# EDGAR Filing Document

**Accession Number:** 0002087398
**File Stem:** 0001104659-26-076367
**Filing Date:** 2026-6
**Character Count:** 1296080
**Document Hash:** a713816739075ac2c5312c3a05e174a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-076367.hdr.sgml**: 20260622

**ACCESSION NUMBER**: 0001104659-26-076367

**CONFORMED SUBMISSION TYPE**: F-1

**PUBLIC DOCUMENT COUNT**: 52

**FILED AS OF DATE**: 20260622

**DATE AS OF CHANGE**: 20260622

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Metals Royalty Co Inc.
- **CENTRAL INDEX KEY:** 0002087398
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** F-1
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-296941
- **FILM NUMBER:** 261107037

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1900 DOME TOWER
- **STREET 2:** 333 7TH AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 2Z1
- **BUSINESS PHONE:** 403-984-1941

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1900 DOME TOWER
- **STREET 2:** 333 7TH AVE SW
- **CITY:** CALGARY
- **PROVINCE COUNTRY:** A0
- **ZIP:** T2P 2Z1

[**TABLE OF CONTENTS**](#TOC)

#### As filed with the Securities and Exchange Commission on June 22, 2026.

#### Registration No. 333-

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM F-1

#### REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

### The Metals Royalty Company Inc.
(Exact name of registrant as specified in its charter)

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|:---|:---|:---|
| **British Columbia, Canada** <br> (State or other jurisdiction of <br> incorporation or organization)  | **1040** <br> (Primary Standard Industrial <br> Classification Code Number)  | **Not Applicable** <br> (I.R.S. Employer <br> Identification Number)  |

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#### 1900 Dome Tower 333 7 <sup>th</sup> Ave SW Calgary, AB, T2P 2Z1 (403) 984-1941
(Address, including zip code, and telephone number, including area code, of Registrant's principal executive offices)

#### Cogency Global Inc. 122 East 42nd Street, 18th Floor New York, NY 10168 +1 800-221-0102
(Name, address, including zip code, and telephone number, including area code, of agent for service)

#### Copies to:

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| | |
|:---|:---|
| **Benjamin K. Marsh <br> Paul Heller <br> Goodwin Procter LLP <br> The New York Times Building <br> 620 Eighth Avenue <br> New York, New York 10018 <br> (212) 813-8800**  | **Evan Straight <br> Blake, Cassels & Graydon LLP <br> 1133 Melville Street <br> Suite 3500, The Stack, Vancouver, BC, <br> V6E 4E5 <br> (604) 631-3300**  |

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**Approximate date of commencement of proposed sale to the public:** As soon as practicable after this registration statement is declared effective.

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the *Securities Act of 1933*, check the following box. ☒

If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the *Securities Act of 1933*. Emerging growth company ☒ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

†

The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

 **The Registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective in accordance with Section 8(a) of the *Securities Act of 1933*, or until the registration statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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The information in this preliminary prospectus is not complete and may be changed. These securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

#### Subject to Completion Dated June 22, 2026

#### PRELIMINARY PROSPECTUS
![[MISSING IMAGE: lg_metalsroyaltyco-4clr.jpg]](lg_metalsroyaltyco-4clr.jpg)

### Common Shares
This prospectus relates to the resale by the selling shareholders, or their permitted transferees (collectively, "Selling Shareholders") identified in this prospectus of 6,843,952 common shares, without par value (the "Common Shares"), of The Metals Royalty Company Inc. This prospectus also covers any additional securities that may become issuable by reason of share splits, share dividends or other similar transactions.

The Common Shares covered by this prospectus include (i) 6,164,141 Common Shares (the "PIPE Shares") issued to certain Selling Shareholders in connection with the closing of a private placement offering at a price of $13.00 per Common Share (the "PIPE Financing") pursuant to certain subscription agreements (the "PIPE Subscription Agreements"), (ii) 576,923 Common Shares (the "Royalty Acquisition Shares") issued as partial consideration for the sale to TMCR USA Operations Inc., our indirect wholly-owned subsidiary, of the Mesabi Royalty (as defined herein) pursuant to the royalty purchase agreement, dated as of May 6, 2026, as amended on June 1, 2026 (the "Royalty Purchase Agreement"), by and among TMCR USA Operations Inc., the Company, Ironclad Royalties LLC and Mesabi Investments (USA) LLC, at an issue price of $13.00 per Common Share, both of which closed on June 1, 2026, (iii) 24,999 Common Shares issued to certain vendors of the Company as payment for services to the Company (the "Service Shares") and (iv) 77,889 Commitment Fee Shares issued in satisfaction of the commitment fee due to YA II PN, Ltd. pursuant to the Standby Equity Purchase Agreement between the Company and YA II PN, Ltd. dated as of July 18, 2025 (the "Commitment Fee Shares" and, together with the PIPE Shares and the Royalty Acquisition Shares and the Service Shares, the "Resale Shares").

We are registering the offer and sale of the Resale Shares described above to satisfy certain registration rights we have granted pursuant to the PIPE Subscription Agreements and the Royalty Purchase Agreement. We are registering these Resale Shares for resale by the Selling Shareholders named in this prospectus, or their transferees, pledgees, donees or assignees or other successors-in-interest that receive any of the shares as a gift, distribution, or other non-sale related transfer. The Selling Shareholders may offer all or part of the securities for resale from time to time through public or private transactions, at either prevailing market prices or at privately negotiated prices. These Resale Shares are being registered to permit the Selling Shareholders to sell securities from time to time, in amounts, at prices and on terms determined at the time of offering. The Selling Shareholders may sell these securities through ordinary brokerage transactions, directly to market makers of our shares or through any other means described in the section titled "Plan of Distribution". In connection with any sales of Resale Shares offered hereunder, the Selling Shareholders, any underwriters, agents, brokers or dealers participating in such sales may be deemed to be "underwriters" within the meaning of the Securities Act of 1933, as amended (the "Securities Act").

All of the Resale Shares offered by the Selling Shareholders pursuant to this prospectus will be sold by the Selling Shareholders for their respective accounts. We will not receive any of the proceeds from such sales.

We qualify as an "emerging growth company" as defined in the Securities Act and, as such, we may elect to comply with certain reduced reporting requirements. See "Prospectus Summary-Implications of Being an Emerging Growth Company."

Our Common Shares are listed on the Nasdaq Capital Market under the symbol "TMCR." On June , 2026, the last reported sales price of our Common Shares on the Nasdaq Capital Market was $.

#### Investing in our Common Shares involves risks. See " Risk Factors " beginning on page 22 to read about factors you should consider before buying our Common Shares.
 **Neither the Securities and Exchange Commission nor any other regulatory body or state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus. Any representation to the contrary is a criminal offense.** 

Prospectus dated , 2026.

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#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page**  |
| [ABOUT THIS PROSPECTUS](#ATP)  | [1](#ATP) |
| [PROSPECTUS SUMMARY](#PRSU)  | [5](#PRSU) |
| [THE OFFERING](#THOF)  | [13](#THOF) |
| [GLOSSARY](#GLO)  | [14](#GLO) |
| [RISK FACTORS](#RFF)  | [22](#RFF) |
| [CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#CNRF)  | [38](#CNRF) |
| [MARKET AND INDUSTRY DATA](#MAID)  | [40](#MAID) |
| [TRADEMARKS, SERVICE MARKS, COPYRIGHTS, AND TRADENAMES](#TSMC)  | [41](#TSMC) |
| [USE OF PROCEEDS](#UOP)  | [42](#UOP) |
| [DIVIDEND POLICY](#DIPO)  | [43](#DIPO) |
| [SELLING SHAREHOLDER](#SSF)  | [44](#SSF) |
| [CAPITALIZATION](#CAF1)  | [48](#CAF1) |
| [DESCRIPTION OF INDEBTEDNESS](#DOI)  | [49](#DOI) |
| [BUSINESS](#BUS)  | [51](#BUS) |
| [CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS](#CRAR)  | [87](#CRAR) |
| [PRINCIPAL SHAREHOLDERS](#PSF)  | [91](#PSF) |
| [DESCRIPTION OF SHARE CAPITAL](#DOSC)  | [93](#DOSC) |
|  [MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS](#MUSF)  | [101](#MUSF) |
| [MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS](#MCFI)  | [106](#MCFI) |
| [ELIGIBILITY FOR INVESTMENT](#EFI)  | [110](#EFI) |
| [PLAN OF DISTRIBUTION](#POD)  | [111](#POD) |
| [EXPENSES OF THE OFFERING](#EOTO)  | [113](#EOTO) |
| [LEGAL MATTERS](#LEMA)  | [114](#LEMA) |
| [EXPERTS](#EXP)  | [114](#EXP) |
| [ENFORCEMENT OF CIVIL LIABILITIES](#EOCL)  | [114](#EOCL) |
| [WHERE YOU CAN FIND ADDITIONAL INFORMATION](#WYCF)  | [114](#WYCF) |
| [APPENDIX A](#APA)  | [A-1](#APA) |
| [APPENDIX B](#APB)  | [B-1](#APB) |
| [APPENDIX C](#APC)  | [C-1](#APC) |
| [INFORMATION NOT REQUIRED IN PROSPECTUS](#INRI)  | [II-1](#INRI) |
| [INDEX TO EXHIBITS](#ITE)  | [II-4](#ITE) |
| [SIGNATURES](#SIG)  | [II-5](#SIG) |

---

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#### ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement on Form F-1 that we filed with the U.S. Securities and Exchange Commission (the "Commission"). Under this registration statement on Form F-1, the Selling Shareholders may, from time to time offer and sell, an aggregate of 6,843,952 Common Shares.

This prospectus does not contain all of the information included in the registration statement. For a more complete understanding of the offering of the securities, you should refer to the registration statement, including its exhibits, and the information incorporated by reference in this prospectus. This prospectus, together with the documents incorporated by reference into this prospectus, includes all material information relating to the offering of securities under this prospectus. Before purchasing our Common Shares, you should carefully read this prospectus, together with the additional information described under the heading "*Where You Can Find Additional Information*".

We and the Selling Shareholders have not authorized anyone to provide you with information other than that contained in this prospectus or in any accompanying prospectus supplement or free writing prospectus prepared by or on behalf of us or to which we have referred you. We and the Selling Shareholders take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. This prospectus is not an offer to sell or the solicitation of an offer to buy any securities other than the securities to which it relates, or an offer or solicitation in any jurisdiction where offers or sales are not permitted. You should assume that the information appearing in this prospectus or in the documents incorporated by reference and any applicable prospectus supplement is accurate only as of the date on its respective cover, even though this prospectus may be delivered or securities may be sold under this prospectus on a later date. Our business, financial condition, results of operations and prospects may have changed since those dates. Except as otherwise set forth in this prospectus, we have not taken any action to permit a public offering of these securities outside the United States or to permit the possession or distribution of this prospectus outside the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about and observe any restrictions relating to the offering of these securities and the distribution of this prospectus outside the United States.

The Selling Shareholders may not sell these securities until the registration statement filed with the Commission is effective. We are not, and the Selling Shareholders are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information appearing in this prospectus is accurate as of any date other than the date on the front cover of this prospectus unless otherwise specified herein. Our business, financial condition, results of operations and prospects may have changed since that date. Information contained on our website does not constitute part of this prospectus.

Unless otherwise indicated, references in this prospectus to "TMCR," the "Company," "we," "us" and "our" refer to The Metals Royalty Company Inc., a company incorporated under the laws of British Columbia, Canada.

Please refer to "*Prospectus Summary — Glossary*" for definitions of certain other terms used in this prospectus.

#### PRESENTATION OF FINANCIAL INFORMATION
Unless indicated otherwise, our financial information in this prospectus and the information incorporated by reference herein has been prepared on a basis consistent with IFRS Accounting Standards as issued by the International Accounting Standards Board. None of the financial statements were prepared in accordance with generally accepted accounting principles in the United States. In making an investment decision, investors must rely on their own examination of our results and consult with their own professional advisors. We have made rounding adjustments to some of the figures included in this prospectus. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

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#### TECHNICAL AND THIRD PARTY INFORMATION
This prospectus provides summary information about each of our royalty interests, as well as more detailed information about our material properties. As of the date of this prospectus, our royalty interests in (i) the NORI Property operated by TMC the metals company Inc. ("TMC" or "The Metals Company") and (ii) the Mesabi Property operated by Mesabi Metallics Company LLC ("Mesabi Metallics") are each material properties for purposes of Subpart 1300 of Regulation S-K ("S-K 1300"). In making each materiality determination, management considered, among other factors, that each royalty interest is expected to be a principal source of our future revenue. While the NORI Royalty applies to all NORI Areas, management considers NORI Area D as the material portion of the NORI Property for the purposes of the NORI Royalty, primarily because it is the only NORI Area that is currently subject to an application by TMC for a commercial recovery permit under the NOAA. The Mesabi Royalty is held by our indirect wholly-owned subsidiary, TMCR USA Operations Inc. TMC owns approximately 13,923,077 (or approximately 22.4%) of our issued and outstanding Common Shares as of the date of this prospectus and has the right to nominate a director to our board of directors.

We are a royalty company. We do not operate, develop or control the NORI Property or the Mesabi Property, and we do not independently prepare or verify the operator-generated data relating to those properties. In connection with our acquisition of the Mesabi Royalty in May 2026, we engaged DRA Americas, Inc. ("DRA"), an independent engineering and geosciences consulting firm, to prepare on our behalf a technical report summary in respect of the Mesabi Property in accordance with S-K 1300 (the "Mesabi TRS"). The mineral resource estimate set forth in the Mesabi TRS, which has an effective date of January 14, 2026, was prepared by Dr. Schadrac Ibrango, P.Geo., Ph.D., MBA, of DRA, and the mineral reserve estimate set forth in the Mesabi TRS, which has an effective date of May 22, 2026, was prepared by Nigel Fung, P.Eng., of DRA. The remaining sections of the Mesabi TRS, including those addressing property description, geology, mineral processing and metallurgical testing, mining and processing methods, general infrastructure, tailings storage facility design, water management and water balance, environmental studies and permitting, capital cost estimates, and economic analysis, were prepared by other Qualified Persons of DRA and, in respect of the tailings storage facility, by NewFields Canada Inc., and, in respect of water management, water balance and environmental matters, by Stantec Consulting Services Inc. Each Qualified Person named in the Mesabi TRS is independent of TMCR within the meaning of S-K 1300. The Mesabi TRS is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part, and the consents of DRA, NewFields Canada Inc., Stantec Consulting Services Inc. and each Qualified Person named in the Mesabi TRS are filed as Exhibit 23.3-5 pursuant to Securities Act Rule 436 and Item 1302(b)(4) of Regulation S-K.

We have not engaged a qualified person to prepare a technical report summary in respect of the NORI Property. Under S-K 1300, including Items 1303(a)(3) and 1304(a)(2), a company that holds a stream, royalty or similar interest may, in certain circumstances, omit information that would otherwise be required where obtaining the required information and preparing the related disclosure would result in an unreasonable burden or expense to the Company. In light of our size and the early stage of our business, we have determined that obtaining and preparing a separate S-K 1300 technical report summary for the NORI Property at this time would result in an unreasonable burden or expense within the meaning of Items 1303(a)(3) and 1304(a)(2) of Regulation S-K. Accordingly, we rely on those accommodations with respect to the NORI Royalty and do not disclose estimates of mineral resources, mineral reserves, recoverable resources, expected life of mine or estimated revenue over life of project for the NORI Royalty in this prospectus.

#### Sources of Information

#### NORI Property.
TMC, the operator of the NORI Property, has filed with the SEC (i) a report titled "Prefeasibility Study for NORI Area D: Technical Report Summary," dated August 4, 2025 (the "Area D Report") and (ii) a report titled "Technical Report Summary — Initial Assessment of TOML and NORI Properties, Clarion-Clipperton Zone," dated August 4, 2025 (the "Initial Assessment," and together with the Area D Report, the "NORI Technical Reports"). NORI Area D is in the development stage; NORI Areas A, B and

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C remain in the exploration stage. The NORI Technical Reports, while providing important information about the NORI Property, do not provide information sufficient for qualified persons acting on behalf of the Company to arrive at sufficient findings and conclusions, or to prepare adequate supporting documentation, for us to disclose mineral resources or mineral reserves, or related economic analysis, for the NORI Property under S-K 1300 without unreasonable burden or expense to the Company. The NORI Technical Reports shall not be deemed to be incorporated by reference into this prospectus or any future filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The disclosure herein relating to the NORI Property is based entirely on information publicly disclosed by TMC, and we are dependent on TMC's publicly available information to prepare disclosure pertaining to the NORI Property and operations thereon. The Initial Assessment includes six areas (TOML A, B, C, D, E and F) over which TMCR has no interest pursuant to the NORI Royalty Agreement or otherwise.

#### Mesabi Property.
The disclosure in this prospectus relating to the Mesabi Property is based on, and supported by, the Mesabi TRS, together with information provided to us by Mesabi Metallics as operator of the Mesabi Property. As a non-operating royalty holder, we do not have access to drill core, assay data, sample preparation or analytical procedures other than as reported to us by Mesabi Metallics and the qualified persons responsible for the Mesabi TRS, and we rely on those qualified persons to verify, in accordance with their professional and S-K 1300 obligations, the data, information and supporting documentation on which the mineral resource and mineral reserve estimates in respect of the Mesabi Property are based. We are also dependent on Mesabi Metallics to provide accurate and timely information for use in our future periodic and current reports filed with the SEC, including in respect of any updates or revisions to mineral resources and mineral reserves at the Mesabi Property.

#### PRESENTATION OF ESTIMATED RESERVES AND REVENUE, LIFE OF MINE AND SIMILAR INFORMATION
Under S-K 1300, disclosure of mineral resources and mineral reserves must be based on, and accurately reflect, information and supporting documentation prepared by one or more "qualified persons," as such term is defined in S-K 1300. A registrant is responsible for determining that a person meets the qualifications specified under the definition of qualified person and that the disclosure in the registrant's filing accurately reflects the information provided by the qualified person. The mineral resource and mineral reserve disclosure contained in this prospectus in respect of the Mesabi Property has been prepared in accordance with S-K 1300 and is supported by the Mesabi TRS. See "*Business — Mesabi Property — Summary of Mineral Resources and Mineral Reserves*" and Appendix C.

Investors are cautioned that, until mineral deposits are actually mined and processed, any mineral resources and mineral reserves disclosed in this prospectus must be considered estimates only. Mineral resource and mineral reserve estimates are expressions of judgment based on knowledge, analysis of drilling results and industry practices, and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis, which may prove to be unreliable. **Mineral resources are not mineral reserves and do not have demonstrated economic viability**. The grade, quantity and recovery of metals or minerals ultimately produced from the Mesabi Property may differ materially from those interpreted from drilling results, bench-scale and pilot-scale testing or otherwise estimated in the Mesabi TRS. Inferred mineral resources have the lowest level of geological confidence of all mineral resources; inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and it cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. All mineral reserves disclosed in respect of the Mesabi Property are classified as Probable and not Proven, which reflects a lower level of confidence than would apply to Proven mineral reserves. Mineral resource and mineral reserve estimates may also be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing or other factors, including any failure by the operator to obtain or maintain required permits and approvals. There can be no assurance that the mineral resources or mineral reserves disclosed in this prospectus in respect of the Mesabi Property will be realized.

Any future change in the assumptions, methodologies or supporting information underlying the Mesabi TRS, or any amendment, restatement or replacement of the Mesabi TRS, could result in material

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changes to the mineral resource and mineral reserve estimates disclosed in this prospectus and, where applicable, to mine plans, life-of-mine assumptions and project-level economics. Capital and operating cost estimates disclosed in this prospectus in respect of the Mesabi Property are forecasts and are subject to revision based on numerous factors, including inflation, supply chain conditions, labor costs, equipment availability, regulatory developments and operator decisions. See "Risk Factors."

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#### PROSPECTUS SUMMARY
 *This summary highlights select information contained elsewhere in this prospectus and does not contain all the information you should consider before making an investment decision. You should read the entire prospectus and the documents incorporated by reference herein carefully, including the sections entitled "Risk Factors," "Cautionary Note Regarding Forward-Looking Statements," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the accompanying notes included elsewhere in this prospectus, including the documents incorporated by reference herein, before making an investment decision. Unless otherwise indicated or the context otherwise requires, all references in this prospectus to "we," "us," "our," the "Company," "TMCR" and similar terms refer to The Metals Royalty Company Inc.* 

#### Business Overview
We are engaged in the acquisition and management of critical metals and mineral royalties, streams and other similar interests. We are focused on providing capital to support mineral security and independence in North America in support of accelerating domestic industry growth, including energy, defense and re-industrialization. We aim to focus on capital development opportunities encompassing all aspects of the critical metals and minerals value chain.

Our royalty-based business model is designed to enable us to participate in the long-term potential cash flows and commodity upside of large-scale, strategically significant critical metals and mineral assets, with reduced exposure to operational, development or environmental risks typically associated with resource production operations. We believe we are well-positioned to benefit from growth in the global demand for critical metals and minerals and the resulting needs of operators for alternative sources of financing to fund their mining and extraction operations.

Following our acquisition of the Mesabi Royalty in May 2026, our portfolio consists of two royalty interests: (i) the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, a polymetallic nodule project being developed by The Metals Company in the Clarion-Clipperton Zone of the north-east Pacific Ocean (the "CCZ"), located approximately 1,500 miles southwest of San Diego, California; and (ii) the Mesabi Royalty, an indexed gross production revenue royalty (with a revenue floor) on direct-reduction-grade ("DR Grade") Iron Ore Pellets produced from Mesabi Metallics Company LLC's iron ore project located in Nashwauk, Minnesota (the "Mesabi Property"). The Mesabi Royalty is held by our indirect wholly-owned subsidiary, TMCR USA Operations Inc. See "— *Business — Recent Developments*."

We acquired the NORI Royalty in 2023 from The Metals Company in exchange for approximately 13.9 million of our Common Shares and $5,000,000 in cash. We acquired the Mesabi Royalty in May 2026 from Ironclad Royalties, LLC ("Ironclad") for aggregate consideration of $132,500,000, consisting of (i) a cash payment of $125,000,000 and (ii) the issuance of Common Shares with an aggregate value of $7,500,000. We funded the cash portion of the consideration through the net proceeds of the PIPE Financing and borrowings under a $50 million (net of original issue discount) senior secured term loan facility (the "Term Loan Facility") and a delayed draw term loan facility (collectively, the "Loan Facilities"). In connection with the closing of the Mesabi Royalty, we also obtained (a) an option to purchase from Ironclad a 1% substantially identical additional royalty interest on the Mesabi Property prior to July 31, 2026 (the "Additional Purchased Royalty") on terms mirroring the Mesabi Royalty and (b) rights of first offer in respect of the portion of the Ironclad royalty on the Mesabi Property not acquired by us. To date, we have not received any royalty revenue from either the NORI Royalty or the Mesabi Royalty. Each of the NORI Property and the Mesabi Property is in development stage and is not currently in commercial production, and the legal regime applicable to the NORI Property's commercial recovery is uncertain.

We believe The Metals Company is well-positioned to become a leader in nodule mining. Through its wholly-owned affiliates, Nauru Ocean Resources Inc. ("NORI") and The Metals Company USA, LLC ("TMC USA"), The Metals Company holds an exploration license under the International Seabed Authority ("ISA") and has submitted two exploration licenses, one commercial recovery permit and one consolidated exploration license and commercial recovery permit application to the United States National Oceanic and Atmospheric Administration ("NOAA") for the exploration and commercial recovery of polymetallic nodules in the area secured by our royalty agreement among us, The Metals Company and NORI (the "NORI

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Royalty Agreement"). The Metals Company also has strategic global partnerships with key industry participants such as Allseas Group S.A., Korea Zinc Co. Ltd., and Pacific Metals Co., Ltd. ("PAMCO").

We believe Mesabi Metallics is similarly well-positioned to become a leading domestic producer of low-carbon, DR Grade iron ore pellets. The Mesabi Property is located on Minnesota's historic Mesabi Iron Range and represents a substantially constructed, fully permitted DR Grade iron ore pellet operation. We believe DR Grade pellets are critical to the buildout of domestic electric arc furnace ("EAF") steelmaking capacity using direct-reduced iron, which is significantly less carbon-intensive than traditional blast-furnace steelmaking and increasingly demanded by U.S. infrastructure, defense and automotive end-users.

#### Investment Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

#### We hold royalties on two strategically significant critical mineral properties supporting U.S. industrial and energy security.
Our portfolio now consists of two royalty interests covering large-scale critical metals and mineral resources: (i) a 2.0% gross overriding royalty on the NORI Property, which is believed to host one of the world's largest undeveloped resources of nickel, copper, cobalt and manganese, and (ii) an indexed gross production revenue royalty (with a revenue floor) on DR Grade Iron Ore Pellets produced from the Mesabi Property on Minnesota's historic Mesabi Iron Range. Together, these royalties provide investors exposure to both battery-grade base metals essential to electrification and energy storage and DR Grade iron ore essential to low-carbon EAF steelmaking and U.S. re-industrialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

#### Our NORI Royalty provides exposure to a potentially significant resource of polymetallic nodules (including cobalt, copper, manganese and nickel).
We own a 2.0% gross overriding royalty on all metals and minerals produced from The Metals Company's NORI Areas in the CCZ, which is believed to be one of the world's largest undeveloped nickel, copper, cobalt and manganese resources. Seafloor polymetallic nodules occur in all oceans, but we believe the CCZ hosts a relatively high abundance of nodules. In 2025, The Metals Company published the Area D Report, the world's first deep-sea mining pre-feasibility study on the NORI Area D, including an estimate of probable mineral reserves, and TMC has announced that it anticipates first production from the NORI Area D in the fourth quarter of 2027, subject to receipt of necessary permits.

Alongside the Area D Report on the NORI Area D, The Metals Company published the Initial Assessment which applies, in part, to NORI Area A, NORI Area B and NORI Area C. The Initial Assessment also provides scientific and technical information in respect of TMC's TOML Areas. Our royalty does not apply to the TOML Areas. The NORI Technical Reports indicate the presence of polymetallic nodules which include nickel, copper, cobalt, manganese and other base metals in the area covered by our royalty interest. The NORI Technical Reports shall not be deemed to be incorporated by reference into this prospectus or any future filing under the Securities Act or the Securities Exchange Act.

In April 2025, TMC USA submitted to NOAA two exploration license applications and one commercial recovery permit application under the United States Deep Seabed Hard Mineral Resources Act ("DSHMRA") for areas of the CCZ that include (but are not limited to) the area secured by our NORI Royalty Agreement. In January 2026, TMC USA submitted a consolidated exploration license and commercial recovery permit application to NOAA pursuant to the agency's new consolidated application and review process, covering an exploration and commercial recovery area of approximately 65,000 km² in the CCZ (compared to a commercial recovery area of approximately 25,000 km² in the April 2025 commercial recovery permit application) and encompassing the NORI Area D. In March 2026, NOAA determined that the consolidated application was in substantial compliance with the requirements of DSHMRA and its implementing regulations, and on May 1, 2026, NOAA determined that the consolidated application was in full compliance with those requirements and accordingly moved the consolidated application into the certification stage of the NOAA review process. TMC has publicly indicated that, following certification, NOAA's review of the consolidated application is expected to involve publication in the Federal Register, the issuance of a draft environmental impact statement for public comment, finalization of the environmental impact statement and a final determination by NOAA on whether to issue the license and permit, and that TMC expects this process to conclude before the end of the first quarter of 2027. There can be no assurance that NOAA will

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issue an exploration license or commercial recovery permit to TMC USA, that any license or permit will be issued on the timeline TMC has publicly indicated, or that any license or permit issued will be on terms or for areas consistent with TMC USA's applications. See *"Business — Regulatory and Environmental Status"* and "*Business — NORI Property."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

#### Our Mesabi Royalty provides exposure to a substantially constructed domestic DR Grade iron ore pellet project.
Our Mesabi Royalty entitles us to (i) a base royalty rate of 1.00% of gross revenue from annual production of DR Grade Iron Ore Pellets from the Mesabi Property up to 8.5 million metric tons per annum ("MTPA"), subject to a floor of $1.50 per metric ton ("MT"), and (ii) an overage royalty of 0.25% of gross revenue (subject to a floor of $0.375 per MT) on annual production exceeding 8.5 MTPA, in each case until cumulative base royalty volumes reach 170 million MT, which, based on management's forecasts, will occur in 2047, after which the base and overage rates step down to 0.25% and 0.0625%, respectively (with corresponding floor adjustments). Gross revenue is calculated by reference to the Platts Direct Reduction Pellet 67.5% Fe FOB Brazil index price. We also hold a time-limited option to acquire an Additional Purchased Royalty on substantially identical terms and rights of first offer in respect of the portion of the existing royalty retained by Ironclad.

We have filed with this prospectus the Mesabi TRS, prepared by DRA with effective dates of January 14, 2026 (mineral resource estimate) and May 22, 2026 (mineral reserve estimate). See "Business — Mesabi Property — Summary of Mineral Resources and Mineral Reserves" and "Appendix C."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

#### Current U.S. policies support the emerging offshore metals industry and domestic critical mineral and steelmaking supply chains, creating opportunities for us and our partners.
The U.S. government has indicated policy support for both offshore critical minerals development and domestic critical mineral and steelmaking supply chains, which we believe will benefit operations on each of our royalty properties. We believe current U.S. policy developments will expedite future royalty revenue and encourage additional third-party mining operations, which could create additional royalty opportunities for us.

On April 24, 2025, the President issued Executive Order 14285, titled "Unleashing America's Offshore Critical Minerals and Resources" (the "Executive Order"), which directs federal agencies to streamline and expedite permitting for exploration, extraction and processing of seabed mineral resources, instructs the Departments of War and Energy to assess use of the National Defense Stockpile for nodule-derived minerals, and directs federal financing agencies to identify tools to support the industry. In early 2026, the Federal government published America's Maritime Action Plan, which further prioritizes domestic processing capabilities for seabed mineral resources. In July 2025, the OBBBA was signed into law, introducing tax credits for the production of critical metals, allocating $7.5 billion to the Department of War for critical minerals projects and generally promoting the onshoring of industries directly or indirectly impacted by critical metals and minerals supply. Additionally, in March 2026, the Export-Import Bank of the United States ("EXIM") announced its support of up to $10 billion for the development of an iron ore mining and processing facility by Mesabi Metallics on Minnesota's Mesabi Iron Range. We believe these policies, together with continued tariff and trade policy support for domestic steelmaking inputs (including DR Grade iron ore feedstock for EAF and direct-reduced iron operations), enhance the long-term value of our royalty portfolio.

Even under aggressive build-out scenarios, the U.S. is projected to remain in critical mineral deficit through 2030 and has a stated policy objective of increasing the extraction and processing of critical minerals. We believe these factors will provide us with an opportunity to acquire a pipeline of royalty or similar interests throughout the critical metal and mineral value chain by providing capital to operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

#### Partnered with a strong operating company providing an early-mover advantage to deep-sea mining.
We offer investors exposure to the nascent offshore metals and minerals sector through our NORI Royalty on the NORI Property. The operator, The Metals Company, is an early mover and leader in the deep-sea mining sector. The operator of the Mesabi Property, Mesabi Metallics, has substantially completed construction of a permitted DR Grade pellet facility on Minnesota's Mesabi Iron Range and is part of the

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Essar Group of companies. We believe these operators' expertise, together with our management team's decades of combined experience building and operating businesses in the energy, mining and critical metals industries, position us to capitalize on opportunities arising from the current macroeconomic environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.

#### Strong industry and capital relationships backed by an expert, committed management team.
Our leadership team has more than four decades of combined experience leading and financing critical metals, mining and energy businesses, and is supported by an established network of capital partners across the natural resources sector. We believe these relationships, together with our anchor shareholders' long-term commitment to the Company, position us to source proprietary royalty opportunities, evaluate counterparties efficiently and complete acquisitions on favorable terms. We intend to leverage these relationships to pursue royalty acquisitions across the critical metals and minerals value chain, including in commodities and jurisdictions complementary to our existing portfolio.

All of our executive officers are employed by us on a full-time basis and are expected to dedicate substantially all of their working time to their roles with the Company. However, certain of our executive officers and directors also hold officer and/or non-executive directorship positions, advisory positions and/or have significant shareholdings in other companies, including companies involved in natural resources investment, exploration, development, and other companies that may compete with us for potential assets. See "*Risk Factors — Certain of our directors and officers also serve as directors and officers of other companies in the mining and/or natural resources sectors, which may cause them to have conflicts of interest.*"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.

#### Royalty and streaming business model minimizes operational risk.
Our royalty and streaming business model provides exposure to commodity price upside, mine life extensions, expansions, and exploration success while significantly insulating us from operating and capital cost inflation, incremental capital commitments and environmental liabilities from mining operations. Historically, royalty and streaming companies have outperformed traditional mine operators across multiple commodity cycles, supported by higher margins, low corporate overhead, diversification and lower risk profiles.

#### 8 .

#### Capital structure designed for alignment with shareholders.
As of June 22, 2026, 30.66% of our Common Shares are held by our management and directors, and 22.44% of our common shares are held by The Metals Company, promoting a long-term focus on value creation and alignment of management's and shareholders' interests.

We believe we will be well-positioned to fund future critical metals and mineral royalty, stream or other similar interests by raising equity or debt in the capital markets or securing funding from other sources, including potential future proceeds from our existing royalty interest.

#### Risk Factors Summary
Our business is subject to a number of risks and uncertainties, as more fully described under "Risk Factors" in this prospectus and in the section and the section "*Risk Factors*" described in our most recent Annual Report on Form 20-F, which is incorporated by reference herein. We have various categories of risks, including risks related to our business and industry; risks related to regulatory compliance and legal matters; risks related to tax and accounting matters; risks related to ownership of our Common Shares; and general risk factors, which are discussed more fully in the section titled "*Risk Factors*" and the section "*Risk Factors*" described in our most recent Annual Report on Form 20-F. These risks could materially and adversely impact our business, financial condition, and results of operations, which could cause the trading price of our Common Shares to decline and could result in a loss of all or part of your investment. Additional risks, beyond those summarized below or discussed elsewhere in this prospectus, may apply to our business, activities, or operations as currently conducted or as we may conduct them in the future or in the markets in which we operate or may in the future operate. Some of these risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are subject to many of the risks faced by TMC and Mesabi and our future revenues will be significantly affected by adverse developments related to the NORI Property and the Mesabi Royalty.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not conduct exploration, development or production efforts and depend on third-party operators. Therefore, we do not have the ability to control the success of exploration, development, construction or production efforts on the NORI Property or the Mesabi Property, which may adversely affect our business, results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are subject to the risk that TMC may not receive the permits and licenses necessary to conduct operations at the NORI Property, which would adversely affect our expectation of future revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our Mesabi Royalty depends on the ability of Mesabi Metallics to complete construction of the Mesabi Project and to commence and sustain commercial production, and any material delays or cost overruns could adversely affect our Mesabi Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mesabi Metallics is privately held and is not a public reporting company, and we have limited information about its operations, financial condition or strategic plans, on which the value of our Mesabi Royalty substantially depends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Demand for DR Grade Iron Ore Pellets is concentrated among a limited number of EAF and direct-reduction steelmakers, and the loss or reduction of any major customer of Mesabi Metallics could materially and adversely affect our Mesabi Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Estimates of mineral resources and mineral reserves on the Mesabi Property are subject to significant revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have incurred indebtedness under our Loan Facilities, and our continued ability to service that indebtedness and to incur additional leverage in the future could increase the risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have a limited operating history and thus are subject to risks associated with new business development and you have no basis on which to evaluate our ability to achieve our business objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have a history of operating losses and may not achieve or maintain profitability and positive cash flow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our royalty interests are not on producing properties and they and any future royalty, streaming or similar interests we acquire, particularly on development stage properties, are subject to the risk that they may never achieve production.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The NORI Royalty is subject to buy-back rights that could adversely affect the revenues generated from our portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Problems concerning the existence, validity, enforceability, terms or geographic extent of our royalty interest could adversely affect our business and revenues, and our interests may similarly be materially and adversely impacted by a change of control, bankruptcy or the insolvency of operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operators may interpret our existing or future royalty or other interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We do not currently generate revenue and will need to raise additional capital to fund our operations until we begin receiving royalty payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are dependent on favorable government policy for offshore mineral development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have limited access to data or the operations underlying our existing royalty interests and may not have access to such data or the operations on any future royalty and other interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The prevailing market price of and demand for nickel, manganese, copper, cobalt, steel and other commodities may have an adverse impact on the value of our royalty interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our expected returns from the NORI Royalty and Mesabi Royalty, and any future royalty interests we may acquire, are based on numerous assumptions, which may prove inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The value of the NORI Royalty and any future royalty interests depends in part on demand for critical minerals used in EVs and renewable energy storage, which is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our stock price may be volatile and could decline significantly and rapidly.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • An active, liquid, and orderly market for our Common Shares may not be sustained. You may be unable to sell your Common Shares at or above the price at which you purchased them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are an "emerging growth company," and we cannot be certain if the reduced reporting and disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • As a result of our becoming a reporting company under the Exchange Act, we will be obligated to develop and maintain proper and effective internal controls over financial reporting and any failure to maintain the adequacy of these internal controls may adversely affect investor confidence in our Company and, as a result, the value of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We are a foreign private issuer under the rules and regulations of the SEC and, thus, are exempt from a number of rules under the Exchange Act and are permitted to file less information with the SEC than domestic registrants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • U.S. holders of our Common Shares may suffer adverse tax consequences as a result of our passive foreign investment company status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our future growth is to a large extent dependent on our ability to acquire additional royalties, streams or similar interests in the future.

We intend to evaluate and pursue, acquire additional critical metals and mineral royalties, streams and other similar interests that enable us to leverage our knowledge base and skill sets. Such acquisition efforts may involve participation by us in processes that have been made public and involve a number of potential buyers, commonly referred to as "auction" processes, as well as situations in which we believe we are the only party or one of a limited number of potential buyers in negotiations with the potential seller. These acquisition efforts may involve assets which, if acquired, could have a material effect on our financial condition and results of operations. We typically do not intend to announce a transaction until after we have executed a definitive agreement. Discussions and negotiations regarding a potential acquisition can advance or terminate in a short period of time. Moreover, the closing of any transaction for which we have entered into a definitive acquisition agreement will be subject to customary and other closing conditions, which may not ultimately be satisfied or waived. Accordingly, we can give no assurance that our current or future acquisition efforts will be successful. Although we expect the acquisitions we make to be accretive in the long term, we can provide no assurance that our expectations will ultimately be realized.

#### Implications of Being an Emerging Growth Company and Foreign Private Issuer
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an "emerging growth company" as defined in the *Jumpstart Our Business Startups Act of 2012* (the "JOBS Act"). An emerging growth company may take advantage of specified reduced reporting and other requirements that are otherwise applicable generally to public companies. These provisions include that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are only required to include two years of audited financial statements in this prospectus in addition to any required interim financial statements, and correspondingly provide reduced disclosure in "*Management's Discussion and Analysis of Financial Condition and Results of Operations*";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are not required to engage an auditor to opine on our internal controls over financial reporting pursuant to Section 404(b) of the *Sarbanes-Oxley Act of 2002*, as amended (the "Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are not required to submit certain executive compensation matters to stockholder advisory votes, such as "say-on-pay," "say-on-frequency," and "say-on-golden parachutes"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we are not required to disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the chief executive officer's compensation to our median employee compensation.

We may take advantage of these provisions until the last day of the fiscal year during which the fifth anniversary of the Direct Listing occurs or such earlier time that we are no longer an emerging growth company. We will remain an emerging growth company until the earliest of: (i) the last day of the first fiscal

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year in which our annual gross revenue is $1.235 billion or more; (ii) the last day of the fiscal year during which the fifth anniversary of the Direct Listing occurs; (iii) the date on which we have issued more than $1.0 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated filer under the rules of the SEC.

We report under the Exchange Act as a non-U.S. company with foreign private issuer, or "FPI", status. Even after we no longer qualify as an "emerging growth company", as long as we qualify as an FPI under the Exchange Act, we will be exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Regulation Fair Disclosure, or "Regulation FD," which regulates selective disclosures of material information by issuers.

#### Channels for Disclosure of Information
Investors, the media and others should note that, following the effectiveness of the registration statement of which this prospectus forms a part, we intend to announce material information to the public through filings with the SEC, the investor relations page on our website, blog posts on our website, press releases, public conference calls and webcasts. Information contained on or accessible through our website is not incorporated by reference into this prospectus, and any inclusion of our website address in this prospectus is an inactive textual reference only. You should not consider information contained on our website or our social media pages to be part of this prospectus or in deciding whether to purchase Common Shares.

The information disclosed by the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

#### Recent Developments
On April 8, 2026, the Company completed its direct listing on the Nasdaq Capital Market, and its common shares commenced trading on Nasdaq under the ticker symbol TMCR.

On June 1, 2026, we completed the acquisition of the Mesabi Royalty in accordance with the Royalty Purchase Agreement. At closing, TMCR USA Operations Inc. acquired the Mesabi Royalty from Ironclad for aggregate consideration of $132,500,000, consisting of $125,000,000 in cash and the issuance to Ironclad of 576,923 Common Shares with an aggregate value of $7,500,000 at a deemed issue price of $13.00 per Common Share, and TMCR USA Operations Inc. and Ironclad executed and delivered the Mesabi Conveyance.

Concurrently with the closing of the acquisition of the Mesabi Royalty, we completed (i) the closing of the PIPE Financing, in which we issued and sold 6,164,141 Common Shares in a private placement to certain institutional and accredited investors at a purchase price of $13.00 per Common Share for aggregate gross proceeds of approximately $80,133,833, including approximately $15,000,000 of subscriptions by certain of our founders, including Mr. Paes-Braga, our directors and officers, and certain of their affiliates, and (ii) the entry into definitive documentation in respect of, and an initial drawdown under, the Loan Facilities, pursuant to which we borrowed $44,559,585.49 in aggregate principal amount, reflecting a 3.50% original issue discount and resulting in net cash proceeds of $43,000,000. The Loan Facilities mature 36 months from the funding date and bear interest at an initial rate of 9.00% per annum, subject to scheduled rate increases

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over the term, and are secured by a first-priority security interest in substantially all of our assets and a first-priority pledge of the equity interests of our direct and indirect subsidiaries. We applied the net proceeds of the PIPE Financing and the initial drawdown under the Loan Facilities, together with $5,000,000 of the $15,000,000 deposit (the "Transaction Deposit") previously paid by us at signing of the Royalty Purchase Agreement on May 6, 2026, as amended on June 1, 2026, to fund the cash portion of the consideration for the Mesabi Royalty. See "*Selling Shareholders*" for additional information regarding subscriptions by our founders, directors and officers and certain of their affiliates in the PIPE Financing.

As of the date of this prospectus, our option to acquire the Additional Purchased Royalty has been exercised.

The remaining $10,000,000 of the Transaction Deposit will be credited against the cash consideration due and owing at the closing of the Additional Purchased Royalty, if completed by July 31, 2026. Otherwise, the remaining portion of the Transaction Deposit will not be refunded to the Company, except in the limited circumstances described in the Royalty Purchase Agreement.

#### Corporate Structure
As of the date of this prospectus, our corporate structure is as follows:

![[MISSING IMAGE: fc_structure-4c.jpg]](fc_structure-4c.jpg)

#### Corporate Information
We were incorporated on October 27, 2022 as Low Carbon Royalties Inc. under the *Business Corporations Act* (British Columbia) (the "BCBCA"). In September 2025, we changed our name to The Metals Royalty Company Inc. Our principal executive offices are located at 1900 Dome Tower, 333 7<sup>th</sup> Ave SW, Calgary, Alberta, T2P 2Z1. Our registered office is 3500-1133 Melville Street, Vancouver, British Columbia, V6E 4E5. Our telephone number is (403) 984-1941 and our website address is https://www.themetalsroyaltyco.com/.

The information contained on, or that can be accessed through, our website is deemed not to be incorporated in this prospectus or to be part of this prospectus. You should not consider information contained on, or hyperlinked through, our website to be part of this prospectus in deciding whether to purchase Common Shares.

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#### THE OFFERING
Issuer

The Metals Royalty Company Inc.

Securities offered by the Selling Shareholders

6,843,952 Common Shares

Common Shares outstanding prior this offering

61,802,177 Common Shares

Common Shares outstanding immediately after this

offering

61,802,177 Common Shares

Use of proceeds

We will not receive any proceeds from the sale of the Common Shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sale of the Common Shares covered by this prospectus.

Listing

Our Common Shares are listed on the Nasdaq Capital Market under the symbol "TMCR."

Dividend Policy

Any declaration and payment of future dividends to holders of our Common Shares will be at the discretion of our board of directors and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends, the provisions of British Columbia law affecting the payment of dividends and distributions to shareholders, and other considerations that our board of directors deems relevant. In addition, future agreements governing our indebtedness may limit our ability to pay dividends.

Risk Factors

An investment in our securities involves substantial risks. You should read this prospectus carefully, including the section entitled "Risk Factors" and "Item 3. — Key Information — D. Risk Factors" in our most recent Annual Report on Form 20-F, and the financial statements and the related notes to those statements in the documents incorporated by reference before investing in our securities.

As of June 22, 2026, we had 62,044,729 Common Shares outstanding. The total number of outstanding common shares excludes up to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 7,974,929 Common Shares reserved for future issuance under the CEO Performance Plan or awards issued under the 2025 Plan.

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#### GLOSSARY
Unless otherwise specified or if the context so requires, the following frequently used terms in this prospectus have the meanings set forth below for purposes of this prospectus:

"1554997 B.C." means 1554997 B.C. Ltd., incorporated on August 29, 2025 as a former wholly owned subsidiary for the purpose of the Spin-Out.

"2025 Plan" means the Company's omnibus long-term incentive plan, dated November 10, 2025.

"Additional Purchased Royalty" means the Company's option to purchase from Ironclad a 1% substantially identical additional royalty interest on the Mesabi Property prior to July 31, 2026.

"affiliate" means, in respect of a person, any other person that directly or indirectly controls, is controlled by, or is under common control with the first person. For purposes of the preceding sentence, "control" means the possession, directly or indirectly, of the power to direct or cause direction of management and policies through ownership of voting securities, contract, voting trust or otherwise.

"Allowable Capital Loss" means one-half of any capital loss incurred by a Canadian Holder.

"Allseas" means Allseas Group S.A.

"Annual Report" means the Company's annual report for the year ended December 31, 2025, filed on April 27, 2026.

"Area D Report" means the report titled "*S-K 1300 Prefeasibility Study for NORI Area D: Technical Report Summary*" dated August 4, 2025 prepared for TMC.

"Audit Committee" means the audit committee established by the Company's board of directors.

"awards" means collectively the options, PSUs and RSUs under the 2025 Plan.

"BCBCA" means the *Business Corporations Act* (British Columbia).

"Benchmark" means Benchmark Minerals Intelligence.

"Canada U.S. Tax Treaty" means the *Canada-United States Tax Convention* (1980).

"Canadian Holder" means a Holder who, for the purposes of the Canadian Tax Act and any applicable tax treaty or convention, is a resident or deemed to be a resident in Canada at all relevant times.

"Canadian Tax Act" means the *Income Tax Act* (Canada) and the regulations thereunder.

"CCZ" means the Clarion-Clipperton Zone of the north-east Pacific Ocean between Hawaii and Mexico.

"CEO Performance Plan" means the Company's CEO performance-based award plan with an effective date of March 19, 2025.

"CHIA" means Cultural Heritage Impact Assessment.

"Cliffs" means Cleveland-Cliffs Inc.

"Code" means the U.S. *Internal Revenue Code* of 1986, as amended.

"Commissioner" means the Commissioner of Competition of Canada.

"Commitment Fee Shares" means the Common Shares issued to Yorkville in connection with the SEPA.

"Common Shares" means the common shares, without par value, in the capital of the Company.

"Company" means The Metals Royalty Company Inc.

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"Compensation Committee" means the compensation committee established by the Company's board of directors.

"Contribution Agreement" means the binding the assignment and assumption agreement between the Company and 1554997 B.C. dated September 11, 2025, as amended on December 18, 2025.

"Controlling Individual" means the annuitant, subscriber or holder, as the case may be, of the Registered Plan.

"CRA" means the Canada Revenue Agency.

"CVRs" means contingent value rights.

"Deemed Sale Election" means an election made by a U.S. Holder to be treated, for U.S. federal income tax purposes, as having sold such U.S. Holder's Common Shares on the last day of the last taxable year of the Company during which the Company was a PFIC, if the Company is classified as a PFIC and then ceases to be so classified.

"Demand Registration" means a written demand, pursuant to the Investor Rights Agreement, that shall describe the amount and type of securities to be included in such registration and the intended method(s) of distribution thereof.

"Direct Listing" means the listing of the Common Shares on the Nasdaq, which was completed on April 8, 2026.

"DRA" means DRA Americas, Inc.

"DSHMRA" means the United States *Deep Seabed Hard Mineral Resources Act* (30 U.S.C. §1401 et seq).

"EMMP" means the Environmental Management and Monitoring Plan.

"EMS" means Environmental Management System.

"ESIA" means Environmental and Social Impact Assessment.

"EU Critical Raw Materials Act" means the *European Critical Raw Materials Act*.

"EV" means electric vehicle.

"FBAR" means the Report of Foreign Bank and Financial Accounts.

"FHSA" means first home savings account.

"First Repurchase Payment" means the payment made to exercise the First Repurchase Right.

"First Repurchase Right" means the exclusive and irrevocable one-time right and option belonging to NORI to repurchase 50% of the NORI Royalty until February 21, 2030, provided that NORI is not in default of its payment obligations under the NORI Royalty.

"Glencore" means Glencore International AG.

"GORR" means gross overriding royalty.

"Hatch" means Hatch Pty Ltd.

"Holder" means a purchaser who acquires Common Shares as a beneficial owner and who, at all relevant times, for purposes of the Canadian Tax Act, deals at arm's length with the Company, is not affiliated with the Company, and will acquire and hold such Common Shares as capital property.

"IEA" means the International Energy Agency.

"Indemnified Party" means the individuals who are indemnified under the Indemnity Agreement.

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"Indemnity Agreement" means the indemnity agreements between the Company and the Company's current directors and officers.

"Initial Assessment" means the Technical Report Summary — Initial Assessment of TOML and NORI Properties, Clarion-Clipperton Zone, dated August 4, 2025 prepared for TMC.

"Initial Mining Area" means the area selected based on similarity to the Testing Mining Area and includes planned initial runs 19 and 20, and is included in a mine plan developed for the NORI Area D.

"Investor Rights Agreement" means the investor rights agreement among the Company, TMC and Brian Paes-Braga, dated February 21, 2023.

"Investor" means each of TMC and Brian Paes-Braga as parties to the Investor Rights Agreement.

"IRA" means the *Inflation Reduction Act of 2022*.

"Ironclad" means Ironclad Royalties, LLC.

"IRS" means the U.S. Internal Revenue Service.

"ISA" means the United Nations International Seabed Authority.

"ISO" means incentive stock options within the meaning of Section 422 of the Code for U.S. participants.

"JOBS Act" means the *Jumpstart Our Business Startups Act of 2012*.

"Landsons" means Landsons Investment Corporation.

"Landsons Transactions" means the contribution and subscription agreement entered into on March 21, 2023 between Landsons and the Company.

"LCAs" means lifecycle assessments.

"Legacy Option Plan" means the Company's stock option plan, dated February 21, 2023.

"Lender" means American Life & Security Corp.

"Loan Agreement" means the loan agreement entered into on June 1, 2026 between the Lender and the Company.

"Loan Facilities" means the Term Loan Facility and a delayed draw term loan facility.

"Maria Conchita Block" and "Maria Conchita" means the Oil and Gas Royalties production block located in Colombia, operated by NG Energy International Corp., on which the Company held a 3.125% GORR prior to the Spin-Out.

"MC Royalty Transactions" means the contribution and subscription agreements entered on February 21, 2023, with (i) Brian Paes-Braga, (ii) Brian T. O'Neill and (iii) Lucas Cahill.

"Mesabi Conveyance" means the conveyance of royalty interests between Ironclad as Assignor and TMCR USA Operations Inc. as Assignee, effective as of June 1, 2026.

"Mesabi Metallics" means Mesabi Metallics Company LLC.

"Mesabi Project" means Mesabi Metallics iron ore project located in Nashwauk, Minnesota.

"Mesabi Property" means the DR Grade Iron Ore Pelletization plant and mine in Nashwauk, Minnesota, including the real property and mineral leases, mining rights and permits, iron ore processing facilities and other infrastructure in Nashwauk, Minnesota.

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"Mesabi Royalty" means a 1.0% index-priced gross overriding production revenue royalty with a revenue floor on DR Grade Iron Ore Pellets produced from Mesabi Metallics iron ore project in the Mesabi Property.

"Mesabi TRS" means the technical report summary in respect of the Mesabi Property with an effective date of January 14, 2026.

"MLI" means the *Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting*.

"MPCA" means the Minnesota Pollution Control Agency.

"Nasdaq" means the Nasdaq Stock Market LLC.

"Nasdaq Capital Market" means the tier of the Nasdaq Stock Market LLC on which the Common Shares are listed.

"NG Energy" means NG Energy International Corp.

"NOAA" means the National Oceanic and Atmospheric Administration.

"Non-Canadian Holder" means a Holder who, for purposes of the Canadian Tax Act and any applicable tax treaty or convention and at all relevant times, is not resident or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold, Common Shares in connection with a business (including an adventure or concern in the nature of trade) carried on in Canada.

"Non-U.S. Holder" means any beneficial owner of the Company's Common Shares that is not a U.S. Holder, a partnership (or an entity or arrangement that is treated as a partnership or other pass-through entity for U.S. federal income tax purposes) or a person holding our Common Shares through such an entity or arrangement.

"NORI" means TMC's wholly owned subsidiary Nauru Ocean Resources Inc.

"NORI Areas" means, collectively, NORI Area A, NORI Area B, NORI Area C and NORI Area D of the CCZ.

"NORI Area A" has the meaning set out in the Technical Reports.

"NORI Area B" has the meaning set out in the Technical Reports.

"NORI Area C" has the meaning set out in the Technical Reports.

"NORI Area D" has the meaning set out in the Technical Reports.

"NORI Contribution Agreement" means the contribution agreement entered into on February 21, 2023 between NORI and the Company, where the Company acquired the NORI Royalty.

"NORI Exploration Contract" means the exploration contract, granted by the ISA to NORI, dated July 2011, covering the NORI Areas.

"NORI Property" means any present mineral rights located within the NORI Areas with a combined area of 74,830 km<sup>2</sup> and future mineral rights resulting from renewal, extension, modification, substitution, amalgamation, succession, conversion, demise to lease, renaming or variation of any of those mineral rights or any additional mineral rights deriving from those mineral rights, including any future exploitation contract that replaces or amends NORI's existing exploration contract (whether granting or conferring the same, similar or any greater rights and whether extending over the same or a greater or lesser domain) and, if any existing interest of NORI in all or any part of the NORI Property is surrendered, lapses or otherwise terminates, then the NORI Royalty automatically applies to any mineral right or a direct or indirect interest in mineral rights (including by contract or license) reacquired by NORI or its affiliates covering the same area as the NORI Property.

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"NORI Royalty" means the Company's right to receive 2% of the Gross Proceeds (as defined in the NORI Royalty Agreement) from the sale of Products derived from the NORI Property, exclusive of any and all taxes and subject to the First Repurchase Right and the Second Repurchase Right, pursuant to the terms of the NORI Royalty Agreement.

"NORI Royalty Agreement" means the royalty agreement dated February 21, 2023 between the Company, TMC and NORI.

"NSR" means net smelter return.

"OBBBA" means *One Big Beautiful Bill Act*.

"Odyssey" means Odyssey Trust Company.

"Oil and Gas Royalties" means the royalties in respect of NG Energy's operations that were held by the Company prior to the Spin-Out.

"PAMCO" means Pacific Metals Co., Ltd.

"PAMCO FS" means the PAMCO feasibility study.

"PFIC" means passive foreign investment company.

"Piggyback Registration" means the piggyback registration rights of an Investor under the Investor Rights Agreement to request the registration of a specified number of their Registerable Securities in connection with certain public offerings for TMCR's own account or for the account of shareholders, subject to underwriters' cutback rights.

"PIPE Financing" means the private placement offering of Common Shares at a price of $13.00 per Common Share.

"PIPE Shares" means the Common Shares issued pursuant to the PIPE Financing.

"PIPE Subscription Agreements" means the subscription agreements entered into prior to the closing of the PIPE Financing between the Company and the PIPE investors.

"Products" means any and all metals and minerals of every nature and kind, (including precious and base metals), in whatever beneficiated form or state which are produced, extracted by processing, recovered in soluble solution or otherwise recovered or produced from material mined or excavated from the NORI Property, and including any such material derived from any processing or reprocessing of any tailings, and including any other products resulting from the further milling, processing or other beneficiation of such materials, including concentrate or doré, and for greater certainty, excludes any tailings where there is no reasonable expectation of such tailings being processed resulting in the production of metals.

"Proposed Amendments" means specific proposals to amend the Canadian Tax Act which have been publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof.

"PRSUs" means performance-based restricted stock units granted under the CEO Performance Plan.

"PSUs" means restricted share units granted under the 2025 Plan with performance based vesting criteria.

"QEF" means Qualified Electing Fund.

"Qualified Persons" means an individual who is a qualified person for the purposes of S-K 1300 under the Securities Act.

"RDSP" means registered disability savings plan.

"Registerable Securities" means (i) any Common Shares held by an Investor; (ii) any Common Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of TMCR held by an Investor; (iii) any other securities of TMCR held by an Investor, whether or not convertible or

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exercisable for Common Shares, if such securities are registered by TMCR under the Securities Act or qualified for distribution pursuant to a prospectus under Canadian securities laws; and (iv) any Common Shares or such other securities issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, the securities referenced in (i), (ii), or (iii).

"Registered Plan" means RRSP, RRIF, RESP, RDSP, FHSA or TFSA.

"Release Conditions" means conditional approval of the Company's Common Shares being listed or quoted on NASDAQ.

"RESP" means registered education savings plan.

"Resale Shares" means the Royalty Acquisition Shares, the PIPE Shares, the Service Shares and the Commitment Fee Shares.

"Royalty Acquisition Shares" means the Common Shares issued as partial consideration to Ironclad pursuant to the Royalty Purchase Agreement.

"Royalty Purchase Agreement" means the royalty purchase agreement dated May 6, 2026, as amended June 1, 2026 between the Company, TMCR USA Operations Inc., Ironclad and Mesabi Investments (USA) LLC.

"Royalty Statement" means a royalty statement provided by NORI at the time each NORI Royalty payment is made, as required under the NORI Royalty Agreement, which includes details on the quantity, type, and grade of metals and minerals extracted during that quarter and information about the quantity, type and grade of metals and minerals processed and sold during that same period.

"RRIF" means registered retirement income fund.

"RRSP" means registered retirement savings plan.

"RSUs" means restricted share units granted under the 2025 Plan with time based vesting criteria.

"Sarbanes-Oxley Act" means the *Sarbanes-Oxley Act of 2002*, as amended.

"SEC" means the Securities and Exchange Commission.

"Second Repurchase Payment" means the payment made to exercise the Second Repurchase Right.

"Second Repurchase Right" means the exclusive and irrevocable one-time right and option of NORI to purchase an additional twenty-five (25%) of the original NORI Royalty on or after February 21, 2028, provided that the First Repurchase Right has been exercised and NORI is not in default of its payment obligations under the NORI Royalty. The Second Repurchase Right expires on February 21, 2033.

"Section 404" means Section 404 of the Sarbanes-Oxley Act.

"Securities Act" means the *Securities Act of 1933*, as amended.

"Selling Shareholders" means the holders of Common Shares identified in this prospectus.

"SEPA" means the Standby Equity Purchase Agreement between the Company and Yorkville dated July 18, 2025.

"Service Shares" means the Common Shares issued as payment for services to the Company.

"SGM" means the special general meeting of the Company's shareholders.

"SN-9 Block" means the Oil and Gas Royalties production block located in Colombia, operated by NG Energy International Corp., on which the Company held a 1.44% GORR prior to the Spin-Out.

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"Spin-Out" means the assignment and assumption of the Oil and Gas Royalties by 1554997 B.C. and subsequent distribution of the shares of 1554997 B.C. to the Company's existing shareholders as return of capital, pursuant to the Contribution Agreement.

"Subscription Receipt Agreement" means the subscription receipt agreement between the Company and Odyssey Trust Company, dated July 25, 2025, as amended on December 17, 2025.

"subscription receipt" means a subscription receipt of the Company issued pursuant to the Subscription Receipt Agreement.

"Taxable Capital Gain" means one-half of any capital gain.

"Term Loan Facility" means the $50 million senior securities term loan facility.

"Test Mining Area" means the area located in the central west of NORI Area D.

"TFSA" means tax-free savings account.

"TMC Note" means the promissory note with a principal amount of $14,000,000 held by TMC, which was repaid on February 21, 2023.

"TMC" or "The Metals Company" means TMC The Metals Company.

"TMCR" means The Metals Royalty Company Inc.

"TMC Subscription Agreement" means the subscription agreement entered into on February 21, 2023 between TMC and the Company.

"Transaction Deposit" means $15,000,000 cash advance deposit paid by the Company to Ironclad at signing of the Royalty Purchase Agreement.

"UNCLOS" means the UN Convention on the Law of the Sea.

"Unrestricted Stock Awards" means Common Shares free of any restrictions granted under the 2025 Plan.

"U.S. Holder" means a beneficial owner of Common Shares that is for U.S. federal income tax purposes: (a) an individual who is a citizen or resident of the United States; (b) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (c) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (d) a trust (i) if a court within the United States can exercise primary supervision over its administration, and one or more U.S. persons have the authority to control all of the substantial decisions of that trust, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person.

"Yorkville" means YA II PN, Ltd.

In respect of certain scientific and technical information:

"Indicated Mineral Resource" means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.

"Inferred mineral resource" means that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of

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economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.

"LOM" means the projected duration during which economically viable mineral extraction is expected to occur.

"Mt" means the unit representing one million metric tonnes.

"Mwmt" means the unit representing one million wet metric tonnes.

"Mineral Reserve" means the economically mineable part of a measured or Indicated Mineral Resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.

"Mineral Resource" means a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.

"Mwmtpa" means the unit representing one million wet metric tonnes per annum.

"nodule" means a naturally occurring, unattached rock found on the deep ocean floor, typically rich in multiple base metals — such as nickel, copper, cobalt, and manganese — formed over millions of years through precipitation from seawater and sediment pore water.

"probable mineral reserve" means the economically mineable part of an indicated and, in some cases, a measured mineral resource.

"RKEF" means rotary kiln electric furnace.

"wet metric tonne" or "wmt" means a wet metric tonne and is a unit of measurement equal to 1,000 kilograms of mined material inclusive of its inherent moisture content. Wet metric tonnes are commonly used in reporting bulk commodity volumes, with subsequent adjustments made to account for moisture levels when calculating dry tonnage and determining commercial value.

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#### RISK FACTORS
 *You should carefully consider the risks described below and the risks described in our most recent Annual Report of Form 20-F which are incorporated by reference herein, as well as the financial or other information included in this prospectus or incorporated by reference in this prospectus, including our financial statements and the related notes, before you decide to buy our securities. The risks and uncertainties described below are not the only risks facing us. We may face additional risks and uncertainties not currently known to us or that we currently deem to be immaterial. Any of the risks described below, and any such additional risks, could materially adversely affect our business, financial condition or results of operations. In such case, you may lose all or part of your original investment.* 

#### Risks Related to Our Business and Industry
 ***We are subject to many of the risks faced by the operators of our royalty assets, and our future revenues will be significantly affected by adverse developments related to the NORI Property and the Mesabi Property.***

Each of the NORI Royalty and the Mesabi Royalty constitutes a material property of the Company and is expected to be a principal source of our future revenue, along with potential future royalties we may acquire. While we are a party to the NORI Royalty Agreement and the Royalty Purchase Agreement governing the Mesabi Royalty, we do not have a direct interest in the operation or ownership of either the NORI Property or the Mesabi Property. Our royalty interest in the NORI Property is 2%, subject to adjustment as described in the NORI Royalty Agreement, of the gross proceeds from metals and minerals sold from the NORI Property, and our royalty interest in the Mesabi Property entitles us to royalty payments calculated by reference to the lesser of $1.50 per MT and the DR Pellet Index reference price produced and sold from the Mesabi Property. Although our risk profile is lower than that of either operator, the potential for us to derive revenue from each of the NORI Royalty and the Mesabi Royalty will be significantly affected by adverse developments affecting the exploration, development, construction, commissioning, operation, production from, or recoverability of mineral resources or mineral reserves from, the NORI Property or the Mesabi Property, as applicable. Such developments may include, in the case of the NORI Property, operational or environmental risks, equipment or logistical failures, regulatory or permitting delays, or the inability of TMC to secure necessary vessels, contractors or processing infrastructure on commercially suitable terms; and, in the case of the Mesabi Property, construction delays or cost overruns, commissioning or ramp-up failures, equipment failures, weather or geotechnical conditions, labor or supply chain disruptions, permitting or regulatory delays, or the inability of Mesabi Metallics to qualify its pellets with customers or to access rail, port and Great Lakes shipping infrastructure on commercially suitable terms. Any such developments may have a material adverse effect on the results of operations and financial condition of TMCR, and on the trading price of our Common Shares.

If our portfolio of royalty interests or other interests expands in the future, the revenue we may derive from time to time from our portfolio will be based entirely on production from third-party owners and operators. To the extent that the royalties to which we are entitled are dependent directly or indirectly on the exploration, development, construction, commissioning and production of minerals from, or the continued operation of, the properties in which we hold or may hold royalties, streams or similar interests, we will be subject to the risk factors applicable to the owners and operators of such mineral projects. Mineral exploration, development, construction and production are subject to hazards such as equipment failure, environmental pollution and consequent liability for the owners or operators thereof.

 ***We do not conduct exploration, development, construction or production efforts and depend on third-party operators, and therefore we do not have the ability to control the success of those efforts on the NORI Property or the Mesabi Property, which may adversely affect our business, results of operations and financial condition.***

We do not intend to be directly involved in the exploration, development, construction or production of minerals from projects in which we have royalty or similar interests. The exploration, development and operation of the NORI Property is determined and carried out by TMC, and the construction, commissioning and operation of the Mesabi Property is determined and carried out by Mesabi Metallics. Any revenue we may derive from the NORI Royalty will be based on the sale of production by the operator of the NORI Property, and any revenue we may derive from the Mesabi Royalty will be based on the sale of DR Grade

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Iron Ore Pellets produced by Mesabi Metallics from the Mesabi Property. The NORI Royalty is in development stage, is not permitted (and the legal regime applicable to such permitting is uncertain) and may never achieve commercial production. The Mesabi Property has not commenced commercial production and remains subject to completion of construction, commissioning and ramp-up, in each case as further described elsewhere in this prospectus. There can be no assurance that if operations on either property commence production they will achieve profitable and continued production levels. TMC, Mesabi Metallics and any future third-party owners and operators of royalty assets we may acquire will generally have the power to determine the manner in which the NORI Property, the Mesabi Property or other future assets are exploited, including decisions regarding feasibility, exploration, development, construction, commissioning and operation, and decisions to commence, continue or reduce, or suspend or discontinue, production from the property.

The interests of TMC and Mesabi Metallics, and, if we acquire other royalty interests, other third-party owners and operators, may not always be aligned with our interests. In addition, TMC, Mesabi Metallics or any future third-party operator may take action contrary to policies or objectives of TMCR; may be unable or unwilling to fulfill their obligations under the NORI Royalty Agreement, the Royalty Purchase Agreement or any other royalty agreement to which we are a party; may have difficulty obtaining, or be unable to obtain, the permits, approvals or financing necessary to advance their projects; or may experience financial, operational or other difficulties, including insolvency, which could limit their ability to perform their obligations under arrangements with us. For example, it will usually be in our interest to advance development, construction, commissioning and production on properties as rapidly as possible, in order to maximize near-term cash flow, while TMC, Mesabi Metallics and other third-party owners and operators may take a more cautious approach to development and operations, as they are exposed to risks related to the cost of exploration, development, construction and operations. Likewise, it may be in the interest of owners and operators to invest in the development of, and prioritize production from, mineral projects or areas of a mineral project that are not subject to royalties, streams or similar interests that are or may be held by us. Our inability to control or influence the exploration, development, construction or operation of the properties in which we hold, or may in the future hold, royalties, streams and similar interests may have a material adverse effect on our business, results of operations and financial condition.

In addition, due to the concentration of our existing portfolio in two royalty interests, the development and viability of each of the NORI Property and the Mesabi Property depends on the financial condition and operational capabilities of its respective operator. The development and viability of the NORI Property is dependent on the financial condition of TMC and its ability to develop the NORI Property. The development and viability of the Mesabi Property is dependent on Mesabi Metallics' ability to complete construction, commission and operate the Mesabi Project; on the financial condition and operational performance of Mesabi Metallics and its parent group; and on Mesabi Metallics' continued compliance with the Royalty Purchase Agreement and the related conveyance, applicable permits and approvals. Any material adverse change in the business, operations or financial condition of TMC or Mesabi Metallics, or any failure by either operator to advance its project in accordance with its plans, may adversely affect our business, results of operations and financial condition and the maintenance and advancement of the mineral project underlying the relevant royalty interest.

Except in limited circumstances as may be specified in a specific royalty, we may not be entitled to any compensation if properties in which we hold or may hold royalties, streams and similar interests in the future discontinue exploration, development, construction or operations on a temporary or permanent basis.

 ***We have a limited operating history and thus are subject to risks associated with new business development, and you have no basis on which to evaluate our ability to achieve our business objectives.***

Because we have a relatively limited operating history, you should consider and evaluate our operating prospects in light of the risks and uncertainties frequently encountered by early-stage operating companies in rapidly evolving markets and risks specific to our business. These risks include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of the NORI Royalty and the Mesabi Royalty is a development-stage asset, and neither the NORI Property nor the Mesabi Property may generate sufficient output to support substantial royalty payments to us;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • even if the NORI Property and the Mesabi Property are successful and generate substantial revenues, if we do not obtain additional royalty interests or other interests in the future, our revenue may decline or remain concentrated in a limited number of assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • we may not achieve our growth strategy or acquire additional royalty interests or other interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • fluctuations in our operating results may be significant and volatile because we currently hold only the NORI Royalty and the Mesabi Royalty as our principal royalty assets.

Our future growth will depend substantially on our ability to address these and the other risks described in this section. If we do not successfully address these risks, our business could be significantly harmed.

#### We have a history of operating losses and may not achieve or maintain profitability and positive cash flow.
To date, we have received no revenue from either the NORI Royalty or the Mesabi Royalty. We have incurred significant net losses since our inception and have financed our operations principally through equity financing and revenue received from the Oil and Gas Royalties, which were spun out of our business prior to our direct listing. If we sustain losses over an extended period of time, we may be unable to continue our business. Even if we do achieve profitability, we cannot predict the level of such profitability.

We do not know whether the NORI Royalty or the Mesabi Royalty will result in revenue or whether we can achieve profitability. There is significant uncertainty about our ability to realize revenue from the NORI Royalty, the Mesabi Royalty or any additional royalty interests we may acquire in the future. Even if we do realize revenue from our current or future royalty interests or other interests and become profitable, we may not be able to achieve or, if achieved, sustain profitability.

 ***Our royalty interests are not on producing properties, and they and any future royalty, streaming or similar interests we acquire, particularly on development-stage properties, are subject to the risk that they may never achieve production.***

Neither the NORI Property nor the Mesabi Property is currently in commercial production. The NORI Property is in development stage and no commercial recovery permits for extracting minerals from the seafloor within the NORI Property have been granted under the ISA regime or DSHMRA. The Mesabi Property is in the construction and commissioning phase, with first DR Grade Iron Ore Pellet production targeted in the fourth quarter of 2026 and a multi-month ramp-up period thereafter to commercial production. Our existing royalty interests, and any future royalty, streaming or similar interests we acquire, may never produce any revenues. While the discovery or definition of mineral deposits may result in substantial revenue, few properties that are explored or developed are ultimately developed into producing mines on commercial terms. Major expenditures by the company developing the relevant property may be required to locate and establish mineral reserves, to develop metallurgical processes and to design, permit, construct and commission mining and processing facilities at a particular site. It is impossible to ensure that exploration, development or construction programs planned by the owners or operators of the properties underlying royalties, streams and similar interests that are or may be held by us will result in profitable commercial mining operations. In addition, our information about the NORI Property is primarily based on the NORI Technical Reports prepared by TMC, and our information about the Mesabi Property is primarily based on the Mesabi TRS and on information provided to us by Mesabi Metallics, in each case which may be inaccurate or subject to revision. Whether a mineral deposit will be commercially viable depends on a number of factors, including cash costs associated with extraction and processing; the particular attributes of the deposit, such as size, grade and proximity to infrastructure; mineral and pellet prices, which are highly cyclical; government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use and environmental protection; and political stability. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in one or more of the properties underlying our current or future interests not generating sufficient royalty revenues. Accordingly, there can be no assurance that the properties underlying our current or future interests will be brought into a state of commercial production.

The failure of TMC to receive commercial recovery permits for extracting minerals from the seafloor within the NORI Property, or, even if granted, the failure of the NORI Property to achieve production on

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schedule or at all, would have a material adverse effect on our asset carrying values and the other benefits we expect to realize from the NORI Royalty. Similarly, any failure by Mesabi Metallics to complete construction, commission the Mesabi Project, achieve targeted production rates or sustain commercial production at the Mesabi Property, or any failure by Mesabi Metallics to obtain or maintain required permits and approvals (including the amendment of its Air Emissions Facility Permit), would have a material adverse effect on the benefits we expect to realize from the Mesabi Royalty. Any of the foregoing, or the failure to realize the anticipated benefits of any future royalty interests we may acquire, could have a material adverse effect on our business, results of operations, cash flows and financial condition.

 ***Problems concerning the existence, validity, enforceability, terms or geographic extent of our royalty interests could adversely affect our business and revenues, and our interests may similarly be materially and adversely impacted by a change of control, bankruptcy or insolvency of operators.***

Defects in, or disputes relating to, the NORI Royalty, the Mesabi Royalty or any royalty interest we may acquire in the future may prevent us from realizing the anticipated benefits from these interests and could have a material adverse effect on our business, results of operations, cash flows and financial condition. Material changes could also occur that may adversely affect management's estimate of the carrying value of our royalty interests and could result in impairment charges. While we seek to confirm the existence, validity, enforceability, terms and geographic extent of the royalty interests we hold and may acquire in the future, there can be no assurance that disputes or other problems concerning these matters will not arise. Confirming these matters is complex and is generally subject to the application of the laws of each relevant jurisdiction to the particular circumstances of each parcel of mining property and to the agreement reflecting the royalty interest. In many jurisdictions, royalty interests are contractual in nature, rather than interests in land, and therefore may be subject to risks resulting from a change of control, bankruptcy or insolvency of operators, and our royalty interests could be materially restricted or set aside through judicial or administrative proceedings.

The NORI Royalty is subject to additional risk given that the NORI Property is located in a vast ocean area where no land territory exists. While the NORI Royalty Agreement expresses the intention of the parties for the NORI Royalty to be an interest in land, it is not clear which jurisdiction will ultimately regulate the exploitation of the NORI Property or what the applicable legal regime will be. For those reasons, while the NORI Royalty Agreement contains a covenant to register security interests in our favor over the applicable NORI Property in the future, until a regulatory regime is established we do not have the protection of security interests that could help us recover all or part of our investment in our royalty interest in the event of the bankruptcy or insolvency of the operator of the NORI Property. We may never receive such security interests and therefore may be subject to risks resulting from a change of control, bankruptcy or insolvency of the operator, and our NORI Royalty could be materially restricted or set aside through judicial or administrative proceedings.

The Mesabi Royalty was conveyed pursuant to the Royalty Purchase Agreement and the related conveyance and is intended to constitute an interest in the Mesabi Property under applicable Minnesota law. The recognition, priority and enforceability of the Mesabi Royalty depend on the proper documentation, recording and continued maintenance of those interests under Minnesota law and on the continued solvency, performance and corporate existence of Mesabi Metallics. Mesabi Metallics is part of a corporate group whose affiliates have historically been involved in restructuring, refinancing and insolvency proceedings, including the bankruptcy reorganization of a predecessor in interest to the Mesabi Property. In the event of a change of control, bankruptcy, insolvency or similar proceeding involving Mesabi Metallics or its parent group, our Mesabi Royalty could be subject to challenge, recharacterization, subordination, set-off, avoidance or other adverse treatment in such proceeding, and our ability to enforce our royalty interest could be delayed, limited or impaired.

 ***We have limited access to data on, and to the operations underlying, our existing royalty interests, and we may have similarly limited access with respect to any future royalty and other interests.***

We are not, and will not be, the owner or operator of any of the properties underlying our existing or future royalties, streams and similar interests, and we have no input into the exploration, development, construction or operation of such properties. Consequently, we have limited or no access to exploration,

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development or operational data on the NORI Property, and only limited information rights with respect to the Mesabi Property. This could affect our ability to assess the value of those interests. This could also result in delays in cash flow anticipated by us, based on the stage of development of the properties underlying the NORI Royalty, the Mesabi Royalty or any future royalty and similar interests. Our entitlement to payments in relation to such interests may be calculated by the royalty payors in a manner different from our projections, and our audit rights, if any, may not be effective in protecting our interests. In addition, some royalties, streams or similar interests may be subject to confidentiality arrangements that govern the disclosure of information regarding such interests and, as a result, we may not be in a position to publicly disclose related non-public information. The limited access to data and disclosure regarding the exploration, development, construction and any future production of minerals from, or the continued operation of, the NORI Property and the Mesabi Property, or any future properties in which we have an interest, may have a material adverse effect on our business, results of operations and financial condition.

For example, we rely on TMC to provide data pursuant to the NORI Royalty Agreement, and we rely on Mesabi Metallics to provide data pursuant to the Royalty Purchase Agreement and the related conveyance. The information received from either operator may be imprecise or incomplete as a result of its having been compiled by the operator without any oversight by us. Mesabi Metallics is a privately held limited liability company that is not subject to the public reporting requirements of the Exchange Act or to the disclosure standards applicable to public companies, and our information rights with respect to Mesabi Metallics are limited to those provided in the Royalty Purchase Agreement and the related conveyance, supplemented by any information voluntarily shared with us. If the information provided by TMC or Mesabi Metallics to us contains material inaccuracies or omissions, then our disclosure may be inaccurate and our ability to accurately forecast or achieve our stated objectives may be materially impaired, which may have a material adverse effect on our business.

In addition, our ability to detect payment errors through our associated internal controls and procedures is limited. Royalty agreements entered into from time to time by us may require an owner or operator to provide us with production and operating information that may, depending on the completeness and accuracy of such information, enable us to detect errors in the calculation of royalty payments that we may receive. The NORI Royalty Agreement requires us to provide notice within 24 months after receipt of a Royalty Statement; otherwise, the royalty payment is considered final and in full satisfaction of the counterparty's obligations. The Royalty Purchase Agreement and the related conveyance contain their own procedural and timing limitations on the exercise of our audit and information rights with respect to the Mesabi Royalty. We do not expect to be able to rectify any revenue adjustment under the NORI Royalty more than 24 months after receipt of the related Royalty Statement, and we may face analogous limitations with respect to the Mesabi Royalty under the terms of the Royalty Purchase Agreement and the related conveyance.

Of the royalty agreements that we may enter into, some, such as the NORI Royalty Agreement and the Royalty Purchase Agreement, may provide us with the right to audit operational calculations and production data for associated payments; however, such audits may occur many months following our recognition of the applicable revenue and may require us to adjust our revenue in later periods.

 ***Operators may interpret our existing or future royalty or other interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights.***

Royalty interests are generally subject to uncertainties and complexities arising from the application of contract and property laws in the jurisdictions where the mineral projects are located. Operators (including TMC and Mesabi Metallics) and other parties to the agreements governing our existing or future royalty or other interests may interpret our interests in a manner adverse to us or otherwise may not abide by their contractual obligations, and we could be forced to take legal action to enforce our contractual rights. We may or may not be successful in enforcing those rights, and our revenues relating to any challenged royalty interests may be delayed, curtailed or eliminated during the pendency of any such dispute or in the event our position is not upheld, which would have a material adverse effect on our business, results of operations, cash flows and financial condition. Disputes could arise challenging, among other things, methods for calculating the royalty interest (including, in the case of the Mesabi Royalty, the application of the DR Pellet Index and the determination of qualifying deductions), various rights of the operator or third parties in or

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to the royalty interest or the underlying property, the obligations of a current or former operator to make payments on royalty interests, and various defects or ambiguities in the agreement governing a royalty interest.

As discussed above, the NORI Royalty is subject to additional risk given that the NORI Property is located in a vast ocean area where no land territory exists and it is not clear which jurisdiction will ultimately regulate the exploitation of the NORI Property and what the applicable legal regime will be.

 ***Development, construction and operation of mining and processing operations are highly capital-intensive, and any inability of the operators of properties underlying our existing or future royalty or other interests to meet their liquidity needs, obtain financing or operate profitably could have material adverse effects on the value of and revenue from such interests.***

If operators of properties in which we hold interests do not have the financial capabilities or strength, or sufficient credit or other financing capability, to cover the costs of developing, constructing or operating their mining and processing operations, they may curtail, delay or cease development, construction or operations at a mine site, or enter into bankruptcy proceedings. Each of TMC and Mesabi Metallics will require substantial capital to continue to advance the NORI Property and to complete construction, commissioning and operation of the Mesabi Project, respectively. An operator's ability to raise and service sufficient capital may be affected by, among other things, macroeconomic and geopolitical conditions, future commodity prices of metals to be mined or pellets to be produced, or further economic volatility in the areas in which the operator operates and in global financial markets. If certain of the operators of the properties on which we have royalty interests suffer these material adverse effects, then our existing or future royalty or other interests, including the value of and revenue from them, and the ability of operators to obtain debt or equity financing for the exploration, development, construction and operation of their properties may be materially adversely affected.

In addition, our ability to generate future cash flows and our financial condition will be dependent to a large extent on the financial viability and operational effectiveness of owners and operators of the properties underlying the royalties, streams and similar interests that are or may be held by us. Payments from production generally flow through the operator and there is a risk of delay and additional expense in receiving such revenues. Payments may be delayed by restrictions imposed by lenders, delays in the sale or delivery of products, recovery by the operators of expenses, the establishment by the operators of mineral reserves for such expenses or the bankruptcy, insolvency or other adverse financial condition of the operator. Our rights to payment under royalties and similar interests must, in most cases, be enforced by contract, and in the case of the NORI Royalty without the protection of a security interest over property that we could readily liquidate. This inhibits our ability to collect outstanding royalties in the event of a default. In the event of a bankruptcy, insolvency or other arrangement of an operator or owner, in many instances, we will be treated like any other unsecured creditor, and therefore may have limited prospects for full recovery of any royalty or similar revenue.

 ***We have incurred indebtedness under our Loan Facilities, and our continued ability to service that indebtedness and to incur additional leverage in the future could increase the risk of loss.***

On June 1, 2026, in connection with our acquisition of the Mesabi Royalty, we drew the full $44,559,585.49 aggregate principal amount available under the Term Loan Facility (reflecting a 3.5% original discount and resulting in net cash proceeds of $43,000,000), which bears interest at an initial rate of 9% per annum (subject to scheduled rate increases over its 36-month term) and is secured by a first-priority security interest in substantially all of our assets (including the Mesabi Royalty) and the assets of our subsidiaries, and a first-priority pledge of the equity interests of our subsidiaries. As of the date of this prospectus, we have not received any royalty revenue from either the NORI Royalty or the Mesabi Royalty, and our ability to service our debt obligations under the Loan Facilities depend on our cash on hand, the remaining net proceeds of the PIPE Financing and our ability to raise additional capital or commence royalty revenue prior to maturity of the Loan Facilities. If, among other things, we are unable to service our debt obligations or comply with the covenants under the Loan Facilities, the lender could declare our outstanding obligations under the Loan Facilities immediately due and payable and exercise its rights under the loan documents and the security to, among other things, enforce its security interests in our (and our subsidiaries) assets, including the Mesabi Royalty, which would have a material adverse effect on our business,

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financial condition and results of operations. We may in the future further finance acquisitions of royalty or other interests through the use of additional debt, and any additional indebtedness we incur could subject us to additional restrictive covenants, further limit our financial flexibility and further increase our exposure to changes in interest rates. If the cash flow from our royalty portfolio is insufficient to meet our debt service obligations under the Loan Facilities or any future indebtedness, we may be forced to reduce or delay acquisitions, sell assets or take other actions that could materially and adversely affect our business, financial condition and results of operations.

 ***Our expected returns from the NORI Royalty and the Mesabi Royalty, and any future royalty interests we may acquire, are based on numerous assumptions, which may prove inaccurate.***

The value of the NORI Royalty and the Mesabi Royalty, and of any royalty interests we may acquire in the future, and the cash flows they may generate, depend on a number of assumptions, including future production levels, operating costs, capital expenditures, mineral resource and mineral reserve estimates, mine life, recovery rates, infrastructure availability and prevailing commodity and index prices (including, in the case of the Mesabi Royalty, the level and stability of the DR Pellet Index). These assumptions are made by TMC, as the operator of the NORI Property, by Mesabi Metallics, as the operator of the Mesabi Property, and may also be made by operators of any properties underlying royalty interests we may acquire in the future. Such assumptions are inherently uncertain and subject to change, and are often beyond our control. If the assumptions underlying our projected returns are not realized, our revenues could be significantly lower than anticipated, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

#### We face intense competition for royalty acquisitions.
We compete with other royalty and streaming companies, as well as mining companies and other potential investors, for attractive royalty acquisition opportunities. Many of our competitors may have greater financial resources, lower costs of capital or more established relationships with operators. Increased competition may result in higher acquisition costs, reduced availability of suitable royalty opportunities or less favorable terms. If we are unable to compete successfully for royalty interests, our growth prospects may be materially limited.

#### Unsuccessful efforts to acquire new royalties may result in significant costs and reduce our ability to pursue other opportunities.
We expect to devote significant resources to identifying, evaluating and pursuing potential royalty acquisitions. These activities may require us to incur significant transaction costs, including legal, accounting, and technical due diligence expenses, regardless of whether a transaction is ultimately consummated. Unsuccessful acquisition efforts could therefore result in a drain on our financial and management resources and may negatively impact our ability to pursue subsequent opportunities.

#### Risks Related to the NORI Royalty
The following risk factors relate specifically to the NORI Royalty and the NORI Property. These risks are in addition to, and should be read together with, the risk factors set forth under "Risks Related to Our Business and Industry" above and the risk factors incorporated by reference from our most recent Annual Report on Form 20-F.

 ***Our NORI Royalty is in respect of a deep-sea mining project that involves unproven technologies at commercial scale, which may impact our ability to generate revenue from the NORI Royalty.***

The NORI Royalty is in respect of the NORI Property, a deep-sea mining project focused on the extraction of polymetallic nodules. The development and commercial viability of deep-sea mining operations involve several technologies that have not yet been proven at commercial scale. These include subsea collection systems, onboard processing and environmental monitoring technologies. As a result, the project may face technical failures, higher-than-expected costs, production delays or the inability to achieve economically viable extraction and processing.

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In addition, deep-sea mining operations are subject to complex supply chain and infrastructure challenges, including reliance on specialized vessels, port access, and onshore refining capacity. Any interruptions, cost overruns or environmental incidents affecting these components could delay or disrupt production, which would adversely impact our ability to receive royalty revenues from the NORI Property. Given the materiality of the NORI Royalty to our results of operations and prospects, any such issues could materially affect our business, financial condition, and prospects.

#### The NORI Royalty is subject to buy-back rights in favor of our counterparties that could adversely affect the revenues generated from our portfolio.
As of the date of this prospectus, the NORI Royalty is subject to buy-back or buy-down rights. Under the terms of the NORI Royalty Agreement, subject to certain conditions, NORI has the right (i) to repurchase 50% of the NORI Royalty by making a payment that would provide the holder with an agreed rate of return ("First Repurchase Right") and (ii) to repurchase an additional 25% of the NORI Royalty on or after February 21, 2028 by making a payment that would provide the holder with an agreed rate of return ("Second Repurchase Right"). The First Repurchase Right expires on February 21, 2030 and the Second Repurchase Right expires on February 21, 2033. Buy-back and buy-down rights are common in the industry and allow an operator to permanently eliminate or reduce the royalty holder's interest or entitlement under the relevant royalty or other interest. The exercise of the First Repurchase Right or Second Repurchase Right may result in a material adverse effect on our earnings, if any, results of operations, financial condition and prospects and the trading price of our securities by significantly reducing the revenue we would have received under the NORI Royalty.

 ***If title to mining claims, concessions, licenses, leases or other forms of tenure is not properly maintained by the operators, or is successfully challenged by third parties, our existing royalty interests could be found to be invalid.***

Our business is subject to the risk that operators of mineral projects and holders of exploration or mining claims, tenements, concessions, licenses or other interests in land and minerals may lose their exploration or mining rights, allow them to expire, or have their rights to explore and mine properties contested by private parties or the government. Internationally, exploration and mining tenures are subject to loss for many reasons, including expiration, failure of the holder to meet specific legal qualifications, failure to establish a deposit capable of economic extraction, failure to pay maintenance fees or meet expenditure or work requirements, reduction in geographic extent upon passage of time or upon conversion from an exploration tenure to a mining tenure, failure of title, expropriation and similar risks. If title to exploration or mining tenures subject to our royalty interests has not been properly established or is not properly maintained, or is successfully contested, our royalty interests could be adversely affected.

As discussed above, the NORI Royalty is subject to additional risk given that the NORI Property is located in a vast ocean area where no land territory exists and it is not clear which jurisdiction will ultimately regulate the exploitation of the NORI Property and what the applicable legal regime will be.

#### Operations in foreign countries or outside sovereign jurisdictions are subject to many risks, which could decrease our revenues.
Our NORI Royalty is outside of the United States, located in international waters of the CCZ. In addition, future acquisitions may expose us to new jurisdictions. Our activities and those of the operator of any property on which we hold or in the future hold royalty interests are subject to the risks normally associated with conducting business in foreign countries. These risks may impact the operators of our interests, depending on the jurisdiction, and include such things as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expropriation or nationalization of mining property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • seizure of mineral production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exchange and currency controls and fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations on foreign exchange and repatriation of earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restrictions on mineral production and price controls;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • import and export regulations, including trade sanctions and restrictions on the export of minerals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in legislation and government policies, including changes related to taxation, government royalties, tariffs, imports, exports, duties, currency, foreign ownership, foreign trade, foreign investment and other forms of government take;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • challenges to mining, processing and related permits and licenses, or to applications for permits and licenses, by or on behalf of regulatory authorities, intergovernmental organizations, non-governmental organizations or other third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in economic, trade, diplomatic and other relationships between countries, and the effect on global and economic conditions, the stability of global financial markets, and the ability of key market participants to operate in certain financial markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • high rates of inflation and tariffs on products using metals extracted from mines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • labor practices and disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • enforcement of unfamiliar or uncertain foreign real estate, mineral tenure, contract, water use, mine safety and environmental laws and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • renegotiation, nullification or forced modification of existing contracts, licenses, permits, approvals, concessions or the like;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • war, crime, terrorism, sabotage, blockades and other forms of civil unrest, and uncertain political and economic environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • corruption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • exposure to liabilities under anti-corruption and anti-money laundering laws, including the United States Foreign Corrupt Practices Act and similar laws and regulations in other jurisdictions to which we, but not necessarily our competitors, may be subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • suspension of the enforcement of creditors' rights and shareholders' rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • loss of access to government-controlled infrastructure, such as roads, bridges, rails, ports, power sources and water supply.

These risks may limit or disrupt the exploration and development of mineral projects on which we hold royalty and other interests, restrict the movement of funds, or result in the deprivation of contract rights or the taking of property by nationalization or expropriation without fair compensation, and could have a material adverse effect on our business, results of operations, cash flows and financial condition.

#### Public opposition to deep-seabed mining and calls for a moratorium could adversely affect our operations, reputation, and ability to secure necessary permits.
Several non-governmental organizations and other stakeholders have launched vigorous campaigns opposing deep-seabed mining, citing concerns about potential environmental impacts. In response, some participants in the EV supply chain have called for a general moratorium on all forms of deep-seabed mining until further research is conducted on the marine impacts of nodule collection operations. Although TMC is in the process of completing its Environmental and Social Impact Assessment and Cultural Heritage Impact Assessment for the offshore nodule collection segment of the NORI Area D project, the outcome of these assessments remains uncertain.

Public perception and regulatory response to deep-sea mining could delay or restrict TMC's ability to proceed with commercial operations, which negatively impacts our ability to obtain revenues from the NORI Property. Any such delays or restrictions could have a material adverse effect on our business, financial condition, and results of operations.

 ***Fluctuations or decreases in the prevailing market price of and demand for nickel, manganese, copper, cobalt and other commodities may have an adverse impact on the value of our royalty interest.***

The value of our royalty interest and the potential future development of the NORI Property are directly related to the market price of critical metals, including nickel, copper, cobalt and manganese ores

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and other commodities. For example, our NORI Royalty is calculated based on the gross proceeds from the sale of Products from the NORI Property. Market prices may fluctuate widely and are affected by numerous factors beyond our control or that of any mining royalty company including: military conflict; prevailing interest rates and returns on other asset classes; expectations regarding inflation, monetary policy and currency values; speculation; governmental and exchange decisions regarding the disposal of metal stockpiles; political and economic conditions; available supplies of the four critical metals contained in nodules from mine production, inventories and recycled metal; sales by holders and producers of these critical metals; and demand for downstream products containing nickel, copper, cobalt and manganese, including batteries for EV and energy storage that consume high volumes of the minerals to produce, and a number of other factors.

Declines in market prices could cause an operator to cease or slow down exploration and development activities, reduce, suspend or terminate production from an operating project or construction work at a development project and negatively impact our ability to obtain revenues from its interests in the future. A price decline may result in a material and adverse effect on our business, results of operations and financial condition.

#### The value of our royalty interest depends in part on demand for critical minerals used in EVs and renewable energy storage, which is uncertain.
Our royalty exposure relates to polymetallic nodules that contain nickel, cobalt, copper and manganese, which are critical to EV and renewable energy storage applications. The demand for these minerals is influenced by government incentives, regulatory developments, consumer adoption rates, technological advances, and competing energy storage technologies. Recent uncertainty in the EV and alternative energy markets, particularly in the United States, illustrates that growth in these sectors may not occur at the pace anticipated. If demand for such minerals does not develop as expected or is not sustained, the operators of the properties using the minerals underlying our royalty interests may reduce production or delay development, which could adversely affect our revenues and the value of our royalty portfolio.

#### We are dependent on favorable U.S. government policy for offshore mineral development and subject to complex regulatory frameworks.
Our business is significantly dependent on continued support from the U.S. government for the exploration and development of offshore critical minerals, including polymetallic nodules. The NORI Property underlying our royalty interest is subject to complex regulatory frameworks and evolving policy priorities. Any shift in U.S. government policy — including changes in legislation, executive orders, agency guidance, or permitting practices — that reduces support for offshore mineral exploitation could materially hinder the development of the NORI Property. Such changes may delay or prevent the advancement of the NORI Property, limit access to capital or government incentives, and adversely affect the economic viability of the NORI Property, and as a result, the economic viability of our royalty interest.

Additionally, the NORI Property is located in an offshore jurisdiction subject to both U.S. and international regulatory oversight, including DSHMRA, UNCLOS and applicable U.S. federal laws governing seabed mineral extraction. These regulatory frameworks are complex, evolving, and may be subject to differing interpretations or enforcement priorities. In certain cases, U.S. policy may conflict with international norms or the positions of multilateral bodies, creating uncertainty around permitting, standards, environmental compliance, and operational approvals, which may impact our royalty interest.

As a result, any adverse change in government policy could have a material impact on our business, financial condition, results of operations, and prospects.

 ***NORI's exploration contract with the ISA is scheduled to expire in July 2026, and there is no assurance that the ISA will grant NORI's pending request for a five-year extension on a timely basis or at all, which could materially and adversely affect our NORI Royalty.***

Our NORI Royalty depends on the continued validity of NORI's exploration contract with the ISA covering NORI Areas A, B, C and D. The current NORI exploration contract was granted by the ISA in July 2011 for an initial 15-year term and is scheduled to expire in July 2026. In January 2026, NORI submitted to the ISA a request for a five-year extension of its exploration contract, as permitted under the terms of

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the contract upon a showing of good-faith compliance with the approved plan of work. As of the date of this prospectus, the extension request remains pending ISA review, and there can be no assurance that the ISA will grant the extension on a timely basis, on terms acceptable to NORI, or at all. If the extension is not granted, NORI's exclusive rights under the ISA exploration contract would lapse, which could materially and adversely affect the ability of TMC and its affiliates to advance the NORI Property under the ISA regime and the timing or amount of any royalty payments we may receive under the NORI Royalty Agreement. While the NORI Royalty Agreement provides that the NORI Royalty would automatically apply to any mineral right reacquired by NORI or its affiliates covering the same area as the NORI Property, and TMC USA has separately submitted applications to NOAA under DSHMRA covering, among other areas, the NORI Property, we cannot assure investors that any such reacquired rights or any DSHMRA exploration license or commercial recovery permit would be obtained on commercially viable terms or in a manner that would preserve the economic value of the NORI Royalty.

 ***We are subject to the risk that TMC may not receive the permits and licenses necessary to conduct operations at the NORI Property, which would adversely affect our expectation of future revenue.***

TMC, through its wholly-owned affiliates, NORI and The Metals Company USA, LLC, holds the exploration license from the ISA and has submitted two exploration licenses, one commercial recovery permit and one consolidated exploration license and commercial recovery permit application to the NOAA, for the exploration and commercial recovery of polymetallic nodules in the area of the NORI Property. TMC and its affiliates may not receive exploration licenses or recovery permits from the NOAA, and if they do, such licenses and permits may be suspended, on both a temporary or permanent basis, prior to TMCR realizing any revenue from the NORI Royalty. Furthermore, TMC and its affiliates may never receive a permit or license from the ISA to permit exploitation in the area of the NORI Property, and if they do, such licenses and permits may be suspended, on both a temporary or permanent basis, prior to TMCR realizing any revenue from the NORI Royalty.

Even if TMC obtains a permit from NOAA, such authorization may be subject to challenge or review by other domestic or international regulatory bodies, which could adversely affect the development of the project and the timing or amount of royalty payments we receive, which may adversely affect our business, results of operations and financial condition.

Recent actions by the Trump Administration, including the rescission of EV mandates and the suspension of EV-related incentives under the IRA, have introduced uncertainty into the policy environment for clean energy and critical mineral supply chains. These changes could reduce demand for EVs and battery materials, delay project development timelines or affect the economic viability of certain operations. These and any additional such future changes in federal or state policy, political leadership, or public sentiment could adversely affect the NORI Property, or other projects in which we hold royalty interests in the future, and in turn, could materially impact our financial performance and growth prospects.

#### Risks Related to the Mesabi Royalty
The following risk factors relate specifically to the Mesabi Royalty and the Mesabi Property. These risks are in addition to, and should be read together with, the risk factors set forth under "Risks Related to Our Business and Industry" above and the risk factors incorporated by reference from our most recent Annual Report on Form 20-F.

 ***Our Mesabi Royalty depends on the ability of Mesabi Metallics to complete construction of the Mesabi Project and to commence and sustain commercial production, and any delays or cost overruns could materially and adversely affect our Mesabi Royalty.***

Our Mesabi Royalty applies to revenue generated from the sale of DR Grade Iron Ore Pellets produced from the Mesabi Property. As of the date of this prospectus, the Mesabi Property has not commenced commercial production, and Mesabi Metallics has publicly indicated that the Mesabi Project was approximately 85.5% complete as of January 1, 2026, with first DR Grade Iron Ore Pellet production targeted in the fourth quarter of 2026, followed by an 8-to-12-month ramp-up period to commercial production. Completion of the remaining construction, commissioning and ramp-up of the Mesabi Project is subject to numerous risks outside of our control, including engineering, procurement, construction and

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commissioning risks; delays in equipment delivery or installation; cost overruns; labor and supply chain disruptions; permitting or regulatory delays; weather or geotechnical conditions; and changes in commodity input or output prices. Any failure by Mesabi Metallics to complete construction on schedule, commission the Mesabi Project, achieve targeted production rates or sustain commercial production could result in significant delays in or the elimination of royalty revenue payable to us under the Mesabi Royalty, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

 ***Mesabi Metallics is privately held and is not a public reporting company, and we have limited information about its operations, financial condition or strategic plans, on which the value of our Mesabi Royalty substantially depends.***

Mesabi Metallics is a privately held limited liability company and is not subject to the public reporting requirements of the Exchange Act or to the disclosure standards applicable to public companies. As a result, the information available to us, and to our shareholders, regarding Mesabi Metallics' operations, financial condition, capital structure, projected cash flows, capital expenditure plans and strategic direction is limited to information made publicly available by Mesabi Metallics or its affiliates, information provided to us under the Royalty Purchase Agreement or related conveyances and information voluntarily shared with us. Mesabi Metallics is part of a corporate group that has historically included entities associated with the Essar group, the parent of which (and certain affiliated entities) have previously been involved in restructuring, refinancing and insolvency proceedings, including the bankruptcy reorganization of Essar Steel Minnesota LLC (a predecessor in interest to the Mesabi Property). Adverse developments affecting Mesabi Metallics or its parent group, including financial distress, restructuring, change of control or material litigation, could disrupt Mesabi Metallics' ability to complete construction, commence or sustain commercial production at the Mesabi Property or otherwise perform its obligations to us under the Mesabi Royalty conveyance, in each case with no advance notice to us. In addition, our limited information rights may impair our ability to monitor the operator's compliance with its royalty payment obligations and our ability to disclose information to investors with the same level of detail and timeliness as would be available with a public-company operator.

 ***Demand for DR Grade Iron Ore Pellets is concentrated among a limited number of EAF and direct-reduction steelmakers, and the loss or reduction of any major customer of Mesabi Metallics could materially and adversely affect our Mesabi Royalty.***

DR Grade Iron Ore Pellets are a specialized feedstock used principally as the input to direct-reduced iron, which in turn is used by EAF steelmakers to produce lower-carbon steel. The universe of potential customers for DR Grade Iron Ore Pellets is concentrated among a limited number of integrated and EAF steelmakers globally, with U.S. demand driven by a smaller subset of EAF steelmakers and direct-reduction iron producers. Cliffs and United States Steel Corporation have historically dominated U.S. integrated steelmaking and remain significant participants in iron ore production in the Lake Superior region. The loss or reduction of any major prospective customer of Mesabi Metallics, the entry into long-term offtake arrangements on unfavorable terms, the failure to qualify Mesabi Metallics' pellets as a substitute for existing supplies, or competitive responses by integrated producers to a new merchant supply of DR Grade Iron Ore Pellets could materially and adversely affect the volumes sold by Mesabi Metallics, the prices realized and, in turn, the royalty revenue we receive under the Mesabi Royalty.

 ***Operations at the Mesabi Property depend on access to rail, port and Great Lakes shipping infrastructure that is subject to seasonal, weather-related and operational disruptions, which could materially and adversely affect the timing and volume of royalty payments under the Mesabi Royalty.***

The Mesabi Property is located on the Mesabi Iron Range in Itasca County, Minnesota, approximately 15 miles west of Hibbing, Minnesota, and approximately 106 miles by road from the port of Duluth, Minnesota, which is the principal Great Lakes port serving the U.S. iron ore industry. Mesabi Metallics' ability to move pellets to market depends on access to U.S. Highway 169, the Canadian National rail line, the BNSF rail line, port facilities at Duluth and Great Lakes shipping during the Great Lakes navigation season. Each of these elements of the supply chain is subject to operational disruptions, including weather-related delays, seasonal ice closures of the Great Lakes shipping season (typically from January through March), accidents, labor disputes, work stoppages, derailments, port congestion, infrastructure failures, regulatory

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restrictions and other events outside of Mesabi Metallics' control. Any such disruption could delay or reduce pellet shipments and the corresponding royalty payments due to us under the Mesabi Royalty.

 ***The competitive position of Mesabi Metallics relative to vertically integrated iron ore and steel producers, including Cliffs and United States Steel Corporation, could be adversely affected by competitive responses to the entry of a new merchant supplier of DR Grade Iron Ore Pellets.***

Cliffs and United States Steel Corporation are vertically integrated iron ore and steel producers with long-established positions in the Lake Superior iron ore region. The entry of Mesabi Metallics as a new merchant supplier of DR Grade Iron Ore Pellets could prompt competitive responses from these and other established producers, including capacity additions, capacity utilization changes, pricing actions, long-term offtake commitments with prospective Mesabi Metallics customers, vertical-integration acquisitions, or strategic combinations affecting the structure of the U.S. iron ore and EAF steelmaking markets. We cannot predict the nature, timing or magnitude of such competitive responses, and any such response could adversely affect the volumes of pellets that Mesabi Metallics is able to sell on commercially viable terms, the prices realized and, accordingly, the royalty revenue we receive under the Mesabi Royalty.

 ***The operator of the Mesabi Property is engaged in disputes with Cliffs concerning mineral interests included in the mineral resource estimate, and an adverse outcome could reduce the resources or reserves available to the operator and, in turn, the gross production revenue against which the Mesabi Royalty is calculated.***

The operator of the Mesabi Property is engaged in ongoing arbitration, litigation and related proceedings with Cliffs concerning the operator's mineral interests in certain parcels that comprise part of the Mesabi Property. These disputes principally concern parcels acquired by the operator from Glacier Park Iron Ore Properties and other vendors, the mineral rights in which were leased to Cliffs at the time of the operator's acquisition. In October 2023, the operator terminated those leases, citing continued defaults by Cliffs. Cliffs contested the termination and initiated an arbitration process; in June 2024, a three-member arbitration panel confirmed that the operator had rightfully terminated the leases, and in January 2025 the Itasca County Court confirmed the arbitration award. Notwithstanding these outcomes, Cliffs continues to claim a 50% undivided interest in certain of the affected parcels, and arbitration, litigation and related proceedings between the operator and Cliffs concerning those interests remain ongoing as of the date of this prospectus.

The mineral resource estimate set forth in the Mesabi TRS and disclosed in this prospectus *includes* parcels in which Cliffs claims a 50% undivided interest. The mineral reserve estimate, by contrast, *excludes* such parcels, and the Qualified Person responsible for the mineral reserve estimate has not opined on whether the operator has or will have access to the entirety of any reserves that may be located on those parcels. The mineral resource estimate also excludes three parcels owned 100% by Cliffs.

If the disputes between the operator and Cliffs are resolved adversely to the operator, in whole or in part, the operator may lose the ability to develop or mine, or to do so on its own account, some or all of the parcels in which Cliffs claims an interest. Any such outcome could result in (i) a reduction in the mineral resources reported for the Mesabi Property, (ii) the inability to convert all or part of the indicated mineral resources contained in the disputed parcels into mineral reserves, (iii) modifications to the mine plan reflected in the Mesabi TRS, including potential changes to the pit design, the life-of-mine stripping ratio, the life-of-mine production profile and project economics, (iv) reductions in the volumes of DR Grade Iron Ore Pellets produced by the operator and the gross production revenue derived therefrom, and (v) corresponding reductions in the royalties payable to us under the Mesabi Royalty. Even if the operator ultimately prevails in the disputes, the operator may incur substantial legal and other costs in connection with the disputes, the disputes may distract the operator's management, and the disputes may delay or disrupt the operator's construction, development or operation of the Mesabi Project, in each case in ways that could adversely affect the timing or amount of royalties payable to us under the Mesabi Royalty.

We do not control, and do not participate in, the operator's litigation strategy, settlement decisions or other dealings with Cliffs, and we cannot predict the timing or outcome of the disputes. We may not learn of material developments in the disputes, or of any settlement, adverse decision or interim relief, until after such developments have occurred. Any such development could materially and adversely affect the volumes of

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DR Grade Iron Ore Pellets produced by the operator, the royalties payable to us under the Mesabi Royalty and, in turn, our business, financial condition, results of operations and the trading price of our common shares.

 ***Annual production at the Mesabi Property is currently capped at 7.00 million long tons of DR Grade Iron Ore Pellets under the operator's existing Air Emissions Facility Permit; the long-term production assumed in the Mesabi TRS — and, accordingly, a meaningful portion of the royalty revenue we expect to receive under the Mesabi Royalty — depends on the operator's obtaining an amendment to that permit, which has not yet been obtained.***

The operator of the Mesabi Property holds an Air Emissions Facility Permit issued by the Minnesota Pollution Control Agency (the "MPCA") governing air emissions from the project's principal emission sources, including the crusher, concentrator and indurating furnace. The current Air Emissions Facility Permit limits annual DR Grade Iron Ore Pellet production from the Mesabi Property to 7.00 million long tons (approximately 7.11 million metric tonnes) per annum until an amendment to the permit is obtained. The operator has publicly indicated that it expects to obtain such an amendment by the end of the third quarter of 2027, which, if granted on the terms contemplated by the operator, would lift the annual production limitation to approximately 7.38 million long tons (approximately 7.50 million metric tonnes), the maximum capacity of the project's pelletizing plant.

The mineral reserve estimate, the 23-year life-of-mine plan and the economic analysis set forth in the Mesabi TRS each assume that the operator will obtain the amendment to the Air Emissions Facility Permit by the end of the third quarter of 2027 and that, following the amendment, the operator will be able to operate the project at a steady-state production rate of approximately 7.17 million long tons per annum of DR Grade Iron Ore Pellets over the life of mine, including periods of full production at rates as high as approximately 7.25 million long tons per annum. Approximately 19 years of the 23-year life-of-mine plan are expected to be conducted at full production rates that exceed 7.00 million long tons per annum. Accordingly, a meaningful portion of the operator's expected life-of-mine production, and therefore of the gross production revenue against which our Mesabi Royalty is calculated, is contingent on the amendment being obtained and maintained on the terms assumed in the Mesabi TRS.

Permit amendments of this nature are subject to regulatory review, public notice and comment processes, and the discretion of the issuing and reviewing agencies. The operator's ability to obtain the amendment on the timetable contemplated by the Mesabi TRS, or at all, will depend on, among other things, the MPCA's determination that no change in the ambient air boundary is required, the MPCA's determination that a new Air Emissions Risk Analysis is not required, the Minnesota Department of Natural Resources' determination that environmental review (whether through a Supplemental Environmental Impact Statement or an Environmental Assessment Worksheet) is not required, the absence of material agency-imposed conditions or public-comment opposition, the absence of intervening changes in applicable environmental law or air quality standards, and the operator's continued compliance with the existing permit and other applicable regulatory requirements. We can provide no assurance that the amendment will be granted within the timeframe contemplated by the Mesabi TRS, that it will be granted on terms consistent with the assumptions reflected in the Mesabi TRS, or that it will be granted at all.

If the amendment is denied, granted on materially less favorable terms or delayed beyond the end of the third quarter of 2027, the operator's annual DR Grade Iron Ore Pellet production may remain capped at 7.00 million long tons (or such other rate as may be established by the MPCA) for some or all of the remaining life of mine. Any such outcome could result in (i) a reduction in the volumes of DR Grade Iron Ore Pellets produced by the operator over the life of mine, (ii) a reduction or deferral of the gross production revenue against which the Mesabi Royalty is calculated and, in turn, of the royalties payable to us under the Mesabi Royalty, (iii) modifications to the mine plan, life-of-mine schedule and project-level economics reflected in the Mesabi TRS and (iv) the inability to convert all or part of the indicated mineral resources at the project into mineral reserves on the basis assumed in the Mesabi TRS. The Mesabi TRS expressly identifies the operator's continued ability to obtain and maintain the air permit amendment as a modifying factor underlying the mineral reserve estimate, and an adverse permit outcome could accordingly result in a reduction or revision of the mineral reserves disclosed in this prospectus.

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We do not control, and do not participate in, the operator's permit application or compliance processes, and we cannot predict the timing or outcome of the operator's efforts to obtain the amendment. The operator may also be required to obtain other permits or permit amendments, or to satisfy additional regulatory conditions, in connection with the development, commencement of commercial production or continued operation of the Mesabi Project, and any failure or delay in obtaining or maintaining such permits or satisfying such conditions could have effects on our royalty revenue similar to those described above.

 ***We rely substantially on information provided by Mesabi Metallics under the Royalty Purchase Agreement to determine and verify the royalty payments due to us under the Mesabi Royalty, and our audit and information rights may not adequately protect us.***

Under the Royalty Purchase Agreement and the related conveyance, the calculation of royalty payments due to us depends on production volumes, sales volumes, applicable index references, qualifying deductions, and other operator-provided information. We have limited ability to independently verify Mesabi Metallics' calculations or the underlying information, and we are substantially reliant on Mesabi Metallics' reporting, accounting and compliance practices. Although the Royalty Purchase Agreement provides us with certain information and audit rights with respect to royalty calculations and underlying production and sales data, the exercise of those rights is subject to procedural and timing limitations and may not be adequate to identify or remedy underpayments or other royalty calculation errors. Any failure by Mesabi Metallics to provide complete, accurate and timely information, any underpayment of royalties, or any disagreement regarding the calculation or amount of royalty payments could materially and adversely affect the value of our Mesabi Royalty and the timing or amount of royalty payments we receive.

