First production blast completed - On July 10, 2026, Mesabi Metallics fired its first production blast, using a 66-hole pattern to fracture approximately 211,000 tons of ore. The blast opened the first ramp into the bottom of the pit, clearing the way for 400-ton haul trucks to commence production.

On schedule for first pellet production - The blast represents an on-schedule step toward first pellet production, with weekly blasting expected to continue as the mine advances toward full-scale production.

Royalty-bearing ore now moving - Ore mined at the Mesabi Project is expected to be processed into DR-grade pellets subject to TMCR's 1.0% Index-Priced Gross Overriding Production Royalty with a Revenue Floor (the "Mesabi Royalty"), positioning the Company to begin generating its first royalty revenue as production commences and ramps up, with anticipated annual royalty cash flow potential of approximately $11 million per annum at 7.28 Mtpa over 23 years with near-term pathway to 8.5 Mtpa and approximately $13 million per annum.