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Metals Royalty Co Inc. (TMCR) is the subject of a Schedule 13G in which Mesabi Investments (USA) LLC and its wholly owned subsidiary, Ironclad Royalties, LLC, report that they may be deemed to share beneficial ownership of 4,942,002 common shares, or 7.3%.
Mesabi reported sole voting and dispositive power over 4,365,079 shares and shared voting and dispositive power over 576,923 shares held by Ironclad. Ironclad reported shared voting and dispositive power over those 576,923 shares. Metals Royalty had 67,414,022 common shares issued and outstanding as of September 23, 2026.
Key Figures
Shared beneficial ownership:4,942,002 sharesBeneficial ownership percentage:7.3%Sole voting and dispositive power:4,365,079 shares+3 more
6 metrics
Shared beneficial ownership4,942,002 sharesReported jointly by Mesabi Investments (USA) LLC and Ironclad Royalties, LLC
Common shares issued and outstanding67,414,022 sharesAs of September 23, 2026
Key Terms
beneficial ownership, Sole Voting Power, Shared Dispositive Power
3 terms
beneficial ownershipregulatory
"share beneficial ownership of an aggregate of 4,942,002 Common Shares"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
Sole Voting Powerregulatory
"Sole Voting Power 4,365,079.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
Shared Dispositive Powerregulatory
"Shared Dispositive Power 576,923.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many TMCR shares do Mesabi Investments and Ironclad Royalties report?
They may be deemed to share beneficial ownership of 4,942,002 Metals Royalty common shares, or 7.3%. The reported amount includes 576,923 shares held by Ironclad Royalties, a wholly owned subsidiary of Mesabi Investments.
How are TMCR voting and dispositive powers divided between Mesabi Investments and Ironclad Royalties?
Mesabi reported sole voting and dispositive power over 4,365,079 shares and shared voting and dispositive power over 576,923 shares held by Ironclad. Ironclad reported shared voting and dispositive power over those 576,923 shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Metals Royalty Co Inc.
(Name of Issuer)
Common Shares, without par value
(Title of Class of Securities)
591322102
(CUSIP Number)
09/24/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
591322102
1
Names of Reporting Persons
Mesabi Investments (USA) LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MINNESOTA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,365,079.00
6
Shared Voting Power
576,923.00
7
Sole Dispositive Power
4,365,079.00
8
Shared Dispositive Power
576,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,942,002.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.3 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Items 6 and 8* Includes 576,923 shares held by Ironclad Royalties, LLC, a wholly-owned subsidiary of Mesabi Investments (USA) LLC. Mesabi Investments (USA) LLC has voting and dispositive power of the Common Shares held by Ironclad Royalties, LLC, and therefore may be deemed to be the beneficial owner of such Common Shares.
Item 11* Based on 67,414,022 Common Shares issued and outstanding on September 23, 2026, as reported on the Issuer's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on September 24, 2026.
SCHEDULE 13G
CUSIP Number(s):
591322102
1
Names of Reporting Persons
Ironclad Royalties, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
576,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
576,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
576,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Item 11* Based on 67,414,022 Common Shares issued and outstanding on September 23, 2026, as reported on the Issuer's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on September 24, 2026.
Please refer to Item 4 on the cover page for each reporting person.
(d)
Title of class of securities:
Common Shares, without par value
(e)
CUSIP Number(s):
591322102
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The ownership information presented herein represents beneficial ownership of common shares (the "Common Shares") of Metals Royalty Co Inc. (the "Issuer") based upon 67,414,022 Common Shares issued and outstanding on September 23, 2026, as disclosed in the Issuer's Registration Statement on Form F-1 filed with the Securities and Exchange Commission on September 24, 2026.
The reporting persons together may be deemed to share beneficial ownership of an aggregate of 4,942,002 Common Shares. Ironclad Royalties, LLC is a wholly owned subsidiary of Mesabi Investments (USA) LLC. As a result, Mesabi Investments (USA) LLC may be deemed to share beneficial ownership of the securities owned directly by Ironclad Royalties, LLC.
(b)
Percent of class:
The information required by Item 4(b) is set forth in Row 11 of each cover page for the reporting persons and is incorporated herein by reference.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of each cover page for the reporting persons and is incorporated herein by reference.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of each cover page for the reporting persons and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of each cover page for the reporting persons and is incorporated herein by reference.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of each cover page for the reporting persons and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
