Metals Royalty closes purchase of additional 1% Mesabi Metallics royalty, lifting stake to 2%
TMCR•Financing and project status
Financing included a US$140 million offering of 8% convertible senior secured second lien notes due 2031.
A US$25 million senior secured term loan facility from Macquarie also funded the acquisition.
Mesabi project completion was about 99%, with commissioning targeted for Q3 2026 and first production for Q4 2026.
Additional Mesabi royalty acquired
The Metals Royalty Company closed its option to buy an additional 1% gross overriding production royalty in the Mesabi Metallics iron ore project.
The deal doubles its Mesabi royalty interest to 2%.
