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

TMCR
  • EXIM Chairman John Jovanovic visited the Mesabi Metallics iron ore mine & pellet plant in Nashwauk, Minnesota on September 17, 2026, as the project enters its startup phase.
  • The visit marks the first new iron ore mine & pellet plant to begin operations in the United States in 50 years.
  • EXIM announced support for up to $10 billion in potential financing for the Mesabi project in March 2026 to bolster domestic supply chains.
  • Mesabi Metallics will produce direct-reduction-grade pellets for electric arc furnaces to enable low-carbon U.S. steelmaking.
  • The Metals Royalty Company Inc. (TMCR) holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project after acquiring an additional 1.0% interest.
  • Project completion stood at 99.25% as of August 31, 2026, with hot commissioning trials completed for core systems like crushers & materials-handling.
  • Approximately 1.3 million tonnes of ore have been blasted & stockpiled ahead of startup, with final commissioning focused on downstream processing areas.
  • Mesabi Metallics remains on track to achieve first production in the fourth quarter of 2026.
  • TMCR does not operate or control the Mesabi project & has not independently verified the project information provided by Mesabi Metallics.
  • Brian Paes-Braga, Executive Co-Chairman & CEO of TMCR, stated the royalty provides long-life exposure to production as the asset comes online.