The Metals Company Inc. secured a $165 million financing package. The funding includes a $140 million offering of convertible secured notes. A $25 million senior secured term loan facility provides the remaining capital.
The company will use the proceeds to acquire an additional 1.0% Mesabi Royalty in the Mesabi Metallics iron ore project. Funds are also earmarked to repay an existing senior term loan and for general corporate purposes.
Management expects the financing and acquisition to close concurrently on August 24, 2026. The deal advances the company’s strategy to secure metals and mineral royalties for U.S. critical mineral security.