#### Estimates of mineral resources and mineral reserves on the Mesabi Property are subject to significant revision.
Mineral resource and mineral reserve estimates for the Mesabi Property contained in this prospectus are supported by the Mesabi TRS, which was prepared by DRA and is based on assumed future prices, cut-off grades, modifying factors, operating costs, capital costs, metallurgical recoveries, mining methods, processing recoveries, the operator's continued ability to obtain and maintain permits and approvals (including the amendment of the operator's Air Emissions Facility Permit), and other key inputs. Until mineral deposits are actually mined and processed, any mineral resources and mineral reserves disclosed in this prospectus must be considered as estimates only. The grade and/or quantity of the iron or other metals ultimately recovered may differ from that interpreted from drilling results. The grade of the reported mineral resources is uncertain in nature, and it is uncertain whether further technical studies will result in an upgrade to them. Any material change in the quantity of mineralization, grade or mill feed-to-waste ratio, any extended decline in market prices for DR Grade Iron Ore Pellets or for iron ore generally, any failure by the operator to obtain or maintain required permits and approvals, or any change in assumptions or methodologies used in preparing the estimates, may render some or all of the mineralization uneconomic. Investors are also cautioned that all mineral reserves reported in respect of the Mesabi Property are classified as Probable and not Proven, which reflects a lower level of confidence than would apply to Proven mineral reserves.

#### Changes to the Mesabi TRS could adversely affect our business.
The mineral resource and mineral reserve estimates for the Mesabi Property are supported by the Mesabi TRS, which is subject to the requirements, and evolving interpretation, of S-K 1300. From time to time, the Company may be required, or may determine it is appropriate, to amend, replace or supplement the Mesabi TRS, including in response to SEC interpretation of S-K 1300 or related guidance, additional data, changes in assumptions or methodologies, operator updates, drilling and sampling results, metallurgical test work, permit developments (including the air permit amendment described elsewhere in this prospectus), litigation outcomes (including with respect to the parcels excluded from the estimates as a result of ongoing litigation between the operator and Cliffs), or other developments. Any such amendment, replacement or supplement could result in material changes, including reductions, to reported mineral resources and mineral reserves, as well as changes to mine plans, life-of-mine assumptions and project-level economics, and could have a material adverse effect on our business, financial condition and results of operations.

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#### Our internal controls over mineral resource and mineral reserve disclosure depend significantly on the operator and on independent Qualified Persons retained by us.
As a non-operating royalty holder, we do not have access to drill core, assay data, sample preparation or analytical procedures other than as reported to us by the operator of the Mesabi Property and the Qualified Persons responsible for the Mesabi TRS. We accordingly rely on the Qualified Persons to verify, in accordance with their professional and S-K 1300 obligations, the data, information and supporting documentation on which the mineral resource and mineral reserve estimates are based, and on the operator to provide accurate and timely information for use in our periodic and current reports filed with the SEC. There is no assurance that the operator will provide us with information on a timely basis, that the information provided will be complete or accurate, or that the Qualified Persons will identify deficiencies in operator-provided information.

#### Risks Related to this Offering
 ***The resale of the Common Shares registered under the registration statement of which this prospectus forms a part could result in share overhang and adversely affect the trading price of our Common Shares.***

This prospectus relates to the resale by the Selling Shareholders of an aggregate of 6,843,952 Resale Shares, consisting of the PIPE Shares issued to the PIPE investors in the PIPE Financing on June 1, 2026, the 576,923 Royalty Acquisition Shares issued to Ironclad as partial consideration for the acquisition of the Mesabi Royalty, the Service Shares and the Commitment Fee Shares issued to Yorkville in connection with the SEPA. The Resale Shares represent approximately 11.0% of our issued and outstanding Common Shares as of the date of this prospectus. The registration of the Resale Shares pursuant to the registration statement of which this prospectus forms a part will permit the Selling Shareholders to sell their Resale Shares in the public market without limitation or restriction under Rule 144 under the Securities Act. The Selling Shareholders are not subject to any contractual lock-up or similar restrictions with us with respect to the resale of the Resale Shares. The sale, or perception that the Selling Shareholders may sell, a significant volume of Resale Shares could result in significant share overhang, depress the trading price of our Resale Shares, increase the volatility of our trading price, or impair our ability to raise additional capital through equity financings on terms acceptable to us, or at all.

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
 *This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, future events and our future business, financial condition, and results of operations. All statements other than statements of historical fact are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would," and "outlook," or the negative version of those words or phrases or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not statements of historical fact, and are based on current expectations, estimates, and projections about our industry as well as certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Forward-looking statements contained in this prospectus include, but are not limited to, statements about:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the sources and timing of potential revenue from the NORI Royalty and Mesabi Royalty as well as the timing and amount of estimated future production related to the NORI Property or Mesabi Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the timing of TMC's exploration license and commercial recovery permit application review by NOAA under DSHMRA, and any other assumptions regarding permitting timelines, including both under the ISA and the DSHMRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the supply and demand for nickel and cobalt (including critical metals and battery cathode feedstocks), steel-making feedstocks, copper and manganese ores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the future prices of nickel and cobalt (including critical metals and battery cathode feedstocks), steel-making feedstocks, copper and manganese ores;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • government regulation of mineral extraction from the deep seafloor and changes in mining laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumptions regarding our ability to acquire additional royalty, stream or similar interests in seafloor or other areas under U.S. or U.S. aligned jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our plans to mitigate our material weakness in our internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to raise financing in the future, the nature of any such financing and our plans with respect thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our business and future activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the effect on us of any changes to existing or new legislation or policy or government regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • goals, strategies and future growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • expectations around the performance of the NORI Royalty and Mesabi Royalty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • estimates of mineral resources and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • our ability to retain key management personnel in order to enable us to continue to develop our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • statements relating to our status as an emerging growth company and foreign private issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any reference to or description of the activities proposed to be conducted by TMC, Mesabi or their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • projected mining and process recovery rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumptions as to geotechnical requirements for collector on the seabed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assumptions as to environmental, permitting, and social risks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • other assumptions described in this prospectus underlying or relating to any forward-looking statements.

We caution you that the foregoing list may not contain all of the forward-looking statements made in this prospectus. You should not rely on forward-looking statements as predictions of future events. We have

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based the forward-looking statements contained in this prospectus primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, results of operations, and prospects.

Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual results, performance or achievements and other events to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements, including those factors referred to in our most recent annual report on Form 20-F in Item 3. Key Information — D. Risk Factors, which is incorporated by reference into this prospectus. See "*Risk Factors*".

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this prospectus. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this prospectus relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this prospectus to reflect events or circumstances after the date of this prospectus or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

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#### MARKET AND INDUSTRY DATA
This prospectus includes estimates regarding market and industry data. Unless otherwise indicated, information concerning our industry and the markets in which we operate, including our general expectations are based on our management's knowledge and experience in the markets in which we operate, together with currently available information obtained from various sources, including publicly available information, industry reports and publications, surveys, our customers, trade and business organizations, and other contacts in the markets in which we operate. Certain information is based on management estimates, which have been derived from third-party sources, as well as data from our internal research.

In presenting this information, we have made certain assumptions that we believe to be reasonable based on such data and other similar sources and on our knowledge of, and our experience to date in, the markets in which we operate. While we believe the estimated market and industry data included in this prospectus is generally reliable, such information is inherently uncertain and imprecise. Market and industry data is subject to change and may be limited by the availability of raw data, the voluntary nature of the data gathering process, and other limitations inherent in any statistical survey of such data. In addition, projections, assumptions, and estimates of the future performance of the markets in which we operate are necessarily subject to uncertainty and risk due to a variety of factors, including those described in "*Risk Factors*" and "*Cautionary Note Regarding Forward-Looking Statements.*" These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us.

For the information summarized herein from the NORI Technical Reports, we rely exclusively on publicly disclosed information from TMC. The information summarized from TMC's public disclosure may be imprecise as a result of it being prepared by TMC.

The source of certain statistical data, estimates, and forecasts contained in this prospectus are the following independent industry publications or reports:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 2025 International Energy Agency Critical Minerals Outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 2024 International Energy Agency Critical Minerals Outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 2024 U.S. Geological Survey Commodity Summaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Life Cycle Assessment White Paper: Where Should Metals for the Green Energy Transition Come From; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Benchmark Minerals Intelligence Forecasts.

The content of the above sources, except to the extent specifically set forth in this prospectus, does not constitute a portion of this prospectus and is not incorporated herein. We did not commission any of the above publications or reports.

Benchmark does not intend for its data or forecasts in this prospectus to be relied upon by investors for investment purposes, and they do not constitute investment advice or a guarantee of future outcomes. We have not engaged Benchmark and Benchmark is not affiliated with us. Readers are reminded that all references provided herein to Benchmark data are subject to specific assumptions and limitations contained at the referenced source.

Notwithstanding the foregoing, we are responsible for the disclosure of this information in this registration statement in accordance with applicable securities laws.

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#### TRADEMARKS, SERVICE MARKS, COPYRIGHTS, AND TRADENAMES
We own or otherwise have rights to the trademarks, service marks, and copyrights, including those mentioned in this prospectus, used in conjunction with the operation of our business, if any. This prospectus includes our own trademarks, which are protected under applicable intellectual property laws, as well as trademarks, service marks, copyrights, and tradenames of other companies, which are the property of their respective owners. We do not intend our use or display of other companies' trademarks, service marks, copyrights, or tradenames to imply a relationship with, or endorsement or sponsorship of us by, any other companies. Solely for convenience, trademarks and tradenames referred to in this prospectus may appear without the <sup>®</sup>,™, or <sup>SM</sup> symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and tradenames.

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#### USE OF PROCEEDS
We will not receive any proceeds from the sale of the Common Shares by the Selling Shareholders. The Selling Shareholders will receive all of the net proceeds from the sale of the Common Shares covered by this prospectus. We expect that the Selling Shareholders will sell the Common Shares as described under "Plan of Distribution."

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#### DIVIDEND POLICY
Any declaration and payment of future dividends to holders of our Common Shares will be at the discretion of our board of directors and will depend on many factors, including our financial condition, earnings, capital requirements, level of indebtedness, statutory and contractual restrictions applying to the payment of dividends, the provisions of British Columbia law affecting the payment of dividends and distributions to shareholders, and other considerations that our board of directors deems relevant. In addition, future agreements governing our indebtedness may limit our ability to pay dividends.

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#### SELLING SHAREHOLDERS
This prospectus relates to the resale from time to time by the Selling Shareholders of 6,843,952 Resale Shares, consisting of (i) 6,164,141 PIPE Shares that we issued and sold to certain investors at a purchase price of $13.00 per Common Share in the PIPE Financing for aggregate gross proceeds of approximately $80.1 million,(ii) 576,923 Royalty Acquisition Shares that we issued to Ironclad as partial consideration for our acquisition of the Mesabi Royalty (iii) 24,999 Service Shares and (iv) 77,889 Commitment Fee Shares issued to Yorkville in connection with the SEPA. The PIPE Financing and the Mesabi Royalty acquisition closed concurrently on June 1, 2026. For additional information regarding the PIPE Financing and the Mesabi Royalty acquisition, see "Prospectus Summary — Recent Developments" and "Business — Royalty Acquisition."

The following table is prepared based on information provided to us by the Selling Shareholders and reflects holdings as of June 22, 2026. It sets forth the name and address of each Selling Shareholder, the aggregate number of Common Shares that each Selling Shareholder may offer pursuant to this prospectus and the beneficial ownership of each Selling Shareholder both before and after the offering. We have based percentage ownership on 62,044,729 Common Shares outstanding as of June 22, 2026.

The SEC has defined "beneficial ownership" of a security to mean the possession, directly or indirectly, of voting power and/or investment power over such security. A securityholder is also deemed to be, as of any date, the beneficial owner of all securities that such securityholder has the right to acquire within 60 days after that date through (i) the exercise of any option, warrant or right, (ii) the conversion of a security, (iii) the power to revoke a trust, discretionary account or similar arrangement, or (iv) the automatic termination of a trust, discretionary account or similar arrangement. In computing the number of shares beneficially owned by a person and the percentage ownership of that person, common shares subject to options or other rights (as set forth above) held by that person that are currently exercisable, or will become exercisable within 60 days of June 2, 2026, are deemed outstanding, while such shares are not deemed outstanding for purposes of computing percentage ownership of any other person.

The number of shares in the column "Maximum Number of Common Shares to be Offered Pursuant to this Prospectus" represents all of the Common Shares being offered for resale by the Selling Shareholders under this prospectus. Beneficial ownership after the offering shown in the table below assumes that each Selling Shareholder will sell all of the Common Shares offered by it under this prospectus and that each Selling Shareholder will not acquire any additional Common Shares prior to completion of the offering.

We cannot advise you as to whether the Selling Shareholders will in fact sell any or all of such Common Shares. In addition, the Selling Shareholders may sell, transfer or otherwise dispose of, at any time and from time to time, and without our prior consent, the Common Shares in transactions exempt from the registration requirements of the Securities Act after the date of this prospectus, subject to applicable law. See "*Plan of Distribution*."

Except as described in the footnotes to the table below and under "*Certain Relationships and Related Party Transactions*," to our knowledge none of the Selling Shareholders has, or within the past three years has had, any position, office or other material relationship with us or any of our predecessors or affiliates.

Unless otherwise indicated in the footnotes below, the address of each Selling Shareholder identified individually in the table below is c/o The Metals Royalty Company Inc., 1900 Dome Tower, 333 7th Ave SW, Calgary, Alberta, T2P 2Z1.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Beneficially Owned <br> Before Offering**  | **Beneficially Owned <br> Before Offering**  | **Common Shares <br> Offered Hereby**  | **Beneficially Owned <br> After Offering**  | **Beneficially Owned <br> After Offering**  |
| **Name of Selling Shareholder**  | **Number**  | **%**  | | **Number**  | **%**  |
| Ironclad Royalties, LLC<sup>(1)</sup>  | 576923 | 0.93% | 576923 | 0 |  |
| Scoggin International Fund Ltd<sup>(2)</sup>  | 250000 | 0.40% | 250000 | 0 |  |
| Anson Investments Master Fund LP<sup>(3)</sup>  | 795421 | 1.28% | 288525 | 506896 | 0.82% |
| Anson East Master Fund LP<sup>(4)</sup>  | 239175 | 0.39% | 96175 | 143000 | 0.23% |
| Rushmont Capital Management LP<sup>(5)</sup>  | 219587 | 0.35% | 115400 | 104187 | 0.17% |
| NewGen Equity Long/Short Fund<sup>(6)</sup>  | 200000 | 0.32% | 100000 | 100000 | 0.16% |
| NBIMC Quantitative Strategies Fund – Class N<sup>(7)</sup>  | 77267 | 0.12% | 77267 | 0 |  |
| NBIMC Quantitative Strategies (2017) Fund<sup>(7)</sup>  | 1461233 | 2.36% | 1461233 | 0 |  |
| Tandon Family Foundation Inc.<sup>(8)</sup>  | 308000 | 0.50% | 154000 | 154000 | 0.25% |
|  Highbridge Tactical Credit Institutional Fund, Ltd.<sup>(9)</sup>  | 60552 | 0.10% | 60552 | 0 |  |
| Highbridge Tactical Credit Master Fund, L.P.<sup>(9)</sup>  | 324148 | 0.52% | 324148 | 0 |  |
| YA II PN, Ltd.<sup>(10)</sup>  | 1381789 | 2.23% | 1231789 | 150000 | 0.24% |
| Pentwater Capital Management Europe LLP<sup>(11)</sup>  | 769230 | 1.24% | 769230 | 0 |  |
| Brian Paes-Braga<sup>(12)</sup>  | 14235130 | 22.94% | 200000 | 14035130 | 22.62% |
| JBH Investment Trust<sup>(13)</sup>  | 384616 | 0.62% | 384616 | 0 |  |
| TMC The Metals Company Inc.<sup>(14)</sup>  | 13923077 | 22.44% | 76923 | 13846154 | 22.32% |
| Don Sewell<sup>(15)</sup>  | 791285 | 1.28% | 3847 | 787438 | 1.27% |
| Brian T. O'Neill<sup>(16)</sup>  | 669856 | 1.08% | 10000 | 659856 | 1.06% |
| 2353755 Alberta Ltd<sup>(17)</sup>  | 1065392 | 1.72% | 7700 | 1057692 | 1.70% |
| Lucas Cahill<sup>(18)</sup>  | 1431024 | 2.31% | 16000 | 1415024 | 2.28% |
| Jackson John Wood<sup>(19)</sup>  | 17988 | 0.03% | 9230 | 8758 | 0.01% |
| Lutry Investments Limited<sup>(20)</sup>  | 2442308 | 3.94% | 192308 | 2250000 | 3.63% |
| Paxford 13, LLC<sup>(21)</sup>  | 153846 | 0.25% | 153846 | 0 |  |
| Outside The Box Capital Inc.<sup>(22)</sup>  | 10714 | 0.02% | 10714 | 0 |  |
| MZHCI, LLC<sup>(23)</sup>  | 14285 | 0.02% | 14285 | 0 |  |
| Carrera Capital International Ltd.<sup>(24)</sup>  | 935962 | 1.51% | 28462 | 907500 | 1.46% |
| Bryan James Rees Slusarchuk<sup>(25)</sup>  | 308345 | 0.50% | 19230 | 289115 | 0.47% |
| Other Selling Shareholders<sup>(26)</sup>  | 320549 | 0.52% | 211549 | 109000 | 0.18% |
| **Total** | **43367702** | **69.90%** | **6843952** | **36523750** | **58.87%** |

---

(1) Ironclad was the seller under the Royalty Purchase Agreement, pursuant to which TMCR USA Operations Inc., our indirect wholly-owned subsidiary, acquired the Mesabi Royalty in June 2026. The Royalty Acquisition Shares offered hereby were issued to Ironclad on the closing date of the acquisition as partial consideration therefor. The address of Ironclad is 17113 Co Rd 58, Nashwauk, MN 55769. See "Business — Mesabi Royalty."

(2) The address of Scoggin International Fund Ltd is 94 Solaris Avenue, Camana Bay, Grand Cayman, KY1-1108, Cayman Islands.

(3) The address of Anson Investments Master Fund LP ("Anson Master Fund") is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. "Beneficially Owned Before Offering" includes the 288,525 PIPE Shares purchased by Anson Master Fund in the PIPE Financing and 506,896 Common Shares beneficially owned prior to closing of the PIPE Financing. The address of Anson Master Fund is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(4) The address of Anson East Master Fund LP ("Anson East Master Fund") is Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. "Beneficially Owned Before Offering" includes the 96,175 PIPE Shares purchased by Anson East Master Fund in the PIPE Financing and 143,000 Common Shares beneficially owned prior to closing of the PIPE Financing.

(5) The address of Rushmont Capital Management LP ("Rushmont") is 285 Fulton St, 84E, New York, NY 10007. "Beneficially Owned Before Offering" includes the 115,400 PIPE Shares purchased by Rushmont in the PIPE Financing and 104,187 Common Shares beneficially owned prior to closing of the PIPE Financing.

(6) The address of NewGen Equity Long/Short Fund ("Newgen") is Regatta Office Park, Windward Three 4th Floor, West Bay Road Grand Cayman, KY1 0003, Cayman Islands. "Beneficially Owned Before Offering" includes the 100,000 PIPE Shares purchased by NewGen in the PIPE Financing and 100,000 Common Shares beneficially owned prior to closing of the PIPE Financing.

(7) The address of each of NBIMC Quantitative Strategies Fund — Class N and NBIMC Quantitative Strategies (2017) Fund is 155 Wellington Street West, Toronto, ON M5V 3L3, Canada.

(8) The address of Tandon Family Foundation Inc. ("Tandon") is c/o Libra Advisors, LLC, 150 East 52nd Street, 23rd Floor, New York, NY 10022. "Beneficially Owned Before Offering" includes the 154,000 PIPE Shares purchased by Tandon in the PIPE Financing and 154,000 Common Shares beneficially owned prior to closing of the PIPE Financing.

(9) The address of each of Highbridge Tactical Credit Institutional Fund, Ltd. and Highbridge Tactical Credit Master Fund, L.P. is c/o Highbridge Capital Management, LLC, 390 Madison Ave, 28th Floor, New York, NY 10017.

(10) YA II PN, Ltd. ("YA II PN") is an affiliate of Yorkville Advisors Global, LP (the investment manager of YA II PN). In addition to YA II PN's participation in the PIPE Financing, an affiliate of Yorkville acted as a placement agent in the PIPE Financing, and the Company is party to the SEPA, pursuant to which the Company has the right (but not the obligation) to issue and sell to YA II PN up to $100.0 million of additional Common Shares from time to time, subject to the terms and conditions of the SEPA. "Beneficially Owned Before Offering" includes the 77,889 Common Shares issued as payment of the Commitment Fee (as defined in the SEPA), 1,153,900 PIPE Shares purchased by YA II PN in the PIPE Financing and 150,000 Common Shares beneficially owned prior to closing of the PIPE Financing. The address of YA II PN is 1012 Springfield Avenue, Mountainside, NJ 07092.

(11) The address of Pentwater Capital Management Europe LLP is 50 Broadway, Suite 1, 7th Floor, London, SW1H 0BL.

(12) Brian Paes-Braga is our founder, Chairman of our board of directors and Chief Executive Officer. "Beneficially Owned Before Offering" includes the 200,000 PIPE Shares purchased by Mr. Paes-Braga in the PIPE Financing and 14,035,130 Common Shares beneficially owned prior to the PIPE Financing.

(13) John B. Hess, the beneficiary of the JBH Investment Trust, is a greater than 5.0% shareholder of the Company. The address of JBH Investment Trust is 1185 Ave of the Americas, 40th floor, New York, NY, 10036.

(14) TMC is the operator of the NORI Property in which we hold the NORI Royalty and is a greater than 5.0% shareholder of the Company. Gerard Barron is the Chairman and Chief Executive Officer of TMC and a director of the Company. "Beneficially Owned Before Offering" includes the 76,923 PIPE Shares purchased by TMC in the PIPE Financing and 13,846,154 Common Shares beneficially owned by TMC prior to closing of the PIPE Financing. The address of TMC is 1111 West Hastings St, Floor 15, Vancouver BC, V6E 2J3.

(15) Don Sewell is our President and Chief Financial Officer. "Beneficially Owned Before Offering" includes the 3,847 PIPE Shares purchased by Mr. Sewell in the PIPE Financing and 787,438 Common Shares beneficially owned by Mr. Sewell prior to closing of the PIPE Financing. The address of Mr. Sewell is Flat 316, Royale Residence 1, Dubai Sports City, United Arab Emirates.

(16) Brian T. O'Neill is one of our directors. "Beneficially Owned Before Offering" includes the 10,000 PIPE Shares purchased by Mr. O'Neill in the PIPE Financing and 659,856 Common Shares beneficially

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owned by Mr. O'Neill prior to closing of the PIPE Financing. The address of Mr. O'Neill is 425 16th Street E, North Vancouver, BC, V7L 2T4.

(17) Kyle Hickey, the sole shareholder of 2353755 Alberta Ltd. served as our President from February 21, 2023 to September 11, 2025. "Beneficially Owned Before Offering" includes the 7,700 PIPE Shares purchased by 2353755 Alberta Ltd. in the PIPE Financing and 1,057,692 Common Shares beneficially owned by Mr. Hickey prior to closing of the PIPE Financing. The address of 2353755 Alberta Ltd. is 320 Weaver Point NW, Edmonton AB T6M 2J4.

(18) Lucas Cahill is employed by us in a capital markets role. "Beneficially Owned Before Offering" includes the 16,000 PIPE Shares purchased by Mr. Cahill in the PIPE Financing and 1,415,024 Common Shares beneficially owned by Mr. Cahill prior to closing of the PIPE Financing. The address of Mr. Cahill is Flat 106, Abnaa Rashed Binhuwaidi 2, Al Muteena, Dubai, UAE.

(19) Jackson John Wood is employed by us in the role of Managing Director, Investments. The address of Mr. Wood is 257 City Road, 103 Canaletto Tower, London EC1V 1AD, GB. "Beneficially Owned Before Offering" includes the 9,230 PIPE Shares purchased by Mr. Wood in the PIPE Financing and 8,758 Common Shares beneficially owned by Mr. Wood prior to closing of the PIPE Financing.

(20) The address of Lutry Investments Limited ("Lutry") is C/O Amity Partners Sarl 118 rue du Rhone, 1204 Geneva, Switzerland. "Beneficially Owned Before Offering" includes the 192,308 PIPE Shares purchased in the PIPE Financing and 2,250,000 Common Shares beneficially owned by Lutry prior to closing of the PIPE Financing.

(21) The address of Paxford 13, LLC is 1234 Benedict Canyon, Beverly Hills, Los Angeles, CA 90210.

(22) Outside the Box Capital Inc. ("OTB") provides marketing services to the Company. The address of OTB is 2202 Green Orchard place, Oakville ON L6H 4V4, Canada.

(23) MZHCI, LLC ("MZHCI") provides investor relations services to the Company. The address of MZHCI is 1200 6th Avenue, Suite 21, Columbus GA 31901.

(24) The address of Carrera Capital International Ltd. ("Carrera") is One Nexus Way, Camana Bay, Grand Cayman KY1-9005, Cayman Islands. "Beneficially Owned Before Offering" includes the 28,462 PIPE Shares purchased in the PIPE Financing and 907,500 Common Shares beneficially owned by Carrera prior to closing of the PIPE Financing.

(25) The address of Bryan James Rees Slusarchuk is Suite 1212 – 1030 West Georgia Street, Vancouver BC V6E 2Y3. "Beneficially Owned Before Offering" includes the 19,230 PIPE Shares purchased in the PIPE Financing and 289,115 Common Shares beneficially owned by Mr. Slusarchuk prior to closing of the PIPE Financing.

(26) The "Other Selling Shareholders" row represents an aggregate of 9 persons. As of June 4, 2026, the aggregate beneficial ownership of such persons did not exceed 1% of our outstanding Common Shares, and no person included in this group individually beneficially owned 1% or more of our outstanding Common Shares. To our knowledge, none of such persons is, or within the past three years has been, a director, officer, employee or consultant of the Company or any of its predecessors or affiliates.

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents, and our capitalization as of March 31, 2026:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an actual basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • on an as adjusted basis, giving effect to (i) the issuance and sale of 6,164,141 Common Shares in the PIPE Financing at a purchase price of $13.00 per Common Share for aggregate net proceeds of approximately $80.1 million, (ii) the Company's entry into the Loan Facilities and the initial net borrowing of $43,000,000 million thereunder, (iii) the closing of the Royalty Transaction, including the application of the net proceeds of the PIPE Financing, (iv) the issuance and sale of 576,923 Royalty Acquisition Shares that we issued to Ironclad as partial consideration for our acquisition of the Mesabi Royalty, and (v) and the initial borrowing under the Loan Facilities to fund the cash purchase price of $125 million and the payment of related transaction expenses, in each case as if such transactions had occurred on March 31, 2026.

You should read this table together with our audited financial statements and related notes, and the sections titled "*Management's Discussion and Analysis of Financial Condition and Results of Operations*" that are incorporated by reference herein.

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| | | |
|:---|:---|:---|
| | **Actual**  | **As Adjusted<sup>(1)</sup>**  |
| **Cash**  | $31306802 | $11640133 |
| **Indebtedness** |  |  |
| &nbsp;&nbsp;&nbsp; Long Secured Indebtedness  |  | $42100000 |
| **Shareholders' (deficit) equity** |  |  |
| &nbsp;&nbsp;&nbsp; Share capital  | $55973136 | $137716467 |
| &nbsp;&nbsp;&nbsp; Contributed surplus  | 1782045 | $1782045 |
| &nbsp;&nbsp;&nbsp; Accumulated deficit  | (15179351) | $(15179351) |
| &nbsp;&nbsp;&nbsp; Total shareholders' equity  | 42575830 | $124319161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total capitalization**  | $**42575830** | $**166419161** |

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(1) The as adjusted column in the table above is based on Common Shares outstanding as of March 31, 2026, and excludes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 7,974,929 Common Shares reserved for future issuance under the CEO Performance Plan or awards issued under the 2025 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 139,664 Common Shares issued in connection with the vesting of 164,812 PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 24,999 Common Shares issued to third party vendors of the Company at a deemed issue price of US $14.00 per share for past services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 77,889 Common Shares issued to a third party vendor of the Company at a deemed issue price of US $12.84

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#### DESCRIPTION OF INDEBTEDNESS

#### Loan Facilities
On June 1, 2026, in connection with our acquisition of the Mesabi Royalty, we entered into a loan agreement (the "Loan Agreement") with American Life & Security Corp., as lender (in such capacity, the "Lender"), pursuant to which the Lender agreed to make available to us the Loan Facilities in an aggregate principal amount of $51,813,427.49. We drew the full principal amount under the Term Loan Facility made available under the Loan Facilities at closing of the Mesabi Royalty acquisition on June 1, 2026, which, after giving effect to a 3.50% original issue discount payable to the Lender, resulted in net cash proceeds to us of $43,000,000. We applied the net proceeds of the Term Loan Facility, together with the net proceeds of the PIPE Financing and a $15,000,000 cash deposit previously paid by us at signing of the Royalty Purchase Agreement, to fund the cash portion of the consideration payable to Ironclad for the Mesabi Royalty and to pay related fees and expenses.

#### Interest Rate
Loans outstanding under the Loan Facilities bear interest at an initial rate of 9.00% per annum, subject to scheduled increases over the term of the Loan Facilities as set forth in the Loan Agreement. Interest is payable in cash monthly in arrears, and accrued and unpaid interest is payable at maturity. Upon the occurrence and during the continuance of an event of default under the Loan Agreement, the interest rate applicable to outstanding loans under the Loan Facilities is subject to increase by 200 basis points above the otherwise applicable rate.

#### Maturity
The Loan Facilities mature on the date that is 36 months after the funding date, or June 1, 2029. The Loan Agreement does not provide for scheduled amortization payments until the thirteenth month following the closing thereof. At such time, we are required to make scheduled monthly principal payments in an amount equal to one-twelfth of fifteen percent of the original principal amount of the Loan Facilities. The full outstanding principal balance, together with accrued and unpaid interest, is due in cash on the maturity date.

#### Optional Prepayment
We may, at our option, prepay all or any portion of the outstanding principal amount under the Loan Facilities at any time, in whole or in part (provided that if in part, in an amount not less than $2,500,000), together with accrued and unpaid interest on the amount prepaid through the date of prepayment, subject to the payment of a customary make-whole or prepayment premium as set forth in the Loan Agreement.

#### Mandatory Prepayment
The Loan Agreement requires mandatory prepayment of the outstanding loans, together with accrued and unpaid interest and any applicable prepayment premium, upon the occurrence of certain events, including (i) asset sales and other dispositions outside the ordinary course of business above customary thresholds, subject to customary reinvestment rights; (ii) incurrence of indebtedness for borrowed money that is not permitted under the Loan Agreement; (iii) receipt of insurance proceeds and condemnation proceeds above customary thresholds, subject to customary reinvestment rights; (iv) a change of control of the Company; and (v) receipt of proceeds from capital raises, in certain circumstances, as more particularly set out in the Loan Agreement.

#### Security and Collateral
Our obligations under the Loan Agreement are secured, subject to customary exceptions and exclusions, by a first-priority security interest in substantially all of our assets (and our subsidiaries'), including the Mesabi Royalty, the NORI Royalty and our other royalty interests, and by a first-priority pledge of the equity interests of each of our direct and indirect subsidiaries, including TMCR USA Operations Inc. The

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Lender's security interests are governed by customary security and pledge documentation and are subject to customary permitted liens.

#### Guarantors
The obligations of the Company under the Loan Agreement are guaranteed on a senior secured basis by each of our direct and indirect subsidiaries, including TMCR Holdings Inc. and TMCR USA Operations Inc., pursuant to customary guarantee agreements. The guarantees are full and unconditional, and the obligations of each guarantor are joint and several.

#### Affirmative and Negative Covenants
The Loan Agreement contains customary affirmative covenants applicable to us and our subsidiaries, including covenants relating to delivery of financial statements and other periodic reports, maintenance of corporate existence, payment of taxes, maintenance of properties and insurance, compliance with laws, inspection rights, environmental compliance and use of proceeds. The Loan Agreement also contains customary negative covenants applicable to us and our subsidiaries that, subject to customary exceptions and baskets, restrict our ability to (i) incur additional indebtedness or guarantee obligations; (ii) create or permit to exist liens on our assets; (iii) make investments, loans or advances; (iv) consummate acquisitions or other business combinations; (v) make dividends, distributions or other restricted payments in respect of our equity securities or repurchase our equity securities; (vi) sell, transfer or otherwise dispose of assets, including the Mesabi Royalty and the NORI Royalty; (vii) enter into transactions with affiliates; (viii) amend, modify or waive material rights under the NORI Royalty Agreement, the Royalty Purchase Agreement, our organizational documents or other material agreements; (ix) merge, consolidate or sell substantially all of our assets; and (x) change our line of business, fiscal year or accounting policies.

#### Financial Covenants
The Loan Agreement contains customary financial covenants, including an unrestricted cash covenant, in each case tested on the periodic schedule and at the levels set forth in the Loan Agreement.

#### Events of Default
The Loan Agreement contains customary events of default, including, among others, (i) failure to make payments of principal, interest or other obligations when due (in certain cases subject to customary grace periods); (ii) any representation or warranty proving to have been incorrect in any material respect when made; (iii) breach of covenants (subject to customary cure periods); (iv) cross-default to other material indebtedness; (v) certain bankruptcy and insolvency events affecting us or our material subsidiaries; (vi) certain unsatisfied or unstayed judgments above customary thresholds; (vii) certain events affecting employee benefit plans; (viii) a change of control of the Company; (ix) the loss, suspension or termination of, or a material adverse change in, the NORI Royalty or the Mesabi Royalty; and (x) the invalidity, unenforceability or impairment of the Lender's security interests.

Upon the occurrence and continuance of an event of default under the Loan Agreement, the Lender may, among other remedies, (i) declare all amounts outstanding under the Loan Facilities, together with accrued and unpaid interest and any applicable prepayment premium, immediately due and payable; (ii) terminate any unused commitments; (iii) exercise its rights and remedies as a secured party under the security and pledge documentation in respect of the collateral, including enforcement on the Mesabi Royalty and the NORI Royalty (by foreclosure or otherwise); and (iv) pursue such other remedies as may be available to it under the Loan Agreement, the security documentation, the guarantees and applicable law. The exercise of any of these remedies by the Lender, including, in particular, foreclosure (or other enforcement proceedings) on or in respect of the Mesabi Royalty or the NORI Royalty, would have a material adverse effect on our business, financial condition, results of operations and cash flows.

The foregoing summary of the principal terms of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan Agreement, a copy of which has been filed as Exhibit 10.18 to the registration statement of which this prospectus forms a part.

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#### BUSINESS

#### Business Overview
We are engaged in the acquisition and management of critical metals and mineral royalties, streams and other similar interests. We are focused on providing capital to support mineral security and independence in North America in support of accelerating domestic industry growth, including energy, defense and re-industrialization. We aim to focus on capital development opportunities encompassing all aspects of the critical metals and minerals value chain.

Our royalty-based business model is designed to enable us to participate in the long-term potential cash flows and commodity upside of large-scale, strategically significant critical metals and mineral assets, with reduced exposure to operational, development or environmental risks typically associated with resource production operations. We believe we are well-positioned to benefit from growth in the global demand for critical metals and minerals and the resulting needs of operators for alternative sources of financing to fund their mining and extraction operations.

Following the closing of our acquisition of the Mesabi Royalty in June 2026, our assets consist of two royalty interests: (i) the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, a polymetallic nodule project being developed by The Metals Company in the CCZ, located approximately 1,500 miles southwest of San Diego, California, and (ii) the Mesabi Royalty, an indexed gross production revenue royalty (with a revenue floor) on DR Grade Iron Ore Pellets produced from the Mesabi Property, an iron ore project operated by Mesabi Metallics in Itasca County, Minnesota. The Mesabi Royalty is held by our indirect wholly-owned subsidiary, TMCR USA Operations Inc. We acquired the NORI Royalty in 2023 from The Metals Company in exchange for approximately 13.9 million of our Common Shares and $5,000,000 in cash. We acquired the Mesabi Royalty in June 2026 pursuant to the Royalty Purchase Agreement for aggregate consideration of $132,500,000, consisting of $125,000,000 in cash and 576,923 Common Shares issued to Ironclad at an issue price of $13.00 per Common Share. See "*Corporate History and Structure*," "*Business — NORI Royalty*" and "*Business — Mesabi Royalty*." To date, we have not received any royalty revenue from either the NORI Royalty or the Mesabi Royalty. Each of the NORI Property and the Mesabi Property is in development stage and is not currently in commercial production, and the legal regime applicable to commercial recovery from the NORI Property is uncertain. As a result, there can be no assurance that either the NORI Property or the Mesabi Property will ever achieve commercial production or, if commercial production is commenced, that such operations will achieve profitable and continued production levels. See "*Risk Factors — Our royalty interests are not on producing properties and any future royalty, streaming or similar interests we acquire, particularly on development stage properties, are subject to the risk that they may never achieve production*," "*Business — NORI Royalty*" and "*Business — Mesabi Royalty*."

We believe The Metals Company is well-positioned to become a leader in nodule mining. Through its wholly-owned affiliates, The Metals Company holds an exploration license under the ISA and has submitted two exploration licenses, one commercial recovery permit and one consolidated exploration license and commercial recovery permit application to NOAA for the exploration and commercial recovery of polymetallic nodules in the area secured by the NORI Royalty Agreement. The Metals Company also has strategic global partnerships with key industry participants such as Allseas Group S.A., Korea Zinc Co. Ltd., and PAMCO.

We believe Mesabi Metallics is similarly well-positioned to become a leading domestic producer of low-carbon, direct-reduction-grade iron ore pellets. The Mesabi Property is located on Minnesota's historic Mesabi Iron Range and represents a substantially constructed, fully permitted DR Grade iron ore pellet operation, with construction reported by the operator at approximately 85.5% complete as of January 1, 2026 and targeted commencement of first production in the fourth quarter of 2026. Mesabi Metallics is part of the Essar Group of companies, a global diversified conglomerate with prior experience constructing and operating iron ore pelletizing facilities.

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#### Investment Highlights
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.

#### We hold royalties on two strategically significant critical mineral properties supporting U.S. industrial and energy security.
Our portfolio now consists of two royalty interests covering large-scale critical metals and mineral resources in the United States and U.S.-aligned jurisdictions: (i) a 2.0% gross overriding royalty on all metals and minerals produced from The Metals Company's NORI Areas in the CCZ, which is believed to be one of the world's largest undeveloped nickel, copper, cobalt and manganese resources, and (ii) an indexed gross production revenue royalty (with a revenue floor) on DR Grade Iron Ore Pellets produced from Mesabi Metallics' project on Minnesota's historic Mesabi Iron Range. Together, these royalties provide investors exposure to both battery-grade base metals essential to electrification and energy storage and DR Grade iron ore essential to low-carbon EAF steelmaking and U.S. re-industrialization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.

#### We hold our NORI Royalty on a potentially significant resource of polymetallic nodules (including cobalt, copper, manganese and nickel).
We own a 2.0% gross overriding royalty on all metals and minerals produced from The Metals Company's NORI Areas in the CCZ, which is believed to be one of the world's largest undeveloped nickel, copper, cobalt and manganese resources. Seafloor polymetallic nodules occur in all oceans, but we believe the CCZ hosts a relatively high abundance of nodules.

The Metals Company recently published the Area D Report, the world's first deep-sea mining pre-feasibility study on the NORI Area D, including an estimate of probable mineral reserves and TMC has announced that it anticipates first production from the NORI Area D in the fourth quarter of 2027, subject to receipt of necessary permits.

Alongside the Area D Report on the NORI Area D, The Metals Company published the Initial Assessment which applies, in part, to NORI Area A, NORI Area B and NORI Area C. The Initial Assessment also provides scientific and technical information in respect of TMC's TOML Areas. Our royalty does not apply to the TOML Areas. The NORI Technical Reports indicate the presence of polymetallic nodules which include nickel, copper, cobalt, manganese and other base metals in the area covered by our royalty interest. The NORI Technical Reports shall not be deemed to be incorporated by reference into this prospectus or any future filing under the Securities Act or the Exchange Act.

In April 2025, The Metals Company, through its wholly owned subsidiary, TMC USA, submitted two exploration licenses and one commercial recovery permit to the NOAA under the DSHMRA for the exploration and commercial recovery of polymetallic nodules in (but not limited to) the area secured by our NORI Royalty Agreement. In August 2025, The Metals Company received notice of full compliance from the NOAA on its exploration applications. Both applications are now in the certification stage of the process. Following certification, an environmental impact statement will be finalized prior to the issuance of exploration licenses. The Metals Company must also receive the commercial recovery permit prior to commercial production, which it anticipates to commence in the fourth quarter of 2027.

In January 2026, TMC USA submitted a consolidated exploration license and commercial recovery permit application to NOAA pursuant to the agency's new consolidated application and review process, covering an exploration and commercial recovery area of approximately 65,000 km² in the CCZ (compared to a commercial recovery area of approximately 25,000 km² in the April 2025 commercial recovery permit application) and encompassing the NORI Area D. In March 2026, NOAA determined that the consolidated application was in substantial compliance with the requirements of DSHMRA and its implementing regulations, and on May 1, 2026, NOAA determined that the consolidated application was in full compliance with those requirements and accordingly moved the consolidated application into the certification stage of the NOAA review process. TMC has publicly indicated that, following certification, NOAA's review of the consolidated application is expected to involve publication in the Federal Register, the issuance of a draft environmental impact statement for public comment, finalization of the environmental impact statement and a final determination by NOAA on whether to issue the license and permit, and that TMC expects this process to conclude before the end of the first quarter of 2027. There can be no assurance that NOAA will issue an exploration license or commercial recovery permit to TMC USA, that any license or permit will be

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issued on the timeline TMC has publicly indicated, or that any license or permit issued will be on terms or for areas consistent with TMC USA's applications

 *See "Business — Regulatory and Environmental Status" and "Business — NORI Property."* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.

#### Our Mesabi Royalty provides exposure to a substantially constructed domestic DR Grade iron ore pellet project.
Our Mesabi Royalty entitles us to (i) a base royalty rate of 1.00% of gross revenue from annual production of DR Grade Iron Ore Pellets from the Mesabi Property up to 8.5 MTPA, subject to a floor of $1.50 per MT, and (ii) an overage royalty of 0.25% of gross revenue (subject to a floor of $0.375 per MT) on annual production exceeding 8.5 MTPA, in each case until cumulative base royalty volumes reach 170 million MT, after which the base and overage rates step down to 0.25% and 0.0625%, respectively (with corresponding floor adjustments). Gross revenue is calculated by reference to the Platts Direct Reduction Pellet 67.5% Fe FOB Brazil index price. We also hold a time-limited option to acquire the Additional Purchased Royalty on substantially identical terms and rights of first offer in respect of the portion of the existing royalty retained by Ironclad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.

#### Current U.S. policies support the emerging offshore metals industry and domestic critical mineral and steelmaking supply chains, creating opportunities for us and our partners.
The U.S. government has indicated policy support for both offshore critical minerals development and domestic critical mineral and steelmaking supply chains, which we believe will benefit operations on each of our royalty properties. We believe current U.S. policy developments will expedite future royalty revenue from each of the NORI Royalty and the Mesabi Royalty, as well as encourage third-party mining operations, which could create additional royalty opportunities for us. Recent policy support by the U.S. government validates the importance of domestic critical mineral and steelmaking supply chains — we believe it has the potential to enhance the long-term value of each of our royalty interests by potentially accelerating project timelines, improving permitting certainty for our operators and attracting capital to the sector.

On April 24, 2025, the President issued Executive Order 14285, titled "Unleashing America's Offshore Critical Minerals and Resources" (the "Executive Order"), which directs federal agencies to streamline and expedite permitting for exploration, extraction and processing of seabed mineral resources, instructs the Departments of War and Energy to assess use of the National Defense Stockpile for nodule-derived minerals, and directs federal financing agencies to identify tools to support the industry. The executive order's purpose is to advance the development of critical minerals in the U.S. offshore seabed and in areas beyond national jurisdiction, which include the area over which we hold the NORI Royalty. President Trump directed the Secretary of Commerce and Secretary of the Interior to develop processes and capabilities for expedited permitting for exploration, extraction and processing of seabed mineral resources. Prior to the 2025 executive order, President Trump, on July 22, 2019, issued a Presidential Determination under The Defense Production Act Title III to declare the domestic production capability for rare earth metals and alloys as essential to national defense. In addition, in March 2026, EXIM announced its support of up to $10 billion for the development of an iron ore mining and processing facility by Mesabi Metallics on Minnesota's Mesabi Iron Range.

The U.S. Congress has likewise provided support for encouraging the critical minerals industry. In July 2025, the OBBBA was signed into law and introduced tax credits for the production of critical metals, allocated $7.5 billion to the Department of War for critical minerals projects and generally promotes the onshoring of industries directly or indirectly impacted by critical metals and minerals supply. In December 2024, the Fiscal Year 2025 National Defense Authorization Act was signed into law and called for the Department of War to conduct a feasibility study on developing domestic refining capacity for polymetallic nodules.

Even under aggressive build-out scenarios, the U.S. is projected to remain in critical mineral deficit through 2030 and has a stated policy objective of increasing the extraction and processing of critical minerals. We believe these factors will provide us with an opportunity to acquire a pipeline of royalty or similar interests throughout the critical metal and mineral value chain by providing capital to operators.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.

#### Partnered with experienced operators with first-mover positioning in deep-sea mining and substantial constructed assets in domestic DR Grade pellet supply.
We offer investors exposure to the nascent offshore metals and minerals sector through our NORI Royalty on the NORI Property. The operator, TMC, is an early mover in the deep-sea mining sector and has invested a significant amount of financial and human capital over a decade in building what we believe is one of the most advanced deep-sea minerals platforms. We believe TMC's expertise, along with the potential of the NORI Areas, provide a unique opportunity to develop and produce critical metals and minerals such as nickel, copper, cobalt and manganese.

The operator of the Mesabi Property, Mesabi Metallics, has substantially completed construction of a permitted DR Grade pellet facility on Minnesota's Mesabi Iron Range, with construction reported at approximately 85.5% complete as of January 1, 2026 and targeted commencement of first production in the fourth quarter of 2026. Mesabi Metallics is part of the Essar Group of companies, which has previously built and operated three iron ore pellet plants of capacity comparable to the Mesabi Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.

#### Strong industry and capital relationships backed by an expert, committed management team.
Our management team has decades of combined experience building and operating businesses in the energy, mining and critical metals industries and has developed commercial relationships and networks across those sectors. We believe this experience will allow us to capitalize on opportunities arising from the current macroeconomic environment.

All of our executive officers are employed by us on a full-time basis and are expected to dedicate substantially all of their working time to their roles with the Company. However, certain of our executive officers and directors also hold officer and/or non-executive directorship positions, advisory positions and/or have significant shareholdings in other companies, including companies involved in natural resources investment, exploration, development, and such other companies that may compete with us for potential assets. See "*Risk Factors — Certain of our directors and officers also serve as directors and officers of other companies in the mining and/or natural resources sectors, which may cause them to have conflicts of interest*" in our most recent annual report on Form 20-F incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.

#### Royalty and streaming business model minimizes operational risk.
Our royalty and streaming business model provides exposure to commodity price upside, mine life extensions, expansions, and exploration success while significantly insulating us from operating and capital cost inflation, incremental capital commitments and environmental liabilities from mining operations. Historically, royalty and streaming companies have outperformed traditional mine operators across multiple commodity cycles, supported by higher margins, low corporate overhead, diversification and lower risk profiles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.

#### Capital structure designed for alignment with shareholders.
Following the issuance of Common Shares in connection with the PIPE Financing and to Ironclad as partial consideration for the Mesabi Royalty, our management and directors, The Metals Company and other long-term shareholders continue to hold a substantial portion of our outstanding Common Shares, promoting a long-term focus on value creation and alignment of management's and shareholders' interests. The PIPE Financing included approximately $15,000,000 of subscriptions by our founders, directors and officers and certain of their affiliates.

We believe we will be well-positioned to fund future critical metals and mineral royalty, stream or other similar interests by raising equity or debt in the capital markets or securing funding from other sources, including potential future proceeds from our existing royalty interests.

#### Our Assets
Following the closing of our acquisition of the Mesabi Royalty in June 2026, our assets consist of two royalty interests: (i) a 2.0% gross overriding royalty on production of metals and minerals from the four separate Areas of the CCZ with a combined area of 74,830 km2, and (ii) an indexed gross production revenue

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royalty (with a revenue floor) on DR Grade Iron Ore Pellets produced from the Mesabi Property, a development-stage iron ore project operated by Mesabi Metallics in Itasca County, Minnesota. See "Business — NORI Royalty" and "Business — Mesabi Royalty."

#### Our Strategy
Our strategy is to acquire and manage critical metals and mineral royalties, streams and other similar interests. The key pillars of our strategy include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Align with Tier-One Operators**: Our NORI Royalty was granted by The Metals Company, a U.S. publicly listed company with a multi-billion dollar market capitalization with key strategic partnerships and technical collaborations, including with Allseas Group S.A., Korea Zinc Co. Ltd., and PAMCO. We believe The Metals Company is well-positioned to responsibly develop seabed resources. Our Mesabi Royalty covers a project operated by Mesabi Metallics, which is part of the Essar Group of companies. We intend to pursue opportunities to deploy capital in support of other operators we believe in and acquire additional royalty, streaming and other interests from such activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Capitalize on Scalable, Low-Overhead Royalty and Streaming Business Model**: Our non-operator, royalty-focused business model allows shareholders to gain exposure to critical assets and projects without taking most of the capital risk of such assets and projects. This gives us the potential to generate shareholder value across multiple commodity cycles, with the expectation of higher margins, low corporate overhead, diversification, and lower risk profiles relative to mine operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Leverage U.S. Policy Tailwinds:** We expect to take advantage of current deglobalization and onshoring initiatives to prioritize U.S. domestic supply chains of critical minerals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Rely on our expert management team:** We are managed by a team of mining, energy, and resource entrepreneurs with decades of combined experience in building and operating businesses and generating shareholder value. We will continue to rely on our experienced management team to source and execute on compelling royalty and other opportunities.

We intend to evaluate and pursue, acquire additional critical metals and mineral royalties, streams and other similar interests that enable us to leverage our knowledge base and skill sets. Such acquisition efforts may involve participation by us in processes that have been made public and involve a number of potential buyers, commonly referred to as "auction" processes, as well as situations in which we believe we are the only party or one of a limited number of potential buyers in negotiations with the potential seller. These acquisition efforts may involve assets which, if acquired, could have a material effect on our financial condition and results of operations. We typically do not intend to announce a transaction until after we have executed a definitive agreement. Discussions and negotiations regarding a potential acquisition can advance or terminate in a short period of time. Moreover, the closing of any transaction for which we have entered into a definitive acquisition agreement will be subject to customary and other closing conditions, which may not ultimately be satisfied or waived. Accordingly, we can give no assurance that our current or future acquisition efforts will be successful. Although we expect the acquisitions we make to be accretive in the long term, we can provide no assurance that our expectations will ultimately be realized.

#### Regulatory and Environmental Status
 *NORI Property* 

While The Metals Company holds an exploration permit under the UNCLOS in respect of the NORI Areas, The Metals Company has now disclosed that it anticipates that any future commercial recovery activities will be conducted pursuant to a permit to be issued by NOAA under the DSHMRA, rather than under the UNCLOS.

In April 2025, The Metals Company, through TMC USA, applied for exploration licenses and commercial recovery permits under the DSHMRA in respect of areas of the CCZ that include, but are not limited to, the NORI Areas. The relevant applications are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for the USA-A Area which covers 65,186 km2 in the CCZ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for USA-B Area which covers 121,789 km2 in the CCZ; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Commercial Recovery Permit for USA-A which covers 25,160 km2 in the CCZ (NORI Area D).

The USA-A Area includes, but is not limited to, the area identified as NORI Area D. The USA-B Area includes, but is not limited to, the other NORI Areas. These applications are still under agency review and commencement of commercial recovery by TMC USA is subject to approval of these licenses and permit applications under DSHMRA.

In January 2026, TMC USA submitted a consolidated exploration license and commercial recovery permit application to NOAA pursuant to the agency's new consolidated application and review process, covering an exploration and commercial recovery area of approximately 65,000 km² in the CCZ (compared to a commercial recovery area of approximately 25,000 km² in the April 2025 commercial recovery permit application) and encompassing the NORI Area D. In March 2026, NOAA determined that the consolidated application was in substantial compliance with the requirements of DSHMRA and its implementing regulations, and on May 1, 2026, NOAA determined that the consolidated application was in full compliance with those requirements and accordingly moved the consolidated application into the certification stage of the NOAA review process. TMC has publicly indicated that, following certification, NOAA's review of the consolidated application is expected to involve publication in the Federal Register, the issuance of a draft environmental impact statement for public comment, finalization of the environmental impact statement and a final determination by NOAA on whether to issue the license and permit, and that TMC expects this process to conclude before the end of the first quarter of 2027. There can be no assurance that NOAA will issue an exploration license or commercial recovery permit to TMC USA, that any license or permit will be issued on the timeline TMC has publicly indicated, or that any license or permit issued will be on terms or for areas consistent with TMC USA's applications

To date, no commercial recovery permits for extracting minerals from the seafloor within the NORI Areas have been granted under DSHMRA.

 *Mesabi Property* 

Mining and mineral processing operations on the Mesabi Property are subject to extensive federal, state and local regulation in the United States, including under the Minnesota Environmental Policy Act, the Minnesota Environmental Rights Act, the Federal Clean Air Act, the Federal Clean Water Act, the Minnesota Environmental Quality Board environmental review process, and the Mine Safety and Health Administration's health and safety regime.

Mesabi Metallics holds the principal federal and state environmental and operating permits required for DR Grade Iron Ore Pellet production, including (i) a Permit to Mine issued by the Minnesota Department of Natural Resources, authorizing the open-pit mining and waste storage operations; (ii) an Air Emissions Facility Permit issued by the Minnesota Pollution Control Agency (the "MPCA"), governing air emissions from the crusher, concentrator, indurating furnace and other emission sources; (iii) an NPDES/SDS Permit issued by the MPCA, governing wastewater and stormwater discharges; and (iv) Section 404 wetland permits issued by the U.S. Army Corps of Engineers and the Minnesota Department of Natural Resources, where applicable.

 *The current Air Emissions Facility Permit limits annual DR Grade Iron Ore Pellet production from the Mesabi Property to 7.00 million long tons until a permit amendment is obtained. Mesabi Metallics expects to obtain that amendment by the end of the third quarter of 2027. The mineral reserve estimate disclosed in this prospectus in respect of the Mesabi Property is supported in part by the operator's continued ability to obtain and maintain the foregoing permits and approvals, including the air permit amendment described herein. See "Risk Factors — Annual production at the Mesabi Property is currently capped at 7.00 million long tons of DR Grade Iron Ore Pellets under the operator's existing Air Emissions Facility Permit; the long-term production assumed in the Mesabi TRS — and, accordingly, a meaningful portion of the royalty revenue we expect to receive under the Mesabi Royalty — depends on the operator's obtaining an amendment to that permit, which has not yet been obtained."* 

#### Employees and Human Capital
We have a small team of investment professionals and administrative staff. We intend to supplement our internal capabilities with experienced technical, legal, and ESG consultants and advisors, enabling us to

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maintain a cost-efficient structure and minimal corporate overhead. We are committed to fostering a culture of integrity, innovation, and professional development.

#### Mineral Royalties and Metal Streams
A mineral royalty is a payment to a royalty holder that is typically based on a percentage of the minerals produced or the revenues or net profits generated from the underlying project. Royalties are typically for the life of a mine, or a contracted term or total delivered metal or mineral resources. Royalties are non-operating interests in the underlying project and therefore, the holder is generally not responsible for contributing additional funds for any purpose, including capital and operating costs. Royalties can be commodity specific or structured for multiple metals from the same property, and terms may vary by ore type, metallurgy or other factors.

The main types of revenue-based royalties can be summarized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Gross revenue royalties or gross overriding royalties are based on the total revenue from the sale of production, with minimal or no deductions. Some agreements refer to gross proceeds, which are treated similarly to gross revenues. Our NORI Royalty is a gross overriding royalty on production of metals and minerals from the four NORI Areas of the CCZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Indexed gross production revenue royalties (sometimes called "per-tonne" or "index-linked" royalties) are based on the volume of a defined product produced, applied at a percentage rate to a published commodity price index (typically with a contractual floor and, in some cases, ceiling). These royalties differ from traditional gross overriding royalties in that the royalty calculation is tied to a reference index price rather than the operator's actual realized sale price. Our Mesabi Royalty is an indexed gross production revenue royalty (with a revenue floor) on DR Grade Iron Ore Pellets, calculated by reference to the Platts Direct Reduction Pellet 67.5% Fe FOB Brazil index price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • NSR royalties are calculated on the value of metal production or the net proceeds received by the operator from a smelter or refinery. These payments typically allow for deductions such as transportation, insurance and smelting or refining charges as outlined in the royalty agreement. NSR royalties generally provide cash flow that is not impacted by operating or capital costs, and even a relatively small NSR percentage can deliver economic value comparable to a larger working interest in the same project.

In May 2026, the TMC USA exploration license for the USA-B Area was certified by the NOAA.

Metal streaming agreements differ from royalties. The holder makes an upfront payment and sometimes ongoing payments for a fixed portion of production, typically at a fixed price or spot linked percentage to market value.

Both royalties and metal streams are non-operating interests, meaning the holder has no obligation to fund operating or capital costs or assume environmental liabilities. These interests are generally established by contract with the property owner and, in many jurisdictions, can be registered against mineral title.

#### Our History and Development
On November 15, 2022, we completed an initial private financing by issuing 5,000,000 Common Shares for aggregate proceeds of CAD $50,000, including 2,375,000 Common Shares issued to Brian Paes-Braga, our current Chief Executive Officer and Chair of our board of directors, and 125,000 Common Shares issued to a holding company controlled by Brian T. O'Neill, another of our directors. We also approved the entry into indemnification agreements with our directors and officers.

On February 16, 2023, we completed a private financing by issuing 9,153,847 Common Shares at a price of $0.65 per Common Share for aggregate gross proceeds of $5,950,000, including 3,867,693 Common Shares issued to Mr. Paes-Braga, and 307,692 Common Shares issued to a holding company controlled by Mr. O'Neill.

On February 20, 2023, Mr. Paes-Braga was appointed as our Chair and Chief Executive Officer.

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On February 21, 2023, we entered into the NORI Royalty Agreement pursuant to which NORI created and issued to us a gross overriding royalty interest in the NORI Property. The NORI Royalty entitles us to receive 2% of the gross proceeds from the sale of Products derived from the NORI Property, subject to adjustment if NORI exercises its repurchase options. *See* "— *NORI Royalty*".

Through a series of transactions (described below), including pursuant to the NORI Contribution Agreement and the TMC Subscription Agreement, the aggregate consideration paid by us for the NORI Royalty was $14,000,000.10, which purchase price was satisfied by us through the issuance of 13,846,154 of our Common Shares to TMC and $5,000,000 in cash.

On February 21, 2023, we entered into the NORI Contribution Agreement pursuant to which we acquired the NORI Royalty in consideration for the issuance of a promissory note with a principal amount of $14,000,000.10 (the "TMC Note") and 5,000,000 contingent value rights ("CVRs").

On February 21, 2023, we entered into the TMC Subscription Agreement pursuant to which we agreed, as repayment of the TMC Note in full, to issue 13,846,154 Common Shares at a price of $0.65 per share for an aggregate subscription price of $9,000,000.10, as well as repay in cash the remaining principal amount of $5,000,000 owed following such payment to, or as or directed by, TMC.

Also on February 21, 2023, and concurrently with the NORI Royalty Agreement, we entered into the MC Royalty Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian Paes-Braga, our Chief Executive Officer and the Chair of our board of directors, agreed to assign to us a 1.4% gross production royalty related to NG Energy International Corp.'s Maria Conchita Block in consideration for the issuance of 10,338,462 Common Shares at a deemed price of $0.65 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian T. O'Neill, one of our directors, agreed to assign to us a 0.08125% gross production royalty related to the Maria Conchita Block in consideration for the issuance of 600,000 Common Shares at a deemed price of $0.65 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lucas Cahill agreed to assign to us a 0.08125% gross production royalty related to the Maria Conchita Block in consideration for the issuance of 600,000 Common Shares at a deemed price of $0.65 per share;

In connection with the MC Royalty Transactions, we entered into assignment agreements with each of Mr. Paes-Braga, Mr. O'Neill and Mr. Cahill, pursuant to which we assumed all rights, benefits, payments and privileges of such person in respect of their respective royalty related to the Maria Conchita Block. Following completion of the MC Royalty Transactions we held a 1.5625% gross production royalty related to the Maria Conchita Block.

In connection with, and as a condition to, the consummation of the MC Royalty Transactions and the transactions contemplated by the NORI Royalty Agreement, the NORI Contribution Agreement and the TMC Subscription Agreement, we entered into an investor rights agreement (the "Investor Rights Agreement") with TMC and Mr. Paes-Braga to govern certain of the parties' rights, duties and obligations. *See* "*Certain Relationships and Related Party Transactions — Investor Rights Agreement*".

On February 21, 2023, Gerard Barron, the Chief Executive Officer of TMC, was appointed as one of our directors. Kyle Hickey was appointed as our President and Don Sewell was appointed as our Chief Financial Officer.

On February 21, 2023, we granted 3,950,000 options under the Legacy Option Plan to directors, officers and advisors of the Company, with each option having an exercise price equal to $0.65.

On March 21, 2023, we entered into a contribution and subscription agreement with Landsons Investment Corporation, pursuant to which Landsons Investment Corporation agreed to assign to us a 1.5625% gross production royalty related to the Maria Conchita Block and a 1.44% gross production royalty relating to NG Energy International Corp.'s SN-9 Block in consideration for the issuance of 3,500,000 Common Shares at a deemed price of $1.50 per share. In connection with the Landsons Transactions we entered into assignment agreements with Landsons Investment Corporation pursuant to which we assumed

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all rights, benefits, payments and privileges of Landsons' royalty related to the Maria Conchita Block and SN-9 Block. Following completion of the Landsons Transactions we held a 3.125% gross production royalty related to the Maria Conchita Block and 1.44% royalty related to the SN-9 Block. Each of TMC and Mr. Paes-Braga waived their anti-dilution rights under the Investor Rights Agreement in connection with the Landsons Transactions.

On February 27, 2025, our shareholders approved by unanimous written resolution one or more distributions to our shareholders as a return of capital, in such amounts and times as may be determined at the discretion of our board of directors. On April 18, 2025, our board of directors authorized and approved a return of capital in the amount of $1,072,836.62 in respect of the issued and outstanding Common Shares, resulting in each holder of Common Shares receiving a return of capital equal to $0.025 per Common Share.

On July 10, 2025, NG Energy partially assigned their obligations with respect to our royalty on the SN-9 Block to an affiliate of Maurel & Prom.

On July 25, 2025, we entered into a subscription receipt agreement with Odyssey Trust Company, providing for the issuance of subscription receipts of the Company, with each subscription receipt being convertible, without further action or payment into Common Shares of the Company upon the satisfaction of the Release Conditions prior to March 31, 2026.

Also on July 25, 2025, and in accordance with the terms of the Subscription Receipt Agreement, we completed the first tranche of a non-brokered private placement and issued 2,768,300 subscription receipts at a price of $5.00 per subscription receipt for an aggregate gross proceeds of $13,841,500, to be held in escrow in accordance with the Subscription Receipt Agreement.

On August 18, 2025, we held a special general meeting of our shareholders ("SGM") where our shareholder approved resolutions: (1) to fix the number of directors at five, (2) to approve the name change to "The Metals Royalty Company Inc.", (3) to approve the Spin-Out and (4) to approve certain amendments to our Articles.

Following the SGM, we entered into the Contribution Agreement with our wholly owned subsidiary, 1554997 B.C. Ltd, to contribute our Oil and Gas Royalties to such subsidiary in anticipation of distributing the shares of such subsidiary to our existing shareholders as a return of capital. Following the Spin-Out, we had no interest in the Oil and Gas Royalties and our business will consist solely of the NORI Royalty.

On September 8, 2025, we issued 2,139,770 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $10,698,850.

On September 8, 2025, and in accordance with the terms of the Subscription Receipt Agreement, we completed the second tranche of the non-brokered private placement and issued 299,100 subscription receipts at a price of $5.00 per subscription receipt for an aggregate gross proceeds of $1,495,500, to be held in escrow in accordance with the Subscription Receipt Agreement.

On September 11, 2025, we changed our name from Low Carbon Royalties Inc. to The Metals Royalty Company Inc.

On September 11, 2025, Kyle Hickey resigned as our President.

On September 11, 2025, Hamed Shahbazi and Jorge Fonseca were appointed as directors of the Company to fill vacancies on the board directors.

On October 31, 2025, and in accordance with the terms of the Subscription Receipt Agreement, we completed the third tranche of the non-brokered private placement and issued 67,081 subscription receipts at a price of $5.00 per subscription receipt for an aggregate gross proceeds of $335,405, to be held in escrow in accordance with the Subscription Receipt Agreement. In the event we do not meet the Release Conditions, the proceeds from the subscription receipts will be returned to the subscribers.

On November 10, 2025, we issued 430,000 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $2,150,000.

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On November 10, 2025, our board of directors approved the 2025 Plan and granted the following awards: 891,750 RSUs, 659,250 PSUs and 861,250 options.

On November 28, 2025, Don Sewell was appointed as President of the Company.

On December 1, 2025, we granted an award of 18,000 RSUs and 11,000 options under the 2025 Plan.

On December 5, 2025, we issued 2,000,000 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $10,000,000.

On December 17, 2025 we entered into an amendment to the Subscription Receipt Agreement to extend the deadline for the Release Conditions to March 31, 2026.

On December 18, 2025 we issued 3,443,399 Common Shares upon the exercise of options under the Legacy Option Plan. The Legacy Option Plan is now terminated, and no options are outstanding under such plan.

On December 18, 2025 we completed the Spin-Out.

On February 12, 2026, our board of directors authorized and approved a grant of 1,000,000 Unrestricted Stock Awards.

On March 3, 2026, the Compensation Committee of our board of directors, approved, subject to shareholder approval, the CEO Performance Plan and the grant of 3,000,000 PRSUs under the CEO Performance Plan to our Chief Executive Officer. On March 19, 2026, the shareholders approved the CEO Performance Plan.

On March 23, 2026, we met the Release Conditions. As a result, 3,134,481 subscription receipts were automatically exchanged into Common Shares, no subscription receipts remain outstanding and the gross proceeds, from the sale of the subscription receipts, plus interest, were released to the Company.

On April 8, 2026, the Company completed its direct listing on the Nasdaq Capital Market, and its common shares commenced trading on Nasdaq under the ticker symbol TMCR.

On May 6, 2026, we entered into the Royalty Purchase Agreement with Ironclad and Mesabi Investments (USA) LLC pursuant to which TMCR USA Operations Inc., our indirect wholly-owned subsidiary, agreed to acquire from Ironclad the Mesabi Royalty for aggregate consideration of $132,500,000, consisting of $125,000,000 in cash and Common Shares with an aggregate value of $7,500,000, and was granted (i) an option to acquire the Additional Purchased Royalty on substantially identical terms and (ii) rights of first offer in respect of the portion of the existing royalty retained by Ironclad. In connection with our entry into the Royalty Purchase Agreement, we entered into the PIPE Subscription Agreements with the PIPE investors in connection with the PIPE Financing and into a non-binding term sheet for the Loan Facilities, in each case to fund the cash portion of the consideration for the Mesabi Royalty.

On May 19, 2026, we issued 139,664 Common Shares in connection with the vesting of PSUs under the 2025 Plan.

On June 1, 2026, we entered into an amending agreement to the Royalty Purchase Agreement.

On June 1, 2026, we completed the closing of the acquisition of the Mesabi Royalty, the closing of the PIPE Financing and the entry into definitive documentation in respect of, and an initial drawdown under, the Loan Facilities. See "*Prospectus Summary — Recent Developments*."

On June 1, 2026, Michael B. Hess was appointed as Director and Non-Executive Co-Chairman of the Company.

#### NORI Royalty
The NORI Royalty Agreement establishes the terms of the NORI Royalty pursuant to which NORI granted us a 2.0% gross overriding royalty interest on gross proceeds from the sale of Products by NORI or its affiliates, without deductions, as determined based on the terms and conditions of the NORI Royalty

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Agreement, including (i) gross proceeds received from non-affiliate purchasers of Products, (ii) insurance proceeds for Products lost or (iii) a market value calculation in respect of Products sold to affiliates. The property underlying our royalty interest is at the development stage and is not currently in production as of the date hereof.

Pursuant to the NORI Royalty Agreement, the parties agreed that the NORI Royalty is intended, to the maximum extent permitted under applicable law, to constitute an interest in the NORI Property and will run with the NORI Property and title to the NORI Property in perpetuity and continue to apply to the NORI Property and any successors or assigns, subject to the terms of the NORI Royalty Agreement.

To the maximum extent possible under applicable law, NORI will, upon our request, sign and deliver to us, and we may register or otherwise record (or require NORI to register or otherwise record) against the NORI Property, the NORI Royalty Agreement or notice thereof, and any other similar document or documents as we may request that will have the effect of giving notice of the existence of the NORI Royalty to third persons, and protecting our NORI Royalty and our right to receive the NORI Royalty.

If any renewal, extension, modification, substitution, amalgamation, succession, conversion, demise to lease, renaming or variation of any mineral right is granted as contemplated by the NORI Royalty Agreement, NORI agrees if permissible under law, to execute and deliver such document or documents as we may reasonably request to acknowledge that the NORI Royalty is applicable to the same, including any registration or recording document of any nature whatsoever.

Without limiting the generality of the foregoing, NORI agreed, to the maximum extent possible under UNCLOS and the regulations of the ISA, take all steps and actions necessary, including seeking consent of the ISA and any sponsoring state, to register the NORI Royalty as an encumbrance on any exploitation contract granted to NORI by the ISA, subject to the subordination provisions of the NORI Royalty Agreement in relation to project financing.

Pursuant to the NORI Royalty Agreement, NORI has an exclusive and irrevocable one-time right and option to purchase fifty percent (50%) of the NORI Royalty on or after the second anniversary following the date of the NORI Royalty Agreement, by making a payment (the "First Repurchase Payment") to us in the amount that, when combined with the aggregate NORI Royalty payments received by us prior to the First Repurchase Payment is made, would provide us with an agreed rate of return. The First Repurchase Right expires on the seventh anniversary following the date of the NORI Royalty Agreement.

If the First Repurchase Right is exercised, and NORI is not in default of its payment obligations under the NORI Royalty, NORI has an exclusive and irrevocable one-time right and option to purchase an additional twenty-five percent (25%) of the original NORI Royalty on or after the fifth anniversary following the date of the NORI Royalty Agreement, by making a payment (the "Second Repurchase Payment") to us in the amount that, when combined with the aggregate NORI Royalty payments received by us prior to the Second Repurchase Payment is made, would provide us with an agreed rate of return. The Second Repurchase Right expires on the tenth anniversary following the date of the NORI Royalty Agreement.

If both the First Repurchase Right and the Second Repurchase Right are exercised, the ongoing royalty rate will be reduced to 0.5%.

Royalty payments are due within 30 days after the end of each quarter in which the obligation accrues, based on the first sale of Product.

The NORI Royalty Agreement also grants us information rights, requiring NORI to provide us with a Royalty Statement at the time each NORI Royalty payment is made, which will include details on the quantity, type, and grade of metals and minerals extracted during that quarter and information about the quantity, type and grade of metals and minerals processed and sold during that same period.

We also have the right to audit NORI's books and records related to royalty calculations, with specific procedures for resolving disputes and addressing deficiencies.

We may assign all or part of our royalty interest with notice to NORI. NORI may only assign its interest in the NORI Property if the assignees agree in writing to be bound by the NORI Royalty Agreement and failure to comply renders any such assignment void as to our royalty interest.

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Any future financing of NORI secured by the NORI Property requires the lender to acknowledge in writing the NORI Royalty and agree not to interfere with our rights, in which case we have agreed to subordinate our interest to such financing under specified conditions.

The NORI Royalty Agreement also contains indemnification provisions, under which NORI agrees to indemnify us for third-party claims arising from breaches of law, environmental conditions, or hazardous substances related NORI operations at the NORI Property.

TMC guaranteed and is jointly and severally liable for all obligations of NORI under the NORI Royalty Agreement, including NORI's obligations to make royalty payments in respect of sales of Product by affiliates such as TMC USA and any indemnity given by NORI.

#### Mesabi Royalty
The Royalty Purchase Agreement, dated as of May 6, 2026, as amended on June 1, 2026, by and among the Company, TMCR USA Operations Inc., Ironclad and Mesabi Investments (USA) LLC, together with the conveyance of royalty interests delivered at closing (the "Mesabi Conveyance"), establishes the terms of the Mesabi Royalty pursuant to which TMCR USA Operations Inc. acquired from Ironclad an indexed gross production revenue royalty (with a revenue floor) on DR Grade Iron Ore Pellets produced from the Mesabi Property. Gross revenue for purposes of the Mesabi Royalty is calculated by reference to the Platts Direct Reduction Pellet 67.5% Fe FOB Brazil index price. The Mesabi Royalty is held by TMCR USA Operations Inc., our indirect wholly-owned subsidiary.

The Mesabi Conveyance provides that the Mesabi Royalty constitutes an interest in real property and that the covenants and obligations thereunder run with the land.

Royalty Rate Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Base Royalty. A base royalty rate (the "Base Royalty Rate") of 1.00% (of 8/8ths) of gross revenue from the annual produced amount of DR Grade Iron Ore Pellets from the Mesabi Property, subject to a floor of $1.50 per MT, applicable to a volume amount of up to but not exceeding 8.5 MTPA in any calendar year (the "Base Royalty Annual Volume"), until the Step Down Date (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Overage Royalty. Once annual production in any calendar year exceeds the Base Royalty Annual Volume of 8.5 MTPA, gross revenue from such overage is subject to a separate royalty of 0.25% (of 8/8ths), subject to a floor of $0.375 per MT, until the Step Down Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Step Down. On the date that the cumulative produced volumes subject to the Base Royalty Rate equal 170 million MT (the "Step Down Date"), and for all production thereafter, (i) the Base Royalty Rate is reduced to 0.25% (of 8/8ths), subject to a floor of $0.375 per MT, and (ii) the overage royalty rate is reduced to 0.0625% (of 8/8ths), subject to a floor of $0.09375 per MT of overage.

Royalty payments are due within 20 days after the end of each calendar quarter.

 *Additional Purchased Royalty Option* 

Pursuant to the Royalty Purchase Agreement, we were granted an option to purchase the Additional Purchased Royalty, which would be a separate royalty interest on the Mesabi Property on terms substantially identical to the Mesabi Royalty. The aggregate purchase price for the Additional Purchased Royalty would be $132,500,000, consisting of (i) cash consideration of $125,000,000, less the remaining $10,000,000 of the Transaction Deposit, resulting in a net cash payment of $110,000,000, and (ii) the issuance of Common Shares with an aggregate value of $7,500,000.

 *Rights of First Offer and Other Provisions* 

We were also granted rights of first offer (the "ROFO") in respect of the portion of Ironclad's existing royalty on the Mesabi Property not acquired by us. Pursuant to the ROFO we are entitled to receive prior written notice of any proposed sale and an opportunity to deliver a non-binding indicative offer and negotiate in good faith for a specified period before such interests may be sold to a third party.

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The Royalty Purchase Agreement also grants us information rights, requiring Ironclad to provide us with a quarterly statement at the time each Mesabi Royalty payment is made, which will include details on the production volume, associated costs and a calculation of the proceeds payable during such calendar quarter.

We also have a right to request technical data, documents and reports relating to the Mesabi Property and access to the Mesabi Property.

The Royalty Purchase Agreement contains customary representations and warranties from the Company, Ironclad and Mesabi Investments (USA) LLC and customary covenants regarding the conduct of the parties' respective businesses.

The Royalty Purchase Agreement also contains indemnification provisions, under which Ironclad agrees to indemnify us and our affiliates for losses arising from breaches of representations, warranties and covenants, certain tax matters and defects in title to the Mesabi Royalty.

#### Principal Markets; Revenue Breakdown
Our future revenues are expected to derive from (i) sales of nickel, cobalt, copper and manganese contained in the polymetallic nodules lifted from the NORI Property pursuant to the NORI Royalty Agreement, (ii) sales of DR Grade Iron Ore Pellets produced from the Mesabi Property pursuant to the Royalty Purchase Agreement and the Mesabi Conveyance, and (iii) sales of minerals by any future operators of projects over which we may in the future hold royalty or stream interests. The metals subject to the NORI Royalty are expected to support global EV and energy-storage supply chains, with pricing denominated in U.S. dollars and referenced to LME benchmarks. Sales of DR Grade Iron Ore Pellets subject to the Mesabi Royalty are expected to support domestic and international electric arc furnace steelmaking operations using direct-reduced iron as feedstock, with the Mesabi Royalty calculated by reference to the Platts Direct Reduction Pellet 67.5% Fe FOB Brazil index price.

Because we had no royalty inflows from the NORI Royalty since inception, historical revenue by product or geography is not presented for the NORI Royalty. Beginning with first production from the NORI Property, we expect revenue attribution from Products under the NORI Royalty Agreement to break down approximately as follows: 60% nickel, 25% cobalt, 10% copper and 5% manganese.

As of the date of this prospectus, we have not received any royalty revenue from the Mesabi Royalty, and the Mesabi Property has not commenced commercial production. The operator has publicly disclosed a target of commencing initial DR Grade Iron Ore Pellet production in the fourth quarter of 2026, with commercial production expected to be reached following an 8-to-12-month ramp-up period. Royalty revenue from the Mesabi Royalty will be substantially all attributable to sales of DR Grade Iron Ore Pellets produced from the Mesabi Property.

#### Market Overview and Strategic Context
The global transition to a low-carbon economy depends on secure, large-scale supplies of critical minerals. According to the IEA, demand for key metals such as nickel and cobalt is expected to increase significantly through 2040 as EVs, stationary storage systems and renewable energy infrastructure scale worldwide. These metals, together with copper and manganese, are core inputs to batteries, motors, power networks, wind turbines and solar balance-of-system components. At the same time, conventional terrestrial mining projects face mounting headwinds, including long and uncertain permitting timelines, elevated geopolitical risk, environmental constraints and increasing social resistance. In this context, polymetallic nodules on the seafloor offer a high-grade, potentially scalable and lower-impact alternative source of supply of critical minerals. We believe the NORI Property is positioned to meet a portion of this growing demand. Through the NORI Royalty, investors gain exposure to a large-scale, long-life and sustainability-aligned asset with the potential to deliver attractive returns as electrification accelerates given the growing demands for energy from multiple industries.

Additionally, the U.S. steel industry is undergoing a structural shift toward lower-carbon EAF steelmaking using direct-reduced iron, which requires DR Grade Iron Ore Pellets as the principal high-grade iron feedstock. DR Grade pellets are produced at a small number of operations globally, principally in Brazil and Sweden, with very limited domestic U.S. production.

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#### End-use markets and applications for nodule-derived metals
Industries that require the metals contained in polymetallic nodules represent potential market opportunities across infrastructure, energy storage and chemicals. In infrastructure, nickel, cobalt and manganese are used in steels, specialty alloys and turbines, and copper is used extensively in cables, wiring, transformers and electronics. In energy storage, nodules can yield battery cathode precursors in the form of nickel, manganese and cobalt sulphates, or intermediary nickel-copper-cobalt matte or alloys, and produce copper cathode for wiring and busbars. In chemicals, cobalt and manganese catalysts are used in refining and industrial processes and manganese sulphate has agricultural and industrial applications. While end-uses driven by the energy transition still represent a relatively small fraction of total consumption for these metals today, their relative use in EVs and other energy systems is expected to increase significantly over the next decades as technology mix, policy support and cost declines accelerate adoption.

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| | |
|:---|:---|
| **METAL**  | **TOP END USE SEGMENTS**  |
| Nickel | Stainless steel (66%), batteries (15%), non-ferrous (aerospace and defense) (8%), electroplating (5%), alloy steel (3%), foundry and castings (1%), other (2%) |
| Copper | Electrical infrastructure (30%), construction (24%), consumer appliances and goods (21%), transport (14%), industrial machinery (6%), other diverse uses (5%) |
| Cobalt | EV batteries (42%), portable device batteries (30%), superalloys (9%), hard metals (4%), pigments and ceramics (4%), catalysts (3%), magnets (2%), other (6%) |
| Manganese | Steel (96%), batteries (3%), agricultural products (1%) |

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 *Sources: Benchmark Mineral Intelligence Q4 2025 Forecasts (nickel, cobalt); Benchmark Mineral Intelligence February 2026 Forecast (copper); IGF Critical Mineral Insights (manganese).* 

#### Demand outlook and electrification drivers
End-use demand for these critical metals is accelerating due to electrification across transport, grids and industry. Global EVs sales reached roughly 17 million units in 2024, exceeding 20 percent of total sales, and global battery demand for EV and grid-scale storage surpassed 1 terawatt-hour in the same year. Renewable capacity additions reached about 700 gigawatts in 2024, led by solar PV, while grid investments — particularly in China — have been a major driver of copper consumption over the past two years. These dynamics underpin multi-decade growth in material intensity for copper, nickel, cobalt and manganese across vehicle platforms, grid expansion and industrial equipment.

#### Supply concentration and structural vulnerabilities
Supply concentration remains a defining feature of critical mineral markets, especially in refining. Across nickel, cobalt, and copper, the top three refining countries, China, Indonesia and Russia, increased their combined share to about 86 percent in 2024, up from 82 percent in 2020, while the top three mining countries, Indonesia, the Democratic Republic of the Congo and Chile, rose from 73 percent to 77 percent over the same period. China refined about 45 percent of global copper and nearly 78 percent of cobalt in 2024, while Indonesia supplied more than 60 percent of mined nickel and around 45 percent of refined nickel, with its role in mixed hydroxide precipitate, matte, and ferronickel continuing to expand. In 2025, the United States imported 100% of primary nickel, cobalt and manganese and 46% of primary copper, reflecting the structural import dependence of the U.S. economy for the metals contained in polymetallic nodules. The Democratic Republic of the Congo dominated cobalt mining, accounting for roughly 84 percent of global output. This concentration of supply poses a significant risk, as disruptions in any single country could trigger supply shocks in global commodity markets.

#### China concentration and United States policy response
Refining and processing of these critical minerals are concentrated in, or controlled by, China. China is the largest producer of refined manganese, cobalt and copper and, while it is the second-largest refiner of nickel, it exerts substantial influence over nickel processing in Indonesia, today's leading nickel supplier. In 2025 and 2026, the United States announced a series of measures intended to counter concentration risk,

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including Executive Order 14285, titled "Unleashing America's Offshore Critical Minerals and Resources," issued on April 24, 2025, which directs the Commerce Secretary to implement an expedited permitting process under DSHMRA; America's Maritime Action Plan published in early 2026, which further prioritizes domestic processing capabilities for seabed mineral resources; the inclusion in March 2026 of nickel on the U.S. Department of War's list of thirteen minerals selected for targeted procurement efforts through the Defense Industrial Base Consortium; international critical mineral agreements; efforts to co-locate certain processing facilities on federal or military lands; and adjustments to tariffs on certain Chinese imports. The policy objective across the United States, the European Union, Canada and Australia is to reduce import dependence and support domestic and allied-country capacity in mining, refining, recycling and advanced manufacturing. These policy efforts are occurring alongside a broader upscaling of battery and EV manufacturing, with announced U.S.-cell capacity exceeding 1.2 terawatt-hours by 2030 and European initiatives under the European Critical Raw Materials Act (the "EU Critical Raw Materials Act") designating dozens of strategic projects to streamline permitting and access to finance, while retaining black mass to support a regional recycling industry.

#### Battery-grade nickel versus ferronickel and nickel pig iron
Distinctions within nickel supply are increasingly important for battery markets. Indonesia's expansion has been led by ferronickel and nickel pig iron that primarily serve stainless steel. Battery-grade nickel requires nickel sulphate produced via intermediate matte or mixed hydroxide precipitate (MHP)/mixed sulphide precipitate (MSP) conversion and subsequent chemical processing. China remains the largest supplier of nickel chemicals, accounting for a majority of global sulphate output, although Indonesia is scaling its chemicals significantly from a small base as part of a broader industrial policy to capture more value chain steps. Once in production, initially NORI-D and later the greater NORI Property is expected to supply battery-grade nickel sulphate to downstream markets including cell-battery plants.

#### The case for polymetallic nodules and the NORI Property
Given the wide range of environmental and social impacts associated with conventional land-based mining, we believe it is important to ensure that large volumes of critical metals and minerals are sourced with the lowest environmental, social and economic impacts possible. Polymetallic nodules contain nickel, copper, cobalt and manganese that can be processed into battery-relevant intermediates — such as nickel, manganese and cobalt sulphates, or into intermediate matte or alloy blends — and into copper cathode and alloys for grid and industrial uses. As high-grade terrestrial ore remains limited and global demand increases, a continued reliance on land ores alone would likely expand environmental and social footprints, elevate the risk of supply shortages and increase price volatility. We believe that three of the four metals in polymetallic nodules — nickel, copper and cobalt — are critical in leading economies because they are essential to economic welfare and face supply chain vulnerabilities, and manganese is foundational to steelmaking and a range of industrial applications. We believe the NORI Property offers a potential alternative source that can contribute to supply diversification and resilience, subject to permitting, technical performance and market conditions.

#### Presentation of IEA charts and scenarios
The charts below published by the IEA show increasing global demand by end-use application for nickel, copper, and cobalt, under the scenario that net zero emissions is achieved by 2050. The IEA provides global demand projections for 37 critical minerals needed for clean energy transitions across various target and technology scenarios. A 2024 study by the IEA shows that the production of energy transition minerals could increase by 2040 to meet the growing demand for low-carbon energy technologies required to keep global warming at 1.5°C with deficits in mined supply emerging for nickel, copper and cobalt before 2030.

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 *IEA Nickel Supply & Demand Outlook*![[MISSING IMAGE: bc_nickelsupply-4clr.jpg]](bc_nickelsupply-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

 *Global Nickel Demand Outlook by Sector and Region*![[MISSING IMAGE: bc_globalnickeldemand-4clr.jpg]](bc_globalnickeldemand-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

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 *IEA Copper Supply & Demand Outlook*![[MISSING IMAGE: bc_coppersupply-4clr.jpg]](bc_coppersupply-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

 *Global Copper Demand Outlook by Sector and Region*![[MISSING IMAGE: bc_globalcopperdemand-4clr.jpg]](bc_globalcopperdemand-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

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 *IEA Cobalt Supply & Demand Outlook*![[MISSING IMAGE: bc_cobaltsupply-4clr.jpg]](bc_cobaltsupply-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

 *Global Cobalt Demand Outlook by Sector and Region in the Stated Policies Scenario (STEPS)*![[MISSING IMAGE: bc_globalcobaltdemand-4clr.jpg]](bc_globalcobaltdemand-4clr.jpg)

 *Source: International Energy Agency Global Critical Minerals Outlook 2025 (May 21, 2025)* 

#### Policy environment and investment geography
Although policy settings in major consuming markets continue to evolve, large-scale investment commitments in batteries and EVs remain in place across multiple regions, and permitting and financing

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programs are expanding to support upstream and midstream capacity. In the United States, 2025 executive actions aim to accelerate critical-minerals permitting and project development and complement manufacturing incentives that have anchored significant announced cell capacity this decade. In Europe, the EU Critical Raw Materials Act is intended to shorten timelines and improve bankability for strategic projects while building a regional recycling ecosystem. Canada and Australia have deployed financing programs to de-risk mineral and processing projects, and, in Western Australia, temporary royalty relief has been extended to support nickel producers during the price downturn. In China, dominance across refining, cell manufacturing and recycling is expanding, and new traceability regimes for rare earth elements are being implemented alongside export controls and licensing mechanisms that affect market access and supply assurance for overseas buyers.

#### Legislative and policy disclosures related to the "One Big Beautiful Bill" and Critical Metals
The OBBBA, enacted in July 2025, allocates approximately $9.5 billion to bolster U.S. critical mineral supply chains, including $7.5 billion for the Department of Defense and additional funding through energy and defense programs. The law introduces strict "Prohibited Foreign Entity" rules that restrict eligibility for federal incentives if companies have ties to certain countries, and it accelerates the phase-out of key clean energy tax credits, including the repeal of the EV credit under Section 30D after September 2025. These measures signal a strategic pivot toward defense-oriented mineral security and domestic processing capacity, aiming to reduce geopolitical risk and strengthen supply chain resilience.

Defense authorities reinforce these initiatives with *The Defense Production Act Title III* authorizing funding for critical mineral supply chains, and the *Fiscal Year 2025 National Defense Authorization Act* directing a feasibility study on domestic refining of deep-sea nodule-derived intermediates. Legislative interest in seafloor resources is further reflected in the introduction of the *Responsible Use of Seafloor Resources Act*, which, although not enacted, signals policy momentum toward alternative feedstocks. Internationally, the EU Critical Raw Materials Act and U.S. critical mineral agreements with allies such as Japan aim to diversify supply and reduce dependence on high-risk jurisdictions.

These programs create opportunities for projects aligned with electrification and grid modernization megatrends, but participation is subject to evolving rules, competitive allocations and compliance obligations, including prevailing wage, domestic content and foreign entity restrictions. There is no assurance that any project will qualify for or realize anticipated benefits, and interpretations of eligibility — particularly for nodule-derived intermediates — remain uncertain pending further guidance. We will continue to monitor developments in U.S. and allied policy frameworks and adjust our strategy accordingly.

#### Critical Metals and Global EV Market
Battery chemistries that require metals contained in polymetallic nodules, nickel, cobalt and manganese, which are found in the NORI Property, deliver high energy densities and are typically deployed in EVs requiring long range (e.g., luxury and upmarket passenger cars) and power (trucks). In 2024, these battery chemistries represented only a small portion of the overall use of nickel (~16% of nickel demand) and manganese (<1% of manganese demand). In addition, while 2024 saw an uptick in iron-based cathodes ("LFP") used in entry-level EVs, production and use of LFP for EVs are concentrated in China. With continued production by Korean, Japanese and European lithium-ion battery producers, nickel-based cathodes are forecasted to retain approximately 50% of overall market share in addition to capturing 85% of cell production capacity outside of China by 2030, with production increasingly pivoting towards high-nickel content longer term. Nickel prices remained pressured for much of 2025 as oversupply from Indonesia and China continued, but rose materially in the fourth quarter of 2025 following a tightening of Indonesian mining quotas. Cobalt prices rallied in 2025 driven by export restrictions in the Democratic Republic of the Congo, and copper prices surged in 2025 due to disruptions in mined supply, increased demand and stagnant mine supply. Manganese prices, after spiking in early 2025 due to reduced supply from Australia, softened through the remainder of the year. According to a leading U.S. consulting firm, the global battery market is expected to reach approximately 4.2 terawatt-hours in 2030 and 6.8 terawatt-hours by 2035, with more than 85% of demand driven by lithium-ion batteries, with battery applications expected to drive significant growth in nickel and cobalt demand.

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#### Environmental Opportunity
All nickel, copper, cobalt and manganese today are produced from land ores or recycled metal stock. We believe existing metal stocks available for recycling are insufficient to meet current demand. Even with high end-of-life product recycling rates, most of the new demand over the coming decades will have to be met by new mining. We believe the land-based mining sector is fundamentally challenged: ore grades are falling, production is moving to some of the more biodiverse and conflict-prone regions in the world, accessing ore bodies often requires a complete removal of ecosystems situated on and above such orebodies, and removing, breaking or tunneling through significant tonnage of waste rock. Toxic levels of heavy elements often found in land orebodies typically need to be removed, stored and maintained indefinitely, a real challenge on seismically active and wet tropical islands in countries like Indonesia that accounts for most of the growth in nickel supply.

As a result of a vigorous campaign by several non-governmental organizations, some participants in the EV supply chain have called for a general moratorium on all forms of deep-seabed mining until there is more knowledge about marine impacts of nodule collection operations. While TMC's Environmental and Social Impact Assessment ("ESIA") and Cultural Heritage Impact Assessment ("CHIA") for offshore nodule collection segment of the NORI Area D project is still ongoing, based on already completed research into lifecycle impacts of critical metal production specifically from deep-sea polymetallic nodules, TMC identified how nodules can potentially provide an opportunity to significantly compress most lifecycle ESG impacts associated with conventional metal production from land ores.

![[MISSING IMAGE: fc_norid-4clr.jpg]](fc_norid-4clr.jpg)

To quantify environmental footprints of metal production from nodules as compared to conventional land ores, TMC commissioned several lifecycle assessments ("LCAs") looking at the cradle-to-gate impacts of producing nickel, copper, cobalt and manganese products from polymetallic nodules and how it compares to land-based routes. An LCA white paper examining a comprehensive set of impacts was commissioned by TMC and co-authored by certain TMC executive officers in 2018 and reviewed by subject matter specialists and published on TMC's website in April 2020; an LCA research paper focusing on climate change impacts was peer-reviewed and published in the Elsevier Journal of Cleaner Production in December 2020; an LCA research paper focusing on solid waste streams was peer-reviewed and published in the Yale Journal of Industrial Ecology in January 2022 and an independent LCA compliant with the International Organization for Standardization Standard 14040 on TMC's NORI Area D project was conducted by Benchmark Minerals Intelligence ("Benchmark") and released in March 2023. Based on these LCA assessments that TMC commissioned, we believe that TMC is positioned to become one of the lowest ESG footprint metal companies in the industry. The March 2023 LCA by Benchmark shows that the

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NORI Area D project model performed better in each impact category analyzed than all the land-based processing routes chosen for comparison, except for the global warming potential and water consumption of producing cobalt sulfate, in which one land-based route performed better. While most of these reductions are attributable to the unique characteristics of the polymetallic nodule resource as described above, the elimination of solid processing waste streams onshore is due to TMC's investment in a near-zero-waste flowsheet design and part of the low carbon emissions are due to TMC's strong preference to locate onshore processing facilities in places with access to low-carbon power.

#### Mesabi Project and DR Grade Iron Ore Market Context
The Mesabi Property is designed to produce DR Grade Iron Ore Pellets, which are high-purity iron ore pellets (typically containing approximately 67.5% iron content or greater, with correspondingly low levels of silica, alumina and other gangue elements) suitable as feedstock for direct-reduced iron processes. Direct-reduced iron is increasingly used as feedstock in EAF steelmaking, which is significantly less carbon-intensive than traditional blast-furnace steelmaking and is the dominant growth segment of the U.S. steel industry. The U.S. steel industry is currently the second-largest steel producer globally and is significantly more EAF-weighted than the global industry average, with EAF production representing approximately 70% of total U.S. crude steel output.

 *Global DR Pellet Supply and U.S. Market Position* 

Global DR Grade Iron Ore Pellet supply has historically been concentrated in a small number of producers, principally in Brazil and Sweden. U.S. operating capacity for DR Grade Iron Ore Pellets specifically is limited, and U.S. supplies of DR Grade Iron Ore Pellets to support EAF steelmaking have historically depended on imports. Upon commencement of commercial production, the Mesabi Project is expected to be the sole merchant supplier of DR Grade Iron Ore Pellets in the United States, with limited risks of new entries due to the limited number of ore bodies globally that are capable of economically producing DR Grade pellets. There can be no assurance, however, that the Mesabi Project will retain such positioning if new entrants are developed.

 *Mesabi Iron Range and Domestic Steel Supply Chain* 

The Mesabi Iron Range is a series of iron ore deposits extending approximately 120 miles from Grand Rapids to Babbitt, Minnesota, and is the largest historical iron ore producing district in the United States. The Mesabi Iron Range has supported domestic iron ore production for more than a century and benefits from established infrastructure including rail, ports and processing facilities. The Mesabi Property is located approximately 15 miles west of Hibbing, Minnesota, and approximately 106 miles by road from the port of Duluth, Minnesota, the principal Great Lakes port serving the U.S. iron ore industry, with access provided by U.S. Highway 169, the Canadian National rail line and the BNSF rail line. We believe the Mesabi Property's location on the Mesabi Iron Range provides significant logistical and cost advantages relative to greenfield iron ore projects.

 *Operator Project Financing and Stakeholder Support* 

Based on publicly available disclosures, the operator has secured significant project-level financing and stakeholder support to advance the Mesabi Property toward commercial production. In March 2026, the Export-Import Bank of the United States ("EXIM") announced its support of up to $10 billion for the development of an iron ore mining and processing facility by Mesabi Metallics on Minnesota's Mesabi Iron Range. Separately, the operator has publicly disclosed the closing of a $520 million senior secured project financing facility with Breakwall Capital to advance the project toward commercial operations, and Mesabi Metallics has publicly indicated that the project is expected to support the creation of up to approximately 350 new direct jobs. The foregoing project-level financings and stakeholder commitments benefit our royalty interest only indirectly, by supporting the operator's ability to commence and sustain commercial production; we are not a party to, and have no direct rights in respect of, any such financing or support arrangement.

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#### Summary Disclosure of our Material Properties
The following summary disclosure is provided pursuant to Item 1303(b) of Regulation S-K. Our material mining properties for purposes of S-K 1300 are the NORI Royalty over the NORI Property and the Mesabi Royalty over the Mesabi Property. As described under "Cautionary Note Regarding Mineral Reserve and Resource Estimates," mineral resource and mineral reserve estimates are presented in this prospectus only for the Mesabi Property, supported by the Mesabi TRS prepared by DRA. We continue to rely on the accommodation under Items 1303(a)(3) and 1304(a)(2) of Regulation S-K with respect to the NORI Royalty.

#### The following table summarizes information regarding our material royalty interests as of the date of this prospectus:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Property**  | **Location**  | **Operator**  | **Royalty Interest**  | **Stage**  | **Primary Product**  |
| ***NORI Property***  | *Clarion-Clipperton Zone, NE Pacific Ocean* | *NORI / TMC USA (wholly-owned subsidiaries of TMC)* | *2.0% gross overriding royalty (subject to repurchase rights)* | *Development/pre-production* | *Polymetallic nodules (Ni, Cu, Co, Mn)* |
| ***Mesabi Property***  | *Itasca County, Minnesota, USA* | *Mesabi Metallics Company LLC* | *1.00% indexed gross production revenue royalty (with revenue floor) up to 8.5 MTPA / 0.25% on overage; step-down at 170 Mt cumulative; ROFO and option for additional 1.00% royalty* | *Development / Pre-production* | *DR Grade Iron Ore Pellets* |

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#### Aggregate Production
Neither the NORI Property nor the Mesabi Property has commenced commercial production, and we have not received any royalty income from either property since inception. Accordingly, there is no aggregate production to report for any of the three most recently completed fiscal years. The operator of the Mesabi Property has publicly indicated that it targets first DR Grade Iron Ore Pellet production in the fourth quarter of 2026, and the operator of the NORI Property has publicly disclosed a targeted commencement of commercial recovery in the fourth quarter of 2027, in each case subject to obtaining permits and approvals and to customary commissioning, ramp-up and operational risks. There can be no assurance that either targeted commencement date will be achieved.

#### Summary Mineral Resources
The following table summarizes the mineral resource estimate (exclusive of mineral reserves) for the Mesabi Property, with an effective date of January 14, 2026, prepared by Dr. Schadrac Ibrango, P.Geo., Ph.D., MBA, of DRA. Additional information, including notes and material assumptions, is set forth in Appendix C and in the Mesabi TRS, which is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category**  | **Tonnage <br> (MLT)<sup>(1)</sup>**  | **MagFe <br> (%)**  | **TotFe <br> (%)**  | **Weight <br> Recovery <br> (%)<sup>(2)</sup>**  | **Concentrate <br> Iron <br> (%)**  | **Concentrate <br> Silica <br> (%)**  |
| Indicated  | 214.5 | 20.5 | 31.9 | 28.8 | 70.0 | 1.8 |
| Inferred  | 29.5 | 18.9 | 31.8 | 26.9 |  | 1.7 |

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(1) Million long tons.

(2) Dry weight recovery (referred to in the Mesabi TRS as "DRIWREC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Basis of preparation; effective date.* Mineral resources are reported on a dry basis, exclusive of mineral reserves, in accordance with S-K 1300. The effective date of the mineral resource estimate is January 14, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Key assumptions.* The mineral resource estimate is based on a cut-off grade of 14.0% magnetic iron and a long-term DR Grade Iron Ore Pellet price assumption of US$130.00 per metric tonne, FOB Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Inclusion of disputed parcels.* The mineral resource estimate includes parcels in which Cliffs claims a 50% undivided interest and that are the subject of ongoing arbitration, litigation and related proceedings between Mesabi Metallics Company LLC and Cliffs The mineral reserve estimate set forth below excludes such parcels. The mineral resource estimate excludes three parcels owned 100% by Cliffs See "Risk Factors — The operator of the Mesabi Property is engaged in disputes with Cliffs concerning mineral interests included in the mineral resource estimate, and an adverse outcome could reduce the resources or reserves available to the operator and, in turn, the gross production revenue against which the Mesabi Royalty is calculated" and "Business — Mesabi Property — Property Description" for a description of the underlying disputes and their potential impact on the mineral resources and mineral reserves reported in this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) *Status of mineral resources.* Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all or any portion of the mineral resources will be converted into mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) *Inferred mineral resources.* The Inferred Mineral Resource has a lower level of geological confidence than the Indicated Mineral Resource and cannot be directly converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) *Qualified person statement.* The qualified person responsible for the mineral resource estimate is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially impact the mineral resource estimate, other than the disputes with Cliffs described in note (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) *Rounding.* Figures in the table have been rounded to reflect that the mineral resource estimate is an estimate; accordingly, totals may not sum exactly.

#### Summary Mineral Reserves
The following table summarizes the mineral reserve estimate for the Mesabi Property, with an effective date of May 22, 2026, prepared by Nigel Fung, P.Eng., of DRA. All mineral reserves are classified as Probable at the discretion of the qualified person on the basis of modifying factors. Additional information, including notes and material assumptions, is set forth in Appendix C and in the Mesabi TRS, which is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reserve Category**  | **Tonnage <br> (MLT)<sup>(1)</sup>**  | **MagFe <br> (%)**  | **TotFe <br> (%)**  | **Weight <br> Recovery <br> (%)<sup>(2)</sup>**  | **Concentrate <br> Iron <br> (%)**  | **Concentrate <br> Silica <br> (%)**  |
| **Probable<sup>(3)</sup>**  | 515.5 | 21.1 | 31.7 | 29.8 | 70.0 | 1.8 |

---

(1) Million long tons.

(2) Dry weight recovery (referred to in the Mesabi TRS as "DRIWREC").

(3) All mineral reserves are classified as Probable at the discretion of the qualified person on the basis of modifying factors. No mineral reserves are classified as Proven.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) *Basis of preparation; effective date.* Mineral reserves are reported on a dry basis, at a point of reference delivered to the primary crusher, in accordance with S-K 1300. The effective date of the mineral reserve estimate is May 22, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) *Key assumptions.* The mineral reserve estimate is derived from the Indicated Mineral Resource (Inferred Mineral Resources have been excluded), based on a pit limit analysis and detailed pit design, applying a cut-off grade of 14.0% magnetic iron and a long-term DR Grade Iron Ore Pellet price assumption of US$130.00 per metric tonne, FOB Louisiana. The mineral reserve estimate is inclusive of internal dilution and reflects a 2.0% mining loss, a life-of-mine average weight recovery of 29.8% (run-of-mine ore to concentrate) and a life-of-mine average magnetic iron recovery to concentrate of 96.48%. The mineral reserve estimate is based on a life-of-mine average stripping ratio (waste to ore) of 1.66.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) *Exclusion of disputed parcels.* The mineral reserve estimate excludes parcels in which Cliffs claims a 50% undivided interest and that are the *subject* of ongoing arbitration, litigation and related proceedings between Mesabi Metallics Company LLC and Cliffs, as well as three parcels owned 100% by Cliffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) *Classification.* All mineral reserves are classified as Probable; no mineral reserves are classified as Proven. The qualified person has classified the *entirety* of the mineral reserve estimate as Probable in his discretion, having regard to the modifying factors applied in the conversion of mineral resources to mineral reserves, including the matters described in note (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) *Qualified person statement.* The qualified person responsible for the mineral reserve estimate is not aware of any mining, metallurgical, infrastructure, environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially impact the mineral reserve estimate, other than the disputes with Cliffs described in note (c) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) *Rounding.* Figures in the table have been rounded to reflect that the mineral reserve estimate is an estimate; accordingly, totals may not sum exactly.

#### NORI Property
 *Introduction* 

In 2018, the SEC adopted amendments to the disclosure requirements for mining properties. Effective for fiscal years beginning on or after January 1, 2021, the disclosure requirements under the SEC's Industry Guide 7 were replaced with new disclosure requirements under S-K 1300. The property disclosures in this prospectus are presented in accordance with S-K 1300, subject to certain exemptions contained in the rule. While S-K 1300 generally contemplates that registrants that hold royalty, streaming or other similar rights will provide property-level disclosure that is comparable to the disclosure provided by the operators of those properties, including mineral resource and mineral reserve estimates and supporting technical information, S-K 1300 also provides certain accommodations to such registrants. In particular, Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K permit a registrant that holds royalty or similar rights to omit information that would otherwise be required under Items 1303 and 1304 where obtaining the information and preparing related disclosure would result in an unreasonable burden or expense, provided that the registrant explains the omission and provides all information that it does possess or can obtain without incurring an unreasonable burden or expense. We rely on these accommodations with respect to the NORI Property. In light of our size and the early stage of our business, we have determined that obtaining and preparing a separate S-K 1300 technical report summary and related mineral resource and mineral reserve disclosure for the NORI Property solely for inclusion in this prospectus would, at this time, result in an unreasonable burden or expense for us. Instead, we summarize below certain information from the NORI Technical Reports below for background and context and provide the other information regarding the NORI Royalty and the NORI Property that we can provide without incurring an unreasonable burden or expense.

Absent an exemption or accommodation, a registrant that discloses mineral resources or mineral reserves for a material property must obtain a dated and signed technical report summary from a qualified person identifying and summarizing the information reviewed and the conclusions reached by the qualified person about the mineral resources or mineral reserves determined to be on that property. As noted above,

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we have determined that commissioning and preparing a separate S-K 1300-compliant technical report summary for the NORI Property solely for our purposes would result in an unreasonable burden or expense. Accordingly, we have not sought to obtain, and do not intend to obtain, a dated and signed technical report summary from a qualified person pursuant to Item 1302(b)(1) of Regulation S-K for the NORI Property, and we therefore do not present mineral resource or mineral reserve estimates, or any economic analysis generally, for the NORI Royalty in this prospectus.

See *Appendix A* and *Appendix B* for further information about the NORI Property.

In accordance with Item 1303(b)(1) of Regulation S-K, our internal controls with respect to the disclosure of information regarding the NORI Property in this prospectus consist of: (i) review by our management and our legal and technical advisors of TMC's public filings with the SEC, including the NORI Technical Reports and TMC's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, from which the disclosure in this prospectus relating to the NORI Property is summarized; (ii) review of the qualifications and independence of the qualified persons engaged by TMC who prepared the NORI Technical Reports; and (iii) evaluation by our management of whether the public information disclosed by TMC may reasonably be summarized in this prospectus consistent with the accommodations on which we rely under Items 1303(a)(3) and 1304(a)(2) of Regulation S-K. We have not independently verified the technical, scientific, operational, environmental or economic information underlying TMC's disclosures regarding the NORI Property, and our internal controls are not designed to do so.

 *Location* 

*The NORI* Property is located within the seafloor in the CCZ of the north-east Pacific Ocean between Hawaii and Mexico. The western end of the CCZ is approximately 1,000 km south of the Hawaiian island group.

The NORI Property is comprised of four separate areas (NORI A, B, C and D) of the CCZ with a combined area of 74,830 km<sup>2</sup>.

NORI Area D covers 25,160 km<sup>2</sup> and is the easternmost of the four NORI exploration areas. Its center point is at latitude 10° 29' N and longitude 116° 57' W, approximately 850 km due west of the nearest land — the uninhabited Clipperton Island.

 *History* 

A nickel, manganese, cobalt, and copper resource occurring as polymetallic nodules is located on the seafloor in the CCZ. Four consortia of offshore development companies demonstrated the technical feasibility of collecting, lifting, and converting nodules into metals in the 1970s, but development of the industry was impeded by the absence of regulation and a governing body.

 *Regulatory Regimes* 

 *United Nations Convention on the Law of the Sea* 

In 1994, the United Nations established the ISA pursuant to UNCLOS. The ISA governs the development of seabed resources for UNCLOS member states in the territories beyond the exclusive economic zones governed by coastal states (the "Area").

In 2010, the ISA adopted Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area. In July 2011, the ISA granted TMC subsidiary, NORI, an exploration contract covering NORI Area A, B, C, and D. NORI is sponsored under the ISA by the Republic of Nauru pursuant to a certificate of sponsorship signed by the Government of Nauru on April 11, 2011. NORI and Nauru subsequently entered into a sponsorship agreement in September 2017, which was most recently revised in May 2025, formalizing certain obligations of the parties in respect of NORI's exploration and potential collection activities in the NORI Contract Area. These exploration contracts do not confer any commercial production rights. The NORI exploration contract has an initial 15-year term and is scheduled to expire in July 2026. In January 2026, NORI submitted to the ISA a request for a five-year extension of its exploration contract, as permitted under the terms of the contract upon a showing of good-faith compliance with the approved

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plan of work. As of the date of this prospectus, the extension request is pending ISA review, and there can be no assurance that the extension will be granted on a timely basis, on terms acceptable to NORI, or at all. The ISA has not finalized the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS, which must be finalized before exploitation contracts may be granted. As of the date of this prospectus, the United States is not a party to UNCLOS and has remained a persistent objector to UNCLOS ratification, primarily due to its Part XI seabed mining provisions.

 *Deep Seabed Hard Mineral Resources Act* 

Once the ISA became operational in the 1990s, most reciprocating states transitioned to the UNCLOS/ISA system. The United States, however, remains outside that framework.

In 1980, the U.S. enacted the DSHMRA authorizing the NOAA to issue licenses for exploration and permits for commercial recovery from the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure that U.S. entities can participate in seabed mining despite the U.S. not being a party to UNCLOS.

DSHMRA provides a regulatory structure administered by NOAA, an agency under the U.S. Department of Commerce. NOAA's implementing regulations detail the criteria and conditions for issuance of deep-seabed exploration licenses and commercial recovery permits to U.S. citizens, including any individual, corporation, or other entity organized under the laws of a U.S. state or territory.

NOAA is not restricted under DSHMRA from issuing licenses or permits over areas that are also subject to ISA exploration or exploitation contracts.

Before any license or permit is issued, NOAA must determine that the proposed activities meet a series of statutory requirements, including that the activity: (i) will not unreasonably interfere with the lawful use of the high seas by other states; (ii) is consistent with U.S. foreign policy and international obligations; (iii) does not create a risk to international peace and security; (iv) is not expected to result in significant adverse environmental effects; and (v) does not pose undue risk to life or property at sea.

Exploration licenses under DSHMRA grant exclusive rights to conduct technical studies in a defined area and are issued for ten-year terms. Commercial recovery permits authorize full-scale extraction for a period of 20 years subject to extension and are subject to enhanced environmental and operational requirements. To date, NOAA has issued exploration licenses over four areas, of which two are active, however it has not issued any commercial recovery permits under DSHMRA. TMC USA, a wholly owned subsidiary of TMC, is the first U.S. citizen to apply for a commercial recovery permit.

In April 2025, TMC, through TMC USA, applied for exploration licenses and commercial recovery permits under DSHMRA in respect of areas of the CCZ that include, but are not limited to, the NORI Property. The relevant applications are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for the USA-A Area which covers 65,186 km<sup>2</sup> in the CCZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for USA-B Area which covers 121,789 km<sup>2</sup> in the CCZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Commercial Recovery Permit for USA-A which covers 25,160 km<sup>2</sup> in the CCZ (NORI Area D).

USA A includes (but is not limited to) the existing ISA approved exploration Area identified as NORI Area D. USA B includes (but is not limited to) the existing ISA approved exploration Areas identified as NORI Areas A, B and C.

In January 2026, The Metals Company, through TMC USA, applied for a consolidated exploration license and commercial recovery permit under the DSHMRA. TMC disclosed that the consolidated application covers the area previously subject to the April 2025 commercial recover permit application (NORI Area D) and also expands on the area subject to the prior application, however, to our knowledge the expanded area does not include any of the other NORI Areas subject to our NORI Royalty Agreement.

In May 2026, the exploration license for USA-B Area was certified by the NOAA.

The applications for the USA-A Area are still under agency review and commencement of commercial recovery by TMC USA is subject to approval of these licenses and permit applications under DSHMRA.

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As of the date of this prospectus, TMC USA does not hold any exploration licenses or commercial recovery permits for the USA-A Area under the DSHMRA framework. See "— *NORI Recent Developments*."

The NOAA review process includes a determination whether applications for exploration licenses are in full or substantial compliance with the applicable requirements under DSHMRA and its implementing regulations within 30 days of receipt and whether applications for a commercial recovery permit are complete within 60 days. NOAA has notified TMC USA that its exploration license applications are in substantial compliance with the applicable requirements. NOAA is then expected to proceed with a full review of TMC USA's applications, including interagency consultation with other U.S. government departments (including the Department of State, the Department of Defense and the Environmental Protection Agency), preparation of an Environmental Impact Statement, or EIS, under NEPA, and a public comment period. NOAA will determine whether to issue the requested licenses and permit, and if so, under what terms and conditions. All licenses and permits issued under DSHMRA are subject to oversight, periodic reporting and potential suspension or revocation for noncompliance or unforeseen environmental harm. NOAA issued four exploration licenses in 1984 to U.S. sponsored consortia for polymetallic nodule exploration in the CCZ. Two of these licenses (USA-1 and USA-4) remain active and are currently held by Lockheed Martin. These licenses have been renewed until 2027 in accordance with DSHMRA's statutory provisions, which require NOAA to grant extensions if the licensee has substantially complied with license terms.

