Scully Royalty is a Canadian royalty company whose primary asset is a net revenues royalty interest in the Scully Mine, an open-pit iron ore mine in Newfoundland & Labrador. Scully Royalty earns 7.0% on iron ore shipped from the mine and 4.2% on ore shipped from tailings, without bearing any operating costs or capital expenditures — the mine operator handles all of that. The mine produces high-grade iron ore concentrate at roughly 65.9% Fe content, which commands a premium over the standard 62% Fe benchmark price. Cargill has an agreement to purchase 100% of the mine's output. The mine has a forecast life exceeding 25 years, with the underlying lease running to 2055. Scully Royalty's royalty income is driven by shipment volumes and iron ore prices, and the company is entitled to minimum royalty payments of C$3.25M per year regardless of production. The mine operator went through a CCAA restructuring in 2023–2024, emerging with a US$250M equity injection and a restructured balance sheet. Dividends to shareholders are funded by royalty income. Scully Royalty's second segment is Merchant Banking, conducted through its Malta-based subsidiary, Merkanti Holding, which provides specialty financial and consultancy services. Scully Royalty also owns two industrial real estate parks in Germany, which the board has approved plans to exit, expected to complete in 2025.