The Metals Royalty Company Announces Milestone at Mesabi Project

London, UK - The Metals Royalty Company Inc. (Nasdaq: TMCR), a financing platform focused on U.S. critical mineral security, has announced a significant operational update regarding its royalty asset, the Mesabi Metallics iron ore project in Nashwauk, Minnesota.

The Mesabi Project successfully completed its first production blast on July 10, 2026. This operation involved a 66-hole pattern that fractured approximately 211,000 tons of ore, officially opening the first ramp into the pit and paving the way for full-scale operations.

Key Highlights:

• Operational Milestone: The completion of the first blast marks the transition from construction to the production phase, moving the project closer to its goal of pellet production.
• Project Potential: The Mesabi Project, which represents a total investment of roughly $2.5 billion, is expected to be one of the few domestic producers of merchant DR-grade iron ore pellets upon commissioning, which is targeted for the second half of 2026.
• Royalty Revenue: TMCR holds a 1.0% Index-Priced Gross Overriding Production Royalty on the project. The company anticipates an annual royalty cash flow of approximately $11 million at 7.28 Mtpa over 23 years, with a potential increase to $13 million as production ramps up toward 8.5 Mtpa.