TMC USA has submitted applications for such rights, and subject to regulatory review and approval, anticipates that any future commercial recovery activities would be conducted pursuant to a permit issued by NOAA under the U.S. legal regime, rather than under UNCLOS.

TMC expects to be subject to additional U.S. laws and regulations as development progresses.

To date, no commercial recovery permits for extracting minerals from the seafloor within the NORI Property have been granted under ISA or DSHMRA.

 *NORI Recent Developments* 

On April 24, 2025, the President issued Executive Order 14285, titled "*Unleashing America's Offshore Critical Minerals and Resources*" (the "Executive Order"). The Executive Order's purpose is to advance the development of critical minerals in the U.S. offshore seabed and in areas beyond national jurisdiction. In the Executive Order, the President directed federal agencies to streamline and expedite permitting for exploration, extraction and processing of seabed mineral resources, instructed the Departments of War and Energy to assess use of the National Defense Stockpile for nodule-derived minerals, and directed the International Development Finance Corporation, the Export-Import Bank and the Trade and Development Agency to identify tools to support the industry. In early 2026, the Federal government published America's Maritime Action Plan, which further prioritizes domestic processing capabilities for seabed mineral resources.

In July 2025, NOAA issued proposed amendments to its regulations under DSHMRA (15 C.F.R. Parts 970 and 971), published as FR Doc. 2025-12513 (90 Fed. Reg. 29806). The proposed rule introduces a new consolidated application procedure under § 971.214, allowing applicants to submit a single application for both an exploration license and commercial recovery permit. These changes are intended to modernize and streamline the DSHMRA permitting process. The proposed rule underwent a public comment period until September 5, 2025. DSHMRA and its regulations do not include a statutory deadline for application review. However, the Executive Order directs the Commerce Secretary to implement an expedited permitting process under DSHMRA.

On July 27, 2025, TMC USA submitted amended exploration applications with additional information requested by NOAA. NOAA confirmed that both exploration license applications were fully compliant and it had begun its certification process.

On August 11, 2025, TMC USA received notice of full compliance from the NOAA on its exploration applications, and reconfirmation that TMC USA has priority right over both exploration areas. Both applications entered the certification stage in late July, which TMC expects to be approximately 100 days. TMC has announced a targeted production start date of Q4 2027.

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On January 21, 2026, NOAA issued the final rule, titled "Deep Seabed Mining: Revisions to Regulations for Exploration Licenses and Commercial Recovery Permit Application," updating NOAA's regulations implementing the DSHMRA and modernizing the federal permitting framework. The final rule established a consolidated application and review process pursuant to which qualified applicants may submit a single application for both an exploration license and a commercial recovery permit, and may incorporate environmental, geological, and engineering data collected during exploration activities directly into commercial recovery permit applications.

On January 22, 2026, TMC USA submitted a consolidated exploration license and commercial recovery permit application under NOAA's updated framework.

#### NORI Resource base
The NORI Royalty covers the NORI Property. The NORI Property comprises NORI Areas A, B, C and D in the CCZ with a combined area of 74,830 square kilometers, and the seafloor in the NORI Areas is typically 4,000 to 6,000 meters below sea level. NORI Area D is in the development stage following the issuance of the Area D Report, while NORI Areas A, B and C remain in the exploration stage. The initial development focus is NORI Area D, which spans approximately 25,160 square kilometers.

![[MISSING IMAGE: mp_resourcebase-4clr.jpg]](mp_resourcebase-4clr.jpg)

 *Figure 1: CCZ regional map showing NORI A to D* 

#### NORI extents

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Area**  | **Minimum <br> Latitude <br> (DD)**  | **Maximum <br> Latitude <br> (DD)**  | **Minimum <br> Longitude <br> (DD)**  | **Maximum <br> Longitude <br> (DD)**  | **Minimum <br> UTM X <br> (m)**  | **Maximum <br> UTM X <br> (m)**  | **Minimum <br> UTM Y <br> (m)**  | **Maximum <br> UTM Y <br> (m)**  | **UTM <br> Zone**  |
| *A* | *11.5000* | *13.00000* | *(134.5830)* | *(133.8330)* | *545220.4* | *627276.0* | *1271339* | *1437255* | *8* |
| *B* | *13.5801* | *14.00000* | *(134.0000)* | *(133.2000)* | *607995.7* | *694759.8* | *1501590* | *1548425* | *8* |
| *C* | *12.0000* | *14.93500* | *(123.0000)* | *(120.5000)* | *500000.0* | *769458.3* | *1326941* | *1652649* | *10* |
|  ***D*** | ***9.8950*** | ***11.08333*** | ***(117.8167)*** | ***(116.0667)*** | ***410465.2*** | ***602326.1*** | ***1093913*** | ***1225353*** | ***11*** |

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 *DD — Decimal degrees, UTM — Universal Transverse Mercator map projection* 

 *As the CCZ deposit does not include any habitable land and is not near coastal waters, there is no requirement to negotiate access rights from landowners for seafloor collection operations. All personnel and material will be transported to the project area by ship.* 

 *Geological characteristics* 

Polymetallic nodules are discrete, centimeter-scale concretions that form over millions of years at the sediment — water interface through the slow precipitation of dissolved metals from seawater and sediment pore waters. This process occurs via two mechanisms: hydrogenetic growth, where metals precipitate directly from seawater, and diagenetic growth, where metals migrate upward from sediment pore fluids. The nodules typically consist of concentric layers of manganese and iron oxides surrounding a nucleus, which can be a fragment of older nodule material, pumice, or other debris. In the NORI Areas, nodules are widely distributed across abyssal plains at depths of 4,000 to 6,000 meters and rest unattached on the seafloor surface, often forming dense carpets with coverage exceeding 50% in high-abundance zones. There is no overburden to strip and no host rock to drill or blast, eliminating the need for conventional mining infrastructure such as pits, shafts, or waste dumps. Collection involves tracked subsea vehicles that gently lift nodules from the sediment surface using low-pressure intake heads, minimizing sediment disturbance. The nodules are then transferred as a slurry through a vertical riser and lifting system to a surface production vessel, where they are dewatered and stored in cargo holds. From there, they are transshipped to bulk carriers for delivery to shore-based processing facilities. This unique deposit geometry and mining method result in a zero-strip ratio and a fundamentally different environmental and operational profile compared to traditional mining.

 *Mining method* 

Tracked seafloor collectors travel along pre planned lanes and lift nodules from the sediment surface using low pressure intake heads designed to limit sediment entrainment. Collected material is screened on the collector and transferred into a subsea buffer that smooths flow. A vertical riser and lifting system conveys a slurry of nodules from the buffer to a surface production vessel. The riser is engineered for the hydraulic head across approximately 4 to 6 kilometers of water column and incorporates redundancy to support high uptime. On the surface vessel, nodules are dewatered and stockpiled for periodic transshipment to ocean going bulk carriers. Hydrodynamic, sediment and plume modeling inform limits on collector speed, spacing and operational thresholds.

![[MISSING IMAGE: pht_nodulecollection-4clr.jpg]](pht_nodulecollection-4clr.jpg)

 *Figure 5: Graphic depicting nodule collection system* 

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![[MISSING IMAGE: fc_flowmixture-4clr.jpg]](fc_flowmixture-4clr.jpg)

 *Figure 6: Flow mixture overview of nodule collection system* 

 *Processing method* 

Shore based processing follows a modular flowsheet that uses proven unit operations adapted to nodule chemistry. Feed is conditioned as required, then smelted in a rotary kiln electric furnace to produce a nickel copper cobalt matte. Manganese largely reports to a silicate stream. Matte is converted and refined to saleable nickel, copper and cobalt intermediates or products. The manganese stream can be marketed as silicate or, where warranted by market conditions, processed to manganese sulfate. The flowsheet targets high overall metal recoveries, low solid waste onshore and flexibility in the product mix as market conditions evolve.

![[MISSING IMAGE: fc_processingmethod-4clr.jpg]](fc_processingmethod-4clr.jpg)

 *Figure 7: Major equipment and associated stream from pyrometallurgical complex* 

 *Initial Commercialization* 

 *PAMCO Contracts* 

Early commercialization relies on third-party rotary kiln electric furnace tolling capacity to monetize matte and shorten time to market. The initial phase will utilize established tolling arrangements with PAMCO at its Hachinohe facility in Japan. PAMCO has already completed demonstration-scale trials using nodules from NORI's 2022 test mining campaign, including calcining and smelting operations that validated the ability to produce high-quality nickel-cobalt-copper alloy and manganese silicate. The facility will initially process approximately 1.3 million wet tonnes per annum of nodules, producing alloy and then matte once sulfidation and converting units are installed. This phased approach allows TMC to defer significant capital expenditure on greenfield smelting infrastructure while maintaining early revenue generation. Beyond PAMCO, additional RKEF capacity in Indonesia is expected to be contracted to handle incremental volumes as production ramps up to 3 million wet tonnes per annum per vessel. These tolling arrangements are structured to ensure TMC retains ownership of nodules and finished products, providing flexibility in marketing and downstream integration.

 *Future Product Transition* 

The commercialization plan is structured as a staged evolution from intermediate products to high-value battery-grade chemicals and refined metals. The first phase focuses on producing and selling nickel-cobalt-copper matte through tolling agreements with existing smelters and refiners, leveraging proven RKEF

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technology to minimize execution risk. As throughput scales and operating experience is gained, the operator intends to commission a U.S.-based hydrometallurgical refinery beginning in Year 6 of operations. This facility will process matte into nickel sulfate, cobalt sulfate, copper cathode and ammonium sulfate fertilizer, with an initial capacity aligned to 6 million wet tonnes per annum of nodules. By Year 10, the plan anticipates full transition to in-house refining of all matte volumes through two hydrometallurgical plants with combined capacity for 12 million wet tonnes per annum. This progression is designed to capture higher margins, reduce reliance on third-party tolling and align the product slate with demand from EV battery supply chains, stainless steel markets and energy infrastructure. The staged approach also provides flexibility to adapt to evolving market conditions and regulatory frameworks while maintaining optionality for manganese sulfate production for emerging battery chemistries.

![[MISSING IMAGE: fc_producttransition-4clr.jpg]](fc_producttransition-4clr.jpg)

 *Figure 8: Major equipment and associated stream from hydrometallurgical complex* 

#### Mesabi Property
 *Overview* 

The Mesabi Property is the subject of our Mesabi Royalty and is a material property to the Company for purposes of S-K 1300. The Mesabi Property is located in Itasca County, Minnesota, on the western portion of the historic Mesabi Iron Range, adjacent to the City of Nashwauk, Minnesota. The property is operated by Mesabi Metallics Company LLC, a private company that is not affiliated with TMCR. Based on information provided to us by the operator and publicly available disclosures, total project investment in the Mesabi Project through the operator's targeted commercial start-up is expected to total approximately $2.4 billion, making the project among the largest private-sector industrial projects in the State of Minnesota. The operator has publicly indicated that construction is nearing completion, with a targeted commencement of initial DR Grade Iron Ore Pellet production in the fourth quarter of 2026.

Mineral rights in Minnesota are severed from surface rights, and most mineral leasing in the State is conducted on a forty-acre (16.2 hectare) plot basis. The operator's mineral leases on the Mesabi Property cover more than 4,496 acres (more than 1,800 hectares). The operator's mineral leases on the Mesabi Property are primarily distributed among three principal mineral owners: the operator (or its affiliates), the Langdon-Warren Group and J.A.G.E. Enterprise LLC, with a small number of additional minor mineral interests. Most of the leases are for terms of 30 to 40 years and are renewable; they include minimum royalty payments, earned royalties based on crude taconite mined with escalator provisions, and other conditions typical of leases on the Mesabi Range.

The mineral resource estimate disclosed in this prospectus excludes parcels that are 100% owned by Cliffs but includes parcels that are 50% owned by the operator and 50% owned by Cliffs and that are subject to ongoing litigation between the operator and Cliffs. The mineral reserve estimate disclosed in this prospectus excludes both categories of parcels. The Qualified Persons responsible for the mineral reserve estimate have not opined on whether the operator has or will have access to any reserves that may be located on the parcels subject to ongoing litigation.

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 *Operator* 

The Mesabi Property is operated by Mesabi Metallics Company LLC, which emerged from the Chapter 11 reorganization of Essar Steel Minnesota LLC in 2017 and is the successor to that entity's interest in the Mesabi Property. Construction of the project commenced under Essar Steel Minnesota LLC in 2010.

 *Stage and Permits* 

The Mesabi Property is at the development stage. The operator has publicly disclosed that, as of January 1, 2026, construction of the project was approximately 85.5% complete. Mining of overburden was scheduled to commence in the second quarter of 2026, mechanical completion of the processing facilities was targeted for the second half of 2026, initial DR Grade Iron Ore Pellet production was targeted for the fourth quarter of 2026, with nameplate production expected to be reached following an eight- to twelve-month ramp-up period. The Mesabi TRS reflects a 23-year life-of-mine plan. The mineral reserve estimate disclosed in this prospectus does not include any reserves classified as Proven; all reserves are classified as Probable at the discretion of the Qualified Person on the basis of modifying factors**.** 

The operator holds, among other principal permits and approvals, a Permit to Mine issued by the Minnesota Department of Natural Resources, an Air Emissions Facility Permit issued by the Minnesota Pollution Control Agency and an NPDES/SDS Permit. The current Air Emissions Facility Permit limits annual DR Grade Iron Ore Pellet production to 7.00 million long tons until a permit amendment is obtained. The operator expects to obtain that amendment by the end of the third quarter of 2027. The mineral reserve estimate disclosed in this prospectus is supported in part by the operator's continued ability to obtain and maintain the permits and approvals described above, including the air permit amendment described herein.

 *Mine Type, Geology and Mineralization* 

The Mesabi Property is a surface (open-pit) taconite project targeting magnetite mineralization within the Biwabik Iron Formation, a Lake Superior-type Banded Iron Formation of Proterozoic age. The Biwabik Iron Formation can be traced for approximately 120 miles between Grand Rapids and Babbitt, Minnesota, and consists of cherty, iron oxide-rich layers intercalated with slaty, iron silicate-rich layers. The deposit type is a Lake Superior-type Banded Iron Formation, the principal source of iron throughout the world**.** 

 *Processing and Infrastructure* 

Processing operations at the Mesabi Property consist of (i) primary and secondary crushing and dry cobbing; (ii) beneficiation through three identical parallel lines comprising autogenous-grinding primary milling, ball-mill secondary grinding, two stages of low-intensity magnetic separation, vertical regrind milling, finisher magnetic separation, reverse silica flotation, and concentrate and tailings thickening; and (iii) pelletizing in a straight-grate indurating furnace with a traveling-grate surface area of 8,008 ft² (744 m²). The processing facility has nominal design capacity to process approximately 23.44 million long tons per annum of run-of-mine ore and to produce, over the life of mine, an average of 6.99 million long tons per annum of concentrate and 7.17 million long tons per annum of DR Grade Iron Ore Pellets. Supporting infrastructure includes a tailings storage facility, rail spurs connecting to the Canadian National and BNSF rail networks, and power supplied from the local utility transmission grid.

 *Summary of Mineral Resources and Mineral Reserves* 

The summary tables of mineral resources and mineral reserves for the Mesabi Property are set forth above under "*Summary Disclosure — Summary Mineral Resources*" and "*Summary Disclosure — Summary Mineral Reserves*." Additional detail regarding the basis for the estimates, including drilling and sampling, geological interpretation, modifying factors, economic analysis and sensitivity analysis, is set forth in Appendix C. The Mesabi TRS is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part.

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#### Project Economics
The Mesabi TRS includes a discounted cash flow economic analysis of the Mesabi Project prepared by DRA. The economic analysis is presented on a 100% project basis and reflects the project-level economics of the operator. It does not reflect TMCR's economic interest in the Mesabi Property, which is limited to the Mesabi Royalty. The royalty cash flows payable to TMCR are calculated by applying the royalty rate set forth in the Mesabi Royalty agreement to gross production revenue from DR Grade Iron Ore Pellets sold from the Mesabi Property and, accordingly, differ from the cash flows presented below in both timing and amount. The economic analysis is forward-looking in nature, is based on the assumptions described below and in the Mesabi TRS and is subject to risks and uncertainties described under "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors." Actual results may differ materially from the estimates set forth below. See Section 19 of the Mesabi TRS for further detail.

#### Key Assumptions
The economic analysis reflects a 23-year life of mine. Average annual mill feed of run-of-mine ore is approximately 23.44 million long tons. Average annual DR Grade Iron Ore Pellet production over the life of mine is 7.17 million long tons (7.28 million metric tonnes), with total life-of-mine production of approximately 160.1 million metric tonnes of DR Grade Iron Ore Pellets. Average life-of-mine weight recovery is 29.8% and average life-of-mine stripping ratio is 1.66 to 1 (waste to ore).

The economic analysis assumes a long-term DR Grade Iron Ore Pellet price of US$152.40 per metric tonne FOB Louisiana, equivalent to US$120.40 per metric tonne FOB mine after deducting estimated rail freight from mine to Louisiana of US$32.00 per metric tonne. The long-term pricing assumption is based on bank consensus pricing (Sinter Fines 62% CFR China) as of April 15, 2026, adjusted for a 65% to 62% iron content differential, a DR pellet premium, linear iron content and value-in-use quality adjustments, and a freight differential from China to Louisiana derived from the Baltic Exchange Capesize Index for Route C3 as of April 15, 2026. The economic analysis applies discount rates of 8.0% and 10.0% per annum and is presented in constant second quarter 2026 dollars without provision for inflation. The economic analysis is conducted on a 100%-equity basis without giving effect to project financing.

The long-term DR Grade Iron Ore Pellet price used in the economic analysis differs from the price used in the mineral reserve estimate. The mineral reserve estimate is based on a more conservative long-term DR Grade Iron Ore Pellet price of US$130.00 per metric tonne FOB Louisiana, whereas the economic analysis uses the long-term consensus price forecast described above. The reserves remain economically viable at the lower reserve pricing assumption used to derive the pit shell. See "— Summary of Mineral Resources and Mineral Reserves" above and Section 19 of the Mesabi TRS.

#### Capital Costs
Total project investment in the Mesabi Project through commercial start-up is expected to total approximately US$2.4 billion, of which approximately US$1.86 billion had been incurred through December 31, 2025. Estimated remaining capital expenditure to bring the project to commercial production as of January 1, 2026 is approximately $571 million (the "Cost to Complete"), comprising approximately $461 million of remaining EPC costs, approximately $24 million of mine preparation costs, approximately $56 million of owner's costs (inclusive of interest during construction and financing fees) and approximately $30 million of contingency. Over the 23-year life of mine, the operator is expected to incur approximately $353 million of sustaining capital expenditure for processing facilities, civils and other infrastructure, approximately US$86 million of sustaining capital expenditure for the tailings storage facility and approximately US$40 million of closure costs (in each case inclusive of contingency). Initial mobile mining equipment is expected to be rented rather than purchased and is reflected in operating costs.

#### Operating Costs
Average life-of-mine operating costs are estimated at $57.22 per metric tonne of DR Grade Iron Ore Pellets, exclusive of Minnesota Taconite Production Tax, or $60.64 per metric tonne inclusive of such tax. Approximately US$13.45 per metric tonne is attributable to mining, $3.61 per metric tonne to mining equipment rental, $1.50 per metric tonne to crushing, $17.89 per metric tonne to concentrating, $10.12 per

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metric tonne to pelletizing, $0.38 per metric tonne to tailings storage facility operations, $3.56 per metric tonne to selling, general and administrative expense (including health, safety and environmental costs), and US$6.71 per metric tonne to third-party royalties and pellet production royalties.

 *Mesabi Economic Analysis* 

The principal results of the economic analysis are set forth below.

---

| | |
|:---|:---|
| **Item**  | **Value**  |
| Total Revenue (LOM)  | US$19,272 million |
| Total Operating Costs (LOM)  | US$9,159 million |
| Total Cost to Complete (Pre-Production Capital)  | US$571 million |
| Total Sustaining Capital Expenditure (Including Closure)  | US$480 million |
| Total Pre-Tax Cash Flow (LOM)  | US$9,063 million |
| Total Taxes Paid (LOM)  | US$1,799 million |
| Total After-Tax Cash Flow (LOM)  | US$7,264 million |
| Pre-Tax Results |  |
| Net Present Value (8.0% discount rate)  | US$3,206 million |
| Net Present Value (10.0% discount rate)  | US$2,553 million |
| Internal Rate of Return  | 49.8% |
| Payback Period  | 2.03 years |
| After-Tax Results |  |
| Net Present Value (8.0% discount rate)  | US$2,631 million |
| Net Present Value (10.0% discount rate)  | US$2,104 million |
| Internal Rate of Return  | 47.3% |
| Payback Period  | 2.08 years |

---

The Internal Rates of Return shown above do not give effect to approximately US$1.86 billion of capital expenditure incurred on the Mesabi Project from 2007 through December 31, 2025, which is treated as sunk cost for purposes of the economic analysis. The economic analysis assumes that overburden stripping commences in the second quarter of 2026 and that initial DR Grade Iron Ore Pellet production commences in the fourth quarter of 2026, followed by an eight- to twelve-month ramp-up to nameplate production.

 *Comparison with Prior Year* 

TMCR is disclosing the mineral resource and mineral reserve estimates for the Mesabi Property for the first time. Accordingly, there are no previously disclosed estimates of TMCR with which to compare for purposes of Item 1304(e) of Regulation S-K. The most recent estimate prepared for the operator prior to the Mesabi TRS was set forth in a technical report dated August 22, 2025 prepared by DRA, which was not previously filed by TMCR with the SEC; differences between the August 22, 2025 estimate and the current estimate reflected in the Mesabi TRS are described in Section 10 of the Mesabi TRS.

#### Legal Proceedings
As of the date hereof, we are not party to, and we are not aware of any threat of, any legal proceedings that, in the opinion of our management, would be likely to have a material adverse effect on our business, financial condition or operations. We may become involved in such proceedings in the ordinary course of business.

#### Cybersecurity
We employ procedures designed to identify, protect, detect and respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats,

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we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and detection tools, employee education, password encryption, frequent password change events, firewall detection systems, anti-virus software and frequent backups.

We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We conduct regular reviews and tests of our information security program and also utilize other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. Any significant disruption to our service or access to our systems in the future could adversely affect our business and results of operation.

Our board of directors oversees our enterprise risk assessment, where we assess key risks within the Company, including security and technology risks and cybersecurity threats. The Audit Committee oversees our cybersecurity risk and receives regular reports from our management team on various cybersecurity matters, including risk assessments, mitigation strategies, areas of emerging risks, incidents and industry trends, and other areas of importance.

#### Competition
The mining industry in general, and royalty segments in particular, are very competitive. We compete with other royalty companies, mine operators, and financial buyers in efforts to acquire royalty interests. We also compete with lenders, equity investors, and stream and royalty companies providing financing to operators of mineral properties in our efforts to create new royalty interests. Our competitors may be larger than we are and may have greater resources and access to capital than we have. Key competitive factors in the royalty acquisition and financing business include the ability to identify and evaluate potential opportunities, transaction structure and consideration and access to capital.

#### Regulation
The operators of the properties that are subject to our royalty interest must comply with numerous environmental, mine safety, land use, waste disposal, remediation and public health laws and regulations promulgated by federal, state, provincial, local governments and international bodies. Although we, as a royalty interest owner, are not responsible for ensuring compliance with these laws and regulations, failure by the operators to comply with applicable laws, regulations and permits can result in injunctive action, orders to suspend or cease operations, damages and civil and criminal penalties on it, which could have a material adverse effect on our results of operations and financial condition. See "*Regulatory Regimes*" below.

#### Employees
We have a small team of investment professionals and administrative staff. We currently have 10 employees or consultants that work remotely outside of North America or out of our office in Calgary, Alberta. We intend to supplement our internal capabilities with experienced technical, legal and ESG consultants, enabling us to maintain a cost-efficient structure and minimal corporate overhead. We are committed to fostering a culture of integrity, innovation, and professional development. Our employees are not subject to a labor contract or collective bargaining agreement.

#### Applicable Internal Controls
We are a non-operating royalty holder and do not directly generate technical or operational data with respect to the NORI Property or the Mesabi Property. Our internal controls applicable to property-level disclosure focus on receipt and review of operator-generated information and on the work of independent Qualified Persons where engaged. For the NORI Property, where we rely on the accommodations under Items 1303(a)(3) and 1304(a)(2) of Regulation S-K, those controls consist of management review of TMC's public filings (including the NORI Technical Reports), of information provided under the NORI Royalty Agreement. For the Mesabi Property, where we have not relied on those accommodations, we engaged independent Qualified Persons, including DRA Americas, Inc., to prepare the Mesabi TRS, and our management reviews information provided by Mesabi Metallics under the Royalty Purchase Agreement and

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the Mesabi Conveyance. Property-level information incorporated into our SEC filings is subject to our disclosure controls and procedures.

These controls are subject to inherent limitations: we depend on operator-generated information (and, in the case of Mesabi Metallics, on information from a privately-held operator not subject to Exchange Act reporting) and on the independent Qualified Persons we engage. There can be no assurance that information provided to us or publicly disclosed by the operators, or the data underlying the Mesabi TRS, is complete, accurate or timely.

 *See our Form 20-F for the year ended December 31, 2025 "Risk Factors — We have identified a material weakness in our internal control over financial reporting, and if we fail to remediate this or identify additional material weaknesses, our ability to accurately report our financial results may be impaired, which could adversely affect investor confidence, our stock price, and our regulatory compliance."* 

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
This section describes certain transactions or loans since our incorporation on October 27, 2022 with any of our executive officers, directors or their affiliates and holders of 5% or more of any class of our voting securities in the aggregate other than compensation arrangements.

#### NORI Royalty Agreement
On February 21, 2023, we entered into the NORI Royalty Agreement pursuant to which NORI created and issued to us a gross overriding royalty interest in the NORI Property. The NORI Royalty entitles us to receive 2% of the gross proceeds from the sale of Products derived from the NORI Property, subject to adjustment if NORI exercises its repurchase options. *See* "*Business — NORI Royalty*"*.* 

Prior to such transactions, TMC was not a related party of the Company.

Through a series of transactions (described below), including pursuant to the NORI Contribution Agreement and the TMC Subscription Agreement, the aggregate consideration paid by us for the NORI Royalty was $14,000,000.10, which purchase price was satisfied by us through the issuance of 13,846,154 of our Common Shares to TMC and $5,000,000 in cash.

On February 21, 2023, we entered into the NORI Contribution Agreement pursuant to which we acquired the NORI Royalty in consideration for the issuance of the TMC Note and 5,000,000 CVRs.

On February 21, 2023, we entered into the TMC Subscription Agreement pursuant to which we agreed, as repayment of the TMC Note in full, to issue 13,846,154 Common Shares at a price of $0.65 per share for an aggregate subscription price of $9,000,000.10, as well as repay in cash the remaining principal amount of $5,000,000 owed following such payment to, or as or directed by, TMC.

Also on February 21, 2023, and concurrently with the NORI Royalty Agreement, we entered into the MC Royalty Transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian Paes-Braga, our Chief Executive Officer and the Chair of our board of directors, agreed to assign to us a 1.4% gross production royalty related to NG Energy International Corp.'s Maria Conchita Block in consideration for the issuance of 10,338,462 Common Shares at a deemed price of $0.65 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian T. O'Neill, one of our directors, agreed to assign to us a 0.08125% gross production royalty related to the Maria Conchita Block in consideration for the issuance of 600,000 Common Shares at a deemed price of $0.65 per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lucas Cahill agreed to assign to us a 0.08125% gross production royalty related to the Maria Conchita Block in consideration for the issuance of 600,000 Common Shares at a deemed price of $0.65 per share;

In connection with the MC Royalty Transactions, we entered into assignment agreements with each of Mr. Paes-Braga, Mr. O'Neill and Mr. Cahill, pursuant to which we assumed all rights, benefits, payments and privileges of such person in respect of their respective royalty related to the Maria Conchita Block. Following completion of the MC Royalty Transactions we held a 1.5625% gross production royalty related to the Maria Conchita Block.

#### Investor Rights Agreement
Concurrently with the execution of the NORI Royalty Agreement, we entered into the Investor Rights Agreement with TMC and Brian Paes-Braga (each, an "Investor"), pursuant to which, among other things, each Investor has a right, subject to certain percentage maintenance, to nominate a director to our board of directors, along with registration and information rights. The following is a summary of the material attributes and characteristics of the Investor Rights Agreement. This summary is qualified in its entirety by reference to the terms of the Investor Rights Agreement, which will be filed with the SEC.

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 *Nomination Rights* 

The Investor Rights Agreement provides director nomination rights to each Investor that enables such Investor to designate one director nominee to our board of directors, for so long as such Investor, together with its affiliates, owns at least 20% of the issued and outstanding Common Shares.

Each of the Investor's nominees will be included as part of the slate of nominees proposed by our board of directors to its shareholders for approval as directors at each meeting of the shareholders, or on any resolution passed by being consented to in writing by the shareholders where directors are to be elected by shareholders and the Company will use commercially reasonable efforts to cause the election of such nominee.

These nomination rights cease to apply in certain situations, including if we complete our first underwritten public offering of our Common Shares pursuant to a registration statement that has been declared effective under the Securities Act, accompanied by the listing of the Common Shares on the Nasdaq Capital Markets. However, these nomination rights continue to apply following completion of the Direct Listing.

 *Equity Rights* 

The Investor Rights Agreement provides the Investors with the right to acquire additional securities of the Company, in order to maintain their ownership percentage of our Common Shares, in the event we issue additional Common Shares (or securities convertible, exercisable or exchangeable into Common Shares), subject to certain exceptions for excluded transactions such as those pursuant to our security-based compensation arrangements. Investors who choose to exercise these equity rights are required to provide equal consideration for the Common Shares as the other person or persons acquiring securities that triggered the equity right.

These equity rights cease to apply in certain situations, including if we complete our first underwritten public offering of our Common Shares pursuant to a registration statement that has been declared effective under the Securities Act, accompanied by the listing of the Common Shares on the Nasdaq Capital Markets.

 *Registration Rights* 

The Investor Rights Agreement provides demand registration rights in favor of the Investors that enables each of them to make a written demand to us for registration of all or part of: (i) any Common Shares held by an Investor; (ii) any Common Shares issued or issuable (directly or indirectly) upon conversion and/or exercise of any other securities of TMCR held by an Investor; (iii) any other securities of TMCR held by an Investor, whether or not convertible or exercisable for Common Shares, if such securities are registered by TMCR under the Securities Act or qualified for distribution pursuant to a prospectus under Canadian securities laws; and (iv) any Common Shares or such other securities issued as a dividend or other distribution with respect to, or in exchange for or in replacement of, the securities referenced in (i), (ii), or (iii) (the "Registerable Securities"). Such written demand shall describe the amount and type of securities to be included in such registration and the intended method(s) of distribution thereof (such written demand a "Demand Registration"). Upon receipt by us of such written request for a Demand Registration from an Investor, we will be required to file a registration statement, including the prospectus contained in such registration statement, any amendments (including post-effective amendments) and supplements, all exhibits to the registration statement, and all material incorporated by reference therein, and otherwise assist with the registration for the Registrable Securities requested by such Investor in accordance with U.S. securities laws and the terms and conditions of the Investor Rights Agreement.

We are not obliged to effect more than an aggregate of two (2) Demand Registrations with respect to any or all of an Investor's Registerable Securities, and never more than one (1) Demand Registration in a twelve (12) month period.

The Investor Rights Agreement also provides piggyback registration rights, allowing an Investor to request the registration of a specified number of their Registerable Securities in connection with certain

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public offerings for TMCR's own account or for the account of shareholders, subject to certain underwriters' cutback rights (such registration, a "Piggyback Registration").

All costs and expenses associated with a Demand Registration or Piggyback Registration will be borne by us, other than underwriting commissions and the out-of-pocket expenses of the Investor. We will also be required to provide indemnification for the benefit of the Investor in connection with any Demand Registration or Piggyback Registration.

The Investors who possess these registration rights currently own 28,158,207 of our Common Shares.

 *Information Rights* 

Pursuant to the Investor Rights Agreement, for so long as such Investor, together with its affiliates, owns at least 20% of the issued and outstanding Common Shares, we will deliver to each Investor the following information prepared in accordance with IFRS Account Standards promptly, but in any event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • within 45 days after the end of each fiscal year, the draft annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • within 90 days after the end of each fiscal year, the audited annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • within 30 days after the end of each quarter, unaudited quarterly financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • such other information relating to financial statements that an Investor may reasonably request.

#### Contingent Value Rights
As a condition of closing the NORI Royalty Agreement, we issued 5,000,000 CVRs to NORI. The CVRs would convert into 5,000,000 additional Common Shares of the Company all of which would be issued to NORI, in the event that certain conditions occur relating to the licenses of NG Energy International Corp. in Colombia. The CVRs do not entitle NORI to any rights as a shareholder, including without limitation, voting rights. The CVRs expire on the earlier of (i) five years from the issuance of the CVR and (ii) the date we become a publicly listed entity and were therefore terminated and of no further force and effect on completion of the Direct Listing.

#### Indemnification Agreements
Our articles provide that, subject to the BCBCA, the Company shall indemnify our directors and officers against all eligible penalties to which such person is or may be liable, and the Company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by such person in respect of that proceeding.

We have entered into indemnity agreements with all of our current directors and executive officers (each a, "Indemnity Agreement" and together, the "Indemnity Agreements"). The Indemnity Agreements, among other things, require us to indemnify these individuals (the "Indemnified Party") for certain costs, charges and expenses including legal fees, judgements, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person on behalf of our company or that person's status as a member of our board of directors to the maximum extent allowed under law. Indemnification shall be made only if the Indemnified Party acted in good faith with a view to the best interest of the Company, and in the case of criminal, investigative, administrative or other non-civil proceedings, the Indemnified Party had reasonable grounds for believing that the Indemnified Party's conduct in respect of which the proceeding was brought was lawful. However, we are not required to indemnify for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by the Indemnified Party of securities of the Company within the meaning of Section 16(b) of the *Securities Exchange Act of 1934*, as amended, or similar provisions of state statutory or common law, (ii) the purchase or sale of the Company's securities in violation of Section 306 of the *Sarbanes-Oxley Act of 2002*, as amended, or (iii) to provide any indemnification or advancement of costs, charges or expenses that is prohibited by applicable law (as such law exists at the time such payment would otherwise be required pursuant to such Indemnity Agreement).

Our articles also provide that the Company may purchase and maintain insurance for the benefit of any current or former director, officer, employee, agent, or equivalent person (or their heirs or legal

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representatives), including those serving at the request of the Company in affiliated or other entities, against any liability incurred in such capacity.

#### PIPE Financing — Subscriptions by Directors, Executive Officers and Other Related Parties
On June 1, 2026, we completed the PIPE Financing, in which we issued and sold an aggregate of 6,164,141 Common Shares at a purchase price of $13.00 per Common Share for aggregate gross proceeds of approximately $80.1 million. Certain of our directors, executive officers and other related parties subscribed for and purchased PIPE Shares in the PIPE Financing on substantially the same terms (including the same per-share purchase price of $13.00) as the other PIPE investors, pursuant to the PIPE Subscription Agreements substantially in the form entered into with the unaffiliated PIPE investors.

The following sets forth, for each of our directors, executive officers and other related parties that participated in the PIPE Financing, the number of PIPE Shares purchased and the aggregate purchase price paid for those PIPE Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian Paes-Braga, our founder, Chairman of our board of directors and Chief Executive Officer, purchased 200,000 PIPE Shares for an aggregate purchase price of approximately $2,600,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Don Sewell, our President and Chief Financial Officer, purchased 3,847 PIPE Shares for an aggregate purchase price of approximately $50,011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Brian T. O'Neill, one of our directors, purchased 10,000 PIPE Shares for an aggregate purchase price of $130,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Kyle Hickey, who served as our President from February 21, 2023 until September 11, 2025, purchased 7,700 PIPE Shares for an aggregate purchase price of $100,100.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Lucas Cahill, an employee of the Company in a capital markets role, purchased 16,000 PIPE Shares for an aggregate purchase price of $208,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Jackson Wood, our Managing Director of Investments, purchased 9,230 PIPE Shares for an aggregate purchase price of $120,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC the metals company Inc., the operator of the NORI Property, a holder of more than 5% of our outstanding Common Shares and a related party of the Company by virtue of its share ownership and director-nomination rights under the Investor Rights Agreement, purchased 76,923 PIPE Shares for an aggregate purchase price of approximately $1,000,000.

Each PIPE Subscription Agreement entered into with the foregoing related parties is on substantially the same terms as the PIPE subscription agreements entered into with the unaffiliated PIPE investors, including the same per-share purchase price of $13.00, the same closing conditions and the same registration-rights provisions in respect of the PIPE Shares purchased thereunder. The participation of each of our directors, executive officers and other related parties in the PIPE Financing, and the related PIPE Subscription Agreements, was reviewed and approved by the Audit Committee of our board of directors in accordance with our Policy Regarding Related Party Transactions, prior to the execution of the related PIPE Subscription Agreement.

The PIPE Shares purchased by each of the related parties identified above are included in the Resale Shares being registered for resale pursuant to the registration statement of which this prospectus forms a part. See "Selling Shareholders."

#### Our Policy Regarding Related Party Transactions
We have adopted a policy regarding related party transactions comparable to our peers.

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#### PRINCIPAL SHAREHOLDERS
The following table sets forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • certain information with respect to the beneficial ownership of our Common Shares, for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our executive officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • all of our directors and executive officers as a group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • each person known by us to be the beneficial owner of more than 5% of our outstanding Common Shares.

We have determined beneficial ownership in accordance with the rules of the SEC, and thus it represents sole or shared voting or investment power with respect to our securities. Unless otherwise indicated below, to our knowledge, the persons and entities named in the table have sole voting and sole investment power with respect to all shares that they beneficially owned, subject to community property laws where applicable. The information does not necessarily indicate beneficial ownership for any other purpose, including for purposes of Sections 13(d) and 13(g) of the Exchange Act.

We have based the Common Shares beneficially owned and the percentage ownership of our Common Shares below on 62,044,729 Common Shares being outstanding as of June 4, 2026. We have not deemed our Common Shares subject to Awards to be outstanding or to be beneficially owned by the person holding the Award for the purpose of computing the percentage ownership of that person. We also did not deem these shares outstanding for the purpose of computing the percentage ownership of any other person.

Unless otherwise indicated by footnote, the mailing address for each shareholder is c/o The Metals Royalty Company Inc., 1900 Dome Tower 333 7<sup>th</sup> Ave SW, Calgary, Alberta, T2P 2Z1.

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| | | |
|:---|:---|:---|
| | **Common Shares <br> Beneficially Owned**  | **Percentage of <br> Total Voting <br> Power**  |
| **Name of Beneficial Owner**  | **Number**  | **%**  |
| **Directors and executive officers:** |  |  |
| Brian Paes-Braga  | 14235130 | 22.94% |
| &nbsp;&nbsp;&nbsp; *Chairman and Chief Executive Officer*  |  |  |
| Michael B. Hess<sup>(1)</sup>  | 2500000 | 4.03% |
| &nbsp;&nbsp;&nbsp; *Director and Non-Executive Co-Chairman*  |  |  |
| Brian T. O'Neill<sup>(</sup><sup>2</sup><sup>)</sup>  | 1269856 | 2.05% |
| &nbsp;&nbsp;&nbsp; *Director*  |  |  |
| Gerard Barron<sup>(</sup><sup>3</sup><sup>)</sup>  | 90250 | 0.15% |
| &nbsp;&nbsp;&nbsp; *Director*  |  |  |
| Jorge Fonseca  | Nil | Nil |
| &nbsp;&nbsp;&nbsp; *Director*  |  |  |
| Hamed Shahbazi<sup>(</sup><sup>4</sup><sup>)</sup>  | 135375 | 0.22% |
| &nbsp;&nbsp;&nbsp; *Director*  |  |  |
| Don Sewell  | 791285 | 1.28% |
| &nbsp;&nbsp;&nbsp; *President and Chief Financial Officer*  |  |  |
| All directors and executive officers as a group:  | 19021896 | 30.66% |
| **Other 5% shareholders:** |  |  |
| TMC The Metals Company Inc.  | 13923077 | 22.44% |
| Landsons Investment Corporation<sup>(</sup><sup>5</sup><sup>)</sup>  | 3730769 | 6.01% |
| John B. Hess<sup>(</sup><sup>6</sup><sup>)</sup>  | 3384616 | 5.46% |

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(1) Includes 1,000,000 Common Shares held by SS3H Ventures LLC.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(2) Includes 432,692 Common Shares held by 1351389 B.C. Ltd. and 600,000 Common Shares held by Mr. O'Neill's spouse. Mr. O'Neill disclaims beneficial ownership of the Common Shares held by his spouse, except to the extent of his pecuniary interest therein.

(3) Gerard Barron is the Chairman and Chief Executive Officer of TMC The Metals Company, a >5% shareholder of the Company.

(4) Consists of 135,375 Common Shares held by Impactreneur Capital Corp.

(5) Landsons Investment Corporation is controlled by Federico Adolfo Restrepo Solano.

(6) Consists of 2,000,000 Common Shares held by JMH Ventures LLC, 1,000,000 Common Shares held by HPI LP and 384,616 Common Shares held by JBH Investment Trust.

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#### DESCRIPTION OF SHARE CAPITAL

#### General
Our authorized share capital will consist of an unlimited number of Common Shares without par value. As of June 22, 2026 we have 62,044,729 issued and outstanding Common Shares.

The following description of our share capital and provisions of our articles and Notice of Articles are summaries of material terms and provisions and are qualified by reference to our articles and Notice of Articles, copies of which have been filed with the SEC as exhibits to the registration statement of which this prospectus is a part.

#### Common Shares
The holders of our Common Shares are entitled to one vote for each share held at any meeting of shareholders. The holders of our Common Shares are entitled to receive dividends as and when declared by our board of directors. In the event of our liquidation, dissolution or winding-up or other distribution of our assets among our shareholders, the holders of our Common Shares are entitled to share pro rata in the distribution of the balance of our assets. There are no preemptive, redemption, purchase or conversion rights attaching to our Common Shares. There are no sinking fund provisions applicable to our Common Shares.

#### Certain Important Provisions of our Articles and the Business Corporations Act (British Columbia)
The following is a summary of certain important provisions of our articles and certain related sections of the *Business Corporations Act* (British Columbia), or the BCBCA. Please note that this is only a summary and is not intended to be exhaustive. This summary is subject to, and is qualified in its entirety by reference to, the provisions of our articles and the BCBCA.

#### Stated Objects or Purposes
Our articles do not contain stated objects or purposes and do not place any limitations on the business that we may carry on.

*Power to vote on matters in which a director is materially interested.* Under the BCBCA a director who has a material interest in a contract or transaction, whether existing or proposed, that is material to us, must disclose such interest to us, subject to certain exceptions such as if the contract or transaction: (i) is an arrangement by way of security granted by us for money loaned to, or obligations undertaken by, the director for our benefit or for one of our affiliates' benefit; (ii) relates to an indemnity or insurance permitted under the BCBCA; (iii) relates to the remuneration of the director in his or her capacity as director, officer, employee or agent of our company or of one of our affiliates; (iv) relates to a loan to our company while the director is the guarantor of some or all of the loan; or (v) is with a corporation that is affiliated to us while the director is also a director or senior officer of that corporation or an affiliate of that corporation.

A director who holds such disclosable interest in respect of any material contract or transaction into which we have entered or propose to enter may be required to absent himself or herself from the meeting while discussions and voting with respect to the matter are taking place. Directors are also required to comply with certain other relevant provisions of the BCBCA regarding conflicts of interest.

*Directors' power to determine the remuneration of directors.* The remuneration of our directors is determined by our directors subject to our articles. The remuneration may be in addition to any salary or other remuneration paid to any of our employees (including executive officers) who are also directors.

*Number of shares required to be owned by a director.* Neither our articles nor the BCBCA provide that a director is required to hold any of our shares as a qualification for holding his or her office. Our board of directors has discretion to prescribe minimum share ownership requirements for directors.

#### Shareholder Meetings
Subject to applicable stock exchange requirements, we must hold a general meeting of our shareholders at least once every year at a time and place determined by our board of directors, provided that the meeting

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must not be held later than 15 months after the preceding annual general meeting. A meeting of our shareholders may be held anywhere in or outside British Columbia.

A notice to convene a meeting, specifying the date, time and location of the meeting, and, where a meeting is to consider special business, the general nature of the special business must be sent to each shareholder entitled to attend the meeting and to each director not less than 21 days prior to the meeting for so long as we are a public company. The accidental omission to send notice of any meeting of shareholders to, or the non-receipt of any notice by, any person entitled to notice does not invalidate any proceedings at that meeting.

Subject to the special rights and restrictions attached to the shares or any class or series of shares, the quorum for the transaction of business at a meeting of shareholders is two shareholders, or one or more proxyholder(s) representing two shareholders, or one member and a proxyholder representing another shareholder. If there is only one shareholder, the quorum is one person present and being, or representing by proxy, such shareholder. If a quorum is not present within one-half hour of the time set for the holding of a meeting of shareholders, the meeting stands adjourned to the same day in the next week at the same time and place, unless the meeting is a general meeting that was requisitioned by shareholders, in which case the meeting is dissolved.

#### Shareholder Proposals
Under the BCBCA, a qualified shareholder may make proposals for matters to be considered at the annual general meeting of shareholders. Such proposals must be sent to us in advance of any proposed meeting by delivering a timely written notice in proper form to our registered office in accordance with the requirements of the BCBCA. The notice must include information on the business the shareholder intends to bring before the meeting.

#### Limitation of Liability and Indemnification
Under the BCBCA, a company may indemnify: (i) a current or former director or officer of that company; (ii) a current or former director or officer of another corporation if, at the time such individual held such office, the corporation was an affiliate of the company, or if such individual held such office at the company's request; or (iii) an individual who, at the request of the company, held, or holds, an equivalent position in another entity, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment actually and reasonably incurred by him or her in respect of any legal proceeding or investigative action (whether current, threatened, pending or completed) in which he or she is involved because of that person's position as an indemnifiable person, unless: (i) the individual did not act honestly and in good faith with a view to the best interests of such company or the other entity, as the case may be; or (ii) in the case of a proceeding other than a civil proceeding, the individual did not have reasonable grounds for believing that the individual's conduct was lawful. A company cannot indemnify an indemnifiable person if it is prohibited from doing so under its articles or by applicable law. A company may pay, as they are incurred in advance of the final disposition of an eligible proceeding, the expenses actually and reasonably incurred by an indemnifiable person in respect of that proceeding only if the indemnifiable person has provided an undertaking that, if it is ultimately determined that the payment of expenses was prohibited, the indemnifiable person will repay any amounts advanced. Subject to the aforementioned prohibitions on indemnification, a company must, after the final disposition of an eligible proceeding, pay the expenses actually and reasonably incurred by an indemnifiable person in respect of such eligible proceeding if such indemnifiable person has not been reimbursed for such expenses, and was wholly successful, on the merits or otherwise, in the outcome of such eligible proceeding or was substantially successful on the merits in the outcome of such eligible proceeding. On application from us or from an indemnifiable person, a court may make any order the court considers appropriate in respect of an eligible proceeding, including the indemnification of penalties imposed or expenses incurred in any such proceedings and the enforcement of an indemnification agreement. As permitted by the BCBCA, our articles require us to indemnify our directors, former directors or alternate directors (and such individual's respective heirs and legal representatives) and permit us to indemnify any person to the extent permitted by the BCBCA.

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#### Ownership and Exchange Controls
There is no limitation imposed by Canadian law or by our articles on the right of a non-resident to hold or vote our Common Shares, other than discussed below.

#### Competition Act
Limitations on the ability to acquire and hold Common Shares may be imposed by the Competition Act (Canada). This legislation permits the Commissioner of Competition of Canada (the "Commissioner") to review any acquisition of a significant interest in the Company. This legislation grants the Commissioner jurisdiction to challenge such an acquisition before the Canadian Competition Tribunal if the Commissioner believes that it would, or would be likely to, result in a substantial lessening or prevention of competition in any market in Canada.

#### Investment Canada Act
The Investment Canada Act subjects an acquisition of control of a Canadian business by a non-Canadian to government notification or review depending on whether the relevant financial threshold (based on enterprise value or asset value of the company), as calculated pursuant to the legislation, is exceeded. A reviewable acquisition may not proceed unless the relevant minister is satisfied that the investment is likely to result in a net benefit to Canada. Under the national-security-review regime in the Investment Canada Act, review on a discretionary basis may also be undertaken by the federal government in respect of any investment by a non-Canadian in a company with sufficient nexus to Canada. No financial threshold applies to a national security review. The relevant test is whether such investment by a non-Canadian could be "injurious to national security."

#### Material differences between British Columbia Corporate Law and Delaware General Corporation Law
Our corporate affairs are governed by our articles and the provisions of the BCBCA. The BCBCA differs from the various state laws applicable to U.S. corporations and their stockholders. The following is a summary of the material differences between the BCBCA and the Delaware General Corporation Law, or DGCL. This summary is qualified in its entirety by reference to the DGCL, the BCBCA and our governing corporate documents.

#### Number and Election of Directors
Under the DGCL, the board of directors must consist of at least one member. The number of directors shall be fixed by the bylaws of the corporation, unless the certificate of incorporation fixes the number of directors, in which case a change in the number of directors shall only be made by an amendment of the certificate of incorporation. Under the DGCL, directors are elected at annual stockholder meetings by a plurality vote of the stockholders, unless a shareholder-adopted bylaw prescribes a different required vote.

Under the BCBCA, the board of directors must consist of at least one director and, in the case of a public company (which includes a company with securities traded on or through the facilities of a securities exchange), must have at least three directors. Under the BCBCA, the shareholders of a corporation elect directors by ordinary resolution at each annual meeting of shareholders at which such an election is required.

#### Director Qualifications
Delaware law does not have director residency requirements comparable to those of the BCBCA. Delaware law permits a corporation to prescribe qualifications for directors under its certificate of incorporation or bylaws.

Under the BCBCA, a director is not required to hold a share in our capital as qualification for his or her office but must be qualified as required by the BCBCA to become or act as a director. Pursuant to the BCBCA a person cannot act as a director of a company unless that person is an individual who is qualified to do so. The following persons are disqualified by the BCBCA from being a director of our company: (i) any individual who is less than 18 years of age; (ii) any individual found by a court, in Canada or elsewhere, to be incapable of managing the individual's own affairs, unless a court, in Canada or elsewhere,

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subsequently finds otherwise; (iii) a person in respect of whom a certificate of incapability is issued under the *Adult Guardianship Act*, unless the certificate is subsequently cancelled under section 37 (4) of the *Adult Guardianship Act*; (iv) an undischarged bankrupt; and (v) an individual convicted in or out of British Columbia of an offence in connection with the promotion, formation or management of a corporation or unincorporated business, or of an offence involving fraud, unless certain enumerated criteria are satisfied.

#### Vacancies on the Board of Directors
Under the DGCL, vacancies and newly created directorships resulting from an increase in the authorized number of directors, may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director.

Under the BCBCA, vacancies occurring as a result of a removal of a director may be filled by the (i) shareholders at the shareholders' meeting, if any, at which the director was removed, or (ii) if not filled in the manner contemplated by (i), by the shareholders or the remaining directors. In the event of a casual vacancy the vacancy may be filled by the remaining directors. If the number of directors in office falls below the number required for a quorum due to one or more vacancies then the director may (i) appoint a number of directors to constitute quorum; and/or (ii) call a shareholders' meeting to fill the vacancies. However, the directors may not take any other action until quorum is obtained.

#### Transactions with Directors and Officers
The DGCL generally provides that no transaction between a corporation and one or more of its directors or officers, or between a corporation and any other corporation or other organization in which one or more of its directors or officers, are directors or officers, or have a financial interest, shall be void or voidable solely for this reason, or solely because the director or officer is present at or participates in the meeting of the board or committee which authorizes the transaction, or solely because any such director's or officer's votes are counted for such purpose, if (i) the material facts as to the director's or officer's interest and as to the transaction are known to the board of directors or the committee, and the board or committee in good faith authorizes the transaction by the affirmative votes of a majority of the disinterested directors, even though the disinterested directors be less than a quorum; (ii) the material facts as to the director's or officer's interest and as to the transaction are disclosed or are known to the stockholders entitled to vote thereon, and the transaction is specifically approved in good faith by vote of the stockholders; or (iii) the transaction is fair as to the corporation as of the time it is authorized, approved or ratified, by the board of directors, a committee or the stockholders.

The BCBCA deems that a director or senior officer of a company holds a "disclosable interest" in a contract or transaction if: (i) the contract or transaction is material to the company; (ii) the company has entered, or proposes to enter, into the contract or transaction; (iii) either of the following applies: (a) the director or senior officer has a material interest in the contract or transaction, or (b) the director or senior officer is a director or senior officer of, or has a material interest in, a person who has a material interest in the contract or transaction; and (iv) the interest is known, or reasonably ought to have been known, by the director or senior officer. A director with a "disclosable interest" must disclose such interest to the board of directors and, unless there is an applicable exemption, is not entitled to vote on any resolution to approve the contract or transaction in question. A director or senior officer is liable to account to the company for any profit that accrues to the director or senior officer under a contract or transaction in which that director had a "disclosable interest" if such interest was not properly disclosed.

#### Limitation on Liability of Directors
The DGCL permits a corporation to include a provision in its certificate of incorporation eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages for a breach of the director's fiduciary duty as a director, except for liability: (i) for breach of the director's duty of loyalty to the corporation or its stockholders; (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of the law; (iii) under Section 174 of the DGCL which concerns unlawful payment of dividends, stock purchases or redemptions; or (iv) for any transaction from which the director derived an improper personal benefit.

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The BCBCA does not permit the limitation of a director's liability as the DGCL does. The BCBCA provides that the company may indemnify its directors and officers against liabilities incurred in the course of their duties. Pursuant to the BCBCA a company may also pay the expenses actually and reasonably incurred by a director or officer in respect of such a proceeding. However, the company is not permitted to indemnify a director or officer in certain circumstances including, but not limited to, if the director or officer did not act honestly and in good faith with a view to the best interests of the company.

#### Call and Notice of Shareholder Meetings
Under the DGCL, unless otherwise provided in the certificate of incorporation or bylaws, written notice of any meeting of the stockholders must be given to each stockholder entitled to vote at the meeting not less than ten nor more than 60 days before the date of the meeting and shall specify the place, date, hour, and purpose or purposes of the meeting.

Under the DGCL, an annual or special stockholder meeting is held on such date, at such time and at such place as may be designated by the board of directors or any other person authorized to call such meeting under the corporation's certificate of incorporation or bylaws. If an annual meeting for election of directors is not held on the date designated or an action by written consent to elect directors in lieu of an annual meeting has not been taken within 30 days after the date designated for the annual meeting, or if no date has been designated, for a period of 13 months after the later of the last annual meeting or the last action by written consent to elect directors in lieu of an annual meeting, the Delaware Court of Chancery may summarily order a meeting to be held upon the application of any stockholder or director.

Under the BCBCA, written notice of the shareholders must be given to each shareholder entitled to attend the meeting and each director at least 21 days but not more than 2 months before the meeting. The notice must state the date and time and, if applicable, the location of the meeting. Under the BCBCA, a company must hold an annual general meeting (i) for the first time, not more than 18 months after the date on which it was recognized; and (ii) after its first meeting, at least once in each calendar year and not more than 15 months after its previous annual general meeting. A company may apply to the court for an order extending the time for calling an annual meeting.

In addition, assuming the procedures in the BCBCA are followed, holders of not less than five percent of the issued shares of a corporation that carry the right to vote at a meeting sought to be held may requisition the directors to call a meeting of shareholders for the purposes stated in the requisition.

#### Shareholder Action by Written Consent
Under the DGCL, a majority of the stockholders of a corporation may act by written consent without a meeting unless such action is prohibited by the corporation's certificate of incorporation.

Under the BCBCA, a written resolution signed by all the shareholders of a corporation who would have been entitled to vote on the resolution at a meeting is effective to approve the resolution.

#### Shareholder Nominations and Proposals
Under the BCBCA, a shareholder who (i) owns one or more share that carry the right to vote at a general meeting, and (ii) who has been the owner of one or more share for an uninterrupted period of at least 2 years before the date of the signing of the proposal may submit a shareholder proposal relating to matters which the shareholder wishes to have considered at the next annual general meeting of the company. Subject to certain exceptions, and assuming such shareholder's compliance with the prescribed time periods and other requirements of the BCBCA pertaining to shareholder proposals, the company is required to include such proposal in the information circular pertaining to applicable general meeting. Notice of such a proposal must be provided to the company at least three months before the anniversary date of the last annual shareholders' meeting.

The DGCL does not have a comparable provision.

#### Amendment of Governing Instrument
Generally, under the DGCL, the affirmative vote of the holders of a majority of the outstanding stock entitled to vote is required to approve a proposed amendment to the certificate of incorporation, following

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the adoption of the amendment by the board of directors of the corporation, provided that the certificate of incorporation may provide for a greater vote. Under the DGCL, holders of outstanding shares of a class or series are entitled to vote separately on an amendment to the certificate of incorporation if the amendment would have certain consequences, including changes that adversely affect the rights and preferences of such class or series.

Under the DGCL, after a corporation has received any payment for any of its stock, the power to adopt, amend or repeal bylaws shall be vested in the stockholders entitled to vote; provided, however, that any corporation may, in its certificate of incorporation, provide that bylaws may be adopted, amended or repealed by the board of directors. The fact that such power has been conferred upon the board of directors shall not divest the stockholders of the power nor limit their power to adopt, amend or repeal the bylaws.

Under the BCBCA, amendments to the articles generally require the approval of not less than two-thirds of the votes cast by shareholders entitled to vote on the resolution. Specified amendments may also require the approval of other classes of shares. If the amendment is of a nature affecting a particular class or series in a manner requiring a separate class or series vote, that class or series may be entitled to vote on the amendment whether or not it otherwise carries the right to vote.

#### Votes on Mergers, Consolidations and Sales of Assets
The DGCL provides that, unless otherwise provided in the certificate of incorporation or bylaws, the adoption of a merger agreement requires the approval of a majority of the outstanding stock of the corporation entitled to vote thereon.

Under the BCBCA, certain corporate actions including, but not limited to, amalgamations (other than with certain affiliated corporations), continuances into jurisdictions outside of British Columbia, and sales, leases or other dispositions of all or substantially all of a company's undertaking, are required to be approved by a "special resolution" of the shareholders. Generally, a "special resolution" is a resolution passed by not less than two-thirds of the votes cast by the shareholders who voted in respect of the resolution or signed by all shareholders entitled to vote on the resolution.

#### Dissenter's Rights of Appraisal
Under the DGCL, a stockholder of a Delaware corporation generally has the right to dissent from a merger or consolidation in which the Delaware corporation is participating, subject to specified procedural requirements, including that such dissenting stockholder does not vote in favor of the merger or consolidation. However, the DGCL does not confer appraisal rights, in certain circumstances, including if the dissenting stockholder owns shares traded on a national securities exchange and will receive publicly traded shares in the merger or consolidation. Under the DGCL, a stockholder asserting appraisal rights does not receive any payment for his or her shares until the court determines the fair value or the parties otherwise agree to a value. The costs of the proceeding may be determined by the court and assessed against the parties as the court deems equitable under the circumstances.

Under the BCBCA, generally each of the following matters listed will entitle shareholders to exercise rights of dissent and, assuming the procedures in the BCBCA are followed, to be paid the fair value of their shares: (i) in respect of specific resolutions to alter the company's articles; (ii) in respect of a resolution to adopt an amalgamation agreement; (iii) in respect of a resolution to approve an amalgamation; (iv) in respect of a resolution to approve an arrangement, the term of which arrangement permit dissent; (v) in respect of a resolution to authorize or ratify the sale, lease or other disposition of all or substantially all of the company's undertaking; (vi) in respect of a resolution to authorize the continuation of the company into a jurisdiction other than British Columbia; (vii) in respect of any other resolution, if dissent is authorized by the resolution; and (viii) in respect of any court order that permits dissent.

Under the BCBCA, a shareholder may, in addition to exercising dissent rights, seek an oppression remedy for any act or omission of a corporation which is oppressive or unfairly prejudicial to or that unfairly disregards a shareholder's interests.

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#### Oppression Remedy
The BCBCA provides that a shareholder may apply to the court for an order on the grounds (i) that the affairs of the company are being or have been conducted, or that the powers of the directors are being or have been exercised, in a manner oppressive to one or more of the shareholders, including the applicant; or (ii) that some act of the company has been done or is threatened, or that some resolution of the shareholders or of the shareholders holding shares of a class or series of shares has been passed or is proposed, that is unfairly prejudicial to one or more of the shareholders, including the applicant.

The oppression remedy provides the court with very broad and flexible powers with a view to remedying or bringing to an end the matters complained of by making an interim or final order it considers appropriate, including an order: (i) directing or prohibiting any act; (ii) regulating the conduct of the company's affairs; (iii) appointing a receiver or receiver manager; (iv) directing an issue or conversion or exchange of shares; (v) appointing directors in place of or in addition to all or any of the directors then in office; (vi) removing any director; (vii) directing the company to purchase some or all of the shares of a shareholder and, if required, to reduce its capital in the manner specified by the court; (viii) directing a shareholder to purchase some or all of the shares of any other shareholder; (ix) directing the company or any other person to pay to a shareholder all or any part of the money paid by that shareholder for shares of the company; (x) varying or setting aside a transaction to which the company is a party and directing any party to the transaction to compensate any other party to the transaction; (xi) varying or setting aside a resolution; (xii) requiring the company, within a time specified by the court, to produce to the court or to an interested person financial statements or an accounting in any form the court may determine; (xiii) directing the company to compensate an aggrieved person; (xiv) directing correction of the registers or other records of the company; (xv) directing that the company be liquidated and dissolved, and appointing one or more liquidators, with or without security; (xvi) directing that an investigation be made; (xvii) requiring the trial of any issue; or (xviii) authorizing or directing that legal proceedings be commenced in the name of the company against any person on the terms the court directs.

The DGCL does not provide for a similar remedy.

#### Shareholder Derivative Actions
Under Delaware law, stockholders may bring derivative actions on behalf of, and for the benefit of, the corporation. The plaintiff in a derivative action on behalf of the corporation either must be or have been a stockholder of the corporation at the time of the transaction or must be a stockholder who became a stockholder by operation of law in the transaction regarding which the stockholder complains.

Under the BCBCA, a shareholder or director of a company may, with leave of the court, prosecute in the name and on behalf of the company (i) to enforce a right, duty or obligation owed to the company that could be enforced by the company itself; or (ii) to obtain damages for any breach of a right, duty or obligation referred to in paragraph (i). Under the BCBCA the court may grant leave, on terms it considers appropriate, if: (i) the complainant has made reasonable efforts to cause the directors of the company to prosecute or defend the legal proceeding; (ii) notice of the application for leave has been given to the company and to any other person the court may order; (iii) the complainant is acting in good faith; and (iv) it appears to the court that it is in the best interests of the company for the legal proceeding to be prosecuted or defended.

Under the BCBCA, the court may, in a derivative action when a proceeding being prosecuted or defended is pending, (i) authorize any person to control the conduct of the legal proceeding or give any other directions for the conduct of the legal proceeding; and (ii) order, on the terms and conditions that the court considers appropriate, that the company pay to the person controlling the conduct of the legal proceeding interim costs in the amount and for the matters, including legal fees and disbursements, that the court considers appropriate. Additionally, on the final disposition for a derivative action being prosecuted or defended, the court may make any order it considers appropriate, including an order that (i) a person to whom costs are paid repay the company some or all of the costs; (ii) the company or any other party in the proceeding indemnify the complainant or person controlling the conduct of the proceeding for costs; or (iii) the complainant or the person controlling the conduct of the legal proceeding indemnify one or more of the company, a director or officer of the company for expenses, including legal costs.

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#### Transfer Agent and Registrar
The transfer agent and registrar for our Common Shares will be Odyssey Trust Company. The transfer agent and registrar's address is 2155 Woodlane Drive, Suite 100, Woodbury, MN 55125, and its telephone number is 1-888-290-1175.

#### Listing
On April 8, 2026, we completed our direct listing on the Nasdaq Capital Market, and our common shares commenced trading on Nasdaq under the ticker symbol TMCR.

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#### MATERIAL UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR U.S. HOLDERS
Subject to the limitations and qualifications stated herein, this discussion sets forth certain material U.S. federal income tax considerations relating to the ownership and disposition by U.S. Holders of the Common Shares. The discussion is based on the U.S. *Internal Revenue Code* of 1986, as amended (the "Code"), its legislative history, existing and proposed regulations thereunder, published rulings and court decisions, all as currently in effect and all subject to change at any time, possibly with retroactive effect. This summary applies only to U.S. Holders and does not address tax consequences to a Non-U.S. Holder investing in our Common Shares.

This discussion of a U.S. Holder's tax consequences addresses only those persons that acquire their Common Shares and that hold those Common Shares as capital assets and does not address the tax consequences to any special class of holders, including without limitation, holders (directly, indirectly or constructively) of 10% or more of our equity (based on voting power), dealers in securities or currencies, banks, tax-exempt organizations, insurance companies, financial institutions, broker-dealers, regulated investment companies, real estate investment trusts, traders in securities that elect the mark-to-market method of accounting for their securities holdings, persons that hold securities that are a hedge or that are hedged against currency or interest rate risks or that are part of a straddle, conversion or "integrated" transaction, U.S. expatriates, partnerships or other pass-through entities for U.S. federal income tax purposes and U.S. Holders whose functional currency for U.S. federal income tax purposes is not the U.S. dollar. This discussion does not address the effect of the U.S. federal alternative minimum tax, U.S. federal estate and gift tax, the 3.8% Medicare contribution tax on net investment income or any state, local or non-U.S. tax laws on a holder of Common Shares.

For purposes of this discussion, a "U.S. Holder" is a beneficial owner of Common Shares that is for U.S. federal income tax purposes: (a) an individual who is a citizen or resident of the United States; (b) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia; (c) an estate the income of which is subject to U.S. federal income taxation regardless of its source; or (d) a trust (i) if a court within the United States can exercise primary supervision over its administration, and one or more U.S. persons have the authority to control all of the substantial decisions of that trust, or (ii) that has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person. The term "Non-U.S. Holder" means any beneficial owner of our Common Shares that is not a U.S. Holder, a partnership (or an entity or arrangement that is treated as a partnership or other pass-through entity for U.S. federal income tax purposes) or a person holding our Common Shares through such an entity or arrangement.

If a partnership or an entity or arrangement that is treated as a partnership for U.S. federal income tax purposes holds our Common Shares, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. Partners in partnerships that hold our Common Shares should consult their own tax advisors.

 **You are urged to consult your own independent tax advisor regarding the specific U.S. federal, state, local and non-U.S. income and other tax considerations relating to the ownership and disposition of our Common Shares.** 

#### Cash Dividends and Other Distributions
As described in the section entitled "*Dividend Policy*" above, we currently intend to retain any future earnings to fund business development and growth, and we do not expect to pay any dividends in the foreseeable future. However, to the extent there are any distributions made with respect to our Common Shares, subject to the passive foreign investment company rules discussed below, a U.S. Holder generally will be required to treat distributions received with respect to its Common Shares (including the amount of Canadian taxes withheld, if any) as dividend income to the extent of our current or accumulated earnings and profits (computed using U.S. federal income tax principles), with the excess treated as a non-taxable return of capital to the extent of the holder's adjusted tax basis in its Common Shares and, thereafter, as capital gain recognized on a sale or exchange on the day actually or constructively received by you. There can be no assurance that we will maintain calculations of our earnings and profits in accordance with U.S. federal income tax accounting principles. U.S. Holders should therefore assume that any distribution with

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respect to our Common Shares will constitute ordinary dividend income. Dividends paid on the Common Shares will not be eligible for the dividends received deduction allowed to U.S. corporations.

Dividends paid to a non-corporate U.S. Holder by a "qualified foreign corporation" may be subject to reduced rates of taxation if certain holding period and other requirements are met. A qualified foreign corporation generally includes a foreign corporation (other than a PFIC) if (i) its Common Shares are readily tradable on an established securities market in the United States or (ii) it is eligible for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury Department has determined is satisfactory for these purposes. Our Common Shares are expected to be readily tradable on an established securities market, the Nasdaq. U.S. Holders should consult their own tax advisors regarding the availability of the reduced tax rate on dividends in light of their particular circumstances.

Non-corporate U.S. Holders will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year.

Distributions paid in a currency other than U.S. dollars will be included in a U.S. Holder's gross income in a U.S. dollar amount based on the spot exchange rate in effect on the date of actual or constructive receipt, whether or not the payment is converted into U.S. dollars at that time. The U.S. Holder will have a tax basis in such currency equal to such U.S. dollar amount, and any gain or loss recognized upon a subsequent sale or conversion of the foreign currency for a different U.S. dollar amount will be U.S. source ordinary income or loss. If the dividend is converted into U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the dividend income.

A U.S. Holder who pays (whether directly or through withholding) Canadian taxes with respect to dividends paid on our Common Shares may be entitled to receive either a deduction or a foreign tax credit for such Canadian taxes paid. Complex limitations apply to the foreign tax credit, including the general limitation that the credit cannot exceed the proportionate share of a U.S. Holder's U.S. federal income tax liability that such U.S. Holder's "foreign source" taxable income bears to such U.S. Holder's worldwide taxable income. In applying this limitation, a U.S. Holder's various items of income and deduction must be classified, under complex rules, as either "foreign source" or "U.S. source." In addition, this limitation is calculated separately with respect to specific categories of income. Dividends paid by us generally will constitute "foreign source" income and generally will be categorized as "passive category income." However, if 50% or more of our equity (based on voting power or value) is treated as held by U.S. persons, we will be treated as a "United States-owned foreign corporation," in which case dividends may be treated for foreign tax credit limitation purposes as "foreign source" income to the extent attributable to our non-U.S. source earnings and profits and as "U.S. source" income to the extent attributable to our U.S. source earnings and profits. Because the foreign tax credit rules are complex, each U.S. Holder should consult its own tax advisor regarding the foreign tax credit rules.

#### Sale or Disposition of Common Shares
A U.S. Holder generally will recognize gain or loss on the taxable sale or exchange of its Common Shares in an amount equal to the difference between the U.S. dollar amount realized on such sale or exchange (determined in the case of Common Shares sold or exchanged for currencies other than U.S. dollars by reference to the spot exchange rate in effect on the date of the sale or exchange or, if the Common Shares sold or exchanged are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement date) and the U.S. Holder's adjusted tax basis in the Common Shares determined in U.S. dollars. The initial tax basis of the Common Shares to a U.S. Holder will be the U.S. Holder's U.S. dollar purchase price for the Common Shares (determined by reference to the spot exchange rate in effect on the date of the purchase, or if the Common Shares purchased are traded on an established securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement date).

Assuming we are not a PFIC and have not been treated as a PFIC during your holding period for our Common Shares, such gain or loss will be capital gain or loss and will be long-term gain or loss if the Common Shares have been held for more than one year. Under current law, long-term capital gains of

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non-corporate U.S. Holders generally are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Capital gain or loss, if any, recognized by a U.S. Holder generally will be treated as U.S. source income or loss for U.S. foreign tax credit purposes. U.S. Holders are encouraged to consult their own tax advisors regarding the availability of the U.S. foreign tax credit in their particular circumstances.

#### Passive Foreign Investment Company Considerations
 *Status as a PFIC* 

The rules governing a PFIC can have adverse tax effects on U.S. Holders. We generally will be classified as a PFIC for U.S. federal income tax purposes if, for any taxable year, either: (1) 75% or more of our gross income consists of certain types of passive income, or (2) the average value (determined on a quarterly basis), of our assets that produce, or are held for the production of, passive income is 50% or more of the value of all of our assets.

Passive income generally includes dividends, interest, rents and royalties (other than certain rents and royalties derived in the active conduct of a trade or business), annuities and gains from assets that produce passive income. If a non-U.S. corporation owns at least 25% by value of the stock of another corporation, the non-U.S. corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation and as receiving directly its proportionate share of the other corporation's income.

Additionally, if we are classified as a PFIC in any taxable year with respect to which a U.S. Holder owns Common Shares, we generally will continue to be treated as a PFIC with respect to such U.S. Holder in all succeeding taxable years, regardless of whether we continue to meet the tests described above, unless the U.S. Holder makes the "Deemed Sale Election" described below.

The determination of whether we are a PFIC is made annually and depends on the particular facts and circumstances (such as the valuation of our assets, including goodwill and other intangible assets) and also may be affected by the application of the PFIC rules, which are subject to differing interpretations. The fair market value of our assets is expected to depend, in part, upon (a) the market price of our Common Shares, which is likely to fluctuate, and (b) the composition of our income and assets, which will be affected by how, and how quickly, we spend any cash that is raised in any financing transaction. In light of the foregoing, no assurance can be provided that we are not currently a PFIC or that we will not become a PFIC in any future taxable year. Prospective investors should consult their own tax advisors regarding our potential PFIC status.

 *U.S. federal income tax treatment of a shareholder of a PFIC* 

If we are classified as a PFIC for any taxable year during which a U.S. Holder owns Common Shares, the U.S. Holder, absent certain elections (including the mark-to-market and QEF elections described below), generally will be subject to adverse rules (regardless of whether we continue to be classified as a PFIC) with respect to (i) any "excess distributions" (generally, any distributions received by the U.S. Holder on its Common Shares in a taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder in the three preceding taxable years or, if shorter, the U.S. Holder's holding period for its Common Shares) and (ii) any gain realized on the sale or other disposition, including a pledge, of its Common Shares.

Under these adverse rules (a) the excess distribution or gain will be allocated ratably over the U.S. Holder's holding period, (b) the amount allocated to the current taxable year and any taxable year prior to the first taxable year in which we are classified as a PFIC will be taxed as ordinary income and (c) the amount allocated to each other taxable year during the U.S. Holder's holding period in which we were classified as a PFIC (i) will be subject to tax at the highest rate of tax in effect for the applicable category of taxpayer for that year and (ii) will be subject to an interest charge at a statutory rate with respect to the resulting tax attributable to each such other taxable year.

If we are classified as a PFIC, a U.S. Holder will generally be treated as owning a proportionate amount (by value) of stock or shares owned by us in any direct or indirect subsidiaries that are also PFICs

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and will be subject to similar adverse rules with respect to any distributions we receive from, and dispositions we make of, the stock or shares of such subsidiaries. You are urged to consult your tax advisors about the application of the PFIC rules to any of our subsidiaries.

If we are classified as a PFIC and then cease to be so classified, a U.S. Holder may make an election (a "Deemed Sale Election") to be treated for U.S. federal income tax purposes as having sold such U.S. Holder's Common Shares on the last day of the last taxable year of the Company during which the Company was a PFIC. A U.S. Holder that makes a Deemed Sale Election would then cease to be treated as owning stock in a PFIC by reason of ownership of our Common Shares. However, gain recognized as a result of making the Deemed Sale Election would be subject to the adverse rules described above and loss would not be recognized.

 *PFIC "mark-to-market" election* 

In certain circumstances, a U.S. Holder can avoid certain of the adverse rules described above by making a mark-to-market election with respect to its Common Shares, provided that the Common Shares are "marketable." Common Shares will be marketable if they are "regularly traded" on a "qualified exchange" or other market within the meaning of applicable U.S. Treasury Regulations. The Nasdaq is a "qualified exchange." You should consult your own tax advisor with respect to such rules.

A U.S. Holder that makes a mark-to-market election must include in gross income, as ordinary income, for each taxable year that we are a PFIC an amount equal to the excess, if any, of the fair market value of the U.S. Holder's Common Shares at the close of the taxable year over the U.S. Holder's adjusted tax basis in its Common Shares. An electing U.S. Holder may also claim an ordinary loss deduction for the excess, if any, of the U.S. Holder's adjusted tax basis in its Common Shares over the fair market value of its Common Shares at the close of the taxable year, but this deduction is allowable only to the extent of any net mark-to-market gains previously included in income. A U.S. Holder that makes a mark-to-market election generally will adjust such U.S. Holder's tax basis in its Common Shares to reflect the amount included in gross income or allowed as a deduction because of such mark-to-market election. Gains from an actual sale or other disposition of Common Shares in a year in which we are a PFIC will be treated as ordinary income, and any losses incurred on a sale or other disposition of Common Shares will be treated as ordinary losses to the extent of any net mark-to-market gains previously included in income.

If we are classified as a PFIC for any taxable year in which a U.S. Holder owns Common Shares but before a mark-to-market election is made, the adverse PFIC rules described above will apply to any mark-to-market gain recognized in the year the election is made. Otherwise, a mark-to-market election will be effective for the taxable year for which the election is made and all subsequent taxable years. The election cannot be revoked without the consent of the Internal Revenue Service ("IRS") unless the Common Shares cease to be marketable, in which case the election is automatically terminated.

A mark-to-market election is not permitted for the shares of any of our subsidiaries that are also classified as PFICs. Prospective investors should consult their own tax advisors regarding the availability of, and the procedure for making, a mark-to-market election.

 *PFIC "QEF" election* 

In some cases, a shareholder of a PFIC can avoid the interest charge and the other adverse PFIC consequences described above by obtaining certain information from such PFIC and by making a QEF election to be taxed currently on its share of the PFIC's undistributed income. We do not, however, expect to provide the information regarding our income that would be necessary in order for a U.S. Holder to make a QEF election with respect to Common Shares if we are classified as a PFIC.

 *PFIC information reporting requirements* 

If we are a PFIC in any year, a U.S. Holder of Common Shares in such year will be required to file an annual information return on IRS Form 8621 regarding distributions received on such Common Shares and any gain realized on disposition of such Common Shares. In addition, if we are a PFIC, a U.S. Holder will generally be required to file an annual information return with the IRS (also on IRS Form 8621, which PFIC

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shareholders are required to file with their U.S. federal income tax or information return) relating to their ownership of Common Shares.

NO ASSURANCE CAN BE GIVEN THAT WE ARE NOT CURRENTLY A PFIC OR THAT WE WILL NOT BECOME A PFIC IN THE FUTURE. U.S. HOLDERS SHOULD CONSULT THEIR OWN TAX ADVISORS WITH RESPECT TO THE OPERATION OF THE PFIC RULES AND RELATED REPORTING REQUIREMENTS IN LIGHT OF THEIR PARTICULAR CIRCUMSTANCES, INCLUDING THE ADVISABILITY OF MAKING ANY ELECTION THAT MAY BE AVAILABLE.

#### Reporting Requirements and Backup Withholding
Information reporting to the U.S. Internal Revenue Service generally will be required with respect to payments on the Common Shares and proceeds of the sale, exchange or redemption of the Common Shares paid within the United States or through certain U.S.-related financial intermediaries to holders that are U.S. taxpayers, other than exempt recipients. A "backup" withholding tax may apply to those payments if such holder fails to provide a taxpayer identification number to the paying agent or fails to certify that no loss of exemption from backup withholding has occurred (or if such holder otherwise fails to establish an exemption). We or the applicable paying agent will withhold on a distribution if required by applicable law. The amounts withheld under the backup withholding rules are not an additional tax and may be refunded, or credited against the holder's U.S. federal income tax liability, if any, provided the required information is timely furnished to the IRS.

U.S. Holders that own certain "foreign financial assets" (which may include the Common Shares) are required to report information relating to such assets, subject to certain exceptions, on IRS Form 8938. In addition to these requirements, U.S. Holders may be required to annually file FinCEN Report 114, Report of Foreign Bank and Financial Accounts ("FBAR") with the U.S. Department of Treasury. U.S. Holders should consult their own tax advisors regarding the applicability of FBAR and other reporting requirements in light of their individual circumstances.

 **THE ABOVE DISCUSSION DOES NOT COVER ALL TAX MATTERS THAT MAY BE OF IMPORTANCE TO A PARTICULAR INVESTOR. YOU ARE STRONGLY URGED TO CONSULT YOUR OWN TAX ADVISOR ABOUT THE TAX CONSEQUENCES TO YOU OF AN INVESTMENT IN THE COMMON SHARES.** 

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#### MATERIAL CANADIAN FEDERAL INCOME TAX CONSIDERATIONS
The following summary describes, as of the date hereof, the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) and the regulations thereunder (collectively, the "Canadian Tax Act") generally applicable to a purchaser who acquires Common Shares as a beneficial owner and who, at all relevant times, for purposes of the Canadian Tax Act, deals at arm's length with the Company, is not affiliated with the Company, and will acquire and hold such Common Shares as capital property (each, a "Holder"). Common Shares will generally be considered to be capital property to a Holder provided the Holder does not use or hold, is not deemed to use or hold and will not use or hold the Common Shares in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired or been deemed to have acquired the Common Shares in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary does not apply to a Holder (a) that is a "financial institution" (as defined in the Canadian Tax Act) for purposes of the mark-to-market rules in the Canadian Tax Act, (b) an interest in which is or would constitute a "tax shelter investment" (as defined in the Canadian Tax Act), (c) that is a "specified financial institution" (as defined in the Canadian Tax Act), (d) that has elected to report its "Canadian tax results" (as defined in the Canadian Tax Act) in a currency other than Canadian currency, (e) that is exempt from tax under the Canadian Tax Act, (f) that has entered into, or will enter into, a "synthetic disposition arrangement", a "synthetic equity arrangement" or a "derivative forward agreement" (as those terms are defined in the Canadian Tax Act) with respect to the Common Shares, (g) that receives dividends on Common Shares under or as part of a "dividend rental arrangement" (as defined in the Canadian Tax Act) or (h) that is otherwise of special status or special circumstances. Such Holders should consult their own tax advisors with respect to an investment in the Common Shares.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada (for purposes of the Canadian Tax Act) that is, or becomes, or does not deal at arm's length for purposes of the Canadian Tax Act with a corporation resident in Canada that is or becomes, as part of a transaction or event or series of transactions or events that includes the acquisition of the Common Shares, controlled by a non-resident person, or a group of non-resident persons that do not deal with each other at arm's length, for the purposes of the "foreign affiliate dumping" rules in Section 212.3 of the Canadian Tax Act. Such Holders should consult their own tax advisors.

This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Common Shares.

This summary is based on the provisions of the Canadian Tax Act in force as of the date hereof, any specific proposals to amend the Tax Act which have been publicly and officially announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the "Proposed Amendments"), the current provisions of the *Canada-United States Tax Convention* (1980) (the "Canada U.S. Tax Treaty") and counsel's understanding of the current administrative policies and assessing practices of the CRA published in writing by the CRA and publicly available prior to the date hereof. This summary assumes that all Proposed Amendments will be enacted in the form proposed. However, no assurances can be given that the Proposed Amendments will be enacted as proposed, or at all. This summary does not otherwise take into account or anticipate any changes in law, whether by way of judicial, legislative, regulatory, administrative or governmental decision or action, or in the administrative policies or assessing practices of the CRA, nor does it take into account provincial, territorial or foreign income tax legislation or considerations, which may differ significantly from the Canadian federal income tax considerations discussed herein. No assurances can be given that legislative, judicial or administrative changes will not modify or change the statements expressed herein.

 **This summary is not exhaustive of all possible Canadian federal income tax considerations applicable to an investment in the Common Shares. This summary is of a general nature only and is not, and is not intended to be, and nor should it be construed to be, legal or income tax advice to any particular Holder, and no representations concerning the tax consequences to any particular Holder are made. Holders should consult their own income tax advisors with respect to the tax consequences of acquiring Common Shares applicable to them based on their own particular circumstances, including the application and effect of the income and other tax laws of any country, province or other jurisdiction that may be applicable to the Holder. This summary** 

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 **does not address any tax considerations applicable to persons other than Holders and such persons should consult their own tax advisors regarding the consequences of acquiring, holding and disposing of Common Shares under the Canadian Tax Act and any jurisdiction in which they may be subject to tax. Holders should consult their own income tax advisors with respect to the tax consequences applicable to them based on their own particular circumstances.** 

#### Currency
Generally, for purposes of the Canadian Tax Act, all amounts relating to the acquisition, holding or disposition of Common Shares (including dividends, adjusted cost base and proceeds of disposition) must be expressed in Canadian dollars based on the applicable exchange rate determined in accordance with the Tax Act.

#### Non-Residents of Canada
The following portion of this summary is generally applicable to a Holder who, for purposes of the Canadian Tax Act and any applicable tax treaty or convention and at all relevant times, is not resident or deemed to be resident in Canada and does not use or hold, and is not deemed to use or hold, Common Shares in connection with a business (including an adventure or concern in the nature of trade) carried on in Canada (each, a "Non-Canadian Holder"). The term "U.S. Holder," for the purposes of this summary, means a Non-Canadian Holder who, for purposes of the Canada U.S. Tax Treaty, is at all relevant times a resident of the United States and is a "qualifying person" (within the meaning of the Canada U.S. Tax Treaty) eligible for the full benefits of the Canada U.S. Tax Treaty. In some circumstances, persons deriving amounts through fiscally transparent entities (including limited liability companies) may be entitled to benefits under the Canada U.S. Tax Treaty. U.S. Holders are urged to consult their own tax advisors to determine their entitlement to benefits under the Canada U.S. Tax Treaty and related compliance requirements based on their particular circumstances.

Special considerations, which are not discussed in this summary, may apply to a Non-Canadian Holder that is an insurer that carries on an insurance business in Canada and elsewhere or is an "authorized foreign bank" (as defined in the Canadian Tax Act). Such Non-Canadian Holders should consult their own advisors.

 *Taxation of Dividends* 

Dividends paid or credited, or deemed to be paid or credited, to a Non-Canadian Holder on the Common Shares will be subject to Canadian withholding tax under the Canadian Tax Act at the rate of 25% of the gross amount of the dividend unless reduced by the terms of an applicable tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident. Such rate is generally reduced under the Canada U.S. Tax Treaty to 15% if the beneficial owner of such dividend is a U.S. Holder. The rate of withholding tax is generally further reduced to 5% if the beneficial owner of such dividend is a U.S. Holder that is a company that owns, directly or indirectly, at least 10% of the voting stock of the Company. The *Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting* (the "MLI") of which Canada is a signatory, affects many of Canada's tax treaties (but not the Canada U.S. Tax Treaty), including the ability to claim benefits thereunder. Non-Canadian Holders should consult their own tax advisors to determine their entitlement to benefits under any applicable income tax treaty or convention based on their particular circumstances.

 *Dispositions of Common Shares* 

A Non-Canadian Holder generally will not be subject to tax under the Canadian Tax Act in respect of any capital gain realized by such Non-Canadian Holder on a disposition or deemed disposition of a Common Share nor will capital losses arising therefrom be recognized under the Canadian Tax Act, unless the Common Share constitutes "taxable Canadian property" (as defined in the Canadian Tax Act) of the Non-Canadian Holder at the time of the disposition and the Non-Canadian Holder is not entitled to relief under an applicable income tax treaty or convention between Canada and the country in which the Non-Canadian Holder is resident at the time of the disposition (including as a result of the application of the MLI).

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Generally, the Common Shares will not constitute taxable Canadian property of a Non-Canadian Holder at a particular time provided that the Common Shares are, at that time, listed on a "designated stock exchange" as defined in the Canadian Tax Act (which currently includes the Nasdaq), unless at any time during the 60-month period immediately preceding the particular time the following two conditions are met concurrently: (i) one or any combination of (a) the Non-Canadian Holder, (b) persons with whom the Non-Canadian Holder does not deal at arm's length, and (c) partnerships in which the Non-Canadian Holder or a person described in (b) holds a membership interest, either directly or indirectly through one or more partnerships, owned 25% or more of the issued shares of any class or series of shares of the capital stock of the Company; and (ii) more than 50% of the fair market value of the Common Shares was derived, directly or indirectly, from one or any combination of real or immovable property situated in Canada, "Canadian resource properties", "timber resource properties" (each as defined in the Canadian Tax Act), and options in respect of, or interests in, or, for civil law, rights in, any such property (whether or not such property exists). Notwithstanding the foregoing, a Common Share may also be deemed to be taxable Canadian property to a Non-Canadian Holder in certain other circumstances under the Canadian Tax Act.

If the Common Shares are, or are deemed to be, taxable Canadian property of a Non-Canadian Holder and any capital gain that would be realized on the disposition thereof is not exempt from tax under the Canadian Tax Act or pursuant to an applicable income tax treaty or convention (including as a result of the application of the MLI), the income tax consequences described below under "*Residents of Canada — Disposition of Common Shares*" and "*Residents of Canada — Taxation of Capital Gains and Capital Losses*" will generally apply to the Non-Canadian Holder.

 **Non-Canadian Holders whose Common Shares may constitute taxable Canadian property should consult their own tax advisors regarding the tax and compliance considerations that may be relevant to them.** 

#### Residents of Canada
This portion of the summary is generally applicable to a Holder who, for the purposes of the Canadian Tax Act and any applicable tax treaty or convention, is resident or deemed to be resident in Canada at all relevant times (a "Canadian Holder"). Certain Canadian Holders whose Common Shares might not otherwise qualify as capital property may be entitled to make an irrevocable election pursuant to subsection 39(4) of the Canadian Tax Act to have the Common Shares, and every other "Canadian security" (as defined by the Canadian Tax Act) owned by such Canadian Holder in the taxation year of the election and in all subsequent taxation years, deemed to be capital property. Canadian Holders should consult their own tax advisors for advice as to whether an election under subsection 39(4) of the Canadian Tax Act is available or advisable in their particular circumstances.

 *Taxation of Dividends* 

Dividends received or deemed to be received on the Common Shares in the taxation year of a Canadian Holder will be included in computing a Canadian Holder's income for the year. In the case of a Canadian Holder who is an individual (including certain trusts), dividends (including deemed dividends) received on the Common Shares will be included in the Canadian Holder's income and be subject to the gross-up and dividend tax credit rules normally applicable to "taxable dividends" received by an individual from "taxable Canadian corporations" including the enhanced gross-up and dividend tax credit for "eligible dividends" (each as defined in the Canadian Tax Act) properly designated as such by the Company. There may be limitations on the Company's ability to designate any particular dividend as an "eligible dividend" and the Company has made no commitments in this regard.

In the case of a Canadian Holder that is a corporation, dividends (including deemed dividends) received on the Common Shares will be included in the Canadian Holder's income for the taxation year and will generally be deductible in computing such Canadian Holder's taxable income for the taxation year, subject to all restrictions under the Canadian Tax Act. In certain circumstances, subsection 55(2) of the Canadian Tax Act will treat a taxable dividend received (or deemed to be received) by a Canadian Holder that is a corporation as proceeds of disposition or a capital gain. Canadian Holders that are corporations should consult their own tax advisors having regard to their own circumstances.

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A Canadian Holder that is a "private corporation" or "subject corporation" (as such terms are defined in the Canadian Tax Act) may be liable to pay a tax (refundable in certain circumstances) under Part IV of the Canadian Tax Act on dividends received or deemed to be received on the Common Shares to the extent that such dividends are deductible in computing the Canadian Holder's taxable income for the taxation year. A "subject corporation" is generally a corporation (other than a private corporation) resident in Canada and controlled directly or indirectly by or for the benefit of an individual (other than a trust) or a related group of individuals (other than trusts).

 *Disposition of Common Shares* 

A Canadian Holder who disposes of, or is deemed to have disposed of, a Common Share (other than a disposition to the Company that is not a sale in the open market in the manner in which shares are normally purchased by any member of the public in the open market) will generally realize a capital gain (or incur a capital loss) equal to the amount by which the proceeds of disposition in respect of the Common Share exceed (or are exceeded by) the aggregate of the adjusted cost base to the Canadian Holder of the Common Share immediately before the disposition or deemed disposition and any reasonable costs of disposition. The adjusted cost base to a Canadian Holder of a Common Share will be determined by averaging the cost of that Common Share with the adjusted cost base (determined immediately before the acquisition of the Common Share) of all other Common Shares held as capital property at that time by the Canadian Holder, if any. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "*Taxation of Capital Gains and Capital Losses*".

 *Taxation of Capital Gains and Capital Losses* 

Generally, one-half of any capital gain (a "Taxable Capital Gain") realized by a Canadian Holder must be included in the Canadian Holder's income for the taxation year in which the disposition occurs. Subject to and in accordance with the provisions of the Canadian Tax Act, one-half of any capital loss incurred by a Canadian Holder (an "Allowable Capital Loss") must be deducted from Taxable Capital Gains realized by the Canadian Holder in the taxation year in which the disposition occurs. Allowable Capital Losses in excess of Taxable Capital Gains for the taxation year of disposition generally may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent year against net Taxable Capital Gains (but not against other income) realized in such years, in the circumstances and to the extent provided in the Canadian Tax Act.

A capital loss realized on the disposition or deemed disposition of a Common Share by a Canadian Holder that is a corporation may in certain circumstances be reduced by the amount of dividends previously received or deemed to have been received by the Canadian Holder on the Common Share (or a share substituted for such Common Share) to the extent and in the circumstances specified in the Canadian Tax Act. Similar rules may apply where a corporation is, directly or indirectly through a trust or partnership, a member of a partnership or a beneficiary of a trust that owns Common Shares. Canadian Holders to whom these rules may be relevant are urged to consult their own tax advisors.

 *Additional Refundable Tax* 

A Canadian Holder that is, throughout the relevant taxation year, a "Canadian-controlled private corporation" (as defined in the Canadian Tax Act) or that is, at any time in the relevant taxation year, a "substantive CCPC" (as defined in the Canadian Tax Act) may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" which is defined in the Canadian Tax Act to include any Taxable Capital Gains and dividends or deemed dividends that are not deductible in computing the Canadian Holder's taxable income. Canadian Holders to whom these rules may be relevant should consult their own tax advisors.

 *Minimum Tax* 

Capital gains realized and taxable dividends received (or deemed to be received) by a Canadian Holder who is an individual (including certain trusts) may give rise to minimum tax under the Canadian Tax Act. Canadian Holders should consult their own advisors with respect to the application of minimum tax.

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#### ELIGIBILITY FOR INVESTMENT
Subject to the provisions of any particular plan, based on the provisions of the Canadian Tax Act in force as of date hereof, the Common Shares, if acquired as of and following the Direct Listing, would be at the time of acquisition "qualified investments" under the Canadian Tax Act for a trust governed by a "registered retirement savings plan" ("RRSP"), "registered retirement income fund" ("RRIF"), "tax-free savings account" ("TFSA"), "registered education savings plan" ("RESP"), "deferred profit sharing plan", "first home savings account" ("FHSA") or "registered disability savings plan" ("RDSP") (as those terms are defined in the Canadian Tax Act), provided that at the time of acquisition the Common Shares are listed on a "designated stock exchange" (which currently includes the Nasdaq) or the Company is otherwise a "public corporation" (other than a "mortgage investment corporation"), each as defined in the Canadian Tax Act.

Notwithstanding the foregoing, if the Common Shares are a "prohibited investment" for an RRSP, RRIF, RESP, RDSP, FHSA or TFSA (each, a **"**Registered Plan") for the purposes of the Canadian Tax Act, the annuitant, subscriber or holder, as the case may be, of the Registered Plan (the "Controlling Individual") will be subject to a penalty tax as set out in the Canadian Tax Act. Provided that, for purposes of the Canadian Tax Act, the Controlling Individual of a Registered Plan deals at arm's length with the Company and does not have a "significant interest" (as defined in the Canadian Tax Act for purposes of the prohibited investment rules) in the Company, the Common Shares will not be a "prohibited investment" for such Registered Plan under the Canadian Tax Act on the date hereof. In addition, the Common Shares will not be a prohibited investment if such securities are "excluded property", as defined in the Canadian Tax Act for the purposes of the prohibited investment rules, for a Registered Plan.

 **Prospective purchasers of Common Shares who intend to hold such Common Shares in a Registered Plan are urged to consult their own tax advisors to ensure the Common Shares would not be a prohibited investment, including whether the Common Shares would be excluded property, in their particular circumstances.** 

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#### PLAN OF DISTRIBUTION
Each Selling Shareholder of the securities covered hereby and any of their pledgees, assignees and successors-in-interest may, from time to time, sell any or all of their securities covered hereby on the principal trading market of our Common Shares or any other stock exchange, market or trading facility on which the securities are traded or in private transactions. These sales may be at fixed or negotiated prices. A Selling Shareholder may use any one or more of the following methods when selling securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • block trades in which the broker-dealer will attempt to sell the securities as agent but may position and resell a portion of the block as principal to facilitate the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • purchases by a broker-dealer as principal and resale by the broker-dealer for its account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an exchange distribution in accordance with the rules of the applicable exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • privately negotiated transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • settlement of short sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in transactions through broker-dealers that agree with the Selling Shareholders to sell a specified number of such securities at a stipulated price per security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • through the writing or settlement of options or other hedging transactions, whether through an options exchange or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a combination of any such methods of sale; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • any other method permitted pursuant to applicable law.

The Selling Shareholders may also sell securities under Rule 144 or any other exemption from registration under the Securities Act, if available, rather than under this prospectus.

Broker-dealers engaged by the Selling Shareholders may arrange for other brokers-dealers to participate in sales. Broker-dealers may receive commissions or discounts from the Selling Shareholders (or, if any broker-dealer acts as agent for the purchaser of securities, from the purchaser) in amounts to be negotiated, but, except as set forth in a supplement to this prospectus, in the case of an agency transaction not in excess of a customary brokerage commission in compliance with FINRA Rule 2121; and in the case of a principal transaction a markup or markdown in compliance with FINRA Rule 2121.

In connection with the sale of the securities or interests therein, the Selling Shareholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in short sales of the securities in the course of hedging the positions they assume. The Selling Shareholders may also sell securities short and deliver these securities to close out their short positions, or loan or pledge the securities to broker-dealers that in turn may sell these securities. The Selling Shareholders may also enter into option or other transactions with broker-dealers or other financial institutions or create one or more derivative securities which require the delivery to such broker-dealer or other financial institution of securities offered by this prospectus, which securities such broker-dealer or other financial institution may resell pursuant to this prospectus (as supplemented or amended to reflect such transaction).

The Selling Shareholders and any broker-dealers or agents that are involved in selling the securities may be deemed to be "underwriters" within the meaning of the Securities Act in connection with such sales. In such event, any commissions received by such broker-dealers or agents and any profit on the resale of the securities purchased by them may be deemed to be underwriting commissions or discounts under the Securities Act. Each Selling Shareholders has informed us that it does not have any written or oral agreement or understanding, directly or indirectly, with any person to distribute the securities.

With respect to the PIPE Shares, we agreed to keep this prospectus effective until the earlier of (i) the date on which the securities may be resold by the Selling Shareholders without registration and without regard to any volume or manner-of-sale limitations by reason of Rule 144, without the requirement for us to be in compliance with the current public information under Rule 144 under the Securities Act or any other rule of similar effect or (ii) all of the securities have been sold pursuant to this prospectus or Rule 144

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under the Securities Act or any other rule of similar effect. With respect to the Royalty Acquisition Shares, we agreed to keep this prospectus effective until all of the securities have been sold pursuant to this prospectus or Rule 144 under the Securities Act or any other rule of similar effect. The resale securities will be sold only through registered or licensed brokers or dealers if required under applicable state securities laws. In addition, in certain states, the resale securities covered hereby may not be sold unless they have been registered or qualified for sale in the applicable state or an exemption from the registration or qualification requirement is available and is complied with.

Under applicable rules and regulations under the Exchange Act, any person engaged in the distribution of the Common Shares may not simultaneously engage in market making activities with respect to the Common Shares for the applicable restricted period, as defined in Regulation M, prior to the commencement of the distribution. In addition, the Selling Shareholders will be subject to applicable provisions of the Exchange Act and the rules and regulations thereunder, including Regulation M, which may limit the timing of purchases and sales of the Common Shares by the Selling Shareholders or any other person. We will make copies of this prospectus available to the Selling Shareholders and have informed them of the need to deliver a copy of this prospectus to each purchaser at or prior to the time of the sale (including by compliance with Rule 172 under the Securities Act).

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#### EXPENSES OF THE OFFERING
Set forth below is an itemization of the total expenses expected to be incurred in connection with the offer and sale of our Common Shares. Except for the SEC registration fee, all amounts are estimates. The Selling Shareholders will not bear any portion of such expenses.

---

| | |
|:---|:---|
| SEC registration fee  | $8932 |
| Accounting fees and expenses  | $43478 |
| Legal fees and expenses  | $531401 |
| Printing expenses  | $50000 |
| Other advisers' fee  | $2000000 |
| Underwriters' fee  | $3256692 |
| Miscellaneous  | $— |
| Total  | $5890502 |

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#### LEGAL MATTERS
The validity of the Common Shares being offered by this prospectus and other legal matters relating to Canadian law will be passed for us by Blake, Cassels & Graydon LLP. Goodwin Procter LLP, New York, New York, is our legal advisor.

#### EXPERTS
The financial statements of The Metals Royalty Company Inc. as of December 31, 2025 and 2024 and for each of the years in the two year period ended December 31, 2025, incorporated by reference in this prospectus and registration statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report incorporated by reference herein, and are included in reliance on such report given on the authority of such firm as an expert in accounting and auditing. The Company's independent registered public accounting firm is Ernst & Young LLP, Vancouver, British Columbia, Canada, BC V6E 4E5, Auditor Firm ID: 1263.

#### ENFORCEMENT OF CIVIL LIABILITIES
We are incorporated under the laws of British Columbia, Canada. Service of process upon us and upon certain of our directors and officers and the experts named in this prospectus, who reside outside the U.S., may be difficult to obtain within the U.S. Furthermore, because a substantial amount of our assets and certain of our directors and officers are located outside the U.S., any judgment obtained in the U.S. against us or any of our directors and officers may not be collectible within the U.S.

We have irrevocably appointed Cogency Global Inc. as our agent to receive service of process in any action against us in any U.S. federal or state court. The address of our agent is 122 East 42nd Street, 18th Floor, New York, NY 10168.

Additionally, it may be difficult for an investor, or any other person or entity, to assert U.S. securities law claims in original actions instituted in the U.S. Courts in these jurisdictions and such courts may refuse to hear a claim based on a violation of U.S. securities laws on the grounds that such jurisdiction is not the most appropriate forum to bring such a claim. Even if a Canadian court agrees to hear a claim, it may determine that the local law, and not Canadian law, is applicable to the claim. If Canadian law is found to be applicable, the content of applicable Canadian law must be proven as a fact, which can be a time-consuming and costly process. Certain matters of procedure will also be governed by foreign law.

We have also been advised by Blake, Cassels & Graydon LLP, our Canadian legal advisor, that there is doubt as to the enforceability, in original actions in Canadian courts, of liabilities based on the U.S. federal securities laws or "blue sky" laws of any state within the United States and as to the enforceability in Canadian courts of judgments of U.S. courts obtained in actions based on the civil liability provisions of the U.S. federal securities laws or any such state securities or blue sky laws. Therefore, it may not be possible to enforce those judgments against us, certain of our directors and officers named in this prospectus if they are located in Canada.

#### WHERE YOU CAN FIND ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form F-1 under the Securities Act, with respect to Common Shares covered by this prospectus. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits and schedules to the registration statement. Please refer to the registration statement and exhibits for further information with respect to the Common Shares covered by this prospectus. Statements contained in this prospectus regarding the contents of any contract or other document are only summaries. With respect to any contract or document that is filed as an exhibit to the registration statement, you should refer to the exhibit for a copy of the contract or document, and each statement in this prospectus regarding that contract or document is qualified by reference to the exhibit. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding companies, like us, that file documents electronically with the SEC. The address of that website is www.sec.gov.

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#### INCORPORATION OF CERTAIN INFORMATION BY REFERENCE
The SEC allows us to incorporate by reference our publicly filed reports into this prospectus, which means that information included in those reports is considered part of this prospectus.

The following documents filed by Registrant with the U.S. Securities and Exchange Commission (the "***Commission***") are incorporated by reference into this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [(a) The Company's Annual Report on Form 20-F for the year ended December 31, 2025, filed with the Commission on April 27, 2026.](https://www.sec.gov/ix?doc=/Archives/edgar/data/2087398/000110465926049527/tmcr-20251231x20f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Company's Reports of Foreign Private Issuer on Form 6-K, filed with the Commission on [May 7, 2026](https://www.sec.gov/Archives/edgar/data/2087398/000110465926057141/tm2613851d1_6k.htm) and [May 12, 2026](https://www.sec.gov/Archives/edgar/data/2087398/000110465926059007/tm2614192d1_6k.htm).

We will provide you without charge, upon your written or oral request, a copy of any of the documents incorporated by reference in this prospectus, other than exhibits to such documents which are not specifically incorporated by reference into such documents. You should direct any requests for documents to:

The information relating to us contained in this prospectus is not comprehensive and should be read together with the information contained in the incorporated documents. Descriptions contained in the incorporated documents as to the contents of any contract or other document may not contain all of the information which is of interest to you. You should refer to the copy of such contract or other document filed as an exhibit to our filings.

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#### APPENDIX A

#### Pre-Feasibility Study Summary

#### Introduction:
In 2018, the SEC adopted amendments to the disclosure requirements for mining properties. Effective for fiscal years beginning on or after January 1, 2021, the disclosure requirements under the SEC's Industry Guide 7 were replaced with new disclosure requirements under S-K 1300. The property disclosures in this Appendix A are presented in accordance with S-K 1300, subject to certain exemptions contained in the rule.

While S-K 1300 generally contemplates that registrants that hold royalty, streaming or other similar rights will provide property-level disclosure that is comparable to the disclosure provided by the operators of those properties, including mineral resource and mineral reserve estimates and supporting technical information, S-K 1300 also provides certain accommodations to such registrants. In particular, Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K permit a registrant that holds royalty or similar rights to omit information that would otherwise be required under Items 1303 and 1304 where obtaining the information and preparing related disclosure would result in an unreasonable burden or expense, provided that the registrant explains the omission and provides all information that it does possess or can obtain without incurring an unreasonable burden or expense. We rely on these accommodations with respect to the NORI Royalty. In light of our size, the early stage of our business and the fact that we are a non-operating royalty company with a single material royalty interest, we have determined that obtaining and preparing a separate S-K 1300 technical report summary and related mineral resource and mineral reserve disclosure for the NORI Property solely for inclusion in this prospectus would, at this time, result in an unreasonable burden or expense for us. Instead, we summarize in this Appendix A certain publicly disclosed information from the Area D Report for background and context and provide the other information regarding the NORI Royalty and the NORI Property that we can provide in accordance with S-K 1300 without incurring an unreasonable burden or expense.

Absent an exemption or accommodation, a registrant that discloses mineral resources or mineral reserves for a material property must obtain a dated and signed technical report summary from a qualified person identifying and summarizing the information reviewed and the conclusions reached by the qualified person about the mineral resources or mineral reserves determined to be on that property. As noted above, we have determined that commissioning and preparing a separate S-K 1300-compliant technical report summary for the NORI Property solely for our purposes would result in an unreasonable burden or expense. Accordingly, we have not sought to obtain, and do not intend to obtain, a dated and signed technical report summary from a qualified person pursuant to Item 1302(b)(1) of Regulation S-K for the NORI Property, and we therefore do not present mineral resource or mineral reserve estimates for the NORI Royalty in this prospectus

The following description of NORI Area D is a summary of certain publicly disclosed information from a report titled "S*-K 1300 Prefeasibility Study for NORI Area D: Technical Report Summary,*" dated August 4, 2025 prepared for TMC and filed with the SEC on August 4, 2025 (the "Area D Report"). The Area D Report will not be deemed incorporated by reference into this prospectus or any future filing under the Securities Act or the Exchange Act.

1.1 Property description (including mineral rights) and ownership

The world's largest undeveloped deposit of manganese, nickel and cobalt and significant copper resource is hosted by polymetallic nodules (nodules) located on the seafloor in the Clarion-Clipperton Zone ("CCZ") of the north-east Pacific Ocean. TMC the metals company Inc. ("TMC") has identified the potential to recover metals from polymetallic nodules to support increasing demand from electrification, EV battery and stainless-steel demand. TMC, working with offshore partner Allseas Group S.A. ("Allseas") and onshore partner Pacific Metals Co., Ltd. ("PAMCO"), has developed and demonstrated nodule collection and processing systems that can generate nickel, copper, cobalt and manganese products with little to no solid waste.

Four consortia of offshore development companies demonstrated the technical feasibility of collecting, lifting, and converting nodules into metals in the 1970s, but development of the industry was frustrated by

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the absence of regulation and a governing body. In 1994, the United Nations ("UN") established the International Seabed Authority ("ISA") pursuant to the UN Convention on the Law of the Sea ("UNCLOS"). The ISA governs the development of seabed resources for UNCLOS member states in the territories beyond the exclusive economic zones governed by coastal states. This international territory is known as the Area.

In 2010, the ISA adopted Regulations on Prospecting and Exploration for Polymetallic Nodules in the Area. In July 2011, the ISA granted TMC subsidiary, Nauru Ocean Resources Inc ("NORI") an exploration contract covering four areas in the CCZ (NORI Area A, B, C, and D (the "Property")). The NORI Exploration Contract was granted by the ISA for a period of 15 years which may be extended for periods of five years at a time, provided NORI has made efforts in good faith to comply with the requirements of the plan of work. The exploration contract does not confer any commercial production rights. A separate Plan of Work for exploitation must be submitted and approved by the ISA Council in accordance with the Mining Code before any commercial recovery may occur.

NORI is sponsored, under the ISA, to carry out its mineral exploration activities in the Property by the Republic of Nauru, pursuant to a certificate of sponsorship signed by the Government of Nauru on April 11, 2011.

The ISA is in the process of negotiating the exploitation regulations for development of seabed resources from the CCZ and other resources in the Area. As of the date of the Area D Report, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

In 1980, the United States ("U.S.") enacted the *Deep Seabed Hard Mineral Resources Act* (("DSHMRA") 30 U.S.C. §1401 et seq.) authorizing the National Oceanic and Atmospheric Administration ("NOAA") to issue licenses for exploration and permits for commercial recovery from the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure that U.S. entities can participate in seabed mining despite the United States not being a party to the UNCLOS or the 1994 Implementation Agreement.

TMC, through its wholly owned subsidiary The Metals Company USA LLC ("TMC USA") applied for exploration licenses and commercial recovery permits over the NORI Area D area under DSHMRA. The relevant applications are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for the USA-A Area which covers 65,186 km<sup>2</sup> in the CCZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Commercial Recovery Permit for USA-A which covers 25,160 km<sup>2</sup> in the CCZ ("NORI Area D").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • USA-A includes the existing ISA approved exploration Area identified as NORI Area D.

These applications are still under review and commencement of Commercial Recovery by TMC USA is subject to approval of the license and permit under DSHMRA.

As of the date of the Area D Report, TMC USA does not hold any exploration licenses or commercial recovery permits under the DSHMRA framework. However as stated above, TMC USA has submitted applications for such rights, and subject to regulatory review and approval, anticipates that any future commercial recovery activities would be conducted pursuant to a permit issued by NOAA under the U.S. legal regime. Any reference the Area D Report to activities proposed to be conducted by TMC USA is inherently uncertain and should be considered forward-looking in nature. No assurance can be given that any permit under DSHMRA will be issued, or that if issued, such permit will contain terms and conditions commercially or operationally viable for the Project.

TMC, in conjunction with Allseas, PAMCO, and specialist service providers, has now completed the Area D Report to evaluate collection and processing systems and the technical and economic viability of collecting, transporting and processing nodules from NORI Area D and marketing the products.

A phased development is outlined for NORI Area D. Each offshore collection system comprises collectors on the seafloor, a vertical transport system, and production vessel that will collect polymetallic nodules. The nodules will be transferred from the production vessel to a transfer vessel. The transfer vessel

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will load bulk carriers, and the polymetallic nodules will be shipped to on-shore processing facilities, where established processing technology will be used to produce manganese silicate, a feedstock for silico-manganese alloy production used in steel making, and nickel-cobalt-copper alloy and nickel-cobalt-copper matte, which is used in energy, defense, manufacturing, and infrastructure.

A mine plan was developed for NORI Area D including an Initial Mining Area. The Initial Mining Area was selected based on similarity to the Test Mining Area and includes planned initial runs 19 and 20.

A converted drillship, the Hidden Gem, reclassed as the world's first deepwater mining ship, was used by NORI to support successful test mining in 2022 ("Test Mining"), where 3,000 wet metric tonnes ("wmt") of nodules were lifted to the surface. Learnings from the Test Mining and further testing and modelling completed by Allseas has informed development of the commercial-scale system, which will initially involve further modification of the Hidden Gem to incorporate two 15 m collectors (one operating on the seabed and one on deck being maintained) to commence production with an annual production rate of 1.5 million wet metric tonnes per annum ("Mwmtpa"). Production will be upgraded to two collectors operating in parallel on the seabed once operating procedures are refined (3.0 Mwmtpa per production vessel). This PFS envisages that subsequently, three further production vessels will be progressively deployed to achieve a nominal production rate of 12 Mwmtpa and average annual production of 10.5 Mwmtpa nodules (allowing for 5 yearly vessel dry dock inspections). This phased approach to development allows TMC USA to manage risk by progressively developing engineering and operating systems and adopting an adaptive management approach to environmental management. This development plan is preliminary in nature and subject to significant regulatory, technical, and financing contingencies.

In November 2023, TMC signed a binding memorandum of understanding ("MOU") with PAMCO to complete a feasibility study ("PAMCO FS") to process nodules through their Hachinohe facility to produce nickel-cobalt-copper alloy and nickel-cobalt-copper matte, and manganese silicate product. This followed flowsheet definition and piloting at 70 mt scale by TMC, in association with Hatch Pty Ltd ("Hatch"), FLSmidth Inc. ("FLS") and XPS Expert Process Solutions ("XPS", a subsidiary of Glencore) and completion of a PFS by PAMCO, during which a 22 mt nodule sample was tested.

