TMCR Reports Mesabi Commissioning Update After EXIM Chairman Visit

The Metals Royalty Company Inc. (NASDAQ:TMCR) has provided an update on the Mesabi Metallics iron ore project in Nashwauk, Minnesota, following a September 17, 2026 visit by John Jovanovic, Chairman of the Export-Import Bank of the United States (EXIM). The project is entering its startup phase, while commissioning work continues across its processing facilities.

#EXIM visit and potential financing

According to TMCR, Jovanovic visited the Mesabi mine and pellet plant as commissioning activity progressed. EXIM described the project as the first new iron ore mine and pellet plant to begin operations in the United States in 50 years.

In March 2026, EXIM announced support of up to $10 billion in potential financing for Mesabi. The availability, timing and terms of any financing remain uncertain.

#Mesabi commissioning progress

Mesabi Metallics’ latest project reporting put overall completion at 99.25% as of August 31, 2026. Hot commissioning trials had been completed on several major systems, including the primary and secondary crusher circuits, conveyor and tripper-car materials-handling equipment, and related dedusting infrastructure.

Approximately 1.3 million tonnes of ore had been blasted and stockpiled ahead of startup. Remaining commissioning work is concentrated in the beneficiation plant, balling building, induration building and pellet plant, where equipment installation and hot commissioning were reported to be nearing completion.

Mesabi Metallics has reported that it remains on track for first production in the fourth quarter of 2026. TMCR said this project information was supplied by Mesabi Metallics and had not been independently verified. TMCR does not operate or control the project and has no control over the timing of commissioning or first production.

#TMCR’s royalty interest

TMCR said it holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project. The company also said it recently closed the acquisition of an additional 1.0% royalty interest and described its total royalty interest as 2.0%.

TMCR said its business is focused on acquiring and managing metals and mineral royalties, streams and similar structured interests. The company believes domestic production of Mesabi’s direct-reduction-grade pellets could reduce America’s reliance on foreign supply and support a domestic industry that has long ceded ground to Chinese production.

#Risks and disclosures

TMCR identified uncertainties concerning the timing and amount of any royalty revenue under the Mesabi royalty, as well as the economic potential and timing of commissioning and production at the project.

The company also cited uncertainty over whether, when and on what terms EXIM financing may be made available. Other risks identified by TMCR include its limited operating history and the risks associated with new business development; the potential inability to acquire additional royalty, stream or similar interests or to achieve profitability and positive cash flow; and dependence on the performance of project operators and information they provide, including information from Mesabi Metallics that TMCR has not independently verified.

Additional risks identified by the company include market conditions, competitive dynamics, regulatory changes and other factors discussed in the risk factors section of TMCR’s Form 20-F and subsequent reports filed with the U.S. Securities and Exchange Commission. The company said forward-looking statements are subject to risks that could cause actual results to differ materially from its expectations and cautioned against placing undue reliance on them.

#Key Takeaways

EXIM Chairman John Jovanovic visited the Mesabi mine and pellet plant in Nashwauk, Minnesota, on September 17, 2026.
Mesabi Metallics reported overall project completion of 99.25% as of August 31, 2026.
Final commissioning work is focused on the beneficiation plant, balling building, induration building and pellet plant.
Mesabi Metallics has reported that it remains on track for first production in the fourth quarter of 2026, although TMCR does not control the project or its timing.
EXIM announced support of up to $10 billion in potential financing, with the availability and terms remaining uncertain.

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Frequently Asked Questions

The Company said John Jovanovic, Chairman of the Export-Import Bank of the United States, visited the Mesabi Metallics iron ore mine and pellet plant in Nashwauk, Minnesota on September 17, 2026, as the project moved into its startup phase. According to EXIM, the visit marked a milestone for the first new iron ore mine and pellet plant to begin operations in the United States in 50 years.

The Metals Royalty Company Inc. (NASDAQ:TMCR) said it holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project. It also said it recently closed the acquisition of an additional 1.0% royalty interest, bringing its total royalty interest to 2.0%.

Based on Mesabi Metallics’ most recent project reporting, overall project completion stood at 99.25% as of August 31, 2026. Hot commissioning trials had been completed across several core systems, while final commissioning activity remained concentrated in the beneficiation plant, balling building, induration building and pellet plant, where equipment installation and hot commissioning were in their closing stages.

Mesabi Metallics has reported that it remains on track to achieve first production in the fourth quarter of 2026. This is forward-looking information provided by Mesabi Metallics. The Company stated that the project information had not been independently verified by TMCR, and that TMCR does not operate or control the Mesabi project or the timing of its commissioning or first production.

In March 2026, EXIM announced support of up to $10 billion in potential financing for the Mesabi project. The Company’s cautionary statement identifies uncertainty over whether, when and on what terms any EXIM financing will be made available.

The Company identifies uncertainties relating to the timing and amount of any royalty revenue under the Mesabi royalty; the economic potential and timing of commissioning and production; the availability and terms of any EXIM financing; TMCR’s limited operating history and new business development; its potential inability to acquire additional royalty, stream or similar interests or to achieve profitability and positive cash flow; dependence on project operators and information that TMCR has not independently verified; market conditions; competitive dynamics; regulatory changes; and other factors in its filings with the U.S. Securities and Exchange Commission.

The Company describes itself as a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization. It acquires and manages metals and mineral royalties, streams and similar structured interests. TMCR believes domestic production of Mesabi’s direct-reduction-grade pellets could help reduce America’s reliance on foreign supply and strengthen a domestic industry that has long ceded ground to Chinese production. The Company also stated that it does not operate or control the Mesabi project.