Key points
- TMCR’s newly announced 1% royalty on the Mesabi Metallics iron ore project is projected to generate $11-13 million a year, protected by a $150-per-ton price floor, with an option for an additional 1% and a right of first offer on another 2%.
- Operator SR Group has committed more than $2.5 billion to build the Mesabi project, with first plant commissioning targeted for July 2026 and first pellet production in Q4 2026; the related equity financing was oversubscribed and set to close by the end of May.
- TMCR’s existing Nori royalty with The Metals Company is estimated to generate between $77 million and $312 million a year once in full production, with initial ship commissioning guided for the end of 2027.
- The company reports 55 million shares outstanding before the recent financing (about 60 million after), roughly $20 million in cash, no debt, and more than 10 potential targets in its acquisition pipeline.
