TMC News & Events

The Metals Royalty Company provides an update on construction progress at Mesabi Metallics Company, following a recent site visit by Brian Paes-Braga, Executive Co-Chairman and CEO of TMCR. 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.

The company noted that the National Oceanic and Atmospheric Administration determined its consolidated application for TMC USA A is in full compliance, moving the project toward a potential permit by Q1 2027. Additionally, the company signed a commercial agreement with Allseas to operate the first commercial nodule collection system, with commissioning expected in Q4 2027. "The first months of 2026 have been defined by accelerated execution across every part of our business," said CEO Gerard Barron.