The Mesabi Project spans more than 16,000 acres in Nashwauk, Minnesota and is expected to be one of the lowest‑cost DR pellet producers globally, supported by a 23+ year mine life. Over $2.5 billion is planned to be invested by completion date in core infrastructure at the project, with commissioning expected in H2 2026. With approximately 800 construction workers currently on site, the Mesabi Project is one of the largest private-sector industrial investments in Minnesota's history.

Royalty Business Model

Royalty

1.0% Gross Overriding Production Royalty up to 8.5Mtpa & 0.5% on all production above 8.5Mtpa

Operator

Mesabi Metallics backed by Essar Group

Jurisdiction

United States
Nashwauk, Minnesota

Product

DR-grade Iron Ore Pellets

Mine Life

23+ years

Near-Term Catalysts

Construction nearing completion; commissioning expected H2-2026

Royalty Overview

Royalty

1.0% Gross Overriding Production Royalty up to 8.5Mtpa & 0.5% on all production above 8.5Mtpa

Operator

Mesabi Metallics backed by EssarGroup

Jurisdiction

United States
Nashwauk, Minnesota

Metals

DR-grade Iron Ore Pellets

Estimated First Production

Construction nearing completion;
commissioning expected H2-2026

Mine Life

23+ years

Project and Operator Highlights

World-Class Asset

• NORI is estimated to be one of the largest and highest nickel-equivalent grade undeveloped nickel project on the planet with significant amounts of Ni, Cu, Co, and Mn^1
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• NORI-D PFS (22% of estimated wet TMC resource) has a $5.5B NPV8%² and total combined IA project value of $23.6B³
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• NORI-D PFS falls in the lowest quartile of the nickel cost curve with C1 cash costs of just $1,065/t Ni (net of by products) and 43% steady-state EBITDA margins ensuring high-margin royalty streams over an initial 18-year mine life²

¹Mining.com, “Ranked: World’s Biggest Nickel Projects,” May, 2023
²See SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025
³See SK-1300 Technical Report Summary, Initial Assessment of NORI and TOML areas, August 2025

Strategic Market Position and Impact

• Generational supply for America – 1 billion tons of nodules estimated to supply current US consumption for 330 years (Mn), 210 years (Co), 95 years (Ni) and 5 years (Cu)^‍
• NORI contains an estimated 873M tonnes¹
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• TMC submitted applications on Apr/25 to the National Oceanic and Atmospheric Administration (“NOAA”) for two exploration licenses and a commercial recovery permit under the Deep Seabed Hard Mineral Resources Act (“DSHMRA”)

¹See SK-1300 Compliant NORI Clarion Clipperton Zone Mineral Resource Estimate AMC, 17 March 2021

Strong Balance Sheet with Strategic Shareholder Support

• TMC the metals company Inc. (NASDAQ: TMC) has raised >$600M to date ^‍
• TMC holds total cash of ~US$116M as of Q3 2025 supported by recent strategic investments – $37M financing lead by Michael Hess and Brian Paes-Braga (May 2025) and $85.2M financing by Korea Zinc (June 2025)
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• Capital-light start-up: $113M Hidden Gem pre-production CAPEX + $113M paid back to AllSeas Group once in production¹

¹See SK-1300 Technical Report Summary of Pre-feasibility Study of NORI-D area, August 2025