Engineering Procurement and Construction (“EPC”) 95.5% Complete with Commissioning Targeted for August 2026
LONDON, UK / ACCESS Newswire / June 30, 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, 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
Commissioning Confidence
Following his site visit, Mr. Paes-Braga observed mechanical completions being achieved at the individual equipment level across virtually every building on site – the kind of granular progress that directly precedes commissioning rather than construction. Electrical and controls infrastructure, typically the final bottleneck before commissioning, is advancing in parallel across multiple buildings. Track laying is underway at the Wagon Loading Station, reflecting a project team already planning for operational reality.
Procurement and engineering are essentially closed, at 99.3% and 99.0% complete respectively, with all long-lead items on site and all 110 QAPs approved – substantially reducing the remaining supply chain and engineering risk prior to commissioning. Based on information provided by Mesabi Metallics, the project is reported to be fully financed, and Essar Group’s 50-year track record of building and operating world-scale industrial assets, combined with over $2 billion of equity invested, gives TMCR confidence that the targeted 2026 commissioning timeline can be achieved.
“I have followed the development of Mesabi Metallics closely, but nothing prepares you for seeing this project in person,” said Brian Paes-Braga, Executive Co-Chairman and Chief Executive Officer of TMCR. “What the Essar team has built in the Mesabi Iron Range is nothing short of remarkable – a world-class DR-grade iron ore mine and pellet plant rising from the ground, in service of American industrial independence. The scale and quality of execution was immediately apparent across every structure I visited. At start-up, Mesabi is expected to be among the lowest-cost iron ore producers globally – a structural advantage driven by the exceptional grade and scale of the ore body, its modern processing infrastructure, and its strategic location at the heart of the midwestern United States. I left Nashwauk more convinced than ever that Mesabi Metallics will play a critical role in supplying the domestic steel industry for decades to come, and I believe the project is well positioned to begin commissioning in 2026. This is exactly the kind of royalty investment TMCR was built to make.”
About Mesabi Metallics
Mesabi Metallics Company LLC, an Essar Group company, is completing a state-of-the-art DR-grade iron ore mine and pellet plant in Nashwauk, Minnesota, representing approximately $2.5 billion in total investment. Upon commissioning, targeted for H2 2026, Mesabi will be one of the only significant domestic producers of merchant DR-grade iron ore pellets in North America, with a mine life of 23 years or more.
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.
Technical Information
The operational data regarding the Mesabi Project contained in this press release, including construction progress percentages and project parameters, is derived from the Mesabi Metallics Project Progress Report for the period ending May 31, 2026, prepared by Essar Group as EPC contractor. The Company’s expectations regarding commissioning timing, royalty cash flow potential, mine life, and production capacity are based on management’s internal models and information provided by Mesabi Metallics. TMCR holds a royalty interest in, but does not operate or control, the Mesabi Project, and has not independently verified the third-party information described above.
