The Metals Royalty Company Inc. · NASDAQ:TMCR
The Metals Royalty — Metals Royalty — Investor Presentation (May 2026)
22 slides from The Metals Royalty's investor presentation, May 6, 2026
Slide 1: Project Moose Presentation 2026: Financing America's Mineral Security
Project Moose Presentation 2026 Strictly Private and Confidential Financing America’s Mineral Security
Slide 2: Disclaimer
Corporate Presentation 2 Disclaimer Strictly Private and Confidential GENERAL: THIS PRESENTATION IS BEING FURNISHED SOLELY FOR THE PURPOSE OF CONSIDERING A POTENTIAL PRIVATE PLACEMENT OF SECURITIES (THE “PIPE FINANCING”) INVOLVING THE METALS ROYALTY COMPANY INC. (THE “COMPANY”), AND FOR NO OTHER PUR
Slide 3: TMCR Transformational, Tone Setting Acquisition
Corporate Presentation 3 TMCR Transformational, Tone Setting Acquisition Strictly Private and Confidential Iron Ore royalty underwrites NAV accretion strategy and provides right-hand skew. 1 (1) Export-Import Bank of the United States (EXIM), "EXIM Powers America's Energy Dominance Agenda Unlocking
Slide 4: NORI Royalty Clarion-Clipperton Zone: Progress and Upcoming Catalysts
Corporate Presentation 4 NORI Royalty Clarion Strictly Private and Confidential -Clipperton Zone PROGRESS AND UPCOMING CATALYST Completed Milestones Apr 2025: Trump Executive Order directs expedited NOAA permitting and DoD/DoE assessment of nodule-derived minerals for national stockpile Aug 2025: PF
Slide 5: A Standout Resource
Corporate Presentation 5 A Standout Resource Strictly Private and Confidential Source: Bloomberg; “S-K 1300 NORI Area D Technical Report”, dated August 4, 2025 prepared for TMC the metals company Inc. and available on their EDGAR profile; “Technical Report Summary—Initial Assessment of TOML and NORI
Slide 6: Impact on American Supply
Corporate Presentation 6 Strictly Private and Confidential Impact on American Supply 1Mt 232% - 0.5 1.0 1.5 2.0 2.5 3.0 Mt Manganese US Domestic Supply US Imports TMC Production 13kt 64% - 2 4 6 8 10 12 14 Kt Cobalt US Domestic Supply US Imports TMC Production 240kt 44% - 50 100 150 200 250 300 Kt N
Slide 7: Mesabi Royalty World-Class Asset in Tier Jurisdiction
Corporate Presentation 7 Mesabi Royalty Strictly Private and Confidential World-Class Asset in Tier 1 Jurisdiction: • Estimated to be one of the lowest cost pellet producers in North America with 23+ year mine life1 • Significant potential to double the reserves within the next decade • Iron ore pel
Slide 8: Mesabi Transaction Overview
Corporate Presentation 8 Mesabi Transaction Overview Strictly Private and Confidential Indicative Transaction Overview TMCR Purchase 1.0% Gross Overriding Production Royalty up to 8.5Mtpa & 0.25% on all production above 8.5Mtpa Royalty Structure Index-Priced Gross Production Royalty with a Revenue F
Slide 9: Project Moose - Pro-Forma Annual Royalty Revenue
Corporate Presentation 9 Project Moose - Pro-Forma Annual Royalty Revenue Strictly Private and Confidential 1,2 Base Case NORI: 0.5% NORI-D Only at Consensus Pricing Mesabi: 1.0% Floor price ($150/t) & 8.5Mt Moose Operational Upside NORI: 0.5% NORI-D Only at Consensus Pricing Mesabi: 1.0% Floor pric
Slide 10: Project Optionality: Clear pathway to 22.0 Mtpa production
Corporate Presentation 10 Project Optionality Strictly Private and Confidential Clear pathway to 22.0 Mtpa production Base Case Expansion Case Pellet Plant 1 7.28 Mtpa(1) 2026 +1.22 8.5 Mtpa(2) 2027 +2.5 11.0 Mtpa 2028 +2.5 13.5 Mtpa 2029 Pellet Plant 2 +8.5 22.0 Mtpa 2030 1.0% GOPR Hematite Process
Slide 11: Essar Group
