Metals Royalty Co Inc. signed a $132.5 million royalty purchase agreement on May 6, 2026, with Ironclad Royalties involving an interest in an iron ore project with a revenue floor of $1.50 per metric ton. The deal includes a cash payment of $125 million and shares worth $7.5 million, along with an option for additional royalties, which could reach a maximum cash payout of $110 million.