{
  "id": 3104883,
  "title": "TMCR doubles Mesabi iron ore royalty stake to 2% with financing",
  "url": "https://urgent.news/2026/08/24/tmcr-doubles-mesabi-iron-ore-royalty-stake-to-2-with-financing",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T20:24:38.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/company-news/tmcr-doubles-mesabi-iron-ore-royalty-stake-to-2-with-financing-93CH-4874151"
  },
  "original_language": "en",
  "account": "The Metals Royalty Company Inc. (TMCR) has increased its stake in the Mesabi Metallics iron ore project in Minnesota to a 2.0% royalty interest, up from 1.0%, the company announced today. This acquisition was financed through a $140 million issuance of convertible senior secured second lien notes due in 2031 and a $25 million senior secured term loan from Macquarie Bank Limited. EdgePoint Investment Group led the offering. The notes were priced at 95% of face value with a higher conversion rate, reflecting a 37.5% premium over the reference price. TMCR plans to redeem the notes starting in September 2029. The financing enables TMCR to potentially earn up to $26 million annually from the project, assuming an 8.5 million tonne annual production capacity. TMCR also maintains a 2.0% royalty on the NORI polymetallic nodule project managed by The Metals Company Inc.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}