The Metals Royalty Company

Name

The Metals Royalty Company

Legal name

The Metals Royalty Company Inc.

Website

https://themetalsroyaltyco.com

Company type

Public

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Mining Royalty Financing

NAICS

Coal and Other Mineral and Ore Merchant Wholesalers (42352), Iron Ore Mining (212210)

SIC

Mineral Royalty Traders (6795)

akta.pro primary industry

Real Assets — Natural Resources & Minerals (Mining, Royalties/Streaming) (FSAHAIAK)

akta.pro secondary industry

Iron Ore Royalties, Streaming & Mineral Rights (IMAKAAAH)

Keywords

• Mining royalty financing
• Critical minerals royalties
• Royalty streaming platform
• Permanent capital vehicle
• Mineral resource royalties

Headquarters

HQ city

City Of London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. NORI Royalty: TMCR holds a 2.0% gross overriding royalty (GORR) on all metals and minerals produced from the NORI polymetallic nodule deposit in the Clarion-Clipperton Zone, operated by TMC the metals company Inc. (NASDAQ: TMC). The royalty provides top-line cash flow directly tied to production sales without deductions for operating costs, offering high-margin income scaled with commodity output.
2. Mesabi Royalty: TMCR acquired a 1.0% index-priced gross overriding production royalty with a revenue floor on production up to 8.5 Mtpa (with 0.5% on production above 8.5 Mtpa) from the Mesabi Metallics iron ore project in Nashwauk, Minnesota. The royalty was acquired for $132.5 million in the first tranche (June 1, 2026), with an option to acquire an additional 1.0% royalty before July 31, 2026, which would double anticipated annual royalty cash flow to approximately $13 million once production commences in H2 2026.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

The Metals Royalty Company acquires and manages critical metals and mineral royalties, streams, and similar structured interests across the full value chain. Its portfolio is anchored by a 2.00% gross overriding royalty (GORR) on the NORI polymetallic nodule deposit in the Clarion-Clipperton Zone (operated by TMC the metals company Inc.) and a 1.0% Index-Priced Gross Overriding Production Royalty on the Mesabi Metallics iron ore project in Minnesota. The company earns top-line cash flow directly tied to gross production sales without exposure to operating costs or capex.

Product overview

The Metals Royalty Company is a purpose-built financing platform dedicated to advancing U.S. critical mineral security and re-industrialization. The company operates as a royalty and streaming model, acquiring and managing critical metals and mineral royalties, streams, and similar structured interests across the full value chain. The portfolio consists of two core royalty products: (1) NORI Royalty - a 2.00% gross overriding royalty on the NORI polymetallic nodule deposit operated by TMC the metals company Inc., targeting nickel, copper, cobalt, and manganese in the Clarion-Clipperton Zone; and (2) Mesabi Royalty - a 1.0% Index-Priced Gross Overriding Production Royalty on the Mesabi Metallics DR-grade iron ore project in Minnesota. The company generates revenue through top-line cash flows directly tied to asset production sales, providing high-margin income without exposure to mining operating costs or capital expenditures.

Differentiator

Problem solved

Functional benefit

Products and services

• NORI Royalty A 2.00% gross overriding royalty (GORR) on all metals and minerals produced from the NORI polymetallic nodule deposit in the Clarion-Clipperton Zone of the Pacific Ocean, operated by TMC the metals company Inc. (Nasdaq: TMC). The royalty covers nickel, copper, cobalt, and manganese production and provides top-line cash flow directly tied to gross production sales.
• Mesabi Royalty A 1.0% Index-Priced Gross Overriding Production Royalty with a revenue floor on production up to 8.5 Mtpa (and 0.5% on production above 8.5 Mtpa) on the Mesabi Metallics iron ore project in Nashwauk, Minnesota. Provides exposure to a fully integrated, large-scale DR-grade iron ore pellet project anticipated to commence production in H2 2026.

