(NASDAQ: TMCR) Holds the Royalty on a Potentially Generational Critical Metals Project

👉 TODAY'S #1 ALERT: The Metals Royalty Company Inc. (NASDAQ: TMCR) 👈

VIRAL PICK: TMCR is a purpose-built critical minerals royalty platform listed on NASDAQ, holding a 2.0% gross overriding royalty on the NORI concession, ranked by Mining.com as one of the world's potentially largest undeveloped nickel-equivalent resources. With NOAA advancing the mining application into the certification stage on May 1, 2026, a $132.5 million royalty acquisition announced on May 6, 2026, approximately $28 million in cash, zero debt, and a free float below 20%. TMCR is sitting at the intersection of what we believe to be the most consequential resource category in decades.

🚀 THE SETUP: NOAA issued a full compliance determination on May 1, 2026, advancing TMC's consolidated deep-seabed mining application into the certification stage. A final permit decision is expected before the end of Q1 2027. First production is targeted for Q4 2027. TMCR holds a 2.0% gross overriding royalty paid on top-line revenue with no deductions for processing, refining, or operating costs. Every regulatory milestone from here narrows the remaining risk and increases the proximity of TMCR's royalty payments, with no additional capital deployed by the company.

🚨 5 Explosive Catalysts Driving TMCR Into Our Focus

1. NOAA Permitting Milestone Reached May 1, 2026: TMC USA filed the first consolidated deep-seabed mining application ever submitted under the US Deep Seabed Hard Mineral Resources Act of 1980. On May 1, 2026, NOAA issued a full compliance determination, advancing the application into the certification stage. TMC expects a final permit decision before the end of Q1 2027. This application is independent of the United Nations' International Seabed Authority process, meaning NORI is not subject to the multilateral delays that have stalled other deep-sea projects globally. Every step forward in this process increases the probability and proximity of TMCR’s paying

2. $132.5 Million Mesabi Metallics Royalty Acquisition Announced May 6, 2026: TMCR has entered into a definitive agreement to acquire a 1.0% Index-Priced Gross Overriding Production Royalty on the Mesabi Metallics iron ore project in Nashwauk, Minnesota. First production is targeted for H2 2026, with anticipated initial annual royalty cash flow potential of up to approximately $13 million on production up to 8.5 Mtpa. The project is approximately 93% complete, has a 23-plus year mine life, and is backed by up to $10 billion of US Export-Import Bank support.

3. Hess Family Cornerstone Anchor and Strategic Alignment: The Hess family, the American energy dynasty that sold Hess Corporation to Chevron for $55 billion in 2025, holds a cornerstone position in TMCR. Michael Hess, Chief Investment Officer of Hess Capital, serves as Strategic Advisor. That level of alignment at the founding stage, from a family that has navigated the full cycle of American resource capital, is not a detail. It is a signal about the seriousness of the platform being built.

4. Operator and Royalty Holder Are Structurally Locked In: TMC the metals company (NASDAQ: TMC), the operator of the NORI project, holds an approximately 25% strategic stake in TMCR. TMC's Co-Founder, Chairman and CEO Gerard Barron also sits on TMCR's board. Total strategic and insider ownership sits at approximately 66%, with a public free float of less than 20%. The operator's incentives and the royalty holder's incentives are pointing in exactly the same direction. There are no large blocks looking for the exit and no overhang from an early-stage financing.

5. Washington's Capital Is Moving Into This Exact Category: The federal government has now deployed executive authority, direct equity stakes, and institutional capital to reverse decades of critical mineral supply chain vulnerability. The April 2025 executive order signed by President Trump directed federal agencies to accelerate development of America's offshore and deep-sea critical mineral resources, citing national security and the need to reduce dependence on China. NOAA responded by accelerating its DSHMRA permitting timeline.

⚡ The Critical Minerals Royalty Gap Is One of the Most Significant White Spaces in Natural Resources Right Now

The royalty and streaming model has produced some of the most durable wealth creation in the history of natural resource investing. Franco-Nevada, Wheaton Precious Metals, and Royal Gold built their empires almost entirely on precious metals, delivering cumulative returns of more than 600% over the past decade and trading at roughly 1.5 to 2.0x price-to-NAV compared to approximately 0.7 to 1.0x for the diversified miners.

And yet that model has not been applied to critical minerals at scale. The established royalty majors are not entrenched in this space. Nickel, copper, cobalt, and manganese, the four metals inside every NORI nodule, are national security inputs, industrial requirements, and the foundation layer of the energy transition. Critical mineral demand does not get cut when the economy softens. It is a recurring obligation built into the defense budget, the energy grid, and the EV supply chain. TMCR is attempting to occupy this white space with with a 2.0% gross overriding royalty already on the books.

💰 WHAT STANDS OUT: TMCR does not build the mine. It does not run the workforce. It does not absorb rising fuel, labor, or capital costs. It holds a contractual right to a percentage of gross revenue from every nickel, copper, cobalt, and manganese unit produced and sold from the NORI concession, for the life of that asset. TMC has already invested over $700 million and 15 years advancing NORI toward commercial reality, including 23 offshore research campaigns and the successful 2022 lift of more than 3,000 tonnes of nodules from the seafloor. Korea Zinc has committed $85.2 million as refining partner, Allseas serves as offshore partner, and Glencore has signed an offtake agreement covering 50% of expected nickel and copper production.

📈 NASDAQ Listing, Tight Cap Table, and a Sector Catalyst Cycle Now Accelerating

TMCR carries NASDAQ-listed credibility with institutional visibility built in. The company entered the public market with approximately $28 million in cash, zero debt, and a purpose-built capital structure designed to hold royalties through the decades-long production profiles that world-class mining assets require. There are no short-term IRR mandates. The vehicle is designed for the long cycle.

