Metals Royalty Co Inc.

Management Commentary

“The first production blast marks the transition of our Mesabi investment from a construction story to a production story,” said Brian Paes-Braga, Executive Co-Chairman and CEO of TMCR. “Having walked the full Nashwauk site just weeks ago, I saw a team prepared for exactly this moment – and it is very satisfying to watch that readiness translate into ore on the ground, on schedule. More than 200,000 tons was fractured in this first shot alone, and it marks the beginning of the final approach to TMCR’s first royalty revenue.”

“Every ton of ore that comes out of this mine represents American jobs, American investment, and American capability being put back to work,” added Joe Broking, CEO of Mesabi Metallics. “We are committed to investing in the Iron Range to keep powering America’s steel, America’s shipyards, and America’s defense industrial base.”