Quantifiable outcome

• Up to $13 million in annual royalty cash flow from 2.0% Mesabi royalty position upon production ramp-up
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• Mesabi Metallics Company LLCcoreStrategic or Co-development Partner · 1 June 2026TMCR acquired a 1.0% gross overriding production royalty on Mesabi Metallics' iron ore project in Nashwauk, Minnesota for $132.5 million (first tranche of $265 million two-tranche deal). Mesabi Metallics is backed by Essar Group and is developing a $2.5 billion DR-grade iron ore mine and pellet plant.
• TMC the metals company Inc.coreStrategic or Co-development PartnerTMCR holds a 2.0% gross overriding royalty on TMC's NORI polymetallic nodule deposit in the Clarion-Clipperton Zone. TMC (NASDAQ: TMC) operates the NORI project targeting nickel, copper, cobalt, and manganese from deep-sea nodules. Gerard Barron, TMC's Co-Founder, Chairman and CEO, serves as a Director on TMCR's board.
• Odyssey Trust CompanyminorOthersOdyssey Trust Company serves as TMCR's transfer agent, handling share registry and transfer services for the publicly traded company.
• Ernst & Young (EY)minorOthersErnst & Young serves as TMCR's independent auditor, providing annual audit services for financial reporting.

Scale indicators8 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Vox Royalty Corp. Emerging royalty company focused on acquiring royalties and streaming interests in precious and base metals. Closely comparable to TMCR as both are small-cap, growth-stage royalty platforms actively building diversified portfolios through acquisitions rather than organic development.
• Osisko Gold Royalties Ltd: Mid-tier royalty and streaming company with a focus on precious metals and a growing portfolio of royalties and streams. Operates a similar acquisition-and-hold royalty model to TMCR and offers a closer size and growth-stage comparable than the mega-cap royalty majors.
• Metalla Royalty & Streaming Ltd. Growth-oriented royalty and streaming company focused on acquiring precious metals and base metals royalties. Comparable to TMCR in its acquisition-led growth strategy, smaller market capitalization, and emerging-platform profile, though focused on different commodities.

Broad incumbents

• Royal Gold, Inc. Established precious metals royalty and streaming company with a portfolio of over 175 properties. Closely comparable to TMCR's GORR-based royalty acquisition model and provides a benchmark for how a mature royalty platform values assets and generates cash flow across commodity cycles.
• Triple Flag Precious Metals Corp. Precious metals streaming and royalty company with a portfolio of streams and royalties primarily on gold and silver assets. Operates the same streaming/royalty business model as TMCR and is comparable in growth profile, though focused on precious metals rather than critical minerals and iron ore.
• Franco-Nevada Corporation: Largest precious metals royalty and streaming company globally with a diversified portfolio of royalties, streams, and oil & gas interests. Directly comparable to TMCR as both operate a royalty acquisition model, though Franco-Nevada focuses primarily on precious metals and has a far more diversified and mature asset base.
• Sandstorm Gold Royalties: Gold royalty company with a diversified portfolio of streams and royalties on gold and other commodity properties. Comparable in business model to TMCR but with a much larger and more mature portfolio, offering a benchmark for how a growing royalty company scales through acquisitions.
• Wheaton Precious Metals: Major precious metals streaming company providing upfront payments in exchange for future metal deliveries. Comparable to TMCR's streaming/royalty business model, though Wheaton focuses exclusively on precious metals (gold, silver, PGM) rather than critical minerals and iron ore.

Emerging players

• Gold Royalty Corp. Royalty company focused on acquiring gold royalties and acquiring royalty portfolios from other operators. Comparable to TMCR as a smaller, growth-oriented royalty platform, though Gold Royalty's commodity focus is exclusively on precious metals.
• Ely Gold Royalties Inc. Specialty royalty company focused on acquiring royalties in producing and near-producing gold and silver properties. Comparable to TMCR as a smaller-scale royalty platform in its growth phase, providing a peer benchmark for asset sourcing and portfolio build-out strategy.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/metalsroyaltyco
• YouTubeyoutube.com/@themetalsroyaltyco
• LinkedInlinkedin.com/company/the-metals-royalty-co
• Instagraminstagram.com/themetalsroyaltyco

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Metals Royalty Company