Project UpdateJul 14, 2026, 05:01 PM
Metals Royalty Co Announces First Production Blast at Mesabi Project
AI Summary
Metals Royalty Co Inc. announced the successful completion of the first production blast at its Mesabi Metallics iron ore project in Nashwauk, Minnesota. This milestone, achieved on July 10, 2026, involved fracturing approximately 211,000 tons of ore and opens the first ramp into the pit, clearing the way for production. The company expects to begin generating its first royalty revenue from the Mesabi Project, with anticipated annual royalty cash flow of approximately $11 million at 7.28 Mtpa, potentially increasing to $13 million at 8.5 Mtpa.
Key Highlights
- First production blast completed on July 10, 2026, fracturing 211,000 tons of ore.
- Blast opened the first ramp for 400-ton haul trucks, on schedule for first pellet production.
- Mesabi Project is set to be the first new iron ore mine and pellet plant in Minnesota in 50 years.
- Anticipated annual royalty cash flow of approximately $11 million at 7.28 Mtpa over 23 years.
- Near-term pathway to $13 million per annum at 8.5 Mtpa production capacity.
Price Impact
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