May 18th Greetings, Friend!
Here are some reasons to keep an eye on The Metals Royalty Company Inc. (TMCR), a newly public Nasdaq royalty company focused on critical minerals, American steelmaking, and the broader push to bring strategic supply chains back home.
1. Royalty model advantages. TMCR is built around the royalty model, which gives the company exposure to project revenue without directly operating the mine, hiring the workers, buying the equipment, or carrying the full burden of construction, labor, fuel, and electricity costs. It is the same general model that helped companies like Wheaton, Franco Nevada, and Royal Gold become some of the most established names in the mining industry.
2. Cornerstone NORI royalty. 2% gross overriding royalty on NORI, a deep-sea polymetallic nodule project in the Clarion-Clipperton Zone and what Mining.com identifies as one of the world's potentially largest undeveloped nickel-equivalent resources.
3. Proposed Mesabi Transaction. The Mesabi Metallics iron ore project is a major Minnesota mine and pellet plant backed by Essar Group. The project is reported to be approximately 93% complete, with production targeted for H2 2026 and full ramp-up expected in 2027. That makes it a very different kind of asset than an earlier stage exploration project.
4. Near term royalty potential. TMCR’s Mesabi royalty, if successfully closed, is expected to have initial annual royalty revenue potential of roughly $11Mn at 7.28 Mtpa, with a pathway toward approximately $13Mn at 8.5 Mtpa, based on company estimates and assumptions. That revenue is not guaranteed, but it gives a clearer view of what the royalty could mean if the transaction is successfully closed and Mesabi reaches its planned production levels.
5. Built in price protection. The Mesabi royalty includes a revenue floor tied to DR grade pellet pricing. That would give TMCR downside protection if realized pricing weakens, while still leaving room for upside if pricing and production move higher. It is not a guarantee against project delays or operating issues, but it is an important feature of the royalty structure.
6. A strategic U.S. steel supply chain asset. Mesabi is positioned as one of the only large scale merchant DR grade pellet projects in the United States. That matters because DR grade pellets are a key input for lower carbon electric furnace steelmaking, and the U.S. is trying to reduce reliance on imported raw materials.
For more information, including full transaction details and risk disclosures, please read the Company's press release here: The Metals Royalty Company Inc. Enters Into Definitive Agreement to Acquire a Royalty Interest on Mesabi Metallics Iron Ore Project in Minnesota
The main thing to understand: Mesabi has the potential to bring TMCR closer to potential royalty cash flow, while NORI gives the company exposure to a large, potentially long-term critical metals opp. One is tied to American steelmaking. The other is tied to nickel, copper, cobalt, and manganese, the metals used in batteries, defense systems, EVs, and grid storage.
But both still carry risk. Mesabi still needs to finish construction and reach production and the transaction needs to close, which may not occur on the timeline described or at all. NORI still needs permitting and commercial development. TMCR depends on third party operators, commodity prices can move quickly, and this is still a newly public small-cap st-ock.
Be on the lookout for updates heading your way soon.
All the best, Dane James Editor Market Pulse Today
(Remember: St-ock Prices Could Be Significantly Lower Now From The Original Dates I Provided.)
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Pursuant to an agreement between Thousand Sun Media LLC and TD Media LLC, Thousand Sun Media LLC has been hired for a period beginning on 05/17/2026 and ending on 05/18/2026 to publicly disseminate information about (TMCR:US) via digital communications. Under this agreement, TD Media LLC has paid Thousand Sun Media LLC seven thousand five hundred USD ("Funds"). These Funds were part of the twenty two thousand five hundred USD funds that TD Media LLC received from a third party named LFG Equities Corp. who did not receive the Funds directly or indirectly from the Issuer and does not own st-ock in the Issuer but the reader should assume that the clients of the third party own shares in the Issuer, which they will liquidate at or near the time you receive this communication and has the potential to hurt share prices.
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