TMC and PAMCO together conducted the first commercial scale calcining operations on nodules. NORI supplied 2,000 wmt of nodules from their Test Mining, with roughly 500 wmt of calcined material generated. A subsequent commercial scale smelting test using PAMCO's 4,000 kVA furnace, previously used for fly ash processing, was completed in Q1 2025.

As of the effective date of the Area D Report, no binding commercial agreement has been entered into for the processing of NORI nodules by PAMCO, and all references to tolling or processing in Japan are forward-looking and contingent on further negotiation, permitting, and technical validation.

Existing capacity to process and refine nodules does not currently exist in the United States, and this has informed TMC's strategy to use PAMCO and Indonesia to generate matte. In early years of operation, the matte will be sold to customers who will then process in their existing refineries. Beginning in Year 6 of operations, TMC USA intends to begin processing matte at a newly built US-based refinery. The refining facility will produce nickel sulfate, cobalt sulfate, copper cathode, and ammonium sulfate.

TMC recently completed a study evaluating possible refinery site locations in the U.S. The study also included a preliminary refinery design, plant layout, permitting and construction execution schedule schedules and 2025 basis capital and operating costs.

1.2 Location

The CCZ is located in international waters between Hawaii and Mexico. The western end of the CCZ is approximately 1,000 km south of the Hawaiian island group. From here, the CCZ extends over 4,500 km east-northeast, in an approximately 750 km wide trend almost 5,000 km east-northeast, in an approximately 600 km wide trend, with the eastern limits approximately 2,000 km west of southern Mexico. The region is well-located to ship nodules to the American continent or across the Pacific to Japan and Indonesia. NORI Area D covers 25,160 km2 and is the easternmost of the four NORI exploration areas. Its center point is at latitude 10° 29' N and longitude 116° 57' W, approximately 850 km due west of the nearest land — the uninhabited Clipperton Island.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.3 Regulatory environment and the NORI tenement

The principal regulatory environments governing the international seabed area include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The UN Convention on the Law of the Sea, of December 10, 1982 (the "Convention").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The 1994 Agreement relating to the Implementation of Part XI of the UN Convention on the Law of the Sea of December 10, 1982 (the 1994 implementation Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The *Deep Seabed Hard Mineral Resources Act* (30 U.S.C. §1401 et seq.)

Part XI of the Convention and the 1994 Implementation Agreement deals with mineral exploration and exploitation in the Area, providing a framework for entities to obtain legal title to areas of the seafloor from the ISA for the purpose of exploration and eventually exploitation of resources.

The Convention entered into force on November 16, 1994. As of October 2024, the Convention had been signed by 169 States Parties and the European Union. The United States of America is currently not a party to the Convention. The *Deep Seabed Hard Mineral Resources Act*, enacted in 1980 by the U.S., authorizes the issuance of Exploration Licenses and Commercial Recovery Permits over the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure U.S. entities can participate in seabed mining despite not being party to UNCLOS.

To date, the ISA has issued regulations on prospecting and exploration for polymetallic nodules in the Area.

As of the date of the Area D Report, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

Consequently, TMC, through its wholly owned subsidiary TMC USA on April 28, 2025 submitted applications for two exploration licenses and a commercial recovery permit under the U.S. regulatory regime governed by DSHMRA.

These applications are still under review and TMC's claim to these areas under DSHMRA are subject to approval of these licenses and permits by NOAA. NOAA has advised TMC USA that the exploration license applications are substantially complete, which provides TMC USA with the priority right to areas subject to application, which includes NORI Area D, for the duration of the application process. TMC holds mineral rights to NORI Area D through its subsidiary NORI under an Exploration Contract with the ISA.

1.4 Geology

Seafloor polymetallic nodules occur in all oceans, but the CCZ hosts a relatively high abundance of particularly nickel and copper-rich nodules. The CCZ seafloor forms part of the Abyssal Plains, which are the largest physiographic province on Earth.

The average depth of the seafloor in the Project Area is 3,800 to 4,200 m. The Abyssal Plains are traversed by ridges, with amplitude of 50 to 300 m (maximum 1,000 m) to the west and wavelength of 1 to 10 km. The Abyssal Plains are punctuated by inactive volcanoes rising 500 to 2,000 m above the sea floor.

Seafloor polymetallic nodules rest on the seafloor at the seawater — sediment interface. They are composed of nuclei and concentric layers of manganese and iron hydroxides and are formed by precipitation of metals from surrounding seawater and sediment pore waters. Nickel, cobalt and copper are also precipitated and occur within the structure of the manganese and iron minerals.

Nodules are abundant in abyssal areas with oxygenated bottom waters and low sedimentation rates (less than 10 cm per thousand years). Nodules generally range from about 1 to 12 cm in their longest dimension. Nodules of 1 to 5 cm are typically the most common in NORI Area D, where they have been classified as Type 1 nodules.

The specific conditions of the CCZ (water depth, latitude, and seafloor sediment type) are considered to be the key controls for the formation of polymetallic nodules.

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Information on the mineralization within NORI Area D comprises a combination of sampling undertaken by NORI as well as free-fall grab sampler ("FFG") and box core sampler ("BC") data supplied by the ISA at the time of the NORI Area D exploration application. Additional regional data, assembled by the ISA as part of its Geological Model Project during 2008 to 2010 ("ISA 2010"), are available. The data provides significant coverage over NORI Area D and indicates a high abundance of nodules in this region, as has been confirmed by NORI's exploration.

NORI completed offshore exploration campaigns in 2012, 2013, 2018, 2019, 2020, 2021, 2022, and 2023 – 2024. During these campaigns, a variety of resource evaluation data was collected including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Bathymetric mapping of the whole of NORI Area D using a hull-mounted Kongsberg Simrad EM120 12 kHz, full-ocean depth multibeam echo-sounding system ("MBES"). This system also provided backscatter data from which seafloor characteristics could be interpreted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Detailed seafloor survey work with an autonomous underwater vehicle ("AUV"), utilizing an MBES, Side Scan Sonar ("SSS"), Sub-Bottom Profiler ("SBP"), and camera payload.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A total of 252 box core samples collected using a 0.75 m<sup>2</sup> box corer, mainly on a 10 km by 10 km square grid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Additional 36 box core samples were collected to better define resources ahead of the 2022 Test Mining and to evaluate mining nodule recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • 57 in-situ cone penetrometer tests were completed ahead of and following the 2022 Test Mining.

The nodules in the box cores were collected and their characteristics measured and recorded in detail. Samples of nodules were collected in duplicate and for initial campaigns assayed at two reputable, well-qualified laboratories: ALS Limited ("ALS") and Bureau Veritas SA ("Bureau Veritas"). Subsequently, samples were assayed at ALS, with every tenth sample checked by Bureau Veritas. Certified reference material, and blank samples were inserted to provide additional levels of quality control. No significant issues were identified with the assay results.

The backscatter data and the sidescan sonar and seafloor photography indicate strong continuity of nodule abundance across NORI Area D. There is a clear relationship between nodule long axis length and nodule weight and, therefore, it is possible to estimate nodule abundance from photographs. Several estimation techniques were tested, and methodologies were developed that are suitable for closely packed (Type 1) and less closely packed (Type 2 and 3) nodules.

Interpretation of detailed AUV derived bathymetric data identified geo-obstacles that have the potential to impact nodule collection efficiency. A computer model was developed to predict where these features are likely to occur. The model used data about slopes, ruggedness, and other landscape details and identified patterns linked to geological structures like ridges and volcanic seamounts. The model, correlating well with observed data, highlights geological trends influencing obstacle distribution and informs mine-planning by predicting regions likely to impact collector performance.

1.5 Development plan

TMC proposes to implement the Project in multiple phases that will allow the seafloor mining systems to be commissioned and then nodule production to be ramped up. The phased approach will facilitate de-risking of the project for relatively low initial capital investment. Additionally, this phased development will allow for an adaptive approach to environmental management providing learning at small-scale which will be applied as the development increases in scale.

The mine plan proposed for seafloor production development phases is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Commencement of production with a single collector deployed from the Hidden Gem with a nominal production rate of 1.5 Mwmtpa of nodules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Deployment of a second collector from the Hidden Gem, operating in tandem on the seafloor, with a nominal system production rate of 3.0 Mwmtpa of nodules.

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Once operating procedures have been refined and operating and environmental monitoring systems have demonstrated that collection of nodules can be undertaken satisfactorily, TMC expects further phased development as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Development and deployment of a second vessel, essentially similar to the Hidden Gem, providing additional production of 3.0 Mwmtpa of nodules for a combined nominal production rate of 6.0 Mwmtpa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Development and deployment of a third and fourth production vessel, each adding nominal production of 3.0 Mwmtpa of nodules, for an average full system production rate of 10.5 Mwmtpa of nodules, once the required 5-year dry dock inspections are taken into account.

Processing of polymetallic nodules will also be ramped up in a similar phased approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC proposes to toll treat polymetallic nodules at existing rotary kiln electric furnace ("RKEF") smelters, utilizing excess industry capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Production is planned to commence at PAMCO at a rate of 1.3 Mwmtpa of nodules initially, producing nickel-cobalt-copper alloy and subsequently nickel-cobalt-copper matte, once alloy to matte conversion facilities have been installed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tolling will then be scaled up to meet the 3 Mwmtpa of the Hidden Gem by utilizing excess RKEF processing capacity that has been developed in Indonesia in the last 5 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Additional production up to the 12 Mwmtpa mine plan rate will utilize existing RKEF processing plants, most likely in Indonesia, and refining capacity at a greenfield hydrometallurgical plant in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • From year 6 matte product from 6 Mwmtpa of nodules will be shipped to the United States, most likely Texas, with all matte products expected to be shipped to the US from year 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Refining in the U.S. will produce nickel sulfate, cobalt sulfate and copper cathode.

1.6 Mining concept

In 2022, NORI completed Test Mining, where 4,500 wmt of nodules were collected and approximately 3,000 wmt of nodules were lifted to surface. The Test Mining demonstrated the mining concept and provided information for detailed design of the commercial-scale system. The Test Mining was monitored from both the Hidden Gem and a second vessel, the Island Pride, where AUVs, remotely operated vehicles ("ROV"), and bottom mounted sensors and samplers collected environmental data to understand the system's environmental impacts to inform completion of the NORI Area D Environmental Impact Assessment and Environmental Monitoring and Management Plans.

The main items of offshore infrastructure proposed are the nodule collectors, the vertical transport system ("VTS"), production vessels ("PV") and transfer vessel ("TV") required to transfer nodules from the PV to bulk carrier vessels.

The nodules will be collected from the seafloor by self-propelled, tracked, collectors. No rock cutting, digging, drill-and-blast, or other breakage will be required at the point of collection. The collectors will be remotely controlled and supplied with electric power via umbilical cables from the PV. The collectors will traverse the seabed at a speed of approximately 0.4 m/s. Coandă nozzles on each collector will entrain nodules, sediment, and water from the seafloor. A hopper on each vehicle will separate sediment and excess water from the nodules, which will pass out of the hopper overflow and diffusers and be emitted behind the collector. The hopper underflow, comprising higher concentration nodule slurry, will be pumped via a flexible hose (jumper) to the VTS.

The VTS consists of a riser, which is a steel pipe through which nodules will be transferred to the surface by means of an airlift. The riser system consists of three main sections, each designed to meet specific flow dynamics and operational requirements. Above the air injection point, the upper section conveys a three-phase mixture of nodules, sediment, water, and air. This section also includes an auxiliary line for the supply of compressed air. To accommodate the expansion of air during the lift process, the riser diameter gradually increases from the air injection point upward. The airlift works by lowering the average density

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of the slurry inside the riser to less than the surrounding seawater. The difference between the hydrostatic pressure of the seawater at depth and the pressure inside the riser forces the slurry column to rise. The energy to achieve the lift will be supplied by air compressors housed on the PV, which will be capable of generating high air pressures.

The PVs will support the collector and riser system and its handling equipment, house the airlift compressors, collector control stations, and material handling equipment. All power for offshore equipment, including the nodule collecting vehicles, will be generated on the PVs. The PVs will be equipped with controllable thrusters and will be capable of dynamic positioning ("DP"), which will allow the vessels to track the collectors on the seafloor. Nodules will be pumped by the VTS to the PV, where air is released to atmosphere and the nodules will be dewatered using screens and cyclones and temporarily stored in the hold of the PV No processing involving the use of chemicals or the generation of tailings will be undertaken on the PV.

Nodules will be recovered from the hold of the PV using axial conveyors located beneath the storage holds. They will then be lifted to deck level via sandwich conveyors and offloaded through a boom conveyor system capable of both luffing and slewing. Offloading will occur at a rate of 2,500 wmt per hour to a dynamically positioned transfer vessel with 50,000 mt storage capacity. The transfer vessel will in subsequently load Capesize bulk carriers, each with a storage capacity of approximately 200,000 mt, using a similar recovery and offloading system.

1.7 Mineral Processing and metallurgical testing

TMC initially developed a combined pyrometallurgical and hydrometallurgical flowsheet to produce nickel and cobalt sulfate Li-ion battery cathode feedstocks, copper cathode, and manganese silicate. TMC completed bench-scale test-work and pilot-scale testing demonstrating the feasibility of this proposed flowsheet. As work progressed, TMC identified the opportunity to pursue a lower capital cost development by utilizing existing RKEF processing plants that were underutilized as a result of the decision by the Government of Indonesia to ban the export of unprocessed (nickel laterite) ores, resulting in facilities outside of Indonesia being underutilised as they cannot source feedstock laterite ore. Additionally, an overbuild of RKEF processing capacity in Indonesia has resulted in significant available processing capacity. It was decided to focus initially on production of intermediate products — nickel-cobalt-copper alloy and nickel-cobalt-copper matte to further reduce capital costs. In early years of operation, the matte will be sold to customers who will then process in their existing refineries.

In November 2023, TMC signed a binding MOU with PAMCO to complete a feasibility study to process nodules through their Hachinohe facility in Japan to produce nickel-cobalt-copper alloy and nickel-cobalt-copper matte and manganese silicate product. This followed flowsheet definition and piloting at 70 mt scale, by TMC in association with Hatch, FLS and XPS and completion of a PFS by PAMCO where they tested a 22 mt nodule sample. The PAMCO commercial scale testing of a 2,000 mt nodule sample has been successfully completed.

The plant will use RKEF lines that calcine and smelt the nodules to form an alloy. The alloy will then be sulfidized to form a matte and converted in a Peirce-Smith converter operation.

The pyrometallurgical process generates a manganese silicate stream that can be sold to the manganese industry and a small converter slag stream that can be used for industrial applications. No value has been ascribed to converter slag. The flowsheet has neither tailings ponds nor permanent slag repositories and does not generate substantial waste streams.

The development plan envisages construction and operation of hydrometallurgical refining facilities in Texas commencing in the sixth year of operations. The refinery will process matte to produce nickel and cobalt sulfate crystal, copper cathode and ammonium sulfate fertilizer.

1.8 Market studies

Benchmark Mineral Intelligence ("BMI") was contracted by TMC to provide market overviews for three commodities from NORI and TOML areas: nickel, cobalt, and copper and to provide forecasts for the premia/discounts that nickel and cobalt sulfate over nickel metal price forecasts.

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CRU International Limited ("CRU") was requested by NORI to examine the marketability and pricing for the three intermediate products that will be produced by TMC USA for the NORI and TOML areas (CRU report dated 24 September 2024):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel-cobalt-copper alloy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel-cobalt-copper matte.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manganese silicate.

Additionally, CRU was retained to provide manganese ore market forecasts.

The global market for critical metals like nickel, cobalt, and copper is forecast to grow significantly, driven by demand from sectors such as the transportation, electrical infrastructure and consumer goods sectors. BMI and CRU forecast the following metal supply, demand and price scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel production, led by Indonesia, is expected to rise from 3.6 Mt in 2025 to 4.9 Mt by 2035, fuelled by about equally its demand in stainless steel and EV batteries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cobalt demand expected to grow at a 5.8% compound annual growth rate through 2030, dominated by battery production, with supply heavily reliant on the Democratic Republic of Congo and China. But as mines begin to run through reserves and the visibility for new assets into the 2030s is limited, BMI expectation for mine supply is a slight decline into the 2030s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manganese remains essential for steelmaking, although projected demand is forecast to remain flat. However, this is expected to be tempered by rapid demand growth in battery-grade products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Copper, critical for green energy infrastructure, faces an 8 Mt shortfall by 2035, despite production increases in Africa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prices for these metals are forecast to rise steadily due to tightening supply-demand dynamics.

TMC manganese silicate and TMC matte are expected by CRU to gain market traction given their inherent high quality. CRU expects market acceptance for TMC products will be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC manganese silicate offers advantages as feedstock for silico-manganese alloy production and battery applications, with demand projected to grow alongside manganese markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC matte, used in refining processes, requires stable partnerships with key facilities to maximize its value amid a buyer-dominated market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limited immediate demand for TMC alloy, can be mitigated through strategic blending, partnerships, to enhance market acceptance and value over time for the nickel-cobalt-copper alloy product.

1.9 Environmental studies, permitting, community, or social impact

Historically, a significant amount of technical work has been undertaken within the CCZ by the ISA and a significant body of information has been acquired during the past 50 years on the likely environmental impacts of collecting nodules from the sea floor.

NORI has completed the most extensive environmental baseline for the deep ocean extending from below the seabed, the seabed, the water column and above the sea surface. In total, more than 100 separate studies have been undertaken by world leading scientific and commercial organizations. This involved a comprehensive program of physical and chemical oceanographic studies, full characterization of biota from micro to mega and detailed seafloor studies at the Test Mining site and control sites in NORI Area D. Studies have been designed to define temporal and spatial variation with at least three years of baseline data and sufficient sampling to define spatial variation.

In 2022, NORI undertook Test Mining, which was subject to thorough environmental monitoring, particularly for critical impacts during testing: Benthic sediment plume, mid water discharge plume and sound impacts. Baseline studies were completed ahead of Test Mining, repeated immediately on completion, and then again 12 months later to differentiate the impacts from the Test Mining from natural temporal and spatial variation. This data is now being compiled with impact assessment methodologies, including expert workshops to inform the NORI Area D EIA and NORI Area D Project Environmental Impact Study.

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TMC intends to manage the Project under the governance of an Environmental Management System ("EMS"), which is to be developed in accordance with the international EMS standard, ISO 14001:2004. The EMS will provide the overall framework for the Environmental Management and Monitoring Plan ("EMMP") that will be required.

The EMMP will specify the objectives and purpose of all monitoring requirements, the components to be monitored, frequency of monitoring, methods of monitoring, analysis required in each monitoring component, monitoring data management and reporting. The plan will involve an ecosystem approach incorporating an adaptive management system.

The CCZ is uninhabited by people, and there are no landowners associated with the NORI Area D project. No significant commercial fishing is carried out in the area. The Project will provide financial benefits and training to Nauru, and a source of supply of minerals critical to industrial development.

The planned metallurgical process will not generate significant volumes of solid waste products such as tailings and residues, indicating that with careful management the environmental impacts of the onshore processing operation could be very low. Other emissions will be within best practice benchmarks and compliance regulations.

1.10 Summary capital and operating cost estimates

Capital and operating costs were prepared using the AACE ("Association for the Advancement of Cost Engineering") Recommended Practice 47R-11 Class 4 estimate standards for Mining and Mineral Processing Industries. Through June 2025 Production Vessel engineering was 21.6% complete ("Allseas Monthly Report"), with some elements already approaching the technical maturity required for a Class 3 estimate. The project capital cost estimate to develop a phased 12 Mwmtpa nodule operation as per the mine plan is US$4,971M comprising of US$544.8M for Production Vessel #1 and associated costs (System #1) inclusive of Allseas credit and is summarized in Table 1.5 and US$4,426M for two 6 Mwmt nodule equivalent refining facilities in the US, is summarized in Table 1.6.

Table 1.5 Project CAPEX system #1 summary

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| | |
|:---|:---|
| **Description**  | **US$ M**  |
| Production Vessel  | 468.4 |
| Transfer Vessel/Bulk Carriers  | 89.6 |
| Support Vessel  | 15.2 |
| Processing/Refining  |  |
| Operations Facilities initial setup  | 2.3 |
| Direct Subtotal  | 575.5 |
| Professional Services  | 59.4 |
| Owners Cost  | 44.6 |
| Indirect Subtotal  | 104.0 |
| Contingency  | 101.4 |
| Escalation  | 53.3 |
| Allseas Credit  | (289.3) |
| **Total Project CAPEX**  | **544.8** |

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Table 1.6 Project CAPEX US refining summary

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| | |
|:---|:---|
| **Description**  | **US$ M**  |
| General/Infrastructure  | 144.8 |
| Port Facilities  | 281.1 |
| Hydrometallurgy  | 1027.7 |
| Direct Subtotal  | 1453.7 |
| Indirect Costs  | 477.2 |
| Contingency  | 282.2 |
| Refining Facility Capital  | 2213.0 |
| Number of 6 Mwtpa refining facility  | 2 |
| **Total Project CAPEX**  | **4426.0** |

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The operating cost estimate for a phased 12 Mwmtpa operation as per the mine plan is reported in 30 June 2025 US$ as total life-of-mine ("LOM") and unit costs per wet metric tonne in Table 1.7.

Table 1.7 NORI Area D operating cost summary

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| | | | |
|:---|:---|:---|:---|
| **OPEX component**  | **Total LOM <br> (US$M)**  | **Unit Cost <br> (US$/wmt)**  | **LOM Cost <br> (%)**  |
| Collection Costs  | 12344 | 75.2 | 30.9 |
| Transfer & Shipping Costs  | 3071 | 18.7 | 7.7 |
| Contractor (offshore) Costs  | 1855 | 11.3 | 4.6 |
| Consumables (offshore fuel) Costs  | 3848 | 23.4 | 9.6 |
| Processing Cost  | 13622 | 83.0 | 34.1 |
| Refining Cost  | 3254 | 19.8 | 8.1 |
| Corporate Cost  | 1985 | 12.1 | 5.0 |
| **Total OPEX**  | **39978** | **243.6** | **100** |

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#### APPENDIX B

#### Initial Assessment Summary
In 2018, the SEC adopted amendments to the disclosure requirements for mining properties. Effective for fiscal years beginning on or after January 1, 2021, the disclosure requirements under the SEC's Industry Guide 7 were replaced with new disclosure requirements under S-K 1300. The property disclosures in this Appendix B are presented in accordance with S-K 1300, subject to certain exemptions contained in the rule.

While S-K 1300 generally contemplates that registrants that hold royalty, streaming or other similar rights will provide property-level disclosure that is comparable to the disclosure provided by the operators of those properties, including mineral resource and mineral reserve estimates and supporting technical information, S-K 1300 also provides certain accommodations to such registrants. In particular, Item 1303(a)(3) and Item 1304(a)(2) of Regulation S-K permit a registrant that holds royalty or similar rights to omit information that would otherwise be required under Items 1303 and 1304 where obtaining the information and preparing related disclosure would result in an unreasonable burden or expense, provided that the registrant explains the omission and provides all information that it does possess or can obtain without incurring an unreasonable burden or expense. We rely on these accommodations with respect to the NORI Royalty. In light of our size, the early stage of our business and the fact that we are a non-operating royalty company with a single material royalty interest, we have determined that obtaining and preparing a separate S-K 1300 technical report summary and related mineral resource and mineral reserve disclosure for the NORI Property solely for inclusion in this prospectus would, at this time, result in an unreasonable burden or expense for us. Instead, we summarize in this Appendix B certain publicly disclosed information from the IA (defined below) contained in the IA for background and context and provide the other information regarding the NORI Royalty and the NORI Property that we can provide in accordance with S-K 1300 without incurring an unreasonable burden or expense.

Absent an exemption or accommodation, a registrant that discloses mineral resources or mineral reserves for a material property must obtain a dated and signed technical report summary from a qualified person identifying and summarizing the information reviewed and the conclusions reached by the qualified person about the mineral resources or mineral reserves determined to be on that property. As noted above, we have determined that commissioning and preparing a separate S-K 1300-compliant technical report summary for the NORI Property solely for our purposes would result in an unreasonable burden or expense. Accordingly, we have not sought to obtain, and do not intend to obtain, a dated and signed technical report summary from a qualified person pursuant to Item 1302(b)(1) of Regulation S-K for the NORI Property, and we therefore do not present mineral resource or mineral reserve estimates for the NORI Royalty in this prospectus

The following description of NORI A, B and C is a summary of publicly disclosed information from a report titled "*Technical Report Summary — Initial Assessment of TOML and NORI Properties, Clarion-Clipperton Zone,*" dated August 4, 2025 (the "IA"), prepared by TMC and filed with the SEC on August 4, 2025. The Initial Assessment will not be deemed incorporated by reference into this prospectus or any future filing under the Securities Act or the Exchange Act.

The initial assessment includes six areas (TOML A, B, C, D, E and F) over which TMCR has no interest pursuant to the NORI Royalty Agreement or otherwise. The following description is provided solely to describe information in respect of NORI A, B and C to which the NORI Royalty applies.

1. Executive summary

1.1 Introduction

A very large nickel, manganese, cobalt, and copper resource occurring as polymetallic nodules is located on the seafloor in the Clarion-Clipperton Zone ("CCZ") of the north-east Pacific Ocean. TMC the metals company Inc. ("TMC"), through its wholly owned subsidiaries, is undertaking assessment on the technical and economic viability of recovering metals from polymetallic nodules to support increasing demand from electrification, EV battery and stainless-steel demand. Working with offshore and onshore

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partners, TMC has designed and demonstrated nodule collection and processing systems that can generate nickel, copper, cobalt and manganese products with little to no solid waste.

Four consortia of offshore development companies demonstrated the technical feasibility of collecting, lifting, and converting nodules into metals in the 1970s, but development of the industry was frustrated by the absence of regulation and a governing body. In 1994, the United Nations ("UN") established the International Seabed Authority ("ISA") pursuant to the UN Convention on the Law of the Sea ("UNCLOS"). The ISA governs the development of seabed resources for UNCLOS member states in the territories beyond the exclusive economic zones governed by coastal states. This international territory is known as the Area.

TMC through its subsidiaries, Nauru Ocean Resources Inc. ("NORI") and Tong Offshore Mining Limited ("TOML"), holds exploration contracts for a total of ten areas in the CCZ regulated by the ISA. NORI holds exploration rights to four areas (NORI A, B, C, and D) totaling 74,830 km<sup>2</sup> that were granted in July 2011. TOML holds exploration rights to six areas (TOML A, B, C, D, E and F) covering 74,713 km<sup>2</sup> under an exploration contract approved in July 2011 and then formalized on January 11, 2012.

These exploration contracts were granted and formalize an exploration area, for a term of 15 years with a program of activities approved for the first five-year period. NORI and TOML have a priority right to apply for an exploitation contract to exploit polymetallic nodules in the respective Contract Areas (ISA Regulation 24(2)). Both the NORI and TOML exploration contracts may be extended for periods of five years at a time beyond the initial 15-year period, provided NORI and TOML have made efforts in good faith to comply with the requirements of the plan of work. These exploration contracts do not confer any commercial production rights. A separate Plan of Work for exploitation must be submitted and approved by the ISA Council before any commercial recovery may occur.

At the time of the IA, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

In 1980, the Unites States of America ("U.S.") enacted the *Deep Seabed Hard Mineral Resources Act* ("DSHMRA") 30 U.S.C. §1401 et seq. authorizing the National Oceanic and Atmospheric Administration ("NOAA") to issue licenses for exploration and permits for commercial recovery from the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure that U.S. entities can participate in seabed mining despite the US not being a party to the UNCLOS or the 1994 Implementation Agreement.

TMC, through its wholly owned subsidiary The Metals Company USA LLC ("TMC USA") has submitted requests directly under the U.S. regulatory regime governed by DSHMRA. These applications are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for the USA-A Area which covers 65,186 km<sup>2</sup> in the CCZ.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exploration License for USA-B Area which covers 121,789 km<sup>2</sup> in the CCZ.

USA-A includes the existing ISA approved exploration Area identified as NORI Area D and TOML area F. USA-B includes the existing ISA approved exploration Areas identified as NORI Areas A, B, C and TOML Areas A, B, C, D, and E.

These applications are still under review and commencement of Commercial Recovery by TMC USA is subject to approval of these licenses under DSHMRA. At the time of the IA, TMC USA does not hold any exploration licenses or commercial recovery permits under the DSHMRA framework.

TMC USA has submitted applications for such rights, and subject to regulatory review and approval, anticipates that any future commercial recovery activities would be conducted pursuant to a permit issued by National Oceanic and Atmospheric Administration ("NOAA") under the U.S. legal regime.

Any reference in this Appendix B to activities proposed to be conducted by TMC USA is inherently uncertain and should be considered forward-looking in nature. No assurance can be given that any permit under DSHMRA will be issued, or that if issued, such permit will contain terms and conditions commercially or operationally viable for the project considered in the IA.

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The IA considers only the Areas for which TMC have mineral rights, specifically, the NORI and TOML Areas subject to existing ISA approved exploration licenses (collectively known as the "Property"). The IA specifically excludes NORI Area D as this is the subject of a separate Pre-Feasibility Study ("PFS").

A phased development is outlined for the NORI and TOML areas that make up the Property. Each offshore collection system comprises collectors on the seafloor, Vertical Transport System ("VTS"), and Production Vessels ("PV") that are expected to collect polymetallic nodules. The nodules are expected to be transferred from the PV to a Transport Vessel ("TV"). The polymetallic nodules are expected to be shipped to onshore processing facilities, where established processing technology are expected to be used to produce manganese silicate, a feedstock for silico-manganese alloy production used in steel making, and nickel-cobalt-copper matte which is expected to be refined into products in the US that can be used in energy, defense, manufacturing, and infrastructure.

A converted drillship, the Hidden Gem, reclassed as the world's first deepwater mining ship, was used by NORI to support successful test mining in 2022 ("Test Mining"), where 3,000 wet metric tonnes (wmt) of nodules were lifted to the surface. Learnings from the Test Mining and further testing and modelling completed by Allseas has informed engineering of the First-Generation Mining System (1<sup>st</sup> Gen), the commercial-scale system as described in PFS. The engineering of the Second-Generation Mining System (2<sup>nd</sup> Gen) is expected to be informed by the operational and environmental performance of the 1<sup>st</sup> Gen.

1.2 Location

The Property is located within the CCZ of the northeast Pacific Ocean between Hawaii and Mexico. The western end of the CCZ is approximately 1,000 km south of the Hawaiian island group. From here, the CCZ extends over 4,500 km east-northeast, in an approximately 750 km wide trend almost 5,000 km east-northeast, in an approximately 600 km wide trend, with the eastern limits approximately 2,000 km west of southern Mexico. The region is well-located to ship nodules to the American continent or across the Pacific to Asian markets. The Property comprises of nine separate areas (NORI A, B, C, TOML A, B, C, D, E and F) with a combined area of 124,381 km<sup>2</sup>.

1.3 Regulatory environment and the tenements

The principal regulatory environments governing the international seabed area include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The UN Convention on the Law of the Sea, of 10 December 1982 (the "Convention").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The 1994 Agreement relating to the Implementation of Part XI of the UN Convention on the Law of the Sea of 10 December 1982 (the "1994 Implementation Agreement").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The *Deep Seabed Hard Mineral Resources Act* (DSHMRA) (30 U.S.C. §1401 et seq.)

Part XI of the Convention and the 1994 Implementation Agreement deals with mineral exploration and exploitation in the Area, providing a framework for entities to obtain legal title to areas of the seafloor from the ISA for the purpose of exploration and eventually exploitation of resources.

The Convention entered into force on November 16, 1994. As of October 2024, the Convention had been signed by 169 States Parties and the European Union. The US is currently not a party to the Convention.

The *Deep Seabed Hard Mineral Resources Act*, enacted in 1980 by the U.S., authorizes the issuance of Exploration Licenses and Commercial Recovery Permits over the deep seabed. These activities are limited to areas beyond national jurisdiction and are intended to ensure U.S. entities can participate in seabed mining despite not being party to UNCLOS.

To date, the ISA has issued regulations on prospecting and exploration for polymetallic nodules in the Area.

At the time of the IA, the ISA is yet to finalize the Mining Code, including Regulations on the Exploitation of Mineral Resources in the Area as required under UNCLOS.

Consequently, TMC, through its wholly owned subsidiary TMC USA on April 28, 2025, submitted applications for two exploration licenses and a commercial recovery permit under the U.S. regulatory regime governed by DSHMRA.

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These applications are still under review and TMC's claim to these areas under DSHMRA are subject to approval of these licenses and permits by NOAA. NOAA has advised TMC USA that the exploration license applications are substantially complete, which provides TMC USA with the priority right to areas subject to application, which includes the Property, for the duration of the application process.

1.4 Geology

Seafloor polymetallic nodules occur in all oceans, but the CCZ hosts a relatively high abundance of particularly nickel and copper-rich nodules. The CCZ seafloor forms part of the Abyssal Plains, which are the largest physiographic province on Earth.

The average depth of the seafloor in the Project area ranges from 3,800 m to over 6,000 m. The Abyssal Plains are traversed by ridges and are punctuated by inactive volcanoes rising 500 up to 2,000 m above the seafloor.

The formation and distribution of polymetallic nodules in the CCZ are primarily controlled by water depth, latitude, and seafloor sediment type. Geological domains identified include volcanic outcrops, volcanic highs, sediment drifts, and high-slope (>6°) areas, which were excluded from resource estimates.

Exploration data underpinning the Mineral Resource estimates comprise historical sampling by Pioneer Contractors using free-fall grab samplers ("FFG") and box core ("BC") samplers, supplemented by recent campaigns conducted by NORI and TOML involving box coring, dredging, multibeam echosounder MBES surveys, side scan sonar, sub-bottom profiling, autonomous underwater vehicle ("AUV") deployments, and photographic seabed imaging.

Nodule abundance is reported on a wet basis with an assumed moisture content of 28% for TOML areas, and 24% for NORI-A, B, and C. No significant correlations were found between moisture content and nodule size, grade, or geological domain. Nodule size measurements and long-axis estimation methods were applied to improve abundance estimates from photographic data.

1.5 Development plan and mining methods

The development plan for the Property envisions a phased, 23-year mining operation leveraging advanced offshore technologies including remotely operated Collector Vehicles ("CV"), VTS, and PVs. Mining is expected to target polymetallic nodules on seafloor slopes up to 6°, with recovered nodules transported to onshore facilities for processing into manganese silicate and nickel-cobalt-copper products essential for steelmaking and battery materials.

The mining method for the NORI and TOML areas employs bespoke deep-sea technology featuring remotely operated, self-propelled, tracked CVs equipped with Coandă nozzles to efficiently recover polymetallic nodules from the seafloor. These CVs are expected to operate on slopes up to 6°, removing nodules while minimizing sediment disturbance. Nodules are expected to be transported via a VTS using airlift or hydraulic pumps to PVs on the surface, where dewatering and offloading is expected to occur before shipment to processing facilities.

These 2<sup>nd</sup> Generation Production Systems are expected to build on successful Test Mining conducted in 2022 in NORI Area D and a decade of experience that is expected to be gained from operating a 1<sup>st</sup> Generation Production System in the NORI Area D.

The fleet of production, transport, and supply vessels are expected to be coordinated through centralized offshore control centers, enabling safe, efficient, and adaptive operations with reduced offshore personnel exposure. This innovative mining approach is designed to maximize resource recovery while maintaining environmental stewardship and operational reliability in the challenging deep-sea environment.

1.6 Mineral processing and metallurgical testing

The mineral processing strategy is supported by extensive bench-scale and pilot-scale metallurgical testwork that has demonstrated the technical feasibility of converting polymetallic nodules into marketable

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products. Bulk sampling and Test Mining successfully recovered nodule material from NORI Area D that was used for large scale processing trials.

The processing flowsheet involves drying and calcining the nodules in a rotary kiln(s) followed by electric furnace ("RKEF") smelting to produce two immiscible phases: a nickel-cobalt-copper-rich alloy and a manganese silicate oxide slag. A pilot plant campaign produced 35 t of calcine that was then smelted at eXpert Process Solutions ("XPS", a division of Glencore) and tested in industrial scale trials by Pacific Metals company Ltd ("PAMCO"), producing demonstration quantities of these target products with stable operation and emissions compliant with relevant regulations. High recoveries were achieved, including approximately 97% for nickel, 93% for cobalt, 94% for copper, and 99% for manganese. The alloy is expected to be further processed in Peirce-Smith converters to generate a matte product containing 5% iron. This was also piloted at XPS with suitable quantities of matte generated to feed downstream refinery bench-scale testing.

Matte is expected to be refined hydrometallurgically using a two-stage leach process, followed by copper electrowinning, cobalt and nickel solvent extractions ("SX"), impurity removal steps and crystallization of the nickel and cobalt phases to generate sulfate products. The copper phase that are expected to be generated following the electrowinning is copper cathode. Bench-scale testing at Lakefield, Ontario ("SGS") was able to generate about 1 kg of nickel and cobalt sulfates suitable for use in batteries.

The process design leverages existing ferronickel production assets in Indonesia with minor modifications to accommodate nodule feedstock, supporting cost-effective commercial-scale operations. New build refineries in the USA are expected to then complete the conversion of the matte produced in Indonesia to saleable materials.

1.7 Market studies

Benchmark Mineral Intelligence ("BMI") was contracted by TMC to provide market overviews for three commodities: nickel, cobalt, and copper and to provide forecasts for the premia/discounts for nickel and cobalt sulfate over nickel metal price forecasts.

CRU Group ("CRU") was commissioned by NORI to examine the marketability and pricing for the three intermediate products that are expected to be produced (CRU, 2024):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel-cobalt-copper alloy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel-cobalt-copper matte.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manganese silicate.

Additionally, CRU was retained to provide manganese ore market forecasts.

The global market for critical metals like nickel, cobalt, and copper is expected to grow significantly, driven by demand from sectors such as the transportation, electrical infrastructure and consumer goods sectors. BMI and CRU forecast the following metal supply, demand and price scenarios:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Nickel production, led by Indonesia, is expected to rise from 3.6 Mt in 2025 to 4.9 Mt by 2035, fuelled by about equal its demand in stainless steel and EV batteries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Cobalt demand is expected to grow at a 5.8% compound annual growth rate through 2030, dominated by battery production, with supply heavily reliant on the Democratic Republic of Congo ("DRC") and China. But as mines begin to deplete reserves and the visibility for new assets into the 2030s is limited, BMI's expectation for mine supply is a slight decline into the 2030s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Manganese remains essential for steelmaking, although projected demand is forecast to remain flat. However, this is expected to be tempered by rapid demand growth in battery-grade products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Copper, a critical for green energy infrastructure, faces an 8 Mt shortfall by 2035, despite production increases in Africa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prices for these metals are forecast to rise steadily due to tightening supply-demand dynamics.

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TMC manganese silicate and TMC matte are expected by CRU to gain market traction given their high quality. CRU notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC manganese silicate offers advantages in silico-manganese alloy production and battery applications, with demand projected to grow alongside manganese markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • TMC matte, used in refining processes, requires stable partnerships with key facilities to maximize its value amid a buyer-dominated market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limited immediate demand for TMC alloy, can be mitigated through strategic blending, partnerships, to enhance market acceptance and value over time for the nickel-cobalt-copper alloy product.

1.8 Environmental studies, permitting, community, or social impact

Extensive environmental baseline studies and impact assessments have been conducted in NORI Area D and are planned to be expanded across the other NORI and TOML areas to support responsible deep-sea mining development in the CCZ. These studies are expected to encompass geological, oceanographic, biogeochemical, benthic ecological, and trace metal analyses, building from the current knowledge base generated through extensive offshore efforts in NORI Area D and the growing dataset in published literature.

The ISA provides an exploration regulatory framework, requiring comprehensive Environmental and Social Impact Assessments ("ESIA") and Environmental Impact Statements ("EIS") as prerequisites for moving to exploitation licensing. Both NORI and TOML are compliant with current ISA exploration contract obligations.

Environmental management plans are expected to incorporate mitigation strategies informed by the 2022 Test Mining, which demonstrated limited and manageable environmental impacts.

Key social benefits include community development and training programs, particularly supporting the Republic of Nauru and Tonga. The absence of competing economic uses and landowner displacement further supports the project's social license. A key environmental benefit compared to terrestrial mines is that the project is expected to essentially produce zero waste from the mining and processing of the nodules.

Overall, the environmental and social programs establish a strong foundation for sustainable seabed mineral development while ensuring adherence to evolving international and national regulatory requirements.

1.9 Capital and operating cost estimates

The proposed strategy for the project includes engaging contract miners to conduct polymetallic nodule collection and transport to existing RKEF facilities in Indonesia with Contractor capital investment recovered in the first 10 years of operation. Sustaining capital during PV class surveys is included for the collection equipment. RKEF processing in Indonesia is expected to be by tolling arrangement. Matte from RKEF facilities in Indonesia is expected to be shipped to the USA for refinement through TMC built / owned / operated infrastructure with associated capital expenditure ("CAPEX") and operating expenditure ("OPEX") included.

The CAPEX for the NORI and TOML projects is estimated at approximately US$15,000 million, encompassing Project capital of $8,850 million, sustaining capital over the life of mine ("LOM") of US$5,300 million, with closure costs estimated at US$805 million.

OPEX is forecasted at approximately US$126,000 million over the LOM, averaging US$188.3 per wet metric tonne of nodules processed. Key OPEX components include collection, transport, processing, refining, consumables, and corporate costs, with processing and refining representing the largest shares.

These cost estimates, prepared to an IA -level confidence standard, incorporate contingencies and reflect current engineering designs and operational plans.

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#### APPENDIX C

#### Technical Report Summary of the Mesabi Project

#### Introduction:
In 2018, the SEC adopted amendments to the disclosure requirements for mining properties. Effective for fiscal years beginning on or after January 1, 2021, the disclosure requirements under the SEC's Industry Guide 7 were replaced with new disclosure requirements under Subpart 1300 of SK-1300. The property disclosures in this Appendix C are presented in accordance with S-K 1300.

While S-K 1300 generally contemplates that registrants that hold royalty, streaming or other similar rights will provide property-level disclosure that is comparable to the disclosure provided by the operators of those properties, including mineral resource and mineral reserve estimates and supporting technical information, S-K 1300 also provides certain accommodations to such registrants. We rely on those accommodations with respect to the NORI Royalty, as further described in Appendices A and B. We have not, however, relied on those accommodations with respect to the Mesabi Royalty. Instead, in connection with our acquisition of the Mesabi Royalty in May 2026, we engaged DRA Americas, Inc. ("DRA"), an independent engineering and geosciences consulting firm, to prepare a technical report summary in respect of the Mesabi Property in accordance with S-K 1300 (the "Mesabi TRS"). The Mesabi TRS has effective dates of January 14, 2026 for the mineral resource estimate and May 22, 2026 for the mineral reserve estimate.

The mineral resource estimate set forth in the Mesabi TRS, which has an effective date of January 14, 2026, was prepared by Dr. Schadrac Ibrango, P.Geo., Ph.D., MBA, of DRA. The mineral reserve estimate set forth in the Mesabi TRS, which has an effective date of May 22, 2026, was prepared by Nigel Fung, P.Eng., of DRA. The remaining sections of the Mesabi TRS were prepared by additional Qualified Persons of DRA and by Qualified Persons of NewFields Canada Inc. (which prepared Section 15.3, Tailings Storage Facilities) and Stantec Consulting Services Inc. (which prepared Section 15.4, Water Management; Section 15.5, Water Balance; and Section 17, Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups). Each Qualified Person named in the Mesabi TRS is independent of TMCR within the meaning of S-K 1300. The Mesabi TRS is filed as Exhibit 96.1 to the registration statement of which this prospectus forms a part. The consents of DRA, NewFields Canada Inc., Stantec Consulting Services Inc. and each Qualified Person named in the Mesabi TRS are filed as Exhibit 23.3 – 5 pursuant to Securities Act Rule 436 and Item 1302(b)(4) of Regulation S-K.

The following description of the Mesabi Project is a summary of certain information contained in the Mesabi TRS. The Mesabi TRS shall be deemed to be incorporated by reference into this prospectus.

1.1 Property description (including mineral rights) and ownership

The Mesabi Iron Ore Project (the "Mesabi Project" or the "Project") is a development-stage open-pit taconite mining, beneficiation and pelletizing operation located in Itasca County, Minnesota, on the western portion of the historic Mesabi Iron Range, adjacent to the City of Nashwauk, Minnesota. The Project is operated by Mesabi Metallics Company LLC (the "Operator"), a private company that is part of the Essar Group of companies. The Operator is not affiliated with TMCR.

The Project occupies a contiguous area of more than 4,496 acres (more than 1,800 hectares). Mineral rights in Minnesota are severed from surface rights, and most mineral leasing in the State is conducted on a forty-acre (16.2 hectare) plot basis. The Operator's mineral leases on the Mesabi Project are primarily distributed among three principal mineral owners: the Operator (or its affiliates), the Langdon-Warren Group and J.A.G.E. Enterprise LLC, with a small number of additional minor mineral interests. Most of the leases are for terms of 30 to 40 years and are renewable; they include minimum royalty payments, earned royalties based on crude taconite mined with escalator provisions, and other conditions typical of leases on the Mesabi Range.

The mineral resource estimate and the mineral reserve estimate disclosed in this prospectus exclude (a) parcels that are 50% owned by the Operator and 50% owned by Cleveland-Cliffs Inc. ("Cliffs") that are subject to ongoing arbitration, litigation and related proceedings between the Operator and Cliffs, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) parcels that are 100% owned by Cliffs. See "Risk Factors — The operator of the Mesabi Property is engaged in disputes with Cleveland-Cliffs Inc. concerning mineral interests included in the mineral resource estimate, and an adverse outcome could reduce the resources or reserves available to the operator and, in turn, the gross production revenue against which the Mesabi Royalty is calculated" and "Business — Mesabi Property — Property Description" for a description of the underlying disputes and their potential impact on the mineral resources and mineral reserves reported in this prospectus. The Qualified Person responsible for the mineral reserve estimate has not opined on whether the Operator has or will have access to the entirety of any reserves contained within the parcels subject to ongoing arbitration, litigation and related proceedings.

Construction of the existing process facilities at the Project commenced in 2010 and was originally designed by Minnesota Steel Industries to produce 4.1 million metric tonnes per annum of pellets, with the design subsequently upgraded by Essar Steel Minnesota LLC to 7.0 million metric tonnes per annum. Construction was paused following the prior owner's Chapter 11 filing in 2016 and was relaunched by the current Operator in April 2023. Construction was reported by the Operator at approximately 85.5% complete as of January 1, 2026 (design 97.3% complete, procurement 96.0% complete, and construction 74.0% complete). Mining of overburden is scheduled to commence in the second quarter of 2026, mechanical completion of the processing facilities is targeted for the second half of 2026, initial DR Grade Iron Ore Pellet production is targeted for the fourth quarter of 2026, and commercial production is expected to be reached following an eight- to twelve-month ramp-up period. The Mesabi TRS reflects a 23-year life-of-mine plan.

1.2 Location

The Mesabi Project is located in Itasca County, Minnesota, on the western portion of the historic Mesabi Iron Range, adjacent to the City of Nashwauk, Minnesota. The Mesabi Iron Range is a series of iron ore deposits extending approximately 120 miles from Grand Rapids to Babbitt, Minnesota, and is the largest historical iron ore producing district in the United States. The Project is located approximately 15 miles west of Hibbing, Minnesota, and approximately 106 miles by road from the port of Duluth, Minnesota, the principal Great Lakes port serving the U.S. iron ore industry. Access to the Project is provided by U.S. Highway 169, the Canadian National rail line and the BNSF rail line.

The Mesabi Project benefits from established mining-region infrastructure, including rail and Great Lakes shipping access, that has historically supported the delivery of Mesabi Iron Range pellets to domestic and international steelmaking customers. Power for the Project is supplied from the local utility transmission grid through City of Nashwauk substations.

1.3 Regulatory environment and the tenements

Mining and mineral processing operations in Minnesota are subject to extensive federal, state and local regulation. Principal regulatory programs applicable to the Mesabi Project include the Minnesota Environmental Policy Act, the Minnesota Environmental Rights Act, the Federal Clean Air Act, the Federal Clean Water Act, the Minnesota Environmental Quality Board environmental review process, and the Mine Safety and Health Administration's health and safety regime. The Mesabi Iron Range is also subject to mineral leasing programs administered by the State of Minnesota Department of Natural Resources ("DNR") in respect of state-owned mineral interests; however, the Mesabi Project's mineral leases are primarily with private owners (as described under heading 1.1 above) rather than with the State.

The Operator holds the principal federal and state environmental and operating permits required for DR Grade pellet production, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a Permit to Mine issued by the Minnesota DNR, authorizing the open-pit mining and waste storage operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an Air Emissions Facility Permit issued by the Minnesota Pollution Control Agency ("MPCA"), governing air emissions from the crusher, concentrator, indurating furnace and other emission sources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an NPDES/SDS Permit issued by the MPCA, governing wastewater and stormwater discharges; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Section 404 wetland permits issued by the U.S. Army Corps of Engineers and the Minnesota DNR, where applicable.

The current Air Emissions Facility Permit limits annual DR Grade Iron Ore Pellet production to 7.00 million long tons until a permit amendment is obtained. The Operator expects to obtain that amendment by the end of the third quarter of 2027. The mineral reserve estimate set forth in the Mesabi TRS is supported in part by the Operator's continued ability to obtain and maintain the permits and approvals described above, including the air permit amendment described herein. Based on a review of the Mesabi TRS and on enquiry of the Operator, no material violations of, or fines under, applicable permits or environmental, health or safety laws are outstanding with respect to the Mesabi Project.

1.4 Geology

The iron formation at the Mesabi Project, including the former Butler Mine, is part of the Biwabik Iron Formation in the Mesabi Range, a belt that can be traced for approximately 120 miles between Grand Rapids and Babbitt, Minnesota. The Biwabik Iron Formation is a Lake Superior-type Banded Iron Formation of Proterozoic age, consisting of cherty, iron oxide-rich layers intercalated with slaty, iron silicate-rich layers. In the Mesabi Project area, the Biwabik Iron Formation generally strikes east-northeast with a shallow south-southeast dip, and fault zones cut the mine area and are marked by some oxidation of the host rocks.

The primary minerals found in the magnetic taconite are quartz (chert) and magnetite, with subordinate occurrences of hematite, minnesotaite, stilpnomelane, greenalite, calcite, ankerite and siderite. The deposit type is a Lake Superior-type Banded Iron Formation, the principal source of iron throughout the world. The mineral resource estimate utilizes a single bulk density factor of 11.0 cubic feet per long ton derived from 208 density determinations conducted in 2011 on iron formation and waste samples.

The mineral resource estimate is based on a database of 767 drill holes representing 250,521 feet drilled, of which 664 were drilled by previous operators between 1960 and 2005, 85 were drilled by the current Operator and its predecessors in 2011 and 2015, and 18 were drilled by the Operator in 2024 and 2025. Sample preparation and analytical procedures, including Davis Tube testing, were conducted principally at Lerch Brothers, Inc. (for the 1960 – 2015 programs) and SGS Lakefield (for the 2024 – 2025 program).

1.5 Development plan and mining methods

The Mesabi Project is designed as an open-pit taconite mine with a 23-year life-of-mine plan based on the mineral reserve estimate set forth in heading 1.11 below. The mine plan reflects a steady-state run-of-mine throughput of approximately 23.44 million long tons per annum (approximately 23.82 Mtpa), an average life-of-mine stripping ratio of 1.66 (waste-to-ore), an average life-of-mine weight recovery (concentrate basis) of 29.8%, and an average concentrate grade of 70.0% iron. Mining of overburden is scheduled to commence in the second quarter of 2026.

The mine plan reflects the 7.00 million long ton per annum DR Grade Iron Ore Pellet production constraint imposed by the current Air Emissions Facility Permit through 2027, the assumed lifting of that constraint thereafter, and the staged ramp-up of the processing facilities. Some mill feed delivered in 2026 is not converted to pellets until later in the life of mine. Following the proposed permit amendment, the Operator intends to operate the Project at a steady-state DR Grade Iron Ore Pellet production rate of approximately 7.17 million long tons per annum.

1.6 Mineral processing and metallurgical testing

Processing operations at the Mesabi Project consist of (i) primary and secondary crushing and dry cobbing at the crusher complex; (ii) beneficiation through three identical parallel lines comprising autogenous-grinding primary milling, ball-mill secondary grinding, rougher low-intensity magnetic separation, vertical regrind milling, finisher low-intensity magnetic separation, reverse silica flotation, and concentrate and tailings thickening; and (iii) pelletizing in a straight-grate indurating furnace with a traveling-grate surface area of 8,008 ft² (744 m²). The processing facility has nominal design capacity to process approximately 23.44 million

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long tons per annum of run-of-mine ore and to produce, over the life of mine, an average of 6.99 million long tons per annum of concentrate and 7.17 million long tons per annum of DR Grade Iron Ore Pellets.

Metallurgical recoveries used to support the mineral reserve estimate reflect a life-of-mine average metallurgical recovery of magnetic iron to concentrate of 96.48%. Metallurgical recoveries are supported by Davis Tube testing and other metallurgical test work conducted principally at Lerch Brothers, Inc. (1960 – 2015 programs) and SGS Lakefield (2024 – 2025 program). The DR Grade Iron Ore Pellets produced from the Project are expected to be priced by reference to long-term DR pellet pricing benchmarks, as further described in Section 16 of the Mesabi TRS.

1.7 Market studies

The Mesabi Project is designed to produce DR Grade Iron Ore Pellets, which are high-purity iron ore pellets (typically containing approximately 67.5% iron content or greater, with correspondingly low levels of silica, alumina and other gangue elements) suitable as feedstock for direct-reduced iron processes. Direct-reduced iron is increasingly used as feedstock in electric arc furnace ("EAF") steelmaking, which is significantly less carbon-intensive than traditional blast-furnace steelmaking and is the dominant growth segment of the U.S. steel industry.

The mineral resource and mineral reserve estimates set forth in the Mesabi TRS are based on a reasonable and justifiable long-term price for DR Grade Iron Ore Pellets of US$130.00 per metric tonne, FOB Louisiana. The price assumption was selected by the Qualified Person and is supported by long-term consensus pricing as further described in Section 16 of the Mesabi TRS. The economic analysis described under heading 1.12 below is based on a different (less conservative) long-term price assumption of US$152.40 per metric tonne, FOB Louisiana (equivalent to US$120.40 per metric tonne FOB Mine, net of approximately US$32.00 per metric tonne of rail freight from the Mine to Louisiana), as derived from bank consensus, Wood Mackenzie and Baltic Exchange data described in Section 16 of the Mesabi TRS. The Project benefits from established Mesabi Iron Range infrastructure (rail and Great Lakes shipping access) that has historically supported the delivery of Mesabi Iron Range pellets to domestic and international steelmaking customers.

Based on information provided by the Operator and publicly available industry sources, upon commencement of commercial production the Mesabi Project is expected to be the sole merchant supplier of DR Grade Iron Ore Pellets in the United States. There can be no assurance, however, that the Mesabi Project will retain such positioning if new entrants are developed, although we believe new entry is constrained by the limited number of ore bodies globally that are capable of economically producing DR Grade pellets.

1.8 Environmental studies, permitting, community, or social impact

The Mesabi Project is subject to federal, state and local environmental, mining, water, air and land use regulations administered principally by the U.S. Environmental Protection Agency, the U.S. Army Corps of Engineers, the Minnesota DNR and the MPCA. As described under heading 1.3 above, the Operator holds the principal federal and state environmental and operating permits required for DR Grade pellet production, including a Permit to Mine, an Air Emissions Facility Permit, an NPDES/SDS Permit and applicable wetland permits. The current Air Emissions Facility Permit limits DR Grade Iron Ore Pellet production to 7.00 million long tons per annum until a permit amendment is obtained.

Mesabi Iron Range operators have historically been subject to substantial environmental and regulatory oversight, including from the Mine Safety and Health Administration, the Occupational Safety and Health Administration and the MPCA, and disputes with such agencies and with non-governmental organizations occur from time to time. The Operator is responsible for compliance with all environmental, health, safety and operating laws and regulations applicable to the Project, including all permits and approvals issued in connection with the foregoing. As a non-operating royalty holder, we are not responsible for ensuring compliance with these laws and regulations, but failure by the Operator to comply could have a material adverse effect on our results of operations and financial condition.

Based on publicly available disclosures, in March 2026 the Export-Import Bank of the United States announced its support of up to $10 billion for the development of an iron ore mining and processing facility

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by Mesabi Metallics on Minnesota's Mesabi Iron Range, and the Operator has publicly disclosed the closing of a $520 million senior secured project financing facility with Breakwall Capital to advance the Project toward commercial operations. The Operator has publicly indicated that the Project is expected to support the creation of up to approximately 350 new direct jobs. The foregoing project-level financings and stakeholder commitments benefit our royalty interest only indirectly.

1.9 Summary capital and operating cost estimates

Capital and operating cost estimates supporting the Mesabi TRS are based on internal Operator estimates as reviewed by DRA, prepared in accordance with the technical and professional standards described in S-K 1300 and the underlying technical report prepared by DRA. The Mesabi TRS reflects, as of January 1, 2026, capital expenditure to complete construction of approximately US$571 million, sustaining capital costs of approximately US$353 million for processing facilities (including civils and other infrastructure) and approximately US$86 million for the tailings storage facility (in each case including 20% contingency), and total sustaining capital expenditure (including closure) of approximately US$480 million. The components of these estimates are summarized in Table C.1 and Table C.2 below.

#### Table C.1 Project capital cost summary

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| | |
|:---|:---|
| **Description**  | **US$ M**  |
| Capital expenditure to complete construction (as of January 1, 2026)  | 571 |
| Sustaining capital costs – Process (including 20% contingency)  | 353 |
| Sustaining capital costs – TSF (including 20% contingency)  | 86 |
| Life-of-mine closure capital  | 40 |
| **Total Sustaining Capex Including Closure**  | **480** |

---

 *Source: Mesabi TRS, Table 19.3 (Financial Analysis Results). Figures stated in 2026 US$.* 

#### Table C.2 Project operating cost summary

---

| | |
|:---|:---|
| **Component**  | **Unit cost <br> (US$/MT of pellets)**  |
| Life-of-mine average operating cost (excluding Minnesota Taconite Production Tax)  | 57.22 |
| Minnesota Taconite Production Tax  | 3.43 |
| Life-of-mine average operating cost (inclusive of Minnesota Taconite Production Tax)  | 60.64 |

---

 *Source: Mesabi TRS, Section 18 (Capital and Operating Cost Estimates). Unit costs stated in 2026 US$ per metric tonne of DR Grade Iron Ore Pellets. Unit cost components and the total cost are reported to two decimal places. The Minnesota Taconite Production Tax of US$3.43 per metric tonne is derived from the underlying production tax rate of US$3.427 per metric tonne applied in the discounted cash flow model in Section 19 of the Mesabi TRS, as escalated from the rate currently in effect under Minnesota law as described in Section 19 of the Mesabi TRS. Figures have been rounded; totals may not foot due to rounding.* 

Investors are cautioned that capital and operating cost estimates are forecasts and are subject to revision based on numerous factors, including inflation, supply chain conditions, labor costs, equipment availability, regulatory developments and Operator decisions. The Operator is responsible for the actual capital and operating costs incurred at the Project, and we are not a party to, and have no direct rights or obligations in respect of, the construction or operation of the Project.

1.10 Life-of-mine plan

The mineral reserve estimate set forth in heading 1.11 below supports a 23-year life-of-mine plan. The life-of-mine plan reflects the 7.00 million long ton per annum DR Grade Iron Ore Pellet production constraint imposed by the current Air Emissions Facility Permit through 2027, the assumed lifting of that constraint thereafter, an average life-of-mine stripping ratio of 1.66 (waste-to-ore), an average life-of-mine weight

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recovery (concentrate basis) of 29.8%, and an average concentrate grade of 70.0% iron. Following ramp-up, the Project is designed to produce, over the life of mine, an average of approximately 6.99 million long tons per annum of concentrate and approximately 7.17 million long tons per annum of DR Grade Iron Ore Pellets. The point of reference for the mine plan is delivered to the primary crusher (i.e., as mill feed), inclusive of internal dilution and a 2.0% mining loss.

1.11 Summary of mineral resources and mineral reserves

The mineral resource and mineral reserve estimates set forth below have been prepared by DRA in accordance with S-K 1300 and are supported by the Mesabi TRS. The mineral resource estimate has an effective date of January 14, 2026. The mineral reserve estimate has an effective date of May 22, 2026. The Qualified Person responsible for the mineral resource estimate is Dr. Schadrac Ibrango, P.Geo., MBA, of DRA. The Qualified Person responsible for the mineral reserve estimate is Nigel Fung, P.Eng., of DRA. Each Qualified Person is independent of TMCR within the meaning of S-K 1300.

The estimates are based on a reasonable and justifiable long-term price for DR Grade Iron Ore Pellets of US$130.00 per metric tonne, FOB Louisiana, selected by the Qualified Persons. The mineral resource estimate includes parcels in which Cliffs claims a 50% undivided interest and that are the subject of ongoing arbitration, litigation and related proceedings between the Operator and Cliffs, and excludes three parcels owned 100% by Cliffs. The mineral reserve estimate excludes both.

#### Table C.3 Summary of mineral resources (exclusive of mineral reserves) at an effective date of January 14, 2026

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Resource Category**  | **Tonnage (MLT)**  | **MagFe (%)**  | **TotFe (%)**  | **Weight Recovery (%)**  | **CSiO₂ (%)**  | **CONFE (%)**  |
| Indicated  | 214.5 | 20.5 | 31.9 | 28.8 | 1.8 | 70.0 |
| Inferred  | 29.5 | 18.9 | 31.8 | 26.9 | 1.7 |  |

---

#### Notes to Table C.3:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

Source: Mesabi TRS, Section 11. Single property; single commodity (iron); single geographic area (Itasca County, Minnesota, USA). Format reflects Instruction 1 to paragraph (d)(1) of Item 1304, modified for ease of presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

Price assumption: US$130.00 per metric tonne of DR Grade Iron Ore Pellets, FOB Louisiana. Point of reference: in-situ (in-place). Cut-off grade: 14.0% magnetic iron.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Tonnage is reported in millions of long tons ("MLT") on a dry basis. "MagFe" means magnetic iron; "TotFe" means total iron; "Weight Recovery" means the dry weight recovery to direct-reduction concentrate (referred to in the Mesabi TRS as "DRIWREC"); "CSiO₂" means silica content of the resulting concentrate; "CONFE" means total iron content of the resulting concentrate. The Mesabi TRS reports CONFE for Indicated Resources only; CONFE is not reported for Inferred Resources, consistent with the lower level of geological confidence applicable to inferred resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

Mineral resources are reported exclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Inferred mineral resources have a lower level of confidence than indicated mineral resources and cannot be converted to mineral reserves; it is reasonably expected, however, that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. There is no certainty that mineral resources will be converted to mineral reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

The mineral resource estimate includes parcels in which Cliffs claims a 50% undivided interest and that are the subject of ongoing arbitration, litigation and related proceedings between the Operator and Cliffs. The estimate excludes three parcels owned 100% by Cliffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

Qualified Person: Dr. Schadrac Ibrango, P.Geo., MBA, of DRA Americas, Inc. Figures have been rounded; totals may not foot.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

The Qualified Person responsible for the mineral resource estimate is not aware of any metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially impact the mineral resource estimate, other than the matters described in note (5) above.

#### Table C.4 Summary of mineral reserves at an effective date of May 22, 2026

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reserve Category**  | **Tonnage (MLT)**  | **MagFe (%)**  | **TotFe (%)**  | **Weight Recovery (%)**  | **CSiO₂ (%)**  | **CONFE (%)**  |
| Probable  | 515.5 | 21.1 | 31.7 | 29.8 | 1.8 | 70.0 |

---

#### Notes to Table C.4:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

Source: Mesabi TRS, Section 12. Single property; single commodity (iron); single geographic area (Itasca County, Minnesota, USA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

Price assumption: US$130.00 per metric tonne of DR Grade Iron Ore Pellets, FOB Louisiana. Point of reference: delivered to the primary crusher (mill feed), inclusive of internal dilution and a 2.0% mining loss. Cut-off grade: 14.0% magnetic iron, based on a pit limit analysis and detailed pit design. The pit design reflects a life-of-mine stripping ratio of 1.66 (waste-to-ore).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

Tonnage is reported in MLT, dry basis. "MagFe" means magnetic iron; "TotFe" means total iron; "Weight Recovery" means the dry weight recovery to direct-reduction concentrate (referred to in the Mesabi TRS as "DRIWREC"); "CSiO₂" means silica content of the resulting concentrate; "CONFE" means total iron content of the resulting concentrate. The mineral reserve estimate reflects a life-of-mine average metallurgical recovery of magnetic iron to concentrate of 96.48%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

All mineral reserves are classified as Probable at the discretion of the Qualified Person on the basis of modifying factors. The mineral reserve estimate is derived from the indicated mineral resource estimate (inferred resources have been excluded).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

The estimate excludes (a) parcels that are 50% owned by the Operator and 50% owned by Cliffs that are subject to ongoing arbitration, litigation and related proceedings, and (b) parcels that are 100% owned by Cliffs. DRA does not opine or guarantee in any way that the Operator has or will have access to the entirety of the reserves in the parcels under litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

Qualified Person: Nigel Fung, P.Eng., of DRA Americas, Inc. The reserve estimate is based on a pre-feasibility study reflected in the Mesabi TRS. Figures have been rounded; totals may not foot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

The Qualified Person responsible for the mineral reserve estimate is not aware of any mining, metallurgical, infrastructure, environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that could materially impact the mineral reserve estimate, other than the matters described in note (5) above.

#### Material Assumptions for the Mineral Resource and Mineral Reserve Estimates
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mineral resource estimate. The mineral resource estimate is based on (i) the drilling and sampling database described under heading 1.4 above; (ii) sample preparation and analytical procedures, including Davis Tube testing, conducted principally at Lerch Brothers, Inc. (for the 1960 – 2015 programs) and SGS Lakefield (for the 2024 – 2025 program); (iii) a single bulk density factor of 11.0 cubic feet per long ton derived from 208 density determinations conducted in 2011 on iron formation and waste samples; (iv) a geological interpretation based on the stratigraphy summarized in Section 6 of the Mesabi TRS; (v) a 14.0% in-situ magnetic iron cut-off grade; and (vi) a long-term DR Grade Iron Ore Pellet price of US$130.00 per metric tonne, FOB Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mineral reserve estimate. The mineral reserve estimate is based on (i) the indicated mineral resource estimate (inferred resources have been excluded from the reserve); (ii) a pit limit analysis and detailed pit design, using a 14.0% magnetic iron cut-off grade and the price assumption described above; (iii) modifying factors including a 2.0% mining loss, internal dilution and a life-of-mine average metallurgical recovery of magnetic iron to concentrate of 96.48%; (iv) operating cost assumptions

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[**TABLE OF CONTENTS**](#TOC)

described in heading 1.9 above, including an average operating cost of $57.22 per metric tonne of pellets ($60.64 per metric tonne of pellets inclusive of the Minnesota Taconite Production Tax); (v) capital cost assumptions described in heading 1.9 above, including capital expenditure to complete construction of approximately $571 million as of January 1, 2026, sustaining capital of approximately $353 million for processing facilities (including civils and other infrastructure) and approximately $86 million for the tailings storage facility (in each case including 20% contingency), and total sustaining capital expenditure (including closure) of approximately $480 million; and (vi) the Operator's continued ability to obtain and maintain the permits and approvals described under heading 1.3 above, including the air permit amendment described therein.

Probable classification of the entire reserve estimate reflects the Qualified Person's exercise of discretion on the basis of modifying factors as further described in Section 12 of the Mesabi TRS. The mineral reserve estimate is not classified as Proven.

#### Comparison with Prior Year
TMCR is disclosing the mineral resource and mineral reserve estimates for the Mesabi Project for the first time, and accordingly there are no previously disclosed estimates of TMCR with which to compare for purposes of Item 1304(e) of Regulation S-K. The most recent estimate prepared for the Operator prior to the Mesabi TRS was a technical report dated August 22, 2025 prepared by DRA, which was not previously filed by TMCR with the SEC; differences between the August 22, 2025 estimate and the current estimate reflected in the Mesabi TRS are described in Sections 5 and 10 of the Mesabi TRS.

1.12 Summary Economic Analysis

The Mesabi TRS includes a summary economic analysis of the Mesabi Project based on the modifying factors, capital cost estimates, operating cost estimates and price assumptions described under headings 1.7, 1.9 and 1.11 above. The principal outputs of that economic analysis, as reported in the Mesabi TRS, are summarized in Table C.5 below.

#### Table C.5 Summary economic analysis

---

| | | |
|:---|:---|:---|
| **Metric**  | **Pre-tax**  | **After-tax**  |
| Net Present Value (8% discount rate)  | $3,206 million  | $2,631 million  |
| Internal Rate of Return  | 49.8%  | 47.3%  |
| Payback period (years)  | 2.03  | 2.08  |

---

 *Source: Mesabi TRS, Section 19 (Economic Analysis). Figures shown are project-level pre-tax and after-tax figures as reported in the Mesabi TRS, and reflect the modifying factors, capital cost estimates, operating cost estimates, mine plan, and DR Grade Iron Ore Pellet long-term price assumption of US$152.40 per metric tonne, FOB Louisiana (equivalent to US$120.40 per metric tonne FOB Mine, net of approximately US$32.00 per metric tonne of rail freight from the Mine to Louisiana), as described in Section 16 of the Mesabi TRS. This long-term price assumption is less conservative than the US$130.00 per metric tonne, FOB Louisiana price selected by the Qualified Persons to support the mineral resource and mineral reserve estimates set forth above (see heading 1.7 above). Figures have been rounded.* 

The economic analysis summarized in Table C.5 is presented at the Project level and reflects the cash flows of the Mesabi Project as a whole. TMCR holds the Mesabi Royalty over the Mesabi Project, and our economic exposure to the Project is limited to the cash flows we receive under the Mesabi Royalty. The economic analysis summarized above is not a projection of, and is not directly comparable to, our royalty revenue or cash flows in respect of the Mesabi Royalty. The Project-level economic analysis is sensitive to changes in the price of DR Grade Iron Ore Pellets, capital and operating cost estimates, modifying factors, metallurgical recoveries, ramp-up timing, permit outcomes (including the air permit amendment described under heading 1.3 above), the outcome of arbitration, litigation and related proceedings in respect of the excluded parcels, and other factors. Sensitivity analysis for these inputs is described in Section 19 of the

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Mesabi TRS. See "Risk Factors — The operator of the Mesabi Property is engaged in disputes with Cleveland-Cliffs Inc. concerning mineral interests included in the mineral resource estimate, and an adverse outcome could reduce the resources or reserves available to the operator and, in turn, the gross production revenue against which the Mesabi Royalty is calculated" and "Risk Factors — Annual production at the Mesabi Property is currently capped at 7.00 million long tons of DR Grade Iron Ore Pellets under the operator's existing Air Emissions Facility Permit; the long-term production assumed in the Mesabi TRS — and, accordingly, a meaningful portion of the royalty revenue we expect to receive under the Mesabi Royalty — depends on the operator's obtaining an amendment to that permit, which has not yet been obtained" in the body of this prospectus.

#### Conclusion of the Qualified Persons
The Mesabi TRS concludes that the technical and economic studies summarized therein support the disclosure of indicated and inferred mineral resources (exclusive of mineral reserves) and probable mineral reserves on the Mesabi Property, in each case in accordance with S-K 1300 and as further described in the Mesabi TRS. The Qualified Persons have identified certain assumptions and modifying factors, including the Operator's continued ability to obtain and maintain permits and approvals (including the air permit amendment described under heading 1.3 above) and the outcome of ongoing arbitration, litigation and related proceedings in respect of certain excluded parcels, the failure of which could materially affect the mineral resource and mineral reserve estimates and the Project's economic analysis. The Qualified Persons concluded that the technical and economic studies summarized in the Mesabi TRS support the disclosed estimates as of their respective effective dates.

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![[MISSING IMAGE: lg_metalsroyaltyco-4clr.jpg]](lg_metalsroyaltyco-4clr.jpg)

### 6,843,952 Common Shares

#### Prospectus

#### , 2026

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#### PART II

#### INFORMATION NOT REQUIRED IN PROSPECTUS

#### Item 6. Indemnification of Directors and Officers
Sections 159 to 164 of the BCBCA authorize companies to indemnify past and present directors, officers and certain other individuals for the liabilities incurred in connection with their services as such (including costs, expenses and settlement payments) unless such individual did not act honestly and in good faith with a view to the best interests of the company and, in the case of a criminal or administrative proceeding, if such individual did not have reasonable grounds for believing his or her conduct was lawful. In the case of a suit by or on behalf of the corporation, a court must approve the indemnification.

Our articles require us to indemnify directors and officers to the extent required by law.

We have entered into agreements with our directors and certain officers, or an Indemnitee, to indemnify the Indemnitee, to the fullest extent permitted by law and subject to certain limitations, against all liabilities, costs, charges and expenses reasonably incurred by an Indemnitee in an action or proceeding to which the Indemnitee was made a party by reason of the Indemnitee being an officer or director of (i) our company or (ii) an organization of which we are a shareholder or creditor if the Indemnitee serves such organization at our request.

We maintain insurance policies relating to certain liabilities that our directors and officers may incur in such capacity.

#### Item 7. Recent Sales of Unregistered Securities
Set forth below is information regarding all securities issued by the Registrant without registration under the Securities Act since January 1, 2022. The Registrant believes that each of these transactions was exempt from the registration requirements of the Securities Act pursuant to Section 4(a)(2), Regulation D, Regulation S, or Rule 701 of the Securities Act or as transactions not involving the sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

In November 2022, we issued an aggregate of 5,000,000 Common Shares at a purchase price of US$0.01 per share, for an aggregate purchase price of approximately US$50,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

In February 2023, we issued an aggregate of 34,538,463 Common Shares at a purchase price of US$0.65 per share, for an aggregate purchase price of approximately US$22.45 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

On March 21, 2023, we entered into a contribution and subscription agreement with Landsons Investment Corporation, pursuant to which we issued Landsons Investment Corporation 3,500,000 Common Shares at a purchase price of US$1.50 per share, for an aggregate purchase price of US$5.25 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

On July 25, 2025, we issued an aggregate of 2,768,300 subscription receipts at a price of $5.00 per subscription receipt, for aggregate gross proceeds of approximately $13,841,500, to be held in escrow in accordance with the Subscription Receipt Agreement. In the event we do not meet the Release Conditions, the proceeds from the subscription receipts will be returned to the subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

On September 8, 2025, we issued 2,139,770 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $10,698,850.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)

On September 8, 2025, we issued an aggregate of 299,100 subscription receipts at a price of $5.00 per subscription receipt, for aggregate gross proceeds of $1,495,500, to be held in escrow in accordance with the Subscription Receipt Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)

On October 31, 2025, we issued 67,081 subscription receipts at a price of $5.00 per subscription receipt for an aggregate gross proceeds of $335,405, to be held in escrow in accordance with the Subscription Receipt Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)

On November 10, 2025, we issued 430,000 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $2,150,000.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9)

On December 5, 2025, we issued 2,000,000 Common Shares at a price of $5.00 per share for aggregate gross proceeds of $10,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)

On December 18, 2025 we issued 3,443,399 Common Shares upon the exercise of options under the Legacy Option Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)

On February 12, 2026, we issued 1,000,000 Common Shares upon the grant of 1,000,000 Unrestricted Stock Awards under the 2025 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)

On March 3, 2026, the Compensation Committee of our board of directors, approved, subject to shareholder approval, the CEO Performance Plan and the grant of 3,000,000 PRSUs under the CEO Performance Plan to our Chief Executive Officer. On March 19, 2026, the shareholders approved the CEO Performance Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)

On March 23, 2026, we issued 3,134,481 Common Shares on the conversion of the subscription receipts upon satisfaction of the Release Conditions for gross proceeds of $15,672,405, and interest income earned on the subscription receipts of $237,030.67.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14)

On May 14, 2026, we issued 24,999 Common Shares to third party vendors of the Company at a deemed issue price of US$14.00 per share for past services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)

On May 19, 2026, we issued 139,664 Common Shares upon the vesting of PSUs under the 2025 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16)

On June 1, 2026, we issued an aggregate of 6,164,141 Common Shares at a purchase price of $13.00 per Common Share for aggregate gross proceeds of approximately $80.1 million pursuant to the PIPE Financing. Certain of our directors, executive officers and other related parties subscribed for and purchased PIPE Shares in the PIPE Financing on substantially the same terms (including the same per-share purchase price of $13.00) as the other PIPE investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17)

On June 1, 2026, we issued 576,923 Common Shares at a price of $13.00 per share for aggregate gross proceeds of $7,500,000 as partial consideration for the Mesabi Royalty.

#### Item 8. Exhibits and Financial Statement Schedules
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

Exhibits

The exhibit index attached hereto is incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

Financial Statement Schedules.

No financial statement schedules are provided because the information called for is not applicable or is shown in the financial statements or notes thereto.

#### Item 9. Undertakings
The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)

To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i)

To include any prospectus required by Section 10(a)(3) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii)

To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii)

To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)

That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)

To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)

To file a post-effective amendment to the registration statement to include any financial statements required by "Item 8.A. of Form 20-F" at the start of any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Act need not be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this paragraph (4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)

That, for the purpose of determining liability under the Securities Act to any purchaser, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers, and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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#### INDEX TO EXHIBITS
The following exhibits are filed as part of this registration statement.

---

| | |
|:---|:---|
| **Exhibit No.**  | |
| &nbsp;&nbsp; 3.1\*\* | [Amended and Restated Articles of Incorporation of the Registrant (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex3-1.htm)  |
| &nbsp;&nbsp; 5.1\* | [Form of Opinion of Blake, Cassels & Graydon LLP](tm2616840d5_ex5-1.htm)  |
| 10.1\*\* | [Investor Rights Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-1.htm)  |
| 10.2\*\* | [Form of Indemnification Agreement with the Registrant's directors and officers (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-2.htm)  |
| 10.3†\*\* | [NORI Royalty Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-4.htm)  |
| 10.4\*\* | [2025 Plan (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-6.htm)  |
| 10.5\*\* | [Standby Equity Purchase Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-7.htm)  |
| 10.6\*\* | [Form of Lock-Up Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-9.htm)  |
| 10.7\*\* | [Brian Paes-Braga Consulting Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-10.htm)  |
| 10.8\*\* | [Donald Sewell Consulting Agreement (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex10-11.htm)  |
| 10.9\*\* | [CEO Performance Plan and Form of Award Certificate (incorporated by reference to Registration Statement on Form F-1, Amendment No. 1, filed on March 3, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926026481/tm2526563d14_ex10-15.htm)  |
| 10.10†\*\* | [Royalty Purchase Agreement, dated May 6, 2026, by and among TMCR USA Operations Inc., The Metals Royalty Company Inc. and Ironclad Royalties, LLC (incorporated by reference to Current Report on Form 6-K filed May 7, 2026](https://www.sec.gov/Archives/edgar/data/2087398/000110465926057141/tm2613851d1_ex99-1.htm)  |
| 10.11†\* | [Amendment to Royalty Purchase Agreement, dated June 1, 2026, by and among TMCR USA Operations Inc., The Metals Royalty Company Inc. and Ironclad Royalties, LLC](tm2616840d5_ex10-11.htm)  |
| 10.12\* | [Form of PIPE Subscription Agreement](tm2616840d5_ex10-12.htm)  |
| 10.13†\* | [Loan Agreement, dated June 1, 2026, by and among The Metals Royalty Company Inc., as borrower and American Life & Security Corp](tm2616840d5_ex10-13.htm)  |
| 23.1\* | [Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm](tm2616840d5_ex23-1.htm)  |
| 23.2\* | [Form of Consent of Blake, Cassels & Graydon LLP (included in Exhibit 5.1)](tm2616840d5_ex5-1.htm)  |
| 23.3\* | [Consents of DRA Americas, Inc.](tm2616840d5_ex23-3.htm)  |
| 23.4\* | [Consent of NewFields Canada Inc.](tm2616840d5_ex23-4.htm)  |
| 23.5\* | [Consent of Stantec Consulting Services Inc.](tm2616840d5_ex23-4.htm)  |
| 24.1\* | [Powers of Attorney (contained on signature page of this Registration Statement)](#SIG)  |
| 96.1\* | [S-K 1300 Technical Report Summary, Mesabi Metallics Projects, Nashwauk, Minnesota, USA, dated May 22, 2026.](tm2616840d5_ex96-1.htm)  |
| 99.2\*\* | [Code of Conduct (incorporated by reference to Registration Statement on Form F-1 filed on February 27, 2026)](https://www.sec.gov/Archives/edgar/data/2087398/000110465926021062/tm2526563d11_ex99-2.htm)  |
| 107\* | [Filing Fee Table](tm2616840d4_ex-filingfees.htm)  |

---

\*

Filed herewith

\*\*

Previously filed

\*\*\*

To be filed by amendment

†

Certain portions of exhibit have been omitted pursuant to Item 601 of Regulation S-K

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#### SIGNATURES
Pursuant to the requirements of the *Securities Act of 1933*, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of London, United Kingdom, on June 22, 2026.

#### The Metals Royalty Company Inc.
By:

/s/ Brian Paes-Braga

Brian Paes-Braga

Chief Executive Officer

We, the undersigned directors and officers of the Registrant, hereby severally constitute and appoint Brian Paes-Braga and Donald Sewell and each of them singly, our true and lawful attorneys, with full power to them, and to each of them singly, to sign for us and in our names in the capacities indicated below, the registration statement on Form F-1 filed herewith, and any and all pre-effective and post-effective amendments to said registration statement, and any registration statement filed pursuant to Rule 462(b) under the *Securities Act of 1933*, as amended, in connection with the registration under the *Securities Act of 1933*, as amended, of equity securities of the Registrant, and to file or cause to be filed the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as each of us might or could do in person, and hereby ratifying and confirming all that said attorneys, and each of them, or their substitute or substitutes, shall do or cause to be done by virtue of this Power of Attorney.

Pursuant to the requirements of the *Securities Act of 1933*, this amendment to the Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Brian Paes-Braga <br>Brian Paes-Braga  | Chief Executive Officer and Chairperson | June 22, 2026  |
| /s/ Donald Sewell <br>Donald Sewell  | President and Chief Financial Officer | June 22, 2026  |
| /s/ Michael B. Hess <br>Michael B. Hess  | Director and Co-Chairperson | June 22, 2026  |
| /s/ Brian T. O'Neill <br>Brian T. O'Neill  | Director | June 22, 2026  |
| /s/ Gerard Barron <br>Gerard Barron  | Director | June 22, 2026  |
| /s/ Jorge Fonseca <br>Jorge Fonseca  | Director | June 22, 2026  |

---

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---

| | | |
|:---|:---|:---|
| **Signature**  | **Title**  | **Date**  |
| /s/ Hamed Shahbazi <br>Hamed Shahbazi  | Director | June 22, 2026  |

---

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#### SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT
Pursuant to the requirements of the Securities Act of 1933, the registrant's duly authorized representative has signed the registration statement on Form F-1, in the City of New York, State of New York on June 22, 2026.

#### Cogency Global Inc. Authorized U.S. Representative
By:

/s/ Colleen A. De Vries

Name:

Colleen A. De Vries

Title:

Sr. Vice President on behalf of Cogency Global Inc.

------

## Exhibit 5.1

**Exhibit 5.1**

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> ![Title: Blakes Logo - Description: Blakes Logo](tm2616840d2_ex5-1img001.jpg) | &nbsp;&nbsp;![](tm2616840d2_ex5-1img002.jpg) |

---

---

| |
|:---|
| June 5, 2026 |
| The Metals Royalty Company Inc.<br> 1900 Dome Tower<br> 333 7th Ave SW<br> Calgary, AB T2P 2Z1<br> Canada |
| The Metals Royalty Company Inc.<br> 1900 Dome Tower<br> 333 7th Ave SW<br> Calgary, AB T2P 2Z1<br> Canada |
| Dear Sirs/Mesdames: |

---

**RE: The Metals Royalty Company Inc. - F-1 Registration Statement**

We have acted as Canadian counsel to The Metals Royalty Company Inc., a corporation incorporated under the *Business Corporations Act* (British Columbia) (the "**Company**"), in connection with the filing by the Company of the Registration Statement on Form F-1 (such registration statement, as it may be amended from time to time, is referred to herein as the "**Registration Statement**") filed with the U.S. Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the "**Securities Act**"), relating to the resale by the Selling Shareholders (as this term is defined in the Registration Statement) of up to 6,843,952 common shares in the capital of the Company (the "**Common Shares**").

All capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Registration Statement.

We have examined the Registration Statement and considered such questions of law, examined such statutes, regulations, public records and certificates of government officials and examined originals or copies certified, authenticated or otherwise identified to our satisfaction of such records of corporate proceedings, corporate documents attached to the public records, certificates, opinions and instruments and have made such other investigations as we have considered necessary or desirable in connection with the opinions hereinafter set forth, including, but not so as to limit the generality of the foregoing, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a certificate of an officer of the Company as to certain factual matters concerning the Company (the "**Company Certificate** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate of good standing for the Company issued by the British Columbia Registrar of Companies on
June 4, 2026 (the "**Company Certificate of Good Standing** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the articles of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) certain resolutions of the Company's directors.

In our examinations, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the legal capacity of all individuals, the genuineness of all signatures at all relevant times of any
individual and, to the extent that any person has signed a document electronically, such person has applied his or her own electronic
signature to the document;

![](tm2616840d2_ex5-1img003.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp; <br> ![Title: Blakes Logo - Description: Blakes Logo](tm2616840d2_ex5-1img001.jpg) | &nbsp;&nbsp;Page 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the authenticity of all documents submitted to us as originals, the conformity to authentic original documents
of all documents submitted to us as certified, conformed, photostatic, facsimile or electronically transmitted copies, and the authenticity
of the originals of such certified, conformed, photostatic, facsimile or electronically transmitted copies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the accuracy and completeness of the factual information contained in the Company Certificate and that
no act or event has occurred between the date of such certificate and the date hereof that would, in any manner, affect the accuracy or
completeness thereof, or its relevance as a basis for any of the opinions set out below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the accuracy and completeness of the indices and filing systems maintained by the public offices and registries
where we have searched or enquired or have caused searches or enquiries to be made and of the information and advice provided to us by
appropriate government, regulatory or other like officials with respect to those matters referred to herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that the statements made by governmental officials in certificates provided by them (including, without
limitation, the Company Certificate of Good Standing) were true and correct as at the time they were made and continue to be true and
correct from such time to the date of this opinion letter, and are true and correct as at the date hereof.

We are qualified to practice law in the Province of Ontario, Alberta, British Columbia and Quebec. We express no opinion as to any laws or any matters governed by any laws other than the laws of the Province of British Columbia and the federal laws of Canada applicable therein (in each case in effect as of the date hereof).

The opinions hereinafter expressed are (except where otherwise noted) based upon legislation, rules and regulations in effect on the date hereof and we assume no obligation to update these opinions to take into account any changes in such laws after the date hereof.

With respect to our opinions below, we have relied, insofar as such opinions relate to questions of fact, upon the Company Certificate.

With respect to the opinion in paragraph 1 below, we have relied solely and without independent verification on the Company Certificate of Good Standing.

Based and relying upon the foregoing, we are of the opinion that, on the date hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company is a corporation existing under the *Business Corporations Act* (British Columbia).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 6,843,952 Common Shares have been validly issued, fully paid and are non-assessable common shares of the
Company.

This opinion letter is being issued solely in connection with the Registration Statement. This opinion letter may not be relied upon by any other persons or in connection with any other transaction or quoted from or referred to in any other documents, without our prior written consent. This opinion letter is given as of the date hereof and we disclaim any obligation or undertaking to advise you of any changes in law or fact affecting or bearing upon this opinion occurring after the date hereof which come, or are brought, to our attention.

![](tm2616840d2_ex5-1img003.jpg)

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|:---|:---|
| &nbsp;&nbsp; <br> ![Title: Blakes Logo - Description: Blakes Logo](tm2616840d2_ex5-1img001.jpg) | &nbsp;&nbsp;Page 3 |

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We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to use of our name under the headings "Legal Matters" and "Enforcement of Civil Liabilities" as regards Canadian law in the Registration Statement. In giving such consent we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Yours very truly,

(signed) *Blakes, Cassels & Graydon LLP*

Blake, Cassels & Graydon LLP

![](tm2616840d2_ex5-1img003.jpg)

## Exhibit 10.11

**Exhibit 10.11**

**<u>AMENDING AGREEMENT</u>**

This Amending Agreement made as of the 1<sup>st</sup> day of June, 2026 among **TMCR USA OPERATIONS INC.** (the "**Purchaser**"), **THE METALS ROYALTY COMPANY INC.** (the "**Purchaser Parent**"), **IRONCLAD ROYALTIES, LLC** (the "**Vendor**") and **MESABI INVESTMENTS (USA) LLC** ("**MIUSA**").

**WHEREAS** the Purchaser, the Purchaser Parent, the Vendor and MIUSA entered into a Royalty

Purchase Agreement (the "**Purchase Agreement**") dated as of May 6, 2026 and the Parties wish to amend the Purchase Agreement.

**NOW THEREFORE THIS AGREEMENT WITNESSES THAT** in consideration of the covenants and agreements contained herein and for other good and valuable consideration, the parties hereto agree as follows:

1. <u>Amendments</u>**.** The Purchase Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Section 1.1(gggg) of the Purchase Agreement is hereby deleted and replaced in its entirety with the
following:

"**Transaction Deposit**" means a $15,000,000 cash advance deposit, which, (i) if the Option is not duly exercised, shall constitute a credit against the Cash Consideration due and owing at the Closing in full, and, (ii) if the Option is duly exercised, $5,000,000 of such deposit shall constitute a credit against the Cash Consideration due and owing at the Closing and $10,000,000 of such deposit shall constitute a credit against the Option Cash Consideration due and owing at the Option Closing in accordance with Section 2.2(d);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Section 2.2(a) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

The Parties acknowledge that concurrent with the execution and delivery of this Agreement, the Purchaser has made the Transaction Deposit as an advance against the payment of the Cash Consideration, and such Transaction Deposit shall constitute a credit against the Purchase Price payable in accordance with Section 5.1 of this Agreement at Closing, and if the Option is duly exercised pursuant to Section 2.6 of this Agreement, $10,000,000 of such Transaction Deposit shall be deemed a credit against the Option Cash Consideration and $5,000,000 shall constitute a credit against the Cash Consideration payable in accordance with Section 5.1 of this Agreement at Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Section 2.2(d) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

Notwithstanding subsections (a) through (c) above, if the Purchaser delivers a valid Option Exercise Notice, prior to the expiry of the Option Exercise Period, $10,000,000 of the Transaction Deposit shall not be adjusted against the Cash Consideration by the Vendor in connection with the Closing but shall instead be credited against the Option Cash Consideration due and owing by the Purchaser on the Option Closing Date. If the Option lapses without valid exercise, the Transaction Deposit shall be fully applied against the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Section 2.6(c) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

<u>Option Exercise Price</u>

The aggregate consideration payable by the Purchaser for the Option Royalty Interest (the "**Option Exercise Price**") shall be: (i) $125,000,000 in cash (the "**Option Cash Consideration**"), provided that pursuant to Section 2.2(d), $10,000,000 of the Transaction Deposit shall be credited against the Option Cash Consideration at the Option Closing resulting in a net cash payment of $115,000,000 due and owing at the Option Closing; plus (ii) the issuance of common shares in the capital of the Purchaser Parent, as directed by the Purchaser, pursuant to a supplemental subscription agreement on terms substantially similar to the Subscription Agreement and to be entered into by and between the Vendor and the Purchaser Parent, having an aggregate value of $7,500,000, valued at the same per-share price as the Share Consideration (the "**Option Share Consideration**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Section 2.6(d) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

<u>Option Exercise Period</u>

The Purchaser may exercise the Option by delivering a written notice of exercise to the Vendor (the "**Option Exercise Notice**") prior to the Closing Date (the "**Option Exercise Period**"). The Option Exercise Notice shall confirm the Purchaser's election to exercise the Option and to acquire the Additional Purchased Royalty, subject to the satisfaction of each condition in this Section 2.6, or the waiver thereof by the Vendor in its sole discretion, on or before the Option Outside Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Section 2.6(e) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

<u>Closing Under Option</u>

If the Option is duly exercised pursuant to Section 2.6(d) of this Agreement, the closing of the purchase and sale of the Option Royalty Interest (the "**Option Closing**") shall take place on a date to be mutually agreed by the Parties in writing (the "**Option Closing Date**"), provided such date shall be no later than July 31, 2026 (the "**Option Outside Date**"). The closing mechanics, deliverables and conditions set out in Article 5 and Article 6 of this Agreement shall apply mutatis mutandis to the Option Closing, and the Purchaser shall pay the Option Cash Consideration after crediting the $10,000,000 of the Transaction Deposit relating to the Option at the Option Closing. For greater certainty, if the Closing does not occur, an Option Exercise Notice shall be of no force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Section 5.1(a) of the Purchase Agreement is hereby deleted and replaced in its entirety with
the following:

the balance of the Cash Consideration (after deducting the Transaction Deposit already paid and not previously refunded to Purchaser, provided that $10,000,000 of such Transaction Deposit shall not be deducted if the Purchaser exercises the Option in accordance with Section 2.6) payable by wire transfer, in accordance with the instructions provided to the Purchaser by the Vendor not later than three (3) Business Days prior to Closing;

2. <u>Definitions</u>. Capitalized terms used in this Amending Agreement, to the extent not otherwise defined herein, shall have the same meaning as the Purchase Agreement, as amended hereby.

3. <u>Acknowledgment Re Outside Date</u>. The Parties acknowledge that, as of the date of this Amending Agreement, the Outside Date has been extended by fifteen days to June 15, 2026.

4. <u>To be Read with Purchase Agreement</u>. This Amending Agreement is an amendment to the Purchase Agreement. Unless the context of this Amending Agreement otherwise requires, the Purchase Agreement and this Amending Agreement shall be read together and shall have effect as if the provisions of the Purchase Agreement and this Amending Agreement were contained in one agreement. All provisions of the Purchase Agreement, as amended by this Amending Agreement, are hereby ratified and confirmed and shall continue to be in full force and effect. The term "**Agreement**" when used in the Purchase Agreement means the Purchase Agreement as amended by this Amending Agreement.

5. <u>Counterparts</u>. This Amending Agreement may be executed in any number of separate counterparts and by facsimile or pdf copy, each of which shall be deemed an original and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

6. <u>Incorporation by Reference</u>. Sections 8.3, 8.6, 8.7, and 8.13 of the Purchase Agreement are incorporated herein, *mutatis mutandis*.

*[Signature Page Follows]*

**IN WITNESS WHEREOF** the parties hereto have executed this Amending Agreement as of the date written above.

---

| | |
|:---|:---|
| **TMCR USA OPERATIONS INC.** | **TMCR USA OPERATIONS INC.** |
| By: | /s/ Don Sewell |
| Name: | Don Sewell |
| Title: | President and Chief Financial Officer |
| **THE METALS ROYALTY COMPANY INC.** | **THE METALS ROYALTY COMPANY INC.** |
| By: | /s/ Don Sewell |
| Name: | Don Sewell |
| Title: | President and Chief Financial Officer |
| **IRONCLAD ROYALTIES, LLC** | **IRONCLAD ROYALTIES, LLC** |
| By: | /s/ Jessica Nelson |
| Name: | Jessica Nelson |
| Title: | Authorized Representative |
| **MESABI INVESTMENTS (USA) LLC** | **MESABI INVESTMENTS (USA) LLC** |
| By: | /s/ Artem Matyushok |
| Name: | Artem Matyushok |
| Title: | Director |

---

## Exhibit 10.12

**Exhibit 10.12**

**SUBSCRIPTION AGREEMENT**

This SUBSCRIPTION AGREEMENT (this "<u>Subscription Agreement</u>") is entered into on _________, 2026, by and between The Metals Royalty Company Inc., a company incorporated under the laws of British Columbia ("<u>TMCR</u>"), and the undersigned subscriber (the "<u>Investor</u>").

WHEREAS, this Subscription Agreement is being entered into in connection with TMCR's acquisition of an interest in a royalty held by Ironclad Royalties LLC with respect to minerals mined at the DR Grade Iron Ore Pelletization plant and mine located in Nashwauk Minnesota (the "<u>Transaction</u>") to be entered into concurrently with this Subscription Agreement among TMCR, Ironclad Royalties, LLC, Mesabi Investments (USA) LLC and the other parties thereto (the "<u>Transaction Agreement</u>");

WHEREAS, in connection with the Transaction, TMCR is seeking commitments from interested investors to purchase, upon closing of the Transaction, TMCR's common shares, without par value (the "<u>Shares</u>"), in a private placement for a purchase price of $13.00 per share (the "<u>Per Share Subscription Price</u>");

WHEREAS, the aggregate purchase price to be paid by the Investors for the subscribed Shares (as set forth on the signature page hereto) is referred to herein as the "<u>Subscription Amount</u>"; and

WHEREAS, substantially concurrently with the execution of this Subscription Agreement, TMCR is entering into separate subscription agreements in respect of subscription to the Shares (collectively, the "<u>Other Subscription Agreements</u>") with certain investors (the "<u>Other Investors</u>") with an aggregate purchase price of $80,000,000 (inclusive of the Subscription Amount) (the "<u>PIPE Investment</u>").

NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, set forth herein, and intending to be legally bound hereby, each of the Investors and TMCR acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Subscription</u>. The Investor hereby irrevocably subscribes for and agrees to purchase from TMCR, and TMCR agrees to issue and sell to the Investor the number of Shares set forth on the signature page of this Subscription Agreement on the terms and subject to the conditions provided for herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The closing of the sale of the Shares contemplated hereby (the "<u>Closing</u>") shall occur on a closing date (the "<u>Closing Date</u>") specified in the Closing Notice (as defined below) remotely via exchange of documents and signatures by electronic transmission (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com), and be conditioned upon the substantially concurrent consummation of the Transaction (the closing date of the Transaction, the "<u>Transaction Closing Date</u>"). Upon delivery of written notice from (or on behalf of) TMCR to the Investor (the "<u>Closing Notice</u>"), that TMCR reasonably expects all conditions to the closing of the Transaction to be satisfied or waived on an expected Transaction Closing Date that is not less than five (5) business days from the date on which the Closing Notice is delivered to the Investor, the Investor shall deliver the Subscription Amount at least three (3) business days prior to the expected Closing Date detailed in the Closing Notice by wire transfer of United States dollars in immediately available funds to the account(s) specified in the Closing Notice (the "<u>Transfer Date</u>"), to be held by Odyssey Trust Company (the "<u>Escrow Agent</u>") in escrow until the Closing Date; provided however, that an Investor may extend such Transfer Date upon prior written agreement between such Investor and TMCR. On the Closing Date, TMCR shall issue the Shares to the Investor and subsequently cause the Shares to be registered in book entry form in the name of the Investor. Promptly, and in any event not later than one (1) business day after the Closing Date, TMCR shall deliver to the Investor a DRS statement or other evidence showing Investor as the owner of the Shares on and as of the Closing Date. For purposes of this Subscription Agreement, "business day" shall mean a day, other than a Saturday, Sunday or other day on which commercial banks in New York, New York, Vancouver, Canada and Toronto, Canada are authorized or required by law to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Closing Date does not occur within four (4) business days after the Closing Date that was specified in the Closing Notice, the Escrow Agent shall promptly arrange for the Subscription Amount to be returned to the Investor without any issuance of Shares; <u>provided</u> that, unless this Subscription Agreement has been terminated pursuant to <u>Section 10</u> hereof, such return of funds shall not terminate this Subscription Agreement or relieve the Investor of its obligation to purchase the Shares at the Closing, including in respect of a subsequent Closing Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the parties hereto to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject to the following conditions: (i) no applicable governmental authority shall have enacted, issued, promulgated, enforced or entered any judgment, order, law, rule, injunction or regulation (whether temporary, preliminary or permanent) which is then in effect and has the effect of making consummation of the transactions contemplated hereby illegal or otherwise restraining or prohibiting consummation of the issuance and sale of the Shares under this Subscription Agreement; (ii) all conditions precedent to the closing of the Transaction set forth in the Transaction Agreement shall have been satisfied or waived (other than those conditions which, by their nature, are to be satisfied at the closing of the Transaction pursuant to the Transaction Agreement), and the closing of the Transaction shall be scheduled to occur substantially concurrently with the Closing; and (iii) no material amendment, modification or waiver of the Transaction Agreement shall have occurred without having received the Investor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the avoidance of doubt, the Closing is contingent upon, and shall occur concurrently with, the closing of the Transaction, and such condition shall not be waived by any party to this Subscription Agreement. Similarly, the obligations of each party under this Subscription Agreement are expressly conditioned upon the consummation of the Transaction, and in no event shall the PIPE Investment be released to TMCR, nor shall TMCR be required to issue Shares, in the absence of the Transaction closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The obligation of the Investor to consummate the purchase and sale of the Shares pursuant to this Subscription Agreement is subject to the additional following conditions: (i) all representations and warranties of TMCR contained in this Subscription Agreement shall be true and correct in all material respects when made (other than representations and warranties that are qualified as to materiality or Material Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties that are qualified as to materiality or Material Adverse Effect which representations and warranties shall be true and correct in all respects); (ii) TMCR shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing (iii) there shall have been no Material Adverse Effect with respect to TMCR since the date hereof; and (iv) from the date hereof to the Closing Date, trading in the Shares of TMCR shall not have been suspended by the Securities and Exchange Commission ("<u>SEC</u>") on the Company's principal trading market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited or minimum prices shall not have been established on securities whose trades are reported by such service, or on any trading market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of the Investor, makes it impracticable or inadvisable to purchase the Shares at the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Prior to or at the Closing, the Investor shall deliver to TMCR a duly completed and executed Internal Revenue Service Form W-9 (or, if the Investor that is a non-U.S. person, a duly completed and executed applicable IRS Form W-8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Further Assurances</u>. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional actions as the parties reasonably may deem to be practical and necessary to consummate the subscription as contemplated by this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>TMCR Representations and Warranties</u>. Except as set forth in the SEC Documents (as defined below) (but excluding any risk factor disclosure contained under the heading "Risk Factors," any disclosure of risks included in any "forward-looking statements" disclaimer or any other statements that are similarly predictive or forward-looking in nature, in each case, other than any specific factual information contained therein), TMCR represents and warrants to the Investor and the Placement Agents (as defined herein), as of the date hereof and as of the Closing Date (except for representations and warranties that speak as of a specific date, which shall be made as of such date), that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the significant subsidiaries of TMCR (as such term is defined in Rule 1-02 of Regulation S-X promulgated by the SEC) are set forth in the SEC Documents. TMCR owns, directly or indirectly, all of the capital stock or other equity interests of each significant subsidiary free and clear of any liens, and all of the issued and outstanding shares of capital stock of each significant subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TMCR has been duly incorporated and is validly existing and in good standing under the laws of British Columbia with corporate power to own, lease and operate its properties and conduct its business as now conducted and as described in the SEC Documents, except where such failure to be in good standing or to have such power and authority or to so qualify has not had and would not reasonably be expected to have a Material Adverse Effect, and to enter into, deliver and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Shares are, and as of the Closing Date the Shares will be, duly authorized and, when issued and delivered to the Investor following full payment therefor in accordance with the terms of this Subscription Agreement, the Shares will be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive rights, encumbrances or similar rights created under TMCR's articles of incorporation (as in effect at such time of issuance) or under the laws of British Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Subscription Agreement has been duly authorized, executed and delivered by TMCR and, assuming that this Subscription Agreement constitutes the valid and binding agreement of the Investor, this Subscription Agreement is enforceable against TMCR in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Transaction Agreement has been duly authorized, executed and delivered by TMCR and, assuming that the Transaction Agreement constitutes the valid and binding agreement of the other parties thereto, the Transaction Agreement is enforceable against TMCR in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, or (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The execution, delivery and performance of the Transaction Agreement and this Subscription Agreement, including the issuance and sale of the Shares hereunder, will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of TMCR or any of its subsidiaries pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which TMCR or any of its subsidiaries is a party or by which TMCR or any of its subsidiaries is bound or to which any of the property or assets of TMCR is subject that would reasonably be expected to have a material adverse effect on the business, financial condition or results of operations of TMCR and its subsidiaries, taken as a whole (a "<u>Material Adverse Effect</u>"), or materially affect the validity of the Shares or the legal authority of TMCR to comply in all material respects with its obligations under either the Transaction Agreement or this Subscription Agreement; (ii) result in any violation of the provisions of the organizational documents of TMCR or any of its subsidiaries; or (iii) result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over TMCR or any of its properties that would reasonably be expected to have a Material Adverse Effect or materially affect the validity of the Shares or the legal authority of TMCR to comply in all material respects with its obligations under the Transaction Agreement or this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Assuming the accuracy of the Investor's representations and warranties set forth in <u>Section 8</u> of this Subscription Agreement, no registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>") or filing of a prospectus under applicable Canadian provincial and territorial securities Laws (the "<u>Canadian Securities Laws</u>"), is required for the offer and sale of the Shares to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither TMCR nor any person acting on its behalf has offered or sold the Shares by any form of general solicitation or general advertising in violation of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Neither TMCR nor any of its affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Shares in a manner that would require registration of the Securities under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) TMCR is not under any obligation to pay any broker's fee or commission in connection with the sale of the Shares other than to the Placement Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Other Subscription Agreements reflect the same Per Share Subscription Price and other terms with respect to the purchase of the Shares that are no more favorable, in any material respect, to such subscriber thereunder than the terms of this Subscription Agreement, other than terms particular to the regulatory requirements of such subscriber or its affiliates or related funds that are mutual funds or are otherwise subject to regulations related to the timing of funding and the issuance of the related Shares. Other than any applicable placement agent agreement with a Placement Agent that is, directly or indirectly, through one or more affiliates, participating in the PIPE Investment as an Other Investor, TMCR has not entered into any side letter or similar agreement with any Other Investor or any other investor in connection with such Other Investor's or other investor's direct or indirect investment in the Company other than the Other Subscription Agreements. The Other Subscription Agreements have not been amended in any material respect following the date of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) TMCR has not engaged in any "directed selling efforts" (within the meaning of Regulation S) with respect to the Shares, and TMCR and its affiliates have complied with the offering restrictions requirement of Regulation S. TMCR is a "foreign issuer" as defined in Regulation S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) As of the date of this Subscription Agreement, the issued share capital of TMCR consists of 55,061,113 common shares without par value, and each such share is duly authorized and validly issued, and is not subject to preemptive rights or encumbrances except as disclosed in the SEC Documents. Except as disclosed in the SEC Documents, as of the date of this Subscription Agreement, and immediately prior to Closing, except as set forth above and pursuant to the Transaction Agreement and pursuant to the Transaction, and the transactions contemplated thereby, there are no outstanding (i) shares, equity interests or voting securities of TMCR, (ii) securities of TMCR convertible into or exchangeable for shares or other equity interests or voting securities of TMCR, or (iii) options, warrants or other rights (including preemptive rights) or agreements, arrangements or commitments of any character, whether or not contingent, of TMCR to acquire from any individual, entity or other person, and no obligation of TMCR to issue, any shares or other equity interests or voting securities of TMCR (collectively, the "<u>Equity Interests</u>") or securities convertible into or exchangeable or exercisable for Equity Interests. Except as disclosed in the SEC Documents, as of the date of this Subscription Agreement, there are no shareholder agreements, voting trusts or other agreements or understandings to which TMCR is a party or by which it is bound relating to the voting of any securities of TMCR, other than as contemplated by the Transaction Agreement and the transactions contemplated thereby. Other than as disclosed in the SEC Documents, there are no securities or instruments issued by or to which TMCR is party containing anti-dilution or similar provisions that will be triggered by the issuance of the Shares hereunder, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) TMCR is in compliance with all applicable laws, except where such non-compliance would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. As of the date hereof, TMCR has not received any written communication from a governmental authority that alleges that TMCR is not in compliance with or is in default or violation of any applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) TMCR and its subsidiaries have good and marketable title in fee simple (in the case of real property) to, or have valid and marketable rights to lease or otherwise use, all items of real and personal property and assets that are material to the respective businesses of the TMCR and its subsidiaries, in each case free and clear of all liens, encumbrances, claims and defects and imperfections of title except those that (i) do not materially interfere with the use made and proposed to be made of such property by TMCR and its subsidiaries or (ii) could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) There is no (i) action, suit, claim or other proceeding, in each case by or before any governmental authority pending, or, to the knowledge of TMCR, threatened against TMCR or its subsidiaries, or (ii) judgment, decree, injunction, ruling or order of any governmental entity or arbitrator outstanding against TMCR or its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) TMCR is not required to obtain any material consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other governmental authority, self-regulatory organization or other person in connection with the issuance of the Shares pursuant to this Subscription Agreement, other than (i) filings with the Securities and Exchange Commission (the "<u>SEC</u>"), (ii) filings required by applicable state or federal securities laws or applicable Canadian Securities Laws, (iii) the filings required in accordance with <u>Section 14</u> of this Subscription Agreement; (iv) those required by the Nasdaq Stock Market LLC ("<u>Nasdaq</u>"), (v) those required to consummate the Transaction as provided under the Transaction Agreement and (vi) those the failure of which to obtain would not be reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) As of the date hereof, the issued and outstanding common shares of TMCR are registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and are listed for trading on the Nasdaq under the symbol "TMCR". There is no suit, action, proceeding or investigation pending or, to the knowledge of TMCR, threatened against TMCR by Nasdaq or the SEC with respect to any intention by such entity to prohibit or terminate the listing of TMCR's common shares or to deregister TMCR's common shares under the Exchange Act. TMCR has taken no action that is designed to terminate the registration of its common shares under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) A copy of each form, report, statement, schedule, prospectus, proxy, registration statement and other document, if any, filed by TMCR on or prior to the Closing Date (the "<u>SEC Documents</u>") is available to the undersigned via the SEC's EDGAR system. As of their respective dates, all reports required to be filed by TMCR with the SEC complied in all material respects with the applicable requirements of the Securities Act and/or the Exchange Act, and the rules and regulations of the SEC promulgated thereunder. None of the SEC Documents contained, when filed or, if amended, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; The financial statements of TMCR included in the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations of the SEC with respect thereto as in effect at the time of filing and fairly present in all material respects the financial position of TMCR as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, year-end audit adjustments. TMCR has timely filed each report, statement, schedule, prospectus, and registration statement that TMCR was required to file with the SEC since its inception. There are no material outstanding or unresolved comments in comment letters from the staff of the Division of Corporation Finance of the SEC with respect to any of the SEC Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) Neither TMCR nor any of its subsidiaries is in default or violation (and no event has occurred which, with notice or the lapse of time or both, would constitute a default or violation) of any term, condition or provision of (i) the organizational documents of TMCR or its subsidiaries, (ii) any loan or credit agreement, note, bond, mortgage, indenture, lease or other agreement, permit, franchise or license to which TMCR or any of its subsidiaries is now a party or by which TMCR's or any of its subsidiary's properties or assets are bound or (iii) any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over TMCR, its subsidiaries or any of their respective properties, except, in the case of clauses (ii) and (iii), for defaults or violations that have not had and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Except as set forth in the Transaction Agreement and pursuant with the Transaction or as disclosed in the SEC Documents, TMCR is presently not under any obligation, and has not granted any rights, to register under the Securities Act any of TMCR's presently outstanding securities or any of its securities that may hereafter be issued, other than such rights and obligations that have expired or been satisfied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) TMCR is not, and immediately after receipt of payment for the Shares will not be, an "investment company" within the meaning of the U.S. Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Neither TMCR nor any of its subsidiaries, nor any director or officer of TMCR or any of its subsidiaries nor, to the knowledge of TMCR, any employee, agent, controlled affiliate or other person acting on behalf of TMCR or any of its subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made or taken an act in furtherance of an offer, promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee, including of any government-owned or controlled entity or of a public international organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, the Corruption of Foreign Public Officials Act (Canada), Sections 119 to 121, 123 to 125 and 426 of the Criminal Code (Canada), or any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under any other applicable anti-bribery or anti-corruption law, including under the laws of Canada; or (iv) made, offered, agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. TMCR and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable anti-bribery and anti-corruption laws, including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended, and the Corruption of Foreign Public Officials Act (Canada). TMCR will not directly or indirectly use the proceeds of the offering of the Securities hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person in any other manner that would cause or result in a violation of anti-bribery and anti-corruption laws by any person (including any person participating in the transaction, whether as placement agent, Investor, advisor, investor or otherwise).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The operations of TMCR and its subsidiaries are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable provisions of the USA PATRIOT ACT of 2001, the Money Laundering Control Act of 1986, Anti-Money Laundering Act of 2020, the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the regulations thereunder, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the "Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving TMCR or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the TMCR, threatened. TMCR will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any money laundering or terrorist financing activities or (ii) in any other manner that would cause or result in a violation of any applicable Money Laundering Laws by any person (including any person participating in the transaction, whether as placement agent, Investor, advisor, investor or otherwise). TMCR and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable Money Laundering Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) Neither TMCR nor any of its subsidiaries, directors or officers, nor, to the knowledge of TMCR, any employee, agent, controlled affiliate or other person acting on behalf of TMCR or any of its subsidiaries is currently the subject or the target of any sanctions administered or enforced by the U.S. government, (including, without limitation, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") or the U.S. Department of State and including, without limitation, the designation as a "specially designated national" or "blocked person"), the United Nations Security Council ("UNSC"), the European Union, His Majesty's Treasury ("HMT"), the Government of Canada (including Global Affairs Canada and any other department or agency of the Government of Canada), or other relevant sanctions authority (collectively, "Sanctions"), including, without limitation, any sanctions imposed, administered or enforced pursuant to the Special Economic Measures Act (Canada), the United Nations Act (Canada), the Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law) (Canada), the Freezing Assets of Corrupt Foreign Officials Act (Canada) or the Criminal Code (Canada), nor is TMCR or any of its subsidiaries located, organized or resident in a country or territory that is the subject or target of Sanctions, including, without limitation, the Crimea Region of Ukraine, the Covered Region of Ukraine identified pursuant to Executive Order 14065 the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, Cuba, Iran, North Korea and Syria (each, a "Sanctioned Country"); and TMCR will not directly or indirectly use the proceeds of the offering of the Shares hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with any person, or in any country or territory, that, at the time of such funding or facilitation, is the subject or target of Sanctions, (ii) to fund or facilitate any activities of or business in any Sanctioned Country or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as placement agent, Investor, advisor, investor or otherwise) of Sanctions. Since April 24, 2019, TMCR and its subsidiaries have not knowingly engaged in and are not now knowingly engaged in any dealings or transactions with any person that at the time of the dealing or transaction is or was the subject or the target of Sanctions or with any Sanctioned Country. Neither TMCR nor any of its subsidiaries, directors, officers or employees, nor, to the knowledge of TMCR, any agent, affiliate, joint venture partner or other person acting on behalf of TMCR or any of its subsidiaries has engaged in activities sanctionable under the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, the Iran Threat Reduction and Syria Human Rights Act of 2012, the National Defense Authorization Act for the Fiscal Year 2012, the National Defense Authorization Act for the Fiscal Year 2013, Executive Order Nos. 13628, 13622 and 13608, or any other U.S. economic sanctions relating to Iran (collectively, the "Iran Sanctions"); and TMCR has not engaged and will not engage in any activities or business that would subject it to sanction under the Iran Sanctions. TMCR and its subsidiaries have instituted, maintain and enforce, and will continue to maintain and enforce, policies and procedures designed to promote and ensure compliance with all applicable Sanctions, including the Iran Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) TMCR acknowledges and agrees that (i) the Placement Agents are acting solely in the capacity of an arm's length contractual counterparty to TMCR with respect to the PIPE Investment and the transactions contemplated hereby and (ii) the Placement Agents have not assumed an advisory or fiduciary responsibility in favor of TMCR with respect to the PIPE Investment and the transactions contemplated hereby (irrespective of whether the Placement Agents have advised or are currently advising TMCR on other matters) or any other obligation to TMCR except the obligations expressly set forth in this Subscription Agreement and (ihedgii) TMCR has consulted its own legal and financial advisors to the extent it deemed appropriate. TMCR agrees that it will not claim that the Placement Agents have rendered advisory services of any nature or respect, or owe a fiduciary or similar duty to TMCR, in connection with such transaction or the process leading thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TMCR acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares acquired hereunder may be pledged by Investor in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares hereunder, and the Investor effecting a pledge of Shares shall not be required to provide TMCR with any notice thereof or otherwise make any delivery to TMCR pursuant to this Subscription Agreement. TMCR hereby agrees to execute and deliver such documentation as a pledgee of the Shares may reasonably request in connection with a pledge of the Shares to such pledgee by the Investor; provided such pledge shall be (i) (a) pursuant to an available exemption from the registration requirements of the Securities Act or (b) pursuant to, and in accordance with, a registration statement that is effective under the Securities Act at the time of such pledge and (ii) if applicable, pursuant to an available exemption from the prospectus requirements of applicable Canadian Securities Laws, and the Investor effecting a pledge of Shares shall not be required to provide TMCR with any notice thereof; provided, however, that neither TMCR nor their counsel shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other than providing any such lender of such margin agreement with an acknowledgment that the Shares are not subject to any contractual prohibition on pledging or lock-up, the form of such acknowledgment to be subject to review and comment by TMCR in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Lock-Up and Standstill</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From the date hereof until a thirty (30) days from the start of the Registration Period (the "<u>Standstill Period</u>") TMCR shall not offer, sell or issue any Shares or securities convertible into or exchangeable for Shares, except in conjunction with (i) the grant, exercise or vesting of awards pursuant to TMCR's equity incentive plans, (ii) any obligations in respect of existing agreements, including the standby equity purchase agreement with YA II, PN Ltd. and (iii) the issuance of securities in connection with acquisitions from (a) vendor(s) that is (are) arms' length to TMCR in the ordinary course of TMCR's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TMCR shall not, during the Standstill Period, grant a waiver or otherwise release any shares of capital stock subject to the lock-up agreements executed in connection with TMCR's direct listing of its common shares on Nasdaq as described in TMCR's Registration Statement on Form F-1 (File No. 333-293837) filed with the SEC in connection with such direct listing, the form of which is attached as Exhibit 10.9 thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Investor Representations and Warranties</u>. The Investor represents and warrants to TMCR and the Placement Agents, as of the date hereof and as of the Closing Date, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Investor is located in the United States or is a U.S. person (as defined in Rule 902 under Regulation S, a "U.S. person"), the Investor (i) is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) or an institutional "accredited investor" (within the meaning of Rule 501(a)(1), (2), (3), (7), (8), (9), (12) or (13) under the Securities Act), in each case, satisfying the applicable requirements set forth on <u>Schedule A</u>, (ii) is acquiring the Shares only for its own account and not for the account of others, or if the Investor is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, the Investor has full investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act. The Investor is not an entity formed for the specific purpose of acquiring the Shares and is an "institutional account" as defined by FINRA Rule 4512(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Investor is located in a jurisdiction outside of the United States and is not a U.S. person (referred to herein as a "Foreign Investor"), (A) Foreign Investor is acquiring the Shares in an "offshore transaction" meeting the requirements of Rule 903 of Regulation S under the Securities Act, (B) the Investor understands that the offering meets the exemptions from filing under FINRA Rule 5123(b)(3), (C) the Investor is aware that the sale to them is being made in reliance on a private placement exemption from, or in a transaction not subject to, registration under the Securities Act, and the Investor and the person, if any, for whose account or benefit the Investor is acquiring the Shares offered hereby, was located outside the United States and was not a U.S. person at the time (x) the offer was made to it and (y) when the buy order for such Shares was originated, and continues to be located outside the United States and not to be a U.S. person and has not purchased such Shares for the account or benefit of any person located in the United States or who is a U.S. person, or entered into any arrangement for the transfer of such Shares or any economic interest therein to any person located in the United States or any U.S. person, and (D) the Investor is authorized to consummate the purchase of the Shares hereby in compliance with all applicable laws and regulations of the jurisdiction where such sales are to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Investor is subject to Canadian Securities Laws, the Investor is subject to the jurisdiction of Ontario, British Columbia and/or Alberta in respect of this Subscription Agreement and the Investor (i) is an "accredited investor" (as defined in National Instrument 45-106 *Prospectus Exemptions* or Section 73.3(1) of the *Securities Act* (Ontario), as applicable) in each case, satisfying the applicable requirements set forth on <u>Schedule B</u>, (ii) is acquiring the Shares as principal for its own account and not as agent or for the benefit of any other person or is deemed under National Instrument 45-106 *Prospectus Exemptions* or the *Securities Act* (Ontario), as applicable, to be purchasing the Shares as principal, (iii) was not created, and is not being used, solely to purchase or hold securities as an "accredited investor", (iv) is not acquiring the Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of Canadian Securities Laws, (v) has completed <u>Schedule B</u> following the signature page hereto and the information contained therein is accurate and complete. If the Investor is not subject to Canadian Securities Laws, the Investor is acquiring the Shares with investment intent and not with a view to resale or distribution in Canada.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investor acknowledges and agrees that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act, that the sale and delivery of the Shares is conditional upon such sale being exempt from the requirements under Canadian Securities Laws as to the filing and delivery of a prospectus and that the Shares have not been registered under the Securities Act or qualified under a prospectus under Canadian Securities Laws. The Investor acknowledges that TMCR is not required to register the Shares except as set forth in <u>Section 9</u> of this Subscription Agreement. The Investor acknowledges that the Shares may be subject to statutory resale restrictions under applicable Canadian Securities Laws of the province or territory in which the Investor is resident (as applicable) and under other applicable Canadian Securities Laws, and the Investor covenants that it will not resell the Shares except in compliance with such laws. The Investor acknowledges and agrees that the Shares may not be offered, resold, transferred, pledged or otherwise disposed of by the Investor absent an effective registration statement under the Securities Act except (i) to TMCR or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, in each case subject, and pursuant, to an applicable exemption from the prospectus requirements of applicable Canadian Securities Laws, (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act and an applicable exemption from the prospectus requirements of applicable Canadian Securities Laws, and, in each case, in accordance with any applicable securities laws of the states of the United States, the provinces and territories of Canada and other applicable jurisdictions, and that any certificates representing the Shares shall contain a restrictive legend to such effect. The Investor acknowledges and agrees that there is no fixed or determinable hold period after which the Shares may be freely transferred, and the foregoing transfer restrictions shall apply indefinitely unless and until one of the conditions set forth in clauses (i) through (iii) above has been satisfied. The Investor acknowledges and agrees that, as a result of these transfer restrictions, the Investor may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period of time. The Investor acknowledges and agrees that the Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act , and further acknowledges and agrees that the Shares will be subject to applicable resale restrictions under Canadian Securities Laws, including National Instrument 45-102 – *Resale of Securities*, and may not be traded in Canada except in accordance with the applicable hold periods, other conditions prescribed thereunder and applicable exemptions. The Investor acknowledges and agrees that it has been advised to consult legal, tax and accounting advisors prior to making any offer, resale, transfer, pledge or disposition of any of the Shares.

