The Metals Royalty Company (TMCR) Registration filing summary

Company overview and business model

• Focuses on acquiring and managing royalties, streams, and similar interests in critical metals and minerals, supporting North American mineral security and industrial growth.

• Operates a royalty-based model, providing exposure to long-term cash flows and commodity upside with reduced operational risk.

• Portfolio includes a 2% gross overriding royalty on the NORI Property (polymetallic nodules in the Pacific) and a 2% indexed gross production revenue royalty on the Mesabi Property (DR Grade Iron Ore Pellets in Minnesota).

• Both assets are in development stage and not yet in commercial production.

Financial performance and metrics

• As of June 30, 2026, cash position was $19.1 million (as adjusted), with $151 million in total indebtedness post-transaction.

• No royalty revenue received to date; both NORI and Mesabi properties are pre-production.

• History of operating losses; future profitability depends on successful commencement of royalty streams.

Use of proceeds and capital allocation

• May receive up to $100 million in gross proceeds from sales of shares to Yorkville under the SEPA, to be used for general corporate purposes, including new royalty acquisitions, advancing the portfolio, repaying debt, and working capital.

• Management has broad discretion in allocating proceeds.