The Metals Royalty Company Inc. (TMCR)
The company now
The Metals Royalty Company Inc. owns two royalties, one on a deep-sea metals project and one on an iron ore mine being built in Minnesota, and neither has paid it anything yet 2.
On 24 August 2026 it completed the purchase of a second 1.0 percent royalty on the Mesabi mine, for consideration of $132.5 million in cash and shares 2. That brought its Mesabi royalty to 2 percent 2.
It paid for the deal with $140.0 million of 8.00% convertible notes due 2031 and a $25.0 million first lien term loan 42.
A prospectus dated 22 October 2026 lets the selling securityholders it names resell shares, and the company receives no proceeds from the shares they sell 2.
The open question is the mine, since royalty revenue starts only when it produces 2. Its operator has said it targets first pellet production in the fourth quarter of 2026 2. The company says it has not verified that information itself 3.
As of Nov 4, 2026. Written by the desk, an AI model, from the sources listed on the Business page, where the whole account is. Nothing here is advice.
Newer filings are on file since this was written; an update is queued.