The Investor understands that any book-entry notation evidencing the Shares may bear one or more of the following legends:

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE (NOTWITHSTANDING THE FOREGOING, THE SECURITIES REPRESENTED HEREBY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES). BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE SUBSCRIBER AGREES FOR THE BENEFIT OF THE METALS ROYALTY COMPANY INC. (THE "COMPANY") THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT AND IS EFFECTIVE AT THE TIME OF SUCH TRANSFER, OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

PRIOR TO THE REGISTRATION OF ANY PERMITTED TRANSFER IN ACCORDANCE WITH THE ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

UNLESS PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY BEFORE THE DATE THAT IS 4 MONTHS AND A DAY AFTER THE LATER OF (I) [INSERT THE CLOSING DATE], AND (II) THE DATE THE ISSUER BECAME A REPORTING ISSUER IN ANY PROVINCE OR TERRITORY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Investor acknowledges and agrees that the Investor has received such information as the Investor deems necessary to make an investment decision with respect to the Shares, including, with respect to TMCR, the Transaction and the business of TMCR and its subsidiaries. Without limiting the generality of the foregoing, the Investor acknowledges that it has reviewed, or has an adequate opportunity to review, TMCR's filings with the SEC. The Investor acknowledges and agrees that the Investor and the Investor's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as the Investor and such Investor's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Investor became aware of this offering of the Shares solely by means of direct contact between the Investor and TMCR or a representative of TMCR (including the Placement Agents), and the Shares were offered to the Investor solely by direct contact between the Investor and TMCR or a representative of TMCR (including the Placement Agents). The Investor did not become aware of this offering of the Shares, nor were the Shares offered to the Investor, by any other means. The Investor acknowledges that the Shares (i) were not offered by any form of general solicitation or general advertising and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, any state securities laws or Canadian Securities Laws. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, TMCR, the Placement Agents, any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing), other than the representations and warranties of TMCR contained in <u>Section 5</u> of this Subscription Agreement, in making its investment or decision to invest in TMCR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Investor acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares, including those set forth in TMCR's filings with the SEC. The Investor has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and the Investor has sought such accounting, legal and tax advice as the Investor has considered necessary to make an informed investment decision. The Investor acknowledges that Investor shall be responsible for any of the Investor's tax liabilities that may arise as a result of the transactions contemplated by this Subscription Agreement, and that TMCR has not provided any tax advice or any other representation or guarantee regarding the tax consequences of the transactions contemplated by the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Alone, or together with any professional advisor(s), the Investor has adequately analyzed and fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for the Investor and that the Investor is able at this time and in the foreseeable future to bear the economic risk of a total loss of the Investor's investment in TMCR. The Investor acknowledges specifically that a possibility of total loss exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without limiting the generality of the foregoing, the Investor has not relied on any statements or other information provided by or on behalf of any of the Placement Agents or any of their respective affiliates or any control persons, officers, directors, employees, agents or representatives of any of the foregoing concerning TMCR, the Transaction, the Transaction Agreement, this Subscription Agreement or the transactions contemplated hereby or thereby, the Shares or the offer and sale of the Shares. Without limitation of the foregoing, the Investor hereby further acknowledges and agrees that (i) the Placement Agents are acting solely as placement agents in connection with the transactions contemplated hereby and are not acting as underwriters, initial purchasers, dealers or in any other such capacity and are not and shall not be construed as a fiduciaries for the Investor, TMCR or any other person or entity in connection with the transactions contemplated hereby, (ii) the Placement Agents have not made and will not make any representation or warranty, whether express or implied, of any kind or character and have not provided any advice or recommendation in connection with the transactions contemplated hereby, (iii) the Placement Agents will have no responsibility with respect to (A) any representations, warranties or agreements made by any person or entity under or in connection with the transactions contemplated hereby or any of the documents furnished pursuant thereto or in connection therewith, or the execution, legality, validity or enforceability (with respect to any person) of any thereof, or (B) the financial condition, business, or any other matter concerning TMCR and the transactions contemplated hereby, and (iv) no Placement Agent shall have any liability or obligation (including without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by Investor), whether in contract, tort or otherwise, to the Investor or to any person claiming through the Investor, in respect of the PIPE Investment. Neither the Placement Agents nor any of their affiliates have made or make any representation as to the quality or value of the Shares and the Placement Agents and any their affiliates may have acquired non-public information with respect to TMCR which the Investor agrees need not be provided to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Investor acknowledges that no federal, provincial or state agency or governmental authority has passed upon or endorsed the merits of the offering of the Shares or made any findings or determination as to the fairness of this investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Investor has been duly formed or incorporated and is validly existing and is in good standing under the laws of its jurisdiction of formation or incorporation, and has the requisite power and authority to enter into, deliver and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The execution, delivery and performance by the Investor of this Subscription Agreement are within the powers of the Investor, have been duly authorized and will not constitute or result in a breach or default under or conflict with any order, ruling or regulation of any court or other tribunal or of any governmental commission or agency, or any agreement or other undertaking, to which the Investor is a party or by which the Investor is bound, and will not violate any provisions of the Investor's organizational documents, including, without limitation, its incorporation or formation papers, bylaws, indenture of trust or partnership or operating agreement, as may be applicable. The signature of the Investor on this Subscription Agreement is genuine, and the signatory has legal competence and capacity to execute the same or the signatory has been duly authorized to execute the same, and, assuming that this Subscription Agreement constitutes the valid and binding agreement of TMCR, this Subscription Agreement constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally, and (ii) principles of equity, whether considered at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The operations of the Investor have been conducted in material compliance with the rules and regulations administered or conducted by OFAC applicable to such Investor. Such Investor has performed due diligence necessary to reasonably determine that its beneficial owners are not named on the lists of denied parties or blocked persons administered by OFAC, resident in or organized under the laws of a country that is the target or the subject of economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by relevant governmental authorities with competent jurisdiction, including, but not limited to those administered by the U.S. government (through the Office of Foreign Assets Control of the U.S. Department of the Treasury and the U.S. Department of State), the United Nations Security Council, the European Union or any EU member state, or the United Kingdom (including His Majesty's Treasury of the United Kingdom) (collectively, "<u>Sanctions</u>"), except as permitted thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The funds representing the Subscription Amount that will be advanced by the Investor to TMCR hereunder will not represent proceeds of crime for the purposes of the *Criminal Code* (Canada) or the *Proceeds of Crime (Money Laundering) and Terrorist Financing Act* (Canada) (collectively, the "<u>Anti-Money Laundering Laws</u>") and the Investor acknowledges that TMCR may in the future be required by law to disclose the Investor's name and other information relating to this Agreement and the Investor's subscription hereunder, on a confidential basis, pursuant to the Anti-Money Laundering Laws and the legislation, regulations or instruments enacting Canadian Economic Sanctions (as defined below). The Investor is not (i) a person or entity identified on a list established under any legislation or regulations enacting any economic or financial sanctions, laws, regulations, embargoes, or restrictive measures imposed, administered or enforced by Canada, including but not limited to, the *United Nations Act* (Canada), the *Special Economic Measures Act* (Canada), the *Justice for Victims of Corrupt Foreign Officials Act (Sergei Magnitsky Law)* (Canada), the *Criminal Code* (Canada), Part II.1 the *Freezing Assets of Corrupt Foreign Officials Ac*t (Canada) or any other economic sanctions laws administered by applicable Canadian regulatory authorities (collectively, "<u>Canadian Economic Sanctions</u>") and (ii) owned, directly or indirectly, or controlled by, or acting on behalf of, one or more persons or entities identified under any Canadian Economic Sanctions. To the best of its knowledge, none of the subscription funds to be provided by the Investor: (i) have been or will be derived from or related to any activity that is deemed criminal under the laws of Canada, the United States, or any other jurisdiction; or (ii) are being tendered on behalf of a person or entity who has not been identified to the Investor, and the Investor will promptly notify TMCR if the Investor discovers that any of such representations cease to be true and provide TMCR with appropriate information in connection therewith; none of the funds the Investor is using to purchase the Shares are, to the knowledge of the Investor, proceeds obtained or delivered, directly or indirectly, as a result of illegal activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) If the Investor is or is acting on behalf of (i) an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), (ii) a plan, an individual retirement account or other arrangement that is subject to Section 4975 of the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), (iii) an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement described in clauses (i) and (ii) (each, an "<u>ERISA Plan</u>"), or (iv) an employee benefit plan that is a governmental plan (as defined in Section 3(32) of ERISA), a church plan (as defined in Section 3(33) of ERISA), a non-U.S. plan (as described in Section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing clauses (i), (ii) or (iii) but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "<u>Similar Laws</u>," and together with ERISA Plans, "<u>Plans</u>"), the Investor represents and warrants that (A) it has not relied on TMCR or any of their respective affiliates for investment advice or as the Plan's fiduciary, with respect to its decision to acquire and hold the Shares, and it is not relying, and shall not rely on, any party to the Transaction to be the Plan's fiduciary with respect to any decision in connection with the Investor's investment in the Shares; and (B) its purchase of the Shares will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code, or any applicable Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Investor acknowledges that it has been advised by the Placement Agents (as defined below) that no disclosure or offering document has been prepared by Stifel, Nicolaus & Company, Incorporated, A.G.P./Alliance Global Partners, William Blair & Company, L.L.C. or B. Riley Securities, Inc. (the "<u>Placement Agents</u>") or any of their affiliates in connection with the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) The Investor acknowledges that it has been advised by the Placement Agents that none of the Placement Agents, nor any of their affiliates, nor any control persons, officers, directors, employees, agents or representatives of any of the foregoing has made any independent investigation with respect to TMCR or its subsidiaries or any of their respective businesses, or the Shares or the accuracy, completeness or adequacy of any information supplied to the Investor by TMCR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) In connection with the issue and purchase of the Shares, none of the Placement Agents, nor any of their affiliates, has acted as the Investor's financial advisor or fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) When required to deliver payment pursuant to <u>Section 2</u> above, the Investor will have sufficient funds to pay the Subscription Amount and consummate the purchase and sale of the Shares pursuant to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) TMCR agrees that, within five (5) business days following the Closing Date (such deadline, the "<u>Filing Deadline</u>"), TMCR will submit to or file with the SEC a registration statement for a shelf registration on Form F-1 or Form F-3 (if TMCR is then eligible to use a Form F-3 shelf registration) (the "<u>Registration Statement</u>"), in each case, covering the resale of the Shares acquired by the Investor pursuant to this Subscription Agreement (the "<u>Registrable Shares</u>") and TMCR shall use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but no later than the earlier of (i) the 40th calendar day (or 70th calendar day if the SEC notifies TMCR that it will "review" the Registration Statement) following the Closing and (ii) the 5th business day after the date TMCR is notified (orally or in writing, whichever is earlier) by the SEC that the Registration Statement will not be "reviewed" or will not be subject to further review (such earlier date, the "<u>Effectiveness Deadline</u>"); <u>provided</u>, <u>however</u>, that if such Effectiveness Deadline falls on a Saturday, Sunday, or other day that the SEC is closed for business, the Effectiveness Deadline shall be extended to the next business day on which the SEC is open for business; and <u>provided further</u>*,* that TMCR's obligations to include the Registrable Shares in the Registration Statement are contingent upon Investor furnishing in writing to TMCR such information regarding Investor or its permitted assigns, the securities of TMCR held by Investor and the intended method of disposition of the Registrable Shares (which shall be limited to non-underwritten public offerings) as shall be reasonably requested by TMCR to effect the registration of the Registrable Shares, and Investor shall execute such documents in connection with such registration as TMCR may reasonably request that are customary of a selling stockholder in similar situations, including providing that TMCR shall be entitled to postpone and suspend the effectiveness or use of the Registration Statement, if applicable, as permitted hereunder; <u>provided</u> that Investor shall not in connection with the foregoing be required to execute any lock-up or similar agreement or otherwise be subject to any contractual restriction on the ability to transfer the Registrable Shares. In no event shall Investor be identified as a statutory underwriter in the Registration Statement unless specifically requested by the SEC in which case the Investor will have an opportunity to withdraw from the Registration Statement. Notwithstanding the foregoing, if the SEC prevents TMCR from including any or all of the Shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the resale of the Registrable Shares or otherwise, such Registration Statement shall register the resale of a number of Shares which is equal to the maximum number of Shares as is permitted by the SEC. In such event, the number of Shares to be registered for each selling shareholder named in the Registration Statement shall be reduced pro rata among all such selling shareholders, and TMCR will use its commercially reasonable efforts to file with the SEC, as promptly as allowed by the SEC, one or more registration statements to register the resale of those Registrable Shares that were not registered on the initial Registration Statement, as so amended. For as long as the Investor holds Shares, TMCR will use commercially reasonable efforts to file all reports for so long as the condition in Rule 144(c)(1) is required to be satisfied, and provide all customary and reasonable cooperation, necessary to enable the undersigned to resell the Shares pursuant to Rule 144 of the Securities Act (in each case, when Rule 144 of the Securities Act becomes available to the Investor). Any failure by TMCR to file the Registration Statement by the Filing Deadline or to effect such Registration Statement by the Effectiveness Deadline shall not otherwise relieve TMCR of its obligations to file or effect the Registration Statement as set forth above in this <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TMCR covenants and agrees that, for so long as the Investor (or any permitted assignee) holds any Registrable Shares, TMCR shall (i) maintain the effectiveness of the Registration Statement (or any successor registration statement) covering the resale of the Registrable Shares, (ii) not voluntarily take any action, or fail to take any action required to be taken by it, that would result in the Registration Statement ceasing to be effective or the Investor being unable to utilise the Registration Statement for the resale of the Registrable Shares (other than during a Suspension Event in accordance with Section 9(e)), (iii) if the Registration Statement ceases to be effective for any reason (other than during a Suspension Event), promptly use its best efforts to cause the Registration Statement to again become effective (including by filing a new registration statement, successor registration statement or post-effective amendment as necessary) and to notify the Investor of the status thereof, and (iv) make all filings with the SEC and take all other actions as may be necessary or appropriate to maintain the effectiveness of the Registration Statement and ensure the availability thereof for the resale of the Registrable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor acknowledges and agrees that the Investor's name and such other information regarding the Investor as is required by applicable law, SEC rules and regulations or SEC staff guidance shall be included as a selling securityholder in the Registration Statement and any prospectus or prospectus supplement forming part thereof. The Investor consents to the disclosure of such information in the Registration Statement and any related filings with the SEC or other governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the case of the registration effected by TMCR pursuant to this Subscription Agreement, TMCR shall, upon reasonable request, inform the Investor as to the status of such registration. At its expense TMCR shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) except for such times as TMCR is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under state securities laws which TMCR determines to obtain, continuously effective with respect to Investor, and to keep the applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of the following: (A) Investor ceases to hold any Registrable Shares and (B) the date all Registrable Shares held by Investor may be sold without restriction under Canadian Securities Laws and Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates under Rule 144 and without the requirement for TMCR to be in compliance with the current public information required under Rule 144(c)(1). The Investor agrees to disclose its ownership to TMCR upon request to assist it in making the determination described above. The period of time during which TMCR is required hereunder to keep a Registration Statement effective is referred to herein as the "<u>Registration Period</u>";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) during the Registration Period, advise Investor, as expeditiously as possible (and within no later than three (3) business days):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) when a Registration Statement or any amendment thereto has been filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) after it shall receive notice or obtain knowledge thereof, of the issuance by the SEC of any stop order suspending the effectiveness of any Registration Statement or the initiation of any proceedings for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) of the receipt by TMCR of any notification with respect to the suspension of the qualification of the Registrable Shares included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the light of the circumstances under which they were made) not misleading.

Notwithstanding anything to the contrary set forth herein, TMCR shall not, when so advising Investor of such events, provide Investor with any material, non-public information regarding TMCR other than to the extent that providing notice to Investor of the occurrence of the events listed in (1) through (4) above may constitute material, non-public information regarding TMCR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) during the Registration Period, use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement as soon as reasonably practicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) during the Registration Period, upon the occurrence of any event contemplated in <u>Section 9(b)(ii)(4)</u> above, except for such times as TMCR is permitted hereunder to suspend, and has suspended, the use of a prospectus forming part of a Registration Statement, TMCR shall use its commercially reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Shares included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) during the Registration Period, use its commercially reasonable efforts to cause all Registrable Shares to be listed on each securities exchange or market, if any, on which the common shares issued hereby have been listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the Registration Period, use its commercially reasonable efforts to allow the Investor to review disclosure regarding the Investor in the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) during the Registration Period, otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Investor, consistent with the terms of this Subscription Agreement, in connection with the registration of the Registrable Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary in this Subscription Agreement, TMCR shall be entitled to delay the filing or effectiveness of, or suspend the use of, the Registration Statement if it determines that in order for the Registration Statement not to contain a material misstatement or omission, (i) an amendment thereto would be needed to include information that would at that time not otherwise be required in a current, quarterly, or annual report under the Exchange Act, or (ii) the negotiation or consummation of a transaction by TMCR or its subsidiaries is pending or an event has occurred, which negotiation, consummation or event TMCR's board of directors reasonably believes, upon the advice of outside legal counsel, would require additional disclosure by TMCR in the Registration Statement of material information that TMCR has a bona fide business purpose for keeping confidential and the non-disclosure of which in the Registration Statement would be expected, in the reasonable determination of TMCR's board of directors, upon the advice of outside legal counsel, to cause the Registration Statement to fail to comply with applicable disclosure requirements, (each such circumstance, a "<u>Suspension Event</u>"); <u>provided</u>, <u>however</u>, that TMCR may not delay or suspend the Registration Statement on more than two occasions or for more than thirty (30) consecutive calendar days, or more than ninety (60) total calendar days in each case during any twelve-month period. Upon receipt of any written notice from TMCR of the happening of any Suspension Event during the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein (in light of the circumstances under which they were made, in the case of the prospectus) not misleading, Investor agrees that (i) it will immediately discontinue offers and sales of the Registrable Shares under the Registration Statement (excluding, for the avoidance of doubt, sales conducted pursuant to Rule 144) until Investor receives copies of a supplemental or amended prospectus (which TMCR agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become effective or unless otherwise notified by TMCR that it may resume such offers and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by TMCR unless otherwise required by law or subpoena. If so directed by TMCR, Investor will deliver to TMCR or, in Investor's sole discretion destroy, all copies of the prospectus covering the Registrable Shares in Investor's possession; <u>provided</u>*, however,* that this obligation to deliver or destroy all copies of the prospectus covering the Registrable Shares shall not apply (A) to the extent Investor is required to retain a copy of such prospectus (1) to comply with applicable legal, regulatory, self-regulatory or professional requirements or (2) in accordance with a bona fide pre-existing document retention policy or (B) to copies stored electronically on archival servers as a result of automatic data back-up. The Investor may deliver written notice (an "Opt-Out Notice") to TMCR requesting that Investor not receive notices from TMCR otherwise required by this <u>Section 9(c)</u>; provided, however, that Investor may later revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from Investor (unless subsequently revoked), (i) TMCR shall not deliver any such notices to Investor and Investor shall no longer be entitled to the rights associated with any such notice and (ii) each time prior to Investor's intended use of an effective Registration Statement, Investor will notify TMCR in writing at least two (2) business days in advance of such intended use, and if a notice of a Suspension Event was previously delivered (or would have been delivered but for the provisions of this <u>Section 9(c)</u>) and the related suspension period remains in effect, TMCR will so notify Investor, within one (1) business day of Investor's notification to TMCR, by delivering to Investor a copy of such previous notice of Suspension Event, and thereafter will provide Investor with the related notice of the conclusion of such Suspension Event promptly following its availability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) TMCR agrees to indemnify, to the extent permitted by law, the Investor (to the extent a seller under the Registration Statement), its directors, officers, partners, managers, members, stockholders, advisers and each person who controls Investor (within the meaning of the Securities Act), to the extent permitted by law, against all losses, claims, damages, liabilities and reasonable and documented out of pocket expenses (including reasonable and documented attorneys' fees of one law firm (and one firm of local counsel)) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, prospectus included in any Registration Statement ("<u>Prospectus</u>") or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading, except insofar as the same are caused by or contained in any information or affidavit so furnished in writing to TMCR by or on behalf of such Investor expressly for use therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In connection with any Registration Statement in which an Investor is participating, such Investor shall furnish (or cause to be furnished) to TMCR in writing such information and affidavits as TMCR reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify TMCR, its directors and officers and each person or entity who controls TMCR (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable outside attorneys' fees) resulting from any untrue or alleged untrue statement of material fact contained or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading, but only to the extent that such untrue statement or omission is contained (or not contained in, in the case of an omission) in any information or affidavit so furnished in writing by on behalf of such Investor expressly for use therein; <u>provided</u>, <u>however</u>, that the liability of such Investor shall be several and not joint with any Other Investor or other selling shareholder named in the Registration Statement and shall be in proportion to and limited to the net proceeds received by such Investor from the sale of Registrable Shares giving rise to such indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any person or entity entitled to indemnification herein shall (A) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that the failure to give prompt notice shall not impair any person's or entity's right to indemnification hereunder to the extent such failure has not prejudiced the indemnifying party) and (B) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party or which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The indemnification provided for under this Subscription Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the transfer of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If the indemnification provided under this <u>Section 9(d)</u> from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations; <u>provided</u>, <u>however</u>, that the liability of the Investor shall be limited to the net proceeds received by such Investor from the sale of Registrable Shares giving rise to such indemnification obligation. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission), such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in <u>Sections 9(d)(i)</u>, <u>(ii)</u> and <u>(iii)</u> above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 9 (d)(v)</u> from any person or entity who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Subject to receipt from the Investor by TMCR and its transfer agent (the "<u>Transfer Agent</u>") of customary representations (including those set out in Schedule C) and other documentation reasonably acceptable to TMCR and the Transfer Agent in connection therewith, and, if required by the Transfer Agent, an opinion of TMCR's counsel, in a form reasonably acceptable to the Transfer Agent, to the effect that the removal of such restrictive legends in such circumstances may be effected under the Securities Act and applicable Canadian Securities Laws, the Investor may request that TMCR remove any legend from the book entry position evidencing the Shares within two (2) business days of such request and receipt of such representations and other documentation reasonably acceptable to TMCR and the Transfer Agent, following the earliest of such time as the Shares (A) are subject to and are sold or transferred pursuant to an effective registration statement to purchasers outside of Canada or (B) have been or are about to be sold pursuant to Rule 144, provided that in the case of clauses (A) and (B) the resale of such Shares is not subject to the restrictions of Section 2.5 of NI 45-102 or any other applicable Canadian Securities Laws. If restrictive legends are no longer required for the Shares pursuant to the foregoing, TMCR shall, in accordance with the provisions of this section and reasonably promptly following any request therefor from the Investor accompanied by such customary and reasonably acceptable representations and other documentation referred to above establishing that restrictive legends are no longer required, deliver to the Transfer Agent irrevocable instructions that the Transfer Agent shall make a new, unlegended entry for the Shares. TMCR shall be responsible for the fees of the Transfer Agent associated with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Termination</u>. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earliest to occur of (a) such date and time as the Transaction Agreement is terminated in accordance with its terms without being consummated, (b) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement, (c) if the conditions to Closing set forth in <u>Section 3</u> of this Subscription Agreement are not satisfied at, or are not capable of being satisfied on or prior to, the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement will not be or are not consummated at the Closing and (d) June 1, 2026, if the closing of the Transaction has not occurred on or before such date; <u>provided</u> that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from any such willful breach. TMCR shall notify the Investor of the termination of the Transaction Agreement promptly after the termination of such agreement. Upon the termination of this Subscription Agreement in accordance with this <u>Section 10</u>, any monies paid by the Investor to TMCR in connection herewith shall be promptly (and in any event within one business day after such termination) returned to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>[Reserved].</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither this Subscription Agreement nor any rights that may accrue to the Investor hereunder (other than the Shares acquired hereunder, if any) may be transferred or assigned provided that the Investor may assign its rights and obligations under this Subscription Agreement to one or more of its affiliates or to another investment fund or account managed or advised by the investment manager who acts on behalf of the Investor or an affiliate thereof; provided that no such assignment shall relieve the Investor of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) TMCR may request from the Investor such additional information as TMCR may deem necessary to evaluate the eligibility of the Investor to acquire the Shares and in connection with the inclusion of the Shares in the Registration Statement, and the Investor shall provide such information as may reasonably be requested, to the extent readily available and to the extent consistent with its internal policies and procedures; provided that TMCR agrees to keep any such information confidential, other than as (i) necessary to include in any Registration Statement, or (ii) may be required by applicable law, rule, regulation or in connection with any legal proceeding or regulatory request. The Investor acknowledges that TMCR may file a form of this Subscription Agreement with the SEC as an exhibit to a current or periodic report or a registration statement of TMCR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Investor acknowledges that TMCR will rely on the acknowledgments, understandings, agreements, representations and warranties of the Investor contained in <u>Section 8</u> of this Subscription Agreement. Prior to the Closing, the Investor agrees to promptly notify TMCR if any of the acknowledgments, understandings, agreements, representations and warranties of the Investor set forth herein (i) are no longer accurate and (ii) are not expected to be accurate as of immediately prior to the Closing. The Investor and TMCR each acknowledges and agrees that the Placement Agents will rely on the representations and warranties of (i) the Investor contained in <u>Section 8</u> of this Subscription Agreement and (ii) TMCR contained in <u>Section 5</u> of this Subscription Agreement, and that the Placement Agents are intended third-party beneficiaries of the representations and warranties of the Investor and of TMCR, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) TMCR, the Placement Agents and the Investor are each irrevocably authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All of the representations and warranties contained in this Subscription Agreement shall survive the Closing. All of the covenants and agreements made by each party hereto in this Subscription Agreement shall survive the Closing until the applicable statute of limitations, or in accordance with their respective terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Subscription Agreement may not be modified, waived or terminated (other than pursuant to the terms of <u>Section 10</u> above) except by an instrument in writing, signed by each of the parties hereto. No failure or delay of either party in exercising any right or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties and third party beneficiaries hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Subscription Agreement (including the schedules hereto) constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof. Except as set forth in <u>Section 9(d)</u>, <u>Section 12(c), Section 12(d) and</u> Section 13 with respect to the persons referenced therein, and except with respect to the Placement Agents who shall be express third-party beneficiaries of this Subscription Agreement entitled to enforce the provisions hereof that are for their benefit (including, without limitation, the representations, warranties, covenants and exculpation provisions made in favour of or for the benefit of the Placement Agents), this Subscription Agreement shall not confer any rights or remedies upon any person other than the parties hereto, and their respective successor and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors, administrators, successors, legal representatives and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If any provision of this Subscription Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) This Subscription Agreement may be executed in one or more counterparts (including by electronic mail or in .pdf) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Subscription Agreement, without posting a bond or undertaking and without proof of damages, to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND THE SUPREME COURT OF THE STATE OF NEW YORK SOLELY IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS SUBSCRIPTION AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS SUBSCRIPTION AGREEMENT AND IN RESPECT OF THE TRANSACTIONS CONTEMPLATED HEREBY, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS SUBSCRIPTION AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED BY SUCH A NEW YORK STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN <u>SECTION 15</u> OF THIS SUBSCRIPTION AGREEMENT OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. THIS SUBSCRIPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THAT WOULD OTHERWISE REQUIRE THE APPLICATION OF THE LAW OF ANY OTHER STATE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(m) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS SUBSCRIPTION AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY; AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS SUBSCRIPTION AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS <u>SECTION 12(m)</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Reliance and Exculpation</u>. The Investor acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, the Placement Agents, any of their affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), other than the statements, representations and warranties of TMCR expressly contained in <u>Section 5</u> of this Subscription Agreement, in making its investment or decision to invest in TMCR. The Investor acknowledges and agrees that none of (i) any Other Investor pursuant to this Subscription Agreement or any Other Subscription Agreement related to the private placement of the Shares (including the investor's respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing), (ii) the Placement Agents, their affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the foregoing, (iii) any other party to the Transaction Agreement (other than TMCR), or (iv) any affiliates, or any control persons, officers, directors, employees, partners, agents or representatives of any of TMCR or any other party to the Transaction Agreement shall be liable to the Investor, or to any Other Investor, pursuant to this Subscription Agreement or any Other Subscription Agreement related to the private placement of the Shares, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Press Releases</u>. TMCR shall, on or prior to 9:00 a.m., New York City time, on the first business day following the date hereof, issue one or more press releases or furnish or file with the SEC a Current Report on Form 6-K (collectively, the "<u>Disclosure Document</u>") disclosing, to the extent not previously publicly disclosed, the PIPE Investment, all material terms of the Transaction and any other material, non-public information that TMCR has provided to the Investor at any time prior to the filing of the Disclosure Document. From and after the disclosure of the Disclosure Document, to the knowledge of TMCR, the Investor shall not be in possession of any material, non-public information received from TMCR or any of their respective officers, directors, employees or agents, and the Investor shall no longer be subject to any confidentiality or similar obligations under any current agreement, whether written or oral, relating to the transactions contemplated by this Subscription Agreement. All press releases or other public communications relating to the transactions contemplated hereby among TMCR and the Investor, and the method of the release for publication thereof, shall be subject to the prior written approval of (i) TMCR, and (ii) to the extent such press release or public communication references the Investor or its affiliates or investment advisers by name, the Investor. The restriction in this <u>Section 14</u> shall not apply to the extent the public announcement is required by applicable securities law, any governmental authority or stock exchange rule; <u>provided</u>, that in such an event, the applicable party shall use its commercially reasonable efforts to consult with the other party in advance as to its form, content and timing. Other than as specifically set forth in this Agreement, TMCR shall not, and TMCR shall cause each of its subsidiaries and each of its and their respective officers, directors, employees and agents not to, provide the Investor with any material, non-public information regarding TMCR from and after the disclosure of the Disclosure Document without first obtaining the express prior written consent of such Investor (which may be granted or withheld in such Investor's sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notices</u>. All notices and other communications among the parties shall be in writing and shall be deemed to have been duly given (i) when delivered in person, (ii) when delivered after posting in the United States mail having been sent registered or certified mail return receipt requested, postage prepaid, (iii) when delivered by FedEx or other nationally recognized overnight delivery service, or (iv) when delivered by email (in each case in this clause (iv), solely if receipt is confirmed, but excluding any automated reply, such as an out-of-office notification), addressed as follows:

If to the Investor, to the address provided on the Investor's signature page hereto.

If to TMCR to:

The Metals Royalty Company Inc.

1900 Dome Tower

333, 7<sup>th</sup> Ave SW

Calgary, AB, T2P 2Z1<br> Attention: Donald Sewell, President and Chief Financial Officer

with copies to (which shall not constitute notice), to:

Goodwin Procter LLP

The New York Times Building<br> 620 Eighth Avenue

Attention: Benjamin K. Marsh <br> Paul Heller

Email: BenjaminMarsh@goodwinlaw.com

pheller@goodwinlaw.com

or to such other address or addresses as the parties may from time to time designate in writing. Copies delivered solely to outside counsel shall not constitute notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. For the avoidance of doubt, all obligations of the Investor hereunder are separate and several from the obligations of any Other Investor. The decision of Investor to purchase the Shares pursuant to this Subscription Agreement has been made by Investor independently of any Other Investor or any other investor and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of TMCR, or any of its subsidiaries which may have been made or given by any Other Investor or investor or by any agent or employee of any Other Investor or investor, and neither Investor nor any of its agents or employees shall have any liability to any Other Investor or investor (or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Investor or Other Investors pursuant hereto or thereto, shall be deemed to constitute Investor and Other Investor or other investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Investor and Other Investors or other investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. The Investor acknowledges that no Other Investor has acted as agent for Investor in connection with making its investment hereunder and no Other Investor will be acting as agent of Investor in connection with monitoring its investment in the Shares or enforcing its rights under this Subscription Agreement. The Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Investor or investor to be joined as an additional party in any proceeding for such purpose.

[SIGNATURE PAGES FOLLOW]

**IN WITNESS WHEREOF**, the Investor has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

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| | |
|:---|:---|
| Name of Investor: | State/Province/Country of Formation or Domicile: |
| By: |  |
| Name: |  |
| Title: |  |
|  | Date: ________, 2026 |
| Investor's EIN (if applicable): |  |
| Business Address-Street: |  |
| City, Province/State, Postal/Zip Code: |  |
| Attn: |  |
| Telephone No.: |  |
| Facsimile No.: |  |
| Number of Shares subscribed for: |  |
| Aggregate Subscription Amount: $ | Price Per Share: $13.00 |

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You must pay the Subscription Amount by wire transfer of United States dollars in immediately available funds to the account specified by TMCR in the Closing Notice. Registration and Delivery Instructions

The Investor requests that the Shares be registered and that the DRS statement or other evidence of ownership be delivered in accordance with the following instructions:

Name in which Shares are to be registered:

Account reference or DTC participant information (if applicable):

Address for registration:

Delivery of DRS Statement — Please select one of the following:

☐ By email to the following email address: ____________________________________

☐ By hard copy mail to the Business Address above or, if different, the following address:

Mailing Address-Street (if different): <br> City, Province/State, Postal /Zip Code: <br> Attn:  

The Investor acknowledges that if no registration or delivery instructions are provided above, the DRS statement will be registered in the name of the Investor, and delivered by email to the email address, set forth on the Investor's signature page of this Subscription Agreement.

[*Signature Page to Subscription Agreement*]

**IN WITNESS WHEREOF**, The Metals Royalty Company Inc. has accepted this Subscription Agreement as of the date set forth below.

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| | | |
|:---|:---|:---|
|  | THE METALS ROYALTY COMPANY INC. | THE METALS ROYALTY COMPANY INC. |
|  | By: | |
|  |  | Name: |
|  |  | Title: |
| Date: , 2026 |  |  |

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[*Signature Page to Subscription Agreement*]

**SCHEDULE A**

**U.S INVESTORS<br> ELIGIBILITY REPRESENTATIONS OF THE INVESTOR**

A. QUALIFIED INSTITUTIONAL BUYER STATUS<br>
 (Please check the applicable subparagraphs):

☐ We are a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act).

\*\*OR\*

B. INSTITUTIONAL ACCREDITED INVESTOR STATUS<br>
 (Please check the applicable subparagraphs):

1. ☐ We are an "accredited investor" (within the meaning of Rule 501(a)(1), (2),
 (3), (7), (9) or (12) under the Securities Act) or an entity in which all of the equity
 holders are accredited investors within the meaning of Rule 501(a) under the Securities
 Act, and have marked and initialed the appropriate box on the following page indicating
 the provision under which we qualify as an "accredited investor."

2. ☐ We are not a natural person.

Rule 501(a), in relevant part, states that an "accredited investor" shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. The Investor has indicated, by marking and initialing the appropriate box below, the provision(s) below which apply to the Investor and under which the Investor accordingly qualifies as an "accredited investor."

☐ Any bank, registered broker or dealer, insurance company, registered investment company, business development company, or small business investment company;

☐ Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

☐ Any employee benefit plan, within the meaning of the Employee Retirement Income Security Act of 1974, if a bank, insurance company, or registered investment adviser makes the investment decisions, or if the plan has total assets in excess of $5,000,000;

☐ Any organization described in Section 501(c)(3) of the Internal Revenue Code, corporation, similar business trust, or partnership, not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000;

☐ Any trust with assets in excess of $5,000,000, not formed to acquire the securities offered, whose purchase is directed by a sophisticated person; or

☐ Any entity in which all of the equity owners are accredited investors meeting one or more of the above tests.

◻An entity, of a type not listed in paragraph 501(a)(1), (2), (3) or (7) not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000.

☐ A "family office", as defined in rule 202(a)(11)(G)-1 under the Investment Advisers Act of 1940, with assets under management in excess of $5,000,000, that is not formed for the specific purpose of acquiring the securities offered, and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

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| |
|:---|
| Name of Investor: |
| By: |
| Name: |
| Title: |

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***This page should be completed by the Investor and constitutes a part of the Subscription Agreement.***

**SCHEDULE B**

**CANADIAN INVESTORS**

**CERTIFICATE OF ACCREDITED INVESTOR**

**Accredited Investor –** (as defined in National Instrument 45-106, and in Ontario, as defined in Section 73.3 of the *Securities Act* (Ontario) as supplemented by the definition in National Instrument 45-106) includes:

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| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(a) except in Ontario, a Canadian financial institution, or a Schedule III bank, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(a.1) in Ontario, a financial institution described in paragraph 1, 2 or 3 of subsection 73.1 (1) of the *Securities Act* (Ontario), |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(b) except in Ontario, the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada), |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(b.1) in Ontario, the Business Development Bank of Canada, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(c) except in Ontario, a subsidiary of any person referred to in paragraphs (a) or (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(c.1) in Ontario, a subsidiary of any person or company referred to in clause (a.1) or (b.1), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(d) except in Ontario, a person registered under the securities legislation of a jurisdiction of Canada as an adviser or dealer, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(d.1) in Ontario, a person or company registered under the securities legislation of a province or territory of Canada as an adviser or dealer, except as otherwise prescribed by the regulations, |
|  | &nbsp;&nbsp;**Jurisdiction(s) registered**: ________________ **Categories of registration**:________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(e) an individual registered under the securities legislation of a jurisdiction of Canada as a representative of a person referred to in paragraph (d), |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(e.1) an individual formerly registered under the securities legislation of a jurisdiction of Canada, other than an individual formerly registered solely as a representative of a limited market dealer under one or both of the *Securities Act* (Ontario) or the *Securities Act* (Newfoundland and Labrador), |
|  | &nbsp;&nbsp; **Name of person with whom Purchaser is or was registered**: _____________________________<br>**Jurisdiction(s) registered**: ________________ **Categories of registration**:________________ |

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| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(f) except in Ontario, the Government of Canada or a jurisdiction of Canada, or any crown corporation, agency or wholly owned entity of the Government of Canada or a jurisdiction of Canada, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(f.1) in Ontario, the Government of Canada, the government of a province or territory of Canada, or any Crown corporation, agency or wholly owned entity of the Government of Canada or of the government of a province or territory of Canada, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(g) a municipality, public board or commission in Canada and a metropolitan community, school board, the Comité de gestion de la taxe scolaire de l'île de Montréal or an intermunicipal management board in Québec, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(h) any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(i) except in Ontario, a pension fund that is regulated by the Office of the Superintendent of Financial Institutions (Canada), a pension commission or similar regulatory authority of a jurisdiction of Canada, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(i.1) in Ontario, a pension fund that is regulated by either the Office of the Superintendent of Financial Institutions (Canada) or a pension commission or similar regulatory authority of a province or territory of Canada, |
|  | &nbsp;&nbsp;**Jurisdiction(s) registered**: ________________ **Registration number(s)**:________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp; (j) an individual who, either alone or with a spouse, beneficially owns financial assets having an aggregate realizable value that before taxes, but net of any related liabilities, exceeds $1,000,000,<br>[Note: Financial assets include cash and securities, but do not include a personal residence – see the definition of "financial assets" below. Financial assets are generally liquid or relatively easy to liquidate. You must subtract any liabilities related to your financial assets to calculate your net financial assets—see the definition of "related liabilities" below. In the case where financial assets are held in a trust or in another type of investment vehicle for the benefit of an individual there may be questions as to whether the individual beneficially owns the financial assets. The following factors are indicative of beneficial ownership of financial assets: (i) physical or constructive possession of evidence of ownership of the financial asset; (ii) entitlement to receipt of any income generated by the financial asset; (iii) risk of loss of the value of the financial asset; and (iv) the ability to dispose of the financial asset or otherwise deal with it as you see fit. For example, securities held in a self-directed RRSP, for your sole benefit, are beneficially owned by you. In general, financial assets in a spousal RRSP would also be included for the purposes of the financial assets test in this paragraph (j); however, financial assets held in a group RRSP under which you do not have the ability to acquire the financial assets and deal with them directly are not considered to be beneficially owned by you. If you meet the higher financial asset threshold set out in paragraph (j.1) as an individual exclusive of your spouse, then initial paragraph (j.1) instead of this paragraph (j). **If this is your applicable category, you must also complete <u>Form 45-106F9 attached as Appendix I to this Schedule B</u>**<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate realizable value of <u>financial assets</u> before taxes | &nbsp;&nbsp;**$- ________________________** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Related liabilities</u> | &nbsp;&nbsp;**$- ________________________** |

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| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp; (j.1) an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds $5,000,000,<br>[Note: See the definition of "financial assets" below and the guidance in paragraph (j) above. The financial assets of your spouse (including financial assets in a spousal RRSP) cannot be included in the calculation of net financial assets under this paragraph (j.1).]<br>|

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aggregate realizable value of <u>financial assets</u> before taxes | &nbsp;&nbsp;**$- ________________________** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Related liabilities</u> | &nbsp;&nbsp;**$- ________________________** |

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| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp; (k) an individual whose net income before taxes exceeded $200,000 in each of the 2 most recent calendar years or whose net income before taxes combined with that of a spouse exceeded $300 000 in each of the 2 most recent calendar years and who, in either case, reasonably expects to exceed that net income level in the current calendar year, **If this is your applicable category, you must also complete <u>Form 45-106F9 attached as Appendix I to this Schedule B</u>**<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Net income before taxes | &nbsp;&nbsp;Last year | &nbsp;&nbsp;Range - > $100,000 □ State Amount: $__________<br> Range - $100,000-200,000 □****<br> Range - $201,000-300,000 □****<br> Range - $301,000-400,000 □****<br> Range – $401,000-500,000 □<br> Range - Greater than $501,000 + □ |
|  | &nbsp;&nbsp;Last year |  |
|  | &nbsp;&nbsp;Year prior to last year | &nbsp;&nbsp;Range - > $100,000 □ State Amount: $__________<br> Range - $100,000-200,000 □****<br> Range – $201,000-300,000 □ |
|  | &nbsp;&nbsp;Year prior to last year | &nbsp;&nbsp;Range - $301,000-400,000 □<br> Range - $401,000-500,000 □<br> Range - Greater than $501,000 + □ |
|  | &nbsp;&nbsp;Year prior to last year |  |
| &nbsp;&nbsp;<u>If applicable</u>, net income before taxes of your spouse | &nbsp;&nbsp;Last year | &nbsp;&nbsp;Range - > $100,000 □ State Amount: $__________****<br> Range - $100,000-300,000 □****<br> Range - $301,000-400,000 □<br> Range - $401,000-500,000 □<br> Range - Greater than $501,000 + □<br>|
|  | &nbsp;&nbsp;Year prior to last year | &nbsp;&nbsp;Range - > $100,000 □ State Amount: $__________<br> Range - $100,000-300,000 □****<br> Range - $301,000-400,000 □ |
|  | &nbsp;&nbsp;Year prior to last year | &nbsp;&nbsp;Range - $401,000-500,000 □<br> Range - Greater than $501,000 + □ |

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| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp; (l) an individual who, either alone or with a spouse, has net assets of at least $5,000,000,<br>[Note: To calculate net assets, take the value of your total assets (which may include a personal residence) and subtract your total liabilities (which may include a mortgage). The value attributed to assets should reasonably reflect their estimated fair value. Income tax should be considered a liability if the obligation to pay it is outstanding at the time of the distribution of these securities. **If this is your applicable category, you must also complete <u>Form 45-106F9 attached as Appendix I to this Schedule B</u>** |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Total Assets | &nbsp;&nbsp;$- ______________________ |
|  | &nbsp;&nbsp;Minus - Total Liabilities (including outstanding taxes) | &nbsp;&nbsp;$- _______________________ |
|  | &nbsp;&nbsp;Equals = Net Assets | &nbsp;&nbsp;$- ________________________ |
| | &nbsp;&nbsp;[Note: If individual accredited investors wish to purchase through wholly-owned holding companies or similar entities, such purchasing entities must qualify under either sections (t) or (w) below, which must be initialed and the applicable information indicated completed.] | &nbsp;&nbsp;[Note: If individual accredited investors wish to purchase through wholly-owned holding companies or similar entities, such purchasing entities must qualify under either sections (t) or (w) below, which must be initialed and the applicable information indicated completed.] |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(m) a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements, | &nbsp;&nbsp;(m) a person, other than an individual or investment fund, that has net assets of at least $5,000,000 as shown on its most recently prepared financial statements, |
|  | &nbsp;&nbsp;**Type of entity**: ______________ **Jurisdiction and date of formation**: ___________________ | &nbsp;&nbsp;**Type of entity**: ______________ **Jurisdiction and date of formation**: ___________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) an investment fund that distributes or has distributed its securities only to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is or was an accredited investor at the time of the distribution,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [*Minimum amount investment*], or 2.19 [*Additional investment in investment funds*], or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [*Investment fund reinvestment*], | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) an investment fund that distributes or has distributed its securities only to:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a person that is or was an accredited investor at the time of the distribution,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a person that acquires or acquired securities in the circumstances referred to in sections 2.10 [*Minimum amount investment*], or 2.19 [*Additional investment in investment funds*], or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a person described in paragraph (i) or (ii) that acquires or acquired securities under section 2.18 [*Investment fund reinvestment*], |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(o) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt, | &nbsp;&nbsp;(o) an investment fund that distributes or has distributed securities under a prospectus in a jurisdiction of Canada for which the regulator or, in Québec, the securities regulatory authority, has issued a receipt, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(p) a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, | &nbsp;&nbsp;(p) a trust company or trust corporation registered or authorized to carry on business under the *Trust and Loan Companies Act* (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a fully managed account managed by the trust company or trust corporation, as the case may be, |
|  | &nbsp;&nbsp;**Jurisdiction(s) registered**: ________________ **Registration number(s)**:________________ | &nbsp;&nbsp;**Jurisdiction(s) registered**: ________________ **Registration number(s)**:________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, | &nbsp;&nbsp;(q) a person acting on behalf of a fully managed account managed by that person, if that person is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction, |
|  | &nbsp;&nbsp; **Jurisdiction(s) registered or authorized**: ________________________________________<br>**Categories of registration**: ___________________________________________________ | &nbsp;&nbsp; **Jurisdiction(s) registered or authorized**: ________________________________________<br>**Categories of registration**: ___________________________________________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(r) a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, | &nbsp;&nbsp;(r) a registered charity under the *Income Tax Act* (Canada) that, in regard to the trade, has obtained advice from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity to give advice on the securities being traded, |
|  | &nbsp;&nbsp; **Registration number(s) assigned to subscriber**: ________________________________________<br>**Name of eligibility advisor or registered advisor**: __________________________________<br>**Jurisdiction(s) registered**: ________________ **Categories of registration**:_______________ | &nbsp;&nbsp; **Registration number(s) assigned to subscriber**: ________________________________________<br>**Name of eligibility advisor or registered advisor**: __________________________________<br>**Jurisdiction(s) registered**: ________________ **Categories of registration**:_______________ |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(s) an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (d) or paragraph (i) [and in Ontario, paragraphs (a.1) to (d.1) or paragraph (i.1)] in form and function, |
|  | &nbsp;&nbsp;**Jurisdiction organized**: ___________________**Type of entity**: _______________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(t) a person in respect of which all of the owners of interests, direct, indirect or beneficial, except the voting securities required by law to be owned by directors, are persons that are accredited investors [**If this is your applicable category, each owner of an interest must individually complete and submit to the Company its own copy of this Certificate of Accredited Investor**], |
|  | &nbsp;&nbsp; **Name(s) of owners of interest: __________________________________________________**<br>**Type of entity (if applicable): ____________________________________________**<br>**Categories of accredited investor: _______________________________________________**  |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(u) an investment fund that is advised by a person registered as an adviser or a person that is exempt from registration as an adviser, |
|  | &nbsp;&nbsp; **Name of advisor**: _____________________ **Jurisdiction(s) registered**: ________________<br>**Categories of registration**:______________ **Basis of exemption**: _____________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(v) a person that is recognized or designated by the securities regulatory authority or, except in Ontario and Québec, the regulator as an accredited investor, |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(v.1) in Ontario, a person or company that is recognized or designated by the Commission as an accredited investor, |
|  | &nbsp;&nbsp;**Jurisdiction(s) recognized or designated**: ________________________________________ |
| &nbsp;&nbsp;_______ | &nbsp;&nbsp;(w) a trust established by an accredited investor for the benefit of the accredited investor's family members of which a majority of the trustees are accredited investors and all of the beneficiaries are the accredited investor's spouse, a former spouse of the accredited investor or a parent, grandparent, brother, sister, child or grandchild of that accredited investor, of that accredited investor's spouse or of that accredited investor's former spouse. |
|  | &nbsp;&nbsp; **Name(s) of settlor**: ___________________________________________________________<br>**Name(s) of trustees**: **___________________________________________________________**<br>**C** **ategories of accredited investor:** _______________________________________________<br>**C** **ategories of beneficiaries:** ___________________________________________________ |

---

---

| |
|:---|
| DATED: |
| Print name of Investor |
| Signature |
| Print name of Signatory (if different from Investor) |
| Title |

---

**For the purposes hereof:**

(a) "**control person**" has the meaning ascribed to that term in securities legislation except in Manitoba, Ontario, Quebec, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, the Northwest Territories and Nunavut where "control person" means any person that holds or is one of a combination of persons that hold:

(i) a sufficient number of any of the securities of an issuer so as to affect materially the control of the issuer; or

(ii) more than 20% of the outstanding voting securities of an issuer except where there is evidence showing that the holding of those securities does not affect materially the control of that issuer;

(b) "**director**" means:

(i) a member of the board of directors of a company or an individual who performs similar functions for a company; and

(ii) with respect to a person that is not a company, an individual who performs functions similar to those of a director of a company;

(c) "**eligibility adviser**" means:

(i) a person that is registered as an investment dealer or in an equivalent category of registration under the securities legislation of the jurisdiction of a Purchaser and authorized to give advice with respect to the type of security being distributed; and

(ii) in Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a jurisdiction of Canada or a chartered professional accountant who is a member in good standing of an organization of chartered professional accountants in a jurisdiction of Canada provided that the lawyer or chartered professional accountant does not:

(A) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders or control persons; and

(B) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors, executive officers, founders or control persons within the previous 12 months;

(d) "**executive officer**" means, for an issuer, an individual who is:

 (i) a chair, vice-chair or president;

 (ii) a vice-president in charge of a principal business unit, division or function including sales, finance or production; or

 (iii) performing a policy-making function in respect of the issuer;

(e) "**financial assets**" means (i) cash, (ii) securities or (iii) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation. These financial assets are generally liquid or relatively easy to liquidate. The value of a purchaser's personal residence would not be included in a calculation of financial assets;

(f) "**financial statements**" for the purposes of paragraph (m) of the "accredited investor" definition must be prepared in accordance with generally accepted accounting principles;

(g) "**founder**" means, in respect of an issuer, a person who:

 (i) acting alone, in conjunction or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing the business of the issuer; and

 (ii) at the time of the distribution or trade is actively involved in the business of the issuer;

(h) "**fully managed account**" means an account of a client for which a person makes the investment decisions if that person has full discretion to trade in securities for the account without requiring the client's express consent to a transaction;

(i) "**investment fund**" has the meaning ascribed thereto in National Instrument 81-106 - *Investment Fund Continuous Disclosure*;

(j) "**net assets**" means all of the purchaser's total assets minus all of the purchaser's total liabilities. Accordingly, for the purposes of the net asset test, the calculation of total assets would include the value of a purchaser's personal residence and the calculation of total liabilities would include the amount of any liability (such as a mortgage) in respect of the purchaser's personal residence. To calculate a purchaser's net assets under the "accredited investor" definition, subtract the purchaser's total liabilities from the purchaser's total assets (including real estate). The value attributed to assets should reasonably reflect their estimated fair value. Income tax should be considered a liability if the obligation to pay it is outstanding at the time of the distribution of the security;

(k) "**person**" includes:

 (i) an individual;

 (ii) a corporation;

 (iii) a partnership, trust, fund and association, syndicate, organization or other organized group of persons, whether incorporated or not; and

 (iv) an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal representative;

(l) "**related liabilities**" means:

 (i) liabilities incurred or assumed for the purpose of financing the acquisition or ownership of financial assets; or

 (ii) liabilities that are secured by financial assets;

(m) "**Schedule III bank**" means an authorized foreign bank named in Schedule III of the *Bank Act* (Canada);

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(n) | "**spouse**" means an individual who: | "**spouse**" means an individual who: |
|  | (i) | is married to another individual and is not living separate and apart within the meaning of the *Divorce Act* (Canada), from the other individual; |
|  | (ii) | is living with another individual in a marriage-like relationship, including a marriage-like relationship between individuals of the same gender; or |
|  | (iii) | in Alberta, is an individual referred to in paragraph (i) or (ii) immediately above or is an adult interdependent partner within the meaning of the *Adult Interdependent Relationships Act* (Alberta); and |
| &nbsp;&nbsp;(o) | "**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary. | "**subsidiary**" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary. |

---

**All monetary references are in Canadian Dollars**

**Appendix I to Schedule B**

**FORM 45-106F9 - FORM FOR INDIVIDUAL ACCREDITED INVESTORS**

&nbsp;&nbsp; **WARNING!**<br>**This investment is risky. Don't invest unless you can afford to lose all the money you pay for this investment.**<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 1 TO BE COMPLETED BY ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**1. About your investment** | &nbsp;&nbsp;**1. About your investment** |
| &nbsp;&nbsp;Type of securities: Common Shares | &nbsp;&nbsp;Issuer: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;Purchased from: | &nbsp;&nbsp;Purchased from: |
| &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** | &nbsp;&nbsp;**SECTIONS 2 TO 4 TO BE COMPLETED BY THE PURCHASER** |
| &nbsp;&nbsp;**2. Risk acknowledgement** | &nbsp;&nbsp;**2. Risk acknowledgement** |
| &nbsp;&nbsp;This investment is risky. Initial that you understand that: | &nbsp;&nbsp;**Your<br> initials** |
| &nbsp;&nbsp;**Risk of loss** – You could lose your entire investment of $________. |  |
| &nbsp;&nbsp;**Liquidity risk** – You may not be able to sell your investment quickly – or at all. |  |
| &nbsp;&nbsp;**Lack of information** – You may receive little or no information about your investment. |  |
| &nbsp;&nbsp;**Lack of advice –** You will not receive advice from the salesperson about whether this investment is suitable for you unless the salesperson is registered. The salesperson is the person who meets with, or provides information to, you about making this investment. To check whether the salesperson is registered, go to <u>www.aretheyregistered.ca</u>. |  |
| &nbsp;&nbsp;**3. Accredited investor status** | &nbsp;&nbsp;**3. Accredited investor status** |
| &nbsp;&nbsp;You must meet at least **one** of the following criteria to be able to make this investment. Initial the statement that applies to you. (You may initial more than one statement.) The person identified in section 6 is responsible for ensuring that you meet the definition of accredited investor. That person, or the salesperson identified in section 5, can help you if you have questions about whether you meet these criteria. | &nbsp;&nbsp;**Your<br> initials** |
| &nbsp;&nbsp;· Your net income before taxes was more than $200,000 in each for the 2 most recent calendar years, and you expect it to be more than $200,000 in the current calendar year. (You can find your net income before taxes on your personal income tax return.) |  |
| &nbsp;&nbsp;· Your net income before taxes combined with your spouse's was more than $300,000 in each of the 2 most recent calendar years, and you expect your combined net income before taxes to be more than $300,000 in the current calendar year. |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;· Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. | &nbsp;&nbsp;· Either alone or with your spouse, you own more than $1 million in cash and securities, after subtracting any debt related to the cash and securities. |
| &nbsp;&nbsp;· Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) | &nbsp;&nbsp;· Either alone or with your spouse, you have net assets worth more than $5 million. (Your net assets are your total assets (including real estate) minus your total debt.) |
| &nbsp;&nbsp;**4. Your name and signature** | &nbsp;&nbsp;**4. Your name and signature** |
| &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. | &nbsp;&nbsp;By signing this form, you confirm that you have read this form and you understand the risks of making this investment as identified in this form. |
| &nbsp;&nbsp;First and last name (please print): | &nbsp;&nbsp;First and last name (please print): |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |
| &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** | &nbsp;&nbsp;**SECTION 5 TO BE COMPLETED BY THE SALESPERSON** |
| &nbsp;&nbsp;**5. Salesperson information** | &nbsp;&nbsp;**5. Salesperson information** |
| &nbsp;&nbsp;**[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.]** | &nbsp;&nbsp;**[*Instruction: The salesperson is the person who meets with, or provides information to, the purchaser with respect to making this investment. That could include a representative of the issuer or selling security holder, a registrant or a person who is exempt from the registration requirement*.]** |
| &nbsp;&nbsp;First and last name of salesperson (please print): | &nbsp;&nbsp;First and last name of salesperson (please print): |
| &nbsp;&nbsp;Telephone: | &nbsp;&nbsp;Email: |
| &nbsp;&nbsp;Name of firm (if registered): | &nbsp;&nbsp;Name of firm (if registered): |
| &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** | &nbsp;&nbsp;**SECTION 6 TO BE COMPLETED BY THE ISSUER OR SELLING SECURITY HOLDER** |
| &nbsp;&nbsp;**6. For more information about this investment** | &nbsp;&nbsp;**6. For more information about this investment** |
| &nbsp;&nbsp; <br> [Company]<br> [Address]<br>[Contact Name]<br> [Phone]<br> [Email]<br> [Website]<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at** <u>www. securities-administrators.ca</u> | &nbsp;&nbsp; <br> [Company]<br> [Address]<br>[Contact Name]<br> [Phone]<br> [Email]<br> [Website]<br>**For more information about prospectus exemptions, contact your local securities regulator. You can find contact information at** <u>www. securities-administrators.ca</u> |

---

**SCHEDULE C**

**LEGEND REMOVAL DECLARATION**

The undersigned registered holder of common shares of The Metals Royalty Company Inc. (the "**Company**") to which this declaration relates (the "**Subject Shares**") hereby certifies, in connection with the sale and transfer of such common shares, that one of the following categories A, B or C applies to the undersigned:

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Alberta/Ontario: The undersigned is a resident of the Province of Alberta or Ontario, and:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. the sale will be executed on or through
 the facilities of the Nasdaq and neither the undersigned nor any person acting on its behalf
 has reason to believe that the transaction has been prearranged with a buyer in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;2. the sale is bona fide and not for the
 purpose of "washing off" the resale restrictions imposed pursuant to CSA National
 Instrument 45-102 – Resale of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. the sale is not a transaction or part
 of a series of transactions that is part of a plan or scheme to evade the prospectus requirement
 of Canadian securities legislation;

&nbsp;&nbsp;&nbsp;&nbsp;4. the Subject Shares are subject to a registration
 statement filed by the Company with the U.S. Securities and Exchange Commission in accordance
 with the U.S. Securities Act of 1933, as amended, registering the Subject Shares in connection
 with such sale and such registration statement will be effective at the date of the sale;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. the undersigned has consulted its independent
 counsel regarding whether the undersigned is in a position to provide the declarations contained
 herein and acknowledges that it is (i) not relying on the Company or the Company's
 counsel for advice regarding the completion of this declaration, and (ii) solely responsible
 for compliance with all applicable laws in connection with the sale of the Subject Shares.

**-OR-**

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Non-Canadian: The undersigned is not a resident of Canada, and:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. the sale will be executed on or through
 the facilities of the Nasdaq and neither the undersigned nor any person acting on its behalf
 has reason to believe that the transaction has been prearranged with a buyer in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;2. the sale is bona fide and not for the
 purpose of "washing off" the resale restrictions imposed pursuant to CSA National
 Instrument 45-102 – Resale of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. the sale is not a transaction or part
 of a series of transactions that is part of a plan or scheme to evade the prospectus requirement
 of Canadian securities legislation;

&nbsp;&nbsp;&nbsp;&nbsp;4. the Subject Shares are subject to a registration
 statement filed by the Company with the U.S. Securities and Exchange Commission in accordance
 with the U.S. Securities Act of 1933, as amended, registering the Subject Shares in connection
 with such sale and such registration statement will be effective at the date of the sale;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. the undersigned has consulted its independent
 counsel regarding whether the undersigned is in a position to provide the declarations contained
 herein and acknowledges that it is (i) not relying on the Company or the Company's
 counsel for advice regarding the completion of this declaration, and (ii) solely responsible
 for compliance with all applicable laws in connection with the sale of the Subject Shares.

**-OR-**

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **BC: The undersigned is a resident of the Province of British Columbia, and:** 

&nbsp;&nbsp;&nbsp;&nbsp;1. the sale will be executed on or through
 the facilities of the Nasdaq and neither the undersigned nor any person acting on its behalf
 has reason to believe that the purchaser is resident in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;2. the sale is bona fide and not for the
 purpose of "washing off" the resale restrictions imposed pursuant to CSA National
 Instrument 45-102 – Resale of Securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. the sale is not a transaction or part
 of a series of transactions that is part of a plan or scheme to evade the prospectus requirement
 of Canadian securities legislation;

&nbsp;&nbsp;&nbsp;&nbsp;4. the Subject Shares are subject to a registration
 statement filed by the Company with the U.S. Securities and Exchange Commission in accordance
 with the U.S. Securities Act of 1933, as amended, registering the Subject Shares in connection
 with such sale and such registration statement will be effective at the date of the sale;
 and

&nbsp;&nbsp;&nbsp;&nbsp;5. the undersigned has consulted its independent
 counsel regarding whether the undersigned is in a position to provide the declarations contained
 herein and acknowledges that it is (i) not relying on the Company or the Company's
 counsel for advice regarding the completion of this declaration, and (ii) solely responsible
 for compliance with all applicable laws in connection with the sale of the Subject Shares.

---

| | |
|:---|:---|
| **<u>Confirm the number of shares to be transferred:</u>** | **<u>Confirm the number of shares to be transferred:</u>** |
| *(insert number of shares subject to this declaration)* | *(insert number of shares subject to this declaration)* |
| **DATED:** | **.** |
| By: |  |
| Name: |  |
| Title: |  |

---

## Exhibit 10.13

**Exhibit 10.13**

Execution Version

**<br> LOAN AGREEMENT**

**AMONG**

**THE METALS ROYALTY COMPANY INC.<br> as Borrower**

**AND**

**THE GUARANTORS from time to time party hereto**

**as Guarantors**

**AND**

**AMERICAN LIFE & SECURITY CORP.<br> as Lender**

**MADE AS OF June 1, 2026**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **Article 1 INTERPRETATION** | **Article 1 INTERPRETATION** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.01** | Definitions | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.02** | Headings | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.03** | Rules of Construction | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.04** | Number | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.05** | Accounting Principles | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.06** | Accounting Practices | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.07** | Currency | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.08** | Paramountcy | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.09** | Non-Business Days | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10** | Statutory and Material Agreement References | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11** | Determination by the Borrower | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12** | Schedules | 21 |
| **Article 2 THE LOAN FACILITies** | **Article 2 THE LOAN FACILITies** | **22** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01** | Term Loan Facility | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02** | Delayed Draw Term Loan Facility | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03** | Use of Proceeds | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04** | Advance under the Term Loan Facility | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05** | Advance under the DDTL Facility | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.06** | OID | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.07** | Irrevocability | 23 |
| **Article 3 DISBURSEMENT CONDITIONS** | **Article 3 DISBURSEMENT CONDITIONS** | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01** | Conditions Precedent to the Closing Date and the Advance under the Term Loan Facility | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02** | Conditions Precedent to the Advance under the DDTL Facility | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.03** | Waiver | 25 |
| **Article 4 PAYMENTS OF INTEREST and FEES** | **Article 4 PAYMENTS OF INTEREST and FEES** | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01** | Interest on Advances | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02** | Default Rate | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03** | Calculation and Payment of Interest | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04** | Yield Protection; Change in Law Generally | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05** | No Set-Off, Deduction, etc. | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.06** | DDTL Facility Standby Fee | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.07** | Account of Record | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.08** | Maximum Rate of Interest | 28 |
| **Article 5 REPAYMENT** | **Article 5 REPAYMENT** | **28** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01** | Mandatory Repayments | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02** | Voluntary Prepayments | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03** | Prepayment Fee | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04** | Application of Payment | 30 |
| **Article 6 SECURITY** | **Article 6 SECURITY** | **30** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01** | Security | 30 |
| **Article 7 PLACE AND APPLICATION OF PAYMENTS** | **Article 7 PLACE AND APPLICATION OF PAYMENTS** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01** | Place of Payment of Principal, Interest and Fees | 31 |
| **Article 8 REPRESENTATIONS AND WARRANTIES** | **Article 8 REPRESENTATIONS AND WARRANTIES** | **31** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01** | Representations and Warranties | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02** | Survival and Repetition of Representations and Warranties | 38 |

---

i

---

| | | |
|:---|:---|:---|
| **Article 9 COVENANTS** | **Article 9 COVENANTS** | **38** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01** | Positive Covenants | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02** | Financial Covenant | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03** | Reporting Requirements | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04** | Negative Covenants | 46 |
| **Article 10 DEFAULT** | **Article 10 DEFAULT** | **49** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01** | Events of Default | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02** | Acceleration and Termination of Rights | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.03** | Remedies Cumulative and Waivers | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.04** | Perform Obligations | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.05** | Third Parties | 52 |
| **Article 11 COSTS, EXPENSES AND INDEMNIFICATION** | **Article 11 COSTS, EXPENSES AND INDEMNIFICATION** | **52** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01** | Costs and Expenses | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02** | Indemnification by the Loan Parties | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03** | Specific Environmental Indemnification | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.04** | Limitation of Liability | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.05** | Exclusion | 54 |
| **Article 12 TAXES** | **Article 12 TAXES** | **54** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.01** | Taxes | 54 |
| **Article 13 SUCCESSORS AND ASSIGNS** | **Article 13 SUCCESSORS AND ASSIGNS** | **56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.01** | Successors and Assigns | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.02** | Participations | 57 |
| **Article 14 GENERAL** | **Article 14 GENERAL** | **57** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.01** | Exchange and Confidentiality of Information | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.02** | Public Disclosure | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.03** | No Publicity | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.04** | Nature of Obligations under this Agreement | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.05** | Notice | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.06** | Governing Law | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.07** | Judgment Currency | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.08** | Benefit of the Agreement | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.09** | Severability | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.10** | Whole Agreement | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.11** | Further Assurances | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.12** | Waiver of Jury Trial | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.13** | Consent to Jurisdiction | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.14** | Time of the Essence | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.15** | Electronic Execution | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.16** | Counterparts | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.17** | Delivery by Facsimile or Other Electronic Transmission | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.18** | Term of Agreement | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.19** | USA PATRIOT Act | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.20** | Anti-Money Laundering Legislation | 62 |

---

ii

**LOAN AGREEMENT**

**THIS LOAN AGREEMENT** is made as of June 1, 2026.

**AMONG:**

**THE METALS ROYALTY COMPANY INC.**, a British Columbia corporation (hereinafter referred to as the "**Borrower**")

- and -

**THE GUARANTORS** from time to time party hereto

- and -

**AMERICAN LIFE & SECURITY CORP.** (hereinafter referred to as the "**Lender**")

**WHEREAS** the Borrower has requested the Lender to make available to it a committed non-revolving single draw senior-secured term loan facility in the principal amount of up to the Commitment, and the Lender has agreed to do so subject to and upon the terms and conditions set out herein;

**AND WHEREAS** the Guarantors have agreed to provide the Guarantees and other Security Documents in favour of the Lender as credit support for the Obligations;

**NOW THEREFORE THIS AGREEMENT WITNESSES** that in consideration of the covenants and agreements herein contained, the parties hereto agree as follows:

**Article 1<br> INTERPRETATION**

**1.01** **Definitions** 

In this Agreement, unless something in the subject matter or context is inconsistent therewith:

"**Account**" means an account as that term is defined in the *Personal Property Security Act* (Ontario).

"**Acquisition**" means (1) any transaction, or any series of related transactions, consummated after the date hereof, by which any Person directly or indirectly, by means of a take-over bid, tender offer, amalgamation, reorganization, merger, purchase of assets or otherwise, whether in a single step or transaction or series of steps or transactions, (a) acquires any Property of any Person constituting all or substantially all of such Person's assets, (b) acquires Equity Interests of a Person engaged in a business representing more than 50% of the ordinary voting power for the election of directors or other governing position if the business affairs of such Person are managed by a board of directors or other governing body, (c) acquires more than 50% of the Equity Interests in any Person engaged in any business that is not managed by a board of directors or other governing body, or (d) acquires Control of any Person by contract or otherwise or (2) the entry into or acquisition of a Royalty Asset.

"**Aggregate Actual Hedge Liability**" means, at any time and with respect to any Person, the aggregate amount, if any, that would be payable by such Person to all counterparties under all Hedges of such Person if all such Hedges were terminated, closed out and settled on such date, determined on a net basis by counterparty after giving effect to any legally enforceable netting agreement, and only to the extent such amount constitutes a net liability of such Person.

"**Advance**" means the borrowing by the Borrower by way of a term loan under the Loan Facilities.

"**Advance Date**" means the date on which an Advance is made to the Borrower pursuant to the provisions hereof and which will be a Business Day.

"**Advance Notice**" means the Notice of Request for Advance substantially in the form annexed hereto as Schedule B to be delivered to the Lender by the Borrower pursuant to Article 2.

"**Affiliate**" has the meaning ascribed thereto in the *Business Corporations Act* (Ontario) and, for greater certainty, with respect to the Borrower, includes a Subsidiary of the Borrower.

"**Agreement**" means this loan agreement, the schedules and all amendments made hereto in accordance with the provisions hereof as amended, revised, replaced, supplemented or restated from time to time.

"**Anti-Corruption Laws**" means any Applicable Law applicable to any Loan Party relating to anti-money laundering, bribery or corruption, and any regulation, order, or directive promulgated, issued or enforced pursuant to such Law, including the Criminal Code, R.S.C., 1985, c. C-46 and the *Corruption of Foreign Public Officials Act*, S.C. 1998, c. 34, the *Foreign Corrupt Practices Act of 1977*, 15 U.S.C. § 78dd-1, et seq., the *Bribery Act 2010*, c. 23, the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder and the *Anti-Corruption Act* (as amended), the *Proceeds of Crime Act* (as amended), the *Terrorism Act* (as amended) and the *Anti-Money Laundering Regulations* (as amended).

"**Applicable Law**" means, in respect of any Person, property, transaction, event or other matter, as applicable, all domestic and foreign laws, rules, statutes, regulations, treaties, orders, judgments and decrees and, to the extent they have the force of law, all official directives, rules, guidelines, orders, policies and other requirements of any Governmental Authority (collectively the "**Law**") and will also include any interpretation of the Law or any part of the Law by any Person having jurisdiction over it or charged with its administration or interpretation in each case having the force of law relating or applicable to such Person, property, transaction, event or other matter.

"**Applicable Rate**" means the following rates:

---

| | |
|:---|:---|
| **Period** | **Rate per annum** |
| Closing Date to the day prior to the 12 month anniversary of Closing Date | 9.0% |
| 12 month anniversary of Closing Date to day prior to the 18 month anniversary of Closing Date | 11.0% |
| 18-month anniversary of Closing Date to the day prior to the 24 month anniversary of Closing Date | 13.0% |
| 24 month anniversary of Closing Date to the day prior to the 30 month anniversary of Closing Date | 15.0% |
| 30 month anniversary of Closing Date onwards | 17.0% |

---

"**Applicable Order**" means any applicable domestic or foreign order, directive, judgment, injunction, award or decree made by any court of competent jurisdiction or Governmental Authority.

"**Arm's Length**" has the meaning specified in the definition of "**Non-Arm's Length**".

"**Auditor**" means Ernst & Young LLP or any other nationally recognized chartered or public accountants.

"**Benefit Plan**" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan".

"**Borrower**" means The Metals Royalty Company Inc. and includes its successors and permitted assigns.

"**Borrower's Counsel**" means the firm of Cassels Brock & Blackwell LLP or such other firm or firms of legal counsel as the Borrower may from time to time designate.

"**Business**" means the business of purchasing or otherwise acquiring Royalty Assets and ancillary business directly related thereto.

"**Business Day**" means a day on which banks are generally open for business in Toronto, Ontario, Vancouver, British Columbia and Calgary, Alberta.

"**Call Premium**" means, in respect of an amount of the Principal Amount being repaid or prepaid, an amount equal to the Call Premium Multiplier times the Principal Amount being repaid or prepaid.

"**Call Premium Multiplier**" means an amount as follows:

---

| | |
|:---|:---|
| The first day following the 24 month anniversary of the Closing Date to and including the 27 month anniversary of the Closing Date | 5.0% |
| The first day following the 27 month anniversary of the Closing Date to and including the 30 month anniversary of the Closing Date | 6.0% |
| The first day following the 30 month anniversary of the Closing Date to and including the 33 month anniversary of the Closing Date | 7.0% |
| The first day following the 33 month anniversary of the Closing Date to and including the 36 month anniversary of the Closing Date | 8.0% |

---

provided that should any of the Principal Amount remain outstanding past the 36 month anniversary of the Closing Date, the Call Premium Multiplier shall continue to increase by 1.00% on the first day following each 3 month anniversary of the Closing Date (including for certainty, the first day following the 36 month anniversary of the Closing Date).

"**Canadian Benefit Plan**" means any employee benefit plan maintained or contributed to by the Borrower or any Subsidiary in virtue of a legal obligation to maintain or contribute to such a plan that is not a pension plan accepted for registration under the Tax Act or other applicable pension benefits or tax laws of Canada or a province or territory thereof including, without limitation, all profit-sharing, savings, supplemental retirement, retiring allowance, severance, deferred compensation, welfare, bonus, supplementary unemployment benefit plans or arrangements and all life, health, dental and disability plans and arrangements in which the employees or former employees of the Borrower or any Subsidiary employed in Canada participate or are eligible to participate, but excluding all stock option or stock purchase plans.

"**Canadian Dollars**" means the lawful money of Canada.

"**Canadian Guarantor**" means, as of the Closing Date, TMCR Operations Inc.

"**Canadian Pension Plan**" means any plan, program, arrangement or understanding that is a pension plan for the purposes of any applicable pension benefits or tax laws of Canada or a province or territory thereof (whether or not registered under any such laws) which is maintained, administered or contributed to by the Borrower or any other Subsidiary in respect of any person's employment in Canada or a province or territory thereof with the Borrower or any other Subsidiary, and all related funding agreements, agreements, arrangements and understandings in respect of, or related to, any benefits to be provided thereunder or the effect thereof on any other compensation or remuneration of any employee.

"**Capital Expenditures**" means, for any period, the aggregate amount of all expenditures by the Borrower and its Subsidiaries during such period that are capitalized in accordance with IFRS, but excluding, without duplication, (a) Permitted Acquisitions, (b) expenditures financed with the proceeds of Permitted Debt, (c) expenditures made with condemnation awards or other casualty recoveries, (d) capitalized interest, deferred financing costs and other non-cash amounts, (e) expenditures funded with the proceeds of Equity Interests, and (f) leasehold improvement expenditures, maintenance capital expenditures and replacement expenditures incurred in the ordinary course of business.

"**Capitalized Leases**" means, as to any Person, all lease obligations of such Person that are required to be capitalized on a balance sheet of such Person in accordance with IFRS.

"**Cash Equivalents**" means, at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any direct obligation of (or unconditionally
 guaranteed by) the government of Canada or a province thereof or the United States of America
 or a state thereof (or any agency or political subdivision thereof, to the extent such obligations
 are supported by the full faith and credit of Canada, the United States of America or such
 state or province) maturing not more than one year from the time of acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) commercial paper maturing not more than
 two hundred and seventy (270) days from the date of issue, which is issued by a corporation
 (other than an Affiliate of any Loan Party) organized under the laws of any state of the
 United States of America or any province of Canada and rated A-1 or higher by S&P or
 P-1 or higher by Moody's or the equivalent thereof from Dominion Bond Rating Service
 Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any certificate of deposit, time deposit
 or bankers' acceptance, maturing not more than one year after its date of issuance,
 which is issued by any bank organized under the laws of Canada, or the United States of America
 (or any state thereof), and which has (x) a credit rating of P-1 or higher from Moody's
 or A-1 or higher from S&P or the equivalent thereof from Dominion Bond Rating Service
 Inc. and (y) a combined capital and surplus greater than US$500,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any repurchase agreement having a term
 of thirty (30) days or less entered into with any commercial banking institution satisfying
 the criteria set forth in clause (c) (i), which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is secured by a fully perfected security
 interest in any obligation of the type described in clause (a), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a market value at the time such repurchase
 agreement is entered into of not less than 100% of the repurchase obligation of such commercial
 banking institution thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any money market mutual fund with a daily
 right of redemption and a net asset value of Cdn$1.00 or US$1.00, as the case may be, per
 share, substantially all the assets of which are comprised of investments of the types described
 in the preceding clauses (a) through (d).

"**Change in Law**" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking into effect of any law, treaty, order, policy, rule or regulation, (b) any change in any law, treaty, order, policy, rule or regulation or in the administration, interpretation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, that notwithstanding anything herein to the contrary, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines or directives thereunder or issued in connection therewith shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

"**Change of Control**" means the occurrence of any of the following after the Closing Date: (a) the acquisition by a Person or group of Persons acting jointly or in concert of voting control or direction over 50% or more of the outstanding voting shares of the Borrower; (b) the consolidation or merger of the Borrower with or into another Person as a result of which the holders of the voting shares of the Borrower immediately prior to such transaction, directly or indirectly, hold less than 50% of voting control or direction over the Person carrying on the business of the Borrower following such transaction; (c) any Person or group of Persons acting jointly or in concert (within the meaning of such phrase in NI 62-104) succeed in having a sufficient number of nominees elected to the board of directors such that those nominees, when added to any existing director remaining on the board of directors of the Borrower who is a nominee of such Person, will constitute a majority of the board of directors of the Borrower; or (d) the sale, assignment, transfer or other disposition of all or substantially all of the Consolidated assets of the Borrower relating to the Royalty Assets to another Person in which the holders of the voting shares of the Borrower immediately prior to such transaction, directly or indirectly, hold less than 50% of voting control or direction over the other Person following such transaction.

"**Closing Date**" means June 1, 2026.

"**Code**" means the Internal Revenue Code of 1986, as amended from time to time.

"**Collateral**" means all Property of the Loan Parties that is subject to the Encumbrances granted under the Security Documents.

"**Commitment**" means the maximum amount of the Advances which the Lender has committed to make as set forth in Schedule A to this Agreement, which for greater certainty will be reduced by the amount of any permanent prepayments or reductions required or made hereunder.

"**Commodity Purchase Contracts**" means the metal or other mineral purchase contracts entered into or acquired from time to time by any Loan Party pursuant to which the relevant Loan Party has the right to purchase metals or other minerals extracted or derived from a mine or other source of minerals or processed by a processing facility (or based on or by reference to the production from a particular mine or processing facility), and "**Commodity Purchase Contract**" means any of the Commodity Purchase Contracts.

"**Compliance Certificate**" means the certificate required pursuant to Section 9.03(4) of this Agreement, substantially in the form annexed as Schedule D and signed by a senior officer of the Borrower.

"**Consent and Acknowledgment Agreement**" means a consent and acknowledgment agreement substantially in the form attached as Schedule E.

"**Consolidated**" means produced by aggregating the relevant financial statements or accounts of the Subsidiaries of a Person on a line-by-line basis (i.e., adding together corresponding items of assets, liability, revenues and expenses) with the relevant financial statements or accounts of such Person, eliminating inter-company balances and transactions and providing for any minority interest in Subsidiaries, all in accordance with IFRS.

**"Contingent Obligations"** means, with respect to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect of any obligation of another Person, including any guarantee, indemnity, suretyship, reimbursement obligation, keepwell, agreement to purchase or repurchase such obligation or any Property securing it, agreement to provide funds for payment or support of such obligation, or other arrangement having the economic effect of assuring payment or performance of such obligation, but excluding endorsements for collection or deposit in the ordinary course of business.

"**DDTL Commitment**" means the aggregate Commitment for the DDTL Facility as set forth in Schedule A to this Agreement.

"**DDTL Facility**" has the meaning set forth in Section 2.02(1) of this Agreement.

"**DDTL Termination Date**" has the meaning set forth in Section 2.05(1) of this Agreement.

"**Debt**" means: (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of Property or services except deferred compensation, trade payables and accrued expenses incurred in the ordinary course of business, (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all obligations of such Person created or arising under any conditional sale or other title retention agreement (other than operating leases) with respect to property acquired by such Person (whether or not the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations of such Person as lessee under Capitalized Leases determined as the capitalized amount thereof, (f) the undrawn amount of all letters of credit, letters of guarantee, performance bonds and similar instruments issued on behalf of such Person, all reimbursement obligations with respect thereto, and the full face amount of all bankers' acceptances issued by or on behalf of such Person, (g) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for value any partnership or shareholder or other Equity Interests of such Person or in any other Person, to the extent such obligation would be required to be fulfilled prior to the date that is six months following the Maturity Date, (h) the Aggregate Actual Hedge Liability of such Person at the time of determination, (i) all Debt referred to in clauses (a) through (i) that are guaranteed by, or secured by the assets of, such Person, (j) any obligations of such Person under securities lending arrangements and securities repurchase or reverse repurchase agreements, and (k) any other obligation arising under arrangements or agreements that, in substance, constitute indebtedness for borrowed money of such Person. For certainty, current accounts payable, accrued expenses, liabilities, deferred Tax liabilities, and obligations incurred in the ordinary course of business which are not for borrowed money shall not be considered Debt.

"**Default**" means any event or condition that constitutes an Event of Default or that would constitute an Event of Default except for satisfaction of any condition subsequent required to make the event or condition an Event of Default, including giving of any notice, passage of time, or both.

"**Deposit Account**" means a demand, time, savings, chequing, passbook or similar account maintained with a bank or other financial institution other than an Excluded Account.

"**Deposit Account Control Agreement**" means each deposit account control agreement or blocked account agreement, as applicable, in form and substance reasonably satisfactory to the Lender, providing for springing dominion over each Deposit Account, executed and delivered by the applicable Loan Party, the Lender and the applicable account bank.

"**Disposition**" means any sale, assignment, transfer, conveyance or other disposition of any nature or kind whatsoever of any Property or of any right, title or interest in or to any Property, and the verb "**Dispose**" will have a correlative meaning, and for the purposes of the definition of Net Cash Proceeds, and the required mandatory prepayment with Net Cash Proceeds, "Disposition" shall include any buyback, repurchase, or similar right in respect of any Royalty Assets.

"**Distributions**" means, with respect to any Person, any payment, directly or indirectly, by such Person: (a) of any dividends or distributions on any Equity Interests, other than dividends or distributions payable in any Equity Interest; (b) on account of, or for the purpose of setting apart any property for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any Equity Interest of such Person; (c) of any other distribution (other than distributions in any Equity Interest) in respect of any Equity Interests of such Person; (d) of any principal interest, fees or other amounts owing under any Intercompany Debt, or (e) of any payment whatsoever to any Affiliate of such Person or to any director, officer or member of the management of such Person or any such Affiliate, including for certainty, any management, consulting, administrative services or other services, or any other fee or compensation or any bonus payment or comparable payment, any deferred share unit plan, restricted share unit plan or any similar stock option plan, or by way of gift or other gratuity, in each case to the extent such payments are made in cash or Debt, provided that bona fide ordinary course salary and bonuses consistent with normal business practice and which reflect the financial results of the Business of the Loan Parties and the performance of the Person being so compensated shall not be considered to be Distributions.

"**Encumbrance**" means, in respect of any Person, any mortgage, debenture, pledge, hypothec, lien, charge, assignment by way of security, hypothecation or security interest granted or permitted by such Person or arising by operation of law, in respect of any of such Person's Property, or any Capitalized Lease of Property by such Person as lessee or any other security agreement, trust, retention of ownership or arrangement having the effect of security for the payment of any debt, liability or obligation, provided that, in no event shall an operating lease be deemed to be an Encumbrance and "**Encumbrances**", "**Encumbrancer**", "**Encumber**" and "**Encumbered**" will have corresponding meanings.

"**Equity Interests**" means, with respect to any Person, any and all shares, interests, restricted stock units, performance stock units, participations, rights in, or other equivalents (however designated and whether voting and non-voting and whether or not carrying a residual right to participate in the earnings of the Person or in the Person's assets on liquidation or dissolution) of, such Person's capital, including any interest in a partnership, limited partnership or other similar Person and any beneficial interest in a trust, and any and all rights, warrants, options or other rights exchangeable for or convertible into any of the foregoing.

"**Equivalent Amount**" means with respect to any two currencies, the amount obtained in one such currency when an amount in the other currency is converted into the first currency using the rate of exchange for such conversion as quoted by the Bank of Canada at the close of business on the Business Day that such conversion is to be made (or, if such conversion is to be made before close of business on such Business Day, then at close of business on the immediately preceding Business Day).

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

"**ERISA Affiliate**" means any trade or business (whether or not incorporated) under common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code or Section 302 of ERISA).

"**ERISA Event**" means (a) a Reportable Event with respect to a US Pension Plan; (b) the failure by the Borrower or any ERISA Affiliate to meet all applicable requirements under the US Pension Funding Rules or the filing of an application for the waiver of the minimum funding standards under the US Pension Funding Rules; (c) the incurrence by the Borrower or any ERISA Affiliate of any liability pursuant to Section 4063 or 4064 of ERISA or a cessation of operations with respect to a US Pension Plan within the meaning of Section 4062(e) of ERISA; (d) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is insolvent (within the meaning of Title IV of ERISA); (e) the filing of a notice of intent to terminate a US Pension Plan under, or the treatment of a US Pension Plan amendment as a termination under, Section 4041 of ERISA; (f) the institution by the PBGC of proceedings to terminate a US Pension Plan; (g) any event or condition that constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any US Pension Plan; (h) the determination that any US Pension Plan is in at-risk status (within the meaning of Section 430 of the Code or Section 303 of ERISA) or that a Multiemployer Plan is in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (i) the imposition or incurrence of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA Affiliate; (j) the engagement by the Borrower or any ERISA Affiliate in a transaction that is reasonably excepted to be subject to Section 4069 or Section 4212(c) of ERISA; (k) the imposition of a lien upon the Borrower or any ERISA Affiliate pursuant to Section 430(k) of the Code or Section 303(k) of ERISA; or (l) the making of an amendment to a US Pension Plan that is reasonably excepted to result in the posting of bond or security under Section 436(f)(1) of the Code.

"**Event of Default**" means any of the events described in Section 10.01 of this Agreement.

"**Excluded Accounts**" means Deposit Accounts maintained in jurisdictions other than Canada used solely for payroll purposes or solely to satisfy requirements of Applicable Law, regulatory requirements or requirements of any Governmental Authority applicable in such jurisdiction.

"**Excluded Issuances**" means Equity Interests issued by the Borrower, (i) the net proceeds of which are used by the Loan Parties to complete the Mesabi Royalty Acquisition (which, for greater certainty, includes the Mesabi Follow-On Acquisition) permitted pursuant to the terms of this Agreement, (ii) to directors, officers, managers, consultants, independent contractors and employees of the Loan Parties pursuant to the Loan Parties' ordinary course compensation arrangements, or (iii) solely to satisfy withholding Tax obligations arising in connection with the exercise, vesting or settlement of equity-based compensation awards of directors, officers, managers, employees or other service providers of the Loan Parties.

"**Excluded Subsidiary**" means at any time: (a) any Subsidiary that is prohibited by Applicable Law, its Organizational Documents or any contractual obligation existing at the time such Subsidiary is acquired or formed from guaranteeing the Obligations or granting security in respect thereof, to the extent of such prohibition, (b) any Subsidiary in respect of which the Borrower and the Lender determine in good faith that the cost, burden, legal risk or adverse tax consequences of providing a Guarantee or granting security is excessive in relation to the practical benefit to the Lender; and (c) any other Subsidiary designated in writing by the Lender as an Excluded Subsidiary.

"**Excluded Taxes**" means, with respect to any Recipient, (a) any Taxes imposed on or measured by net income, any franchise Taxes and any branch Tax, branch profits Tax or any similar Tax, in each case, which are imposed or levied by any jurisdiction or any political subdivision of such jurisdiction solely as a result of such Recipient (i) being organized under the laws of such jurisdiction or any political subdivision of such jurisdiction or having its principal office or lending office in such jurisdiction, or (ii) having any other present or former connection with such jurisdiction (other than a connection arising solely from such Recipient having entered into, received payments under or performed its obligations under this Agreement), (b) any withholding Taxes imposed under FATCA and (c) any Taxes imposed as a result of the failure of the Lender to comply with the provisions of Sections 12.01(3) to 12.01(6) of this Agreement.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Code as of the date of this Agreement (or any such amended or successor version), and any agreements (including any intergovernmental agreements or any laws, rules or practices implementing such intergovernmental agreements) implementing the foregoing.

"**Financial Assistance**" means, without duplication and with respect to any Person, (a) all loans granted by that Person and Contingent Obligations incurred by that Person for the purpose of or having the effect of providing financial assistance to another Person or Persons, including, without limitation, letters of guarantee, letters of credit, legally binding comfort letters (of the type that create a Contingent Obligation), or indemnities issued in connection therewith, endorsements of bills of exchange (other than for collection or deposit in the ordinary course of business) and obligations to make advances or otherwise provide financial assistance to any other entity, other than accounts receivable arising from sales or services rendered to that Person in the ordinary course of such Person's business and on Arm's Length terms and (b) all acquisitions of any Equity Interest or any other interest in a Person or investments made by that Person in another Person or Persons; provided that, an Acquisition shall not constitute Financial Assistance.

"**Fiscal Quarter**" means each three-month period of the Borrower's Fiscal Year ending on March 31, June 30, September 30 and December 31 of each calendar year.

"**Fiscal Year**" means the 12-month fiscal period of the Borrower ending on December 31<sup>st</sup> in any calendar year.

"**Foreign Plan**" means any employee pension benefit plan, program, policy, arrangement or agreement maintained or contributed to by the Borrower or any Subsidiary with respect to employees employed outside of Canada and the United States (other than any governmental arrangement) including, but not limited to, the United Kingdom and the United Arab Emirates.

"**Freely Transferrable Material Agreement**" means a Material Agreement which in accordance with its terms but subject to compliance with any pre-existing right of first refusal, right of first offer, pre-emptive or other similar buy back right contained therein (a) an Encumbrance may be granted to the Lender pursuant to the Security Documents; and (b) may be assigned to the Lender or any other Person in connection with an enforcement of the Security Documents, in each case pursuant to its terms without the consent of the counterparty thereto and without any further action by the assignee other than the giving of notice or the entry into of a customary assumption agreement or both; or which is subject to a Consent and Acknowledgment Agreement. For the avoidance of doubt, a Material Agreement that contains no restrictions on transferability, even if it is subject to a pre-existing right of first refusal, right of first offer, pre-emptive or other similar buy back right contained therein, is a Freely Transferrable Material Agreement.

"**Governmental Authority**" means the government of any nation, province, territory, municipality, state or other political subdivision of any nation, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, any quasi-governmental or self-regulatory organization or instrumentality exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing (which for greater certainty includes consumer protection regulators or agencies) and any corporation or other entity owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing.

"**Guarantee**" means an unconditional and irrevocable guarantee of all of the Obligations of the Borrower under this Agreement executed and delivered by each Guarantor in form and substance satisfactory to the Lender, as amended, restated, supplemented, replaced or otherwise modified from time to time.

"**Guarantor Joinder**" means an agreement and acknowledgement to be bound to this Agreement that is substantially in the form attached hereto as Schedule G.

"**Guarantor**" means each Subsidiary (other than an Excluded Subsidiary) of the Borrower from time to time that is party to the Guarantee and that has granted Encumbrances in favour of the Lender in substantially all of its assets, and its successors and assigns and "**Guarantors**" means, collectively, all of them.

"**Hazardous Substance**" means any substance, product, waste, pollutant, material, chemical, contaminant, dangerous goods, constituent, ray, odour or other material listed, regulated, or addressed under any Requirements of Environmental Law, including, without limitation, asbestos, petroleum, and polychlorinated biphenyls.

"**Hedges**" means any swap agreement, cap agreement, collar agreement, futures contract, forward contract or similar agreement or arrangement entered into by the Borrower or any other Loan Party and designed to protect against or mitigate the effect of fluctuations in interest rates, foreign exchange rates or the prices of commodities.

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board, as adopted in Canada from time to time under the CPA Canada Handbook – Accounting.

"**Indemnified Taxes**" means Taxes, other than the Excluded Taxes.

"**Information**" has the meaning set forth in Section 14.01(1) of this Agreement.

"**Initial Payment Date**" means June 30, 2026.

"**Insolvency Legislation**" means legislation in any applicable jurisdiction relating to bankruptcy, insolvency, reorganization, arrangement, compromise or readjustment of debt, dissolution or winding-up, the enforcement by creditors of Encumbrances, or any similar legislation, and specifically includes, for greater certainty, the *Bankruptcy and Insolvency Act* (Canada), the *Companies' Creditors Arrangement Act* (Canada), the *Winding-Up and Restructuring Act* (Canada), the *Canada Business Corporations Act* and its provincial equivalents, the *Personal Property Security Act* (Ontario) and its equivalent in other provinces, the Bankruptcy Code of the United States of America and territories.

"**Intellectual Property**" means patents, patent applications, trade-marks, trade-mark applications, trade names, service marks, copyrights, copyright registrations, trade secrets and other similar intellectual property including, without limitation, customer lists and information and business opportunities, industrial designs, integrated circuit topographies, proprietary software, proprietary information, technical data, laboratory notebooks, clinical data, priority rights, trade secrets, know-how, confidential information, inventions (whether patentable or unpatentable and whether or not reduced to practice or claimed in a pending patent application), technology, rights relating to social media, logos, domain names, website names and world wide web addresses, recipes and formulae and other similar intellectual property rights.

"**Intercompany Debt**" means, at any time, any Debt owing by a Loan Party to any other Loan Party; provided that such Debt is unsecured and subordinated on terms satisfactory to the Lender.

"**Investment**" in any Person means any direct or indirect (a) acquisition of any Equity Interest of such Person, or (b) loan or advance made to such Person. In determining the amount of any Investment involving a transfer of any Property other than cash, such Property shall be valued at its fair market value at the time of such transfer. For greater certainty an Acquisition shall not be treated as an Investment.

"**IRS**" means the United States Internal Revenue Service.

"**Judgment Conversion Date**" has the meaning set forth in Section 14.07(1)(b) of this Agreement.

"**Judgment Currency**" has the meaning set forth in Section 14.07(1) of this Agreement.

"**Leased Real Property**" means the lands and premises leased by any of the Loan Parties on the Closing Date and described in Schedule 8.01(9) (as updated from time to time in accordance with this Agreement) and includes lands and premises leased by any of the Loan Parties after the date hereof.

"**Lender**" means American Life & Security Corp., and includes its successors and permitted assigns.

"**Lender's Counsel**" means the firm of Torys LLP or such other firm of legal counsel as the Lender may from time to time designate and any and all local agent counsel retained by Torys LLP for and on behalf of the Lender.

"**Loan Documents**" means this Agreement, the Guarantees, the Security Documents and all present and future agreements delivered by any Loan Party to the Lender pursuant to, or in respect of the agreements referred to in this definition, in each case as the same may be supplemented, amended or restated from time to time, and "**Loan Document**" will mean any one of the Loan Documents.

"**Loan Facilities**" means, collectively, the Term Loan Facility and the DDTL Facility.

"**Loan Parties**" means, collectively, the Borrower and each Guarantor, and "**Loan Party**" means any one of the Loan Parties, as applicable.

"**Margin Stock**" means margin stock within the meaning of Regulations T, U and X.

"**Material Adverse Effect**" means (a) a material adverse effect on the business, results of operations, properties, assets, or financial condition of the Borrower on a Consolidated basis; (b) an adverse effect on the legality, validity or enforceability of any of the Loan Documents which could reasonably be considered material having regard to the Loan Documents considered as a whole; (c) a material adverse effect on the ability of the Loan Parties as a whole to pay any of their debts and liabilities when due or perform any other material obligations under any of the Loan Documents; or (d) a material adverse effect on the right, entitlement or ability of the Lender to enforce its rights or remedies under any of the Loan Documents.

"**Material Agreements**" means each agreement entered into by a Loan Party which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is listed on Schedule 8.01(14) attached
 hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if not complied with or terminated, could
 reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is a Royalty Asset; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) is necessary for the business of a Loan
 Party and is not replaceable in the commercial marketplace on commercially reasonable terms.

"**Material Licenses**" means, collectively, each license, permit or approval issued by any Governmental Authority, or any applicable stock exchange or securities commission, to any Loan Party as outlined on Schedule 8.01(14), which is material to the Business of the Loan Parties, taken as a whole.

"**Maturity Date**" means the date falling on the 36-month anniversary of the Closing Date or, if such date is not a Business Day, then the immediately preceding Business Day.

"**Mesabi Management's Forecast**" means, (i) for the fist 12 months following the Closing Date, the amount shown in Schedule H hereto, and (ii) thereafter, the annual production forecast delivered pursuant to the Mesabi Royalty Agreement.

"**Mesabi Closing Acquisition**" means the proposed acquisition by the Loan Parties of the purchase of a 1.00% gross overriding revenue royalty on minerals mined at the DR Grade iron ore pelletization plant and mine in Nashwauk Minnesota as defined in Mesabi Royalty Purchase Agreement.

"**Mesabi Follow-On Acquisition**" means the proposed acquisition of the Option Royalty Interest (as defined in the Mesabi Royalty Purchase Agreement).

"**Mesabi Forecasted Revenue**" means, for a Fiscal Quarter, the amount of revenue forecasted to be received by the Loan Parties for such Fiscal Quarter pursuant to the Mesabi Royalty Agreement as calculated based on projected production for such Fiscal Quarter contained in the Mesabi Management's Forecast and the floor price provided for in the Mesabi Royalty Agreement.

"**Mesabi Option Deposit Amount**" means an amount equal to $3,108,808.29.

"**Mesabi Royalty Acquisition**" means, collectively, the Mesabi Closing Acquisition and the Mesabi Follow-On Acquisition.

"**Mesabi Royalty Agreement**" means any agreement or agreements evidencing or governing the royalty or similar economic interest acquired or to be acquired pursuant to the Mesabi Closing Acquisition or the Mesabi Follow-On Acquisition, including the royalty interest in respect of minerals mined at the DR Grade iron ore pelletization plant and mine in Nashwauk, Minnesota, together with all amendments, supplements, modifications, replacements, renewals and restatements thereof, including, for certainty, (i) the Mesabi Royalty Purchase Agreement, (ii) any conveyance(s) of royalty interests entered into in connection with the Mesabi Royalty Purchase Agreement, including any conveyance made by Ironclad Royalties LLC to TMCR USA Operations Inc.; and (iii) any royalty payment direction agreement(s) entered into in connection with the Mesabi Royalty Purchase Agreement, including any royalty payment direction agreements made among Mesabi Metallics Company LLC, Ironclad Royalties LLC, and TMCR USA Operations Inc., Mesabi Land 1 LLC, and Miranda Mineral Resources, LLC.

"**Mesabi Royalty Purchase Agreement**" means the royalty purchase agreement dated May 6, 2026 between TMCR USA Operations Inc., the Borrower, Ironclad Royalties LLC, and Mesabi Investments (USA) LLC.

"**Moody's**" means Moody's Investor Service, Inc. and any successor thereto.

"**Multiemployer Plan**" means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years has made or been obligated to make contributions, or with respect to which the Borrower or any ERISA Affiliate has any liability (actual, contingent or otherwise).

"**Multiple Employer Plan**" means a US Plan with respect to which the Borrower or any ERISA Affiliate is, or during the preceding five years was, a contributing sponsor, and that has or had two or more contributing sponsors at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

"**Net Cash Proceeds**" means: (a) in connection with any Permitted Disposition or any Recovery Event, the proceeds thereof in the form of cash and Cash Equivalents (including any such proceeds actually received from deferred payments of principal pursuant to a note, a receivable or otherwise), net of legal fees, accountants' fees, investment banking fees, and other customary fees and expenses actually incurred in connection therewith and net of taxes paid (after taking into account any available tax credits or deductions and any tax sharing arrangements); and (b) in connection with any issuance or sale of Equity Interests or any incurrence of Debt, the cash proceeds received from such issuance or incurrence, net of legal fees, investment banking fees, accountants' fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith.

"**Non-Arm's Length**" and similar phrases have the meaning attributed thereto for the purposes of the Tax Act; and "**Arm's Length**" will have the opposite of such meaning.

"**NORI Royalty Agreemen**t" means any agreement or agreements evidencing or governing the royalty or similar economic interest held by the Borrower or any other Loan Party in respect of the polymetallic nodule project located in the Clarion Clipperton Zone in the Pacific Ocean, together with all amendments, supplements, modifications, replacements, renewals and restatements thereof.

"**Obligations**" means, with respect to any Loan Party all of its present and future indebtedness, liabilities and obligations of any and every kind, nature or description whatsoever (whether direct or indirect, joint or several or joint and several, absolute or contingent, matured or unmatured, in any currency and whether as principal debtor, guarantor, surety or otherwise, including without limitation any interest that accrues thereon after or would accrue thereon but for the commencement of any case, proceeding or other action, whether voluntary or involuntary, relating to the bankruptcy, insolvency or reorganization whether or not allowed or allowable as a claim in any such case, proceeding or other action) to the Lender and each of them under, in connection with, relating to or with respect to each of the Loan Documents.

"**Option Exercise Period**" has the meaning given to such term in the Mesabi Royalty Purchase Agreement.

"**Organizational Documents**" means, with respect to any Person, such Person's articles, memorandum and articles of association or other charter documents, by-laws, unanimous shareholder agreement, management agreement, partnership agreement, joint venture agreement, operating agreement, constitution, certificate(s) of registration, certificate of incorporation, trade certificate, limited liability company agreement or trust agreement, as applicable, and any and all other similar agreements, documents and instruments relative to such Person, setting forth matters relating to the governance of such Person, including the manner of election or duties of the directors, officers or managing members of such Person or the designation, amount or relative rights, limitations and preferences of any Equity Interests of such Person.

"**Other Commodity Agreements**" means agreements, other than Commodity Purchase Contracts or Royalty Agreements, providing for the acquisition of an interest in metals or minerals, including, without limitation, net profit interests and synthetic joint venture agreements.

"**Owned Real Property**" means the real property owned by any of the Loan Parties on the Closing Date and legally described in Schedule 8.01(9) (as updated from time to time in accordance with this Agreement) and includes real property acquired by any of the Loan Parties after the date hereof, but excludes any royalty, streaming, or similar interests in minerals or production, regardless of how characterized under Applicable Law.

"**Participant**" has the meaning set forth in Section 13.02(1) of this Agreement.

"**Participant Register**" has the meaning given to such term in Section 13.02(2).

"**Payment Date**" means (i) the Initial Payment Date, and (ii) thereafter, the last Business Day of each calendar month.

"**PBGC**" means the Pension Benefit Guaranty Corporation.

"**Principal Amount**" means at any time the aggregate principal amount of the Advances then outstanding.

"**Permitted Acquisition**" means an Acquisition that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business of the Person being Acquired
 or the assets being Acquired are used in or related to the Business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower has provided to the Lender a certificate certifying and
 demonstrating that after giving effect to the Acquisition, the Borrower will continue to
 be in compliance with the financial covenant set forth in Section 9.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Acquisition will not result in a Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Property being Acquired is located in, or the Person being Acquired
 is formed in, or the Royalty Asset is governed by and relates to mining projects located
 in, a Permitted Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Acquisition complies with Section 9.01(14), including the
 additional collateral and security requirements set out therein.

"**Permitted Debt**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Permitted Hedges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Debt in respect of Purchase Money Security
 Interests and Capitalized Leases in an aggregate amount not exceeding US$1,000,000 at any
 time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Intercompany Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Permitted Subordinated Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Debt in respect of Service Agreements
 incurred in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unsecured Debt in an aggregate amount
 not exceeding US$100,000 at any time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other Debt expressly consented to by the
 Lender in writing from time to time, provided that the Borrower shall provide the Lender
 with the right of first offer to provide any additional Debt proposed to be incurred by the
 Borrower.

