The Metals Royalty Company (TMCR) is an early-stage royalty company whose sole asset is a 2.0% gross overriding royalty (GOR) on all metals and minerals produced from the NORI Property, a polymetallic nodule project in the Clarion-Clipperton Zone of the northeast Pacific Ocean, operated by The Metals Company (TMC). Polymetallic nodules are metal-rich formations that sit on the seafloor at depths of 4,000–6,000 meters. The NORI Property covers 74,830 km² and is believed to host large concentrations of nickel, copper, cobalt, and manganese. Once TMC begins production, TMCR receives 2% of gross metal sale proceeds with no deductions for operating costs, capex, or environmental liabilities. TMCR expects royalty revenue to break down as roughly nickel (60%), cobalt (25%), copper (10%), and manganese (5%). TMCR has generated zero royalty revenue to date, as TMC has not yet begun commercial production. TMC targets a Q4 2027 production start, pending permits from NOAA under the U.S. Deep Seabed Hard Mineral Resources Act. A key structural feature of the royalty: TMC's subsidiary holds options to repurchase up to 75% of the royalty in two tranches, which could reduce TMCR's ongoing royalty rate from 2.0% to 0.5%. Beyond the NORI royalty, TMCR's strategy is to acquire additional royalty and streaming interests across the critical metals value chain, particularly in North America and U.S.-aligned jurisdictions.