EXHIBIT 10.11
Metals Royalty Co Inc.
AMENDING AGREEMENT
This Amending Agreement made as of the 1st day of June, 2026 among TMCR USA OPERATIONS INC. (the “Purchaser”), THE METALS ROYALTY COMPANY INC. (the “Purchaser Parent”), IRONCLAD ROYALTIES, LLC (the “Vendor”) and MESABI INVESTMENTS (USA) LLC (“MIUSA”).
WHEREAS the Purchaser, the Purchaser Parent, the Vendor and MIUSA entered into a Royalty
Purchase Agreement (the “Purchase Agreement”) dated as of May 6, 2026 and the Parties wish to amend the Purchase Agreement.
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the covenants and agreements contained herein and for other good and valuable consideration, the parties hereto agree as follows:
1. Amendments**.** The Purchase Agreement is hereby amended as follows:
a.
Section 1.1(gggg) of the Purchase Agreement is hereby deleted and replaced in its entirety with the following:
…