Metals Royalty says Mesabi Metallics project 95.5% complete, targets commissioning in August 2026

• The Metals Royalty Company flagged Mesabi Metallics’ Nashwauk, Minnesota DR-grade iron ore pellet project at 95.5% complete as of May 31, 2026.
• Commissioning for Line 1 targeted to start in July or August 2026, with TMCR maintaining the schedule remains on track.
• Engineering reached 99% completion, procurement 99.3%, construction 91.4%, reducing remaining execution risk ahead of start-up.
• Mesabi reported the project is fully financed to first production, positioning it as a major US merchant DR-grade pellet supplier.

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