"**Permitted Disposition**" means any Disposition by a Loan Party that satisfy one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Disposition is of any of its Property
 to any other Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Disposition is of any of its Property
 that is worn-out, scrap, obsolete or unused and that is not material in the aggregate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Disposition is of any of its Property
 for fair market value for cash or Cash Equivalents and for which the aggregate gross proceeds
 do not exceed US$1,000,000 in aggregate for all Loan Parties in any Fiscal Year, provided
 that (i) no Event of Default has occurred and is continuing or would result therefrom,
 (ii) at the time any such Disposition is effected, the Borrower is in compliance with
 the requirements of Section 5.01(6), and (iii) such Disposition does not include
 (x) any Equity Interests of any Loan Party unless such Disposition is of 100% of the
 Equity Interests of such Loan Party, or (y) any intellectual property that is necessary
 or material to the Business of the Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Dispositions of Royalty Assets, provided
 that (i) such Disposition complies with Section 9.04(15), (ii) the Lender
 may request, acting reasonably, such information in connection with such Disposition as it
 may reasonably require, including any third-party valuation or fairness opinion, and (iii) the
 Net Cash Proceeds thereof are used to make a mandatory prepayment in accordance with Section 5.01(6);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Dispositions are of any of its Property
 that is expressly consented to by the Lender in writing from time to time.

"**Permitted Distributions**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributions paid by (i) any Loan
 Party to the Borrower, or (ii) any Loan Party, other than the Borrower, to another Loan
 Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other Distributions expressly consented
 to by the Lender in writing from time to time.

"**Permitted Encumbrances**" means, with respect to any Person, each of the following Encumbrances:

 law in the ordinary course of business which has not at any relevant date been registered
 in accordance with Applicable Law against any Loan Party, which relates to obligations which
 are not yet due, which does not secure any Debt and which, in the aggregate, does not affect
 in a material way the use, the income or the benefits flowing from the property affected
 by the said Encumbrance; and any Encumbrance resulting from judgments or decisions from which
 the relevant Loan Party has, at the relevant date, made an appeal or in respect of which
 it has sought revision and obtained a suspension of execution pending the appeal or the revision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Encumbrance for taxes, rates, assessments,
 utilities or governmental charges or levies (i) not at the time due and delinquent or
 (ii) which are due and delinquent but the validity of which is being contested in good
 faith at the time and in respect of which the relevant Loan Party shall have set aside on
 its books reserves deemed to be adequate therefor and not resulting in a qualification by
 the Auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Encumbrance securing the claim of
 a materialman, mechanic, carrier, warehouseman or landlord for labor, materials, supplies
 or rentals incurred in the ordinary course of business, but only if the indebtedness secured
 by them is not yet in arrears and foreclosure, distraint, sale or other similar proceedings
 shall not have been commenced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Encumbrance consisting of a deposit
 or pledge made in the ordinary course of business in connection with, or to secure payment
 of, obligations under workers' compensation, unemployment insurance or similar legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any right of a municipality, governmental
 body or other public authority pursuant to any lease, license, franchise, grant or permit
 obtained by any Loan Party, or any right resulting from a legislative provision, to terminate
 such lease, license, franchise, grant or permit, or requiring an annual or periodic payment
 as a condition of its extension;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Encumbrance granted by any Loan Party
 to a public body, or to a municipal or governmental authority or public utility or which
 may be imposed by one or the other, when required by such body or authority with respect
 to the operations of such Loan Party or in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) minor title defects; (ii) reservations,
 limitations, provisos and conditions expressed in any original grants of real or immovable
 property; (iii) restrictions, easements, covenants, rights-of-way, servitudes or other
 similar rights in land (including without limitation such rights granted in favour of municipal
 authorities or public utilities) granted to or reserved by other Persons; (iv) servicing,
 development, site plan or other agreements with Governmental Authorities pertaining to the
 development of real property; (v) Encumbrances consisting of restrictions on certain
 dispositions of assets contained in municipal or industrial revenue bonds issued by the Borrower
 or any Loan Party, and (vi) registered agreements with municipalities or public utilities,
 which, in the aggregate for all of subparagraphs (i) to (vi) hereof, do not
 materially detract from the value of the property subject thereto or interfere with the ordinary
 conduct of the business of any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Encumbrances granted by a Loan Party
 in respect of Purchase Money Security Interests and Capitalized Leases, provided that the
 aggregate outstanding amount of Debt secured thereby or arising thereunder shall not exceed
 US$1,000,000 **;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any extension, renewal or replacement
 (or successive extensions, renewals or replacements), in whole or in part, of any Encumbrance
 referred to in this definition; provided that such extension, renewal or replacement Encumbrance
 shall be limited to all or a part of the property which secured the Encumbrance so extended,
 renewed or replaced (plus improvements on such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) rights of set-off and any cash collateral
 Encumbrances granted by a Loan Party in each case in respect of Service Agreements, provided
 that such cash collateral shall not exceed a maximum of US$300,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) such other Encumbrances as agreed to in
 writing by the Lender in accordance with this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Encumbrances in favour of the Lender.

"**Permitted Financial Assistance**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Assistance by the Borrower or
 any Loan Party to any other Loan Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) other Financial Assistance expressly consented
 to by the Lender in writing.

"**Permitted Hedge**" means any Hedge consented to in writing by the Lender.

"**Permitted Investments**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Investments in cash and Cash Equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investments in Loan Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments made by the Loan Parties in
 an aggregate amount not at any time to exceed $250,000 per Fiscal Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other Investments consented to by the
 Lender in writing,

provided that no Default or Event of Default has occurred and is continuing at the time any such Investment is made or would reasonably be expected to occur as a result of making such Investment.

"**Permitted Jurisdiction**" means any jurisdiction other than a Sanctioned Jurisdiction.

"**Permitted Subordinated Debt**" means Debt (i) that is unsecured, (ii) that is subordinated to the Obligations pursuant to a postponement and subordination agreement in form and substance satisfactory to the Lender, (iii) the aggregate principal amount of which does not exceed US$135,000,000, and (iv) 100% of the net proceeds of which are used to fund the Mesabi Follow-On Acquisition.

"**Person**" is to be broadly interpreted and will include an individual, a corporation, a limited liability company, an unlimited liability company, an exempted company, a special economic zone company, a partnership, a trust, an incorporated organization, a joint venture, financial institution, the government of a country or any political subdivision of a country, or an agency or department of any such government, any other Governmental Authority and the executors, administrators or other legal representatives of an individual in such capacity.

"**Prepayment Fee**" means a fee payable by the Borrower to the Lender in accordance with Section 5.03(1) of this Agreement, calculated as the Prepayment Multiple times the Principal Amount being repaid or prepaid, less all interest and OID previously paid by the Borrower to the Lender in respect of such Principal Amount being repaid or prepaid.

"**Prepayment Multiple**" means (i) until the date that is 12 months following the Closing Date, 0.15, (ii) from the date that is 12 months following the Closing Date until the date that is 24 months following the Closing Date, 0.30.

"**Property**" means, with respect to any Person, all or any portion of its undertaking, property and assets, both real and personal, tangible and intangible, including, for greater certainty, any Equity Interest in any other Person, the Owned Real Property and the Leased Real Property.

"**Purchase Money Security Interest**" means an Encumbrance created or assumed by any Loan Party securing Debt incurred to finance the unpaid acquisition price (including any installation costs or costs of construction) of Property provided that (a) such Encumbrance is created substantially concurrently with the acquisition of such Property, (b) such Encumbrance does not at any time Encumber any Property other than the Property and the proceeds thereof financed or refinanced (to the extent the principal amount is not increased) by such Debt, (c) the amount of Debt secured thereby is not increased subsequent to such acquisition, and (d) the principal amount of Debt secured by any such Encumbrance at no time exceeds 100% of the original purchase price of such Property at the time it was acquired, installed or constructed and for the purposes of this definition the term "acquisition" will include a Capitalized Lease and the term "acquire" will have a corresponding meaning.

"**Recipient**" means (a) the Lender or (b) the Lender, as applicable.

"**Recovery Event**" means any settlement of or payment to any Loan Party or any of its Subsidiaries in respect of any property or casualty insurance claim relating to any asset of any Loan Party or any of its Subsidiaries.

"**Register**" has the meaning given to such term in Section 4.07.

"**Related Persons**" means, with respect to any Person, such Person's Affiliates and the directors, officers, employees, agents and advisors of such Person and such Person's Affiliates, and "**Related Person**" means any one of them.

"**Release**" means a "release" of a Hazardous Substance.

"**Relevant Jurisdiction**" means, from time to time, with respect to any Loan Party, such Loan Party's jurisdiction of formation, registered office and chief executive office or chief place of business and, for greater certainty, at the Closing Date, includes the jurisdictions set forth in Schedule 8.01(13).

"**Repayment Notice**" means a notice delivered by the Borrower to the Lender advising the Lender of the Borrower's intention to repay all or any part of the Principal Amount that is substantially in the form attached hereto as Schedule C.

"**Reportable Event**" means any of the events set forth in Section 4043(c) of ERISA, other than events for which the 30-day notice period has been waived.

"**Requirements of Environmental Law**" means all applicable requirements of the common law or of statutes, regulations, by-laws, ordinances, treaties, judgments and decrees, and (to the extent that they have the force of law) rules, policies, guidelines, orders, approvals, notices, permits and directives of any applicable federal, territorial, provincial, state, regional, municipal or local judicial, regulatory or administrative agency, board or other Governmental Authority in any jurisdiction in which any Loan Party has operations or assets relating to environmental or occupational health and safety matters (as they relate to exposure to a Hazardous Substance) and the assets and undertaking of any Loan Party and the intended uses thereof in connection with such matters, including but not limited to, all such requirements relating to: (a) the protection, preservation or remediation of the natural environment (the air, land, surface water or groundwater); (b) solid, gaseous or liquid waste generation, handling, treatment, storage, disposal or transportation; (c) consumer, occupational or public safety and health (as they relate to exposure to a Hazardous Substance); and (d) Hazardous Substances or conditions (matters that are prohibited, controlled or otherwise regulated, such as contaminants, pollutants, toxic substances, dangerous goods, wastes, hazardous wastes, liquid industrial wastes, hazardous materials, petroleum and other materials such as urea formaldehyde and polyurethane foam insulation, asbestos or asbestos-containing materials, polychlorinated biphenyls ("**PCBs**") or PCB contaminated fluids or equipment, lead based paint, explosives, radioactive substances, petroleum and associated products, above ground and underground storage tanks or surface impoundments).

**"Royalty Agreements"** means the royalty or stream agreements entered into or acquired from time to time by any Loan Party for royalty or similar payments based on or by reference to production, revenues, profits (including net profit interests) or other metrics relating to metals or other minerals extracted or derived from a mine or other source of minerals or processed by a processing facility including, without limitation, the Mesabi Royalty Agreement and the NORI Royalty Agreement, and "**Royalty Agreement**" means any of the Royalty Agreements.

**"Royalty Assets"** means Royalty Agreements, Commodity Purchase Contracts, Other Commodity Agreement, streaming agreements and similar contracts.

"**Royalty Proceeds Account**" means a Deposit Account of a Loan Party designated by the Borrower and acceptable to the Lender, acting reasonably, into which all proceeds in respect of Royalty Assets shall be deposited and which is subject to a Deposit Account Control Agreement in favour of the Lender.

"**Royalty Revenue**" means, for a period, the Consolidated revenue of the Borrower (excluding any Excluded Subsidiary) for such period derived from Royalty Assets, as such revenues are calculated and disclosed in accordance with each of the Royalty Agreements.

**"S&P**" means Standard & Poor's, a division of The McGraw-Hill Companies, Inc., and any successor thereto.

"**Sanctioned Jurisdiction**" means any country or territory that is, or whose government is, the subject or target of comprehensive territorial Sanctions.

"**Sanctioned Person**" means, at any time, any Person listed in any Sanctions-related list of designated Persons maintained by any Sanctions Authority or any Person that is owned 50% or more by one or more Persons that are listed in any Sanctions-related list of designated Persons maintained by any Sanctions Authority, in all cases, to the extent such list and the maintenance thereof would not violate Applicable Law in Canada, the United States of America or any other applicable jurisdiction.

"**Sanctions**" means economic or financial sanctions (including terrorist financing laws) or trade embargoes imposed, administered or enforced from time to time by a Sanctions Authority; provided however that, with respect to economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by any Sanctions Authority outside of Canada, only to the extent such sanctions or trade embargoes would not violate Applicable Law in Canada.

"**Sanctions Authority**" means any of: (i) the Canadian government; (ii) the United States government; (iii) the United Nations Security Council (to the extent it would not violate Applicable Law in Canada); (iv) the government of a jurisdiction in which a Loan Party or a Subsidiary of a Loan Party, as applicable, is registered or conducts business; or (v) the respective governmental institutions, departments and agencies of any of the foregoing, and "**Sanctions Authorities**" means all of the foregoing, collectively.

"**Security Documents**" has the meaning ascribed to it in Section 6.01 of this Agreement and "**Security Document**" means any one of the Security Documents, as applicable.

"**Service Agreements**" means any ordinary course cash management, payroll, credit card or other similar banking services provided by a bank or other financial institution.

"**Subsidiary**" means, at any time, as to any Person, any other Person, if at such time the first mentioned Person owns, directly or indirectly, securities or other ownership interests in such other Person having ordinary voting power to elect a majority of the board of directors or persons performing similar functions for such other Person, and will include any other Person in like relationship to a Subsidiary of such first mentioned Person.

"**Tax**" or "**Taxes**" means all taxes, charges, fees, levies, imposts and other assessments, including all income, sales, use, goods and services, value added, capital, capital gains, alternative, net worth, transfer, profits, withholding, payroll, employer health, excise, real property and personal property taxes, and any other taxes, customs duties, fees, assessments, or similar charges in the nature of a tax, unemployment insurance payments and workers' compensation premiums, together with any instalments with respect thereto, and any interest, fines and penalties with respect thereto, imposed by any Governmental Authority (including federal, state, provincial, territorial, municipal and foreign Governmental Authorities), and whether disputed or not.

"**Tax Act**" means the *Income Tax Act* (Canada).

"**Term Loan Commitment**" means the Commitment for the Term Loan Facility as set forth in Schedule A to this Agreement.

"**Term Loan Facility**" has the meaning set forth in Section 2.01 of this Agreement.

"**United States Dollars**", "**US Dollars**", and "**US$**" mean the lawful money of the United States of America.

"**Unrestricted Cash**" means cash or Cash Equivalents on hand of the Loan Parties, which is in a Deposit Account that is subject to a Deposit Account Control Agreement or in which the Lender otherwise has a first-ranking security interest, which cash is free and clear of all Encumbrances other than in favour of the Lender and the rights of set-off of the bank or financial institution maintaining such Deposit Account), and to the extent the use thereof for the application to payment of indebtedness is not prohibited by law or any contract to which any Loan Party is a party and excluding cash and cash equivalents which are listed as "restricted" on the consolidated balance sheet of the Borrower as of such date.

"**Unused DDTL Commitment**" means, at any time the unadvanced DDTL Commitment then in effect.

"**US Guarantors**" means, as of the Closing Date, TMCR USA Holdings Inc. and TMCR USA Operations Inc.

"**US Plan**" means any employee benefit plan within the meaning of Section 3(3) of ERISA, which is maintained, contributed to, or required to be contributed to, by the Borrower or any ERISA Affiliate, or with respect to which the Borrower or any ERISA Affiliate has any liability (actual, contingent or otherwise).

"**US Pension Funding Rules**" means the rules of the Code and ERISA regarding minimum funding standards and minimum required contributions (including any installment payment thereof) to US Pension Plans and Multiemployer Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA (and any successor provisions thereof).

"**US Pension Plan**" means any employee pension benefit plan (including a Multiple Employer Plan, but excluding a Multiemployer Plan), which is, or during the preceding five years was, a US Plan that is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Code or Section 302 of ERISA.

"**USA PATRIOT Act**" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced.

"**Withholding Agent**" means any Loan Party or the Lender, as applicable.

**1.02** **Headings** 

The division of this Agreement into Articles and Sections and the insertion of headings are for convenience of reference only and will not affect the construction or interpretation of this Agreement. The terms "this Agreement", "hereof", "hereunder" and similar expressions refer to this Agreement and not to any particular Article, Section or other portion hereof and include any agreement supplemental hereto. Unless something in the subject matter or context is inconsistent therewith, references herein to Articles and Sections are to Articles and Sections of this Agreement.

**1.03** **Rules of Construction** 

Words importing the singular number only include the plural and *vice versa*, words importing the masculine gender include the feminine and neuter genders and *vice versa*. The words "include", "includes" and "including" shall be interpreted as being followed by the phrase "without limitation". The words "will", "shall" and "must" have the same meaning and effect.

**1.04** **Number** 

Words importing the singular number only will include the plural and *vice versa*, words importing the masculine gender will include the feminine and neuter genders and *vice versa*.

**1.05** **Accounting Principles** 

Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any Loan Document, such determination or calculation will, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with IFRS.

**1.06** **Accounting Practices** 

All calculations for the purposes of determining compliance with the financial ratios and financial covenant contained in this Agreement will be made on a basis consistent with IFRS in existence as at the date hereof, applied on a Consolidated basis in accordance with IFRS. In the event of a change in such IFRS which in any material respect changes or results in a change in the method of calculation of, or has an adverse impact on, the financial covenant, standards or terms applicable to a Loan Party under any of the Loan Documents as determined by the Lender, acting reasonably, then, at the Borrower's request the Borrower and the Lender will negotiate in good faith to amend (if appropriate) such ratios and covenants to reflect IFRS as then in effect, in which case all calculations thereafter made for the purpose of determining compliance with the financial covenant contained in this Agreement will be made on a basis consistent with IFRS in existence as at the date of such revisions. Until such time as such an amendment shall have been executed and delivered by the Borrower and the Lender, the financial covenant, standards and terms in this Agreement shall continue to be calculated or construed as if such accounting change had not occurred, and the Borrower will continue to provide all financial information and calculations to enable this to continue together with reconciliations to the financial statements and information prepared in accordance with the accounting changes.

**1.07** **Currency** 

Unless otherwise specified in this Agreement, all references to dollar amounts (without further description) will mean US Dollars.

**1.08** **Paramountcy** 

In the event of a conflict in or between the provisions of this Agreement and the provisions of any of the other Loan Documents, then, notwithstanding anything contained in such other Loan Document, the provisions of this Agreement will prevail, and the provisions of such other Loan Document will be deemed to be amended to the extent necessary to eliminate such conflict. In particular, if any act or omission of a Loan Party is expressly permitted under this Agreement but is expressly prohibited under another Loan Document, such act or omission will be permitted. If any act or omission is expressly prohibited under a Loan Document (other than this Agreement), but this Agreement does not expressly permit such act or omission, or if any act is expressly required to be performed under such Loan Document but this Agreement does not expressly relieve the applicable Loan Party from such performance, such circumstance will not constitute a conflict in or between the provisions of this Agreement and the provisions of such Loan Document.

**1.09** **Non-Business Days** 

Unless otherwise expressly provided in this Agreement, whenever any payment is stated to be due on a day other than a Business Day, the payment will be made on the immediately following Business Day. In the case of interest or fees payable pursuant to the terms of this Agreement or any Loan Document, the extension or contraction of time will be considered in determining the amount of interest and fees. Unless otherwise expressly provided in this Agreement, whenever any action to be taken is stated or scheduled to be required to be taken on, or (except with respect to the calculation of interest or fees) any period of time is stated or scheduled to commence or terminate on, a day other than a Business Day, the action will be taken or the period of time will commence or terminate, as the case may be, on the immediately following Business Day.

**1.10** **Statutory and Material Agreement References** 

Any reference in this Agreement to a statute refers to all rules and regulations under it and any reference in this Agreement to any act or regulation (including any regulation of any Governmental Authority), or to any section of or any definition in any act, statute or regulation (including any regulation of any Governmental Authority), will be deemed to be a reference to such act, statute or regulation (including any regulation of any Governmental Authority) or section or definition as amended, supplemented, substituted, replaced or re-enacted from time to time. Any reference in this Agreement to an agreement, indenture, debenture or contract (including, without limitation, a Material Agreement) will be deemed to be a reference to such document as supplemented, amended, restated, replaced or otherwise modified from time to time in a manner not prohibited by the terms of this Agreement.

**1.11** **Determination by the Borrower** 

All provisions contained herein requiring the Borrower to make a determination or assessment of any event or circumstance or other matter to its knowledge shall be deemed to require the Borrower to make all due inquiries and investigations as may be necessary or prudent in the circumstances before making any such determination or assessment.

**1.12** **Schedules** 

The following are the Schedules annexed hereto and incorporated by reference and deemed to be part hereof:

---

| |
|:---|
| Schedule A – Commitment |
| Schedule B – Notice of Request for Advance |
| Schedule C – Repayment Notice |
| Schedule D – Form of Compliance Certificate |
| Schedule F – List of Guarantors |
| Schedule G – Agreement and Acknowledgement to be Bound – New Guarantor |
| Schedule 8.01(6) – Taxes |
| Schedule 8.01(7) – Litigation |
| Schedule 8.01(9) – Owned and Leased Real Property |
| Schedule 8.01(13) – Corporate Structure |
| Schedule 8.01(14) – Material Agreements and Material Licenses |
| Schedule 8.01(19) – Environmental Reports |
| Schedule 8.01(20) – Canadian Pension Plans |
| Schedule 8.01(24) – Non-Arm's Length Transactions |
| Schedule 8.01(27)(a) – Intellectual Property |
| Schedule 8.01(28) – Deposit Accounts and Securities Accounts |

---

**Article 2<br> THE LOAN FACILITies**

**2.01** **Term Loan Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the terms and conditions of this Agreement, the Lender hereby establishes in favour of the Borrower as of the Closing Date a non-revolving senior secured term loan facility in the principal amount of up to the Term Loan Commitment (the "**Term Loan Facility**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) At no time may the principal amount outstanding under the Term Loan Facility exceed the Term Loan Commitment.

**2.02** **Delayed Draw Term Loan Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the terms and conditions of this Agreement, the Lender hereby establishes in favour of the Borrower as of the Closing Date a non-revolving senior secured delayed draw term loan facility in the principal amount of up to the DDTL Commitment (the "**DDTL Facility**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) At no time may the principal amount outstanding under the DDTL Facility exceed the DDTL Commitment.

**2.03** **Use of Proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Proceeds of the Advance under the Term Loan Facility will only be used (A) in the case of the Mesabi Option Deposit Amount, to pay a portion of the deposit for the Option Royalty Interest, and (B) in the case of the remaining amount of the Advance under the Term Loan Facility, (i) for the Mesabi Closing Acquisition, and (ii) for working capital purposes, including the payment of fees and expenses incurred in connection with this Agreement (subject to the terms hereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Proceeds of the Advance under the DDTL Facility will only be used to fund the Mesabi Follow-On Acquisition.

**2.04** **Advance under the Term Loan Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the terms and conditions hereof (including the conditions precedent set out in Sections 3.01 of this Agreement), the Advance under the Term Loan Facility shall be available to the Borrower as a single Advance on the Closing Date in US Dollars in a principal amount not to exceed the Term Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower may request the Advance under the Term Loan Facility on the Closing Date by delivering an Advance Notice to the Lender not later than 1:00 p.m. (Toronto time) three (3) Business Days prior to the Closing Date (or as otherwise agreed to by the Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any amount of the Term Loan Commitment not Advanced on the Closing Date will be permanently cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The amount of the Advance under the Term Loan Facility will be subject to netting of the OID set forth in Section 2.06.

**2.05** **Advance under the DDTL Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Subject to the terms and conditions hereof (including the conditions precedent set out in Sections 3.01 of this Agreement), the Advance under the DDTL Facility shall be available to the Borrower as a single Advance in a principal amount not to exceed the DDTL Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower may request the Advance under the DDTL Facility by delivering an Advance Notice to the Lender not later than 1:00 p.m. (Toronto time), ten (10) Business Days prior to the requested Advance Date (the "**DDTL Advance Date**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Advance under the DDTL Facility will be available solely during the Option Exercise Period provided that the option of the Borrower to complete the Mesabi Follow-On Acquisition has not expired or otherwise terminated or become no longer exercisable by the Borrower during the Option Exercise Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any amount of the DDTL Commitment not Advanced by the end of the Option Exercise Period will be permanently cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The amount of the Advance under the DDTL Facility will be subject to netting of the OID set forth in Section 2.06.

**2.06** **OID** 

The Advances under the Loan Facilities shall be subject to an original issue discount ("**OID**") of 3.50%. As result of such OID, the net cash amount to be advanced to the Borrower from any Advance under the Loan Facilities will be 96.50% of the principal amount of the Advance, less any other fees and expenses to be withheld from such Advance pursuant to the terms hereof.

**2.07** **Irrevocability** 

An Advance Notice given by the Borrower hereunder will be irrevocable and will oblige the Borrower to take the action contemplated on the date specified therein.

**Article 3<br> DISBURSEMENT CONDITIONS**

**3.01** **Conditions Precedent to the Closing Date and the Advance under the Term Loan Facility** 

The effectiveness of this Agreement and the obligations of the Lender under this Agreement to make the Advance under the Term Loan Facility are subject to and conditional upon the following conditions precedent being fulfilled to the satisfaction of the Lender, which conditions precedent are for the sole and exclusive benefit of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) this Agreement and the other Loan Documents will have been executed and delivered by all parties thereto (including all notices, share certificates, stock or share transfer forms and other ancillary documents required to be delivered pursuant to the Security Documents) on or prior to the Closing Date, and each shall be in form and substance satisfactory to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Lender will have received certified copies of the Organizational Documents of each Loan Party, the resolutions authorizing the execution, delivery and performance of each Loan Party's obligations under the Loan Documents to which it is a party and the transactions contemplated herein, and certificates as to the incumbency of the directors and officers of each Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) copies of all agreements which restrict or limit the powers of any Loan Party or its directors or officers, not otherwise delivered under Subsection 3.01(2) of this Agreement, certified by such Loan Party to be true, will have been delivered to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) certificates of status, compliance or good standing (or the local law equivalent), where available, of each Loan Party will have been delivered to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Lender will have received certified copies of all approvals of any Governmental Authorities or other third parties, in form and substance satisfactory to the Lender, required for the execution, delivery and performance of each Loan Party's obligations under the Loan Documents to which it is a party and the transactions contemplated therein as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Lender shall have received a Compliance Certificate evidencing that, after giving effect to the Closing Date Advance, the Borrower will be in compliance with the financial covenant in Section 9.02;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) all financing statements or other registrations of the Security Documents, or notices thereof, will have been filed, registered, entered or recorded, or arrangements in respect thereof satisfactory to the Lender shall have been made for such filing, registration, entry or recordation, in all offices of public record necessary or desirable in the opinion of the Lender to preserve or protect the charges and security interests created thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the Lender will have received certified copies of all Material Agreements and Material Licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) releases and discharges (or written authorizations to discharge from the applicable Encumbrance holder in form acceptable to the Lender) with respect to all Encumbrances which are not Permitted Encumbrances, if any, will have been delivered to the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the Borrower shall have provided evidence satisfactory to the Lender of the availability of unconditional financing and Unrestricted Cash sufficient in aggregate, together the net proceeds of the Advance under the Term Loan Facility, to complete the Mesabi Closing Acquisition and be in compliance with the financial covenant set forth in Section 9.02.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) a currently dated letter of opinion of Borrower's Counsel, along with the opinions of local counsel as required, covering each Loan Party, each in form and substance satisfactory to the Lender's Counsel, will have been delivered to the Lender as addressee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) no Material Adverse Effect shall have occurred since December 31, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) all "know your customer", anti-money laundering, anti-terrorism or similar identification information required by the Lender shall have been provided by the Loan Parties to the extent requested in writing of the Borrower at least 5 days prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) the Lender will have received, or arrangements satisfactory to the Lender shall have been made (including pursuant to netting in accordance with Section 2.06) to ensure that it will receive all fees and expenses due under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) the Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all reasonable and documented out-of-pocket expenses (including all reasonable legal fees and consultant's fees) incurred by or on behalf of the Lender in connection with this Agreement and the transactions and other documents contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) the Lender will have completed and be satisfied with their due diligence with respect to the Loan Parties (including financial, environmental, tax and legal review);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) the Lender will have received internal investment committee approvals with respect to the Loan Facilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) the Lender will have received such additional evidence, documents or undertakings as the Lender will reasonably request to establish the consummation of the transactions contemplated hereby and be satisfied, acting reasonably, as to the taking of all proceedings in connection herewith in compliance with the conditions set forth in this Agreement.

**3.02** **Conditions Precedent to the Advance under the DDTL Facility** 

The obligations of the Lender under this Agreement to make the Advance under the DDTL Facility are subject to and conditional upon the following conditions precedent being fulfilled to the satisfaction of the Lender, which conditions precedent are for the sole and exclusive benefit of the Lender, provided that such conditions precedent must be fulfilled by no later than the end of the Option Exercise Period or the Lender shall have no obligations to make the Advance under the DDTL Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Lender will have received timely notice as required under Section 2.05(1) of this Agreement and the requested Advance shall be in a principal amount not greater than the DDTL Commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the representations and warranties deemed to be repeated pursuant to Section 8.02 of this Agreement shall continue to be true and correct (subject to any materiality thresholds contained therein) as if made on and as of the proposed DDTL Advance Date, except to the extent that such representations and warranties relate specifically to an earlier date and the Borrower will have provided a certificate to such effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no Default or Event of Default shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) no Material Adverse Effect shall have occurred and be continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the Lender will have received, or arrangements satisfactory to the Lender shall have been made (including pursuant to netting in accordance with Section 2.06) to ensure that it will receive all fees and expenses due under the Loan Documents that have accrued since the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Borrower will have paid, or arrangements satisfactory to the Lender shall have been made to ensure that the Borrower will pay, all reasonable and documented out-of-pocket expenses (including all reasonable legal fees and consultant's fees) incurred by or on behalf of the Lender since the Closing Date in connection with this Agreement and the transactions and other documents contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) satisfactory evidence shall have been provided to the Lender that the proceeds of the Advance will be used by the Borrower to complete the Mesabi Follow-On Acquisition and that the Borrower has sufficient unconditional funding available to, together with the net proceeds of such Advance, to complete such Mesabi Follow-On Acquisition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) the Lender will have received such additional evidence, documents or undertakings as the Lender will reasonably request to establish the consummation of the Advance under the DDTL Facility and be satisfied, acting reasonably, as to the taking of all proceedings in connection herewith in compliance with the conditions set forth in this Agreement.

**3.03** **Waiver** 

The conditions set forth in Section 3.01 and 3.02 of this Agreement are inserted for the sole benefit of the Lender and may be waived by the Lender in whole or in part (with or without terms or conditions) in respect of any Advance without prejudicing the right of the Lender at any time to assert such conditions in respect of any subsequent Advance.

**Article 4<br> PAYMENTS OF INTEREST and FEES**

**4.01** **Interest on Advances** 

The Borrower will pay interest on the Principal Amount at a rate per annum equal to the Applicable Rate. Such interest will be payable in arrears on each Payment Date for the period from and including each Advance Date or the day following the preceding Payment Date, as the case may be, to but excluding such Payment Date (or, if the next Payment Date follows the repayment of the Principal Amount in full, to but including the date of such repayment) and will be calculated on the Principal Amount outstanding during such period and on the basis of the actual number of days elapsed divided by 360.

**4.02** **Default Rate** 

Upon the occurrence of, and during the continuance of, an Event of Default, the interest rate on the Principal Amount will be the Applicable Rate plus 2.00% per annum.

**4.03** **Calculation and Payment of Interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Interest on the Principal Amount shall be calculated daily and payable (i) monthly in arrears on each Payment Date commencing on the Initial Payment Date and (ii) on the day on which the Principal Amount becomes due and payable in full pursuant to the provisions hereof, <u>provided</u> that (i) interest accrued pursuant to Section 4.02 of this Agreement shall be payable on demand, and (ii) in the event of any repayment or prepayment of any portion of the Principal Amount, accrued interest on the portion of the Principal Amount repaid or prepaid shall be payable on the date of such repayment or prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) All interest payments to be made under this Agreement shall be paid without allowance or deduction for deemed re-investment or otherwise, both before and after maturity and before and after default and/or judgment, if any, until payment, and interest shall accrue on overdue interest, if any, compounded on each Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) All computations of fees and interest applicable to the Principal Amount shall be made on the basis of a 360-day year and the actual number of days elapsed. Interest shall accrue on the Principal Amount from the applicable Advance Date, and shall not accrue on the Principal Amount, or any portion thereof, for the day on which the Principal Amount or such portion is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For the purposes of the *Interest Act* (Canada) and disclosure under such Act, wherever any interest or fee to be paid under this Agreement is to be calculated on the basis of any period of time that is less than a calendar year (a "**deemed year**"), such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest for the deemed year by the actual number of days in the calendar year in which the rate is to be ascertained and dividing it by the number of days in the deemed year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Each determination by the Lender of an interest rate or fee hereunder or under any Loan Document shall be conclusive and binding for all purposes, absent manifest mathematical error in calculating such amount.

**4.04** **Yield Protection; Change in Law Generally** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Increased Costs Generally.</u> If any Change in Law shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) impose, modify or deem applicable any
 reserve, special deposit, compulsory loan, insurance charge or similar requirement against
 assets of, deposits with or for the account of, or credit extended or participated in, by
 the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) subject any Recipient to any Taxes (other
 than (A) Indemnified Taxes and (B) Taxes described in clauses (a)(ii), (b), and
 (c) of the definition of Excluded Taxes) on its loans, loan principal, letters of credit,
 commitments, or other obligations, or its deposits, reserves, other liabilities or capital
 attributable thereto; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) impose on the Lender or the interbank market
 any other condition, cost or expense affecting this Agreement or the Advance made by the
 Lender;

and the result of any of the foregoing shall be to increase the cost to the Lender of making or maintaining any Advance (or of maintaining its obligation to make any such Advance), or to reduce the amount of any sum received or receivable by the Lender hereunder (whether of principal, interest or any other amount), then, upon request of the Lender, the Borrower will pay to the Lender, as the case may be, such additional amount or amounts as will compensate the Lender, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Capital Requirements.</u> If the Lender determines (in good faith, but in its sole absolute discretion) that any Change in Law affecting the Lender or any lending office of the Lender's holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on the Lender's capital or on the capital of the Lender's holding company, if any, as a consequence of this Agreement, the Commitment of the Lender or the Advance made by the Lender, to a level below that which the Lender's holding company could have achieved but for such Change in Law (taking into consideration the Lender's policies and the policies of the Lender's holding company with respect to capital adequacy or liquidity), then from time to time the Borrower will pay to the Lender such additional amount or amounts as will compensate the Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Certificates for Reimbursement</u>. A certificate of the Lender setting forth the amount or amounts necessary to compensate the Lender or its holding company, as the case may be, as specified in paragraph (1) or (2) of this Section 4.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay the Lender, as the case may be, the amount shown as due on any such certificate within ten (10) Business Days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Delay in Requests</u>. Failure or delay on the part of the Lender to demand compensation pursuant to this Section 4.04 shall not constitute a waiver of the Lender's right to demand such compensation; provided that the Borrower shall not be required to compensate the Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that the Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of the Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

**4.05** **No Set-Off, Deduction, etc.** 

All payments (whether interest or otherwise) to be made by the Borrower or any other Loan Party to the Lender pursuant to this Agreement are to be made in freely transferable, immediately available funds and without set-off or deduction of any kind whatsoever (whether for deemed re-investment or otherwise) except to the extent required by Applicable Law, and if any such set-off or deduction is so required and is made, the Borrower or other Loan Party will, as a separate and independent obligation to the Lender, be obligated to immediately pay to the Lender all such additional amounts as may be required to fully indemnify and save harmless the Lender from such set-off or deduction and will result in the effective receipt by the Lender of all the amounts otherwise payable to it in accordance with the terms of this Agreement. For greater certainty, the Borrower will not be required to make any payment under this Section 4.05 in duplication of any payment required to be made under Section 13.01 of this Agreement or to the extent expressly excluded in Section 13.01 of this Agreement.

**4.06** **DDTL Facility Standby Fee** 

The Borrower shall pay to the Lender a standby fee at the rate equal to 2.00% per annum (computed, notwithstanding any provision to the contrary in this Agreement (including the use of the term "per annum"), on the basis of a year of three-hundred and sixty (360) and actual days elapsed) on the average daily Unused DDTL Commitments. Such standby fee shall be payable monthly in arrears on the last Business Day of each calendar month, and on the DDTL Termination Date, unless the DDTL Commitments are terminated in whole on an earlier date, in which event the unpaid commitment fee accrued to the date of such termination shall be paid on the date of such termination.

**4.07** **Account of Record** 

The Lender will maintain the register pursuant to Section 14.02(3) evidencing the Advances and accrued interest owing by the Borrower to the Lender hereunder (the "**Register**"). The Lender will enter in the Register details of such amounts from time to time owing, paid or repaid by the Borrower hereunder. The information entered in the Register will constitute *prima facie* evidence of the obligations of the Borrower to the Lender hereunder with respect to such amounts owing by the Borrower to the Lender hereunder. After a request by the Borrower, the Lender will promptly advise the Borrower of such entries made in the Lender's Register.

**4.08** **Maximum Rate of Interest** 

Notwithstanding anything herein or in any of the other Loan Documents to the contrary, in the event that any provision of this Agreement or any other Loan Documents would oblige the Borrower to make any payment of interest or other amount payable to the Lender in an amount or calculated at a rate which would be prohibited by law or would result in a receipt by the Lender of interest at a criminal or prohibited rate (as such terms are construed under the *Criminal Code* (Canada) or any other Applicable Law), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with the same effect as if adjusted at the Closing Date to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by law or so result in a receipt by the Lender of interest at a criminal or prohibited rate, such adjustment to be effected to the extent necessary in each case, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) by reducing any fees and other amounts which would constitute interest for the purposes of Section 347 of the *Criminal Code* (Canada) or any other Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) by reducing the amount or rate of interest exigible under Article 4 of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any amount or rate of interest referred to in this Section 4.08 shall be determined in accordance with generally accepted actuarial practices and principles over the maximum term of this Agreement (or over such shorter term as may be required by Section 347 of the *Criminal Code* (Canada) or any other Applicable Law) and, in the event of a dispute, a certificate of a Fellow of the Canadian Institute of Actuaries appointed by the Lender shall be conclusive for the purposes of such determination, absent manifest error.

**Article 5<br> REPAYMENT**

**5.01** **Mandatory Repayments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Repayment on Maturity Date.</u> Subject to the terms hereof, the Borrower will repay all Obligations in connection with the Loan Facilities, including the outstanding Principal Amount hereunder together with all accrued interest, fees, and other amounts then unpaid by it with respect to the Principal Amount (including any Prepayment Fee, as applicable) in full on the earliest to occur of (a) the Maturity Date and (b) the date of the acceleration of the Obligations pursuant to Section 10.02 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Scheduled Amortization.</u> Commencing with the Payment Date in the 13<sup>th</sup> month following the Closing Date, and on each Payment Date thereafter, the Borrower shall make monthly principal payments in respect of the Principal Amount equal to 1.25% of the Principal Amount of the Advance made under the Term Loan Facility on the Closing Date plus, if an Advance has been made under the DDTL Facility, an amount equal to 1.25% of the Principal Amount of the Advance made under the DDTL Facility on the DDTL Advance Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Mandatory Prepayments from Proceeds of Debt.</u> If any Debt is incurred by any Loan Party (excluding any Permitted Debt), then no later than two (2) Business Days after such Loan Party receives the Net Cash Proceeds therefrom, the Borrower shall repay the Advances under the Loan Facilities by an amount equal to (i) 75% of the amount of the Net Cash Proceeds from such incurrence of Debt, where such Net Cash Proceeds are less than or equal to $25,000,000, or (ii) 50% of the amount of the Net Cash Proceeds from such incurrence of Debt, where such Net Cash Proceeds are greater than $25,000,000. Any amount paid to the Lender under this Section 5.01(3) shall be subject to the Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Mandatory Prepayments from Proceeds of Issuances of Equity Interests.</u> If the Borrower issues any Equity Interests (other than Excluded Issuances and subject to Section 9.01(18)(a)), then no later than two (2) Business Days after such Loan Party receives the Net Cash Proceeds therefrom, the Borrower shall repay the Principal Amount of the Loan Facilities by an amount equal to (i) 75% of the amount of the Net Cash Proceeds from such issuance of Equity Interests, where such Net Cash Proceeds are less than or equal to $25,000,000, or (ii) 50% of the amount of the Net Cash Proceeds from such issuance of Equity Interests, where such Net Cash Proceeds are greater than $25,000,000. Any amount paid to the Lender under this Section 5.01(4) shall be subject to the Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Mandatory Prepayments from Proceeds of Insurance.</u> The Borrower shall make additional mandatory prepayments of the outstanding principal amount of the Principal Amount under the Loan Facilities in an amount equal to 100% of the Net Cash Proceeds received from any insurance proceeds received by any Loan Party that are not otherwise reinvested within 180 days in Property similar to that which gave rise to such insurance proceeds unless otherwise permitted by the Lender in writing. Any amount paid to the Lender under this Section 5.01(5) shall be subject to the Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Mandatory Repayment from Proceeds of Disposition.</u> If any Loan Party sells, transfers or otherwise Disposes of any property (other than a Permitted Disposition described in items (a) or, (b) of such definition), then the Borrower shall promptly repay the Advances under the Loan Facilities by an amount equal to 100% of the Net Cash Proceeds of such Disposition to the extent that such proceeds, together with any Net Cash Proceeds of any other Permitted Disposition in the same Fiscal Year, exceed US$250,000. Any amount paid to the Lender under this Section 5.01(6) shall be subject to the Prepayment Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Mesabi Option Deposit Amount.</u> If the DDTL Commitment is cancelled without any Advance being made under the DDTL Facility, the Borrower shall, on the date of such cancellation, repay a portion of the Principal Amount Advanced under the Term Facility equal to the Mesabi Option Deposit Amount plus the Prepayment Premium in respect of such Principal Amount being repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Notice of Mandatory Prepayment.</u> The Borrower shall provide the Lender with at least three (3) Business Days' prior written notice of any mandatory prepayment stating (i) the applicable section of this Agreement pursuant to which such prepayment is being made, (ii) the total amount of the prepayment, and (iii) the proposed date of such prepayment; provided that any mandatory prepayment being made under Sections 5.01(3) and 5.01(4) must be made no later than two (2) Business Days after such Loan Party receives the Net Cash Proceeds therefrom. Upon receipt by the Lender of such prepayment notice, the Lender shall promptly give notice to the Lender of the amount of the prepayment and the proposed date of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>No Cure or Waiver of Default or Event of Default.</u> For greater certainty, the making of any mandatory prepayment under this Section 5.01 shall not constitute a cure or waiver of any Default or Event of Default resulting from the transaction giving rise to such mandatory prepayment.

**5.02** **Voluntary Prepayments** 

Subject to the terms hereof, the Borrower may prepay the Principal Amount at any time in whole or in part, subject to the concurrent payment to the Lender, of the applicable Prepayment Fee, together with all accrued and unpaid interest thereon, provided that the Lender receives at least five (5) Business Days' prior written notice of such prepayment in the form of the repayment notice set out on Schedule C. Any such voluntary prepayment shall be in a minimum amount of $2,500,000 or, if less, the remaining full Principal Amount, and in integral multiples of $250,000 thereafter, provided that, unless such voluntary prepayment is a repayment of the entire remaining Principal Amount, following such voluntary prepayment at least $5,000,000 of Principal Amount shall remain outstanding.

**5.03** **Prepayment Fee** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Prepayment Fee.</u> Except as explicitly stated herein, any repayment of the Principal Amount in whole or in part for any reason (voluntary, mandatory, by acceleration or otherwise), other than Scheduled Amortization Payments pursuant to Section 5.01(2), that occurs prior to or on the date that is 24 months after the Closing Date shall be accompanied by payment of the applicable Prepayment Fee, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Top-Up Prepayment Fee</u>. If the Principal Amount is repaid in full on or before the date that is 24 months after the Closing Date, the Borrower shall pay an additional prepayment premium equal to the greater of (x) zero, and (y) an amount equal to (A) the sum of the original Principal Amount of all Advances made hereunder multiplied by the then applicable Prepayment Multiplier, minus (B) all OID, interest and Prepayment Fees paid hereunder (including in accordance with Section 5.03(1)) from the Closing Date to the date of such repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Call Premium</u>. Any repayment of the Principal Amount in whole or in part for any reason (voluntary, mandatory, at maturity, by acceleration or otherwise), other than Scheduled Amortization Payments pursuant to Section 5.01(2), that occurs after the date that is 24 months after the Closing Date shall be accompanied by payment of the Call Premium.

**5.04** **Application of Payment** 

Any amounts of the Advances prepaid or repaid hereunder shall not be reborrowed. All amounts prepaid or repaid shall be applied (a) firstly, in reduction of accrued and unpaid interest and all other amounts then outstanding (other than the Principal Amount), and (b) thereafter, in permanent reduction of the Principal Amount outstanding under the Loan Facilities, in inverse order of maturity of the scheduled payments thereof.

**Article 6<br> SECURITY**

**6.01** **Security** 

On or before the Closing Date, as general and continuing security for the payment and performance of the Obligations, the following security shall be granted to the Lender in each case in form and substance satisfactory to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) an Ontario law-governed general security agreement granted by the Borrower and the Canadian Guarantor, in favour of the Lender, creating a first-ranking security interest, subject to Permitted Encumbrances, on all of the present and after-acquired personal property of the Borrower and the Canadian Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a New York law governed security agreement granted by each of the US Guarantors, in favour of the Lender, creating a first-ranking security interest, subject to Permitted Encumbrances, on all of the present and after-acquired personal property of the US Guarantors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a British Columbia law governed specific assignment of certain Material Agreements, as specified by the Lender, granted by the Borrower in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a New York law governed specific assignment of certain Material Agreements, as specified by the Lender, granted by TMCR USA Operations Inc. in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a New York law governed pledge agreement granted by the Borrower and TMCR USA Holdings Inc. in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) an Ontario law governed omnibus Guarantee granted by each of the Guarantors in favour of the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a British Columbia law governed issuer control agreement among the Lender, the Borrower and the Canadian Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a New York law governed issuer control agreement among the Lender, the Borrower and TMCR USA Holdings Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) a New York law governed issuer control agreement among the Lender, TMCR USA Holdings Inc. and TMCR USA Operations Inc.; and

In this Agreement, all security and guarantees held by the Lender, securing (or intended to secure) the Obligations, including the documents described in Sections 6.01(1) through 6.01(10) above, and all security delivered pursuant to Sections 9.01(14)(b) and 9.01(21) of this Agreement, in each case as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, are collectively referred to as the "**Security Documents**".

**Article 7<br> PLACE AND APPLICATION OF PAYMENTS**

**7.01** **Place of Payment of Principal, Interest and Fees** 

All payments by the Borrower under any Loan Document, unless otherwise expressly provided in such Loan Document, will be made to the Lender in US Dollars at the Lender's Payment Location, or at such other location as may be notified in writing by the Lender, not later than 2:00 p.m. (Toronto time) for value on the date when due, and will be made in immediately available funds without set-off or counterclaim. If payment is not received by the aforementioned time, it may, in the Lender's discretion, be deemed received on the next succeeding Business Day.

**Article 8<br> REPRESENTATIONS AND WARRANTIES**

**8.01** **Representations and Warranties** 

The Borrower represents and warrants to the Lender and acknowledges and confirms that the Lender is relying upon such representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Existence and Qualification.</u> Each Loan Party (i) has been duly incorporated, formed, amalgamated, merged or continued, as the case may be, and is validly subsisting as a corporation, company, limited liability company, exempted company, special economic zone company, partnership or trust, under the laws of its jurisdiction of formation, incorporation, amalgamation, registration, merger or continuance, as the case may; and (ii) is duly qualified, in good standing (or the applicable equivalent) and has all required Material Licenses to carry on its business in each jurisdiction in which the nature of its business requires qualification to the extent necessary to carry on its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Power and Authority.</u> Each Loan Party has the corporate, trust, company, limited liability company or partnership power and authority, as the case may be, (i) to enter into, and to exercise its rights and perform its obligations under, the Loan Documents to which it is a party and all other instruments and agreements delivered by it pursuant to any of the Loan Documents, and (ii) to own its Property and carry on its business as currently conducted and as currently proposed to be conducted by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Execution, Delivery, Performance and Enforceability of Documents.</u> The execution, delivery and performance of each of the Loan Documents to which each Loan Party is a party, and every other instrument or agreement delivered by a Loan Party pursuant to any Loan Document, have been duly authorized by all corporate, trust, company or partnership actions required, and each of such documents has been duly executed and delivered. Each Loan Document to which any Loan Party is a party constitutes the legal, valid and binding obligations of such Loan Party, enforceable against such Loan Party in accordance with its terms (except, in any case, as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization or other laws of general application limiting creditors' rights generally and by principles of equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>No Violation, Breach, Conflict, etc.</u> Neither the execution and delivery of, the consummation of the transactions contemplated in, nor the compliance with the terms, conditions and provisions of any of this Agreement or any other Loan Document by any Loan Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has resulted, or will result, in a violation
 of the Organizational Documents of any Loan Party or resolutions passed by the directors
 or shareholders (or other Persons holding any Equity Interest) of any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has resulted, or will result, in a violation
 of any Applicable Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has resulted, or will result, in a breach
 of, or constitute a default under any loan agreement, indenture, trust deed, Material Agreement,
 Material License or other agreement or instrument to which any Loan Party is a party or by
 which it or any of its Property is bound, or requires any consent thereunder other than such
 as has already been received and delivered to the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has resulted or will result in the creation
 of, or the obligation to create, any Encumbrance (other than a Permitted Encumbrance) on,
 against or in respect of any of the Property of any Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Authorizations.</u> Each Loan Party has obtained, made or taken all consents, approvals, authorizations, declarations, registrations, filings, notices and other actions whatsoever required (including from any Governmental Authority), to enable it to execute and deliver each of the Loan Documents to which it is a party and to consummate the transactions contemplated in the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Taxes.</u> Except as set forth on Schedule 8.01(6), as at the Closing Date, each Loan Party and each of its respective Subsidiaries has (a) paid all Taxes when due, (b) made adequate provision for Taxes payable by it, (c) delivered, or caused to be delivered, when due, all required income Tax and information returns to the appropriate Governmental Authorities, (d) withheld and collected all Taxes required to be withheld and collected by it and remitted such Taxes when due to the appropriate Governmental Authorities, except where any such remittance is being contested in good faith and by appropriate proceedings and an adequate reserve in accordance with IFRS has been established in its books and records and (e) paid and discharged when due all obligations imposed upon it by statute which, if unpaid beyond the applicable due date, might become an Encumbrance upon its Property, except where any such obligations are being contested in good faith and by appropriate proceedings and an adequate reserve in accordance with IFRS has been established in its books and records or otherwise satisfactory to the Lender, acting reasonably, and no appeal or claim is, to the knowledge of the Borrower, being asserted or processed with respect to such obligations. Except as set forth on Schedule 8.01(6), there is no material action, suit, proceeding, investigation, audit or claim now pending, or to its knowledge, threatened by any Governmental Authority regarding any Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Absence of Litigation.</u> Other than as set out in Schedule 8.01(7), as at the Closing Date, there are no actions, suits or proceedings pending or, to its knowledge, threatened against or involving any Loan Party for which the claimed amount is in excess of US$250,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Insurance.</u> Each Loan Party maintains insurance which is in full force and effect that complies in all material respects of the requirements of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Owned and Leased Real Property.</u> Schedule 8.01(9) sets out all of the Owned Real Property and the Leased Real Property as at the Closing Date (as updated from time to time in accordance with this Agreement); other than the Owned Real Property and the Leased Real Property, no Loan Party is the owner or lessee of, or under any agreement or option to own, any real property or any interest therein, and the Loan Parties do not have tangible assets having a book value in excess of US$250,000 (or the Equivalent Amount in Canadian Dollars) at any location, or that is material to the Business, other than as disclosed in Schedule 8.01(9). For greater certainty, royalty, streaming, or similar interests in minerals or production, regardless of how characterized under Applicable Law, are not intended to constitute interests in real property for purposes of this Section 8.01(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Compliance with Laws.</u> Each Loan Party is in compliance with all material Applicable Laws and material Applicable Orders, subject to the provisions of Section 8.01(19) of this Agreement, in the case of Requirements of Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Anti-Corruption Laws and Sanctions.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Loan Party and each of its respective
 Subsidiaries maintains in effect procedures, policies or codes of conduct intended to ensure
 compliance by its directors, officers and employees with, in each case, Anti-Corruption Laws
 and Sanctions laws applicable to such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The operations of each Loan Party and
 each of its respective Subsidiaries are, and have been at all times, conducted in accordance
 with applicable anti-money laundering Laws, and with applicable Anti-Corruption Laws and
 Sanctions laws, and no action, suit, proceeding or investigation under applicable Anti-Corruption
 Laws and Sanctions laws is pending or, to the knowledge of each Loan Party, is threatened.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither any Loan Party, any Loan Party's
 Subsidiaries nor, to the knowledge of the Borrower, any of the directors, officers, employees
 or holders of a beneficial interest in securities representing 10% or more of the votes or
 value of any Loan Party or any Loan Party's Subsidiaries is a Sanctioned Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No part of the proceeds of any Advance
 will be used intentionally by any Loan Party or any of its Subsidiaries (A) in furtherance
 of an offer, payment, promise to pay, or authorization of the payment or giving of money,
 or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for
 the purpose of funding (including payments made to) or financing any activities, investments,
 business or transaction of or with any Person actually known to any Loan Party or to any
 of its Subsidiaries to be a Sanctioned Person, or (C) in any manner that would result
 in the violation of any Sanctions applicable to any Loan Party or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>No Default or Event of Default.</u> Neither any Event of Default nor any Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Corporate Structure.</u> The corporate structure of the Loan Parties and Excluded Subsidiaries is, as of the Closing Date, as set out in Schedule 8.01(13), which Schedule contains:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Shareholdings of the Loan Parties:* On the Closing Date, there are no Subsidiaries of the Borrower (other than the Guarantors
 and Excluded Subsidiaries) and each of the Borrower and the Guarantors does not own or hold
 any shares in the capital of, or any other ownership interest in, any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Complete Names*: A complete and
 accurate list of the full and correct names of the Loan Parties and each Subsidiary referenced
 in this Section 8.01(13) and the jurisdiction of incorporation or formation of each
 Loan Party and each such Subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Relevant Jurisdiction*: The Relevant
 Jurisdictions for each Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Material Agreements and Material Licenses</u>. Schedule 8.01(14) sets forth a complete list, as at the Closing Date (as updated from time to time in accordance with this Agreement), of all Material Agreements and Material Licenses of the Loan Parties. Each Loan Party and each of its respective Subsidiaries is in compliance in all material respects with all Material Agreements and Material Licenses. All Material Agreements and Material Licenses are in full force and effect and constitute valid undertakings and binding rights and obligations of the Loan Parties and, to the knowledge of the Loan Parties, valid and binding rights and obligations of the other parties thereto in accordance with their terms and conditions. Except as set forth in Schedule 8.01(14), none of the Loan Parties has received any notice of (i) a dispute between a Loan Party and any other Person in respect of any Material Agreement or Material License, or (ii) termination or intent not to renew by any counterparty in respect of any Material Agreement or Material License. Except as set forth in Schedule 8.01(14), none of the Loan Parties, or any other party thereto, is in breach or default of any provision of any Material Agreement or Material License in any material respect and, to the knowledge of the Loan Parties, there exists no state of facts which, after notice or lapse of time or both, would constitute a material default or breach of any Material Agreement or Material License or give rise to a notice of termination for breach or cause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>Financial Year End.</u> The financial year-end of the Borrower is December 31.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Financial Information.</u> All of the financial statements which have been made available to the Lender in connection with this Agreement are complete in all material respects and such financial statements fairly present the results of operations and financial position of the Loan Parties as of the dates referred to therein and have been prepared on a Consolidated basis. All other financial information provided to the Lender as of the date prepared was based on reasonable assumptions and expectations and represents reasonable good-faith estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Liabilities.</u> No Loan Party has any liabilities, whether accrued, absolute, contingent or otherwise, of any kind or nature whatsoever, except (i) as disclosed in the financial statements most recently delivered under Section 9.03(1) or Section 9.03(3) of this Agreement; (ii) as incurred after the date of such financial statements and as regards Debt, are permitted to be incurred hereunder; (iii) as incurred in the ordinary course of business of such Loan Party; and (iv) for liabilities consented to by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>No Material Adverse Effect.</u> Since the date of the Borrower's most recent publicly available financial statements, no change (or any condition, event or development involving a prospective change) in its business, liabilities, operations, results of operations or assets which would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>Environmental.</u> Except as disclosed in Schedule 8.01(19), as at the Closing Date, (a) no Loan Party or any of its Subsidiaries is subject to any civil or criminal proceeding relating to Requirements of Environmental Laws and is not aware of any investigation or threatened proceeding or investigation, which if adversely determined, could reasonably be expected to have a Material Adverse Effect, (b) each Loan Party and each of its Subsidiaries has all Material Licenses, registrations and other authorizations required by the Requirements of Environmental Laws for the operation of its business and the properties which it owns, leases or otherwise occupies, except where the failure to have same could not reasonably be expected to have a Material Adverse Effect, (c) each Loan Party and each of its Subsidiaries currently operates its business and its properties (whether owned, leased or otherwise occupied) in compliance with all applicable Requirements of Environmental Laws, except where the failure to be in compliance could not reasonably be expected to have a Material Adverse Effect, (d) no Hazardous Substances are stored or disposed of by any Loan Party or any of its Subsidiaries or otherwise used by any Loan Party or any of its Subsidiaries in material violation of any applicable material Requirements of Environmental Laws (including, without limitation, that there has been no Release of Hazardous Substances by any Loan Party or any of its Subsidiaries at, on or under any property now or previously owned or, to the knowledge of the Borrower, leased by any Loan Party or any of its Subsidiaries in violation of any applicable material Requirements of Environmental Laws), (e) to the knowledge of the Borrower (i) all underground storage tanks now or previously located on any real property owned or leased by any Loan Party or any of its Subsidiaries have been operated, maintained and decommissioned or closed, as applicable, in material compliance with applicable Requirements of Environmental Law; and (ii) no real property or groundwater in, on or under any property now or previously owned or leased by any Loan Party or any of its Subsidiaries is or has been during the such Loan Party's or such Subsidiary's ownership or occupation of such property contaminated by any Hazardous Substance, except for any contamination that could not reasonably be expected to give rise to material liability under Requirements of Environmental Laws that could reasonably be expected to have a Material Adverse Effect nor, to the best of its knowledge, is any such property named in any list of hazardous waste or contaminated sites maintained under the Requirements of Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>Canadian Benefit Plans and Canadian Pension Plans.</u> Except as disclosed in Schedule 8.01(20), as at the Closing Date, no Loan Party sponsors, administers or contributes to a Canadian Pension Plan. For certainty, no Loan Party sponsors, administers, maintains or contributes to a Canadian Pension Plan which contains a defined benefit provision as defined in subsection 147.1(1) of the Tax Act. The Canadian Benefits Plans and Canadian Pension Plans, if any, have been administered and maintained in accordance with the Tax Act and all other Applicable Law in all material respects. There have been no improper withdrawals or applications of the assets of the Canadian Benefit Plans or Canadian Pension Plans. Each of the Canadian Benefit Plans and Canadian Pension Plans, if any, is funded in accordance with such Canadian Benefit Plans and Canadian Pension Plans and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>ERISA Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as could not reasonably be expected,
 either individually or in the aggregate, to have a Material Adverse Effect, (i) each
 US Plan is in compliance with the applicable provisions of ERISA, the Code and other federal
 or state Laws and (ii) each US Plan that is intended to be a qualified plan under Section 401(a) of
 the Code has received a favorable determination or opinion letter from the IRS to the effect
 that the form of such US Plan is qualified under Section 401(a) of the Code and
 the trust related thereto has been determined by the IRS to be exempt from federal income
 tax under Section 501(a) of the Code, or an application for such a letter is currently
 being processed by the IRS, and, to the knowledge of the Borrower, nothing has occurred that
 would prevent, cause the loss of, or otherwise adversely affect, such tax-qualified status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no pending or, to the knowledge
 of the Borrower, threatened or contemplated claims, actions or lawsuits, or investigations,
 audits or other actions by any Governmental Authority, with respect to any US Plan that,
 either individually or in the aggregate, could reasonably be expected to have a Material
 Adverse Effect. There has been no prohibited transaction or violation of the fiduciary responsibility
 rules with respect to any US Plan under ERISA or Section 4975 of the Code, as applicable,
 that, either individually or in the aggregate, has had or could reasonably be expected to
 have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No ERISA Event has occurred, and neither
 the Borrower nor any ERISA Affiliate is aware of any fact, event or circumstance that, either
 individually or in the aggregate, could reasonably be expected to constitute or result in
 an ERISA Event that, either individually or in the aggregate, has had or could reasonably
 be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The present value of all accrued benefits
 under each US Pension Plan (determined based on a plan termination basis in accordance with
 actuarial assumptions consistent with those prescribed by the PBGC for purposes of Section 4044
 of ERISA) did not, as of the last annual valuation date prior to the date on which this representation
 is made or deemed made, exceed the value of the assets of such US Pension Plan allocable
 to such accrued benefits (excluding any accrued but unpaid contributions) by a material amount
 (such excess, regardless of whether it is a material amount, and as determined as of any
 relevant time, is referred to hereinafter as the "**Unfunded Pension Liability** ").
 As of the most recent valuation date for each Multiemployer Plan, the potential liability
 of the Borrower or any ERISA Affiliate for a complete withdrawal from such Multiemployer
 Plan (within the meaning of Section 4203 or Section 4205 of ERISA), when aggregated
 with such potential liability for a complete withdrawal from all Multiemployer Plans, could
 not reasonably be expected to exceed $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Foreign Plan has been maintained
 in compliance with its terms and with the requirements of any and all applicable requirements
 of Applicable Law and at all times has been maintained, where required, in good standing
 with applicable regulatory authorities, except to the extent that the failure so to comply
 could not reasonably be expected, either individually or in the aggregate, to have a Material
 Adverse Effect. Neither the Borrower nor any Subsidiary has incurred any material obligation
 in connection with the termination of or withdrawal from any Foreign Plan. The present value
 of the accrued benefit liabilities (whether or not vested) under each Foreign Plan that is
 funded, determined as of the end of the most recently ended fiscal year of the Borrower or
 Subsidiary, as applicable, on the basis of actuarial assumptions, each of which is reasonable,
 did not exceed the current value of the property of such Foreign Plan by a material amount,
 and for each Foreign Plan that is not funded, the obligations of such Foreign Plan are properly
 accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <u>Full Disclosure.</u> All information provided or to be provided by or on behalf of any Loan Party to the Lender in connection with the Loan Facilities was or will be at the time prepared, to its knowledge, true and correct in all material respects and none of the documentation furnished to the Lender by or on behalf of any Loan Party, to its knowledge, omitted or will omit as of such time, a material fact necessary to make the statements contained therein not misleading in any material way, and all expressions of expectation, intention, belief and opinion contained therein were honestly made on reasonable grounds after due and careful inquiry by it at the time made (and, to its knowledge any other Person who furnished such material on behalf of them).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <u>Insolvency.</u> From and after the Closing Date, no Loan Party, nor any of their respective predecessors where applicable, (i) has committed any act of bankruptcy; (ii) is insolvent, or has proposed, or given notice of its intention to propose, a compromise or arrangement pursuant to any bankruptcy or insolvency, liquidation (including provisional liquidation) law to its creditors generally; (iii) has any petition for a receiving order in bankruptcy filed against it (unless it has been discharged or dismissed or it is being contested actively and diligently in good faith by appropriate and timely proceedings and is dismissed, vacated or permanently stayed within 60 days of knowledge by the Borrower or such other Loan Party of its institution) and no steps have been taken to wind-up or deregister a Loan Party, made a voluntary assignment in bankruptcy, taken any proceeding with respect to any compromise or arrangement pursuant to any bankruptcy or insolvency law, taken any proceeding to have itself declared bankrupt or wound-up, taken any steps to appoint any restructuring officer, taken any proceeding to have a receiver appointed of any part of its assets, or has had any Encumbrancer take possession of any material part of its Property; or (iv) has had an execution or distress claiming payment in excess of US$250,000 (or the Canadian Dollar equivalent thereof) become enforceable or become levied on any of its Property which has not been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <u>Non-Arm's Length Transactions.</u> All agreements, arrangements or transactions between the Borrower or any other Loan Party, on the one hand, and any Affiliate of or other Person not dealing at Arm's Length with such Loan Party, on the other hand (other than the Borrower or another Loan Party), in existence at the date hereof are set forth on Schedule 8.01(24) or are otherwise permitted pursuant to Section 9.04(14) of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) <u>Solvency.</u> Immediately after the making of each Advance to the Borrower, and after giving effect to the application of the proceeds of such Advances, (i) the fair value of the assets of the Borrower and each other Loan Party, at a fair valuation, will exceed the debts and liabilities, subordinated, contingent or otherwise, of the Borrower and each other Loan Party; (ii) the present fair saleable value of the Property of the Borrower and each other Loan Party will be greater than the amount that will be required to pay the probable liability of the Borrower and each Guarantor on its debts and other liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; (iii) the Borrower and each other Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (iv) the Borrower and each other Loan Party, if required pursuant to Applicable Law, will not have unreasonably small capital with which to conduct the businesses in which it is engaged as such businesses are now conducted and are proposed to be conducted after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) <u>Debt.</u> No Loan Party has any Debt that is not Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) <u>Intellectual Property.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule 8.01(27)(a) sets forth a
 complete list and a description as at the Closing Date (as updated from time to time in accordance
 with this Agreement) of all registrable Intellectual Property owned by the Loan Parties and
 used in the Business. The Loan Parties own such Intellectual Property free and clear of any
 Encumbrance (other than Permitted Encumbrances).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no unpaid maintenance, annuity
 or renewal fees currently overdue for any of the Intellectual Property by any Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Intellectual Property owned or licensed
 by the Loan Parties in any jurisdiction other than Canada and the United States is not, in
 the aggregate, material to the Business of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the knowledge of the Loan Parties,
 the operation of the Business as currently conducted and as proposed to be conducted does
 not infringe, misappropriate or otherwise violate the Intellectual Property rights of any
 Person. To the knowledge of the Loan Parties, no Person is currently infringing, misappropriating
 or otherwise violating any of the Loan Party's Intellectual Property or any material
 Intellectual Property licensed to a Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The transactions contemplated by this
 Agreement and the continued operation of the Business as currently contemplated by the Borrower
 will not violate or breach the terms of any Intellectual Property license, or entitle any
 other party to any such Intellectual Property license to terminate or modify it, or otherwise
 adversely affect any of the Loan Party's rights under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) <u>Deposit Accounts and Securities Accounts.</u> Schedule 8.01(28) sets forth a complete list of all Deposit Accounts and securities accounts held by the Loan Parties as at the Closing Date (as updated from time to time in accordance with this Agreement) and the details of the financial institutions where such Deposit Accounts are held, including each Royalty Proceeds Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) <u>Schedules.</u> The information contained in each Schedule attached hereto is as at the date hereof, or at the time a replacement thereof is provided to the Lender pursuant hereto, will be true, correct and complete in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) <u>Margin Regulations</u>. The Borrower is not engaged and will not engage, principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of any Advance hereunder will be used to buy or carry any Margin Stock. Following the application of the proceeds of each Advance, not more than 25% of the value of the assets (either of the Borrower only or of the Borrower and its Subsidiaries on a consolidated basis) will be Margin Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) <u>Investment Company Act</u>. Neither the Borrower nor any of its Subsidiaries is an "investment company" as defined in, or subject to regulation under, the Investment Company Act of 1940.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) <u>Property in the United Kingdom or the United Arab Emirates</u>. The value of all Property (other than Excluded Accounts) that the Loan Parties own, place or store, or in respect of which the Loan Parties otherwise hold any right, benefit, title, or interest, in the United Kingdom or the United Arab Emirates does not exceed $300,000 in the aggregate in each such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) <u>Excluded Subsidiaries</u>. The Excluded Subsidiaries have, in aggregate, assets and revenue comprising less than 5% of the Consolidated assets and revenue of the Borrower. No Loan Party has guaranteed or is otherwise liable for or obligated in respect of, or has given security for, any Debt or other liability of any Excluded Subsidiary.

**8.02** **Survival and Repetition of Representations and Warranties** 

The representations and warranties set out in Section 8.01 of this Agreement or any other Loan Document will survive the execution of this Agreement and all other Loan Documents until the payment in full of all Obligations and will be deemed to be repeated as of the date of each Compliance Certificate delivered pursuant to Section 9.03(4) of this Agreement and as of the date of each Advance, except to the extent that such representations and warranties relate specifically to an earlier date. The Borrower acknowledges that the Lender has relied upon all representations and warranties in the making of the Advances and establishing the Loan Facilities. In connection with the repetition of such representations and warranties, the Borrower shall be required to update the disclosure contained in Schedules 8.01(9), 8.01(13), 8.01(24), 8.01(27) and 8.01(28) (which it shall do with each Compliance Certificate that is delivered to the Lender).

**Article 9<br> COVENANTS**

**9.01** **Positive Covenants** 

Each Loan Party hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, each Loan Party will and will cause each of its respective Subsidiaries, as applicable, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Timely Payment.</u> Make due and timely payment of the Obligations required to be paid by it hereunder and under each other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Conduct of Business, Maintenance of Existence and Property, Compliance with Laws.</u> Carry on and conduct its business and operations in a proper, efficient and businesslike manner, in accordance with good business practice and maintain in good working order and condition (ordinary wear and tear excepted) all Property necessary in the conduct of the Business; except as otherwise permitted by Section 9.04(2) of this Agreement, preserve, renew and keep in full force and effect its existence; take all reasonable action necessary to maintain in all material respects all rights, privileges and franchises necessary in the normal conduct of its business; and comply in all material respects with all Applicable Law and Applicable Orders, including, without limitation, Requirements of Environmental Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Access to Information.</u> Promptly provide the Lender (or its designee) with all information reasonably requested by the Lender, from time to time concerning its financial condition, and from time to time (but no more than once per Fiscal Quarter so long as no Event of Default has occurred and is continuing) upon reasonable written notice, during normal business hours and in a manner which does not materially interfere with its business, permit representatives of the Lender (or its designee) and the Lender to examine its financial books, accounts and records including but not limited to accounts and records stored in computer data banks and computer software systems, and to discuss its financial affairs and its business with its senior officers and (in the presence of such of its representatives as it may designate and upon consent of the Borrower, not to be unreasonably withheld) its auditors; provided, however, that so long as no Event of Default has occurred and is continuing, any discussions with its auditors shall be limited to once in each Fiscal Year. The Borrower will pay all reasonable expenses incurred by such representatives in order to visit the Borrower's premises or attend at its and each other Loan Party's principal office, as applicable, for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Payment and Filing of Taxes.</u> Pay, collect, withhold or discharge, or cause to be paid, collected, withheld or discharged before the same become delinquent all Taxes imposed upon it or upon its income or profits or in respect of its business or Property and file all tax returns in respect thereof and perform all obligations imposed upon it by statute; provided, however, that it will not be required to pay or discharge or to cause to be paid or discharged any such amount so long as the validity or amount thereof is being contested in good faith by appropriate proceedings and an adequate reserve in accordance with IFRS has been established in its books and records or otherwise satisfactory to the Lender, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Use of Loan Facilities.</u> Use the proceeds of the Loan Facilities as contemplated by Section 2.03 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Insurance.</u> Maintain or cause to be maintained with financially sound and reputable insurers, coverage against risk of loss or damage to its Property (including public liability and damage to property of third parties), business interruption insurance, product liability, fire and extended peril insurance of such types as is customary for and would be maintained by a corporation with an established reputation engaged in the same or similar business in similar locations and deliver to the Lender updated certificates of insurance in the event of any material change to such insurance coverage or any additional insured Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Bank Accounts.</u> Maintain all Deposit Accounts of the Loan Parties in Canada and the United States of America, and ensure that all Deposit Accounts in Canada and the United States of America are subject to Deposit Account Control Agreements in favour of the Lender, in form and substance satisfactory to the Lender, acting reasonably. Without limiting the generality of the foregoing, all proceeds in respect of Royalty Assets shall be deposited into a Royalty Proceeds Account, and each Royalty Proceeds Account shall at all times be subject to a Deposit Account Control Agreement in favour of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Environmental Compliance.</u> Operate its business in compliance with all applicable material Requirements of Environmental Laws and operate all Property owned, leased or otherwise occupied by it such that no material obligation, including any clean-up or remedial obligation, arises in respect of any Loan Parties under any Requirements of Environmental Law, provided, however, that if any such claim is made or any obligation arises, the applicable Loan Party or Subsidiary of a Loan Party shall promptly satisfy, address or contest such claim or obligation at its own cost and expenses. The Borrower shall promptly notify the Lender, to the extent not disclosed as of the date hereof, upon (i) learning of the existence of Hazardous Substances located on, above or below the surface of any land which any Loan Party owns, leases, operates, occupies or controls (except those being stored, used or otherwise handled in compliance with applicable Requirements of Environmental Law in all material respects), or contained in the soil or water constituting such land and (ii) the occurrence of any release, spill, leak, emission, discharge, leaching, dumping or disposal of Hazardous Substances that has occurred on or from such land that is reportable under Applicable Law and which, in either the case of (i) or (ii), is likely to result in liability under Requirements of Environmental Law to the applicable Loan Party and could reasonably be expected to result in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Canadian Pension and Benefit Plans.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Administer and perform, in a timely fashion and in all material respects, all obligations to which the
Borrower or any other Loan Party may become subject under the terms of such plans and all Applicable Law, including the Tax Act, in respect
of its Canadian Pension Plans and Canadian Benefit Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Make all required contributions, in a timely fashion, to the Canadian Pension Plans in accordance with
Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Foreign Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform, in a timely fashion and in all material respects, all obligations to which the Borrower or any
other Loan Party may become subject under the terms of any Foreign Plans and all Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Make all required contributions, in a timely fashion, to the Foreign Plans in accordance with Applicable
Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Deposit Account Control Agreements.</u> The Borrower shall provide the Lender with Deposit Account Control Agreements in respect of each Loan Party's Deposit Accounts existing on the Closing Date within thirty (30) days of the Closing Date and, in respect of each Deposit Account opened after the Closing Date, within thirty (30) days of the opening of each such Deposit Account. During each such 30-day period, any requirement herein for the applicable Deposit Account Control Agreement to be in place shall be waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>Additional Information</u>. Subject to any Applicable Law, including applicable securities laws and the rules, regulations and requirements of the Securities and Exchange Commission or any applicable stock exchange restrictions, upon request promptly provide the Lender with copies of all "management letters" or other material letters submitted by independent public accountants in connection with audited financial statements described in Section 9.03(1) of this Agreement, raising issues associated with the audit of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Performance of Material Agreements.</u> Perform and observe all the material terms and provisions of each Material Agreement to be performed or observed by it, maintain each Material Agreement in full force and effect, enforce each such Material Agreement in accordance with its terms, take all such action to such end as may be from time to time requested by the Lender, acting reasonably, and, upon request of the Lender, acting reasonably, make to each other party to each Material Agreement such demands and requests for information and reports or for action as any Loan Party or any of its Subsidiaries is entitled to make under such Material Agreement. Without limiting or derogating from Section 9.04(14), the Loan Parties shall provide the Lender with copies of all amendments, waivers, consents, and similar documents entered into in respect of each Material Agreement promptly and, in any event, within five (5) Business Days of their execution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Intellectual Property.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Maintain all Intellectual Property necessary to carry on its Business and take all actions necessary to
defend such Intellectual Property from any adverse claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>Additional Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Execute and deliver to the Lender promptly, and in any event within forty-five (45) days of any Loan Party
acquiring Owned Real Property after the Closing Date having a fair market value greater than US$2,000,000 and within ten (10) Business
Days of any Loan Party acquiring any other Property after the Closing Date having a fair market value (together with any previously acquired
Property that did not meet the threshold) greater than US$500,000, for which the Lender does not have a perfected security interest, supplements
or amendments to the Security Documents or such other documents as are necessary or advisable to provide the Lender with a perfected security
interest in any such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting or derogating from Section 9.01(15)(a), execute and deliver to the Lender promptly,
and in any event within ten (10) Business Days of any Loan Party acquiring any Material Agreement after the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a specific assignment of such Material Agreement (if specified by the Lender);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the extent such Material Agreement is a Royalty Asset: (A) a Consent and Acknowledgment Agreement from the counterparties
to such Material Agreement; and (B) if available under Applicable Law and not prohibited by the terms of such Material Agreement,
a mortgage in respect of any interest in real property with respect to such Royalty Asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any new Subsidiary created or acquired after the Closing Date by any Loan Party, promptly,
and in any event within thirty (30) days (or, as to any applicable Owned Real Property, forty-five (45) days) of the creation or acquisition
of such Subsidiary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) execute and deliver to the Lender a Guarantor Joinder so as to be bound by all of the terms applicable
to Loan Parties as if it had executed this Agreement as a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) execute and deliver to the Lender such supplements or amendments to any Loan Document as are necessary
or advisable to grant to the Lender a perfected first priority security interest in the Equity Interests of such new Subsidiary that are
owned by any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deliver to the Lender the certificates representing such Equity Interests, together with undated powers
of attorney to transfer the Equity Interests, in blank, executed by a duly authorized officer of the relevant Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) cause such Subsidiary (A) to provide an unlimited guarantee of the Obligations in favour of the Lender,
(B) to provide security in favour of the Lender over all of its present and after-acquired assets (other than Owned Real Property,
except for Owned Real Property having a fair market value greater than US$2,000,000)) and enter into all other loan and security agreements
required by the Lender, acting reasonably (including, for certainty, with respect to any Material Agreement of such Subsidiary, (I) a
specific assignment of such Material Agreement (if specified by the Lender); and (II) to the extent such Material Agreement is a
Royalty Asset, (1) a Consent and Acknowledgment Agreement from the counterparties to such Material Agreement; and (2) a mortgage
in respect of any interest in real property with respect to such Royalty Asset), and (C) to take all actions necessary or desirable
to grant to the Lender a perfected first priority security interest in the collateral described in such security documentation with respect
to such Subsidiary, including the filing, registration or recording of notices in such jurisdictions as may be required or as may be requested
by the Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) deliver to the Lender an officer's certificate of such Subsidiary attaching its constating documents,
by-laws, authorizing resolutions and incumbency certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if requested by the Lender, deliver to the Lender legal opinions relating to the matters described above,
which opinions shall be in form and substance, and from counsel, reasonably satisfactory to the Lender, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Maintenance of Listing</u>. The Borrower shall maintain the listing of common shares on the NASDAQ or the New York Stock Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Consents and Acknowledgements</u>. It shall ensure that any Material Agreement entered into or acquired following the Closing Date constitutes a Freely Transferrable Material Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>Minimum Royalty Revenue</u>: The Borrower shall, on a Consolidated basis, maintain minimum Royalty Revenue of not less than (i) 80% of the Mesabi Forecasted Revenue for each Fiscal Quarter, prior to the Follow-On Mesabi Acquisition, and (ii) 75% of the Mesabi Forecasted Revenue for each Fiscal Quarter, following the Follow-On Mesabi Acquisition, tested as of the last day of each Fiscal Quarter in which the Borrower's Unrestricted Cash balance is equal to or less than $10,000,000 at any point during such Fiscal Quarter; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if Royalty Revenue is less than the required 80% or 75%, as applicable, of the Mesabi Forecasted Revenue
for any Fiscal Quarter, the Borrower may, on or prior to the date the Compliance Certificate for such Fiscal Quarter is required to be
delivered pursuant to Section 9.03(3), issue Equity Interests in the Borrower and apply the Net Cash Proceeds thereof to the Borrower's
Unrestricted Cash and if as a result the Borrower's Unrestricted Cash is greater than $10,000,000 then such Revenue shortfall shall
be deemed to be cured, provided that if, as a result of applying such Net Cash Proceeds to the Borrower's Unrestricted Cash, the
amount of Unrestricted Cash exceeds $15,000,000, then the Borrower shall use the amount in excess of $15,000,000 to make a mandatory prepayment
in accordance with Section 5.01(4), and provided further that such curing of the Royalty Revenue shortfall with the issuance of
Equity Interests may only be done once in any calendar year and may not be done in consecutive Fiscal Quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>Further Assurances.</u> Promptly upon the request of the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) correct any material defect or error that may be discovered in any Loan Document or in the execution,
acknowledgement, filing or recordation thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and
all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing statements
and continuations thereof, termination statements, notices of assignments, transfers, certificates, assurances and other instruments as
the Lender, may reasonably require from time to time in order to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) carry out more effectively the purposes of the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) perfect and maintain the validity, effectiveness and priority of the security interests intended to be
created under the Security Documents and the other Loan Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) assure, convey, grant, assign, transfer, preserve, protect and confirm more effectively to the Lender,
the rights granted or now or hereafter intended to be granted to the Lender under any Loan Document or under any other instruments executed
in connection with any Loan Party to which any Loan Party is or is to be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>Maximum Assets and Revenue of Excluded Subsidiaries</u>. Ensure that the aggregate assets and revenue of the Loan Parties represents at all times at least 95% of the Consolidated assets and revenue of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>Post-Closing Undertaking.</u> Deliver, or cause to be delivered, to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) within two (2) Business Days of the Closing Date, an executed and notarized copy of a Minnesota law
governed mortgage with respect to the Mesabi Royalty Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within five (5) Business Days of the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence of all insurance required to be maintained pursuant to the Loan Documents, naming the Lender as additional insured and first
loss payee, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a British Columbia law governed enforceability opinion in respect of the NORI Royalty Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within thirty (30) days of the Closing Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an apostilled copy of a Minnesota law governed mortgage with respect to the Mesabi Royalty Agreement which has been submitted for
registration with the applicable land registry office(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Minnesota law governed opinion in respect of the Minnesota law governed mortgage covering, among other things, enforceability and
registration of such mortgage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Consent and Acknowledgment Agreements from the counterparties to Material Agreements which are not Freely Transferable Material Agreements
to which any Loan Party is a party, provided that the NORI Royalty Agreement and the Mesabi Royalty Agreement shall not constitute Freely
Transferable Material Agreements for purposes of this Section 9.01(21),

in each case, in form and substance satisfactory to the Lender.

**9.02** **Financial Covenant** 

The Borrower hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, it will at all times maintain a minimum balance of Unrestricted Cash of no less than (i) commencing on June 1, 2026 until May 31, 2028, $5,000,000, and (ii) commencing on June 1, 2028 until the date that the Obligations are repaid in full, $15,000,000.

**9.03** **Reporting Requirements** 

The Borrower hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, the Borrower will cause to be prepared and delivered to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Annual Reports.</u> As soon as available and in any event within 120 days after the end of each Fiscal Year of the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the audited Consolidated financial statements of the Borrower as at the end of such Fiscal Year and the
related Consolidated statements of income, retained earnings and cash flows for such Fiscal Year, setting forth in comparative form the
figures as at the end of and for the previous Fiscal Year, accompanied by an audit report of the Auditors, which report shall include
an opinion of such Auditors which opinion shall not be qualified in any material respect and shall state that such financial statements
were prepared in accordance with IFRS and that the audit by such Auditors in connection with such financial statements has been made in
accordance with generally accepted auditing standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a management discussion and analysis prepared by management of the Borrower for the relevant period, including
commentary on the performance of the Loan Parties, a year-over-year comparison to the prior year result and annual budget, and such other
information as may be requested by the Lender from time to time, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Quarterly Reports.</u> As soon as practicable and in any event within 45 days after the close of each Fiscal Quarter of the Borrower (including the fourth Fiscal Quarter), provide the Lender with its interim unaudited consolidated financial statements as at the end of such Fiscal Quarter, including balance sheet, statement of income and retained earnings, statement of changes in financial position and management discussion and analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Monthly Reports.</u> As soon as practicable and in any event within 35 days after the end of each month, a report of the Borrower and its Subsidiaries which includes: (i) the Consolidated Royalty Revenue of the Borrower (together with any statements or reports delivered under the Royalty Agreements in connection therewith) and Consolidated cash balance of the Borrower in Deposit Accounts of the Borrower and its Subsidiaries as at the last Business Day of such month; (ii) the cash balances of the Borrower and its Subsidiaries in Excluded Accounts as at the last Business Day of such month; and (iii) the average cash balance of the Borrower in Deposit Accounts of the Borrower over such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Public Filing</u>. Any information filed by the Borrower on EDGAR shall deem to satisfy the delivery requirements set forth in paragraphs (1), and (2) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>Compliance Certificate.</u> As soon as practical and in any event within 45 days after the close of each Fiscal Quarter of the Borrower, provide the Lender with a Compliance Certificate, which shall include an update to Schedules F, G, 8.01(9), 8.01(13), 8.01(24), 8.01(27)(a) and 8.01(28).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Budget and Financial Forecasts.</u> As soon as practicable and in any event not later than 30 days after the first day of each of its Fiscal Years, the Borrower shall deliver (i) a budget for the Loan Parties for that Fiscal Year, and (ii) financial forecasts for the immediately following Fiscal Year, in each case with financial projections for the Borrower on a consolidated basis, which shall include a projected income statement, projected balance sheet, projected statement of cash flows, estimates of Capital Expenditures and tax losses and deferrals, and underlying assumptions, all broken down quarterly for such Fiscal Year, and otherwise in detail acceptable to the Lender, acting reasonably.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>Notice of Default or Event of Default.</u> Promptly notify the Lender of any Default or Event of Default that would apply to it or to any Loan Party of which it becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>Notice of Material Adverse Effect.</u> Promptly notify the Lender of any condition (financial or otherwise), event or change in its or any other Loan Party's business, liabilities, operations, results of operations or assets which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Notice of Litigation.</u> Promptly notify the Lender of (a) any material change or event relating to any action or proceeding set out on Schedule 8.01(7) or (b) the commencement of, or the occurrence or non-occurrence of any change or event relating to, any action, suit or proceeding that would cause the representation and warranty contained in Section 8.01(7) of this Agreement relating to the absence of litigation to be incorrect if made at such time or that would require the payment of monies by the Borrower or any other Loan Party in excess of US$250,000 (or the Equivalent Amount in Canadian Dollars) either individually or in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>Other Notices.</u> Promptly, upon having knowledge, give notice to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any violation of any Applicable Law, Material Agreement or Material License which has or could reasonably
be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any termination of or default under a Material Agreement or Material License; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any entering into of a Material Agreement or Material License, together with a true copy thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the occurrence of any ERISA Event, together with a certificate of the chief financial officer of the Borrower
describing such ERISA Event and the action, if any, proposed to be taken with respect to such ERISA Event and copies of all notices, communications
and filings with, to, or from, any Governmental Authority relating to such ERISA Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) any material increase in Unfunded Pension Liabilities (taking into account only US Plans with
positive Unfunded Pension Liabilities) since the date the representations hereunder are given or deemed given, or from any prior notice,
as applicable, (ii) the existence of any potential withdrawal liability under Section 4201 of ERISA, if the Borrower and the
ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans, (iii) the adoption of, or the commencement of
contributions to, any US Pension Plan or a Multiemployer Plan, or (iv) the adoption of any amendment to a US Pension Plan which results
in a material increase in contribution obligations of the Borrower or any ERISA Affiliate, together with a detailed written description
thereof from the chief financial officer of the Borrower and such other documents or governmental reports or filings relating to any of
the foregoing as the Lender may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>Taxes.</u> Promptly, upon having knowledge, give notice to the Lender of the commencement or notice of any investigation, audit, re-assessment, re-filing, re-statement or reconsideration of any previously filed tax returns in any jurisdiction, or any formal review or process that could result in any such event, or any change in tax law or policy or the application of existing tax law or policy to the Loan Parties, that could result in increased tax liability for the Loan Parties for any future period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>Public Reporting</u>. Promptly upon the issuance thereof, provide the Lender with copies of all annual reports, annual information forms and material change reports filed with any stock exchange, securities commission or similar regulatory body in any jurisdiction (except for, without limitation of or derogation from the Borrower's obligations hereunder, any material change report filed on a confidential basis with any securities commission or stock exchange).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Royalty Asset Reporting.</u> Promptly and, in any event, within five (5) Business Days of receipt of same from the counterparty to any Royalty Asset, deliver to the Lender copies of all notices and reporting deliverables received from such counterparty pursuant to such Royalty Asset (including any royalty statements or similar documents evidencing the calculation and payment of any amounts under such Royalty Asset).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Other Information.</u> Unless restricted from doing so under Applicable Law, promptly deliver to the Lender such other information relating to the business, liabilities, operations, results of operations, assets or prospects of the Loan Parties and compliance by the Loan Parties with their obligations under the Loan Documents as the Lender may reasonably request from time to time.

**9.04**  **<u>Negative Covenants</u>** 

Each Loan Party hereby covenants and agrees that, except as otherwise permitted by the prior written consent of the Lender, the Loan Parties will not and will ensure that each of their respective Subsidiaries will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Disposition of Property.</u> Dispose of, in one transaction or a series of transactions, all or any part of its Property, whether now owned or hereafter acquired, other than a Permitted Disposition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Fundamental Changes</u>. Enter into any corporate (or other analogous) transaction (or series of transactions), whether by way of arrangement, reorganization, consolidation, liquidation, amalgamation, merger or otherwise whereby all or substantially all of its undertaking and assets would become the property of any other Person or, in the case of any amalgamation, the property of the continuing corporation resulting from the amalgamation, or sell, lease or dispose of all or substantially all its assets, except for such transactions as are among (i) Loan Parties other than the Borrower, and (ii) Loan Parties and any Subsidiaries where a Loan Party is the surviving entity or where all of such assets are transferred to such Loan Party, if at the time of and immediately after giving effect to such transaction, (a) no Event of Default has occurred and be continuing and (b) such Loan Party delivers such documents to the Lender as may be required by the Lender to confirm all of its Obligations under the Loan Documents and such other certificates and opinions as may be required by the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>No Debt.</u> Create, incur, assume or permit any Debt to remain outstanding, other than Permitted Debt; provided that, at the time of the incurrence of any Permitted Debt and after giving effect to the incurrence of any Permitted Debt and the use of the proceeds thereof, no Event of Default shall have occurred and be continuing or would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>No Financial Assistance.</u> Give or permit to be outstanding any Financial Assistance to any Person other than Permitted Financial Assistance; provided that no Financial Assistance shall be given by a Loan Party to any Person if a Default or Event of Default shall have occurred and be continuing or would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) <u>No Distributions.</u> Make or permit any Distributions, other than Permitted Distributions; provided that no Distributions shall be paid by the Borrower if a Default or an Event of Default shall have occurred and be continuing or would result therefrom, and provided further that no Distribution shall be made out of any Royalty Proceeds Account unless all amounts then due and payable under the Loan Documents have been paid in full and no Default or Event of Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) <u>Restrictive Agreements.</u> Other than this Agreement, enter into any agreement that would limit the ability of any Loan Party to (i) effect any dividends or distributions to the Borrower, (ii) create, incur, assume or suffer to exist Encumbrances on its property to secure the Obligations or (iii) perform its obligations under any Loan Document; provided that the foregoing clause (ii) shall not prohibit any negative pledge incurred or provided in favor of any holder of Permitted Debt described in clause (c) of the definition of Permitted Debt solely to the extent that any such negative pledge relates to the property financed by or the subject of such Permitted Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) <u>No Encumbrances.</u> Create, incur, assume or permit to exist any Encumbrance upon any of its Property other than Permitted Encumbrances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) <u>No Acquisitions.</u> Make any Acquisition other than Permitted Acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) <u>Investments</u>. No Loan Party shall make any Investments other than Permitted Investments provided no Default or Event of Default exists at the time of such proposed Investment and no Default or Event of Default would exist immediately after the implementation of any such proposed Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) <u>No Change to Year End.</u> Make any change to its Fiscal Year, other than, in the case of a Loan Party, to a Fiscal Year which is the same as the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) <u>No Change to Business.</u> Make any change to the nature of the Business carried on by the Borrower and the Loan Parties (taken as a whole) whereby the nature of the Business would be materially altered from that carried on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) <u>No Equity Issuances.</u> Except (i) Excluded Issuances, and (ii) as otherwise permitted by the prior written consent of the Lender, permit the Guarantors to issue any Equity Interests to any Person that is not a Loan Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) <u>Amendments to Organizational Documents.</u> Amend any of its Organizational Documents in a manner that would be prejudicial to the interests of any of the Lender under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Material Agreements.</u> (i) Amend, vary, alter or waive any material term of any Material Agreement, or (ii) allow any circumstances to arise which would (A) allow any Material Agreement to lapse or to be terminated during its term, or (B) in the case of any Royalty Asset, allow for the subordination, postponement, or similar action in respect of any obligations owing to the Loan Party under such Royalty Asset; provided that, without limiting the foregoing, no Loan Party shall exercise, amend, waive, consent to, permit, allow or otherwise take any action in respect of any buyback, repurchase, reduction, release, termination, transfer or similar right under any Royalty Asset, in each case without the prior written consent of the Lender; provided, further, that no Lender consent shall be required for (A) any step-down, reduction or similar adjustment that occurs automatically pursuant to the terms of any Royalty Asset as in effect on the Closing Date or as otherwise approved by the Lender in writing, or (B) the receipt by a Loan Party of any payment in respect of a buyback or repurchase right exercised by a counterparty, to the extent such right exists as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) <u>Non-Arm's Length Transactions.</u> Enter into any transaction, contract, agreement or otherwise with, or for the benefit of, any Person (other than the Borrower or a Loan Party) not dealing at Arm's Length with the transacting Loan Party unless such transaction is on terms that are not less favorable to the applicable Loan Party than the terms would be of any substantially similar Arm's Length transaction. For greater certainty, the foregoing shall require that the aggregate consideration payable by the applicable Loan Party (including, without limitation, any upfront purchase price, royalty, licensing fee, milestone payment, revenue-sharing arrangement, profit-sharing arrangement, or other ongoing or contingent payment obligation) does not exceed the aggregate consideration that would be payable in any substantially similar Arm's Length transaction. Without limiting the generality of the foregoing, no Loan Party shall, in connection with any Acquisition or other transaction with a Person not dealing at Arm's Length, agree to pay any royalty, licensing fee, or other ongoing payment that would not be required in a bona fide Arm's Length transaction for the same or similar Property or rights, and the Lender may, acting reasonably, require the Borrower to deliver an independent third-party valuation or fairness opinion in connection with any such transaction having an aggregate value in excess of US$1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) <u>Hedging Contracts.</u> Other than any Hedge that constitutes a Permitted Hedge, enter into or permit to be outstanding at any time any Hedge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) <u>Capital Expenditure.</u> Make or incur, or permit to be made or incurred, any Capital Expenditures [other than Capital Expenditures in any given Year in an amount not more than the lesser of (x) 110% of the Capital Expenditures budgeted for in the budget and financial projections delivered in accordance with Section 9.03(5) for such Fiscal Year, and (y) $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) <u>Limitations on Name Change, Location of Assets, Jurisdiction of Incorporation or Formation and Chief Executive Office or Registered Office.</u> Change:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its jurisdiction of incorporation or formation, the laws governing its constating documents, or the statute
under which it is created or organized; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the jurisdiction in which its chief executive office or registered office is located,

in each case, unless (i) it has provided the Lender with at least ten (10) Business Days prior written notice; and (ii) the applicable Loan Party has first executed and delivered to the Lender all Security and all financing or registration statements in form and substance satisfactory to the Lender which the Lender or its counsel, acting reasonably, from time to time deem necessary or advisable to ensure that the Security at all times constitutes a first ranking security interest over the Property of such Loan Party (that constitutes Collateral) notwithstanding such change as aforesaid together with such supporting certificates, resolutions, opinions and other documents as the Lender may deem necessary or desirable in connection with such security and registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) <u>Location of Assets.</u> Except for any Property in transit in the ordinary course of business, store or place any Property outside of the jurisdictions identified in Schedule 8.01(13) or move any Property from one jurisdiction to another jurisdiction where the movement of such Property would cause the Encumbrance of the Security Documents over such Property (that constitutes Collateral) to cease upon such movement to be perfected under Applicable Law, or suffer or permit in any other manner any of its Property (that constitutes Collateral) to not be subject to the Encumbrance of the Security Documents or to be or become located in a jurisdiction as a result of which the Encumbrance over such Property (that constitutes Collateral) is not perfected, unless (a) the Loan Party has first given thirty (30) days' prior written notice thereof to the Lender (or, if such cessation of perfection would not occur upon such movement, at least 30 days prior to the date such cessation would occur), and (b) the applicable Loan Party has first executed and delivered to the Lender all Security and all financing or registration statements in form and substance satisfactory to the Lender which the Lender or their counsel, acting reasonably, from time to time deem necessary or advisable to ensure that the Security at all times constitutes a first ranking security interest over such Property (that constitutes Collateral) notwithstanding the movement or location of such Property (that constitutes Collateral) as aforesaid together with such supporting certificates, resolutions, opinions and other documents as the Lender may deem necessary or desirable in connection with such security and registrations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) <u>Restriction on Use of Proceeds</u>. The Borrower will not use the proceeds of any Advance, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry Margin Stock, or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) <u>Pension Plans.</u> Except as in place as of the Closing Date and disclosed in Schedule 8.01(20), no Loan Party shall sponsor, administer or contribute to a Canadian Pension Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) <u>Bank Accounts.</u> Maintain any funds or deposits in any Deposit Account or securities account (other than Excluded Accounts) (i) outside of Canada or the United States and (ii) that is not subject to a Deposit Account Control Agreement or securities account control agreement; provided that all proceeds in respect of Royalty Assets shall be maintained only in a Royalty Proceeds Account that is subject to a Deposit Account Control Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) <u>Excluded Accounts.</u> Maintain funds or deposits in Excluded Accounts exceeding the aggregate amount of $1,000,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) <u>Property in United Kingdom and United Arab Emirates</u>. Without limiting or derogating from Section 9.04(19), own, place, store, or otherwise hold any right, benefit, title and interest in any Property in the United Kingdom or the United Arab Emirates, in each case, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the value of all Property that the Loan Parties own, place or store, or in respect of which the Loan Parties
otherwise hold any right, benefit, title, or interest, in such jurisdiction does not exceed $300,000 in the aggregate in such jurisdiction;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Loan Party that owns, places, stores, or otherwise holds any right, benefit, title or interest in
such Property in such jurisdiction has first executed and delivered to the Lender: (i) all Security and all financing or registration
statements, necessary or advisable to ensure that the Security at all times constitutes a first ranking security interest over such Property;
and (ii) such supporting certificates, resolutions, opinions and other documents as the Lender may deem necessary or desirable in
connection with such security and registrations, in each case, in form and substance satisfactory to the Lender.

**Article 10<br> DEFAULT**

**10.01** **Events of Default** 

The occurrence of any one or more of the following events (each such event being herein referred to as an "**Event of Default**") will constitute a default under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) if any Loan Party fails to pay any amount of principal of the Advance or any Prepayment Fee, in each case when due and payable, including for certainty with respect to any mandatory prepayment required by Section 5.01 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any Loan Party fails to pay any interest or other fees when due and payable hereunder or under any other Loan Document and such non-payment continues for a period of three (3) Business Days; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) if any Loan Party fails to pay any Obligation (other than an Obligation for which a failure to pay is specifically dealt with elsewhere in this Section 10.01) when due and payable and such non-payment continues for a period of five (5) days after notice by the Lender (at the direction of the Lender); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if the Borrower fails to observe or perform the financial covenant in Section 9.02 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if any Loan Party fails to observe or perform any of the negative covenants in Section 9.04 of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) if any Loan Party fails to observe or perform any of the positive covenants in Section 9.01 of this Agreement (other than a positive covenant for which a failure to observe or perform is specifically dealt with elsewhere in this Section 10.01) or the reporting covenants in Section 9.03 of this Agreement, as applicable, and the applicable Loan Party fails to remedy such default within the earlier of fifteen (15) days from the date (i) the applicable Loan Party becomes aware of such default or (ii) the Lender (at the direction of the Lender) delivers written notice of the default to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) if any Loan Party neglects to observe or perform any covenant or obligation in this Agreement or in any other Loan Document on its part to be observed or performed (other than, in each case, a covenant or condition whose breach or default in performance is specifically dealt with elsewhere in this Section 10.01) and the applicable Loan Party fails to remedy such default within the earlier of thirty (30) days from the date (i) such Loan Party becomes aware of such default or (ii) the Lender delivers written notice of the default to the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) if any information, representation or warranty made by any Loan Party in this Agreement, any Loan Document or in any certificate or other document at any time delivered (or deemed to be delivered) hereunder to the Lender proves to have been incorrect or misleading in any material respect on and as of the date thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) if any Loan Party ceases or threatens to cease to carry on business generally except as permitted by this Agreement, or admits its inability or fails to pay its debts generally; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) if any Loan Party fails to pay when due or upon demand, in the case of monies payable on demand, or at maturity, or within any applicable period of grace, Debt in respect of monies borrowed, raised or guaranteed in an amount in excess of US$250,000 (or the Equivalent Amount thereof in other currencies), or fails to observe or perform any term, covenant or agreement contained in any agreement by which it is bound evidencing or securing monies borrowed, raised, or guaranteed in an amount in excess of US$250,000 (or the Equivalent Amount thereof in other currencies) and, as a result, the holder or holders, or beneficiary or beneficiaries, thereof or of any such obligations issued thereunder cause or are entitled to cause the acceleration of the maturity thereof or of any such obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if any Loan Party denies its obligations under any Loan Document or claims any of the Loan Documents to be invalid or withdrawn in whole or in part; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) if any of the Loan Documents or any material provision of any of them becomes unenforceable, unlawful or is changed by virtue of legislation or by order or judgment of a court of competent jurisdiction, and the applicable Loan Party does not, within fifteen (15) days of receipt from the Lender of notice of such Loan Document or material provision becoming unenforceable, unlawful or being changed and being provided with any required new agreement or amendment for execution, replace such Loan Document with a new agreement that is in form and substance satisfactory to the Lender or amend such Loan Document to the satisfaction of the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) if a decree or order of a court of competent jurisdiction is entered adjudging any Loan Party a bankrupt or insolvent or approving as properly filed an application or petition seeking the winding-up of any Loan Party under any Insolvency Legislation or issuing sequestration or process of execution against any substantial part of the assets of any Loan Party or ordering the winding-up or liquidation of its affairs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) if any Loan Party becomes insolvent, makes any assignment in bankruptcy or makes any other assignment for the benefit of creditors, makes any proposal or seeks relief under any Insolvency Legislation, is adjudged bankrupt, files an application, petition or proposal to take advantage of any act of insolvency, consents to or acquiesces in the appointment of a trustee, receiver, receiver and manager, interim receiver, custodian, sequestrate or other Person with similar powers of itself or of all or any substantial portion of its assets, or files an application, petition or otherwise commences any proceeding seeking any reorganization, arrangement, composition or readjustment under any applicable bankruptcy, insolvency, moratorium, reorganization or other similar law affecting creditors' rights or consents to, or acquiesces in, the filing of such an application or petition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) if any proceeding or filing is commenced, instituted or made against any Loan Party seeking to have an order for relief entered against such Loan Party as debtor under, or to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding-up, reorganization, arrangement, adjustment or composition under, any Insolvency Legislation, or seeking appointment of a receiver, trustee, custodian or other similar official for any Loan Party or for any substantial part of its properties or assets, unless the proceeding or filing is being contested actively and diligently in good faith by appropriate and timely proceedings and is dismissed, vacated or indefinitely stayed within sixty (60) days of its institution; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) if an Encumbrancer takes possession by appointment of a receiver, receiver and manager, or otherwise of any material portion of the Property of any Loan Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) if a final judgment or decree for the payment of money due (to the extent not covered by independent third-party insurance from a financially sound and reputable insurance company, as to which such insurer has been notified of the potential claim and does not dispute coverage) has been obtained or entered against any Loan Party in an amount, when combined with any other such judgment or decrees, is in an amount in excess of US$250,000 (or the Equivalent Amount thereof in Canadian Dollars), and within thirty (30) days thereof, such judgment or decree has not been vacated, discharged or stayed pending appeal or the applicable Loan Party has not demonstrated to the satisfaction of the Lender that it has the financial ability to satisfy such judgment or decree without adversely affecting in any material way such Loan Party's ability to perform its obligations under the Loan Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) if an ERISA Event occurs with respect to a US Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected to result in the incurrence of liability by the Borrower or an ERISA Affiliate exceeding US$1,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) if there is or arises an Unfunded Pension Liability (taking into account only US Pension Plans with positive Unfunded Pension Liability) exceeding US$1,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) if there is or arises any potential withdrawal liability under Section 4201 of ERISA, if the Borrower and the ERISA Affiliates were to withdraw completely from any and all Multiemployer Plans, exceeding US$1,000,000 or more; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) if a Change of Control occurs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) except as permitted hereunder, if proceedings are commenced for the dissolution, liquidation or winding-up of any Loan Party, or for the suspension of the operations of any Loan Party, unless such proceedings are being actively and diligently contested in good faith; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) if a Material Adverse Effect has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) if any Loan Party fails to observe or perform any of the positive covenants in Section 9.01(21).

**10.02** **Acceleration and Termination of Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If any Event of Default occurs and is continuing, all Obligations will, upon demand made by the Lender, become immediately due and payable at the rate or rates determined as herein provided, including for certainty the Prepayment Fee (at the applicable rate set out in Section 5.03 of this Agreement), as applicable, to the date of actual payment thereof, without notice, presentment, protest, additional demand, notice of dishonour or any other demand or notice whatsoever, all of which are hereby expressly waived by each Loan Party, and the Commitments will be terminated; provided, if any Event of Default described in Sections 10.01(13) through 10.01(15) of this Agreement with respect to the Borrower occurs, the Commitments (if not theretofore terminated) will automatically terminate, and the outstanding principal amount of the Advance and all other Obligations will automatically be and become immediately due and payable (including, for certainty, the Prepayment Fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In such event the Lender, may exercise any right or recourse and/or proceed by any action, suit, remedy or proceeding against any Loan Party authorized or permitted by any Loan Document or by law for the recovery of all the Obligations of the Loan Parties to the Lender and no such remedy for the enforcement of the rights of the Lender will be exclusive of or dependent on any other remedy but any one or more of such remedies may from time to time be exercised independently or in combination.

**10.03** **Remedies Cumulative and Waivers** 

For greater certainty, it is expressly understood and agreed that the respective rights and remedies of the Lender hereunder or under any other Loan Document or instrument executed pursuant to this Agreement are cumulative and are in addition to and not in substitution for any rights or remedies provided by law or by equity; and any single or partial exercise by the Lender of any right or remedy for a default or breach of any term, covenant, condition or agreement contained in this Agreement or other document or instrument executed pursuant to this Agreement will not be deemed to be a waiver of or to alter, affect or prejudice any other right or remedy or other rights or remedies to which the Lender may be lawfully entitled for such default or breach. Any waiver by the Lender of the strict observance, performance or compliance with any term, covenant, condition or other matter contained herein and any indulgence granted, either expressly or by course of conduct, by the Lender will be effective only in the specific instance and for the purpose for which it was given and will be deemed not to be a waiver of any rights and remedies of the Lender under this Agreement or any other Loan Document or instrument executed pursuant to this Agreement as a result of any other default or breach hereunder or thereunder.

**10.04** **Perform Obligations** 

If an Event of Default has occurred and is continuing, and if any Loan Party has failed to perform any of its covenants or agreements in the Loan Documents, the Lender may perform any such covenants or agreements in any manner deemed fit by the Lender without thereby waiving any rights to enforce the Loan Documents. The reasonable expenses (including any legal costs) paid by the Lender in respect of the foregoing will be an Obligation.

**10.05** **Third Parties** 

No Person dealing with the Lender or any agent of the Lender will be concerned to inquire whether the powers which the Lender are purporting to exercise have been exercisable.

**Article 11<br> COSTS, EXPENSES AND INDEMNIFICATION**

**11.01** **Costs and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Borrower will pay, promptly upon notice from the Lender, all reasonable costs and expenses of the Lender in connection with preparation, execution and delivery of this Agreement and the other documents to be delivered hereunder, the administration of the loans made hereunder up to and including the later of: (i) the Maturity Date and (ii) the irrevocable payment in full of the Obligations, whether or not any Advance has been made hereunder, including, without limitation, the reasonable and documented fees and out-of-pocket expenses of Lender's Counsel with respect thereto and with respect to advising the Lender, as applicable, as to its or their rights and responsibilities under this Agreement and the other Loan Documents to be delivered hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower further agrees to pay all reasonable and documented out-of-pocket costs and expenses of the Lender in connection with (i) the preparation or review of waivers, consents and amendments, (ii) questions relating to the administration or interpretation of this Agreement and the other Loan Documents, (iii) the establishment of the validity and enforceability of this Agreement, (iv) the preservation or enforcement of rights of the Lender under this Agreement and other Loan Documents to be delivered hereunder, and (v) the performance or administration of, or the exercise of any right or remedy of any nature or kind contained in, this Agreement or in any Loan Document, including, without limitation, all reasonable costs and expenses sustained by the Lender as a result of any failure by any Loan Party to perform or observe any of its obligations hereunder. This Section 11.01 shall not apply to any Taxes, other than any Taxes that represent losses, costs, expenses or liabilities arising from any non-Tax claim.

**11.02** **Indemnification by the Loan Parties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each of the Loan Parties shall indemnify the Lender and each Related Person of the Lender (each such Person being called an "**Indemnitee**") against, and hold each Indemnitee harmless from, any and all claims suffered or incurred by any Indemnitee or asserted against any Indemnitee by any third party or by such Loan Party arising out of, in connection with, or as a result of (i) the execution or delivery of, or the enforcement, performance or administration of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance or non-performance by the Loan Parties of their respective obligations hereunder or thereunder or the consummation or non-consummation of the transactions contemplated hereby or thereby, (ii) any Advance or the use or proposed use of the proceeds therefrom, or (iii) any actual or prospective claim relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Loan Party and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such claims (x) as to the Lender and its Related Persons, are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the negligence, criminal acts or omissions or wilful misconduct of such Indemnitee, (y) as to the Lender and its Related Persons, result from a claim brought by any Loan Party against an Indemnitee for breach of such Indemnitee's obligations hereunder or under any other Loan Document, if such Loan Party has obtained a final and non-appealable judgment in its favour relating to such claim as determined by a court of competent jurisdiction, or (z) as to the Lender and its Related Persons, are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnitee, nor shall it be available in respect of matters specifically addressed in Sections 11.01 and 12.01 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A certificate of the Lender or other written document as to the amount of any such loss or expense will be *prima facie* evidence as to the amount thereof, in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The agreements in Sections 11.01, 11.02 and 11.03 will survive the termination of this Agreement and repayment of the Obligations and the earlier resignation or removal of the Lender.

**11.03** **Specific Environmental Indemnification** 

The Borrower will defend and indemnify the Lender (and each of their Related Persons) and hold each of them harmless at all times from and against any and all costs, losses, damages, expenses, judgments, suits, claims, awards, fines, sanctions and liabilities whatsoever (including any reasonable out-of-pocket costs or expenses for preparing any necessary environmental assessment report or other such other reports) by a third party against the Lender (and each of their Related Persons) or any of them related to or as a result of (i) any release, deposit, discharge, or disposal of any Hazardous Substance in connection with the property or business of the Loan Parties; and (ii) the remedial actions (if any) taken by the Lender in respect of such release, deposit, discharge or disposal; or (iii) a failure by any Loan Party to comply with Requirements of Environmental Law. The Borrower will have the sole right, at its expense, to control any such legal action or claim and to settle on terms and conditions approved by the Borrower and approved by the party named in such legal action or claim whether it be the Lender, or any of them, acting reasonably, provided that, if, in the opinion of the Lender, or any of them, as the case may be, the interests of the Lender or any of them are different from those of the Borrower in connection with such legal action or claim, the Lender, or any of them, will have the sole right, at the Borrower's expense, to defend their own interests, provided that any settlement of such legal action or claim will be on terms and conditions approved by the Borrower, acting reasonably. If the Borrower does not defend the legal action or claim, the Lender will have the right to do so on their own behalf and on behalf of the Borrower, as the case may be, at the expense of the Borrower. The defence and indemnity obligations contained throughout this Agreement will survive the termination of this Agreement and repayment of the Obligations and the earlier resignation or removal of the Lender.

**11.04** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Lender's liability to the Loan Parties under this Agreement shall be strictly limited to its obligation to make the Advance to the Borrower under the Loan Facilities on the terms and conditions set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the fullest extent permitted by Applicable Laws, no Loan Party shall assert, and hereby waives, any claim against each Indemnitee, on any theory of liability, for indirect, consequential, punitive, aggravated or exemplary damages (as opposed to direct damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby (or any breach thereof), the transactions contemplated hereby or thereby, any Advance or the use of the proceeds thereof. No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, provided such information or materials are distributed by such Indemnitee in accordance with the provisions of this Agreement or any other Loan Document. Notwithstanding the foregoing, nothing contained herein shall limit the liability of any Indemnitee in the case of gross negligence or wilful misconduct by such Indemnitee.

**11.05** **Exclusion** 

Notwithstanding Sections 11.01, 11.02, 11.03, and 11.04 of this Agreement the Borrower shall not be obliged to indemnify the Lender or any of its respective directors, officers, employees, affiliates, agents and representatives (each an "**Indemnified Party**") for any losses, claims, damages, liabilities or related expenses which are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence or wilful misconduct of such Indemnified Parties.

