Key points
- EXIM Chairman John Jovanovic visited the Mesabi Metallics iron ore mine and pellet plant in Nashwauk, Minnesota on September 17, 2026.
- Mesabi reported overall completion of 99.25% as of August 31, 2026, with about 1.3 million tonnes of ore blasted and stockpiled ahead of startup.
- Hot commissioning is done on the crushers and materials handling; the beneficiation, balling, induration and pellet plant areas are closing out, with first production targeted for Q4 2026.
- TMCR holds a 2.0% gross overriding production royalty on Mesabi; EXIM announced support of up to US$10 billion in potential financing for the project in March 2026.
LONDON, UK / ACCESS Newswire / September 21, 2026 / 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, notes that the Chairman of the Export-Import Bank of the United States (“EXIM”), John Jovanovic, visited the Mesabi Metallics iron ore mine and pellet plant in Nashwauk, Minnesota on September 17, 2026 as the project moves into its startup phase. TMCR holds a 2.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor over the Mesabi project.
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. In March 2026, EXIM announced its support of up to $10 billion in potential financing for the Mesabi project, underscoring its strategic importance to domestic supply chains and to American steel’s ability to compete globally. The direct-reduction-grade pellets Mesabi will produce are the premium feedstock for the electric arc furnaces at the center of low-carbon U.S. steelmaking. TMCR believes that domestic production of these pellets will help reduce America’s reliance on foreign supply and strengthen a domestic industry that has long ceded ground to Chinese production.
Based on Mesabi Metallics’ most recent project reporting, overall project completion stood at 99.25% as of August 31, 2026. Hot commissioning trials have been completed across a range of the plant’s core systems, including the primary and secondary crusher circuits, conveyor and tripper-car materials-handling systems, and associated dedusting infrastructure. Approximately 1.3 million tonnes of ore have been blasted and stockpiled ahead of startup.
Final commissioning activity is concentrated in the plant’s downstream processing areas – the beneficiation plant, balling building, induration building and pellet plant – where equipment installation and hot commissioning are in their closing stages. Mesabi Metallics has reported that it remains on track to achieve first production in the fourth quarter of 2026. The project information set out above has been provided by Mesabi Metallics and has not been independently verified by TMCR. TMCR does not operate or control the Mesabi project and has no control over the timing of its commissioning or first production.
“To see the EXIM Chairman on site as Mesabi moves into startup underscores exactly why we built our royalty around this asset,” said Brian Paes-Braga, Executive Co-Chairman and Chief Executive Officer of TMCR. “Mesabi is a nationally strategic source of domestic iron ore, and our 2.0% royalty gives TMCR long-life exposure to its production as it comes online. EXIM’s announced support of up to $10 billion in potential financing reflects the importance of rebuilding America’s mineral supply chains and its green steel industry – exactly what this platform was built to finance.”
As previously announced, TMCR recently closed the acquisition of an additional 1.0% royalty interest in the Mesabi project, doubling its total royalty interest to 2.0%.
About The Metals Royalty Company Inc.
The Metals Royalty Company Inc. (NASDAQ:TMCR) is a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization. The Company acquires and manages metals and mineral royalties, streams, and similar structured interests across the full value chain – supporting American defense, AI infrastructure, energy systems, and industrial capacity. TMCR’s royalty-based business model is designed to enable participation in the long-term cash flows and commodity upside of strategically significant assets, with reduced exposure to the operational and development risks typically associated with resource production. For more information, please visit www.sec.gov and the Company’s website www.themetalsroyaltyco.com.
