The Metals Royalty Company, a Canadian critical metals and mineral royalty acquirer with one asset in the Pacific Ocean, filed on Friday to register its shares with the SEC and complete a direct listing on the Nasdaq. The shares of common stock listed will be sold by existing shareholders; The Metals Royalty Co. will not raise new capital in its listing. The company did not disclose a reference price, but disclosed that it expects its shares to begin trading in March.
The Registered Stockholders plan to sell up to 55.1 million shares. In December 2025, The Metals Royalty Co. sold 2.0 million shares in a private placement at a price of $5 per share.
The Metals Royalty Co. is engaged in the acquisition and management of critical metals and mineral royalties, streams, and other similar interests. The company's core and only asset is the NORI Royalty, a 2.0% gross overriding royalty on the NORI Property, which is a polymetallic nodule project being developed by The Metals Company in the Clarion-Clipperton Zone of the north-east Pacific Ocean that is not currently permitted for commercial production. To date, the company has not received any royalty revenue from the NORI Royalty.
The Calgary, Canada-based company was founded in 2022 and plans to list on the Nasdaq under the symbol TMCR. The Metals Royalty Company filed confidentially on September 24, 2025. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, Stifel will serve as a financial advisor.
