalty Company Inc. files a post-effective amendment to register the resale of 55,061,113 Common Shares in connection with its Direct Listing. The prospectus states up to 10,954,251 Common Shares may be freely sold on effectiveness, up to 9,954,251 may be sold in reliance on Rule 144 after applicable holding periods, and 44,106,862 Common Shares are subject to contractual lock-ups. The filing also incorporates disclosure of the Company’s May 2026 acquisition of the Mesabi Royalty and related technical report summary.
The Metals Royalty Company Inc. has registered 6,843,952 Common Shares for resale by certain selling shareholders, including PIPE Shares, Royalty Acquisition Shares, Service Shares and Commitment Fee Shares, pursuant to registration rights. The resale is for the selling shareholders' accounts and the issuer will receive no proceeds from these sales.
The Resale Shares include 6,164,141 PIPE Shares issued at $13.00 per share and 576,923 shares issued as part of the Mesabi Royalty consideration. The Company discloses that as of June 22, 2026 it had 62,044,729 Common Shares outstanding.