TMCR Closes Mesabi Royalty Acquisition & US$165M Financing

London, UK, August 24, 2026 - The Metals Royalty Company Inc. (Nasdaq: TMCR) announced that it has successfully closed its acquisition of an additional 1.0 percent Index-Priced Gross Overriding Production Royalty with a Revenue Floor in the Mesabi Metallics iron ore project located in Nashwauk, Minnesota, from Ironclad Royalties, LLC. The transaction doubles TMCR's total royalty interest in the Mesabi Project to 2.0 percent.

The acquisition was fully funded through a concurrent financing package consisting of a US$140 million offering of 8.00 percent convertible senior secured second lien notes due 2031 and a US$25 million senior secured term loan facility provided by Macquarie Bank Limited. The net proceeds were also used to repay the company's existing senior term loan facility in full and for general corporate purposes.

Transaction Details

• Royalty position doubled to 2.0 percent in the Mesabi iron ore project.
• Financing comprised of US$140 million convertible notes and a US$25 million term loan.
• Anticipated annual royalty revenue of approximately US$22 million, with a pathway to US$26 million upon expansion.
• Mesabi project construction stands at approximately 99 percent complete, with commissioning targeted for Q3 2026.