With 55.1 million basic shares outstanding, approximately 66% held by strategic insiders, and a free float below 20%, the supply of available shares is structurally constrained. The Hess family, founders and management, TMC itself, and a base of high-net-worth and family office investors collectively hold the majority of the company. Catalyst flow from here is sequential: Mesabi Metallics first production targeted for H2 2026, NOAA permit decision expected before end of Q1 2027, and NORI first production targeted for Q4 2027. Each milestone arrives on a timeline that is now a matter of months, not years.

🔬 VIRAL FACTS: NORI concession covers approximately 74,830 km² of seabed in the Clarion-Clipperton Zone between Hawaii and Mexico. TMC has invested over $700 million and 15 years advancing the project, including 23 offshore research campaigns. The 2022 Allseas nodule lift recovered more than 3,000 tonnes from the seafloor in real-world conditions. Korea Zinc has invested $85.2 million as refining partner. Glencore has signed an offtake agreement covering 50% of expected nickel and copper production. Mining.com ranks NORI among the world's potentially largest undeveloped nickel-equivalent resources. The royalty is structured as a gross overriding royalty paid on top-line revenue with zero deductions for processing, refining, or operating costs. The Mesabi Metallics project is approximately 93% complete with a 23-plus year mine life and up to $10 billion in US Export-Import Bank support. TMCR currently holds approximately $28 million in cash with zero debt.

📍 The Metals Royalty Company Inc.: Purpose-Built Critical Minerals Royalty Platform

The Metals Royalty Company Inc. (NASDAQ: TMCR) is a critical minerals royalty company designed from the ground up to apply the royalty and streaming model to the category the established majors have not yet entered at scale. The company's cornerstone asset is a 2.0% gross overriding royalty on all metals and minerals produced and sold from TMC the metals company's NORI concession in the Clarion-Clipperton Zone, a polymetallic deposit of nickel, copper, cobalt, and manganese that Mining.com ranks as one of the world's potentially largest undeveloped nickel-equivalent resources.

The mandate extends beyond a single royalty. TMCR is building a growing portfolio of royalties, streams, and structured interests across the full critical minerals value chain, from early exploration through production and mine expansion, across nickel, copper, cobalt, manganese, and adjacent minerals that define America's mineral security and re-industrialization challenge. The May 6, 2026 announcement of the $132.5 million Mesabi Metallics royalty acquisition is the first demonstration of that portfolio-building mandate in action. The company entered the public market with approximately $28 million in cash, zero debt, and a capital structure purpose-built as a permanent capital vehicle without the constraints of short-term IRR mandates.

🏢 Leadership With Over C$5 Billion in Resource Transactions and a Capital Structure Built for the Long Cycle

Brian Paes-Braga, Founder, Chairman and CEO, has spent over a decade building, financing, and exiting growth-oriented resource and growth businesses, with over C$5 billion in transactions since 2015. He was a board member of DeepGreen Metals, now TMC the metals company (NASDAQ: TMC), from its earliest days and helped build the foundation for the NORI project before founding the royalty vehicle to sit on top of it. Gerard Barron, Non-Executive Director, is the Co-Founder, Chairman and CEO of TMC, the operator of the NORI project. His seat on TMCR's board structurally aligns the operator and the royalty holder at the governance level. Michael Hess, Strategic Advisor and Chief Investment Officer of Hess Capital, brings over 16 years of evaluating and developing energy infrastructure businesses and relationships across the American investment, policy, and industrial landscape.

The capital structure reflects the conviction of the founding team and the cornerstone anchor. Approximately 66% of shares are held by strategic insiders: the Hess family, founders and management, TMC the metals company, and a base of high-net-worth and family office investors. Institutions account for approximately 6%. The public free float sits below 20%. The company carries approximately $28 million in cash, zero debt, and a structure designed to hold royalties through full commodity cycles. The Mesabi Metallics acquisition, announced at $132.5 million on May 6, 2026, with anticipated initial annual royalty cash flow potential of up to approximately $13 million, demonstrates that the capital is being deployed actively.

💎 Thesis: The Business Model in Natural Resources, Applied to the Most Consequential Resource Category in Decades

The royalty model works because it removes cost exposure while preserving full revenue participation. No construction risk. No operating cost inflation. No workforce. Just a contractual right to a percentage of gross revenue from every unit produced and sold. That model built Franco-Nevada, Wheaton Precious Metals, and Royal Gold into multi-billion dollar platforms. It has never been applied to critical minerals at scale. TMCR is attempting to occupy that white space.

The anchor royalty sits on a deposit that Mining.com ranks among the world's potentially largest undeveloped nickel-equivalent resources. The operator has already invested over $700 million and 15 years getting the project to this point. NOAA has now advanced the application into the certification stage. A permit decision is expected before the end of Q1 2027. First production is targeted for Q4 2027. Meanwhile, the Mesabi Metallics acquisition adds a near-term cash flow layer, with first production targeted for H2 2026 and annual royalty cash flow potential of up to approximately $13 million. The Hess family sits as cornerstone anchor. The operator holds 25% of the royalty vehicle. Strategic and insider ownership sits at approximately 66%. The free float is below 20%.

Bottom Line: TMCR is a NASDAQ-listed royalty vehicle holding a contractual interest in what may be a generational critical metals resource, at the precise moment Washington has made that category a national priority and capital is moving into it from every direction.

🎯 TMCR: Watch It Now. The Catalysts Are Stacking.