The Metals Royalty Company Inc. ("TMCR" or the "Company") (NASDAQ:TMCR), a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization, today provides an update on construction progress at Mesabi Metallics Company LLC ("Mesabi Metallics"), following a recent site visit by Brian Paes-Braga, Executive Co-Chairman and CEO of TMCR.

Highlights

Overall project completion stands at 95.5% as of May 31, 2026, engineering 99.0% complete, procurement 99.3% complete, construction 91.4% complete

Commissioning of Line 1 targeted to commence in July/August 2026; following a first-hand site visit to Nashwauk, Minnesota, TMCR believes the project remains on track for its targeted commissioning timeline

Upon commissioning, Mesabi is expected to become one of the few significant domestic producers of merchant DR-grade iron ore pellets in North America, expected to be among the lowest-cost iron ore producers globally

Based on information provided by Mesabi Metallics, the project is reported to be fully financed to first production