Corporate Presentation 11 Essar Group Strictly Private and Confidential Mesabi Metallics is backed by Essar Group, one of the world's most proven builders of world-scale industrial assets, with $15B in revenue and a 50-year track record of attracting marquee capital partners $15B REVENUE $9.6B AUM 7
Slide 12: The Metals Royalty Company
Corporate Presentation 12 The Metals Royalty Company Strictly Private and Confidential TMCR NASDAQ 55.1M Basic Shares Outstanding $28.0M Cash1 66% Strategic Ownership TMCR targets royalties and structured interests across the world's most critical mineral deposits – from exploration through producti
Slide 13: Current Capitalization Summary
Corporate Presentation 13 Current Capitalization Summary Strictly Private and Confidential Basic Shares Outstanding 55.1M Cash1 $28.0M Debt NIL Insider & Strategic Ownership 66% Free Float (% of I/O shares) <20% Note: Chart does not reflect shares to be issued as part of the transaction Hess Family,
Slide 14: Team
Corporate Presentation 14 Team Strictly Private and Confidential Brian Paes-Braga Founder, Chairman & CEO Mr. Brian Paes-Braga is a Canadian-born entrepreneur and merchant banking executive. He was the Founder and CEO of Lithium X Energy, which in a period of 2.5 years, raised over C$50 million and
Slide 15: Board of Directors
Corporate Presentation 15 Board of Directors Strictly Private and Confidential Brian Paes-Braga Mr. Brian Paes-Braga is a Canadian-born entrepreneur and merchant banking executive. He was the Founder and CEO of Lithium X Energy, which in a period of 2.5 years, raised over C$50 million and was acquir
Slide 16: Contact
Contact Investor Relations: Lucas Zimmerman Managing Director, MZ North America tmcr@mzgroup.us +1-949-259-4987 themetalsroyaltyco.com
Slide 17: Appendix
Corporate Presentation 17 Strictly Private and Confidential Appendix
Slide 18: World-Class Iron Ore Mine with Extensive Infrastructure in-place
Corporate Presentation 18 World Strictly Private and Confidential -Class Iron Ore Mine with Extensive Infrastructure in-place Sourced from Mesabi Metallics and/or publicly available sources. TMCR has not independently verified such information and makes no representation or warranty, express or impl
Slide 19: Low-Cost Operation Located in a Tier Jurisdiction
Corporate Presentation 19 Low-Cost Operation Located in a Tier 1 Jurisdiction Strictly Private and Confidential Source: DRA Americas - SK-1300 Technical Report Summary – Mesabi Metallic Project (2026), which TMCR expects to file with the SEC upon closing of the transaction and Wood Mackenzie (1) Cos
Slide 20: Mesabi Project: Reserves and Resources
Corporate Presentation 20 Strictly Private and Confidential Taconite(1) Tonnage MagFe TotFe (MLT) (%) (%) Reserves Probable 515 21.1% 31.7% Resources (Exclusive) Indicated 214 20.5% 31.9% Inferred 30 18.9% 31.8% Mesabi Project: Reserves and Resources • Mineral rights are distinct from surface rights
Slide 21: Materially De-risked with Project on Track for Production Mid-2026
Corporate Presentation 21 Materially De-risked with Project on Track for Production Mid-2026 Strictly Private and Confidential Sourced from Mesabi Metallics and/or publicly available sources. TMCR has not independently verified such information and makes no representation or warranty, express or imp
Slide 22: Royalty Area of Interest (AOI)
Corporate Presentation 22 Royalty Area of Interest (AOI) Strictly Private and Confidential Mesabi Project and Surrounding Area Map (approx. 8 x 10 miles) • Royalty AOI includes all mineral tracts and leases owned by Mesabi • Royalty holder granted the option to extend the AOI to any new properties/l