**Article 12<br> TAXES**

**12.01** **Taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All payments to be made to the Lender pursuant to the Loan Documents will be made free and clear of, and without reduction for or on account of, any Taxes; provided, however, if any Taxes are required by Applicable Law to be withheld from any interest or other amount payable to the Lender under any Loan Document, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, the amount so payable by the applicable Loan Party to the Lender will be increased to the extent necessary so that after such deduction or withholding has been made (including such deduction and withholdings applicable to additional sums payable under this Section) the Lender receives an amount equal to the sum it would have received had no such deduction or withholding been made. The Loan Parties will promptly following receipt of a request from the Lender, pay to the Lender any and all Taxes in the nature of sales, use, excise, value-added, goods and services, harmonized sales, stamp, property, court, documentary, intangible, recording, filing and similar Taxes payable under the laws of Canada or any Province of Canada or any other country or jurisdiction arising from any payment made hereunder or from the execution, delivery, performance, registration, receipt, perfection of a security interest or enforcement of, or otherwise with respect to, this Agreement or any other Loan Documents, but not including Excluded Taxes and Taxes imposed with respect to any assignment by the Lender. Whenever any Taxes are payable by a Loan Party pursuant to this Section, for the account of the Lender, a certified copy of an original official receipt showing payment of such Taxes (or other reasonable documentary evidence of such payment) will be promptly provided by such Loan Party to the Lender. If a Loan Party has paid over or remitted an amount on account of Taxes pursuant to this Section 12.01(1) and the amount so paid over or remitted is subsequently refunded to the Lender (or the Lender receives a credit in lieu of a refund), in whole or in part, the Lender will remit to such Loan Party, provided there is then no Default or Event of Default and subject to the set off rights of the Lender, such an amount equal to such refund (or credit in lieu of a refund) (but only to the extent of indemnity payments or additional amounts paid under this Section with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of the Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). The applicable Loan Party, upon request of the Lender, shall repay to the Lender the amount paid over pursuant to the foregoing sentence (plus penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that the Lender is required to repay the amount of such refund to any Governmental Authority. Notwithstanding anything to the contrary in the preceding two sentences, in no event will the Lender be required to pay any amount to a Loan Party pursuant to this Section the payment of which would place the Lender in a less favorable net after-Tax position than the Lender would have been in if the Tax subject to indemnification and giving rise to such refund (or credit in lieu of a refund) had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. Nothing in this paragraph shall be construed to require the Lender to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Loan Parties or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Loan Parties shall indemnify the Lender within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes paid by the Lender or Lender (as applicable), on or with respect to any payment by or on account of any obligation of any Loan Party hereunder or under any other Loan Document (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 12.01) and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by the applicable Lender, Lender or any member or equity owner of the Lender or Lender shall be conclusive absent manifest error. The obligations contained throughout this subsection (2) will survive the termination of this Agreement, any assignment of rights by, or the replacement of, the Lender (but only with respect to matters arising before the date of such assignment or replacement), the repayment of the Obligations and the earlier resignation or removal of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If any Person becomes a Lender hereunder that is not a United States person as defined in Section 7701(a)(30) of the Code and that, at any of the following times, is entitled to an exemption from or reduction in United States withholding tax shall (a) on or prior to the date such Person becomes a party to this Agreement, (b) on or prior to the date on which any such form or certification expires or becomes obsolete, (c) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it and (d) from time to time if requested by the Borrower or a Lender, provide the Borrower with two completed copies of each of the following, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of a Lender claiming the benefits of an income tax treaty to which the United States is a
party (x) with respect to payments of interest under any Loan Document, executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax
treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other
income" article of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) executed copies of IRS Form W 8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of
the Code, a certificate as set forth under Applicable Law to the effect that such Lender is not a "bank" within the meaning
of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of any Loan Party within the meaning of Section 871(h)(3)(B) of
the Code, or a "controlled foreign corporation" related to any Loan Party as described in Section 881(c)(3)(C) of
the Code (a "**U.S. Tax Compliance Certificate**") and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the extent such Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied
by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate, IRS Form W-9,
or other certification documents from each beneficial owner, as applicable; provided that if the Lender is a partnership and one or more
direct or indirect partners of such Lender are claiming the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance
Certificate on behalf of each such direct and indirect partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Each Lender that is a United States person as defined in Section 7701(a)(30) of the Code shall (A) on or prior to the date such Lender becomes a party to this Agreement, (B) on or prior to the date on which any such form or certification expires or becomes obsolete, (C) after the occurrence of any event requiring a change in the most recent form or certification previously delivered by it and (D) from time to time if requested by the Borrower, provide the Borrower with two completed copies of Form W-9 (certifying that such Lender is entitled to an exemption for U.S. backup withholding tax) or any successor form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding or Canadian Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower, such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower as may be necessary for the Borrower to comply with their obligations under FATCA, to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount to deduct and withhold from such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower, at the time or times reasonably requested by the Borrower, such properly completed and executed documentation reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by the Borrower as will enable the Borrower to determine whether or not such Lender is subject to the backup withholding or information reporting requirements. Each Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall, at the time or times reasonably requested by the Borrower, update such form or certification or promptly notify the Borrower of its legal inability to do so. Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 12.01(3), 12.01(4) and 12.01(5) of this Agreement) shall not be required if, in a Lender's reasonable judgment, such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial positions of such Lender. The obligations of the Lender contained throughout this subsection (6) will survive the termination of this Agreement, any assignment of rights by, or the replacement of, a Lender (but only with respect to matters arising before the date of such assignment or replacement), the repayment of the Obligations.

**Article 13<br> SUCCESSORS AND ASSIGNS**

**13.01** **Successors and Assigns** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Loan Documents will be binding upon and enure to the benefit of the Lender, the Borrower and their successors and assigns, except that the Borrower, other than as otherwise permitted hereunder, will not assign any rights or obligations with respect to this Agreement or any of the other Loan Documents without the prior written consent of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Lender may assign all or any portion of its rights and obligations under this Agreement without consent of the Borrower. The Borrower hereby consents to the disclosure of any Information to any potential assignee or Participant, provided that such potential assignee or Participant agrees in writing to keep the Information confidential as required pursuant to Section 14.01 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A participation by the Lender of its interest (or a part thereof) hereunder or a payment by a Participant to the Lender as a result of the participation will not constitute a payment hereunder to the Lender or the Advance to the Borrower.

**13.02** **Participations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Lender may sell participations to one or more banks, financial institutions or other Persons (each, a "**Participant**") in or to all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment), but the Participant will not become a Lender and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lender's obligations under this Agreement (including, without limitation, its Commitment) will
remain unchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender will remain solely responsible to the other parties hereto for the performance of such obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower, the Lender will continue to deal solely and directly with the Lender in connection with
the Lender's rights and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Lender sells a participation it shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Principal Amount or other obligations under the Loan Documents (the "**Participant Register**"); provided that the Lender shall not have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any Commitments, the Principal Amount or its other obligations under any Loan Document) to any Person except as required by law. The entries in the Participant Register shall be conclusive absent manifest error, and the Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement, notwithstanding any notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) A Participant shall not be entitled to receive any greater payment under Section 12.01 of this Agreement than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower's prior written consent. Notwithstanding any other provision of any Loan Document, a Participant shall be treated as the Lender for purposes of Article 13.

**Article 14<br> GENERAL**

**14.01** **Exchange and Confidentiality of Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Lender acknowledges the confidential nature of the financial, operational and other information, reports and data provided and to be provided to it by the Borrower and each other Loan Party pursuant to this Agreement (the "**Information**") and agrees to hold the Information in confidence and will not discuss or disclose or allow access to, or transfer or transmit the Information to any Person, provided however that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Lender may disclose all or any part of the Information if such disclosure is required by any Applicable
Law, to the extent of such requirement, or is required in connection with any actual judicial, administrative or governmental proceeding,
including, without limitation, proceedings initiated under or in respect of this Agreement, provided that in any such circumstance the
Lender, as soon as reasonably practicable (unless prohibited by Applicable Law), will advise the Borrower of their obligation to disclose
such Information in order to enable the Borrower, if it so chooses, to attempt to ensure that any such disclosure is made on a confidential
basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lender may disclose Information to its Affiliates, financing sources and actual or prospective direct
or indirect investors in the Lender and to any permitted assignees or Participants and to their respective counsel, agents, auditors,
employees and advisors, provided that the Person to whom the disclosure is made is informed of the confidential nature of such information
and instructed to keep such information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Lender may disclose and discuss the Information with credit officers of any potential permitted assignees
for the purposes of assignment permitted hereunder or any Participant for the purposes of a participation, provided that the Person to
whom the disclosure is made is informed of the confidential nature of such information and instructed to keep such information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Lender may disclose all or any part of the Information on a confidential basis to any direct or indirect
contractual counter party or prospective counter party to a swap agreement, credit linked note or similar transaction, or such contractual
counter parties' or prospective counter parties' professional advisors, provided that the Person to whom the disclosure is
made is informed of the confidential nature of such information and instructed to keep such information confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Lender may disclose all or any part of the Information so as to enable the Lender to initiate any
lawsuit against any Loan Party or to defend any lawsuit commenced by any Loan Party in respect of the Loan Documents, the issues of which
are directly or indirectly related to the Information, but only to the extent such disclosure is necessary or desirable to the initiation
or defence of such lawsuit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Lender may disclose all or any part of the Information on a confidential basis, with the prior written
consent of the Borrower, to any insurance or re-insurance company for the purpose of obtaining insurance in respect of the Loan Facilities
provided that the Person to whom the disclosure is made is informed of the confidential nature of such information and instructed to keep
such information confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Lender may disclose Information to any Person with the prior written consent of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, "**Information**" will not include any such information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is or becomes readily available to the public (other than by a breach hereof or by a breach of an
obligation of confidentiality imposed on a permitted assignee, Participant, or other Person referred to in this Section) or which has
been made readily available to the public by a Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which the Lender can show was, prior to receipt thereof from a Loan Party, lawfully in the Lender's
or the Lender's possession and not then subject to any obligation on its part to or for the benefit of such Loan Party to maintain
confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which the Lender received from a third party, prior to receipt thereof from a Loan Party, which was not,
to the knowledge of the Lender after due enquiry, subject to a duty of confidentiality to or for the benefit of such Loan Party at the
time the Information was so received; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) which the Lender can show was, prior to receipt thereof from a Loan Party, independently developed by
the Lender.

**14.02** **Public Disclosure** 

Each Loan Party agrees that neither it nor any of its Affiliates shall issue any press release or other public disclosure using the name of the Lender or any of its Affiliates or referring to this Agreement or any other Loan Document without the prior written consent of the Lender; provided that the foregoing shall not prohibit any disclosure required by Applicable Law, including applicable securities laws and the rules, regulations and requirements of the Securities and Exchange Commission or any applicable stock exchange, so long as, to the extent legally permissible and reasonably practicable, the applicable Loan Party gives the Lender prior notice thereof and a reasonable opportunity to review and comment on the form and content of such disclosure. Each Loan Party hereby authorizes the Lender, subject to the prior written consent of the Borrower (not to be unreasonably withheld, conditioned or delayed), to advertise the closing of the transactions contemplated by this Agreement and to make appropriate announcements of the financial arrangements entered into among the parties hereto, as the Lender shall deem appropriate, including, without limitation, on a home page or similar place for dissemination of information on the Internet or worldwide web, or in announcements commonly known as tombstones, in such trade publications, business journals, newspapers of general circulation and to such selected parties as the Lender shall deem appropriate.

**14.03** **No Publicity** 

Except as otherwise permitted herein, each Loan Party agrees not to disclose to any third party (other than Persons who have a "need to know" in connection with this Agreement) the existence or terms and conditions of this Agreement or the other Loan Documents or the identities of the Lender, except (a) with the prior written consent of the Lender, or (b) to the extent required by Applicable Law, including applicable securities laws and the rules, regulations and requirements of the Securities and Exchange Commission or any applicable stock exchange, or in connection with any public filing, offering document, financing document or other disclosure document required to be provided to investors, noteholders, Governmental Authorities or other third parties pursuant to Applicable Law; provided that the applicable Loan Party shall, to the extent legally permissible and reasonably practicable, provide the Lender with prior notice of such disclosure and a reasonable opportunity to review and comment thereon. Each Loan Party shall direct its Related Persons to comply with the terms of this Section, and each Loan Party shall be responsible for any breach of the terms of this paragraph by its Related Persons. This provision shall survive any termination of this Agreement. Each Loan Party agrees that legal remedies available at law or in equity to the Lender, including injunctive relief, may be appropriate in the event of a breach of this provision by any Loan Party.

**14.04** **Nature of Obligations under this Agreement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The obligations of the Lender under this Agreement are several and not joint and several. The failure of the Lender to carry out its obligations hereunder will not relieve the Lender or the Borrower of any of their respective obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Lender will be responsible for the obligations of the Lender hereunder.

**14.05** **Notice** 

Any notice or communication to be given under this Agreement (other than telephone notice as specifically provided in this Agreement) may be effectively given by delivering (whether by courier or personal delivery) the same at the mailing addresses set out on the signature pages of this Agreement, to the mailing address provided by such assignee to the Borrower and the Lender in connection with the applicable transfer or assignment to such assignee or by electronic communication (including e-mail) to the parties at the facsimile numbers or email addresses set out on the signature pages of this Agreement (or with respect to any assignee pursuant to the facsimile number provided by such assignee to the Borrower and the Lender in connection with the applicable transfer or assignment to such assignee). Any notice sent by electronic communication (including e-mail) will be deemed to have been received on transmission (and receipt of confirmation of transmission) if sent by any party to this Agreement before 4:00 p.m. (Toronto time) on a Business Day and, if not, on the next Business Day following transmission. Any party may from time to time notify the other parties, in accordance with the provisions of this Section, of any change of its mailing address, facsimile number or email address which after such notification, until changed by like notice, will be the mailing address, facsimile number or email address, as the case may be, of such party for all purposes of this Agreement.

**14.06** **Governing Law** 

This Agreement will be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein, without prejudice to or limitation of any other rights or remedies available under the laws of any jurisdiction where Property or assets of the Borrower may be found.

**14.07** **Judgment Currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If, for the purpose of obtaining or enforcing judgment against any Loan Party in any court in any jurisdiction, it becomes necessary to convert into any other currency (such other currency being hereinafter in this Section 14.07 referred to as the "**Judgment Currency**") an amount due in Canadian Dollars or United States Dollars under this Agreement, the conversion will be made at the rate of exchange prevailing on the Business Day immediately preceding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date of actual payment of the amount due, in the case of any proceeding in the courts of the Province
of Ontario or in the courts of any other jurisdiction that will give effect to such conversion being made on such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the judgment is given, in the case of any proceeding in the courts of any other jurisdiction
(the date as of which such conversion is made pursuant to this Section 14.07(1)(b) being hereinafter in this Section 14.07
referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If, in the case of any proceeding in the court of any jurisdiction referred to in Section 14.07(1)(b) of this Agreement, there is a change in the rate of exchange prevailing between the Judgment Conversion Date and the date of actual payment of the amount due, the applicable Loan Party will pay such additional amount (if any, but in any event not a lesser amount) as may be necessary to ensure that the amount paid in the Judgment Currency, when converted at the rate of exchange prevailing on the date of payment, will produce the amount of Canadian Dollars or United States Dollars, as the case may be, which could have been purchased with the amount of Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing on the Judgment Conversion Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any amount due from a Loan Party under the provisions of Section 14.07(2) of this Agreement will be due as a separate debt and will not be affected by judgment being obtained for any other amounts due under or in respect of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The term "rate of exchange" in this Section 14.07 means the spot rate of exchange based on Canadian interbank transactions in Canadian Dollars or United States Dollars, as the case may be, in the Judgment Currency published or quoted by the Bank of Canada at the close of business for the Business Day in question (or, if such conversion is to be made before close of business on such Business Day, then at close of business on the immediately preceding Business Day), or if such rate is not so published or quoted by the Bank of Canada, such term will mean the Equivalent Amount of the Judgment Currency.

**14.08** **Benefit of the Agreement** 

This Agreement will enure to the benefit of and be binding upon the Borrower, the Lender and their respective permitted successors and permitted assigns.

**14.09** **Severability** 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction will not invalidate or render unenforceable such provision in any other jurisdiction.

**14.10** **Whole Agreement** 

From the Closing Date, this Agreement supersedes all prior agreements, undertakings, declarations, commitments, representations, written or oral, in respect thereof.

**14.11** **Further Assurances** 

The Borrower, the Lender will promptly cure any default by it in the execution and delivery of this Agreement, the Loan Documents or any of the agreements provided for hereunder to which it is a party. The Borrower, at its expense, will promptly execute and deliver to the Lender, upon request by the Lender, all such other and further documents, agreements, opinions, certificates and instruments in compliance with, or accomplishment of the covenants and agreements of the Borrower hereunder or more fully to state the obligations of the Borrower as set forth herein or to make any recording, file any notice or obtain any consent, all as may be reasonably necessary or appropriate in connection therewith.

**14.12** **Waiver of Jury Trial** 

THE BORROWER AND THE LENDER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN) OR ACTIONS OF THE LENDER OR THE BORROWER. THE BORROWER AND THE LENDER ACKNOWLEDGE AND AGREE THAT THEY HAVE RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION (AND EACH OTHER PROVISION OF EACH OTHER LOAN DOCUMENT TO WHICH THEY ARE A PARTY) AND THAT THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER ENTERING INTO THIS AGREEMENT AND EACH OTHER LOAN DOCUMENT.

**14.13** **Consent to Jurisdiction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Loan Party irrevocably submits to the non-exclusive jurisdiction of the courts of the Province of Ontario and the federal courts of Canada sitting in Ontario, and hereby irrevocably agrees that all claims in respect of any action or proceeding arising out of or relating to this Agreement or any other Loan Document may be heard and determined in such courts. Each Loan Party hereby irrevocably waives, to the fullest extent it may effectively do so, the defence of an inconvenient forum to the maintenance of such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Each Loan Party hereby irrevocably consents to the service of any and all process in such action or proceeding by the delivery of such process to such Loan Party at its address provided in accordance with Section 14.05 of this Agreement.

**14.14** **Time of the Essence** 

Time will be of the essence of this Agreement.

**14.15** **Electronic Execution** 

The words "execution", "signed", "signature" and words of like import shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any Applicable Law, including Parts 2 and 3 of the *Personal Information Protection and Electronic Documents Act* (Canada), the *Electronic Commerce Act, 2000* (Ontario) and other similar federal or provincial laws based on the *Uniform Electronic Commerce Act* of the Uniform Law Conference of Canada or its *Uniform Electronic Evidence Act* as the case may be.

**14.16** **Counterparts** 

This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which taken together will be deemed to constitute one and the same instrument, and it will not be necessary in making proof of this Agreement to produce or account for more than one such counterpart.

**14.17** **Delivery by Facsimile or Other Electronic Transmission** 

This Agreement may be executed and delivered by facsimile or other electronic transmission (in .pdf format), and each of the parties hereto may rely on such facsimile or other electronic signature as though such facsimile or other electronic signature were an original signature.

**14.18** **Term of Agreement** 

This Agreement shall remain in full force and effect until the payment and performance in full of all of the Obligations (other than those Obligations of the Loan Parties to indemnify the Lender, including, without limitation, the indemnities set forth in Sections 4.04 and 4.05 and Article 11 Article 12of this Agreement, which shall survive and continue to be in full force and effect).

**14.19** **USA PATRIOT Act** 

The Lender may be subject to the requirements of the USA PATRIOT Act hereby notifies the Borrower and (with respect to the Lender) the Lender that pursuant to the requirements of the USA PATRIOT Act, it may be required to obtain, verify and record information that identifies the Borrower and the Lender, as applicable, which information includes the name and address of the Borrower and the Lender, as applicable, and other information that will allow the Lender to identify the Borrower and the Lender, as applicable, in accordance with the USA PATRIOT Act.

**14.20** **Anti-Money Laundering Legislation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Loan Parties acknowledge that the Lender has certain anti-money laundering and anti-terrorism responsibilities under various laws and regulations and that from time to time the Lender (including any permitted assignee) may request information in order to comply with Applicable Laws and internal requirements (including any applicable "know your customer" or "know your client" requirements). The Loan Parties will promptly provide the Lender with any additional information reasonably requested within 30 days of such request. The Borrower shall also provide the Lender with prompt written notice of any change in the beneficial ownership, key officers or directors of the Borrower after the date of this Agreement.

***[The remainder of this page is left intentionally blank. The signature page follows.]***

**IN WITNESS WHEREOF,** the parties hereto have executed this Agreement.

**BORROWER:**

---

| | | |
|:---|:---|:---|
| **Address:** | **THE METALS ROYALTY COMPANY INC.** | **THE METALS ROYALTY COMPANY INC.** |
|  | By: |  |
| **Attention:** |  | Name: |
| **Email:** |  | Title: |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

Loan Agreement Signature Page S-1

**GUARANTORS:**

---

| | | |
|:---|:---|:---|
| **Address:** | **TMCR OPERATIONS INC.** | **TMCR OPERATIONS INC.** |
|  | By: |  |
| **Attention:** |  | Name: |
| **Email:** |  | Title: |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

---

| | | |
|:---|:---|:---|
| **Address:** | **TMCR USA HOLDINGS INC.** | **TMCR USA HOLDINGS INC.** |
|  | By: |  |
| **Attention:** |  | Name: |
| **Email:** |  | Title: |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

---

| | | |
|:---|:---|:---|
| **Address:** | **TMCR USA OPERATIONS INC.** | **TMCR USA OPERATIONS INC.** |
|  | By: |  |
| **Attention:** |  | Name: |
| **Email:** |  | Title: |
|  | By: |  |
|  |  | Name: |
|  |  | Title: |

---

Loan Agreement Signature Page S-2

---

| | | |
|:---|:---|:---|
| **LENDER:** | **LENDER:** | **LENDER:** |
| **Address:** | **AMERICAN LIFE & SECURITY CORP.**, as Lender | **AMERICAN LIFE & SECURITY CORP.**, as Lender |
| Administrator |  |  |
| Alter Domus |  |  |
| 1289 W City Center Drive, Suite 100 | By: |  |
| Carmel, IN 46032 |  | Name: |
| Phone: +1 (317) 510-7100 |  | Title: |
| Email: Treasury@american-life.com; |  |  |
| midwestla@alterdomus.com; | By: |  |
| invnotices@midwestholding.com |  | Name: |
|  |  | Title: |

---

with a copy to:

American Life & Security Corp.

2900 S. 70th Street, Suite 400

Lincoln, NE 68506

Phone: +1 (402) 817-5701

Email: Treasury@american-life.com;

1505ops@midwestholding.com

with a copy to (for operations/treasury requests):

Email: Treasury@american-life.com;

midwestla@alterdomus.com;

1505ops@midwestholding.com

Loan Agreement Signature Page S-3

**SCHEDULE A – COMMITMENT**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Lender** | **Term Loan Commitment** | **Term Loan Commitment** | **DDTL Commitment** | **DDTL Commitment** | **<br>Total Commitment** | **<br>Total Commitment** |
| American Life & Security Corp. | US$ | 44559585.49 | US$ | 7253886.00 | US$ | 51813471.49 |

---

**SCHEDULE B<br> NOTICE OF REQUEST FOR ADVANCE**

---

| | |
|:---|:---|
| **TO:** | American Life & Security Corp., as lender (the "**Lender**") |
| **RE:** | Loan agreement dated as of May 29, 2026 between The Metals Royalty Company Inc., as borrower (the "**Borrower**"), and the Lender (as may be amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**") |
| **DATE:** |  |

---

All defined terms set forth, but not otherwise defined, in this notice shall have the respective meanings set forth in the Loan Agreement.

The Borrower hereby gives irrevocable notice of its request under the **[Indicate Facility]** for an Advance to be made on the **[Closing Date/date listed below]**, pursuant to Section **[xx]** of the Loan Agreement as follows:

1. Amount of Advance: <u>US$</u>.

2. Proposed Advance Date: _________________.

**<u>General</u>**

The Borrower hereby certifies as follows:

1. The representations and warranties in Section 8.01 of the Loan Agreement, other than those representations
and warranties which speak to a specific date, which remain true and correct in all material respects (unless already qualified as to
materiality, in which case they shall be true and correct in all respects) other than as at such date, are true and correct in all material
respects as of the Advance Date.

2. No Default or Event of Default exists on the date hereof, and the completion of the borrowing contemplated
hereunder will not result in the occurrence of an Event of Default or a Default.

3. No Material Adverse Effect has occurred and is continuing.

4. All other conditions precedent in the Loan Agreement that have not been waived upon which the Borrower
may obtain an Advance have been fulfilled.

***[The remainder of this page is left intentionally blank. The signature page follows.]***

Dated as of the first date written above.

---

| | |
|:---|:---|
| **THE METALS ROYALTY COMPANY INC.** | **THE METALS ROYALTY COMPANY INC.** |
| By: |  |
|  | Authorized Signatory |

---

Signature Page – Notice for Request of Advance

**SCHEDULE C<br> REPAYMENT NOTICE**

---

| | |
|:---|:---|
| **TO:** | American Life & Security Corp., as lender (the "**Lender**") |
| **RE:** | Loan agreement dated as of May 29, 2026 between The Metals Royalty Company Inc., as borrower (the "**Borrower**"), and the Lender, as lender (as may be amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**") |
| **DATE:** |  |

---

All defined terms set forth, but not otherwise defined, in this notice shall have the respective meanings set forth in the Loan Agreement.

The Borrower hereby gives irrevocable notice of its voluntary repayment or prepayment of **[all/a portion of]** the Principal Amount pursuant to the Loan Agreement as follows:

1. Total amount of repayment or prepayment: US$_______________________

2. Prepayment Fee (if applicable): US$______________________

3. Date of repayment: _______________________.<sup>1</sup>

***[The remainder of this page is left intentionally blank. The signature page follows.]***

 ****

 ****

<sup>1</sup>At least five (5) Business Days' prior written notice of the repayment

Dated as of the first date written above.

---

| | |
|:---|:---|
| **THE METALS ROYALTY COMPANY INC.** | **THE METALS ROYALTY COMPANY INC.** |
| By: |  |
|  | Authorized Signatory |

---

**SCHEDULE D<br> FORM OF COMPLIANCE CERTIFICATE**

---

| | |
|:---|:---|
| **TO:** | American Life & Security Corp., as lender (the "**Lender**") |
| **RE:** | Loan agreement dated as of May 29, 2026 between The Metals Royalty Company Inc., as borrower (the "**Borrower**"), and the Lender, as lender (as may be amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**") |
| **DATE:** | **■** |

---

The undersigned, the **[insert title of senior officer]** of the Borrower, hereby certifies, in that capacity and without personal liability, that:

1. I have read and am familiar with the provisions of the Loan Agreement and have made such examinations
and investigations, including a review of the applicable books and records of the Borrower, as are necessary to enable me to express an
informed opinion as to the matters set out herein and to furnish this Certificate.

2. I have furnished this Certificate with the intent that it may be relied upon by the Lender as a basis
for determining compliance by the Borrower with its covenants and obligations under the Loan Agreement and the other Loan Documents as
of the date of this Certificate.

3. This Certificate is being delivered in respect of the **[Fiscal Year][Fiscal Quarter][monthly period]**,
ending **___________** (the "**Relevant Period** ").

4. The representations and warranties contained in Section 8.01 of the Loan Agreement are true and correct
on the date of this Certificate with reference to facts subsisting on such date, except to the extent Schedules referenced in the Loan
Agreement are updated by schedules attached to this Compliance Certificate, with the same effect as if made on such date except for those
representations and warranties which speak to a specific date which shall be true as of such date **[except __________________]**.

5. [As at or for the Relevant Period, the Borrower is and has been for the Relevant Period in compliance
with the financial covenant contained in Section 9.02 of the Loan Agreement.

**[The attached quarterly financial statements as at or for the Relevant Period accurately sets out the information therein contained required by Section 9.03(3) of the Loan Agreement.]**

**[The attached annual financial statements and reports accurately sets out the information therein contained required by Section 9.03(1) of the Loan Agreement.]**

6. For purposes of this Compliance Certificate, the consolidated financial statements of the Borrower as
of **[most recent date]** delivered (or deemed to be delivered in accordance with Section 9.03(3)) pursuant to Section 9.03(1) or
9.03(2) of the Loan Agreement, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are complete in all material respects and fairly present the results of operations and financial position
of the Borrower on a Consolidated Basis as at the date thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have been prepared in accordance with IFRS consistently applied except that, in the case of quarterly
financial statements, notes to the statements and audit adjustments required by IFRS are not included.

Since such date, there has been no condition (financial or otherwise), event or change in the business, liabilities, operations, results of operations, assets or prospects of either of the Borrower, or any of the Guarantors which constitutes or has a Material Adverse Effect.

Capitalized terms in the Loan Agreement which appear herein without definitions shall have the meanings ascribed thereto in the Loan Agreement.

---

| | |
|:---|:---|
| **THE METALS ROYALTY COMPANY INC.** | **THE METALS ROYALTY COMPANY INC.** |
| By: |  |
|  | Authorized Signatory |

---

**SCHEDULE F<br> LIST OF GUARANTORS**

&nbsp;&nbsp;&nbsp;&nbsp;1. TMCR Operations Inc.

&nbsp;&nbsp;&nbsp;&nbsp;2. TMCR USA Holdings Inc.

&nbsp;&nbsp;&nbsp;&nbsp;3. TMCR USA Operations Inc.

**SCHEDULE G<br> AGREEMENT AND ACKNOWLEDGEMENT TO BE BOUND – NEW GUARANTOR**

**AGREEMENT AND ACKNOWLEDGEMENT TO BE BOUND**

DATED:

BETWEEN:

**[**■**]**

(hereinafter referred to as the "**New Guarantor**")

OF THE FIRST PART

- and -

**THE METALS ROYALTY COMPANY INC.**

as Borrower

OF THE SECOND PART

- and -

**AMERICAN LIFE & SECURITY CORP.**,as Lender

(hereinafter referred to as the "**Lender**")

OF THE THIRD PART

**WHEREAS** the Borrower, the Guarantors party thereto and the Lender are parties to a loan agreement made as of May 29, 2026 (as amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**");

**AND WHEREAS** the Loan Agreement contemplated that from time to time Persons may become Guarantors thereto;

**AND WHEREAS** the Lender has consented to the addition of the New Guarantor on condition that the New Guarantor execute and deliver this Acknowledgement and Agreement to be Bound:

**NOW THEREFORE,** in consideration of the premises and other good and valuable consideration (the receipt and sufficiency of which are hereby conclusively acknowledged), the parties hereto agree as follows:

**1.** **INTERPRETATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Agreement, including the recitals, capitalized terms used herein and not otherwise defined herein
shall have the same meanings as set forth in the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall be governed by and interpreted in accordance with the laws of the Province of Ontario
and the federal laws of Canada applicable therein.

**2.** **ACKNOWLEDGEMENT AND AGREEMENT TO BOUND** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The New Guarantor hereby acknowledges all of the terms and conditions of the Loan Agreement and agrees
to be bound by all of the terms and conditions therein as such Loan Agreement may be amended, modified, supplemented or restated from
time to time as if it were an original signatory to the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Schedules F, 8.01(6), 8.01(7), 8.01(9), 8.01(13), 8.01(14), 8.01(19), 8.01(24), 8.01(27)(a) and 8.01(28)
of the Loan Agreement are hereby deleted in their entirety and replaced by the schedules attached hereto.

**3.** **LENDER ACKNOWLEDGEMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Lender hereby consents to and agrees to have the New Guarantor added as a Guarantor pursuant to the
Loan Agreement.

**4.** **GUARANTORS' COVENANT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower, on behalf of the Loan Parties, acknowledges and agrees that the New Guarantor shall be added
as a Guarantor and that any necessary changes required to the Loan Agreement as a result of the addition of the New Guarantor shall be
made *mutatis mutandis.* 

**5.** **GENERAL PROVISIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto shall from time to time and at all times do all such further acts and things and execute
and deliver all such documents as are reasonably required in order to fully perform and carry out the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of this Agreement shall enure to the benefit of and shall be binding upon the parties hereto
and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original
and all of which taken together shall be deemed to constitute one and the same instrument, and it shall not be necessary in making proof
of this Agreement to produce or account for more than one such counterpart. Delivery of an executed counterpart of a signature page of
this Agreement by facsimile transmission or by e-mail in PDF format shall be effective as delivery of a manually executed counterpart
of this Agreement.

***[The remainder of this page is left intentionally blank. The signature page follows.]***

 ****

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by their duly authorized representative(s) as of the date first written above.

---

| | |
|:---|:---|
| **[**■**]**, as New Guarantor | **[**■**]**, as New Guarantor |
| Per: | |
|  | Name: |
|  | Title: |
| Per: | |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **AMERICAN LIFE & SECURITY CORP.,** as Lender | **AMERICAN LIFE & SECURITY CORP.,** as Lender |
| Per: | |
|  | Name: |
|  | Title: |
| Per: | |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **THE METALS ROYALTY COMPANY INC.**, as Borrower | **THE METALS ROYALTY COMPANY INC.**, as Borrower |
| Per: | |
|  | Name: |
|  | Title: |
| Per: | |
|  | Name: |
|  | Title: |

---

**SCHEDULE A<br> REPLACEMENT SCHEDULES**

**SCHEDULE H**

Mesabi Management Forecast

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated March 25, 2026 incorporated by reference in the Registration Statement (Form F-1) and related prospectus of The Metals Royalty Company Inc. for the registration of 6,843,952 shares of their common stock.

/s/ Ernst & Young LLP

Chartered Professional Accountants

Vancouver, Canada

June 22, 2026

## Exhibit 23.3

**Exhibit 23.3**

![](tm2611613d6_ex23-3img001.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Nigel Fung, P. Eng.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

· the
 use of the information derived, summarized, quoted or referenced from the technical report
 summary titled "S-K 1300 Technical Report Summary of Pre-Feasibility Study, Mesabi Metallics
Project, Nashwauk, Minnesota, USA" with an effective date of May 22, 2026 (the "Technical Report Summary"), prepared
in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("S-K 1300")
or portions thereof, that was prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that
is filed as an exhibit to the Registration Statement; and

· the
 use of, and references to, our name, including our status as an expert or "qualified
 person" (as defined in S-K 1300), in the Registration Statement.

The Qualified Person is responsible for authoring Sections 2, 12, 13, 15.1, 15.2, 16, 18.2, 19, 20, 21 and 25 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Nigel Fung* |
| *Nigel Fung, P. Eng.* |
| *Principal Mining Engineer* |
| *DRA Americas Inc.* |

---

Page 1 of 1

![](tm2611613d6_ex23-3img002.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Daniel M. Gagnon, P.Eng.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

· the
 use of the information derived, summarized, quoted or referenced from the technical report
 summary titled "S-K 1300 Technical Report Summary of Pre-Feasibility Study, Mesabi
 Metallics Project, Nashwauk, Minnesota, USA" with an effective date of May 22,
 2026 (the "Technical Report Summary"), prepared in accordance with Subpart 1300
 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("S-K
 1300") or portions thereof, that was prepared by us, that we supervised the preparation
 of and/or that was reviewed and approved by us, that is filed as an exhibit to the Registration
 Statement; and

· the
 use of, and references to, our name, including our status as an expert or "qualified
 person" (as defined in S-K 1300), in the Registration Statement.

The Qualified Person is responsible for authoring Section 18.1 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Daniel M. Gagnon* |
| *Daniel M. Gagnon, P. Eng.* |
| *Senior Vice President East Canada and Mining* |
| *DRA Americas Inc.* |

---

Page 1 of 1

![](tm2611613d6_ex23-3img003.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Claude Bisaillon, P.Eng.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

· the
 use of the information derived, summarized, quoted or referenced from the technical report
 summary titled "S-K 1300 Technical Report Summary of Pre-Feasibility Study, Mesabi Metallics
Project, Nashwauk, Minnesota, USA" with an effective date of May 22, 2026 (the "Technical Report Summary"), prepared
in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("S-K 1300")
or portions thereof, that was prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that
is filed as an exhibit to the Registration Statement; and

· the
 use of, and references to, our name, including our status as an expert or "qualified
 person" (as defined in S-K 1300), in the Registration Statement.

The Qualified Person is responsible for authoring Sections 3 to 9 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Claude Bisaillon* |
| *Claude Bisaillon, P. Eng.* |
| *Senior Geotechnical Engineer* |
| *DRA Americas Inc.* |

---

Page 1 of 1

![](tm2611613d6_ex23-3img004.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Masoud Gorjian, P.Eng.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

· the
use of the information derived, summarized, quoted or referenced from the technical report summary titled "S-K 1300 Technical Report
Summary of Pre-Feasibility Study, Mesabi Metallics Project, Nashwauk, Minnesota, USA" with an effective date of May 22, 2026
(the "Technical Report Summary"), prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities
and Exchange Commission ("S-K 1300") or portions thereof, that was prepared by us, that we supervised the preparation of
and/or that was reviewed and approved by us, that is filed as an exhibit to the Registration Statement; and

· the
use of, and references to, our name, including our status as an expert or "qualified person" (as defined in S-K 1300), in
the Registration Statement.

The Qualified Person is responsible for authoring Sections 10 and 14 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Masoud Gorjian* |
| *Masoud Gorjian, P. Eng.* |
| *Director-* |
| *Ferrous & Decarbonization Industries* |
| *DRA Americas Inc.* |

---

Page 1 of 1

![](tm2611613d6_ex23-3img005.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Schadrac Ibrango, P.Geo., Ph.D., MBA,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

· the
use of the information derived, summarized, quoted or referenced from the technical report summary titled "S-K 1300 Technical Report
Summary of Pre-Feasibility Study, Mesabi Metallics Project, Nashwauk, Minnesota, USA" with an effective date of May 22, 2026
(the "Technical Report Summary"), prepared in accordance with Subpart 1300 of Regulation S-K promulgated by the U.S. Securities
and Exchange Commission ("S-K 1300") or portions thereof, that was prepared by us, that we supervised the preparation of
and/or that was reviewed and approved by us, that is filed as an exhibit to the Registration Statement; and

· the
use of, and references to, our name, including our status as an expert or "qualified person" (as defined in S-K 1300), in
the Registration Statement.

The Qualified Person is responsible for authoring Section 11 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Schadrac Ibrango* |
| *Schadrac Ibrango, P.Geo., Ph.D., MBA* |
| *Lead Geology and Hydrogeology Consultant* |
| *DRA Americas Inc.* |

---

Page 1 of 1

## Exhibit 23.4

**Exhibit 23.4**

![](tm2611613d6_ex23-4img001.jpg)

**CONSENT OF QUALIFIED PERSON**

I, *Mohammad Shahsavari, P.Eng.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

1. the use of the information derived, summarized, quoted or referenced from the technical report summary
titled "S-K 1300 Technical Report Summary of Pre-Feasibility Study, Mesabi Metallics Project, Nashwauk, Minnesota,
USA" with an effective date of May 22, 2026 (the "Technical Report Summary"), prepared in accordance with Subpart
1300 of Regulation S-K promulgated by the U.S. Securities and Exchange Commission ("S-K 1300") or portions thereof, that was
prepared by us, that we supervised the preparation of and/or that was reviewed and approved by us, that is filed as an exhibit to the
Registration Statement; and

2. the use of, and references to, our name, including our status as an expert or "qualified person"
(as defined in S-K 1300), in the Registration Statement.

The Qualified Person is responsible for authoring Section 15.3 and relevant portions of Sections 1, 22 to 24 of the Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Mohammad Shahsavari* |
| Mohammad Shahsavari, P.Eng. |
| Senior Engineer |
| NewFields Canada Inc. |

---

Page 1 of 1

## Exhibit 23.5

**Exhibit 23.5**

---

| | |
|:---|:---|
| ![](tm2611613d6_ex23-5img001.jpg) | **Stantec Consulting Services Inc.** <br> One Carlson Parkway, Suite 100 <br> Plymouth, MN 55447 |

---

**CONSENT OF QUALIFIED PERSON**

I, *Lucas (Luke) Taylor, P.E.,* (the "Qualified Person"), in connection with the Registration Statement on Form F-1 to be filed on or about the date hereof (including any amendments or supplements thereto, the "Registration Statement"), of The Metals Royalty Company Inc. (the "Company"), consents to:

&nbsp;&nbsp;&nbsp;&nbsp;· the use of the information derived, summarized, quoted or referenced from the technical report summary
titled "S-K 1300 Technical Report Summary of Pre-Feasibility Study, Mesabi Metallics Project, Nashwauk, Minnesota, USA" with
an effective date of May 22, 2026 (the "Technical Report Summary"), prepared in accordance with Subpart 1300 of Regulation
S-K promulgated by the U.S. Securities and Exchange Commission ("S-K 1300") or portions thereof, that was prepared by us,
that we supervised the preparation of and/or that was reviewed and approved by us, that is filed as an exhibit to the Registration Statement;
and

&nbsp;&nbsp;&nbsp;&nbsp;· the use of, and references to, our name, including our status as an expert or "qualified person"
(as defined in S-K 1300), in the Registration Statement.

The Qualified Person is responsible for authoring Sections 15.4, 15.5, 17, 22. 5, 22.10.3, 23.5, and 24.7 of this Technical Report Summary.

Dated this 22<sup>nd</sup> day of May 2026.

---

| |
|:---|
| */s/ Lucas Taylor* |
| *Lucas (Luke) Taylor, P.E.* |
| *Business Center Practice Lead, Senior Principal Stantec* |

---

Page 1 of 1

## Exhibit 96.1

**Exhibit 96.1**

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br> **MESABI METALLICS PROJECT**<br> **Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page i |

---

**S-K 1300 Technical Report**

**Summary of PRe-Feasibility**

**Study, Mesabi Metallics**

**Project, Nashwauk, Minnesota, USA**

**Date: 05-22-2026**

**Prepared by DRA Americas Inc.**

**For The Metals Royalty Company Inc.**

**Effective Date: May 22, 2026**

**Document: C10564-0000-PM-RPT-0010 – Rev. 0**

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page i |

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**IMPORTANT NOTICE**

The Technical Report Summary (**TRS**) has been prepared by the DRA Americas Inc. (**DRA or Engineer**) for the use of The Metals Royalty Company Inc. (**TMCR** or **Client**) regarding the Mesabi Metallics Project (**the Project**) and may only be publicly disclosed in accordance with applicable securities laws. This TRS is subject to a separate agreement entered into between Engineer and the Client (the "Agreement").

This TRS will be submitted to the United States Securities and Exchange Commission's Electronic Data Gathering, Analysis, and Retrieval system (**EDGAR**).

Such forward-looking statements include, without limitation, statements regarding Mesabi's expectation for its mines and any related development or expansions, including estimated cash flows, production, revenue, costs, taxes, capital, rates of return, mine plans, material mined and processed, recoveries and grade, future mineralization, future adjustments and sensitivities and other statements that are not historical facts. Engineer undertakes no obligation to update or revise any forward-looking statements contained herein. Other forward-looking statements in this Report may involve, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumed
 commodity prices and exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Proposed
 mining and process production plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projected
 mining and process recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 capital costs and proposed operating costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 about environmental, permitting, and social risks.

In undertaking the TRS, the authors have been provided with and have relied upon records, documents and other data and information supplied by Mesabi and others. While the Engineer has, where considered appropriate, reviewed such information for reasonableness and consistency, the Engineer has not independently verified all such data. Save as expressly stated in the TRS, the Engineer has assumed such information which is outside the Engineer's area of expertise to be accurate and complete in all material respects, including technical, legal, environmental, and other specialist matters. Notwithstanding the foregoing, the Engineer has independently verified all data and information in its relevant sections in this Technical Report concerning exploration results, mineral resources and mineral reserves

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page ii |

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Certain financial measures referred to in this TRS are not measures recognized under International Financial Reporting Standards (IFRS) and are referred to as non-GAAP financial measures or ratios. These measures have no standardized meaning under IFRS and may not be comparable to similar measures presented by other companies. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Nothing in this TRS constitutes investment, financial, legal or tax advice and should not be relied upon as a primary basis for investment decisions.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page i |

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**Table of contents**

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| | | | | |
|:---|:---|:---|:---|:---|
| **1** | **Executive Summary** | **Executive Summary** | **Executive Summary** | **1** |
| **2** | **Introduction** | **Introduction** | **Introduction** | **2** |
|  | 2.1 | Qualified Persons | Qualified Persons | 2 |
|  | 2.2 | Site Visits | Site Visits | 3 |
|  |  | *2.2.1* | *2026 Site Visit for Project Completion Due Diligence* | *3* |
|  |  | *2.2.2* | *2025 Visit to SGS Lakefield Lab* | *3* |
|  |  | *2.2.3* | *2024 Site Visit for Geological Data Collection and QA/QC* | *4* |
|  | 2.3 | Source of Information | Source of Information | 4 |
|  | 2.4 | Units and Currency | Units and Currency | 4 |
| **3** | **Property Description** | **Property Description** | **Property Description** | **8** |
| **4** | **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** | **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** | **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** | **9** |
| **5** | **History** | **History** | **History** | **10** |
| **6** | **Geological Setting, Mineralization, and Deposit** | **Geological Setting, Mineralization, and Deposit** | **Geological Setting, Mineralization, and Deposit** | **12** |
|  | 6.1 | Regional Geology | Regional Geology | 12 |
|  | 6.2 | Deposit Geology and Mineralization – Deposit Type (Geological / Stratigraphic Unit Descriptions) | Deposit Geology and Mineralization – Deposit Type (Geological / Stratigraphic Unit Descriptions) | 12 |
| **7** | **Exploration** | **Exploration** | **Exploration** | **17** |
| **8** | **Sample Preparation, Analyses, and Security** | **Sample Preparation, Analyses, and Security** | **Sample Preparation, Analyses, and Security** | **19** |
|  | 8.1 | Sample Preparation and Analyses | Sample Preparation and Analyses | 19 |
|  |  | *8.1.1* | *Sample Preparation and Analysis – 1960-1967 Programs* | *19* |
|  |  | *8.1.2* | *Sample Preparation and Analysis – 2005, 2011, 2015, and 2024-2025 Programs* | *19* |
|  |  | *8.1.3* | *Analytical Procedure* | *20* |
|  |  | *8.1.4* | *Density Determinations* | *20* |
|  | 8.2 | QA/QC Program and Check Sampling | QA/QC Program and Check Sampling | 21 |
|  |  | *8.2.1* | *Internal Laboratory Quality Control* | *21* |
|  |  | *8.2.2* | *Analytical QA/QC Program By Mesabi* | *21* |
|  |  | *8.2.3* | *2011 Check Samples Selected by the QP* | *23* |
|  | 8.3 | Security | Security | 24 |
|  | 8.4 | 2024 QP Site Visit | 2024 QP Site Visit | 24 |
|  | 8.5 | Conclusion | Conclusion | 25 |
| **9** | **Data Verification** | **Data Verification** | **Data Verification** | **26** |
|  | 9.1 | Introduction | Introduction | 26 |
|  | 9.2 | 2024 Site Visit | 2024 Site Visit | 26 |
|  |  | *9.2.1* | *2024 Field Trip, Core storage* | *26* |
|  |  | *9.2.2* | *2024 Data Verification* | *27* |
|  |  | *9.2.3* | *2011 Site Visit* | *27* |
|  | 9.3 | Database Verification | Database Verification | 27 |
|  | 9.4 | Qualified Person's Opinion | Qualified Person's Opinion | 28 |
| **10** | **Mineral Processing and Metallurgical Testing** | **Mineral Processing and Metallurgical Testing** | **Mineral Processing and Metallurgical Testing** | **29** |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page ii |

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| | | | | |
|:---|:---|:---|:---|:---|
| **11** | **Mineral Resource Estimates** | **Mineral Resource Estimates** | **Mineral Resource Estimates** | **31** |
| **12** | **Mineral Reserve Estimates** | **Mineral Reserve Estimates** | **Mineral Reserve Estimates** | **32** |
| **13** | **Mining Methods** | **Mining Methods** | **Mining Methods** | **33** |
|  | **13.1** | **DRA Reliance on Stantec for Permitted Production Limit Assumption** | **DRA Reliance on Stantec for Permitted Production Limit Assumption** | 36 |
| **14** | **Processing and Recovery Methods** | **Processing and Recovery Methods** | **Processing and Recovery Methods** | **37** |
|  | 14.1 | Concentrator Plant | Concentrator Plant | 37 |
|  |  | *14.1.1* | *Crushing Plant Overview* | *37* |
|  |  | *14.1.2* | *Beneficiation Plant Overview* | *38* |
|  |  | *14.1.3* | *Pelletizing Plant* | *39* |
| **15** | **Infrastructure** | **Infrastructure** | **Infrastructure** | **41** |
|  | 15.1 | General Infrastructure | General Infrastructure | 41 |
|  | 15.2 | Power Line and Distribution | Power Line and Distribution | 41 |
|  |  | *15.2.1* | *Backup Generators* | *42* |
|  | 15.3 | Tailings Storage Facilities | Tailings Storage Facilities | 44 |
|  |  | *15.3.1* | *Facility Overview* | *44* |
|  |  | *15.3.2* | *Capacity and Life of Mine* | *44* |
|  |  | *15.3.3* | *Dam Designs and Construction* | *45* |
|  |  | *15.3.4* | *Path Forward* | *46* |
|  |  | *15.3.5* | *Tailings Basin Water Management* | *47* |
|  | 15.4 | Water Management | Water Management | 47 |
|  | 15.5 | Water Balance | Water Balance | 49 |
| **16** | **Market Studies** | **Market Studies** | **Market Studies** | **53** |
|  | 16.1 | FOB Pricing | FOB Pricing | 54 |
| **17** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** | **55** |
| **18** | **Capital and Operating Costs** | **Capital and Operating Costs** | **Capital and Operating Costs** | **63** |
|  | 18.1 | Capital Cost Estimate | Capital Cost Estimate | 63 |
|  | 18.2 | Operating Cost Estimate (Opex) | Operating Cost Estimate (Opex) | 64 |
| **19** | **Economic Analysis** | **Economic Analysis** | **Economic Analysis** | **66** |
|  | 19.1 | Discounted Cashflow Model | Discounted Cashflow Model | 69 |
| **20** | **Adjacent Properties** | **Adjacent Properties** | **Adjacent Properties** | **71** |
| **21** | **Other Relevant Data and Information** | **Other Relevant Data and Information** | **Other Relevant Data and Information** | **74** |
|  | 21.1 | Project Status as of January 1, 2026 | Project Status as of January 1, 2026 | 74 |
| **22** | **Interpretation and Conclusions** | **Interpretation and Conclusions** | **Interpretation and Conclusions** | **76** |
|  | 22.1 | Mineral Resources and Reserves | Mineral Resources and Reserves | 76 |
|  | 22.2 | Project Infrastructure | Project Infrastructure | 76 |
|  | 22.3 | Market Studies | Market Studies | 76 |
|  | 22.4 | Impact on Community | Impact on Community | 77 |
|  | 22.5 | Permits | Permits | 77 |
|  | 22.6 | Capex | Capex | 77 |
|  | 22.7 | Opex | Opex | 77 |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page iii |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 22.8 | Financials | Financials | 77 |
|  | 22.9 | Opportunities | Opportunities | 78 |
|  |  | *22.9.1* | *Geology* | *78* |
|  |  | *22.9.2* | *Potential Resource – Stockpiles* | *78* |
|  |  | *22.9.3* | *Mining Methods* | *79* |
|  |  | *22.9.4* | *Recovery Methods* | *79* |
|  |  | *22.9.5* | *Capex and Opex* | *80* |
|  |  | *22.9.6* | *Market Studies and Contracts* | *80* |
|  | 22.10 | Risk Evaluation | Risk Evaluation | 80 |
|  |  | *22.10.1* | *Project Infrastructure* | *80* |
|  |  | *22.10.2* | *Market Studies and Contracts* | *81* |
|  |  | *22.10.3* | *Environmental Studies, Permitting and Social or Community Impact* | *81* |
| **23** | **Recommendations** | **Recommendations** | **Recommendations** | **82** |
|  | 23.1 | Geology/Resource Estimation | Geology/Resource Estimation | 82 |
|  | 23.2 | Mining / Mineral Reserves | Mining / Mineral Reserves | 82 |
|  | 23.3 | Recovery Methods | Recovery Methods | 83 |
|  | 23.4 | Project Infrastructure | Project Infrastructure | 83 |
|  | 23.5 | Environmental Studies, Permitting and Social or Community Impact | Environmental Studies, Permitting and Social or Community Impact | 83 |
|  | 23.6 | Further Site Investigations and Design Updates Considerations (TSF) | Further Site Investigations and Design Updates Considerations (TSF) | 83 |
|  | 23.7 | Tailings Sustaining Capital | Tailings Sustaining Capital | 84 |
| **24** | **References** | **References** | **References** | **85** |
|  | **24.1** | **Geology** | **Geology** | 85 |
|  | **24.2** | **Mineral Processing and Metallurgical Testing** | **Mineral Processing and Metallurgical Testing** | 85 |
|  | **24.3** | **Recovery Methods** | **Recovery Methods** | 86 |
|  | **24.4** | **Mining Methods** | **Mining Methods** | 86 |
|  | **24.5** | **Project Infrastructure** | **Project Infrastructure** | 86 |
|  | **24.6** | **Market Studies and Contracts** | **Market Studies and Contracts** | 86 |
|  | **24.7** | **Environmental Studies, Permitting, and Social or Community Impact** | **Environmental Studies, Permitting, and Social or Community Impact** | 87 |
|  | **24.8** | **Capital and Operating Costs** | **Capital and Operating Costs** | 87 |
|  | **24.9** | **Economic Analysis** | **Economic Analysis** | 87 |
|  | **24.10** | **Adjacent Properties** | **Adjacent Properties** | 88 |
| **25** | **Reliance on Information Provided by the Registrant** | **Reliance on Information Provided by the Registrant** | **Reliance on Information Provided by the Registrant** | **89** |
| **26** | **Date and Signature Page** | **Date and Signature Page** | **Date and Signature Page** | **90** |
| **27** | **Certificates of Qualified Persons** | **Certificates of Qualified Persons** | **Certificates of Qualified Persons** | **91** |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page iv |

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**LIST OF TABLES**

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| | |
|:---|:---|
| Table 2.1 – Qualified Persons and their Respective Sections of Responsibilities | 2 |
| Table 2.2 – Abbreviations | 5 |
| Table 7.1 – Drilling Completed on the Property | 17 |
| Table 11.1 – Mineral Resource Statement (Exclusive of Reserves) – January 14, 2026 | 31 |
| Table 12.1 – Mineral Reserves (May 22, 2026) | 32 |
| Table 13.1 – Mine Plan Summary | 34 |
| Table 13.2 – Estimated Annual Number of Shovel/Loaders and Haul Trucks Required for Mine Plan | 35 |
| Table 15.1 – Power Requirement Summary by Area | 42 |
| Table 15.2 – Projected Tailings Dam Elevations | 45 |
| Table 15.3 – Summary of Tailings Basin Capacity | 45 |
| Table 16.1 – FOB Pricing Assumptions | 54 |
| Table 17.1 – Mine Reclamation as Mitigation for Mining Impacts | 56 |
| Table 17.2 – Present Status of Government Approvals | 58 |
| Table 18.1 – Capex Cost to Complete (January 1, 2026) | 64 |
| Table 18.2 – Summary of LOM Operating Costs | 65 |
| Table 19.1 – Macro-Economic Assumptions | 67 |
| Table 19.2 – Technical Assumptions, over 23-Year LOM | 68 |
| Table 19.3 – Financial Analysis Results | 69 |
| Table 19.4 – Discounted Cashflow Model | 70 |
| Table 20.1 – Taconite Pellet Production Tonnage by Mine (2018-2025) | 71 |
| Table 21.1 – Project Completion Status Reported by Mesabi (January 1, 2026) | 74 |
| Table 21.2 – Overall Construction Completion Reported by Mesabi (as of January 1, 2026) | 74 |
| Table 22.1 – Upper Cherty Member Hematite Resources as historically defined in 2012\* | 78 |
| Table 22.2 – Cone Rejected Stockpiles Tonnage Summary | 79 |

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**List of Figures**

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| | |
|:---|:---|
| Figure 6.1 – Mesabi Range – Stratigraphic Column | 14 |
| Figure 15.1 – Overall Project Site Plan | 43 |
| Figure 15.2 – General Flow of Water from Existing and Future Mine Pits | 51 |
| Figure 15.3 – Water Balance Diagram | 52 |
| Figure 20.1 – Mesabi Range – Location of the Mining Operations and Typical Geological Cross-Section | 73 |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 1 |

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| | |
|:---|:---|
| **1** | **Executive Summary** |

---

DRA Americas Inc. (DRA) was mandated to prepare a S-K 1300 Technical Report Summary (TRS) for The Metals Royalty Company Inc. (TMCR or Registrant) on the Mesabi Metallics Project (Mesabi Project or the Project) which is owned by Mesabi Metallics Company LLC (Mesabi).

The purpose of this S-K 1300 TRS is to support the disclosure of the Mineral Resource Estimate with an effective date January 14, 2026, and Mineral Reserve Estimate with an effective date May 22, 2026.

This TRS reports a Mineral Resource Estimate (MRE) as of January 14, 2026. <u>Exclusive</u> of reserves, the MRE includes 214.5 million long tons (MLT) of Indicated Resource with 20.5% magnetic Fe (MagFe), 31.9% total iron (TotFe), 28.8% dry weight recovery (DRIWREC), and 1.8% concentrate silica (CSiO₂); and 29.5 MLT of Inferred Resource with 18.9% MagFe, 31.8% TotFe, 26.9% DRIWREC, and 1.7% CSiO₂.

This TRS reports an MRE as of January 14, 2026. <u>Inclusive</u> of reserves, the MRE includes 730.1 MLT of Indicated Resource with 20.9% magnetic Fe (MagFe), 31.8% total iron (TotFe), 29.5% dry weight recovery (DRIWREC), and 1.8% concentrate silica (CSiO₂); and 29.5 MLT of Inferred Resource with 18.9% MagFe, 31.8% TotFe, 26.9% DRIWREC, and 1.7% CSiO₂

The 23 year life of mine (LOM) plan based on the MRE supports the reporting of a Reserves Estimate which comprises 515.5 MLT of Probable Reserves with 21.1% MagFe, 31.7% TotFe, 29.8% DRIWREC, and 1.8% CSiO₂. The LOM average stripping ratio is 1.66 (Waste:Ore) and the percent iron in the concentrate (CONFE) is 69.97%.

The concentrator portion of the Project includes the addition of a vertical regrind mill (VRM) expansion to the concentrator. The system is capable of producing a nominal LOM production rate of Direct Reduction (DR) Pellets at an average of 7.17 million long tons per annum (MLTpa) equivalent to 7.28 million metric tonnes per annum (Mtpa) based on the LOM average weight recovery.

Under current permitting, DR Pellet production is limited to 7.00 MLTpa, which is equal to 7.11 Mtpa. After current permitting is amended by the end of Q3 2027 the permit will no longer be the limiting factor to pellet production.

The pellet plant on its own has a maximum pelletizing capability of up to 7.5 Mtpa of DR grade pellets, however, may be limited by the concentrator output feeding the pellet plant (when the weight recovery is low) and/or by current permitting.

An estimated 160.1 million tonnes (Mt) of DR Pellets will be produced by the Project over the LOM.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 2 |

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| | |
|:---|:---|
| **2** | **Introduction** |

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DRA Americas Inc. (DRA) was retained by The Metals Royalty Company Inc. (TMCR or Registrant) to prepare an independent Technical Report Summary (sometimes referred to herein as TRS or Report) on the Mesabi Metallics Project (sometimes referred to herein as Mesabi Project or the Project). This TRS conforms to the United States Securities and Exchange Commission's (SEC's) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary.

The purpose of this S-K 1300 TRS is to support the disclosure of the Mineral Resource Estimate with an effective date of January 14, 2026, and Mineral Reserve Estimate with an effective date May 22, 2026.

**2.1** **Qualified Persons** 

The responsibilities for the preparation of the different sections of this TRS are shown in Table 2.1.

**Table 2.1 – Qualified Persons and their Respective Sections of Responsibilities**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Title of Section** | &nbsp;&nbsp;**Qualified Persons (QPs)** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Executive Summary | &nbsp;&nbsp;Nigel Fung, P. Eng., and related QPs |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Introduction | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Property Description | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Accessibility, Climate, Local Resources, Infrastructure, and Physiography | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;History | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Geological Settings, Mineralization, and Deposit | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Exploration | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Sample Preparation, Analysis, and Security | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Data Verification | &nbsp;&nbsp;Claude Bisaillon, P. Eng. – DRA |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Mineral Processing and Metallurgical Testing | &nbsp;&nbsp;Masoud Gorjian, P. Eng. – DRA |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Mineral Resource Estimates | &nbsp;&nbsp;Schadrac Ibrango, P.Geo. – DRA |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Mineral Reserve Estimates | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Mining Methods | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Processing and Recovery Methods | &nbsp;&nbsp;Masoud Gorjian, P. Eng. – DRA |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Infrastructure |  |
| &nbsp;&nbsp;15.1 | &nbsp;&nbsp;General Infrastructure | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;15.2 | &nbsp;&nbsp;Power Line and Distribution | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 3 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Section** | &nbsp;&nbsp;**Title of Section** | &nbsp;&nbsp;**Qualified Persons (QPs)** |
| &nbsp;&nbsp;15.3 | &nbsp;&nbsp;Tailings Storage Facilities | &nbsp;&nbsp;Mohammad Shahsavari, P. Eng. – NewFields |
| &nbsp;&nbsp;15.4 | &nbsp;&nbsp;Water Management | &nbsp;&nbsp;Luke Taylor, P. Eng. – Stantec |
| &nbsp;&nbsp;15.5 | &nbsp;&nbsp;Water Balance | &nbsp;&nbsp;Luke Taylor, P. Eng. – Stantec |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Market Studies | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups | &nbsp;&nbsp;Luke Taylor, P. Eng. – Stantec |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Capital and Operating Costs |  |
| &nbsp;&nbsp;18.1 | &nbsp;&nbsp;Capital Cost Estimate | &nbsp;&nbsp;Daniel M. Gagnon, P. Eng. – DRA |
| &nbsp;&nbsp;18.2 | &nbsp;&nbsp;Operating Cost Estimate | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;19 | &nbsp;&nbsp;Economic analysis | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;20 | &nbsp;&nbsp;Adjacent Properties | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;21 | &nbsp;&nbsp;Other Relevant Data and Information | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |
| &nbsp;&nbsp;22 | &nbsp;&nbsp;Interpretation and Conclusions | &nbsp;&nbsp;Nigel Fung, P. Eng., and related QPs |
| &nbsp;&nbsp;23 | &nbsp;&nbsp;Recommendations | &nbsp;&nbsp;Nigel Fung, P. Eng., and related QPs |
| &nbsp;&nbsp;24 | &nbsp;&nbsp;References | &nbsp;&nbsp;Nigel Fung, P. Eng., and related QPs |
| &nbsp;&nbsp;25 | &nbsp;&nbsp;Reliance on Information Provided by the Registrant | &nbsp;&nbsp;Nigel Fung, P. Eng. – DRA |

---

**2.2** **Site Visits** 

2.2.1 2026
 Site Visit for Project Completion Due Diligence

Qualified Person (QP) (for Sections on Mining Methods, Mineral Reserve, Infrastructure, Mining Opex, and Economics) Nigel Fung, P. Eng., and Senior Project Manager Simon Vezina, P. Eng., both of DRA, visited the site on April 6-9, 2026 to assess the advancement of the Project construction and to reconcile the estimated time to completion and the estimated cost to completion, which included aspects of data collection and data verification both during and after the site visit.

The 2025 visit did not focus on data verification for the data generated from the 2024-2025 drill campaign.

2.2.2 2025
 Visit to SGS Lakefield Lab

For Quality Assurance (QA) / Quality Control (QC) assessment of the 2024-2025 drilling campaign QP Claude Bisaillon, P. Eng., of DRA relied upon the SGS Lakefield Lab Visit of QP Masoud Gorjian, P. Eng., of DRA on July 21-23, 2025 as the basis for evaluating the representativeness of the samples used for analyses performed.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 4 |

---

This site visit's primary purpose was for Mr. Gorjian to review the metallurgical testwork being performed by SGS for Mesabi which is used for defining aspects of the process flowsheet and weight recovery estimation work.

2.2.3 2024
 Site Visit for Geological Data Collection and QA/QC

In 2024, Claude Bisaillon, P. Eng. of DRA visited the site on December 10 to 11, 2024. During the site visit, Mr. Bisaillon engaged in discussions with Mesabi's site geologists and engineers regarding past, current, and upcoming drilling campaigns, as well as sampling, assaying, QA/QC, and the laboratories to be utilized.

**2.3** **Source of Information** 

Information received by DRA from Mesabi included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cost
 to Complete Estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Project
 Construction Completion Estimates and Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commissioning
 Details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Risk
 Registers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monthly
 Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Procurement
 Lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Freight
 Costs: Shipping and Rail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tax
 Calculations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third
 Party Royalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Depreciation
 Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 Storage Facility Construction Capex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sustaining
 Capex for Concentrator, Pellet Plant, Pipelines, Rails, Conveyors and Tailings.

**2.4** **Units and Currency** 

In this Report, all currency amounts are US Dollars (**US$** or **$**) unless otherwise stated.

Quantities are generally stated in standard Imperial units of pounds, inches, feet, yards, short tons (st), long tons (LT), and density is reported in ft³/t. In many instances within this Report, in particular when referring to the 2012 Resource Estimate, the metric system is used.

Abbreviations are listed in Table 2.2.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 5 |

---

**Table 2.2 – Abbreviations**

---

| | |
|:---|:---|
| **Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;< | &nbsp;&nbsp;Less than |
| &nbsp;&nbsp;> | &nbsp;&nbsp;Greater than |
| &nbsp;&nbsp;% | &nbsp;&nbsp;Percent |
| &nbsp;&nbsp;% (w/w) | &nbsp;&nbsp;Percent by Weight |
| &nbsp;&nbsp;$| &nbsp;&nbsp;Dollar |
| &nbsp;&nbsp;$/t | &nbsp;&nbsp;Dollar per Tonne |
| &nbsp;&nbsp;° | &nbsp;&nbsp;Degree (Degrees) |
| &nbsp;&nbsp;°C | &nbsp;&nbsp;Degrees Celsius |
| &nbsp;&nbsp;AERA | &nbsp;&nbsp;Air Emissions Risk Analysis |
| &nbsp;&nbsp;AG | &nbsp;&nbsp;Autogenous Grinding |
| &nbsp;&nbsp;Al | &nbsp;&nbsp;Aluminium |
| &nbsp;&nbsp;ALARP | &nbsp;&nbsp;As Low as Reasonably Practicable |
| &nbsp;&nbsp;BIF | &nbsp;&nbsp;Banded Iron Formation |
| &nbsp;&nbsp;BNSF | &nbsp;&nbsp;Burlington Northern Santa Fe (Railroad Company) |
| &nbsp;&nbsp;Butler Taconite | &nbsp;&nbsp;Butler Taconite Mining Company |
| &nbsp;&nbsp;Ca | &nbsp;&nbsp;Calcium |
| &nbsp;&nbsp;CAGR | &nbsp;&nbsp;Compound Annual Growth Rate |
| &nbsp;&nbsp;Capex | &nbsp;&nbsp;Capital Expenditure |
| &nbsp;&nbsp;CDA | &nbsp;&nbsp;Canadian Dam Association |
| &nbsp;&nbsp;CIM | &nbsp;&nbsp;Canadian Institute of Mining, Metallurgy, and Petroleum |
| &nbsp;&nbsp;CN | &nbsp;&nbsp;Canadian National (Railway Company) |
| &nbsp;&nbsp;COG | &nbsp;&nbsp;Cut-off Grade |
| &nbsp;&nbsp;CPT | &nbsp;&nbsp;Cone Penetration Testing |
| &nbsp;&nbsp;CSiO<sub>2</sub> | &nbsp;&nbsp;Concentrate Silica |
| &nbsp;&nbsp;CTC | &nbsp;&nbsp;Cost to Complete |
| &nbsp;&nbsp;CWA | &nbsp;&nbsp;Clean Water Act |

---

---

| | |
|:---|:---|
| **Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;cu.yd | &nbsp;&nbsp;Cubic Yard |
| &nbsp;&nbsp;DCS | &nbsp;&nbsp;Distributed Control System |
| &nbsp;&nbsp;DEM | &nbsp;&nbsp;Discrete Element Modeling |
| &nbsp;&nbsp;DNR | &nbsp;&nbsp;Minnesota Department of Natural Resources |
| &nbsp;&nbsp;DR | &nbsp;&nbsp;Direct Reduction |
| &nbsp;&nbsp;DRA | &nbsp;&nbsp;DRA Americas Inc. |
| &nbsp;&nbsp;DRI | &nbsp;&nbsp;Direct Reduced Iron |
| &nbsp;&nbsp;DRIWREC% | &nbsp;&nbsp;Direct Reduced Iron Weight Recovery |
| &nbsp;&nbsp;DSEIS | &nbsp;&nbsp;Draft Supplemental Environmental Impact Statement |
| &nbsp;&nbsp;EAF | &nbsp;&nbsp;Electric Arc Furnace |
| &nbsp;&nbsp;EIS | &nbsp;&nbsp;Environmental Impact Statement |
| &nbsp;&nbsp;EPC | &nbsp;&nbsp;Engineering, Procurement, and Construction |
| &nbsp;&nbsp;ERND | &nbsp;&nbsp;Environmental Review Needs Determination |
| &nbsp;&nbsp;ESML | &nbsp;&nbsp;Essar Steel Minnesota LLC |
| &nbsp;&nbsp;Fe | &nbsp;&nbsp;Iron |
| &nbsp;&nbsp;Fe₂O₃ | &nbsp;&nbsp;Ferric Iron |
| &nbsp;&nbsp;FEIS | &nbsp;&nbsp;Final EIS |
| &nbsp;&nbsp;FeO | &nbsp;&nbsp;Ferrous Iron |
| &nbsp;&nbsp;Feₜ | &nbsp;&nbsp;Total Iron |
| &nbsp;&nbsp;FOB | &nbsp;&nbsp;Free on Board |
| &nbsp;&nbsp;ft | &nbsp;&nbsp;Foot (Feet) |
| &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;Square Foot (Feet) |
| &nbsp;&nbsp;ft³ | &nbsp;&nbsp;Cubic Foot (Feet) |
| &nbsp;&nbsp;ft³/LT | &nbsp;&nbsp;Cubic Foot (Feet) per Long Ton |
| &nbsp;&nbsp;ft³/t | &nbsp;&nbsp;Cubic Foot (Feet) per Tonne |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 6 |

---

---

| | |
|:---|:---|
| **Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;g | &nbsp;&nbsp;Gram |
| &nbsp;&nbsp;GISTM | &nbsp;&nbsp;Global Industry Standard on Tailings Management |
| &nbsp;&nbsp;GPIOP | &nbsp;&nbsp;Glacier Park Iron Ore Properties |
| &nbsp;&nbsp;GTK Mintec | &nbsp;&nbsp;Geological Survey of Finland |
| &nbsp;&nbsp;H2 | &nbsp;&nbsp;Second Half of the Year |
| &nbsp;&nbsp;ha. | &nbsp;&nbsp;Hectare (10,000 m<sup>2</sup>) |
| &nbsp;&nbsp;Hatch | &nbsp;&nbsp;Hatch Management Consulting |
| &nbsp;&nbsp;Hibtac | &nbsp;&nbsp;Hibbing Taconite Company |
| &nbsp;&nbsp;HMPT | &nbsp;&nbsp;Hydrogen Mineral Phase Transformation |
| &nbsp;&nbsp;HSE | &nbsp;&nbsp;Health, Safety, and Environment |
| &nbsp;&nbsp;Hz | &nbsp;&nbsp;Hertz |
| &nbsp;&nbsp;IRR | &nbsp;&nbsp;Internal Rate of Return |
| &nbsp;&nbsp;IRS | &nbsp;&nbsp;Internal Revenue Service |
| &nbsp;&nbsp;ISO | &nbsp;&nbsp;International Organization for Standardization |
| &nbsp;&nbsp;kg | &nbsp;&nbsp;Kilogram |
| &nbsp;&nbsp;km | &nbsp;&nbsp;Kilometer |
| &nbsp;&nbsp;kV | &nbsp;&nbsp;Kilovolt |
| &nbsp;&nbsp;kW | &nbsp;&nbsp;Kilowatt |
| &nbsp;&nbsp;kWh | &nbsp;&nbsp;Kilowatt-Hour |
| &nbsp;&nbsp;kWh/t | &nbsp;&nbsp;Kilowatt-Hour per Tonne |
| &nbsp;&nbsp;lb | &nbsp;&nbsp;Pound |
| &nbsp;&nbsp;LC | &nbsp;&nbsp;Lower Cherty |
| &nbsp;&nbsp;Lerch | &nbsp;&nbsp;Lerch Brothers. Inc. |
| &nbsp;&nbsp;LF | &nbsp;&nbsp;Length Feet |
| &nbsp;&nbsp;LIMS | &nbsp;&nbsp;Low-Intensity Magnetic Separation |
| &nbsp;&nbsp;LIS | &nbsp;&nbsp;Liberation Index Analysis |
| &nbsp;&nbsp;LOI | &nbsp;&nbsp;loss on ignition |

---

---

| | |
|:---|:---|
| **Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;LOM | &nbsp;&nbsp;Life-of-Mine |
| &nbsp;&nbsp;LS | &nbsp;&nbsp;Lower Slaty |
| &nbsp;&nbsp;LT | &nbsp;&nbsp;Long Tons |
| &nbsp;&nbsp;m | &nbsp;&nbsp;Meter |
| &nbsp;&nbsp;m<sup>2</sup> | &nbsp;&nbsp;Square Meter |
| &nbsp;&nbsp;m<sup>3</sup> | &nbsp;&nbsp;Cubic Meter |
| &nbsp;&nbsp;m<sup>3</sup>/h | &nbsp;&nbsp;Cubic Meter per Hour |
| &nbsp;&nbsp;MAGFE% | &nbsp;&nbsp;Magnetic Iron Percentage |
| &nbsp;&nbsp;MDH | &nbsp;&nbsp;Minnesota Department of Health |
| &nbsp;&nbsp;MENA | &nbsp;&nbsp;Middle East and North Africa |
| &nbsp;&nbsp;MEPA | &nbsp;&nbsp;Minnesota Environmental Policy Act |
| &nbsp;&nbsp;Mesabi | &nbsp;&nbsp;Mesabi Metallics Company LLC |
| &nbsp;&nbsp;MIC | &nbsp;&nbsp;Mineral Industry Consultants |
| &nbsp;&nbsp;Minntac | &nbsp;&nbsp;Minnesota Ore Operations |
| &nbsp;&nbsp;MIS | &nbsp;&nbsp;Minnesota Iron & Steel |
| &nbsp;&nbsp;MLT | &nbsp;&nbsp;Million Long Ton |
| &nbsp;&nbsp;MLTpa | &nbsp;&nbsp;Million Long Tons per Annum |
| &nbsp;&nbsp;MTpa | &nbsp;&nbsp;Million Metric Tonnes per Annum |
| &nbsp;&nbsp;mm | &nbsp;&nbsp;Millimeter |
| &nbsp;&nbsp;MMOS | &nbsp;&nbsp;Metso Minerals Optimization Services |
| &nbsp;&nbsp;Mmt | &nbsp;&nbsp;Million Metric Tons |
| &nbsp;&nbsp;Mmtpa | &nbsp;&nbsp;Million Metric Tons per Annum |
| &nbsp;&nbsp;MOU | &nbsp;&nbsp;Memorandum of Understanding |
| &nbsp;&nbsp;MPCA | &nbsp;&nbsp;Minnesota Pollution Control Agency |
| &nbsp;&nbsp;MRC | &nbsp;&nbsp;Midland Research Center |
| &nbsp;&nbsp;MRE | &nbsp;&nbsp;Mineral Resource Estimate |
| &nbsp;&nbsp;MSI | &nbsp;&nbsp;Minnesota Steel Industries, LLC |
| &nbsp;&nbsp;Mt | &nbsp;&nbsp;Million Tonnes |
| &nbsp;&nbsp;Mtpa | &nbsp;&nbsp;Million Tons per Annum |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 7 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;NEPA | &nbsp;&nbsp;National Environmental Policy Act |
| &nbsp;&nbsp;NewFields | &nbsp;&nbsp;NewFields Canada Inc. |
| &nbsp;&nbsp;NI 43-101 | &nbsp;&nbsp;National Instrument 43-101 |
| &nbsp;&nbsp;NPDES | &nbsp;&nbsp;National Pollutant Discharge Elimination System |
| &nbsp;&nbsp;NPV | &nbsp;&nbsp;Net Present Value |
| &nbsp;&nbsp;OMS | &nbsp;&nbsp;Operation, Maintenance, and Surveillance |
| &nbsp;&nbsp;PFMA | &nbsp;&nbsp;Probable Failure Mode Analysis |
| &nbsp;&nbsp;PMF | &nbsp;&nbsp;Probable Maximum Flood |
| &nbsp;&nbsp;PMP | &nbsp;&nbsp;Probable Maximum Precipitation |
| &nbsp;&nbsp;Q3 | &nbsp;&nbsp;Third Quarter |
| &nbsp;&nbsp;QA/QC | &nbsp;&nbsp;Quality Assurance/Quality Control |
| &nbsp;&nbsp;QP | &nbsp;&nbsp;Qualified Person |
| &nbsp;&nbsp;ROD | &nbsp;&nbsp;Record of Decision |
| &nbsp;&nbsp;ROM | &nbsp;&nbsp;Run-of-Mine |
| &nbsp;&nbsp;SAG | &nbsp;&nbsp;Semi-Autogenous Grinding |
| &nbsp;&nbsp;SEC | &nbsp;&nbsp;Securities and Exchange Commission |
| &nbsp;&nbsp;SG&A | &nbsp;&nbsp;Sales, General and Administration |
| &nbsp;&nbsp;SGS | &nbsp;&nbsp;SGS Lakefield |
| &nbsp;&nbsp;SOP | &nbsp;&nbsp;Standard Operating Procedures |
| &nbsp;&nbsp;SQ.FT | &nbsp;&nbsp;Square Foot (Feet) |
| &nbsp;&nbsp;SRM | &nbsp;&nbsp;Standard Reference Materials |
| &nbsp;&nbsp;st | &nbsp;&nbsp;Short Tons |
| &nbsp;&nbsp;t | &nbsp;&nbsp;Metric Tonne |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Unit or Term** |
| &nbsp;&nbsp;t/d/m² | &nbsp;&nbsp;Tonne per Day per Cubic Meter |
| &nbsp;&nbsp;TMCR | &nbsp;&nbsp;The Metals Royalty Company Inc. |
| &nbsp;&nbsp;TOTFE% | &nbsp;&nbsp;Total Iron Percentage |
| &nbsp;&nbsp;TOTFEC% | &nbsp;&nbsp;Total Iron in the Davis Tube Concentrate |
| &nbsp;&nbsp;TRS | &nbsp;&nbsp;Technical Report Summary |
| &nbsp;&nbsp;TSF | &nbsp;&nbsp;Tailings Storage Facility |
| &nbsp;&nbsp;U.S. | &nbsp;&nbsp;United States of America |
| &nbsp;&nbsp;UC | &nbsp;&nbsp;Upper Cherty |
| &nbsp;&nbsp;US$ or USD | &nbsp;&nbsp;United States of America Dollar |
| &nbsp;&nbsp;US$ B | &nbsp;&nbsp;Billion of United States of America Dollar |
| &nbsp;&nbsp;US$ M | &nbsp;&nbsp;Million of United States of America Dollar |
| &nbsp;&nbsp;USACE | &nbsp;&nbsp;U.S Army Corps of Engineers |
| &nbsp;&nbsp;USEPA | &nbsp;&nbsp;U.S. Environmental Protection Agency |
| &nbsp;&nbsp;V | &nbsp;&nbsp;Volt |
| &nbsp;&nbsp;VRM | &nbsp;&nbsp;Vertical Regrind Mill |
| &nbsp;&nbsp;VWP | &nbsp;&nbsp;Vibrating Wire Piezometer |
| &nbsp;&nbsp;w/o | &nbsp;&nbsp;Without |
| &nbsp;&nbsp;WCA | &nbsp;&nbsp;Wetland Conservation Act |
| &nbsp;&nbsp;WGM | &nbsp;&nbsp;Watts, Griffis and McOuat Ltd. |
| &nbsp;&nbsp;WHIMS | &nbsp;&nbsp;Wet High-Intensity Magnetic Separation |
| &nbsp;&nbsp;XRD | &nbsp;&nbsp;X-Ray Diffraction |
| &nbsp;&nbsp;XRF | &nbsp;&nbsp;X-Ray Fluorescence |
| &nbsp;&nbsp;yd<sup>3</sup> | &nbsp;&nbsp;Cubic Yard |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 8 |

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| | |
|:---|:---|
| **3** | **PROPERTY DESCRIPTION** |

---

The Mesabi Project property is adjacent to the City of Nashwauk in Itasca County, Minnesota, USA, in the western part of the Mesabi Iron Range. The Mesabi Project is located on the former site of the Butler Taconite Mining Company (Butler Taconite), which is approximately 15 miles (24 km) west of Hibbing and 20 miles (32 km) east of Grand Rapids, on U.S. Highway 169.

The Project's mineral resource base comprises more than 4,496 acres (more than 1,800 hectares). Mineral rights in Minnesota are severed from the surface rights. Most mineral land leasing in the State is done by forty-acre (16.2 hectare) plots. Mesabi's mineral leases are primarily distributed between three (3) principal mineral owners: Mesabi, the Langdon-Warren Group, and J.A.G.E Enterprise LLC, with a few minor mineral interests. Most of the mineral leases are for a 30 to 40-year term, and all are renewable. They include rental payments (Minimum Royalties), earned royalties based on crude taconite mined with escalator provisions, and other conditions that are very typical of the leases that exist across the Mesabi Range.

Mesabi and its subsidiaries own multiple land parcels which include those purchased from Glacier Park Iron Ore Properties (GPIOP) and Superior Mineral Resources LLC. The mineral rights of the land parcels purchased from GPIOP were already leased to Cliffs when these land parcels were bought from GPIOP. In October 2023, due to continued defaults by Cliffs, Mesabi terminated these leases. Cliffs had contested this termination and initiated an arbitration process to decide this matter. An arbitration panel consisting of three arbitrators had in June 2024 confirmed that Mesabi had rightfully terminated these leases and thereafter in January 2025, the Itasca County Court has confirmed the arbitration award thus validating Mesabi's mineral control over the GPIOP land parcels.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 9 |

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| | |
|:---|:---|
| **4** | **Accessibility, Climate, Local Resources, Infrastructure, and Physiography** |

---

The Mesabi Project is readily accessible via the local Mesabi Range road network and, from Virginia or Grand Rapids along US Highway 169, north along County Road 65 at Nashwauk, and westward at the intersection of County Roads 65 and 58, which leads directly into the plant site road and Project guard gate.

The port city of Duluth, with a population of about 86,000, is served by an International Airport with daily flights to Minneapolis and Chicago and is located 106 miles (170 km) from Hibbing, which is 15 miles (24 km) east of the Mesabi Project.

The Mesabi Project site has climatic conditions typical of its mid-continent location and latitude. Summers are warm and humid, while winters are cold with moderate snowfall.

Average total annual precipitation is about 25 inches (640 mm), including an average annual snowfall of about 60 inches (1,530 mm). The prevailing winds in the region blow from the north and northwest in the winter and from the south and southeast in the summer.

While a significant range exists between high and low temperatures, the mining operations can be conducted on a continuous basis, as demonstrated by the year-round operations at other mining facilities in the area or by forestry operations.

The natural land surface at the Mesabi Project site is gently rolling, with moderate topographic relief. The portion of the permit area that lies south of the iron formation slopes gently from northwest to southeast, whereas a more pronounced topographic relief, generally sloping northwest, prevails to the north of the iron formation.

The property is located between the towns of Grand Rapids (population 11,200), Hibbing (population 16,000), and 106 miles (170 km) to the northwest of Duluth (population 86,000). Basic amenities and supplies are available from these cities.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 10 |

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| | |
|:---|:---|
| **5** | **History** |

---

The location of the Mesabi Project and the entire Mesabi Range has had a long history of exploration and mine developments, spanning over a century of mining from natural ore (hematite) to taconite (magnetite).

Butler Taconite Mining Company operated a taconite mine and pellet plant at the site from 1967 until May 1985. Production ceased following the bankruptcy of a key steelmaking partner during a severe downturn in the U.S. steel industry. The site was subsequently reclaimed, and processing infrastructure was dismantled.

Prior to 1967, all mine production from the Mesabi Project area was from the upper, oxidized and enriched hematitic portions (natural ore) of the iron formation that was of direct shipping quality or required some beneficiation. Extensive drilling was conducted aiming at locating and defining the oxidized portion of the deposits in virtually every 40-acre (16.19 ha.) parcel of the property. At that time, the underlying taconite-bearing portions of the formation had not been extensively studied or geologically defined.

Between 1996 to 2004, multiple entities pursued redevelopment of the site. Numerous studies were completed, but none advanced to construction, and activity paused until October 2007 when Essar Steel Holdings acquired the Mesabi Project assets from Minnesota Steel Industries and rebranded the initiative as the Essar Steel Minnesota (ESML) Project.

In 2010, ESML began construction on the Project site. The Project site is split between a Crusher/Concentrator facility to the south and a Pellet Plant/Loadout facility to the north. The two (2) construction sites are separated by approximately 2.5 miles and connected by a plant site causeway. The original Minnesota Steel Industries plant was designed to produce 4.1 Mtpa but was quickly upgraded to a 7.0 Mtpa facility by ESML. In 2016, ESML filed a voluntary Chapter 11 petition and emerged from bankruptcy in 2017 as Mesabi Metallics Company LLC.

Resource estimation work evolved alongside ownership changes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 2000, Watts, Griffis and McOuat Ltd. (WGM) prepared historical resource estimate of the Mesabi
 Project (former Butler Taconite Iron Property) for Minnesota Iron Steel Company using historical
 data. The results from the calculations were used to propose additional definition drilling
 in order to delineate new resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 December 2009, Hatch Management Consulting (Hatch) conducted an Independent Engineer
 Project Review of the WGM 2000 estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· After
 completion of a drilling program in 2005, a new resource estimate was conducted by Mineral
 Industry Consultants (MIC), followed by a Mineral Reserves estimate in 2006. A Technical
 Report was prepared by Barr Engineering Company consultants using MIC as a sub-contractor.
 Hatch reviewed this estimate in 2009. Behre Dolbear was engaged by Minnesota Steel Industries,
 LLC (MSI) in 2005 to review the Project data and in 2009, to conduct a verification of Compliance
 of the Resource and Reserve Model.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 2012, Met-Chem Canada Inc., a division of US Steel Corporation (now DRA Americas Inc (DRA)),
 estimated a new mineral resource following the Canadian Institute of Mining and Metallurgy
 (CIM) best practices and National Instrument 43-101 guidelines. The new mineral resource
 was redefined after an extensive diamond drilling program was initiated in 2010-2011. The
 program included 63 diamond drill holes, moving the majority of the Mineral Resource Estimate
 into a measured or indicated category under NI 43-101 standards. Total measured and indicated
 resources were estimated at 1,768 million tonnes grading 20.7% MagFe, 31.8% TotFe, and 29.3%
 WtRec. Inferred resources were estimated at 201 million tonnes grading 21.7% MagFe, 32.0%
 TotFe and 30.1% WtRec.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 drilling was conducted at the site in 2015. Following the 2015 drilling campaign, the estimate
 of total Mesabi Project resources was revised to 1,388 million tonnes of measured and indicated
 resources and 290 million tonnes of inferred resources. The total Mesabi Project resources
 were lowered due to the use of the additional 2015 drill holes, some of which had lower grades,
 a more conservative geological interpretation of the different layers, reduced extrapolation
 in the periphery of the deposit, and an expanded oxidized zone based on new interpretation
 using historical and 2015 drill data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 2020, DRA provided Mesabi with an updated Mineral Resource and Mineral Reserve Estimate for
 the Mesabi Project based on the additional core drilling conducted in 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 2024 a revised Mineral Resource and Mineral Reserve Estimate for the Mesabi Project was prepared
 by DRA, reflecting changes in processing plans and updated modifying factors.

DRA does not consider the historical estimates as current mineral resources or reserves. These estimates are historical in nature and, with the exception of the Met-Chem 2012 estimate, pre-date and do not comply with NI 43-101. The Met-Chem, now DRA, 2012 estimate was part of a<br> NI 43-101 compliant disclosure however never disclosed to the public. These historical estimates are included solely for record-keeping purposes and are superseded by the estimates presented in this Report.

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| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 12 |

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| **6** | **Geological Setting, Mineralization, and Deposit** |

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The iron formation previously mined at the Mesabi Project, operated as the former Butler Mine, which is the subject of this Report, is part of the Biwabik Iron Formation in the Mesabi Range, a belt that can be traced over 120 miles, between Grand Rapids and Babbitt, Minnesota.

The Biwabik Iron Formation is a Lake Superior-type Banded Iron Formation (BIF) of Proterozoic Age. The formation consists of cherty, iron oxide-rich layers intercalated with slaty, iron silicate-rich layers.

The Biwabik Iron Formation generally strikes E-NE with a shallow S-SE dip in the Mesabi Project area. Fault zones cut the mine area and are marked by some oxidation of the host rocks.

The primary minerals found in the magnetic taconite are mainly quartz (chert) and magnetite, with some occurrences of hematite, minnesotaite, stilpnomelane, greenalite, calcite, ankerite, and siderite.

**6.1** **Regional Geology** 

The Minnesota Iron Range lies in a linear belt along the southern margin of the Archean Superior Province, within the Southern Province of the Canadian Shield.

Three (3) iron ranges have historically been the source of commercial production:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Vermilion
 Range, northeast of the Mesabi, in St. Louis and Lake Counties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mesabi
 Range, the largest iron range, largely within Itasca and St. Louis Counties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cuyuna
 Range, southwest of the Mesabi, largely within Crow Wing County.

The Mesabi Project is located in the western portion of the Mesabi Range.

**6.2** **Deposit Geology and Mineralization – Deposit Type (Geological / Stratigraphic Unit Descriptions)** 

The stratigraphy in the Mesabi Project area was characterized in detail by the Butler Taconite Mine geologists and the units used by ESML are summarized in a stratigraphic column (Figure 6.1) and described as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Upper
 Slaty Member US

Slaty Taconite; non-magnetic; laminated, silicate-carbonate, slaty taconite with interbedded lenses and layers of cherty, silicate-magnetite-carbonate taconite. Oxidized to thin goethite layers and lean green silicate-goethite chert with thick to thin irregular goethite and minor hematite layers. Ferruginous argillite of upper 15-30 ft (4.6-9.1 m) grades into Virginia Slate.

Range 65-200 ft (20-61 m) in thickness.

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| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 13 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Upper
 Cherty Member UC

Cherty Taconite; weakly magnetic; wavy to irregularly bedded, laminated to massive and mottled cherty granule taconite composed of cherty quartz, magnetite, stilpnomelane, minnesotaite, greenalite and carbonates. Oxidized to hematite-goethite iron rich layers in abundantly disseminated and mottled hematite-magnetite-goethite cherty layers. Gradational upper and lower contacts.

Range 25-125 ft (7.6-38.1 m) in thickness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Lower
 Slaty Member

LS-1: Taconite Unit; Slaty Taconite; non-magnetic; laminated with interbedded cherty-granule taconite as nodules, layers, beds, and zones. Oxidized to shaly red hematite layers interbedded with decomposed hematite rich chert. Painty hematite layers generally increase in quantity with depth, grading into Paint rock.

Range 28+ ft (8.5 m) in thickness.

LS-2: Lower Slaty: Paint Rock Unit: Slaty Taconite; non-magnetic; black to dark green, slaty thin bedded unit commonly called "Paint Rock" when oxidized, or the "Q" Layer on the east end of the Mesabi Range, also identified as the "intermediate slate"; distinctive geologic unit; lower contact is sharp; oxidized to clay rich beds with soft red hematite, green silicates, and bleached white clay laminations. Minor cherty and conglomerate layers.

Range 7+ ft (2.1 m) in thickness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Lower
 Cherty Member

LC-1: Lower Cherty 1: Cherty-Silicate Taconite; non-magnetic; massive thin bedded silicate-carbonate taconite; oxidized to relatively thick irregular goethite layers in lean decomposed nodular goethite chert. Lower contact placed at gradation to hematite bearing taconite of LC-2 or LC-3. ("Old Sand Ore Layer" – "Red Ore Days" in the local terminology).

Range 35 ft (10.7 m) in thickness.

LC-2: Lower Cherty 2: A local mapped unit of hard massive hematite-magnetite taconite occurs as a one two-foot (0.60 m) bed or as several thinner beds over 7 to 8 ft (23-26 m). Oxidizes to red sandy layers.

Range 2+ft (0.6 m) in thickness.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 14 |

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**Figure 6.1 – Mesabi Range – Stratigraphic Column**

![](tm2616840d2_ex96-1img003.jpg)

LC-3: Lower Cherty 3: Cherty-Silicate Taconite; slightly magnetic; massive thick bedded, disseminated silicate-carbonate-hematite-magnetite chert, magnetite content decreasing upward. Lower contact placed at gradation where hematite and magnetite of LC-4A Upper becomes more abundant than goethite. Abundant pitting throughout.

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| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 15 |

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Range 34 ft (10.4 m) in thickness.

LC-4A Upper: Cherty Taconite: Slightly to Moderately to Strong Magnetic; Disseminated and diffuse magnetite-silicate-carbonate chert layers with thick to very thin planar and irregular magnetite-carbonate-silicate layers. Upper contact is easily recognized by sharp magnetite-martite increase and virtual lack of nodular texture in contrast to LC-1. Oxidized to hard martite-goethite rich chert and iron-rich layers. The upper 5-15 ft are usually oxidized to sub-grade magnetic taconite fresh and strong magnetics with depth near surface.

Range 30-40 ft (9.1-12.2 m) in thickness.

LC-4A Middle: Cherty Taconite: moderately magnetic; massive, thick-bedded, disseminated magnetite-carbonate-silicate chert with scattered thick (5 cm) magnetite-silicate-carbonate layers. Oxidized to martite-goethite rich chert layers. Very slight oxidation accentuates 10 cm thick goethite carbonate-rich zones with chert layers. This common characteristic serves to place the upper and lower contacts. Magnetite mostly within thick bands, minor disseminations in between.

Range 20-40 ft (6.1-12.2 m) in thickness.

LC-4A Lower: Cherty Taconite: strongly to moderately magnetic; disseminated, diffuse, and nodular magnetite-silicate-carbonate chert with thick to very thin wavy, irregular bedded magnetite layers. Oxidized to martite-goethite chert and martite layers. Lower contact gradational. Magnetics disseminated between thick bands as well as in bands. Often magnetic rich spider webs in cherty zones.

Range 30-45ft (9.1-13.7 m) in thickness.

LC-4B: Cherty Taconite: strongly to moderately magnetic; disseminated, diffuse, and nodular magnetite-hematite-silicate-carbonate chert with abundant thick irregular wavy magnetite-hematite layers with distinct magnetite-hematite layers in Fe bands. Little disseminated magnetite outside of Fe rich bands. Oxidized to martite-hematite-goethite-rich chert and martite-hematite layers.

Range 35+ft (10.7 m) in thickness.

LC-4C: Cherty-Slaty Taconite: moderately magnetic; massive, diffuse, laminated, and nodular magnetite-silicate-carbonate chert. Occasional thin irregular magnetite-silicate layers in upper portion. When 4C "upper" is recognizable, it has a strongly nodular texture and is a marker horizon in magnetic section. Where 4C "middle" is recognized, it contains goethitic carbonate-rich zones in chert and gradational upper contact and sharp lower contact. Where the 4C "lower" subunit is recognizable, it consists of a distinctive pure magnetite layer 1-20 cm thick at its base, which is a very localized feature. Entire LC-4C can be oxidized to goethite-martite-chert layers.

Range 50+ft (15.2 m) in thickness.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 16 |

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LC-5A: Slaty-Cherty Taconite: moderately magnetic, strongly laminated and disseminated silicate-carbonate-magnetite chert with scattered magnetite-silicate-carbonate layers and slaty layers. Oxidized to sequence of alternating goethite-martite chert and martite-goethite layers. May contain few scattered slaty layers. The slaty layers distinguish this unit from the LC-4C. This unit is at the bottom of the portion of the Biwabik Formation to be mined, as no magnetic iron can be recovered from the underlying units.

Range 30-35 ft (9.1-10.7 m) in thickness.

LC-5B: Fissile Slaty Taconite: "Wafer Slate", slightly to non-magnetic, thin even bedded, interbedded argillite, finely laminated greenish silicates alternating with red iron rich layers, excellent distinctive geologic marker bed. Oxidized to painty goethite-martite layers with crude iron increasing markedly, becoming permeable aquifer. Occasional jasper.

Range 7 ft (2.1 m) in thickness.

LC-6: Slaty-Cherty Taconite; moderately to slightly magnetic; disseminated, diffuse, coarse granular magnetite-hematite-silicate-jasper chert with scattered thick planar magnetite-hematite-silicate layers. Uppermost 2 feet conglomeratic, magnetite increases, and hematite decreases upward. Oxidized to hematite-goethite chert and painty red hematite layers when LC-5B is oxidized. Inconsistent magnetite iron contact.

Range 18-25 ft (5.5-7.6 m) in thickness.

LC-7: "Red Basal": Cherty-Slaty Taconite: weakly to non-magnetic; commonly known as "Red Basal" unit or "Basal Conglomerate"; alternating beds of hematitic jasper chert and slaty red hematite. Red slaty bands from 1 to 2 inches thick separated by 3 to 5 inch beds of massive cherty zones containing abundant hematite speckles and pitting. Upper contact placed where cherty bedding of LC-6 becomes dominant. Algal structures often present. Red jasper algal conglomerate and clastic pebble quartz commonly found near contact with Pokegama Quartzite.

Range 10-25 ft (3.0-7.6 m) in thickness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. QTZ

"Pokegama Quartzite": Coarse grains of quartz and quartz pebbles near the top, abruptly grading into a fine-grained, well-cemented, reddish-gray-green, non-magnetic, massive quartzite.

Range 200 ft (61 m) in thickness.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 17 |

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| **7** | **Exploration** |

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A wealth of geological, geophysical and geochemical data in the form of maps, reports, logs, assays and electronic files is available from public files of Minnesota Department of Natural Resources (DNR) and the Minnesota Geological Survey. A large amount of drill core collected from many areas and formations has been stored and catalogued for reference and analysis. The results from work completed on the Mesabi Project area from previous operators or government agencies include topographic maps based on an aerial photo survey flown in 1997 and a DEM model generated by the State of Minnesota and by the DNR. In 2012, the State of Minnesota completed a detailed LiDAR based data set of topographic maps for the region. No recent exploration has taken place on the Mesabi Project area.

Previous owners and operators of the Project site conducted extensive drilling during the past 100 years. Early investigations were often a combination of unspecified test pits, churn drilling and diamond drilling. The holes were drilled either to delineate the deposits or to serve in the mine planning. These two (2) types can be further broken down into the early holes drilled to investigate the oxidized portion of the deposit; the ones drilled into the taconite and the holes intersecting both the oxidized and fresh iron formation. Most data for historical drilling conducted at the site are available, especially those generated by M. A. Hanna and Butler Taconite.

There were numerous drilling campaigns at the Project site; however, not all drilling records were found. Excluding the drill holes with missing records, the balance of the drill hole data was used for preparation of this report.

Table 7.1 summarizes the 767 drill holes in the database. The resource estimate is based on data obtained from 664 drill holes completed by the previous operators between 1960 and 2005, as well as by 85 drill holes completed by Mesabi in 2011 and 2015, and finally with the 18 drillholes from the 2024-2025 campaign.

**Table 7.1 – Drilling Completed on the Property**

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|:---|:---|:---|:---|:---|
| **Operator** | **Year of <br> Drilling** | **Number of <br> Holes** | **Footage <br> Drilled** | **Meterage <br> Drilled** |
| Butler Taconite | 1960-1969 | 289 | 71170 | 21693 |
| Butler Taconite | 1970-1979 | 329 | 109711 | 33440 |
| Butler Taconite | 1980-1981 | 40 | 12138 | 3700 |
| Minnesota Steel & Iron (MSI) | 2005 | 6 | 2587 | 789 |
| Mesabi | 2011 | 63 | 41740 | 12723 |
| Mesabi | 2015 | 22 | 3913 | 1193 |
| Mesabi | 2024-2025 | 18 | 9262 | 2823 |
| **TOTAL** |  | **767** | **250521** | **76361** |

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| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 18 |

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Mesabi completed a metallurgical drilling program in 2024-2025. This report includes a resource update including the assay results and metallurgical testwork from the 18 holes from this program. There are plans for a further infill drilling program in the future. The Results from the 2024-2025 activities are included in this Report as part of the updated Weight Recovery values as well as inclusion in the updated block model that has increased the in-pit resource tonnage and has upgraded reclassification of some of the resource.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 19 |

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| **8** | **SAMPLE PREPARATION, ANALYSES, AND SECURITY** |

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**8.1** **Sample Preparation and Analyses** 

8.1.1 Sample
 Preparation and Analysis – 1960-1967 Programs

The Midland Research Laboratory did most of the previous core analyses on the Butler Taconite property. The laboratory is the successor to the Hanna Research Laboratory and was part of the M. A. Hanna Mining Company. The preparation and sampling procedures were essentially the same as those used at Lerch Brothers Inc. (Lerch), except that Midland used a ball mill to grind the samples for Davis Tube testing rather than the buckboard used by Lerch.

No details are available on the sample preparation and analysis of the samples for the drilling programs completed during this period.

8.1.2 Sample
 Preparation and Analysis – 2005, 2011, 2015, and 2024-2025 Programs

The entire core from the 2005, 2011, 2015, and 2024-2025 programs were routinely submitted to Lerch for preparation and analytical purposes. The 2024-2025 core was submitted to SGS Lakefield for preparation and analytical purposes.

The 2005 and 2011 samples were submitted to two stages of size reduction in a jaw crusher (1 inch, ½ inch, equivalent to 25.4, 12.7 mm) followed by a pass in a roll crusher with an opening of 3 mesh (0.26 inch, 6.73 mm). Sub-samples are extracted at that stage and are crushed in a gyratory crusher to 10 mesh (0.0787 inch, 2.0 mm) and pulverized to 100% passing 20 mesh (0.0331 inch, 0.841 mm). After initial crushing, a 50-g split is further reduced to 100% passing 325 mesh (0.0017 inch, 0.044 mm) using a hammer Muller on a bucking plate. According to the procedure we have, this is true for the waste samples in 2015, but not for the Liberation Index Analysis (LIS) samples

In the 2015 program, designated mineralized zones were submitted for LIS timed grind analysis, while the remainder of the core was analyzed using standard Davis Tube procedures described above.

Samples designated for LIS analysis underwent a timed grind analysis, using a certified ball mill and charge capable of measuring power consumed during the grinding process. The LIS process provides a prediction of the power consumption and liberation characteristics of the magnetic iron in a standard concentrator facility. The concentrate was ground at three (3) separate time intervals; 6, 10 and 14 minutes and analyzed after each period. This procedure allows the mathematical prediction of the ore's liberating characteristics, grade estimation and energy consumption during the grinding process, in this case 80% passing a -325 mesh screen.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 20 |

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In the 2024-2025 program, A total of 79 hematite and 364 taconite drill core samples, provided by Mesabi, were prepared and submitted for head assays. The samples were weighed and then stage-crushed to 100% passing ¼" (6.35 mm) and ~1.4 kg riffled. The remainder was weighed, split and stored. The 1.4 kg subsample was roll-crushed to 100% passing 20 mesh (0.84 mm). A further 100 g subsample was riffled from this material for pulverizing and head assays, while the remainder was weighed, further split, and stored. The taconite samples were also stage-pulverized to 100% passing 325 mesh and submitted for Davis tube testing. The taconite samples were also stage-pulverized to 100% passing 325 mesh and submitted for Davis tube testing.

8.1.3 Analytical
 Procedure

The rock sampling protocol included testing for Crude %Total Iron and % Satmagan Iron. Sampling for the iron formation intervals provided for the same crude analysis and Davis Tube Concentrate Analysis, with 100% of the sample passing a -325 mesh screen, conforming to the Butler Taconite sampling protocol. The Davis Tube Concentrate Analysis included: Weight Recovery Evaluation, Concentrate % Total Iron, % Satmagan Iron, % Silica, % Ferrous Iron, and a measure of oxidation using a comparison ratio calculation between the % of Concentrate Total Iron and the % of Magnetic Iron in the sample.

The samples from the 2005, 2011, and 2015 programs were analyzed at the Lerch Brothers analytical laboratory. The samples were analyzed for total and ferrous iron, silica, Ca, Mg, Al, Mg. Ferrous iron (FeO) was analyzed by acid digest followed by wet processing potassium dichromate titration and the content of ferric iron (Fe₂O₃) was determined by Satmagan and Davis Tube (15 g passing -325 mesh) testing. S was determined by LECO analysis. During 2015 drilling program, selected samples were sent to SGS Canada Inc. for XRF testing of trace elements.

As for the 2024-2025 program, each sample was prepared and submitted for head assays. A few selected samples were also submitted for XRD analysis. All the taconite samples were also submitted for Davis tube testing.

A single hematite composite, as well as five taconite composites were also prepared and submitted for the Liberation Index Procedure, Bond ball mill grindability testing, as well as XRD analysis and optical microscopy.

8.1.4 Density
 Determinations

In-situ density was determined by the Lerch laboratory on core samples from the 2011 program, using the weight in water, weight in air technique (Archimedes Method). No new density determinations were performed during the 2015 drilling program (personal communication with Bill Everett. Sept 2019). In 2011, a total of 208 determinations were implemented on iron formation and waste samples ranging from 3.2 to 12.9 ft. (0.98 to 3.93 m) in length.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 21 |

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Although the QP did not see the details on the procedure and noticed that no duplicate samples appear to have been tested as a QA procedure, the weighing of the samples with a hydrostatic balance is a simple operation for chemical laboratory technicians. The tests were performed on long core samples, which is a good approach. The variations in the density between samples in the same unit are commonly large and probably reflect the variations in the iron content. The number of samples for each unit is not large enough to build a clear correlation curve between the Fe content and the density and ideally more samples should have been tested.

However, the average density for all the units is relatively close and is in line with factors determined at similar operations in the Mesabi Range. The QP believes the total number of determinations is sufficient to define the density of 11.0 cubic feet per long ton for use in the resource estimate.

**8.2** **QA/QC Program and Check Sampling** 

8.2.1 Internal
 Laboratory Quality Control

The Lerch laboratory received the ISO 9001-2008 certification in February 2010 and has held it since as per verification by the QP Claude Bisaillon, P. Eng., in a recent unrelated visit to the Lerch Brothers laboratory on September 11, 2019. The laboratory follows an internal QA protocol that includes insertion of silica and iron standards (4%) and duplicates (2%) to monitor the chemical analysis and Davis Tube results, as well as periodic calibration of the instruments: scales, oven, Davis Tube (flow and timer), Satmagan analyzer.

The QP examined the results from 90 analyses of each of Standard C (66.85% Fe, 3.71% SiO₂), Standard L (59.58%Fe), and Standard N (65.11% Fe) calculated basic statistics and found only a few results lightly exceeding the Mean plus Two (2) Standard Deviations limits calculated by the QP, which is excellent. The results from the internal QC samples inserted by the laboratory were available to Mesabi.

SGS Lakefield is an accredited laboratory and conforms to the requirements of the ISO/IEC 17025 standard for specific registered tests. This accreditation is the standard for analytical testing laboratories. As for any of the SGS laboratories, the SGS Lakefield facilities follows an internal QA protocol that includes insertion of silica and iron standards and duplicates to monitor the chemical analysis and Davis Tube results, as well as periodic calibration of the instruments: scales, oven, Davis Tube (flow and timer), Satmagan analyzer.

8.2.2 Analytical
 QA/QC Program By Mesabi

For the 2011 drilling program, Mesabi applied their own QA/QC program to monitor the laboratory performance consisting of the insertion of Blanks, Standard Reference Materials and Duplicates into the sample stream of the 2011 drill program. A total of 9.3% QC samples were inserted by Mesabi's geologists, in addition to the laboratory QA/QC system, including re-run analyses (2.0%) and Standards (4.0%).

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| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 22 |

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The three (3) Standards used by Mesabi have iron content much higher than the average for the resources. Ideally, one of them should have been selected to represent the mode of all the core sample analyses and another one to be close to the expected cut-off grade for the deposit.

Mesabi monitored the results from the QC samples and requested re-runs for the result raising questions on the original data.

No evidence of analytical errors or systematic bias that may significantly affect the resources estimation has been noted by the QP in the samples from the 2011 drill program. This internal QA/QC program was not applied by Mesabi in the 2015 drilling campaign nor for the 2024-2025 campaign.

*8.2.2.1* *Standard Reference Material* 

The three (3) standards used by Mesabi to monitor the Fe and SiO₂ results are commercial Standard Reference Materials (SRM) purchased from the National Institute of Standards and Technology, an agency from the U.S. Department of Commerce.

In 2011, examination by the QP, of the analytical results for Fe (150) and SiO₂ (143) for each of the SRMs inserted by Mesabi's geologists indicated generally good laboratory performance.

The standard deviation calculated on the analytical results from the three Standards is very close to the Estimated Uncertainty and the average from the 150 analyses is close to the Certified Values for the total iron and the silica contents.

The basic statistical calculations indicate that all the Standards yielded an average Fe% grade that is close to the Certified Value of the Standard and the individual samples do not show significant deviations from the expected values. If one applies the fail/pass threshold at two (2) standard deviations from the mean, which is not very stringent, about 4 to 9% of the samples fail the test, which is acceptable. No systematic bias is apparent in the analytical results, except for a slight high bias relative to the certified Total Fe values exhibited by standard SRM 690, associated with a low silica bias.

*8.2.2.2* *Duplicate Samples* 

In 2011, the head assay results from Total Fe for 109 duplicate samples examined by the QP show low heterogeneity and a correlation coefficient of 0.97 between the two (2) populations. This was not done with the 2015 drilling program.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 23 |

---

The relative difference between the two (2) analyses for the pair's averages 1.3% and the maximum of 11% occurred in one pair. The analytical results from the duplicate samples show very good reproducibility.

8.2.3 2011
 Check Samples Selected by the QP

A suite of 34 original samples was selected by the QP for check assays, after the drilling program was completed and all the analytical results were available.

The samples were chosen from five drill holes on three (3) sections, and at different depths, in an attempt to represent a fair general geographic distribution of the mineralization within the deposit. In addition, the samples were selected to cover a wide range of TotFe% grades in all the Lower Cherty 4 and 5 Members.

The QP requested Mesabi to retrieve the rejects from these samples and to insert the control samples (standards and duplicates).

Both the original samples and the duplicates selected by the QP for check analysis were processed by the Lerch laboratory. Although the number of check samples is not very high to derive statistically valid conclusions, a definite trend can be seen between the pairs of samples.

The average of the original Crude TotFe results of 31.16%, as compared to the average for the check samples at 32.63%, represents a difference of 1.47%, which is significant, albeit not very large. However, the fact that systematic positive bias is present in most of the check samples, suggests a procedure at the laboratory affecting accuracy, potentially an instrumental error.

The basic statistics for the two (2) populations, the original samples and the check samples, show a systematic positive bias in all the parameters for the check samples and a low correlation coefficient.

The results from the Davis Tubes tests show a general higher weight recovery accompanied by lower iron and higher silica in the concentrate of the check samples. The differences are not large, and they may be explained by a somewhat coarser grind to which the check samples were submitted, as compared with the original samples. If so, one would expect a lower degree of liberation of the magnetite.

*8.2.3.1* *QC Samples within Check Samples* 

The two (2) duplicate samples within the check samples exhibit a very low variability,

The Standard FER-3 was analyzed once and yielded a value of 31.18 % TotFe, while the declared value stands at 31.13%, which indicates excellent accuracy.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 24 |

---

The five (5) Mesabi internal standards identified as concentrate returned almost identical values for all the analyses: TotFe% in head, as well as Weight Recovery % and %Fe in the concentrates.

*8.2.3.2* *Conclusions on the Check Samples* 

The QP believes that the differences in the laboratory results between the original and the check samples are not pronounced, and still within an acceptable range. The results from the QP's check samples generally confirm the accuracy of the analytical results from the 2011 drilling program and are adequate for the purposes of resources calculations. No core or samples from the prior drilling programs were available; but the QP does not see any reason why the older analytical data may be inadequate, considering the reputation and experience of the former operators and the Midland laboratory.

**8.3** **Security** 

The core is transported from the drill to the Lerch laboratory under the supervision of Mesabi geologists and all the processing, from core logging to analysis and archiving the rejects, is done within the premises of the Lerch laboratory. This preserves the chain of custody.

Since the 2011 security protocol was also applied to the 2015 program and for the 2024-2025 program, the QP believes that, overall, the sample preparation, analytical procedures and security applied by Mesabi and the laboratories have generated data that is sufficiently reliable for the purpose of this Report.

**8.4** **2024 QP Site Visit** 

The QP did not visit the assaying laboratories nor taken any check samples from the current (2024-2025) drilling program.

For this Report, Claude Bisaillon, P. Eng. of DRA visited the site on December 10 to 11, 2024. During the site visit, Mr. Bisaillon engaged in discussions with Mesabi's site geologists and engineers regarding past, current, and upcoming drilling campaigns, as well as sampling, assaying, QA/QC, and the laboratories to be utilized.

This Report includes assay results and metallurgical test results conducted on drill core samples from drilling information in the database from the 2024-2025 drilling campaign.

For QA/QC assessment of the 2024-2025 drilling campaign Claude relied upon the SGS Lakefield Lab Visit of Masoud Gorjian, P. Eng. of DRA on July 21-23, 2025 as the basis for evaluating the representativeness of the samples used for analyses performed.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 25 |

---

**8.5** **Conclusion** 

In 2011, the QP was unable to verify the results, however the QP implemented a complete set of procedures aimed at verifying the validity and reliability of the dataset used for the resource estimation. These verification procedures included a review of the database, the results from the Mesabi and of the laboratory's QC samples, and the independent checks of samples selected by the QP. As a result, the QP does not currently see any factor in the procedures applied in the core logging, sampling, sample preparation and analytical procedures that could significantly affect data integrity.

