The Metals Royalty Company Inc. · NASDAQ:TMCR
The Metals Royalty — Investor Presentation (2026)
18 slides from The Metals Royalty's investor presentation, Nov 10, 2026
Slide 1: Financing America's Mineral Security
Financing America’s Mineral Security Corporate Presentation | Q4 2026 | Nasdaq: TMCR
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation (the “Presentation”) constitute "forward -looking statements" or "forward -looking informa tion” (together, “forward -looking statements”) within the meaning of applicable securities laws involving known and unknown risks, uncertainties and other fa
Slide 3: How a Royalty Works
How a Royalty Works A share of a mine's revenue, without paying to build or run the mine. 1 HOW A ROYALTY WORKS › › › CAPITAL PROVIDED MINE BUILT AND OPERATED METAL PRODUCED REVENUE RECEIVED TMCR pays the mine owner upfront in The operator pays to build and run the The mine produces and sells metal
Slide 4: A Lean, High-Margin Business
A Lean, High -Margin Business Small teams, high margins and strong long -term returns. 1 CASH GENERATED PER EMPLOYEE 2 HOW THE LEADING ROYALTY COMPANIES HAVE PERFORMED Cash from operations per employee, 2025 (US$M) Value of US$ 100 invested in December 2007 , with dividends reinvested (US$) ROYALTY
Slide 5: America Is Rebuilding Its Mineral Supply Chain
America Is Rebuilding Its Mineral Supply Chain Since 2022, two administrations have used orders, laws and federal money to rebuild US supply. Mining itself is still small and short of capital. FEDERAL FUNDING COMMITTED SINCE JULY 2025 1 Plus up to US$ 20 B+ Government funding committed to critical m
Slide 6: Investment Highlights
Investment Highlights 1 Built for US mineral security 2 Two cornerstone royalties Royalties on large, long -life assets that are strategically important to the US, supplying the metals behind energy, defense, AI and Mesabi: 2.0% GOPR on America’s first new NORI: 2.0% GORR on nickel, copper, cobalt r
Slide 7: Current Portfolio: Mesabi and NORI
Current Portfolio Two foundational assets with pathway to 23+ years of royalty revenue; Mesabi production beginning Q4 2026. NASHWAUK, MINNESOTA PACIFIC OCEAN MESABI NORI America’s first new iron ore mine in 50 years; planned feedstock for Estimated to be one of the world’s largest undeveloped nicke
Slide 8: What TMCR's Royalties Could Earn
What TMCR’s Royalties Could Earn US$45M a year in the base case by FY2033E, with upside on both royalties 1 WHAT TMCR’S ROYALTIES COULD EARN 2 HOW THE MARKET VALUES ROYALTY COMPANIES Illustrative pre -tax royalty revenue, US$M a year 10 largest listed royalty companies by market cap; revenue and mar
Slide 9: Corporate Overview
Corporate Overview CAPITALIZATION Basic Shares Outstanding 67.4M Diluted Shares Outstanding 1 75.2M Convertible Note 2 $140.0M (21%) Senior Term Loan $25.0M Other shareholders (37%) Cash 3 $10.6M Insider & Strategic Ownership ~63% Management & Board (25%) ANALYST COVERAGE Hess Family (10%) Fanming Z
Slide 10: Mesabi Metallics
“MESABI | METALLICS. |
Slide 11: Mesabi: Long-Life, Low-Cost Asset Providing Near-Term Royalty Cash Flow
Mesabi: Long -Life, Low -Cost Asset Providing Near -Term Royalty Cash Flow 1 MESABI METALLICS OPERATION 2 MESABI METALLICS ROYALTY America’s first new iron ore mine in 50 years; planned feedstock 2.0% Gross Overriding Production Royalty up to 8.5Mtpa & Large with Significant TMCR Purchase for Mesabi
Slide 12: Mesabi: America's First New Iron Ore Mine in 50 Years
Mesabi: America’s First New Iron Ore Mine in 50 Years 1 KEY MILESTONES Completed Upcoming Target milestone 2019 2020 –21 2022–24 2025 –26 2026 2027+ 2030+ Essar re -acquires Mesabi Mesabi acquires 3,200 Amends leases, acquires Finalized permits, invested Secured a $520m credit Expansion to 8.5Mtpa A
Slide 13: NORI
NORI
Slide 14: NORI: Large, Long-Life, Low-Cost Asset Underpinning the Royalty
NORI: Large, Long -Life, Low -Cost Asset Underpinning the Royalty 1 NORI OPERATION 1 2 NORI ROYALTY 2.0% Gross Overriding Royalty on all metals and minerals at Large with Significant Resource: 352 Mt (347 Mt Indicated, 5 Mt Measured); TMCR Purchase NORI areas Optionality Recoverable: 164 Mt, incl. 5
Slide 15: NORI: Clear Path from Permit to Royalty Revenue
NORI: Clear Path from Permit to Royalty Revenue 1 U.S. PERMITTING 2 PATH TO PRODUCTION 3 ROYALTY REVENUE 1 Key milestones Key milestones Indicative steady -state royalty revenue, US$M a year Jan 22, 2026 Application submitted May 2026 Allseas contract awarded 317 Mar 9, 2026 Substantial compliance H
Slide 16: Board of Directors
Board of Directors 35% owned by Management & Board¹ Brian Paes -Braga Co -Chairman Brian O ’Neill Director Mr. Brian Paes -Braga is a Canadian -born entrepreneur and merchant banking executive. Mr. Brian T. O ’Neill is COO of SAF Capital Partners at SAF Group, a leading structured He was the Founder
Slide 17: Team
Team 35% owned by Management & Board¹ Brian Paes -Braga Co -Chairman & CEO Lucas Cahill Capital Markets Mr. Brian Paes -Braga is a Canadian -born entrepreneur and merchant banking executive. Mr. Lucas Cahill has been involved in the origin of multiple successful public companies He was the Founder a
Slide 18: Contact
Contact Investor Relations: Lucas Zimmerman Managing Director, MZ North America tmcr@mzgroup.us +1-949-259-4987 themetalsroyaltyco.com
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