The Metals Royalty Company Provides Update on Mesabi Metallics Construction Progress Following Executive Site Visit

About this update from Tmc The Metals Company Inc.

Engineering Procurement and Construction ("EPC") 95.5% Complete with Commissioning Targeted for August 2026 LONDON, UK / ACCESS Newswire / June 30, 2026 / The Metals Royalty Company Inc. ("TMCR" or the "Company") (Nasdaq:TMCR), a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization, today provides an update on construction progress at Mesabi Metallics Company LLC ("Mesabi Metallics"), following a recent site visit by Brian Paes-Braga, Executive Co-Chairman and CEO of TMCR. Highlights Overall project completion stands at 95.5% as of May 31, 2026, engineering 99.0% complete, procurement 99.3% complete, construction 91.4% complete Commissioning of Line 1 targeted to commence in July/August 2026; following a first-hand site visit to Nashwauk, Minnesota, TMCR believes the project remains on track for its targeted commissioning timeline Upon commissioning, Mesabi is expected to become one of the few significant domestic producers of merchant DR-grade iron ore pellets in North America, expected to be among the lowest-cost iron ore producers globally Based on information provided by Mesabi Metallics, the project is reported to be fully financed to first production Commissioning Confidence Following his site visit, Mr. Paes-Braga observed mechanical completions being achieved at the individual equipment level across virtually every building on site - the kind of granular progress that directly precedes commissioning rather than construction. Electrical and controls infrastructure, typically the final bottleneck before commissioning, is advancing in parallel across multiple buildings. Track laying is underway at the Wagon Loading Station, reflecting a project team already planning for operational reality. Procurement and engineering are essentially closed, at 99.3% and 99.0% complete respectively, with all long-lead items on site and all 110 QAPs approved - substantially reducing the remaining supply chain and engineering risk prior to commissioning. Based on information provided by Mesabi Metallics, the project is reported to be fully financed, and Essar Group's 50-year track record of building and operating world-scale industrial assets, combined with over $2 billion of equity invested, gives TMCR confidence that the targeted 2026 commissioning timeline can be achieved. "I have followed the development of...

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