The 2024-2025 drilling was logged, sampled and assayed as per Mesabi's Standard Operating Procedures (SOP).

The 2026 QP determines that sample preparation, security measures, and analytical procedures are appropriate and adequate for the purposes of this Report.

The 2026 QP believes the data collected is reliable and sufficient for resource calculations.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 26 |

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| | |
|:---|:---|
| **9** | **Data Verification** |

---

This section reviews data verification related to geology and exploration. In particular it focusses on core logging, sampling and assaying procedures in addition to drillhole and assay database verification.

**9.1** **Introduction** 

The QP, Claude Bisaillon P. Eng of DRA, visited the site on December 10 and 11, 2024. The previous visit from a DRA QP took place in 2011 as discussed previously. No QP visited the site for the 2015 drilling campaign, and no other QP site visit had taken place between December 2024 and April 2026 except for random visits by DRA personnel for other purposes. In April 2026, Nigel Fung, P. Eng. and Simon Vezina, P. Eng. both of DRA visited the site for due diligence areas that did not include geological / exploration data verification.

Data from the 2015 program was incorporated into the existing database, with all new samples submitted to Lerch, utilizing the same sample preparation and analyses method. Some designated mineralized zones were submitted for LIS, with results detailed in Section 8.

The main purpose of the 2024 site visit was to gather the information required for DRA to prepare an independent Technical Report following NI 43-101 standards for disclosure.

New drilling and assay data has been added to the Project database from the 2024-2025 drilling campaign and used for the updated resource estimate in Section 11 of this Report.

**9.2** **2024 Site Visit** 

For the 2024 Report, Claude Bisaillon, the QP from DRA, visited the site on December 10 to 11, 2024, and engaged in discussions with Mesabi site geologists and engineers regarding past, current, and upcoming drilling campaigns, as well as sampling, assaying, QA/QC, and the laboratories to be used.

The QP responsible for the resource estimate (Section 11) did not visit the property in 2024 but relied on Claude Bisaillon's visit.

9.2.1 2024
 Field Trip, Core storage

The 2024 site visit was made to observe ongoing metallurgical drilling, have a look at the core being logged, speak with the geologists regarding logging, sampling and assaying procedures. Due to time constraints, snowpack and inaccessibility, the current drill site and past drill sites were not visited.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 27 |

---

During the 2024 site visit, ongoing drilling for metallurgical core was being logged by Mesabi geologist.

9.2.2 2024
 Data Verification

The Mesabi drillhole database was supplied in an excel file format containing different spreadsheets referring to collars, survey, lithology and assays information. Different steps were conducted to validate the received database prior to conducting the Mineral Resources Estimation. The required information was extracted from the master database received from Mesabi and the first validation step consisted in checking for inconsistencies, outliers, unexplained gaps, overlaps, etc. The data were then imported into MS TorqueTM a SQL based database manager integrated into HxGN the 3D modelling and estimation package used. About 100 assays entries originating from the 2011 drilling program were randomly selected and cross checked in comparison with the entries in the original Lab certificates. No discrepancies were found. However, the assays file of the drillhole database also contains a few amounts of calculated entries some of which are beyond the tolerance limit. Such entries refer to negative calculated values for silica or mag iron beyond the maximum value of 72.2% for a pure magnetite sample. DRA has removed these few entries from the MRE process and believes that this has any material impact on the outcomes of the estimated tons and grades.

9.2.3 2011
 Site Visit

This Report also references the visit by DRA former personnel Mr. Yves A. Buro P. Eng., who visited the Mesabi Project site between February 22 and 25, 2011.

During the 2011 site visit, the activities of Mr. Buro included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General
 discussions on the procedures, progress and results of the ongoing drill program with Mesabi
 personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Field
 trip, visit several drill sites including the sites of the holes being drilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Examination
 of selected core from the 2011 drill program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Spot
 check of all the database entries (Y-series, 2005 and 2011 diamond drill holes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Visit
 to Lerch chemical laboratory facilities in Hibbing, Minnesota.

**9.3** **Database Verification** 

The QP conducted a series of routine verifications to ensure the reliability of the electronic data, during the site visit and prior to generating the 3D block model.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 28 |

---

A few minor errors were identified and corrected by Mesabi geologists. Based on this verification, the QP believes the integrity of the database is sufficiently high and the data are adequate for the resources estimation purposes.

The 2024-2025 drilling data was added to the current functional database in accordance with Mesabi SOP.

**9.4** **Qualified Person's Opinion** 

The QP is of the opinion that the data used is adequate and reasonable to support the mineral resource estimation presented in this Report.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 29 |

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|:---|:---|
| **10** | **Mineral Processing and Metallurgical Testing** |

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The historical Butler Taconite operation was very similar to Keewatin Taconite, formerly National Steel Pellet Company. Butler did not attempt to produce a low-silica Direct Reduction (DR) grade pellet.

Pilot plant testing on a bulk sample was conducted by Midland Research Center (MRC) for Minnesota Iron & Steel (MIS) in 1998. The bulk sample used in the testing program was sourced from Pit 5, a target area for Essar Steel Minnesota's early mining operations. The testing demonstrated that a concentrate with an iron grade as high as 70.1% and a silica grade as low as 1.6% could be produced using Low-Intensity Magnetic Separation (LIMS), followed by amine reverse flotation technology. The pilot plant circuit featured primary grinding using a Semi-Autogenous Grinding (SAG) mill and secondary grinding with a ball mill in a closed circuit with a cyclone. The performance was deemed acceptable, albeit at a very fine particle size. However, the process samples were not analyzed in sufficient detail to fully characterize the liberation and breakage behavior of the crude ore.

In March 2005, MRC was contracted by MIS to conduct another round of pilot plant testing on the same bulk sample. The pilot plant circuit set up in 2005 aimed to determine design operating parameters based on recent best practices in primary and secondary grinding circuits. The pilot plant was operated for one week using a SAG circuit, followed by a second week using an Autogenous Grinding (AG) circuit for primary grinding. Both weeks of operation utilized fine screening instead of a cyclone for the classification circuit around the ball mill. This pilot campaign also included LIMS, followed by amine reverse flotation technology for ore beneficiation. The concentrate produced during these tests had an iron content ranging from 70.04% to 70.45% and a silica content ranging from 1.52% to 1.70%.

Parallel to the pilot test in 2005, Metso Minerals Optimization Services (MMOS) was contracted by Minnesota Steel to conduct batch milling tests, discrete element modeling (DEM) simulations of the batch milling tests, and a DEM simulation of the commercial primary grinding mill. This testing was conducted on the same bulk sample obtained for the pilot plant testing at MRC. Barr Engineering Company was also retained by Minnesota Steel to coordinate with MMOS and integrate the test results and findings into the concentrator flowsheet.

Information from the 1998 and 2005 pilot plant testing, along with batch milling tests by MMOS, served as the basis for a computer simulation that generated complete circuit information used to design a commercial concentrator flowsheet by Barr Engineering.

The average weight recovery of Butler Taconite Company's 20 years of operation was 32.28%. According to the material balance completed by Barr Engineering Co. for the Mesabi Project, an overall weight recovery of 30.8%, based on primary crusher feed, is expected.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 30 |

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During the preparation of the Technical Report dated August 22, 2025, DRA conducted a multiple linear regression analysis on the results of Davis Tube tests performed on historical drill core samples. The analysis indicated that weight recovery varies as a function of ore geological setting, magnetic iron content of the crude ore, and total iron grade of the concentrate. The results of this analysis, together with data from pilot-scale test programs conducted in 1998 and 2005, formed the basis for DRA's estimate of weight recovery. The estimated life-of-mine (LOM) average weight recovery calculated by DRA was 27.15%.

Subsequent to the release of the initial Technical Report dated August 22, 2025, Mesabi Metallics Company LLC (Mesabi) completed a drilling campaign followed by additional bench scale and pilot reported by Geological Survey of Finland (GTK Mintec) April 22, 2026. A total of 443 samples from 18 PQ-size drill holes were collected for bench-scale metallurgical testing at SGS Lakefield, Canada, as well as for additional bench-scale and pilot-scale testing at GTK Mintec in Outokumpu under contract to Metso.

The drill cores were longitudinally cut into one half-core and two quarter-core sections. One quarter-core from each sample was shipped to SGS Lakefield, while the remaining three-quarters were shipped to Metso for metallurgical testing.

The results of these test programs indicate that an average LOM weight recovery of 29.79% for Mesabi ore is achievable at a 14% magnetic iron cut-off, resulting in run-of-mine (ROM) ore grading 21.12% magnetic iron and 31.70% total iron.

Based on this revised weight recovery estimate, and incorporating the process flowsheet modifications discussed in Section 17 of this TRS, Mesabi is capable of processing approximately 23.45 million long tons per annum (MLTpa) (23.82 Mtpa) of crude ore to produce an average of 6.99 MLTpa (7.10 Mtpa) of concentrate and 7.17 MLTpa (7.28 Mtpa) of DR grade pellets over the LOM. All tonnages are reported on a dry basis.

COREM, located in Quebec City, Quebec, Canada, received magnetite concentrate samples prepared from Mesabi ore in 2009 and 2011. Balling and pot grate tests were conducted on these concentrates. The results demonstrated that the Mesabi concentrate could achieve a grate productivity of 30.1 tonnes per day per square meter of grate area (t/d/m²) for the production of DR-grade pellets. Based on the pelletizing test results from COREM, DRA estimated a concentrate-to-pellet weight conversion factor of 1.026.

Using a selected traveling grate pelletizing machine with a grate surface area of 8,008 square feet (744 m²) and assuming 335 operating days per year, the pelletizing plant is potentially capable of producing approximately 7.38 MLTpa (7.50 Mtpa) of DR-grade pellets. However, due to capacity constraints in the concentrator, the estimated LOM average production rate of DR-grade pellets is limited to approximately 7.17 MLTpa (7.28 Mtpa).

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 31 |

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|:---|:---|
| **11** | **Mineral Resource Estimates** |

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A summary of the in-situ mineral resource estimate exclusive of reserves is presented in Table 11.1

**Table 11.1 – Mineral Resource Statement (Exclusive of Reserves) – January 14, 2026**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Weight** | **MAGFE** | **TOTFE** | **DRIWREC** | **CSiO₂** | **CONFE** |
| **Resource Category** | MLT | % | % | % | % | % |
| Indicated | 214.5 | 20.5 | 31.9 | 28.8 | 1.8 | 70.0 |
| Inferred | 29.5 | 18.9 | 31.8 | 26.9 | 1.7 |  |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;· Resources are prepared and reported in accordance with S-K 1300
(17 CFR § 229.1300) mineral property disclosure rules.

&nbsp;&nbsp;&nbsp;&nbsp;· The MRE is in-situ resources.

&nbsp;&nbsp;&nbsp;&nbsp;· The cut-off grade is 14% MAGFE.

&nbsp;&nbsp;&nbsp;&nbsp;· The QP expects the resources have a reasonable prospect of economic
extraction determination (RPEE) based on the parameters used for the resource pit shell optimisation exercise.

&nbsp;&nbsp;&nbsp;&nbsp;· The
effective date of this MRE is January 14, 2026.

· Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic
viability.

&nbsp;&nbsp;&nbsp;&nbsp;· The
QP (Dr. Schadrac Ibrango, P.Geo., MBA) is not aware of any metallurgical, environmental, permitting, legal, title, taxation,
socio-economic, marketing, or political or other factors that could materially impact the MRE disclosed in this Report There is no certainty
that Mineral Resources will be converted to Mineral Reserves

&nbsp;&nbsp;&nbsp;&nbsp;· The Inferred Mineral Resource in this estimate has a lower level
of confidence than that applied to an Indicated Mineral Resource and cannot be converted to a Mineral Reserve. It is reasonably expected
that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;· Figures have been rounded to reflect that this is an estimate
and totals may not match the sum of all components.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 32 |

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|:---|:---|
| **12** | **Mineral Reserve Estimates** |

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A summary of the mineral reserve estimate is presented in Table 12.1.

**Table 12.1 – Mineral Reserves (May 22, 2026)**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reserve Category** | **Weight** | **MAGFE** | **TOTFE** | **DRIWREC** | **CSiO₂** | **CONFE** |
|  | MLT | % | % | % | % | % |
| Probable \* | 515.5 | 21.1 | 31.7 | 29.8 | 1.8 | 70.0 |

---

\* All Reserves in this report are classified as Probable at the discretion of the QP due to modifying factors. Modifying factors include but are not limited to the reliance upon future permits and permit amendments required to execute the mine plan underlying the reserves estimate, that are not currently in effect but are assumed to be acquired and/or amended as needed to facilitate the mine plan.

The Mineral Reserves shown in this table exclude the 50% Mesabi – 50% Cliffs shared properties under litigation, DRA does not opine or guarantee in any way that Mesabi has or will have access to the entirety of those reserves in the properties under litigation.

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;· Reserves are prepared and reported in accordance with S-K 1300
(17 CFR § 229.1300) mineral property disclosure rules.

&nbsp;&nbsp;&nbsp;&nbsp;· The independent and Qualified Person for the Mineral Reserve
Estimate, as defined by S-K 1300 (17 CFR § 229.1300) mineral property disclosure rules/requirements, is Nigel Fung, P.Eng. of DRA
Americas Inc.

&nbsp;&nbsp;&nbsp;&nbsp;· The effective date of the Mineral Reserves Estimate is May 22,
2026. &nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Reserve Estimate is based on commodity prices assumptions
of US$130/t for DRI pellets FOB Louisiana.

&nbsp;&nbsp;&nbsp;&nbsp;· The Mineral Reserve was derived from a pit limit analysis and
detailed pit design using measured and indicated resources and a cut-off grade of 14% MagFe.

&nbsp;&nbsp;&nbsp;&nbsp;· For the Mesabi deposit, the Mineral Reserve Estimate includes
internal dilution and mining loss. A mining loss of 2.0% have been incorporated.

&nbsp;&nbsp;&nbsp;&nbsp;· Mesabi Mineral Reserves are based on a pit design with a 1.66
stripping ratio.

&nbsp;&nbsp;&nbsp;&nbsp;· Figures have been rounded to an appropriate level of precision
for the reporting of Mineral Reserves. As a result, totals may not compute exactly as shown.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 33 |

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|:---|:---|
| **13** | **Mining Methods** |

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The mining method considered is a conventional open pit truck and shovel operation as is used in the other mines in the area. Annual mine plans, equipment selection, labor requirements as well as all other relevant information has been compiled for preparing the economic evaluation of the Project.

DRA produced a detailed mine plan for the mining of the Mineral Reserves within the economic pit limits derived from pit optimization. Table 13.1 presents a summary of the mine plan, which is based on a maximum annual crude ore mill feed of 23.44 MLT, producing an average of 7.16 MLT (7.28 Mt) of DR grade pellets per year after ramping up. The total LOM is estimated at 23 years.

It is anticipated that mining operations will be conducted 24 hours per day, seven (7) days per week and 365 days per year, with two (2) shifts of 12 hours per day. The 365 days per year include the loss of two (2) days due to inclement weather conditions during the year.

The overburden will be loaded directly without blasting into 400 short ton (st) capacity haul trucks for haulage to the overburden dumps. Following the drilling and blasting of the ore and waste, the rock is also to be loaded into 400 st capacity haul trucks. The ROM ore is to be delivered to the primary crusher throughout the mine life. Lower grade waste rock (<14% MagFe) is to be transported to waste dumps outside the final projected ultimate pit limit. Beginning in 2027, in-pit disposal of the waste material could be considered to reduce costs as haulage distance will become a key factor in controlling fleet requirements.

The primary mining fleet consists of production drills, a wheel loader, hydraulic shovels, a cable shovel, and diesel-powered haul trucks with electric wheel motors. Secondary mining equipment is used for pit, road and dump maintenance and various other functions within the mine area.

The requirement for the primary mining equipment has been estimated and is based on haul distances, equipment availability, utilization and overall productivity data. Mechanical availability for the major equipment has been estimated using manufacturers' benchmarks and operating experience.

The hydraulic shovels (47 yd<sup>3</sup>) and the cable shovel (43 yd<sup>3</sup>) will be used for waste and ore. A wheel loader equipped with a 34 yd³ bucket will be used for about 10-15% of the ore and waste tonnages and 100% of the reclaimed ore volume. The major loading and hauling equipment required for operations is shown in Table 13.2.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 34 |

---

**Table 13.1 – Mine Plan Summary**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ore Mined** | **Over <br> Burden** | **Waste** | **S.R.** | **Mill <br> Feed\*\*** | **MagFe** | **CSiO₂** | **WREC** | **DR Grade<br> Pellets** | **DR Grade<br> Pellets** |
| **Year** | '000 LT <br> (Dry) | '000 LT<br> (Dry) | '000 LT <br> (Dry) | w/o | '000 LT<br> (Dry) | (%) | (%) | (%) | '000 LT <br> (Dry) | '000 t<br> (Dry) |
| 2026 | 1881 | 37629 | 4079 | 22.17 | 1208 \* | 21.7 | 1.5 | 30.1 | 269 \* | 273 \* |
| 2027 | 17994 | 6570 | 41665 | 2.68 | 18522 | 22.1 | 1.6 | 31.3 | 5956 | 6052 |
| 2028 | 25291 | 12 | 37351 | 1.48 | 23436 | 21.7 | 1.9 | 30.7 | 7371 | 7489 |
| 2029 | 21811 | 21434 | 20243 | 1.91 | 23377 | 22 | 1.9 | 30.7 | 7357 | 7475 |
| 2030 | 24966 | 5557 | 29179 | 1.39 | 23400 | 21.9 | 2.2 | 30.7 | 7381 | 7500 |
| 2031 | 23400 | 9109 | 38063 | 2.02 | 23400 | 21.8 | 2 | 30.7 | 7381 | 7500 |
| 2032 | 23440 | 296 | 24418 | 1.05 | 23440 | 21.8 | 1.7 | 30.6 | 7362 | 7480 |
| 2033 | 23400 | 38015 | 8231 | 1.98 | 23400 | 22.2 | 1.8 | 30.7 | 7381 | 7500 |
| 2034 | 23400 | 27003 | 26524 | 2.29 | 23400 | 21.1 | 2.1 | 30.7 | 7381 | 7500 |
| 2035 | 23440 | 10286 | 35969 | 1.97 | 23440 | 21.2 | 1.8 | 30.6 | 7362 | 7480 |
| 2036 | 23440 | 4178 | 41021 | 1.93 | 23440 | 21.2 | 1.7 | 30.6 | 7362 | 7480 |
| 2037 | 23440 | 837 | 36124 | 1.58 | 23440 | 21.7 | 1.7 | 30.6 | 7362 | 7480 |
| 2038 | 23440 | 6092 | 31316 | 1.60 | 23440 | 21.6 | 1.6 | 30.6 | 7362 | 7480 |
| 2039 | 23440 | 26260 | 25798 | 2.22 | 23440 | 21.7 | 1.7 | 30.6 | 7362 | 7480 |
| 2040 | 23440 | 20458 | 26191 | 1.99 | 23440 | 21.4 | 1.8 | 30.2 | 7263 | 7380 |
| 2041 | 23440 | 9451 | 43294 | 2.25 | 23440 | 20.5 | 1.9 | 28.7 | 6914 | 7025 |
| 2042 | 23440 | 4448 | 45701 | 2.14 | 23440 | 18.4 | 2.3 | 24.1 | 5807 | 5900 |
| 2043 | 23440 | 4717 | 40559 | 1.93 | 23440 | 20.7 | 1.8 | 30.6 | 7362 | 7480 |
| 2044 | 23240 | 1681 | 41243 | 1.85 | 23440 | 21 | 1.8 | 30.6 | 7362 | 7480 |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 35 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ore Mined** | **Over <br> Burden** | **Waste** | **S.R.** | **Mill <br> Feed\*\*** | **MagFe** | **CSiO₂** | **WREC** | **DR Grade<br> Pellets** | **DR Grade<br> Pellets** |
| **Year** | '000 LT <br> (Dry) | '000 LT<br> (Dry) | '000 LT <br> (Dry) | w/o | '000 LT<br> (Dry) | (%) | (%) | (%) | '000 LT <br> (Dry) | '000 t<br> (Dry) |
| 2045 | 23640 | 0 | 9459 | 0.40 | 23440 | 21.3 | 1.7 | 30.2 | 7263 | 7380 |
| 2046 | 23440 | 0 | 8188 | 0.35 | 23440 | 20.5 | 1.7 | 30.2 | 7263 | 7380 |
| 2047 | 23440 | 0 | 1727 | 0.07 | 23440 | 20.2 | 1.7 | 26.8 | 6454 | 6557 |
| 2048 | 23440 | 0 | 5286 | 0.23 | 23440 | 19.6 | 2.0 | 26.2 | 6257 | 6357 |
| 2049 | 1793 | 0 | 1331 | 0.74 | 3793 | 17.1 | 2.1 | 21.7 | 950 | 965 |
| **TOTAL** | **515536** | **234033** | **622958** | **1.66** | **515536** | **21.1** | **1.8** | **29.8** | **157541** | **160069** |

---

Note: \*Some Initial mill feed in 2026 does not get converted to pellets until the end of the LOM.

\*\* Mill feed is comprised of ore coming from the pit directly and also from stockpiled ore.

**Table 13.2 – Estimated Annual Number of Shovel/Loaders and Haul Trucks Required for Mine Plan**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equipment** | **2026** | **2027** | **2028** | **2029** | **2030** | **2031** | **2032** | **2033** | **2034-<br> 2037\*** | **2038-<br> 2043\*** | **2044-<br> 2049\*** |
| Haul Truck | 7 | 9 | 10 | 10 | 10 | 11 | 11 | 15 | 15 | 18 | 9 |
| Shovel | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 2 |
| Loader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |

---

\*Maximum count per period.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 36 |

---

**13.1** **DRA Reliance on Stantec for Permitted Production Limit Assumption** 

DRA has relied upon Stantec for communications that support the assumption that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Obtaining
 a major air permit amendment from MPCA for an increase in the pellet production limit from
 7.0 MLTpa currently to 7.5 Mtpa (7.38 MLTpa) is feasible within 9 to 15 months from submitting
 a complete permit application to MPCA (assumed submittal July 2026), based on the following
 assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Mesabi
 can continue to meet existing hourly and production-based PM10, PM2.5, NOx, SO<sub>2</sub>,
 and H<sub>2</sub>SO<sub>4</sub> emission limits on all equipment including the indurating
 furnace. In addition, Mesabi has no increase in PM10 and PM2.5 allowable emissions for either
 the plant or mine equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No
 changes in approach for the Class II dispersion modelling are required by MPCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ No
 changes in the ambient air boundary are proposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ MPCA
 agreement that a new Air Emissions Risk Analysis (AERA) is not required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ DNR
 agrees that environmental review (SEIS or EAW) is not required.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 37 |

---

---

| | |
|:---|:---|
| **14** | **Processing and Recovery Methods** |

---

The Mesabi processing facilities is comprised of one (1) concentrator and one (1) pelletizing plant with a nominal capacity to process 23.44 MLTpa (23.82 Mtpa) of dry ROM ore. The concentrator is designed to produce 6.99 MLTpa (7.10 Mtpa) of DR grade concentrate on a dry basis which would be adequate to be converted to DR-grade pellets at an average LOM production rate of 7.17 MLTpa (7.28 Mtpa) based on the average LoM weight recovery.

However, due to the limitation of the existing permit, the actual initial production rate limit for the DR grade concentrate will be 6.82 MLTpa (6.93 Mtpa); and for DR grade pellet production, the actual production rate limit will be 7.00 MLTpa (7.11 Mtpa) until the end of Q3 2027 after which Mesabi expects to no longer be constrained by current permitting From Q4 2027 onward, either the throughput of the concentrator or the capacity of the pellet plant will be the limiting factor at any given time.

**14.1** **Concentrator Plant** 

The concentrator includes two (2) stages of crushing, dry cobbing, and beneficiation with three (3) identical parallel lines, capable of processing approximately 23.44 MLTpa (23.82 Mtpa) of ROM ore.

The key unit operations are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary
 and secondary crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dry
 cobbing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary
 grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Secondary
 grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Two
 (2) stages of LIMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Vertical
 Regrind mill

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reverse
 silica flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 and tailings Thickening.

14.1.1 Crushing
 Plant Overview

The crushing plant is divided into three (3) sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary
 crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Secondary
 crushing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dry
 cobbing magnetic separation.

The crushing plant will operate 24 hours per day (two (2) 12-hours shifts), 350 days per year, for a total of 8,400 hours per year, representing 95.9% availability. With a utilization rate of 69.14%, the total operating hours for crushing amount to 5,808 hours per year. Fifteen (15) days per year are allocated for major repairs in the crusher system.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 38 |

---

The throughput of each section of the crushing plant is based on the capacity and requirements of the primary grinding process in the beneficiation section, which utilizes AG mills. The operational requirements for AG mills are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Approximately
 20% of the crude ore must remain coarse (d80 of 250mm / 9.84 inch) to serve as grinding media
 within the mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 remaining 80% of the AG mill feed should be secondary crushed down to the d80 of 19 mm
 (¾ inch).

The ROM ore at 23.44 MLTpa (23.82 Mtpa) rate is fed to the primary crusher. The average magnetic Fe content in ROM for the life of the mine is estimated to be 21.05%. The primary crusher product is then fed to a grizzly screen to separate +/-8 inch. Approximately 30% of the primary crushed ore goes to the coarse ore stockpile before feeding the AG mill.

The remaining 70% of the primary crushed ore is sent to the secondary crushers, where it is crushed to 19 mm (¾ inch). The secondary crushed ore undergoes dry cobbing magnetic separation, where approximately 10% of its mass is rejected as dry cobbing tails. The remaining 90% is fed into the AG mill, along with the 30% coarse ore retained from the primary crushing stage.

The coarse ore and fine ore are conveyed to separate enclosed ore storage buildings that hold a total capacity capable of feeding the beneficiation plant for up to three (3) days at full production.

14.1.2 Beneficiation
 Plant Overview

The areas of the beneficiation plant consist of the following unit operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Primary
 Grinding using an AG mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Secondary
 Grinding using a Ball Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rougher
 LIMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Regrind
 using a Vertical Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Finisher
 LIMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reverse
 Silica Flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 and Tailings Thickening.

The beneficiation plant operates through three (3) identical parallel lines and is designed to process 22.50 MLTpa (22.86 Mtpa) (dry) of pre-concentrated ore from dry cobbing. It produces 6.99 MLTpa (7.10 Mtpa) (dry) of DR grade concentrate with a final grind of 80% passing 45 µm (325 mesh). The resulting concentrate is expected to contain 70.31% total iron (Feₜ) and approximately 1.75% SiO₂, making it suitable for producing DR grade pellets. The beneficiation plant, after dry cobbing, achieves a weight recovery of 31.04% from the feed entering the AG mill. Including the effect of dry cobbing, the overall weight recovery from the ROM ore is 29.79%. The average magnetic Fe recovery over the life of mine is estimated to be 96.48%.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 39 |

---

The beneficiation plant will operate 350 days per year with two (2) 12-hour shifts per day, providing a total available time of 8,400 hours per year, representing 95.9% availability. With a utilization rate of 96.2%, the total operating hours for the beneficiation plant amount to 8,081 hours per year.

Fifteen (15) days per year are allocated for major repairs of common equipment in the beneficiation plant. These maintenance activities include inspections and repairs of ore storage feeders and chutes, tailings thickener launders, rougher concentrate storage tanks, and other miscellaneous equipment.

In the designed beneficiation plant, the flotation process is planned as the final stage to upgrade the LIMS concentrate to DR grade. This process removes ultrafine silica from the magnetic concentrate and is referred to as reverse silica flotation since silica reports to the froth while the concentrate becomes the non-float product.

The selected flotation technology is a high-intensity pneumatic flotation process, which offers superior recovery of fine and ultrafine particles compared to conventional flotation cell technology.

14.1.3 Pelletizing
 Plant

The Project's final product will be DR grade pellets produced in a pelletizing plant utilizing straight grate technology. In addition to the concentrate filtration, mixing and balling sections, the plant features a traveling grate machine with a surface area of 8,008 ft<sup>2</sup> (744 m²) and a maximum production capacity of 7.38 MLTpa (7.50 Mtpa) of DR grade pellets.

The concentrator feeding the Pelletizing Plant is designed to produce 6.99 MLTpa (7.10Mtpa) of DR grade concentrate on a dry basis (based on the LOM average weight recovery) which would be adequate to be converted to DR-grade pellets at an average LOM production rate of <u>7.17 MLTpa (7.28 Mtpa</u>).

Initially, due to existing permit, the actual pellet production is limited to 7.00 MLTpa (7.11 Mtpa) but once the permit is amended at the end of Q3 2027, the pellet plant will produce an average of 7.17 MLT (7.28 mt) of DR grade pellets per year after ramp up during the reminder of the LOM.

The indurating machine is divided into 47 windboxes across five (5) processing zones:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Updraft
 Drying.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Downdraft
 Drying.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preheating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Firing
 and After Firing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cooling
 (Cooling Zones 1 and 2).

To maximize thermal efficiency, process air from the pellet cooling zone will be recirculated in a multi-pass configuration through other process zones. Only relatively cool, moisture-laden gases will be discharged to the process gas cleaning equipment before being released into the atmosphere.

Several measures will be implemented in the pelletizing plant to control emissions and ensure compliance with applicable state and federal air quality regulations, such as using:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Low
 NOx burners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Semi-dry
 scrubber on the windbox exhaust to control sulfur dioxide and acid gas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fabric
 filter baghouses on the hood exhaust and windbox exhaust to control particulate emissions
 and the associated metallic Hazardous Air Pollutants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Activated
 carbon injection system on the windbox exhaust to control mercury emissions from the pelletizing
 process.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 41 |

---

---

| | |
|:---|:---|
| **15** | **Infrastructure** |

---

**15.1** **General Infrastructure** 

The Mesabi Project is located on the western edge of the Mesabi Iron Range and is readily accessible by a well-established highway system to Hibbing, Grand Rapids, and the surrounding region. Two (2) rail systems are available to the ports of Duluth and Superior by either the Canadian National (CN) Railway or the Burlington Northern Santa Fe (BNSF) Railroad. The electrical power grid in the region is robustly designed to provide large mining industrial customers and this grid will provide power to the Project through transmission lines provided by Minnesota Power and main sub-stations provided by the City of Nashwauk (Figure 15.1).

Mesabi site infrastructure includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Road
 access to Highway 169.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Rail
 spur connecting the Mesabi Project to both CN and BNSF rail lines, and 4,300 ft marshalling
 yard. Access to two (2) rail carriers is unique to this operation and affords Mesabi
 the ability to negotiate rail charges. No other mining company on the Mesabi Range has this
 ability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Power
 Line and site distribution for 1,011 MkWh with a maximum power demand of 152 MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Office
 and maintenance facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potable
 water distribution system with main source connected from the City of Nashwauk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sanitary
 wastewater system connected to the City of Nashwauk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 storage facility (TSF) with existing and planned expansion with a total of 288 Mt of storage
 capacity.

**15.2** **Power Line and Distribution** 

The expected total facility annual consumption is 1,011 Million kWh with a maximum power demand of 152 MW. The Project receives power from the local utility transmission grid at two (2) main substations, one (1) on the west side of the concentrator and one (1) at the pellet plant site. These substations are owned by the City of Nashwauk and will convert the 230 kV transmission voltage to plant distribution voltage, which will be 13.8 kV. From there, secondary substations and electrical equipment room transformers will provide further step-down to 4160 V, 480 V, and 208/120 voltage for the needs of the operational facility. The substations, distribution equipment and lines, switchgear, motor control centers, adjustable speed drives, uninterruptible power supplies, lightning protection/grounding and distribution equipment are in compliance with current electrical codes and industry standards for a typical mining facility of this type.

The breakdown of the power draw estimated for each of the major areas of the mine are summarized in Table 15.1.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 42 |

---

**Table 15.1 – Power Requirement Summary by Area**

---

| | | |
|:---|:---|:---|
| **Power Requirements Summary** | **kW** | **kVA** |
| Concentrator: Crusher/MES | 39577 | 44347 |
| Concentrator: Tailings/Water Pumping | 27712 | 30507 |
| Concentrator: Other | 15186 | 16709 |
| Tailings Booster and Mining Operations | 4910 | 5440 |
| Reclaim Water/Tailings Basin | 2943 | 3234 |
| Pellet Plant | 56759 | 61868 |
| Stormwater Management | 3898 | 4258 |
| **Sub-Total** | **150984** | **166364** |

---

15.2.1 Backup
 Generators

3000 kVA, 480 V, 3 Phase, 60 Hz Diesel Generator set in both North and South Plant for backup power required for critical drives in the plant.

Two (2) additional backup power sources will supply the Tailing Booster Pump House and Reclaim water pump house area at 23 kV.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 43 |

---

**Figure 15.1 – Overall Project Site Plan**

![](tm2616840d2_ex96-1sp2img01.jpg)

Source: Mesabi, 2025

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 44 |

---

**15.3** **Tailings Storage Facilities** 

DRA Americas Inc. (DRA) has retained NewFields Canada Inc. (NewFields) to act as Qualified Professional and to prepare the relevant parts of Section 15 of the SK-1300 TRS for the Mesabi Metallics Project (Project), with specific focus on the design and operation of the Tailings Storage Facility (TSF). The technical summary is based on a review of the current status of TSF, the latest design of the facility, and independent evaluation by NewFields. This work involves the preparation and Qualified Professional (QP) sign-off to ensure compliance with SK-1300 technical reporting requirements. The scope also includes any necessary adjustments or additional evaluations required to achieve regulatory and/or safety requirements. This technical memorandum presents the summary of the findings and recommendations and serves as the write up for the SK-1300 Technical Report Summary.

15.3.1 Facility Overview

The Mesabi Project TSF is located within the Butler Stage 1 tailings basin, originally developed during Butler Taconite's operations (1965–1985). The TSF encompasses approximately 1,370 acres (554 hectares), with an adjacent 230-acre (93- hectare) reclaim pond, forming the Mesabi tailings basin. The facility is designed to receive slurry tailings at approximately 38% solids content (w/w), pumped approximately 3.8 miles (6.2 km) from the concentrator via a 24-inch rubber-lined steel pipeline at a nominal rate of 4,000 m³/h. Tailings will be deposited via a perimeter pipeline at the dam crests using the upstream method of construction. Coarse tailings settle near the perimeter dams, while fines migrate to a central settling pond.

Clarified water flows through a decant structure into the reclaim pond, from which it is pumped back to the concentrator. The facility is designed as a zero-discharge system; seepage is collected via perimeter ditches and sumps and returned to the basin.

15.3.2 Capacity and Life of Mine

At the maximum proposed concentrate product 7 million metric tons per annum (Mmtpa), total slurry tailings production is approximately 16 Mmtpa, yielding 288 million metric tons (Mmt) over an 18-year operating life. Table 15.2 summarizes the projected dam elevations at key operational milestones.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 45 |

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**Table 15.2 – Projected Tailings Dam Elevations**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Estimated Dam Elevation** | **Estimated Dam Elevation** | **Estimated Dam Elevation** | **Estimated Dam Elevation** |
| <br>**Year** | **Tailing Dam Elevation**<br> (feet) | **Tailing Dam Elevation**<br> (feet) | **Reclaim Dam Elevation**<br> (feet) | **Reclaim Dam Elevation**<br> (feet) |
| &nbsp;&nbsp;1 |  | 1,445-1,455 |  | 1450 |
| &nbsp;&nbsp;3 |  | 1,455-1,470 |  | 1470 |
| &nbsp;&nbsp;18 |  | 1570 |  | 1470 |

---

Beyond Year 18, additional capacity is available in the Butler Stage 2 basin (locally known as "O'Brien Lake"), located immediately east of the current TSF. Initial estimates indicate a storage capacity of approximately 1,200 Mmt using slurry deposition at a final dam elevation of 1,570 ft, equating to approximately 75 additional years of storage. Table 15.3 summarizes the combined capacity.

**Table 15.3 – Summary of Tailings Basin Capacity**

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| | | |
|:---|:---|:---|
| **Site** | **Dam Elevation**<br> (feet) | **Potential Storage<br> Volume** (Mt) |
| Butler Stage 1 Basin (current TSF) | 1570 | 288 |
| Butler Stage 2 Basin | 1570 | 1200 |
| **Total** | **-** | **1488** |

---

15.3.3 Dam Designs and Construction

The TSF and reclaim pond designs meet the requirements of the Minnesota Department of Natural Resources (DNR). Mesabi has committed to conforming with the Global Industry Standard on Tailings Management (GISTM, ICMM 2020). The TSF dams will be raised using the upstream method of construction, with coarse tailings pushed by dozers to achieve outer slopes of approximately 4.5H:1V to 6H:1V.

Seepage and slope stability analyses were performed on representative cross sections and appropriate mitigation measures are planned to be implemented to meet the target factors of safety. The four (4) principal dam segments are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· North Dam: Pervious embankment over legacy taconite and hematite tailings. A 2025 site characterization
program using Cone Penetration Testing (CPT) and laboratory testing identified legacy fine tailings (slimes) susceptible to static and
seismic liquefaction in the foundation. These studies led to a recommendation by Braun Intertec to construct buttresses at two sections
of the North Dam. Optimization of buttress timing and sizing is ongoing.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 46 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· South Dam: Combines pervious coarse tailings with clay embankments and an upstream clay blanket where
foundation conditions require enhanced seepage control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· West Dam: Pervious coarse tailings design connecting North and South Dams. Additional site investigation
and foundation characterization are planned to confirm stability and refine the design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reclaim Dam: Downstream construction with inclined impervious zone, enabling future raises and effective
seepage control. An emergency overflow spillway is incorporated per MN/DNR requirements to manage extreme storm events (6- to 72-hour
probable maximum flood (PMF) events).

To support the design, Mesabi completed a dam break assessment along six cross sections for both the ultimate and starter dam configurations, and a Potential Failure Mode Assessment (PFMA) to identify potential failure mechanisms and classify risks. These studies inform risk mitigation measures, emergency preparedness planning, and identified the preventative and mitigative controls required to meet the GISTM requirement and reduce risks to as low as reasonably practicable (ALARP). The current design is being updated to mitigate potential brittle failure modes in the foundation and embankment.

The design includes a downstream ditch and berm to intercept potential flood releases from a reclaim pond failure scenario and divert flows to the Butler Stage 2 basin, protecting downstream communities near Swan Lake. Instrumentation including vibrating wire piezometers (VWPs) and settlement plates are installed to monitor pore pressures and embankment performance, with Mesabi planning for near real-time monitoring within the TSF.

The dam design follows the Observational Approach: observed behaviour from planned instrumentation, future investigations, and construction records will be documented and applied to refine the design throughout the facility's operating life.

15.3.4 Path Forward

Mesabi has established tailings governance procedures, defined roles and responsibilities, and updated the Operation, Maintenance, and Surveillance (OMS) manual to meet GISTM requirements. To achieve full conformance and reduce residual risks prior to commissioning, the following initiatives are planned:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimization of tailings deposition plans to improve water management during early operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Optimization of the North Dam buttress designs to confirm timing requirements and refine sizing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional site investigation along the West Dam to confirm foundation conditions and finalize the design.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 47 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personnel training and resource allocation to ensure the TSF has adequate staffing and management oversight.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Development of a robust knowledge base covering environmental and socio-economic conditions in potential
dam breach assessment zones.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· QA/QC protocols during and after construction to monitor performance and ensure compliance with safety
and environmental standards.

15.3.5 Tailings Basin Water Management

The tailings basin is a zero-discharge facility. Starter dams contain initial tailings discharge and runoff, directing flows toward the reclaim pond. All dams maintain adequate freeboard for the design storm event (6-hour PMP). An emergency spillway at the reclaim dam is designed to handle the difference between the 6-hour PMF storage and the 72-hour PMF event, routing overflow toward O'Brien Lake (Butler Stage 2 basin) with MN/DNR approval. Make-up water from pit dewatering supplements the reclaimed process water as needed to offset evaporation and tailings void losses.

**15.4** **Water Management** 

The Mesabi Project is a zero-discharge facility for surface water runoff and is permitted as such. Mesabi will capture stormwater runoff, tailings basin seepage, and pit infiltration water to service mining and processing water needs. Stormwater ditches and ponds constructed around stockpiles, buildings, and infrastructure collect and direct water to pumping locations that provide the needed water supply for operations.

A water balance has been prepared to evaluate the Project at 7.0 Mtpa pellets. The two (2) main production processes and water users at the facility include concentrating and pelletizing. Each of these processes play a role in the facility water balance, with the process water needs for each facility described in detail in the 2025 (Figure 15.3) Water Balance Update which builds upon previous water balance studies, notably from 2006, 2011, 2015, 2017, and 2024. Figure 15.2 also shows the general flow of water from existing and future mine pits to storage ponds to the process plants. Also shown on Figure 15.2 the water that is used to convey tailings to the tailings basin and the clarified water that is returned to concentrating.

The taconite concentrating and pelletizing process involves a large amount of water reuse and recycling, with water cycling from the concentrator to the pellet plant, to the tailings basin and reclaim pond, then back to the concentrator. The result is a relatively small net water demand to make concentrate and pellets since the primary losses from the system are largely due to process losses, evaporation, and trapping of water in settled tailings.

Water needs for the facility will be supplied through the storm water system and through water available in Pits 1 and 2 to maintain a zero-discharge facility over the life of the Project. Consistent with the 2007 FEIS, the Project will use storm water collected from impervious areas, surface water from Pit 1 and 2, recycled water from the reclaim basin, and storm water flowing into Pit 5 as the supply of water for operations. The water contained in Pits 1 and 2 will be used as a reservoir to supply water for facility processes when needed and to supply water to augment flows in Oxhide Creek after initial dewatering of Pit 5. With the commencement of mining activity, initial dewatering of Pit 5 will cease and any water that collects in Pit 5 will be pumped to the storm water system or to the plant for use in operations.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 48 |

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Several strategies will be implemented to capture and distribute storm water to supply process needs and maintain a zero-discharge site. Site runoff from impervious surfaces around buildings will be collected in gravity ditches, conveyed to and stored in constructed ponds, and then pumped to the concentrator for re-use at a rate dictated by the expected industrial demand. Perimeter dikes and ditches will capture runoff from stockpiles and convey runoff to storm water ponds which were sized to provide live-storage exceeding the contributing 500-year runoff volume. Storm water will be temporarily stored in ponds before being pumped to industrial areas for use in operations. The zero-discharge condition was evaluated for the 500-year, 24-hour rainfall event which is larger than the event evaluated within the 2007 FEIS and 2007 NPDES application. All storm water infrastructure, including ponds, ditches, and culverts, were designed to safely capture, convey and store the runoff from a 8.34-inch rainfall over all Project areas impacted or disturbed by the proposed mining operation and stockpiles.

All storm water infrastructure, including ponds, ditches, and culverts, were designed to safely capture, convey, and store the runoff from all Project areas impacted or disturbed by the proposed mining operation and stockpiles.

Water supply from Pits 1 and 2 will supplement additional water demand needs when necessary. The Mesabi Project will partially disrupt the natural flows within the Oxhide Lake, Oxhide Creek and Swan Lake watersheds. Water must be removed from Pit 5 prior to commencement of mining. Water Appropriation Permits have been obtained for use of stormwater, initial dewatering of Pit 5, operational water use from Pit 5 and Pit 1, the transfer of water to Ann and Sullivan Pits for storage, and use of water from Ann and Sullivan Pits. Mesabi's Water Appropriation Permit dictates that sufficient flow must be maintained in the downstream waters once mining is initiated in Pit 5, that water will come from Pit 1 and 2.

In years with average and below average precipitation, the annual water demand for the facility exceeds the annual water supplied by precipitation. When this occurs, the water demands will be met by appropriating water from the existing volume in Pits 1 and Ann Pit to supplement the water supplied by rainfall and runoff from the site.

Supplemental water demands from Pits 1 and 2 can be met by the water available in Pits 1 and 2 within the limits of the Water Appropriation Permit 2006-0433. This permit allows appropriations from Pits 1 and 2 not to exceed 5,000 gpm or 3,679 million gallons per year. Under normal climatic conditions, the maximum appropriation that would be required from Pits 1 and 2 from precipitation and existing storage would be below the permitted quantity.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 49 |

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As part of the Water Appropriation Permit 2008-0067, a Stream Augmentation Plan must be submitted for Oxhide Creek at least one year prior to the completion of the dewatering of Pit 5. The augmentation plan was submitted May 8, 2024 and approved in June 2025. Based on the water balance analysis, adequate water sources are available to meet the requirements necessary for stream augmentation.

**15.5** **Water Balance** 

The facility consists of two (2) areas that process raw ore to finished pellets. These areas are the crushing and concentrating complex and the pellet plant processing complex. Each of these processes plays a role in the facility water balance. A water balance was prepared to evaluate the Project at 7.0 Mtpa pellets. The 2025 Water Balance Update () builds upon previous water balance studies, notably from 2006, 2011, 2015, 2017, and 2024. Water supply and demands for the proposed mining operations will affect the overall water balance. As such, water supply and demand analyses were performed to identify changes in sources and fluxes of water.

The water balance considers baseline conditions discerned from existing data and measured site and local conditions, factoring an average determined from a reasonable range of observed conditions. The site relies on make up water from collected site runoff and accumulated storage in Pits 1 and 2 and will therefore be impacted by variations in rainfall. The analyses considered three (3) scenarios; average climatic conditions, wet year conditions, and dry year conditions based on recent climate data. The water balance analysis also considers a scenario that includes a mix of average, wet, and dry year conditions to convey a scenario reflecting natural variability over the proposed mine life.

The water balance calculations indicate a water supply deficit in the first five (5) years of plant operation under average conditions. The net water balance averages a deficit of 11 g/m over nine years of operation with a projected range of an average surplus of 1,151 g/m in wet years to an average deficit of 232 g/m in dry years. Water from Pit 5 and the storm water system will be fully utilized to supply the needed make-up water. Storm water system supply deficits will be overcome by withdrawing water from the storage in Pits 1 and 2.

The 2025 water balance results have not changed significantly from the 2006 water balance when the existing stored water volume in Pits 1 and 2 is used to balance water demand and supply as needed. Although the increase in production rate and the schedule for start-up of the facilities have increased average water demand, these water demands can be met by climatic water supply and the water available in Pits 1 and 2 within the limits of the Water Appropriation Permit 2006-0433.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 50 |

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This permit allows appropriations from Pits 1 and 2 not to exceed 5,000 g/m or 3,679 million gallons per year. The appropriation for make up water from Pits 1 and 2 would be approximately 3,500 g/m when storm water supply is low. Appropriation to Oxhide Creek will average 1,340 g/m, as required in the DNR approved augmentation plan. The total expected appropriation from Pit 1 and 2 is less than 5,000 g/m allowed under the current permit. As part of the Water Appropriation Permit 2006-0433, a Stream Augmentation Plan submitted for Oxhide Creek was approved by the DNR in June 2025. This Stream Augmentation Plan complies with the recommended augmentation strategy described in the 2007 Final EIS. Based on this water balance analysis, adequate water sources will still be available to meet the requirements necessary for stream augmentation for Oxhide Creek.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 51 |

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**Figure 15.2 – General Flow of Water from Existing and Future Mine Pits**

![](tm2616840d2_ex96-1img004.jpg)

Source: Stantec, 2024

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 52 |

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**Figure 15.3 – Water Balance Diagram**

![](tm2616840d2_ex96-1img005.jpg)

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 53 |

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|:---|:---|
| **16** | **Market Studies** |

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DRA has relied upon industry studies provided to Mesabi by leading research and consultancy industry experts as well as bank consensus pricing (Bloomberg, April 2026) and the Baltic Exchange (Baltic Exchange, April 2026). This Section summarizes the key information regarding the Iron Ore industry overview and outlook. DRA has reviewed the content of the industry study presentation, bank consensus pricing and the Baltic Exchange pricing and believes that it provides a reasonable overview of the past and current iron ore industry as well as projections according to various recognized sources

Wood Mackenzie conducted a comprehensive iron ore market study along with an assessment of the Project specific competitiveness, in November 2024, to evaluate the global and regional iron ore markets, with a focus on pellet and DR pellet demand, supply, and pricing. The study indicates favorable market conditions for Mesabi's planned DR grade pellet production, particularly in North America and the Middle East and North Africa (MENA) region.

Key findings included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· EAF Steelmaking Shift: The global transition to Electric Arc Furnace (EAF) steelmaking will increase demand for scrap and Direct Reduced
Iron (DRI). Green DRI, derived from high-quality iron ore, will become essential to meet future steelmaking standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Growing Demand for DRI: EAF steelmaking requires high-quality iron ore, with around 8% of current production ideal for DR-grade use.
DRI demand is projected to grow at a Compound Annual Growth Rate (CAGR) of 1.6%, driven by the rise in EAF share, from 27% to 49% by 2050.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mesabi's Strategic Position: Mesabi offers competitive advantages in mining, processing, and transportation to port, positioning
it as a key supplier of high-quality iron ore for DR grade pellet production. Mesabi's production costs are the lowest in the US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Iron Ore Pellet Demand: Global demand for DR grade pellets is expected to increase significantly, from 174 Mtpa to 420 Mtpa by 2050,
driven by the shift towards DRI production, with North American DR grade pellet demand increasing by over 50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pellet Production Growth: Pellet production will grow in line with demand, reaching 867 Mt by 2050. North America is expected to remain a key producer, with Mesabi playing a vital role in supplying DR-grade pellets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Market Opportunity in North America: North America imports 20% of its pellet demand, offering Mesabi an opportunity to capture market
share. Mesabi can meet the increasing DR grade pellet demand in the region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Global Export Strategy: The MENA region will see the highest demand growth for DR grade pellets, while Europe's demand will
rise after 2040. Mesabi should prioritize domestic markets initially and focus on establishing a foothold in MENA and Europe to capitalize
on export opportunities.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 54 |

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**16.1** **FOB Pricing** 

The long-term price for the DR grade pellets to be produced by Mesabi (FOB Louisiana) was forecast to be US$152.4 /t and is presented in Table 16.1. Based on a freight charge from site to Louisiana port estimated at US$32.0/t, results in the estimated US$120.4/t long-term price at site (FOB Mine) used as the assumption in the discounted cashflow model (DCF) in this report.

**Table 16.1 – FOB Pricing Assumptions**

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| | |
|:---|:---|
| **Price Component** | **Long Term Pricing<br> (US$/dry tonne\* - Real)** |
| **Benchmark** | **Benchmark** |
| Sinter Fines 62% CFR China (Qingdao)\* | 89.0 |
| Sinter Fines 65%-62% Differential CFR China (Qingdao)\*\* | 17.0 |
| Pellet premium adjustment |  |
| Adjustment for DR Pellet Premium\*\* | 62.0 |
| Linear Fe adjustment |  |
| 65% to 68% Fe (Mesabi Expected Fe)\*\*\* | 4.9 |
| VIU Quality adjustment |  |
| Adjustment for SIO<sub>2</sub>, Al<sub>2</sub>O<sub>3</sub> and P\*\* | 0.1 |
| Freight adjustment - Real |  |
| China to Louisiana\*\*\*\* | 20.6 |
| Mesabi Pellet FOB Louisiana | 152.4 |
| Rail from Louisiana to FOB Mesabi Site | 32.0 |
| Price FOB Mesabi Site | 120.4 |

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\* Bank consensus Long Term pricing from April 15, 2026 (S&P April 2026)

\*\* Wood Mackenzie Report 2024

\*\*\* Formula driven

\*\*\*\* Baltic Exchange Route C3 adjusted for Index April 15, 2026); for year ended 2028, adjusted for moisture.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 55 |

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|:---|:---|
| **17** | **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** |

---

When first proposed in 2007, an Environmental Impact Statement (EIS) was required before the issuing of permits to the Mesabi Project (Project). An EIS was required under both the Minnesota Environmental Policy Act (MEPA) and the National Environmental Policy Act (NEPA). In the case of a joint state/federal EIS in Minnesota, the Minnesota Department of Natural Resources (DNR) historically served as the co-lead agency in preparing the EIS and coordinates with other state agencies (e.g., Minnesota Pollution Control Agency [MPCA] and Minnesota Department of Health [MDH]) and participates with the U.S Army Corps of Engineers (USACE), as the lead federal agency, at any public meetings, public hearings, or other public involvement pursuant to NEPA and MEPA. The DNR is responsible for determining EIS adequacy pursuant to MEPA and prepares the state Record of Decision (ROD).

The USACE was the lead federal agency in preparing the joint state/federal EIS because the Project required a Clean Water Act (CWA) Section 404 permit. The USACE coordinates with other federal agencies including the U.S. Environmental Protection Agency (USEPA) and the U.S. Fish and Wildlife Service (USFWS), and consults with Native American Tribes, as appropriate and/or required by law. The USACE determines whether the EIS satisfies the NEPA and Section 404 requirements. The USACE is also responsible for preparing the federal ROD.

In August 2007, Minnesota Steel Industries (MSI) received a ROD from the DNR and the USACE for production of 4.1 Mtpa of pellets. The EIS identified topics of potential impact, such as physical impacts on air, water, wetlands, and wildlife resources, and the potential cumulative impacts with combined environmental effects of other projects. In October 2007, Essar Steel Minnesota LLC (ESML) bought MN Steel. Subsequently construction commenced on the 4.1 Mtpa plant facilities in October of 2008. In late 2009, ESML proposed modifications to State and Federal regulatory authorities to increase pellet production capacity to 7.0 Mtpa and improve environmental and processing efficiencies. In accordance with Minnesota Rules 4410.2300 through 4410.2800 and 4410.3000, the Project triggered the need for a MEPA Supplemental Environmental Impact Statement (SEIS) to the EIS. DNR published the SEIS and a Determination of Adequacy in December 2011.

In April 2024, Mesabi presented proposed Project modifications to state and federal regulatory agencies that were driven by a change in land and mineral control. Additionally, in October 2024, Mesabi proposed modifications to the Project description specific to water management including dewatering necessary to access the initial phase of mining. The DNR carried out an Environmental Review Needs Determination (ERND) to determine the need for a SEIS; concluding in March 2025 no need for a SEIS. Other key agency coordination underway in 2026 includes: amendments to the Section 404 and Wetland Conservation Act (WCA) Wetland Permits (joint permit application was submitted to USACE and DNR in December 2024, with follow up submittals in April and May 2025; DNR approval and USACE approval to be obtained in due course and does not impact the start of operations), and a Takings Permit to address amendments to the Project and updates to the DNR list of endangered and threatened species (permit application submitted to the DNR for review in December 2024; to be approved in due course prior to the taking of species which is proposed after one year of operation). Key environmental design features and mitigations of the Project include minimizing wetlands impact during Project planning and design, and energy efficiency improvements. The reclamation plan for the mined areas of the Project conforms to Minnesota Rule 6130 for taconite and iron ore mine land reclamations, and reclamation actions are summarized in Table 17.2. The permitting process will include creation of wetlands where feasible, to replace some of the wetland functions and values lost through mining activities.

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 56 |

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**Table 17.1 – Mine Reclamation as Mitigation for Mining Impacts**

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| | | |
|:---|:---|:---|
| **Mining Impact** | **Description** | **Reclamation Mitigation Practice** |
| Erosion/sedimentation | Bare soil and sloped ground at stockpiles, tailings basin, etc. increase erosion and sedimentation potential | Temporary vegetation of inactive areas <br>Regrading; <br>Revegetation; <br>Mulching. |
| Wetland impacts | Direct wetland losses resulting from the Project | Potential for creation of wetlands |
| Changes in vegetation cover types | Removal of existing vegetation during mining | Revegetation |

| Changes in surface water quality and quantity | Increase in runoff (and potential increase in pollutant transport in runoff) due to exposed, compacted soils and steep slopes at stockpiles | Regrading <br>Revegetation <br>Mulching |
| Air quality (dust) | Bare soil increases wind transport of soil particles | Watering or dust suppressant treatment of exposed soil to minimize dust in active mining areas, stockpiles and at the tailings basin; <br>Temporary vegetation in inactive areas <br>Revegetation of exposed soil. |
| Solid waste | Creation of waste rock stockpiles near mine pits and tailings storage at tailings basin | Regrading; <br>Cover stockpiles with overburden prior to revegetation; <br>Revegetation; <br>Mulching. |
| Visual impacts | Mine features such as stockpiles and tailings basin are large, barren features in the landscape; <br>Large industrial structures are visible in the landscape from relatively long distances. | Regrading; <br>Revegetation; <br>Razing structures after final closure of operations; <br>Water-filled mine pits can be a visual amenity. |

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|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 57 |

---

Forms and permits required by the USACE include the Section 404 permit, Section 7 of the Endangered Species Act, and Section 106 Determination for Cultural Resources. Forms and permits required by the DNR include Permit to Mine, Water Appropriation Permit, Dam Safety Permit, Wetland Conservation Act, Burning Permit, and Takings Permit. Forms and permits required by the MPCA include Air Emissions Facility Permit, Section 401 Water Quality Certification, State Disposal System Permit including Permits for Industrial Wastewater Discharge and Storm Water Discharge for Industrial Activity, General Storm Water Discharge Permit for Construction Activity, Storage Tank Permits, and Hazardous Waste Generator License. Forms and permits required by Itasca County and the City of Nashwauk include zoning permits, Building Permit, Shoreland Alteration Permit, and Zoning Variance. Status of statutory and regulatory approvals required for the Project are summarized in Table 17.2

Stantec reviewed the permits and permit amendments acquired by Mesabi. Based on Stantec review, these amendments are in compliance with the agency requirements, and these permits facilitate the operation of the Project at a nominal 7.00 MLTpa (7.11 Mtpa) DR grade pellet capacity. As applicable, Mesabi will maintain consultation with agencies to obtain future permit amendments or renewals.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 58 |

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**Table 17.2 – Present Status of Government Approvals**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Permit** | **Regulatory<br> Authority** | **Expiration Date** | **Comments** |
| Air | 2026 - Major Modification Construction Air Permit and Air Emissions Operating Permit (06100067-005) | MPCA | March 3, 2031 | Issued March 2026 |
| Air | 2012 – Air Emission Permit (06100067-004) | MPCA | Superseded |  |
| Air | 2009 – Air Emission Permit (06100067-003) | MPCA | Superseded |  |
| Air | 2007 – Air Emission Permit (06100067-001) | MPCA | Superseded |  |
| Building | Zoning and Building Permits | Itasca County |  | Complete |
| Building | Zoning and Building (14-2008) Permits | City of Nashwauk |  | Complete |
| Building | Domestic Sewer and Water Connection Approval | City of Nashwauk |  | Complete |
| Construction stormwater | 2007 – NPDES/SDS Construction Stormwater General Permit (MNR100001 – Facility C00023715) | MPCA | July 31, 2028 |  |
| Endangered Species | 2024 – Takings Permit | DNR |  | Permit application submitted to DNR in December 2024. Approval is expected prior to the taking of plants which is planned for one year after operations begin. |
| Endangered Species | 2007 – Takings Permit (14484) | DNR | Work Completed | Previously issued Takings Permit completed. |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 59 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Permit** | **Regulatory<br> Authority** | **Expiration Date** | **Comments** |
| National Pollutant Discharge | 2026 – NPDES/SDS Permit for Industrial Stormwater and Tailings Basin Operation (MN0068241) | MPCA | February 28, 2031 | Issued March 2026. |

---

Elimination System (NPDES) 2012 – NPDES/SDS Permit for Industrial Stormwater and Tailings Basin Operation (MN0068241) MPCA Superseded Reissuance application submitted December 2024. <br> 2008 – NPDES Permit (2007-12) (mod2008) MPCA Superseded <br> 2007 – NPDES/SDS Permit (2007-12) MPCA Superseded

---

| | | | | |
|:---|:---|:---|:---|:---|
| Permit to Mine | 2026 – Amended PTM | DNR |  | Issued March 2026. |
| Permit to Mine | 2016 – Amended PTM | DNR | Superseded | PTM amendment and assignment submitted in October 2025. |
| Permit to Mine | 2015 – Essar non-substantial amended PTM for Pickerel Creek | DNR | Superseded |  |
| Permit to Mine | 2012 – Amended PTM for 7.0 MLtpa (7.11 Mtpa) | DNR | Superseded |  |
| Permit to Mine | 2007 – PTM | DNR | Superseded |  |
| Programmatic Agreement | Programmatic Agreement | USACE |  |  |
| Public Waters | 2015 – Public waters work Permit for Pickerel Creek (2015- 0367) | DNR | April 1, 2017 | Work requiring this permit is completed. If future work is planned in public waters a new permit would be required. |
| Tailings Basin | Permit Extension Dam Safety Permit (2010-0360) | DNR | December 10, 2023 | Permit reauthorization submitted. Issued in July 2025. |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 60 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Permit** | **Regulatory<br> Authority** | **Expiration Date** | **Comments** |
| Water Appropriations | 2025 – Water Appropriation Permit (2025-3260) | DNR |  | Issued January 2026. Use of stormwater from Alt Pond 7 for dust control and processing. |
| Water Appropriations | 2025 - Water Appropriation Permits (2025-2007 and 2025-3008) | DNR |  | Issued January 2026. Use of stormwater for processing. |
| Water Appropriations | 2025 – Water Appropriation Permit (2025-0612) | DNR |  | Issued April 2025 and amended October 2025. Dewatering from Pit 5 to Pit1 and Ann Pit. |
| Water Appropriations | 2024 – Water Appropriation Permit Modification (2008-0067) | DNR |  | Amended December 2025. Use of water from Sullivan Pit. |
| Water Appropriations | 2011 – Water Appropriation Permit (2006-0433) | DNR |  | Amended in October 2025 to allow a combined withdrawal limit from Pits 1 and 2 for all use types. |
| Water Appropriations | 2011 – Water Appropriation Permit (2008-0065) | DNR |  | Amended in October 2025. Additional withdrawal from Pit 6 for dust control. |
| Water Appropriations | 2011 – Water Appropriation Permit (2008-0066) | DNR |  | Amended December 2025. Permit reactivation for withdrawal from Ann Pit for make-up water supply. |
| Water Appropriations | 2007 – MSI 4 Water Appropriation Permits (1977-2161) |  | Superseded | Permit 1977-2161 is still active and allows well withdrawal of 10 million gallons per year. |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 61 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Permit** | **Regulatory<br> Authority** | **Expiration Date** | **Comments** |
| Wetlands | 2025 – Amendment to Section 404 Wetland Permit (2005-00546-JKA) | USACE |  | Submitted December 2024 with follow up submittal in May 2025. |
| Wetlands | 2024 – Amendment to WCA Permit | DNR |  | Submitted December 2024 with follow up submittal in May 2025. Separate request for jurisdictional review of proposed incidental wetland impacts submitted in April 2025. |
| Wetlands | 2019 – Mesabi WCA Decision | DNR | Not Applicable (NA) |  |
| Wetlands | 2016 – Essar WCA Decision | DNR | NA |  |
| Wetlands | 2015 – Amended Section 404 Wetlands Permit <br> (2005-00546-JKA) | USACE | NA |  |
| Wetlands | 2015 – Pickerel Creek WCA Decision | DNR | NA |  |
| Wetlands | 2009 – Amended Section 404 Wetlands Permit <br> (MVP-2005-546-JKA) | USACE | NA |  |
| Wetlands | 2007 – Clean Water Act Section 404 Wetlands Permit (MVP 2005-546-JKA) | USACE | NA |  |
| Wetlands | 2007 – WCA Wetland Replacement Plan Approval | DNR | NA |  |
| Wetlands | 2026 – Clean Water Act Section 401 Water Quality Certification (MVP-2005-00546-SPK) | MPCA | NA | Certified in February 2026. |
| Wetlands | 2007 – Clean Water Act Section 401 Water Quality Certification (CEMVP-OP-R, MVP-2005-546-JKA) | MPCA | Superseded | A new application was submitted in August 2025. |
| Wetlands | Note: The permit list above does not reflect all wetland compliance activities | Note: The permit list above does not reflect all wetland compliance activities | Note: The permit list above does not reflect all wetland compliance activities | Note: The permit list above does not reflect all wetland compliance activities |
| Executed Utility License | License for Utility to Cross Public Waters | DNR | February 28, 2065 | term 50 years. |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 62 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category** | **Permit** | **Regulatory<br> Authority** | **Expiration Date** | **Comments** |
| FAA | 2015 – Notice of Proposed Construction or Alteration for Structures of Heights Greater than 200 feet(2015-AGL-13961-OE) | FAA |  | NA. "Determination of Not Hazard to Air Navigation" December 2015. Registration of building corners submitted August 2024. |
| Hazardous waste license | Hazardous Waste Minimal Quantity Generator License (MNS000186106) | MPCA |  | Active. Hazardous waste generator reports to be submitted as needed based on hazardous waste generation estimates. |
| Radioactive Materials | Radioactive Materials Registration | MDH |  | To be updated as necessary prior to operation. |
| Burn Permit | Burning Permit (1030562331) | DNR | Inactive | NA. Mesabi has no plans to burn in the foreseeable future. |
| Spill Prevention | Spill, Prevention, Control, and Countermeasure (SPCC) Plan | EPA |  | Active and up to date. |
| Aboveground Storage Tanks | Aboveground Storage Tank Permit | MPCA |  | NA. To be applied for if needed. |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 63 |

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| | |
|:---|:---|
| **18** | **Capital and Operating Costs** |

---

**18.1** **Capital Cost Estimate** 

The Project was relaunched by Mesabi in April 2023 with US$1.6 B invested historically as per audited financial statements and an additional US$260 M spent between 2023 and 2025.

Cost to Complete updates, Project Schedules and Project completion reports were provided to DRA directly by Mesabi.

The following information was provided directly by Mesabi and relied upon for the preparation of this Report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capex spend to December 31, 2023 and the forecasted cost to complete (CTC) as of January 1,
2024. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capex estimate for the vertical regrind mill (NRM) expansion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capex spend updates on the base Project (all other work net of the VRM expansion) and CTC updates beyond
December 31, 2023 have been provided to DRA by Mesabi.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reconciliation of the Capex spent amounts for 2024 and 2025, and the subsequent calculation for the remaining
CTC which was reported at US$516+ M as of January 1, 2026 by Mesabi, then reduced to US$482 by Mesabi after actual financing numbers
were updated, and later amended up to US$571 M by DRA to account for integration of expansion costs into the base CTC as well as productivity
rates of contractors and other work towards mechanical completion and commissioning).

The Capex to finalize the construction of the Mesabi Project and bring it to commercial production as of January 1, 2026 is estimated by DRA at US$571 M based on detail completion costs provided by Mesabi construction team.

Details of the Capex Spent to December 31, 2025, as well as the remaining Cost to Complete as of January 1, 2026 is presented in Table 18.1.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 64 |

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**Table 18.1 – Capex Cost to Complete (January 1, 2026)**

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| | | | |
|:---|:---|:---|:---|
| **Description** | **Total Capex<br> Spent to Dec.<br> 31, 2025** | **Capex to<br> Complete from<br> Jan. 1, 2026** | **Total Cost** |
|  | (US$ M) | (US$ M) | (US$ M) |
| EPC Costs | 1481 | 461 | 1942 |
| Land Acquisition | 201 | 0 | 201 |
| External Infrastructure/ Rail, etc. | 70 | 0 | 70 |
| Mine Preparation Costs | 8 | 24 | 32 |
| Other Costs (Inclusive of Owner's Costs, IDC, Financing fee)\* | 100 | 56 | 156 |
| Contingency | - | 30 | 30 |
| **Total** | **1860** | **571** | **2431** |
| IDC = Interest during Construction <br>\* Project cost excludes Interest on shareholder loans | IDC = Interest during Construction <br>\* Project cost excludes Interest on shareholder loans | IDC = Interest during Construction <br>\* Project cost excludes Interest on shareholder loans | IDC = Interest during Construction <br>\* Project cost excludes Interest on shareholder loans |

---

These estimates exclude any initial mobile equipment Capex as Mesabi plans to rent all mobile equipment, and these costs are included in Operating Costs (Opex).

The Owner's costs and mining costs will be incurred by Mesabi throughout the construction period and up to the start of the operation of the pellet plant.

Owner's costs will include the costs of Employee and Project Management, mine development in 2026 to prepare the mine for production (including haul road building, pit dewatering, test drilling, other preparatory works, and mine personnel training), as well as taxes and royalty payments, utilities, and payroll look forward from January 1, 2026.

**18.2** **Operating Cost Estimate (Opex)** 

The operating costs estimated by DRA as of January 1 2026 and shown in Table 18.2 include mining, concentrating, pelletizing, Sales, General and Administration (SG&A) costs, Health, Safety, and Environment (HSE) and other costs.

The sources of information used to develop the operating costs include in-house databases and external sources as well as costs provided by Mesabi related to Royalty, TSF, Taconite tax, employee salaries, mining equipment rental and operating costs as well as utilities costs (electricity, water and natural gas).

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 65 |

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**Table 18.2 – Summary of LOM Operating Costs**

---

| | | |
|:---|:---|:---|
| **Description** | **Units\*\*\*** | **Value** |
| Mining\* | US$/t Pellet | 13.45 |
| Mining Equipment Rental | US$/t Pellet | 3.61 |
| Crushing | US$/t Pellet | 1.50 |
| Concentrating\*\* | US$/t Pellet | 17.89 |
| Pellet Plant | US$/t Pellet | 10.12 |
| SG&A + HSE | US$/t Pellet | 3.56 |
| Tailing Storage Facility | US$/t Pellet | 0.38 |
| Royalty Third-Party | US$/t Pellet | 0.71 |
| Royalty on Pellet Production | US$/t Pellet | 6.00 |
| **Total Operating Costs** | **US$/t Pellet** | **57.22** |
| Taconite Tax | US$/t Pellet | 3.43 |
| **Total Costs at Mine** | **US$/t Pellet** | **60.64** |
| \* Can Differ from DCF model sum due to Capitalization of mine operations during pre-stripping <br>\*\* Concentrating cost net of TSF Opex cost of 0.41 and 0.39 respectively. <br>\*\*\* US$/t (= metric tons) Pellet | \* Can Differ from DCF model sum due to Capitalization of mine operations during pre-stripping <br>\*\* Concentrating cost net of TSF Opex cost of 0.41 and 0.39 respectively. <br>\*\*\* US$/t (= metric tons) Pellet | \* Can Differ from DCF model sum due to Capitalization of mine operations during pre-stripping <br>\*\* Concentrating cost net of TSF Opex cost of 0.41 and 0.39 respectively. <br>\*\*\* US$/t (= metric tons) Pellet |

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 66 |

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| | |
|:---|:---|
| **19** | **Economic Analysis** |

---

An economic analysis was completed for Mesabi using a discounted cashflow model (DCF) that is based on the LOM Plan which includes an average 6.85 MLTpa (6.96 Mtpa) of DR grade pellet production over a 23-year LOM plan. The average rate during 19 years at full production (excluding ramp up and ramp down years) is 7.25 MLTpa (7.36 Mtpa), which is limited by pellet plant capacity and concentrator throughput. The current permit limit of 7.00 MLTpa (7.11 Mtpa) of DR grade pellet production is expected to be amended by the end of Q3 2027 to 7.38 MLTpa (7.50 Mtpa), thus not being the limiting factor for annual pellet production thereafter.

A cash flow model was constructed on an annual basis in constant money terms (second quarter 2026). No provision is made for the effects of inflation. As required in the financial assessment of investment projects, the evaluation is carried out on a so-called "100% equity" basis, i.e., the debt and equity sources of capital funds are ignored. The model reflects the base case macro-economic and technical assumptions given in this Report.

The economic analysis takes into consideration mining of overburden stripping to begin in Q2 of 2026 and mechanical completion of the processing facilities is expected during the second half (H2) 2026.

The actual commencement date of commercial DR pellet production will depend on Mesabi's ability to execute their Project's mechanical completion plans and commissioning plans, which DRA believes will be aggressive.

DRA's professional assessment is estimating the mechanical completion of the Project during H2 2026, subject to continued construction productivity, construction activities meeting Mesabi's guidance to DRA and construction closing per Mesabi's guidance to DRA. Timely construction completion will allow for initial pellet production in Q4 2026.

It is also DRA's professional opinion that it will take this operation between 8 and 12 months from the start of commercial production to reach nameplate production and achieve production reflected in the economic models. The ramp-up time is subject to Mesabi's O&M team being hired, operationally ready, trained and resourced to achieve ramp-up within the time period estimated in DRA's LOM Plan and DCF model.

For the purposes of the DCF, DRA's economic model allocates pre-production mining and pre-production CTC Capex to the first three (3) quarters of 2026 (Period 0) with production ramp up assumed to start in Q4 2026 (Period 1). Periods from 2 to 29 in the DCF Model each represent a calendar year.

The main base case macro-economic assumptions used are given in Table 19.1.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 67 |

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The long-term price for the DR grade pellets to be produced by Mesabi (FOB Louisiana) was forecast to be US$152.40 /t and is broken out in Table 16.1 Based on a freight charge from site to Louisiana port estimated at US $32.0/t, this results in the estimated US$120.40 /t long-term price at site (FOB Mine) used in the model.

**Table 19.1 – Macro-Economic Assumptions**

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Base Case <br> Value** |
| Iron Pellet Price (FOB mine) | US$/t | 120.4 \* |
| Discount Rate 1 | % per year | 8.0 |
| Discount Rate 2 | % per year | 10.0 |
| \* Long-term price forecast | \* Long-term price forecast | \* Long-term price forecast |

---

There are three (3) levels of taxation for iron ore projects in the state of Minnesota. Results are presented both on a pre-tax and after-tax basis for corporate, occupational, and Taconite production taxes.

At the state level, there is the Taconite Production Tax, levied at the rate of US$3.427/t of taxable pellets (2026) which is applied in the model.

Occupation Tax is levied on mining business income (in lieu of the Corporation Franchise Tax applicable to regular businesses) at a rate of 2.45% of taxable income. At the federal level, there are Corporate Taxes (administered by the Internal Revenue Service (IRS)) levied at a flat rate of 21%.

The key technical assumptions used in the economic analysis are shown in Table 19.2. All financial results presented below are assessed pre-tax and after taxes including the Taconite Production Tax.

The discount rate variants used to determine the Net Present Value (NPV) are meant to represent typical weighted-average costs of capital.

The financial evaluation results (pre-tax and after tax) based on the technical evaluation is presented in Table 19.3.

The economic analysis results show a pre-tax NPV of US$3.21 B (at 8% discount rate) and US$2.55 B (at 10% discount rate) over a 23-year period, a pre-tax 49.8% IRR and a 2.03-year payback period, excluding prior investment into fixed assets from 2007-2025.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 68 |

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The after-tax results indicate an NPV of US$2.63 B (at an 8% discount rate) and US$2.10 B at a 10% discount rate over a 23-year period, an after tax 47.3 % IRR and a 2.08 year payback period, excluding prior investment into fixed assets from 2007-2025.

**Table 19.2 – Technical Assumptions, over 23-Year LOM**

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| | | |
|:---|:---|:---|
| **Item** | **Unit** | **Value<br> (01/01/2026)** |
| **Operating Costs** |  |  |
| Mining |  |  |
| &nbsp;&nbsp;&nbsp;Ore/Waste/Overburden Avg. | US$/Lt mined | 1.57 |
| &nbsp;&nbsp;&nbsp;Mining Equipment Rental | US$/Lt mined | 0.42 |
| Processing |  |  |
| &nbsp;&nbsp;&nbsp;Crushing | US$/t ore | 0.46 |
| &nbsp;&nbsp;&nbsp;Concentrator (incl. Tailings Opex) | US$/t conc. | 18.36 |
| &nbsp;&nbsp;&nbsp;Pellet Plant | US$/t pellets | 10.12 |
| Other |  |  |
| &nbsp;&nbsp;&nbsp;Sales and G&A, with HSE | US$/t pellets | 3.56 |
| Royalty Third-Party | US$/t pellets | 0.71 |
| Royalty on Pellet Production | US$/t pellets | 6.00 |
| Total Operating Cost, ex Taconite Tax | US$/t pellets | 57.22 |
| Total Operating Cost, with Minnesota Taconite Production Tax (MTPT) | US$/t pellets | 60.64 |
| Capex to Complete (January 1, 2026) | US$ M | 571 |
| Mine Life | Years | 23 |
| Ore (Mill Feed) | LT | 515.5 |
| Ore (Mill Feed) | Mt | 523.8 |
| Average Grade Mill Feed | % Mag Fe | 21.13 |
| Average Pellet Weight Recovery | % | 29.79 |
| Average Stripping Ratio | t/t | 1.66 |
| Pellet Production | Mt | 160.1 |
| Sustaining Capital Costs – Tailings Dam \* | US$ M | 86.2 |
| Sustaining Capital Costs – Processing / Civils / Other \* | US$ M | 353.4 |

---

\*including 20% contingency

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 69 |

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**Table 19.3 – Financial Analysis Results**

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| | | |
|:---|:---|:---|
|  |  | **Value** |
| **Item** | **Unit** | (US$M) |
| Total Revenue | US$ M | 19272 |
| Total Operating Costs | US$ M | 9159 |
| Total Construction Capital Cost to Complete\* | US$ M | 538 |
| Total Mine Preparation Capex | US$ M | 33 |
| Total Cost to Complete Capex (Pre-production 2026) | US$ M | 571 |
| Total Sustaining Capital Costs – Process\*\* | US$ M | 353 |
| Total Sustaining Capital Costs – TSF\*\* | US$ M | 86 |
| Total Sustaining Capex Incl. Closure | US$ M | 480 |
| Total Pre-tax Cash Flow | US$ M | 9063 |
| Total After-tax Cash Flow | US$ M | 7264 |
| Total Taxes Paid | US$ M | 1799 |
| Pre-tax Payback Period | Years | 2.03 |
| Pre-tax Net Present Value 8% | US$ M | 3206 |
| Pre-tax Net Present Value 10% | US$ M | 2553 |
| Pre-tax Internal Rate of Return (IRR)\*\*\* | % | 49.8 |
| After-Tax Payback Period | Years | 2.08 |
| After-Tax Net Present Value 8% | US$ M | 2631 |
| After-Tax Net Present Value 10% | US$ M | 2104 |
| After-Tax Internal Rate of Return (IRR)\*\*\* | % | 47.3 |

---

\* Including mining Capex but excluding mobile equipment Capex.(Capex Applied at Dec. 31, 2026)

\*\* Including 20% Contingency

\*\*\* Projected IRR does not take into account $1.86 B of prior investment from 2007-2025.

**19.1** **Discounted Cashflow Model** 

The DCF (Table 19.4) is based on the LOM Plan in Section 13 (Table 13.1). The economic analysis results in this section are based upon the DCF.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 70 |

---

**Table 19.4 – Discounted Cashflow Model**

![](tm2616840d2_ex96-1imgs001.jpg)

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 71 |

---

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| | |
|:---|:---|
| **20** | **Adjacent Properties** |

---

Currently, there are six (6) taconite processing facilities and open pit mines operating on the Mesabi Range in northern Minnesota. These taconite facilities are spread out along the strike of the iron formation, as illustrated in Figure 20.1.

Mesabi is expected to become the only major standalone merchant DR-grade pellet producer in the United States, although other U.S. iron ore companies such as U.S. Steel and Cleveland-Cliffs also produce or can produce DR-grade pellets, they are used primarily for integrated or strategic internal use.

Table 20.1 presents the approximate designed Pellet Capacity for each of the six (6) taconite mines near to the Project along with the actual tonnes of taconite pellets produced from each of the mines as reported by the Minnesota State Department of Revenue for 2018 to 2025. The numbers have not been independently verified by the QP, but are assumed to be accurate.

**Table 20.1 – Taconite Pellet Production Tonnage by Mine (2018-2025)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mine** | **Hibbing<br> Taconite** | **Keewatin<br> Taconite** | **Minntac** | **Minorca** | **North-shore** | **United<br> Taconite** | **Total** |
| Owner | 15% US Steel /85% Cleveland Cliffs | Nippon Steel via US Steel | Nippon Steel via U.S. Steel | Cleveland-Cliffs | Cleveland-Cliffs | Cleveland-Cliffs |  |
| Pellet Type | Mostly BF (very limited DR flexibility) | Mixed BF & DR | ~100%BF | ~100%BF | Primarily DR grade | Mostly BF (small DR flexibility) |  |
| **Year** | **MLT** | **MLT** | **MLT** | **MLT** | **MLT** | **MLT** | **MLT** |
| Approx. Design Pellet Capacity | ~8.0-9.1 | ~6.0 | ~15.0-16.0 | ~2.8-3.0 | ~6.0-6.2 | ~5.0-5.4 | **n/a** |
| 2018 | 7.48 | 5.18 | 13.37 | 2.61 | 5.48 | 4.98 | **39.10** |
| 2019 | 7.18 | 5.12 | 12.13 | 2.56 | 5.02 | 5.08 | **37.09** |
| 2020 | 5.26 | 1.79 | 11.82 | 2.62 | 3.66 | 5.01 | **30.15** |
| 2021 | 7.33 | 5.30 | 13.46 | 2.67 | 4.84 | 5.09 | **38.69** |
| 2022 | 5.93 | 5.25 | 12.65 | 2.35 | 1.17 | 4.54 | **31.90** |
| 2023 | 6.53 | 4.88 | 13.01 | 2.69 | 3.07 | 4.98 | **35.16** |
| 2024 | 5.23 | 5.08 | 13.04 | 2.59 | 3.88 | 4.86 | **34.67** |
| 2025 | 2.67 | 4.99 | 12.44 | 0.54 | 3.19 | 4.70 | **28.53** |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 72 |

---

Mesabi is expected to become the only major standalone merchant DR-grade pellet producer in the United States, although other U.S. iron ore companies such as U.S. Steel and Cleveland-Cliffs also produce or can produce DR-grade pellets, they are used primarily for integrated or strategic internal use.

As a whole, Minnesota's pellet production consists of 80-85% BF grade and 15-20% DR grade pellets (prior to Mesabi production which is projected to bring the DR grade fraction up to 30-40% over time).

The nearest adjacent mining property is Keewatin Taconite (Keetac), which was owned and operated by United States Steel Corp up until June 2025 when it was acquired by Nippon Steel Corporation. This operation is located at (47.4125°N, 93.0613°W). National Steel Company originally constructed the Keetac mining operation at a design capacity of 4.8 Mtpa, with the first pellet production in 1967. This operation is based off single stage crushing, a SAG mill grinding circuit, with secondary ball mill grinding, magnetic separation, balling line and grate kiln induration, producing 1% limestone flux pellets. Keetac's plant is located 9.2 miles along the strike of the Biwabik Iron Formation, with their nearest mining operation roughly 7.0 miles from Mesabi's proposed mine.

Hibbing Taconite Company (Hibtac) is the next closes operation along the strike of the formation, located between the cities of Hibbing and Chisholm at (47.4786°N, 92.9631°W). The operation is presently managed by Hibbing Taconite, which is a JV between Cleveland-Cliffs (85.3%) and US Steel Corp (14.7%). Hibbing Taconite was the last operation to be built on the Range during the construction boom of the 60s and 70s and shipped their first pellets in 1976. The operation is based off a single stage primary crushing, AG mill grinding, magnetic separation, balling circuit and straight grate pellet furnace. The Hibtac plant is located 14.8 miles from the Project site, with the mining operations ranging from 12.3 to 16.5 miles from the Mesabi mine site.

Minnesota Ore Operations (Minntac) is situated just north of Mountain Iron at (47.5640°N, 92.6318°W). Minntac is wholly owned and operated by United States Steel Corp. with the first shipment of pellets occurring in 1967. The plant is an early taconite processing design, with a considerable amount of redundancy in the system. The original operation was an open pit rail system, which later transitioned into open pit truck haulage. The facility is based on a primary crushing, supported by secondary crushing, rod mills, ball mills, magnetic separation, flotation cells, balling circuit, pellet induration, producing a flux pellet. The plant is approximately 32 miles from the Mesabi Project site, with mining ranging from 27.5 to 33.5 miles from the Mesabi mine.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 73 |

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**Figure 20.1 – Mesabi Range – Location of the Mining Operations and Typical Geological Cross-Section**

![](tm2616840d2_ex96-1img006.jpg)

Source: Minnesota Department of natural Resources - Department of Lands and Minerals, 2023

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 74 |

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| | |
|:---|:---|
| **21** | **Other Relevant Data and Information** |

---

Project completion status updates and Project schedules beyond December 31, 2023 have been provided to DRA by Mesabi.

**21.1** **Project Status as of January 1, 2026** 

As of the January 1, 2026, the Project is significantly advanced, and site construction is well under way. A substantial portion of the equipment has been procured and delivered. Detailed engineering is at or nearing completion.

Table 21.1 presents the advancement status of various Project areas as reported from Mesabi to DRA as of January 1, 2026.

These values have not been fully reconciled by DRA.

**Table 21.1 – Project Completion Status Reported by Mesabi (January 1, 2026)**

---

| | |
|:---|:---|
| **Description** | **Status<br> January 1, 2026** |
| Design | 97.3% |
| Procurement | 96.0% |
| Construction | 74.0% |
| **Total** | **85.5%** |

---

The overall construction completion as reported by the Mesabi Construction Team to DRA for January 1, 2026 is presented in Table 21.2. These values are approximate and have not been fully reconciled by DRA.

**Table 21.2 – Overall Construction Completion Reported by Mesabi (as of January 1, 2026)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Unit** | **Overall Scope** | **Completed<br> Qty<br> Jan 1 2026** | **% Completed<br> Qty<br> Jan 1 2026** | **Balance<br> Qty<br> Jan 1 2026** |
| Concrete | CYD | 121838 | 119930 | 98% | 1908 |
| Structure | MT | 35312 | 29329 | 83% | 5982 |
| Sheeting | SQ.FT | 2242503 | 1371994 | 61% | 870509 |
| EPDM | SQ.FT | 316510 | 227563 | 72% | 88947 |
| Piping |  |  |  |  |  |
| Piping Erection | IM | 848461 | 339221 | 40% | 509240 |
| HDPE Pipe works | LF | 99198 | 74510 | 75% | 24688 |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 75 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Unit** | **Overall Scope** | **Completed<br> Qty<br> Jan 1 2026** | **% Completed<br> Qty<br> Jan 1 2026** | **Balance<br> Qty<br> Jan 1 2026** |
| RCC Pipe works | LF | 4874 |  | 0% | 4874 |
| PVC Pipe works | LF | 10108 |  | 0% | 10108 |
| Testing & Other works | LF | 264843 |  | 0% | 264843 |
| Pumps, Compressors, etc. | MT | 1538 | 850 | 55% | 688 |
| Equipment | MT | 15483 | 8349 | 54% | 7134 |
| Tech Structure | MT | 7649 | 3366 | 44% | 4283 |
| De-Dusting | MT | 4971 | 1202 | 24% | 3769 |
| Electrical | Mhrs | 294798 | 190244 | 65% | 104554 |
| Instrumentation | Mhrs | 162658 | 17068 | 10% | 145590 |
| HVAC | SQ.FT | 115350 | 1650 | 1% | 113700 |
| Fire Fighting - Building | SQ.FT | 213933 | 3200 | 1% | 210733 |
| Fire Fighting - Conveyor | SQ.FT | 15443 |  | 0% | 15443 |
| Refractory | MT | 5196 |  | 0% | 5196 |
| CMU Walls | SQ.FT | 174944 | 110768 | 63% | 64176 |
| Finishing | Mhrs |  |  |  |  |
| Tailing Dam | Mhrs |  |  |  |  |
| Railwork | LF | 8353 |  | 0% | 8353 |
| General Earth Works | CYD | 752434 | 649934 | 86% | 102500 |
| Miscellaneous | Mhrs |  |  |  |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 76 |

---

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| | |
|:---|:---|
| **22** | **Interpretation and Conclusions** |

---

**22.1** **Mineral Resources and Reserves** 

The Mesabi Project is a low-grade magnetite iron deposit of the Lake Superior type Banded Iron Formation. This type of iron formation consists principally of alternating bands of quartz (chert) and iron oxides (magnetite, hematite and martite, a hematite pseudomorph after magnetite). This type of iron formation has been the principal source of iron throughout the world.

Inclusive of Reserves, the Project has Mineral Resources including 50% Mesabi – 50% Cliffs parcels under litigation are estimated at 730.1 million long tons of Indicated category resources, and 29.5 million long tons in inferred category. Exclusive of Reserves, the Project's mineral Resources including 50% Mesabi – 50% Cliffs parcels under litigation are estimated at 214.5 million long tons of Indicated category resources, and 29.5 million long tons in inferred category.

Mineral Reserves, excluding the 50% Mesabi – 50% Cliffs parcels and also excluding the three (3) properties owned 100% by Cliffs, are estimated at 515.5 million long tons in the probable category with an average grade of 21.1% MagFe, 29.79% Weight Recovery and 1.8% Concentrate SiO<sub>2</sub>.

The overall stripping ratio is 1.66 to 1. These mineral reserves form the basis for the 23 year mine plan.

The classification of the mineral resource and mineral reserves for the Mesabi Project is based on the geological and grade continuity of the iron deposit. The SEC Regulation S-K 1300 (Subpart 229.1300) requirements for disclosures is aligned with the S-K 1300. which have been used as the guide for the resource and reserves classification.

**22.2** **Project Infrastructure** 

It is the QP's interpretation that the current on-site infrastructure in addition to planned infrastructure including infrastructure under construction will be adequate to support the start of mining as per the LOM plan in H1 2026, with first pellets produced in H2 2026 and commercial pellet production beginning ramp up in Q4 2026.

**22.3** **Market Studies** 

Based on the market study prepared by Wood Mackenzie, the Mesabi Project is positioned in a transitioning global steel industry that is shifting towards Electric Arc Furnace (EAF) steelmaking and increased demand for high-quality iron ore products. This transition is expected to drive substantial growth in demand for Direct Reduced Iron (DRI) and DR-grade pellets, particularly in North America.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 77 |

---

**22.4** **Impact on Community** 

The economic impact of resuming construction activity and further permanent facility operations personnel will be welcomed in the region, and the production of highly concentrated iron ore pellets will provide substantial, consistent, and profitable operations for the owner. Organized opposition to mining in Minnesota is acknowledged and will be monitored by Mesabi and means for addressing will be evaluated and facilitated where appropriate.

**22.5** **Permits** 

The Project is compliant with federal, state, and local requirements and Mesabi holds the necessary environmental permits to facilitate the operation of the Project. Refer to Section 17, Table 17.2 for status of permits and approvals.

As applicable, Mesabi will maintain consultation with agencies to obtain future permit amendments or renewals.

**22.6** **Capex** 

Costs to complete the Project as of January 1, 2026, is estimated by DRA to be US$571 M.

As of January 1, 2026 the Project has been funded with 100% equity.

**22.7** **Opex** 

Mesabi is expected to be a competitive producer of pellets not only on the iron range but globally with the cost of production estimated at US$57.22/t DR grade pellet (inclusive of US$6.71/t for royalties, exclusive of taconite tax); and US$60.64/t DR grade pellet once the US$3.427/t taconite tax has been applied.

**22.8** **Financials** 

The economic analysis results show a pre-tax NPV of US$3.21 B (at 8% discount rate) and US$2.55 B (at 10% discount rate) over a 23-year period, a pre-tax 49.8% IRR and a 2.03-year payback period, excluding prior investment into fixed assets from 2007-2025.

The after-tax results indicate an NPV of US$2.63 B at an 8% discount rate and US$2.10 B at a 10% discount rate over a 23-year period, a pre-tax 47.3% IRR and a 2.08-year payback period, excluding prior investment into fixed assets from 2007-2025.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 78 |

---

**22.9** **Opportunities** 

22.9.1 Geology

**<u>Potential Resource - Upper Cherty Member Hematite</u>**

A historical resource estimate performed in 2012 for Essar (owner of Mesabi) identified Mineral Resources of hematite in the Upper Cherty 2 (UC2) layer.

A review of the estimation procedures used in 2012 indicate that grade defined as hematite refers to total iron and is not based on an approach applied to quantify the actual hematite proportion among other iron-bearing minerals present in the UC2 unit. Consequently, these historical resources should be reclassified to an opportunity level pending further investigations to quantify the actual hematite proportion in the UC2 at Mesabi.

Table 22.1 presents the "Upper Cherty Member Hematite Resources" as defined historically in 2012, which represents non-resource potential tonnes of hematite that may in the future be converted to resource should the processing for its economic extraction prove feasible.

**Table 22.1 – Upper Cherty Member Hematite Resources as historically defined in 2012\***

---

| | | |
|:---|:---|:---|
| **Resource Categories** | **Metric Tonnes**<br> (x 1,000 mt) | **TOTFE** <br> (%) |
| Measured | 25900 | 31.60 |
| Indicated | 264408 | 30.65 |
| **Measured + Indicated** | **290308** | **30.74** |
| Inferred | 62523 | 30.20 |
| \*This is presented as historic as it no longer satisfies current S-K 1300 requirements for resource classification. | \*This is presented as historic as it no longer satisfies current S-K 1300 requirements for resource classification. | \*This is presented as historic as it no longer satisfies current S-K 1300 requirements for resource classification. |

---

22.9.2 Potential
 Resource – Stockpiles

The reported tonnage of hematite in five (5) stockpiles has historical origins from Cone Rejects from the "Natural Ore mining" period. Table 22.2 summarizes the tonnage and grade results for these stockpiles. Volumetrics calculations were performed using triangulation, with a density of 15 ft³/LT applied to convert volume into tonnages.

Sonic drilling reached a maximum depth of 15 m, with samples collected for analysis to determine the total iron. Composite samples were prepared by combining both materials obtained from the sonic drilling and material collected along the perimeter of the piles, which were subsequently sent to COREM for metallurgical testwork. The results from the testwork completed at COREM laboratory indicate successful recovery of hematite; however, DRA has not yet reviewed the COREM report. Further characterization work is recommended to evaluate the economic potential of the hematite contained in these stockpiles.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 79 |

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**Table 22.2 – Cone Rejected Stockpiles Tonnage Summary**

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| | | | |
|:---|:---|:---|:---|
| | **Crude Analysis Range** | **Crude Analysis Range** | **Crude Analysis Range** |
| <br>**Description** | **Tonnage**<br> (Million MT) | **TotFe**<br> (%)\* | **TotFe**<br> (%) |
| Harrison Stockpile #6 | 3.0 | 46.94 |  |
| Harrison Stockpile 6A | 0.3 |  |  |
| MacKillican Stockpile #14 | 0.9 | 37.21 | 32.96 |
| Patrick-Olson Stockpile #8 | 0.2 |  |  |
| Patrick Stockpile #10 | 4.9 | 42.26 | 36.60 |
| **Total** | **9.3** | **-** | **-** |
| \* ESML's grade samples | \* ESML's grade samples | \* ESML's grade samples | \* ESML's grade samples |

---

22.9.3 Mining
 Methods

DRA recommends that Mesabi study the implementation of the following cost reduction opportunities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Implementation
 of a trolley-assist system or a diesel-electric truck fleet.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assess
 the feasibility of autonomous trucks, drills, and dozers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct
 additional characterization studies on the hematite mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 stockpiling and processing lower-grade ore with a MagFe content below the 14% cut-off grade.

22.9.4 Recovery
 Methods

A significant portion of the iron mineralization at the Mesabi properties occurs within the oxidized zone, where iron is predominantly associated with goethite. This mineralogical characteristic may present an opportunity to evaluate some of the available processing methods aimed at recovering iron associated with goethite and improving the global iron recovery.

One potential approach is Hydrogen Mineral Phase Transformation (HMPT), a reduction process in which hydrogen gas is used to convert goethite (and/or hematite) to magnetite, thereby enabling recovery using LIMS. The HMPT reaction for the conversion of goethite to magnetite is presented below:

6FeO·OH + H₂ → 2Fe₃O₄ + 4H₂O

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 80 |

---

The applicability of HMPT to Mesabi mineralization has not been demonstrated and would require metallurgical testwork to assess technical feasibility, recovery performance, and associated costs.

An alternative opportunity may involve oxidative calcination, whereby goethite is thermally converted to hematite. This transformation has the potential to enhance recovery through Wet High-Intensity Magnetic Separation (WHIMS), improve flotation performance, and reduce challenges associated with crystalline water and high loss on ignition (LOI) in goethite-rich material. The oxidative calcination reaction is presented below:

2FeO·OH → Fe₂O₃ + H₂O

The suitability of oxidative calcination for the Mesabi mineralization has not been established and would require confirmatory metallurgical testwork and evaluation of economic and operational considerations.

22.9.5 Capex
 and Opex

There are opportunities to further reduce the operating cost estimate by doing a detailed investigation of backfilling optimisation of pits with waste in order to minimize the haul distance for waste and to reduce vertical elevation change from load to dump location.

22.9.6 Market
 Studies and Contracts

Key market opportunities for Mesabi include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capturing
 a share of the ~20% imported pellet demand in North America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Targeting
 growing DR grade pellet demand in the Middle East and North Africa (MENA) region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Positioning
 for potential future demand growth in Europe, where DR grade pellet demand is expected to
 increase from 2040 onwards.

**22.10** **Risk Evaluation** 

22.10.1 Project
 Infrastructure

There is normal construction timeline risk associated with the completion of infrastructure projects.

There is also normal risk that some infrastructure delays will impair the ability to ramp up production at the planned rate.

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| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 81 |

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22.10.2 Market
 Studies and Contracts

Market Risks Include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There
 is inherent risk of price fluctuations for DR grade pellets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 pellet market in the USA is primarily dominated by two (2) major companies who have
 most of the production captive to their own needs. (Cliffs/US Steel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mesabi
 will be the only large-scale independent merchant producer in the U.S. whose business is
 centered primarily on selling DR-grade pellets into the open market (rather than mainly supplying
 its own steel operations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brazilian
 competitors benefit from lower production costs and (some) more favorable freight economics/capabilities.

Contract Risks include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mesabi
 has signed a definitive take-or-pay agreement for 3 Mtpa of DR Grade Pellets with a MENA
 based iron ore trader and a take-or-pay Memorandum of Understanding (MOU) for an additional
 3 to 4 Mtpa of DR grade pellets with a global iron ore trader, which represents the entire
 capacity of the operation. In addition, Mesabi has signed MOU's outlining the terms
 and conditions for the sale of 1 Mtpa of DR grade pellets to a North African based steel
 conglomerate and 0.75 Mtpa of DR grade pellets to a U.S. based steel conglomerate. For the
 avoidance of doubt, the sale of 1.75 Mtpa of DR grade pellets to steel conglomerates described
 above will flow through the take-or-pay agreement or take-or-pay MOU with the iron ore traders.

22.10.3 Environmental
 Studies, Permitting and Social or Community Impact

The Project is compliant with federal, state and local requirements and Mesabi holds necessary permits needed to facilitate operation of the Project. See Section 17, Table 17.2 for status of all permits and approvals. As applicable, Mesabi will maintain consultation with agencies to obtain future permit amendments or renewals.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 82 |

---

---

| | |
|:---|:---|
| **23** | **Recommendations** |

---

Specific recommendations for the Project are summarized below.

**23.1** **Geology/Resource Estimation** 

For future drill programs, DRA recommends the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Input
 core logging data directly into an Excel spreadsheet on a computer or PDA to reduce transcription
 errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Prepare
 a set of written procedures for positioning and surveying drill holes in the field as well
 as all core logging and sampling activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Acquire
 signed certificates of the analytical results from the laboratory to facilitate future audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Send
 approximately 5% of the samples to a secondary (umpire) laboratory for verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform
 deviational surveys on selected diamond drill holes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 addition to the use of an umpire laboratory, DRA recommends selecting 25 to 30 independent
 check samples to be sent to an independent laboratory to verify that the Mesabi QA/QC procedures
 are still being followed by their current assaying laboratories and umpire laboratories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due
 to large variations observed in the 32 samples for the UC Member (9.00 to 16.17 ft³/LT),
 performing additional density determinations for this unit is recommended.

**23.2** **Mining / Mineral Reserves** 

For optimization purposes, DRA recommends the following continuous improvement initiatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 the implementation of a trolley-assist system or a diesel-electric truck fleet to reduce
 emissions, lower maintenance costs, and decrease fuel consumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assess
 the feasibility of autonomous trucks, drills, and dozers to enhance operational efficiency
 and safety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continue
 ongoing investigations into acquiring additional property closer to the pit to simplify waste
 management, increase ore recovery, reduce haul distances, and optimize fleet size.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continue
 to refine dump and stockpile locations, including in-pit waste dumping, to improve overall
 efficiency and material handling logistics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continue
 ongoing characterization studies on the hematite mineralization with the intent of converting
 it into mineral resources and reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continue
 optimizing the mine plan by refining phase designs, evaluating alternative mining strategies,
 and enhancing overall operational efficiency.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 83 |

---

**23.3** **Recovery Methods** 

The QP recommends investigation of the following de-risking initiatives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 current design requires a specific ratio of coarse to fine particles within the AG mill.
 Changes in run-of-mine ore may result in ratios that are inconsistent with the design. It
 is recommended that the Mesabi Project line these mills as SAG mills to support a ball charge,
 addressing fluctuations in ore size distribution during the early years of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 short lifespan of the trommel screen panels in the AG mills can reduce the availability of
 the plant. It is recommended that the Mesabi concentrator team consult with the manufacturer
 to leverage their expertise in material selection to minimize screen panel wear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· At
 higher throughputs, the selected sizes for the AG mill discharge grate and trommel apertures
 may require adjustments due to increased production of ball scats. It is recommended to incorporate
 provisions for optimizing these apertures during operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 buffer tanks between the concentrator and pellet plant are known to experience high wear
 in other operations. It is recommended to evaluate the maintenance strategy for these tanks,
 including installing bypass piping to minimize downtime.

The QP also recommends that Mesabi consider conducting additional pot grate and reducibility tests on fired pellets to further evaluate pellet clustering behavior and to improve pellet quality following reduction.

**23.4** **Project Infrastructure** 

DRA recommends performing a study in the future to optimize the currently operational tailings basin to minimize cost and maximize performance. Detailed tailings design and costing should be reviewed to ensure adequacy for the revised mine plan included in this Report. There is also the possibility of engineering/cost savings whereas there will be less tons milled in this mine plan relative to the previous study which was the basis for the existing TSF plans/design.

**23.5** **Environmental Studies, Permitting and Social or Community Impact** 

It is recommended that the permitting process be reviewed and updated as necessary to align with ongoing Project developments. Continuous monitoring of environmental and community relations activities should also be maintained.

**23.6** **Further Site Investigations and Design Updates Considerations (TSF)** 

To ensure long-term sustainability, Mesabi is undertaking several key initiatives. First, a review of the precipitation study will reassess the Probable Maximum Precipitation (PMP) and incorporate climate change projections. This will ensure the facility's hydrological design remains resilient under evolving climatic conditions. Concurrently, Mesabi is conducting additional laboratory testing and geotechnical characterization of the dams' foundations, leading to a better understanding of the fine tailings' material properties and enhancing the accuracy of design parameters. One key assessment is the foundation materials and fine slimes static and seismic liquefaction potential susceptibility analyses and determination of the residual strength of potentially liquefiable materials using CPT and laboratory tests data, ensuring the dams' future stability under both operational and extreme conditions.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 84 |

---

While the TSF and reclaim pond designs comply with the DNR requirements, Mesabi will study the applicability of industry best practices, guidelines, and standards such as Canadian Dam Association (CDA). Additionally, Mesabi will conform with GISTM to ensure the TSF risk is reduced to ALARP.

As part of the GIST' conformance, a PFMA was conducted to identify potential failure mechanisms, classify risks, document existing preventative controls and recommend additional studies and controls to reduce the risks to ALARP.

The results of these additional studies will be considered and applied where required for future designs of the TSF dams and reclaim pond embankment. During and after construction, QA/QC protocols will be established to monitor construction and operational performance, ensuring compliance with safety and environmental standards.

**23.7** **Tailings Sustaining Capital** 

With regards to the estimate for the TSF Sustaining Capital, the amount estimated of 71.8 M (86.2 M including contingency) is dependent on earlier work carried out for the 2020 Technical study. Whereas the overall scope of work required for the TSF has since been reduced due to the reduction in tonnes processed, it is recommended that detailed review of the design and more precise material movement estimates be used as a basis for the estimate as this will likely produce a reduction in required capital requirements. DRA concludes that the estimate used in this Report is conservative as it pertained to the 2020 study that processed more ore tonnage and therefore produced greater quantities of tailings.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 85 |

---

---

| | |
|:---|:---|
| **24** | **References** |

---

All of the references cited in this section will appear as references in the text of the full study but may not appear cited in the text of this TRS.

**24.1** **Geology** 

Morey, G.B., 1972, Mesabi range, in Sims, P.K., and Morey, G.B., eds., Geology of Minnesota: A Centennial Volume: Minnesota Geological Survey, p. 204–217.

NI 43-101 Technical Report for the ESML Project 7 Mtpa Pellet Plant and Expansion to 14 Mtpa, Nashwauk, Minnesota, USA, December 7, 2012 prepared by MetChem Canada Inc.

**24.2** **Mineral Processing and Metallurgical Testing** 

COREM, March 04, 2009. Essar-Aker Solutions Pot-grate Test work for Minnesota Steel Project Final Report Nos: T987 AND T1020.

COREM, May 12, 2011. Essar Engineering Services Limited Additional Pot-grate Test work for Essar Minnesota Steel Project: BF fluxed and DR pellets Final Report No: T1240.

Email from Ronald Moen – MMCL, quoting Metso Responses, dated December 18, 2025

Farnell-Thompson Applied Technologies, November 08th, 2006. Minnesota Steel- Mill Sizing Recommendation.

Geological Survey of Finland (GTK Mintec), Outokumpu, Pilot-Scale Beneficiation Test Work on Iron Ore Sample, dated April 22, 2026.

HYL Technologies, December 2005, HYL Metallurgical Lab Evaluation of Minnesota Iron Ore Pellets for MSI Project.

Mesabi Metallics Company LLC. Excel Database. May 2019. Master Model Drillhole Database Taconite.

Metso Minerals Process Technology, August 10, 2005. An Evaluation of AG milling and SAG milling Comminution routes for a New Taconite Concentrator.

Midrex Technologies Inc., unknown report date, Raw Material Evaluation #848 C, #855 C and #856 C.

Minnesota Steel Industries LLC, Technical Report. September 2005. Internal Report. Volume III.

SGS Lakefield, An Investigation into the Bench-Scale Beneficiation Testing of a Single Composite Sample, dated November 21, 2025.

SGS Lakefield, An Investigation into the Characterization of 443 Drill Core Samples, dated September 9, 2025.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 86 |

---

**24.3** **Recovery Methods** 

Geological Survey of Finland (GTK Mintec), Outokumpu, Pilot-Scale Beneficiation Test Work on Iron Ore Sample, dated April 22, 2026.

Email from Joe Nielsen– MMCL, Mesabi Metallics Revised Flowsheet, dated December 24, 2025

Aker Solutions, 23 December 2010, Process Design basis#1016-A000-A04120-0002-0112-0001 Rev. E

Essar Steel Minnesota LLC, January 17, 2012, Techno- Economic Feasibility Report, Document#1016-H000-A00000-0020-2000-003

Mesabi Metallics Company LLC, January 15, 2025, Integrated Pellet Plant, Nashwauk, Minnesota, Process Design Basis Report for Crusher and Concentrator Plant (3 Lines)

Metso, Verti Mill Sizing Report, April 22, 2026.

**24.4** **Mining Methods** 

Global Mining Guidelines Group, 2020, A Standardized Time Classification Framework for Mobile Equipment in Surface Mining: Operational Definitions, Time Usage Model, and Key Performance Indicators

**24.5** **Project Infrastructure** 

Minnesota Department of Natural Resources, 2011. Modification Project Draft Supplemental Environmental Impact Statement (DSEIS): Appendix A. Solid and Hazardous Tabulation. (https://www.dnr.state.mn.us/input/environmentalreview/essar/index.html)

NewFields Canada Inc., May 2026, Mesabi Pellet Project, Tailings Storage Facility SK-1300 Summary Technical Report Write-Up, Reference # 685.250001.004

**24.6** **Market Studies and Contracts** 

Baltic Exchange, 2025, Baltic Exchange Capesize Index for Route C3 – June 19, 2025

Baltic Exchange, 2025, Baltic Exchange Capesize Index for Route C3 – April, 2026

Bloomberg 2025, Bank Consensus Report – Sinter Fines 62% CFR China- June 19, 2025

Bloomberg 2025, Bank Consensus Report – Sinter Fines 62% CFR China- April, 2026

Metal Strategies, 2019. October 15, 2019

Wood Mackenzie 2024, Mesabi Metallics Iron Ore Market Due Diligence – Full Report

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 87 |

---

**24.7** **Environmental Studies, Permitting, and Social or Community Impact** 

DNR & USACE, June 2007. Minnesota Steel Final Environmental Impact Statement

DNR, December 2011. Essar Steel Minnesota Modifications Project Final Supplemental Environmental Impact Statement.

DNR, March 04, 2026. Permit to Mine Amendment and Assignment.

Mesabi Metallics Company LLC, December 15, 2025. Status of Mesabi Metallics Permits and Approvals.

Mesabi Metallics Company LLC, October 02, 2024. Mesabi Project Description Update.

Mesabi Metallics Company LLC, October 21, 2025. Permit Amendment Application.

**24.8** **Capital and Operating Costs** 

DRA/Met-Chem, January 14, 2020, Mesabi Metallics Project-Technical Report, DRA/Met-Chem Project # C2763.

Fluor, September 2019, Mesabi Metallics - Nashwauk Pellet Facility Cost to Complete Report.

Mesabi Metallics LLC, January 1, 2026, Cost to Complete excel and pdf spreadsheet "CTC_Jan-1 2026.pdf" and CTC_Jan-1 2026.xlsx"

Met-Chem Canada Inc., December 7, 2012, NI 43-101 Technical Report for the ESML Project 7 Mmt/Y Pellet Plant and Expansion to 14 Mmt/y, Nashwauk, Minnesota, USA., Met-Chem Project #: 2012-019.

**24.9** **Economic Analysis** 

Baltic Exchange, 2025, Baltic Exchange Capesize Index for Route C3 – June 19, 2025

Bloomberg 2025, Bank Consensus Report – Sinter Fines 62% CFR China- June 19, 2025

Bloomberg 2025, Bank Consensus Report – Sinter Fines 62% CFR China- April 2026

Mesabi Metallics Company LLC, January 2, 2026. Integrated Project Schedule "MMCL - Integrated L1 Schedule Incl. Vertimill Project (Dec'25) - DRA (R1)"

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 88 |

---

**24.10** **Adjacent Properties** 

Cliffs and USS website as well as the SEC's EDGAR website

DNR production records, Minnesota Department of Revenue, 2023

Minnesota Mining Directory, 2023

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 89 |

---

---

| | |
|:---|:---|
| **25** | **Reliance on Information Provided by the Registrant** |

---

Whereas The Metals Royalty Company Inc. (the Registrant) is the owner of a royalty based on the production of DR grade pellets by Mesabi at the Project, other than the royalty details, the registrant has not provided information to DRA directly but rather were provided to DRA directly by Mesabi Metallics LLC.

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 90 |

---

---

| | |
|:---|:---|
| **26** | **Date and Signature Page** |

---

This Report, entitled "*S-K 1300 Technical Report Summary, Mesabi Metallics Project, Nashwauk, Minnesota, USA*" dated May 22, 2026, was prepared and signed by:

---

| | |
|:---|:---|
| *(Signed) DRA Americas Inc.* | Dated at Toronto, Ontario |
| DRA Americas Inc. | May 22, 2026 |
| *(Signed) NewFields Canada In.cc.* | Dated at Saskatoon, Saskatchewan |
| NewFields Canada Inc. | May 22, 2026 |
| *(Signed) Stantec Consulting Services Inc.* | Dated at Plymouth, Minnesota |
| Stantec Consulting Services Inc. | May 22, 2026 |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img001.jpg) | **S-K 1300 TECHNICAL REPORT SUMMARY<br> OF PRE-FEASIBILITY STUDY**<br>**MESABI METALLICS PROJECT**<br>**Document # C10564-0000-PM-RPT-0010 – Rev. 0** |
| | / Page 91 |

---

---

| | |
|:---|:---|
| **27** | **Certificates of Qualified Persons** |

---

---

| | |
|:---|:---|
| ![](tm2616840d2_ex96-1img002.jpg) | May 2026 |
| DRA Ref.: C10564-0000-PM-RPT-0010 |  |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **F-1**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Metals Royalty Co Inc.**  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Proposed Maximum Offering Price Per Unit**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common Share, without par value | 457(o) | 6843952 | $9.45 | $64675346.40 | 0.0001381 | $8931.67 |
| Fees Previously Paid |  |  |  |  |  |  |  |  |  |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: |  | $64675346.40  |  | $8931.67  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  |  | $0.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  | Total Fee Offsets:  |  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  | Net Fee Due:  |  |  |  | $8931.67  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> (a) Represents the reasale of common shares issued to the selling shareholders pursuant to certain subscription agreements between the Company and the selling shareholders named therein, shares issued as partial consideration for the sale of TMCR USA Operations, Inc. pursuant to the royalty purchase agreement dated as of May 6, 2026, shares issued to certain vendors and shares issued in satisfaction of the commitment fee due to YA II PN, Ltd. pursuant to the Standby Equity Purchase Agreement between the Company and YA II PN, Ltd. dated as of July 18, 2025. (b) Estimated solely for purposes of calculating the registration fee pursuant to Rules 457(c) and 457(h) under the Securities Act, based on the average of the high and low prices of the registrant's common stock as reported on Nasdaq on June 17, 2026.

---

| |
|:---|
| |
| **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims |
| Fee Offset Sources |
| **Rule 457(p)** |
| Fee Offset Claims |
| Fee Offset Sources |

---