The Metals Royalty Company Inc. (NASDAQ: TMCR) announced that the Mesabi Metallics iron ore project in Nashwauk, Minnesota, completed its first production blast on July 10, 2026, according to a company press release.

The blast used a 66-hole pattern to fracture approximately 211,000 tons of ore, opening the first ramp into the bottom of the pit and clearing the way for 400-ton haul trucks to begin operations. Weekly blasting is expected to continue as the mine advances toward full-scale production.

Mesabi Metallics, an Essar Group company, represents approximately $2.5 billion in total investment and is targeting commissioning in the second half of 2026. The company claims it would be the first new iron ore mine and pellet plant built in Minnesota in 50 years.

Ore mined at the project is expected to be processed into DR-grade iron ore pellets subject to TMCR's 1.0% Index-Priced Gross Overriding Production Royalty. TMCR projects annual royalty cash flow of approximately $11 million at 7.28 million tons per annum over a 23-year mine life, with a potential pathway to approximately $13 million per annum at 8.5 million tons per annum. The company noted these projections are based on internal models and information provided by Mesabi Metallics and have not been independently verified.

"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.